ENVALITH
株式会社丸千代山岡家 logo

Maruchiyo Yamaokaya Corporation

3399・Standard Market・Retail Trade

Official website
株式会社丸千代山岡家 logo
Maruchiyo Yamaokaya Corporation3399

Business

Marusengoyamaokaya Co., Ltd. is a ramen specialty chain that has pursued multi-store expansion since opening its first Ramen Yamaokaya restaurant in Ushiku City, Ibaraki Prefecture, in 1988, based on the fundamental policies of operating all stores directly, remaining open year-round, and running 24 hours a day. As of the end of January 2025, the company operated 188 stores across 31 prefectures, including Hokkaido, Kanto, Tohoku, Tokai, Kansai, Hokuriku, Chugoku, and Kyushu, with a primary focus on locations along suburban arterial roads. The company's overall results are composed of a single segment, and it is also gradually expanding its Agriculture Business (in-house cultivation of green onion). The company is listed on the Standard Market of the Tokyo Stock Exchange (securities code 3399).

Business Model

By insisting on company-operated stores across the entire chain rather than franchising, the company achieves uniform QSC (Quality, Service, Cleanliness) standards and flexible store management through scrap-and-build. Revenue consists solely of food and beverage sales from customers visiting stores, and the company continuously raises customer count and average spending per customer through coupon and point programs via its official app (Yamaokaya Official App, with approximately 1.84 million members) and the introduction of limited-time menu items. The company maintains financial discipline by funding capital expenditures through long-term borrowings and corporate bonds while covering working capital with internal funds.

Company Strengths

Revenue expanded from ¥15,122 million and operating profit of ¥300 million in FY2022 to revenue of ¥43,001 million and operating profit of ¥4,679 million in FY2026 (ending March 2026). The operating margin improved significantly from 2.0% in FY2022 to 10.9% in FY2026, with scale expansion and profitability improvement progressing simultaneously.

As of the end of FY2026 (ending March 2026), existing-store sales had exceeded the prior-year level for 46 consecutive months, demonstrating the robust customer-drawing power of existing stores independent of new store openings. Membership in the Yamaokaya Official App reached approximately 1.84 million (as of the end of FY2026), and repeat customer acquisition through coupon and point programs continues to support ongoing existing-store growth.

All 195 stores are operated directly by the company with no use of franchising, achieving uniform QSC standards and enabling scrap-and-build store renewal. The company strictly applies site-selection criteria requiring a certain number of parking spaces along suburban arterial roads, which serves as a differentiating factor from competitors.

ENVALITH's Perspective

In Q1 of FY2027 (ending January 2027), net sales of ¥11,059 million represented a progress rate of 22.9% against the full-year forecast of ¥48,361 million, while operating profit of ¥1,183 million represented 22.8% against the full-year forecast of ¥5,184 million. These progress rates are broadly in line with the same period of the prior year (22.5% for net sales, 22.7% for operating profit), and can be assessed as a generally on-track start toward achieving the full-year forecast (net sales up 12.5%, operating profit up 10.8%). However, the full-year net income forecast points to a decline of 1.6% year-on-year to ¥3,630 million, and close attention should be paid to cost trends in the second half.

Across the restaurant industry as a whole, operating-related costs continue to rise due to external factors such as the prolonged elevation of prices, increases in recruitment and personnel costs, and higher energy and consumable costs. In Q1, the cost of sales ratio was 30.9% (versus 30.3% in the same period of the prior year), somewhat higher, while the SG&A ratio improved to 58.4% (versus 58.7% in the same period of the prior year). The effect of fixed-cost absorption through expanded sales scale is evident, but there is a risk that downward pressure on profit margins could intensify depending on trends in raw material and energy costs.

In Q1 of FY2027 (ending January 2027), 3 new stores were opened, bringing the total to 198 stores across 32 prefectures by quarter-end. Geographic expansion into the Shikoku and Kyushu areas is progressing, including the first store opening in Takamatsu City, Kagawa Prefecture. On the other hand, in order to maintain an all-directly-managed store structure while accelerating the pace of new store openings, it is essential to develop store manager candidates, improve the retention rate of full-time employees, and deploy trainers in each area, meaning that securing and developing human resources will continue to be the rate-limiting factor for growth. As a subsequent event, in June 2026 the company resolved to acquire treasury shares up to a limit of 165,000 shares and ¥500 million, confirming an awareness of the need to improve capital efficiency.

Growth Strategy

Promoting new store openings and enhancement of existing-store QSC and digital CRM strengthening toward the goal of expanding to 300 stores across all 47 prefectures

Continuing to promote new store openings each period toward realizing the management vision of "300 stores across 47 prefectures." In the first quarter of FY2027 (ending January 2027), the company opened 3 new stores (1 each in Kanto, Shikoku, and Kyushu regions), reaching 198 stores across 32 prefectures by the end of the quarter. Geographic expansion into previously unentered areas continues, including the first store opening in Takamatsu City, Kagawa Prefecture.

For Yamaokaya Official App members, the company distributes weekly coupons for all members as well as point-rank-based coupons and point-exchange coupons to enhance appeal. As of the end of the first quarter of FY2027 (ending January 2027), the number of members reached approximately 2.02 million, an increase of 180,000 from the start of the fiscal year, contributing to repeat customer acquisition and increased store visits.

Maintaining and improving product quality through planned implementation of preparation skill certifications and soup training sessions, along with supervisors' confirmation of product service operations and thorough dissemination of hygiene management. Results continue to be reflected in the form of existing-store sales exceeding the previous year for 49 consecutive months.

Actively promoting recruitment of new graduates and mid-career hires as well as promotion of part-time and temporary staff to employee status, working to develop store manager candidates and improve full-time employee retention rates. Trainer development training is being implemented to advance trainer placement in each area, aiming to build a personnel system capable of supporting accelerated store openings.

By resolution of the Board of Directors on May 25, 2026, the company decided to acquire treasury stock with an upper limit of 165,000 shares and a total acquisition price of ¥500 million (acquisition period: June 1, 2026 to June 30, 2026, market purchases on the Tokyo Stock Exchange). The purpose is to improve capital efficiency and enable flexible execution of capital policy.

Last updated: July 17, 2026