Yossix Holdings Co., Ltd.
3221・Prime Market・Retail Trade
Business
Yoshix Holdings Co., Ltd. is a holding company whose core business is a restaurant operation centered on "Ya-Tai-Zushi," a genuine craftsman-style nigiri sushi izakaya concept, alongside multiple directly-operated izakaya chains including "Nipachi," "Hitokuchi Gyoza no Itadaki," and "Kabana." As of the end of March 2026, the company operates 399 stores nationwide (401 stores including franchises) from Hokkaido to Kyushu, pursuing a store-opening strategy focused on prime and secondary locations near train stations to control fixed costs while running locally rooted store operations. Within the group, it maintains a construction business (Yoshioka Kenso Co., Ltd.) responsible for restaurant design and construction management, and an investment business (Yoshix Capital Co., Ltd.) responsible for CVC and M&A intermediation, building a multifaceted support structure for expanding the restaurant business. The main customer base spans a broad range of age groups centered on local residents, and the company also captures inbound demand.
Business Model
In the food and beverage business, the company aims to expand sales scale through net increases in directly-operated stores (scrap-and-build), centered on "Yataizushi," and has set maintenance of an SG&A-adjusted operating margin (sales to ordinary income ratio) above 10.0% as a medium-term target. The in-house construction and interior fit-out business handles store design and construction management, which suppresses initial costs and enables faster investment payback along with agile store openings and closures. The cost of sales ratio is kept down to 33.0% (FY2026, ending March 2026), forming a structure in which fixed cost management and optimization of store opening costs directly translate into increased free cash flow.
Company Strengths
Yoshioka Kenso Co., Ltd. handles restaurant design and construction management consistently within the group, suppressing initial costs compared to outsourcing and achieving earlier investment payback. Total capital expenditure for FY2026 (ending March 2026) remained at ¥757,930 thousand, while securing operating cash flow of ¥3,170 million even as the company continued opening 20 to 40 new stores per fiscal year.
"Yataizushi" operated 363 stores (including franchises) as of the end of March 2026, accounting for 90.5% of the group's total store count and 91.5% (¥23,711 million) of restaurant business sales. From FY2022 (ending March 2022) to FY2026 (ending March 2026), the brand achieved a net increase of 73 stores over five years, with confirmed track record of continued geographic expansion into new areas such as Hokkaido, Tohoku, and Hokuriku.
As of the end of FY2026 (ending March 2026), total assets stood at ¥17,221 million against net assets of ¥13,284 million, achieving an equity ratio of 77.1%. Dependence on interest-bearing debt is extremely low, with the only use of cash in financing activities being dividend payments of ¥286 million, maintaining a financial structure in which new store investments can be funded through operating cash flow.
ENVALITH's Perspective
Performance Trend
Revenue increased for four consecutive periods, rising from ¥8,581 million in FY2022 to ¥17,089 million in FY2023, ¥21,117 million in FY2024, ¥22,905 million in FY2025, and ¥25,914 million in FY2026 (ending March 2026). Operating profit growth temporarily slowed to +0.3% in FY2025, but accelerated sharply to +28.6% in FY2026, with the operating margin improving from 10.2% to 11.6%. Operating cash flow recovered sharply from ¥874 million in the prior period to ¥3,170 million, marking a significant improvement in cash-generating capacity. Externally, increased inbound demand provided a tailwind, while soaring food ingredient prices and labor shortages continued to weigh on costs. The expansion of impairment losses (¥253 million) warrants continued monitoring.
Growth Strategy
Group growth driven by continued nationwide expansion of "Yataizushi," cultivation of new business formats, and strengthened interior construction capabilities
In FY2026 (ending March 2026), the company opened its first stores in Toyama, Akita, Iwate, and Hokkaido, achieving geographic expansion into the Tohoku, Hokuriku, and Hokkaido regions. Ended the period with 363 stores (20 new store openings). The company forecasts net sales of ¥28,549 million (+10.2%) for FY2027 (ending March 2027) as well, with continued store expansion serving as the main pillar of growth.
Positioned as a format that can be opened near "Yataizushi" locations, the company opened 6 stores in FY2026 (ending March 2026), expanding to 15 stores by period-end. Expansion has centered on western Japan, including Shimada, Gintenmachi, Tottori, Katahara-machi, Kurashiki, and Iwakuni. The initiative aims to acquire new customer segments and deepen penetration in existing trade areas.
In July 2025, the company acquired the restaurant business of "Ebidote Shokudo" (Nagoya ESCA underground mall) through a business transfer. This brings in a format not previously present in the group, aimed at capturing local customers and inbound tourists. The move seeks to broaden the group's range as a restaurant chain operator and enhance overall group value.
The group's in-house interior construction business is being utilized to the fullest extent as a cost-reduction function for restaurant store rollouts. This supported the opening of 28 new stores and closure of 9 stores in FY2026 (ending March 2026). The company will maintain this system to support its continued store-opening plans in FY2027 (ending March 2027) as well, contributing to earlier realization of investment recovery.
Last updated: July 19, 2026