KOMEDA Holdings Co., Ltd.
3543・Prime Market・Wholesale Trade
Business
KOMEDA Holdings Co., Ltd. is a holding company that operates a full-service coffee shop FC business centered on "Komeda Coffee" (Kohisho Komeda Kohiten) and "Okage-an." Founded in 1968, it began full-scale FC expansion in 1993 and listed on the First Section of the Tokyo Stock Exchange in 2016. As of the end of FY2025 (ending February 2025), the company operated 1,083 stores in total, comprising 1,036 domestic stores and 47 overseas stores. Its store design emphasizes comfort, featuring suburban residential locations, large parking lots, and log house-style interiors, attracting a broad customer base ranging from children to the elderly. The company maintains an in-house manufacturing and direct supply system for coffee and bread, generating revenue through wholesale of food ingredients to FC franchisees, royalties, and store subleasing. The group consists of seven consolidated subsidiaries and is expanding overseas into Taiwan, China, Hong Kong, Indonesia, Singapore, and other markets.
Business Model
収益の中核はFC加盟店向けの食資材（コーヒー・パン等）の製造・卸売、席数比例の定額制ロイヤルティ、および店舗建物の転貸。自社工場からの直接供給により流通コストと中間マージンを排除し高収益を実現。
FC店舗比率が高くFC本部の設備投資負担が低いため、営業活動によるキャッシュ・フローは2025年2月期に11,235百万円を創出。スリムな本部機能と定番商品主体のメニュー構成が低コスト運営を支える。
Company Strengths
The company develops stores with large parking lots along residential streets rather than main roads, making direct competition with other coffee chains less likely and enabling frequent, everyday visits by nearby residents. In FY2025 (ending February 2025), existing-store wholesale sales to FC franchisees rose 105.1% year on year, while total store sales rose 110.5% year on year.
Coffee and bread are manufactured at the company's own factories (in Chiba, the Kanto region, Kyushu, etc.) and supplied directly to stores. In FY2025 (ending February 2025), production output was ¥4,845 million (up 111.1% year on year) and procurement volume was ¥21,388 million (up 109.1% year on year). This vertically integrated supply chain, which eliminates intermediary margins, underpins stable and high profitability.
Against the final-year targets of "VALUES 2025" (ROIC of 11.5% or higher, equity ratio of 40% or higher, total payout ratio of 50% or higher), the company had already achieved ROIC of 11.1%, an equity ratio of 43.1%, and a cumulative total payout ratio of 53.5% (over the plan period) as of FY2025 (ending February 2025), demonstrating a track record of balancing financial soundness with shareholder returns.
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive fiscal years, from ¥33,317 million in FY2022 to ¥57,225 million in FY2026. In the first quarter of FY2027 (ending February 2027) (March–May 2026), revenue was ¥15,413 million (up 12.7% year on year), operating profit was ¥2,646 million (up 15.5%), and quarterly profit attributable to owners of the parent was ¥1,761 million (up 14.7%), with revenue and profit growth accelerating. As external factors, a gradual recovery in personal consumption and robust inbound demand have provided a tailwind, while soaring raw material and energy costs and rising labor costs continue to exert downward pressure. The segment profit margin of the Domestic Business improved to 22.8% (versus 22.2% in the same period of the previous year), but the segment profit of the Overseas Business deteriorated, declining 20.6% year on year due to soaring costs of raw materials such as coffee beans.
Growth Strategy
Three-pronged strategy under "CONNECT 2030": 1,200 domestic stores, overseas expansion, and DX acceleration
Continued domestic store openings centered on Komeda Coffee. In Q1 FY2027 (ending February 2027), 6 stores opened and 1 store closed, bringing the domestic total to 1,072 stores. Steady progress is being made toward the goal of 1,200 domestic stores set forth in the medium-term management plan "CONNECT 2030".
Operating 84 stores across 5 regions: Singapore, Taiwan, Hong Kong, Shanghai, and Indonesia. In the current Q1, opened the Kaffe & Toast to-go Great World City Mall store in Singapore. Revenue grew strongly, up 22.4% year-on-year, but segment profit fell 20.6% year-on-year due to rising raw material costs, making profitability a key challenge.
Conducted a stamp campaign utilizing the mobile order function of the official Komeda app, aiming to improve customer convenience via the app and promote repeat visits. Accelerating DX investment is positioned as a priority initiative in the medium-term management plan "CONNECT 2030".
Through the introduction of limited-edition products such as the Pokémon collaboration "Pokémon to Issho da Mon♪" campaign (1st and 2nd rounds) and the Lotte "Crunky" collaboration "Shironoir CRUNKY", achieved existing-store sales at FC member stores of 107.4% year-on-year and all-store sales of 110.1% year-on-year.
Last updated: July 17, 2026