MATSUYA FOODS HOLDINGS CO., LTD.
9887・Prime Market・Retail Trade
Business
Matsuya Foods Holdings Co., Ltd. is a food service holding company founded in 1966, operating diverse business formats including its flagship Japanese-style fast food chain "Matsuya," the tonkatsu chain "Matsunoya," ramen businesses (Rokurinsha, Sharin, etc.), sushi businesses (Sushi Matsu / Fukumatsu), a steak business (Steak-ya Matsu), and a curry business (My Curry Shokudo). As of the end of FY2026 (ending March 2026), the company operates a total of 1,573 outlets, comprising 1,423 domestic directly-managed stores, 24 overseas stores, and 5 franchise stores, with 55.8% of sales concentrated in the greater Tokyo metropolitan area. Under a central kitchen system with six factories, the company centrally manufactures and supplies ingredients, providing low-priced, high-quality meals to a broad range of consumers. The company has accelerated its diversification of business formats through the consolidation of Kamesuimen in October 2025 and the Matsufuji Group in January 2026 as subsidiaries, adding 132 ramen business outlets.
Business Model
Net sales are composed of 94.0% domestic directly-operated store sales (Beef Bowl Set Meal business 78.2%, Tonkatsu business 12.7%, etc.), with the remaining 6.0% consisting of external sales such as wholesale of ingredients and royalties. Ingredients are centrally manufactured using a central kitchen system at six plants—Arashiyama, Fujisan, Kawashima, Rokko, Kunitachi, and Tokorozawa—and supplied to each store, achieving both quality uniformity and cost efficiency. The franchise (FC) business generates revenue through royalties (1–5% of sales) and ingredient sales. Management of the FL cost ratio (food cost plus labor cost) to sales is positioned as the core indicator of store profitability.
Company Strengths
As of the end of FY2026 (ending March 2026), the company operates 1,573 stores in total, comprising 1,185 Gyudon (beef bowl) stores, 195 Tonkatsu stores, 132 Ramen stores, 21 Sushi stores, and others. It is reducing reliance on a single business format while benefiting from economies of scale. Sales expanded roughly twofold, from ¥94,472 million in FY2022 to ¥184,475 million in FY2026, with the multi-format rollout underpinning growth.
Ingredients are centrally manufactured and supplied through a six-plant system comprising Arashiyama, Fujisan, Kawashima, Rokko, Kokuritsu Aoyagi, and Tokorozawa. Total production output in FY2026 (ending March 2026) was ¥44,556 million (119.9% year-on-year). Through improved plant utilization rates and the promotion of automation, the FL cost ratio improved from 66.9% to 66.4%, maintaining cost management capability even amid soaring raw material prices.
The company made Kamesseimen a subsidiary in October 2025 (Reiwa 7), and Matsufuji and Matsufuji Shokuhin subsidiaries in January 2026 (Reiwa 8), incorporating 132 Ramen-format stores at once. Combined with 104 new store openings in FY2026 (ending March 2026), the store count expanded substantially in a short period. Business format diversification through M&A enables scale expansion at a pace that would be difficult to achieve through organic store openings alone.
ENVALITH's Perspective
Performance Trend
Revenue expanded roughly twofold over five periods, from ¥94,472 million in FY2022 to ¥184,474 million in FY2026. Operating profit recovered and grew from an operating loss of ¥4,200 million in FY2022 to ¥7,594 million in FY2026, with the operating margin improving to 4.1% (from 2.9% in the prior period). In FY2025 (fiscal year ended March 2025), profit temporarily declined due to rising costs of goods and labor expenses, but FY2026 saw a substantial recovery driven by strong existing-store sales growth of 110.5% year-on-year and fixed-cost leverage effects. External factors such as expanding inbound demand and consumption recovery driven by wage increases served as tailwinds. Meanwhile, the cost-of-goods ratio rose from 36.1% to 36.8%, indicating continued cost pressure.
Growth Strategy
Aiming to become a food infrastructure company through four pillars: new store openings, multi-format M&A, renovation of existing stores, and investment in human resources
In FY2026 (ending March 2026), 104 new stores were opened, bringing the total store count (including franchises) to 1,573 at fiscal year-end. For FY2027 (ending March 2027), the company plans net sales of ¥215,000 million (up 16.5% year on year), with continued expansion of store openings serving as the core driver of sales growth.
In January 2026 (Reiwa 8), the company made Matsufuji and Matsufuji Shokuhin subsidiaries, integrating 132 ramen-format stores. The acquisition consideration was ¥8,220 million, with goodwill of ¥7,435 million recorded. This diversifies the business format portfolio by adding a fourth pillar alongside gyudon (beef bowl), tonkatsu, and sushi, aiming to spread risk and expand growth opportunities.
In FY2026 (ending March 2026), a total of 178 stores were renovated, comprising 5 full renovations and 173 partial renovations. Capital expenditure of ¥16,297 million was executed (construction in progress and acquisition of tangible fixed assets). By enhancing the appeal of existing stores, the company aims to maintain and improve customer counts and average spend per customer, supporting the strong existing-store sales performance of 110.5% year on year.
The company implemented treatment improvements such as base pay increases and higher starting salaries. Amid intensifying competition for talent in the food service industry, these treatment improvements aim to strengthen recruiting capability and retention rates. The FL cost ratio is managed as a key KPI, improving to 66.4% in FY2026 (ending March 2026) from 66.9% in the previous period.
Last updated: July 19, 2026