The Monogatari Corporation
3097・Prime Market・Retail Trade
Business
Monogatari Corporation is a restaurant company founded in 1949 that adopted its current company name in 1997, originating in Toyohashi City, Aichi Prefecture. It operates 14 brands domestically, including "Yakiniku Kingu," "Marugen Ramen," and "Sushi・Shabu-Shabu Yuzuan," targeting family customers with large suburban roadside stores. As of the end of FY2025 (ended June 2025), it operated a total of 810 stores, comprising 499 domestic directly-managed stores, 252 franchise (FC) stores, and 59 overseas stores. Overseas, it is rapidly expanding into China, Indonesia, Hong Kong, the United States (through the acquisition of the SHOGUN group), the Philippines (via an area franchise agreement), and Taiwan (through the establishment of a subsidiary). Listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
Of net sales of ¥123,921 million, directly operated store sales accounted for ¥116,592 million (94.1%), with the remainder comprising FC royalties, franchise fees, and management fee income (¥7,328 million). The franchise business collects royalties based on a sales-percentage scheme (2.4–5.0% depending on the brand and number of stores), serving as a capital-efficient revenue source. The company also owns its own noodle-manufacturing and liquid-seasoning plants, securing quality control and cost competitiveness through in-house production of ingredients.
Company Strengths
The yakiniku segment is the core brand, comprising 351 stores (223 directly operated, 128 franchised) at the end of FY2025 (ending June 2025), accounting for ¥61,647 million in directly operated sales (52.9% of total directly operated sales). In FY2025 (ending June 2025), 27 new stores were opened, achieving an 11.7% year-on-year increase in sales. The format combining table-order all-you-can-eat dining with large suburban stores continues to maintain strong customer draw.
Sales expanded approximately 1.9-fold over five fiscal periods, from ¥64,019 million in FY2021 (ending June 2021) to ¥123,921 million in FY2025 (ending June 2025). Operating profit grew approximately 3.6-fold over the same period, from ¥2,555 million to ¥9,242 million. The numerical targets of the medium-term management plan "Monogatari Vision 2025" were achieved one year ahead of schedule (in FY2024, ending June 2024), and this track record underscores the company's strong execution capability in plan delivery.
In FY2025 (ending June 2025), the company opened 53 directly operated stores and 10 franchised stores domestically, and 38 stores overseas. Existing store sales were also solid, up 4.2% year on year for directly operated stores and up 4.3% for franchised stores. Multiple segments showed high growth, including a 15.2% increase in the Yuzuan segment, a 19.7% increase in the ramen segment, and a 35.1% increase in the specialty store segment, achieving overall growth while diversifying dependence on any single brand.
ENVALITH's Perspective
Performance Trend
Revenue expanded approximately 1.9-fold over five fiscal periods, from ¥64,019 million in FY2021 to ¥123,921 million in FY2025, and has already reached ¥112,103 million in the cumulative nine months of Q3 FY2026 (fiscal year ending June 2026), up 21.0% year on year, indicating an acceleration in growth. Operating profit for the same period was ¥9,125 million, up 31.4% year on year, demonstrating profit leverage as the rate of profit growth exceeded the rate of revenue growth. On the external front, while consumers continued to favor thrift amid elevated prices, growing inbound demand and improving employment and income conditions supported demand for dining out. The equity ratio stood at 52.3%, maintaining financial soundness, while total assets grew by ¥10,409 million from the previous fiscal year-end to ¥84,435 million.
Growth Strategy
Accelerating all-directional growth at home and abroad through "business format development capability × human capital," driving toward the realization of the 2030 Vision
For "Yakiniku Kingu," "Marugen Ramen," and "Sushi & Shabu-Shabu Yuzuan," the company has been refining signature products, running limited-time fairs, strengthening promotions such as TV commercials, and introducing urban-format pricing. The Yuzuan category achieved high growth of up 24.4% year on year, and the ramen category grew 15.6% year on year.
The company has been promoting the rollout of the yakiniku fast-casual format "Yakitate no Karubi" and opened the third location of the suburban roadside-type café "Kajitsuya Coffee" (July 2025). The specialty store/new format category expanded to 69 stores (66 directly operated), with sales up 21.9% year on year to ¥6,875 million.
In addition to actively opening "Niku Niku Dafan" locations in China, the company newly entered Singapore (August 2025), Taiwan (October 2025), Thailand (March 2026), and the Philippines (August 2025, the first overseas Yakiniku Kingu location). The number of overseas stores reached 101, and overseas category sales surged 188.6% year on year to ¥10,093 million.
The company continues to invest in store DX, including developing new high-speed conveyor lanes, expanding the number of serving robots deployed, and introducing self-checkout registers. In the restaurant industry, where labor costs continue to rise, productivity improvements through digitalization are contributing to an improvement in operating margin (from 7.5% to 8.1% year on year).
Under the "Monogatari Vision 2030," the company formulated the "Medium-Term 3-Year Management Plan 2026–2028." With business format development at its core, the plan is built on three pillars—strengthening existing brands, cultivating new formats, and expanding overseas—aiming for sustainable enhancement of corporate value with human capital as a competitive advantage. The full-year forecast for FY2026 (ending March 2026) remains unchanged, with sales of ¥147,159 million (up 18.7% year on year) and operating profit of ¥10,771 million (up 16.5% year on year).
Last updated: July 17, 2026