MATSUYA FOODS HOLDINGS CO., LTD.
9887・Prime Market・Retail Trade
Food service business (single segment)
A single food service segment centered on Japanese-style fast food offering gyudon and set meals.
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales | ¥184,474 million | ¥154,223 million | ↑ |
| Operating profit | ¥7,594 million | ¥4,406 million | ↑ |
| Ordinary profit | ¥8,345 million | ¥5,149 million | ↑ |
| Profit attributable to owners of parent | ¥3,772 million | ¥2,185 million | ↑ |
| Operating margin | 4.1% | 2.9% | ↑ |
| FL cost ratio | 66.4% | 66.9% | ↓ |
| Cost of sales ratio | 36.8% | 36.1% | ↑ |
| SG&A expense ratio | 59.1% | 61.0% | ↓ |
| Equity ratio | 41.0% | 43.8% | ↓ |
| Existing-store sales YoY | 110.5% | 115.3% | ↓ |
| Number of stores at period-end (incl. FC) | 1,573 stores | 1,365 stores | ↑ |
| Earnings per share | ¥196.74 | ¥114.67 | ↑ |
| Cash flow from operating activities | ¥15,347 million | ¥8,322 million | ↑ |
| Cash and cash equivalents at period-end | ¥28,234 million | ¥13,767 million | ↑ |
Business Details
The Group operates a single food service segment centered on the gyudon (beef bowl) format "Matsuya," together with the tonkatsu (breaded pork cutlet) format "Matsunoya," the sushi formats "Sushimatsu" and "Fukumatsu," and ramen formats (Matsufuji and Matsufuji Shokuhin became consolidated subsidiaries from FY2026 (ending March 2026)). Domestic directly-operated store sales account for 94.0% of total sales, with ingredients processed and supplied via a central kitchen system. At the end of FY2026 (ending March 2026), the number of stores, including FC, stood at 1,573 (5 domestic FC stores and 24 overseas stores).
Recent Overview
In FY2026 (ending March 2026), net sales, operating profit, and net profit all reached record highs.
Net sales reached ¥184,474 million (up 19.6% year on year), operating profit ¥7,594 million (up 72.3%), ordinary profit ¥8,345 million (up 62.1%), and profit attributable to owners of parent ¥3,772 million (up 72.6%), with all metrics reaching record highs. In addition to strong existing-store performance with sales at 110.5% of the prior year, the company subsidiarized Matsufuji and Matsufuji Shokuhin in January 2026, incorporating 132 ramen format stores. The company opened 104 new stores (88 gyudon, 3 tonkatsu, 4 sushi, and 9 overseas/other), expanding to a total of 1,573 stores at period-end. Cash balances increased significantly through financing activities, including proceeds of ¥8,677 million from the issuance of shares. For FY2027 (ending March 2027), the company plans net sales of ¥215,000 million (up 16.5% year on year) and operating profit of ¥8,200 million (up 8.0%), targeting consecutive record profits.
Key Products
Growth Drivers
- Sales growth driven by continued strength in existing stores, with existing-store sales at 110.5% of the prior year in FY2026 (ending March 2026)
- Expansion of sales scale through aggressive new store openings (104 stores in FY2026 (ending March 2026))
- Diversification of formats and incorporation of 132 ramen format stores through the subsidiarization of Matsufuji and Matsufuji Shokuhin
- Strengthened customer traffic through a variety of limited-time new products, including the Sekai Kiko (World Journey) series
- Recovery in demand for dining out, supported by expanding inbound tourism demand and improved employment and income conditions amid wage increases
- Improved profitability through a lower fixed cost ratio (SG&A ratio down from 61.0% to 59.1%) resulting from higher sales
- Strengthened recruitment and retention through human capital investment, including base pay increases and higher starting salaries
Risks
- Rising cost of sales ratio (36.1% in FY2025 (ended March 2025) → 36.8% in FY2026 (ending March 2026)) due to surging unit costs of raw materials, supplies, and energy
- Continued upward pressure on the FL cost ratio from rising labor costs (base pay increases, etc.)
- Increase in long-term borrowings (¥24,664 million → ¥41,464 million) and decline in the equity ratio (43.8% → 41.0%) associated with aggressive new store openings, capital investment, and the Matsufuji subsidiarization
- Risk of unprofitable stores, as reflected in the increase in impairment losses (¥854 million in FY2025 (ended March 2025) → ¥1,186 million in FY2026 (ending March 2026))
- Risk of a downturn in consumer sentiment due to continued price increases
- Impact on ingredient procurement costs from exchange rate fluctuations and instability in international affairs
- Risk of impairment of goodwill (¥7,435 million) associated with the integration of Matsufuji and Matsufuji Shokuhin
Last updated: June 24, 2026