ENVALITH
株式会社大森屋 logo

OHMORIYA Co., LTD.

2917・Standard Market・Foods

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株式会社大森屋 logo
OHMORIYA Co., LTD.2917

Business

Omoriya Co., Ltd. was founded in 1955 and is a food manufacturer whose core business is the manufacture and sale of foods made primarily from nori (seaweed). The company operates in four categories—Household-use Nori, Gift Products, Furikake, etc., and Commercial-use Nori—and maintains domestic production facilities including the Fukuoka Plant, Hirokawa Plant, and the Kansai Workshop. Through its consolidated subsidiary Omoriya (Shanghai) Trading Co., Ltd., it also operates in the Chinese market. Its main customers are two major trading companies, Mitsubishi Corporation (20.0% of net sales) and Itochu Corporation (19.3% of net sales), which together account for approximately 40% of net sales. The company is listed on the Standard Market of the Tokyo Stock Exchange.

Business Model

A manufacturing and sales model in which raw nori is purchased and processed/manufactured into products at the company's own factories, then sold domestically and internationally primarily through major trading companies (Mitsubishi Corporation and Itochu Corporation) as key channels. The company adopts a make-to-stock (build-to-forecast) production method, offering a wide range of products including Household-use Nori, Commercial-use Nori, Gift Products, and Furikake, etc. The cost of sales ratio is high at approximately 88%, giving the business a structure in which fluctuations in the purchase price of raw nori have a direct impact on profitability.

Company Strengths

Since its founding in 1955, the company has operated as a specialized nori (seaweed) manufacturer, offering a wide range of products including household use, commercial use, gift items, and furikake (rice seasoning). Net sales for FY2025 (ending September 2025) were ¥16,511 million. The company holds branded products such as "Bari Bari Shokunin" and has obtained ISO9001 certification across all factories and all manufactured product categories.

Two major trading companies, Mitsubishi Corporation (20.0% of net sales, ¥3,308 million) and Itochu Corporation (19.3% of net sales, ¥3,178 million), are the company's primary sales channels, together accounting for roughly 40% of net sales on a stable basis. The distribution network through major trading companies underpins the company's sales foundation in the domestic market.

In FY2025 (ending September 2025), the company carried out capital expenditures totaling ¥2,804 million (including intangible fixed assets), including the renewal of production equipment aimed at improving product quality and manufacturing capacity. Construction of a new plant adjacent to the Fukuoka Plant (scheduled to commence operations in March 2026) is also underway, aiming to expand production capacity.

ENVALITH's Perspective

First-half sales of ¥8,250 million for FY2026 (ending September 2026) represent only 45.8% of the full-year forecast of ¥18,000 million, while operating profit of ¥122 million accounts for just 32.9% of the full-year forecast of ¥371 million. Profit accumulation toward the second half is necessary, and the balance between the sustainability of price revision effects and upward pressure on logistics and material costs will be key to achieving the full-year target.

While the equity ratio improved from 48.9% at the end of the previous fiscal year to 53.7%, this occurred alongside a simultaneous reduction in short-term borrowings (from ¥6,700 million to ¥4,800 million) and an increase in long-term borrowings (from ¥1,803 million to ¥2,674 million), indicating a shift toward longer-term debt. Interest expenses rose sharply from ¥13 million in the same period of the prior year to ¥43 million, and the increasing interest burden remains a structural risk that could weigh on ordinary profit.

Sales of household-use nori continued to decline, coming in at ¥3,048 million (down 8.9% year on year), while commercial-use nori expanded to ¥3,779 million (up 3.5% year on year). As an external factor, the recovery of the prepared-food and dining-out markets is supporting commercial-use demand, but if the slump in household-use demand becomes prolonged, the impact of this shift in sales mix on profitability will need to be monitored continuously.

Growth Strategy

Aiming to rebuild the profit structure through three pillars: new factory operations, new product development, and overseas market expansion

Price revisions were implemented to address rising costs such as raw material costs, logistics costs, and personnel expenses. In the interim period of FY2026 (ending September 2026), the gross profit margin improved, resulting in a turnaround from an operating loss in the same period of the previous year to an operating profit of ¥122 million.

The company is promoting efficient production activities utilizing the large-scale capital investment (totaling ¥2,804 million) implemented in FY2025 (ended September 2025). In the interim period of FY2026 (ending September 2026), ¥1,131 million was also invested in the acquisition of tangible fixed assets, aiming for continued strengthening of the production base.

Against the backdrop of a recovery in the takeout and dining-out markets, the company is promoting expanded sales of commercial-use nori (interim period of FY2026 (ending September 2026): ¥3,779 million, up 3.5% year on year). The company also continues to maintain and expand its overseas sales channels for the Chinese market through Omoriya (Shanghai) Trading Co., Ltd.

Last updated: July 17, 2026