JFLA Holdings Co., Ltd.

株式会社　ＪＦＬＡホールディングス

Retail Trade

JFLA Holdings Inc. operates, manages, and franchises restaurants in Japan. It also engages in the manufacture, processing, wholesale, and retail of soy sauce, Japanese seasoning, miso, pickles, sake, alcoholic beverages, soft drinks, and food products; import, wholesale, and retail of food materials, confectionery materials, and wine; and wholesale of various food products for business use. In addition, the company offers milk and dairy products; and engages in the breeding of calves and cultivation of grass fodder. Further, it is involved in importing, exporting, and retailing foods or drinks. The company was formerly known as Walnut Street Group Holding Limited and changed its name to JFLA Holdings Inc. in 2018. JFLA Holdings Inc. was founded in 1995 and is headquartered in Tokyo, Japan.

← Companies

Price

¥155

Market Cap

¥7.4B

Ent. Value

¥21.1B

Net Debt

−¥13.6B

Shares Out.

47.9M

P / E

11.2×

EV / EBIT

13.8×

P / Book

1.21×

P / NCAV

N/M

Div. Yield

—

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥65.7B	¥65.2B	¥67.9B	¥76.7B	¥70.4B
Cost of Sales	¥48.4B	¥48.0B	¥49.3B	¥56.3B	¥50.6B
Gross Profit	¥17.3B	¥17.2B	¥18.6B	¥20.5B	¥19.7B
SG&A	¥15.8B	¥15.9B	¥17.8B	¥20.9B	¥20.5B
Operating Income	¥1.5B	¥1.3B	¥815M	¥-401M	¥-792M
Non-Operating Income	¥409M	¥384M	¥421M	¥378M	¥603M
Dividend Income	—	¥8M	¥6M	¥4M	¥4M
Interest Income	—	¥22M	¥14M	¥13M	¥29M
Non-Operating Expenses	—	¥785M	¥869M	¥728M	¥638M
Interest Expense	—	¥420M	¥432M	¥395M	¥381M
Ordinary Income	¥1.3B	¥910M	¥366M	¥-750M	¥-828M
Pre-tax Income	¥1.1B	¥970M	¥-336M	¥-1.9B	¥-1.5B
Income Taxes	¥480M	¥287M	¥222M	¥206M	¥336M
Current Tax	—	¥377M	¥257M	¥273M	¥251M
Deferred Tax	—	¥-89M	¥-35M	¥-68M	¥85M
Net Income (owners)	¥665M	¥638M	¥-618M	¥-2.2B	¥-1.9B
Minority Interest	—	¥44M	¥61M	¥70M	¥26M
Comprehensive Income	—	¥639M	¥-830M	¥-2.1B	¥-2.7B
Goodwill Amort. (J-GAAP)	—	¥520M	¥539M	¥570M	¥672M
EPS	¥13.78	¥13.32	¥-12.97	¥-47.59	¥-43.55
Shares Outstanding	—	47.9M	47.9M	46.8M	46.0M
Shares Issued (total)	—	48.0M	48.0M	46.8M	46.1M
Treasury Shares	—	0.0M	0.0M	0.0M	0.0M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥40.5B	¥39.5B	¥41.4B	¥41.4B	¥48.5B
Current Assets	¥21.5B	¥20.8B	¥21.9B	¥20.2B	¥23.2B
Cash & Deposits	¥4.6B	¥4.6B	¥5.7B	¥2.1B	¥4.9B
Trade Receivables	—	¥7.8B	¥8.0B	¥8.5B	¥8.7B
Non-Current Assets	¥19.0B	¥18.6B	¥19.5B	¥21.2B	¥25.2B
PP&E	¥14.3B	¥13.9B	¥14.0B	¥14.9B	¥17.6B
Goodwill	—	¥1.2B	¥1.7B	¥2.4B	¥2.9B
Intangible Assets	—	¥1.3B	¥1.9B	¥2.6B	¥3.3B
Investment Securities	¥1.5B	¥1.2B	¥1.3B	¥1.1B	¥1.6B
Deferred Tax Assets	—	¥61M	¥56M	¥126M	¥39M
Total Liabilities	¥30.4B	¥30.4B	¥32.9B	¥35.2B	¥40.2B
Current Liabilities	¥10.2B	¥9.4B	¥10.7B	¥24.1B	¥26.6B
Accounts Payable	—	¥5.3B	¥6.0B	¥6.7B	¥6.4B
ST Debt	¥820M	¥444M	¥141M	¥12.5B	¥14.5B
Taxes Payable	—	¥275M	¥210M	¥124M	¥249M
Non-Current Liabilities	¥20.1B	¥21.0B	¥22.2B	¥11.1B	¥13.6B
Total LT Borrowings	¥17.4B	¥18.0B	¥18.8B	¥6.9B	¥8.8B
Pension Obligations	—	¥489M	¥504M	¥721M	¥912M
Deferred Tax Liab.	—	¥841M	¥921M	¥901M	¥1.0B
Total Equity	¥10.1B	¥9.1B	¥8.5B	¥6.2B	¥8.3B
Capital Stock	—	¥3.8B	¥3.8B	¥3.6B	¥3.5B
Capital Surplus	—	¥10.9B	¥10.9B	¥8.5B	¥8.5B
Retained Earnings	¥-6.1B	¥-6.7B	¥-7.4B	¥-6.8B	¥-4.5B
Treasury Stock	—	¥-18M	¥-17M	¥-16M	¥-14M
AOCI	—	¥-793M	¥-719M	¥-517M	¥-529M
Equity (owners)	¥8.6B	¥7.9B	¥7.3B	¥5.3B	¥7.5B
Minority Interests	—	¥2.0B	¥1.9B	¥1.3B	¥1.3B

Total Interest-Bearing Debt ⓘ	¥18.2B	¥18.5B	¥18.9B	¥19.3B	¥23.3B
Net Cash ⓘ	¥-13.6B	¥-13.9B	¥-13.2B	¥-17.2B	¥-18.4B
NCAV ⓘ	¥-8.9B	¥-9.5B	¥-11.0B	¥-15.1B	¥-16.9B
NCAV/Share	—	¥-199	¥-230	¥-322	¥-368
BV/Share	—	¥165	¥152	¥114	¥163

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥1.7B	¥471M	¥1.7B	¥-728M	¥594M
Interest Paid	—	¥-426M	¥-415M	¥-387M	¥-396M
Interest Received	—	¥39M	¥9M	¥15M	¥34M
Goodwill Amort.	—	¥520M	¥539M	¥570M	¥672M
Investing CF	¥-1.1B	¥-1.2B	¥-142M	¥-298M	¥-1.4B
CapEx	¥1.3B	¥1.3B	¥414M	¥1.1B	¥1.6B
Purchase Investments	—	¥-2M	¥-1M	¥-32M	¥-117M
Financing CF	¥-662M	¥-453M	¥2.1B	¥-1.6B	¥-511M
Dividends Paid	—	¥-20M	¥-0M	¥-186M	¥-160M
Share Buybacks	—	¥-1M	¥-1M	¥-1M	¥-1M
LT Debt Repaid	—	¥-96M	¥-2.7B	¥-2.4B	¥-3.6B
Free Cash Flow	¥467M	¥-789M	¥1.2B	¥-1.9B	¥-994M
Net Change in Cash	—	¥-1.1B	¥3.6B	¥-2.5B	¥-1.3B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	6.9%	9.3%	-10.9%	-37.4%	-23.2%
ROA	1.7%	1.6%	-1.5%	-4.9%	-3.9%
EPS	¥13.78	¥13.32	¥-12.97	¥-47.59	¥-43.55
DPS	¥0.00	—	—	—	¥4.00
BPS	¥127.69	¥104.60	¥95.30	¥102.51	¥151.47
FCF/Share	—	¥-16	¥26	¥-40	¥-22
NCAV/Share	—	¥-199	¥-230	¥-322	¥-368
Payout Ratio	0.0%	—	—	—	—

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 4

Date	Activist	Stake	Event	Flag	Demands
2026-05-12	Regional Economy Vitalization Corporation of Japan	34.69%	initial_5pct	Passive	—
2023-11-17	Macquarie Bank Limited	0.21% -6.16%	change	Passive	—
2023-07-28	Macquarie Bank Limited	6.37% -1.17%	change	Passive	—
2023-05-26	Macquarie Bank Limited	7.54%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-13 16:00	Div Cut	—	JFLA announced zero dividend for ordinary shares (fiscal year ended March 31, 2026), a cut from prior year's 0 yen (no p…
Summary JFLA announced zero dividend for ordinary shares (fiscal year ended March 31, 2026), a cut from prior year's 0 yen (no prior dividend paid). The company cited difficult business environment including labor shortages, rising costs, weak domestic consumption, and currency headwinds, prioritizing financial foundation strengthening. Class A preferred shares maintain their 60,000 yen per share dividend as contractually required. YoY: -100% Source (JP) 当期の普通株式の期末配当につきましては無配とさせていただくことといたしました。...現時点においては財務体質基盤の強化を図ることが最重要であると考えております。通期連結業績予想と実績との差異及び剰余金の配当に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	ＨＳＩグローバル株式会社	11,442,296	23.88%
2	株式会社神明ホールディングス	3,241,500	6.76%
3	株式会社ＳＡＫＥアソシエイツ	2,301,509	4.80%
4	アサヒビール株式会社	1,757,200	3.66%
5	青柳和洋	1,638,300	3.41%
6	株式会社ＳＢＩ証券	974,771	2.03%
7	株式会社Ｍ＆Ｔ	766,290	1.59%
8	楽天証券株式会社	696,800	1.45%
9	小岩井壮	628,500	1.31%
10	檜垣周作	593,363	1.23%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

0.0%

+0.0% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

0.0%

+0.0% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

50.1%

+0.3% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
ＨＳＩグローバル		23.79%	23.87%	23.88% +0.01%
式会社神明ホールディングス		6.92%	6.76%	6.76%
式会社ＳＡＫＥアソシエイツ		4.91%	4.80%	4.80%
アサヒビール		3.75%	3.66%	3.66%
青柳和洋		—	4.42%	3.41% -1.01%
式会社ＳＢＩ証券 ↑		—	1.06%	2.03% +0.97%
式会社Ｍ＆Ｔ		1.63%	1.59%	1.59%
楽天証券 NEW ENTRY	—	—	—	1.45% NEW
小岩井壮 NEW ENTRY	—	—	—	1.31% NEW
檜垣周作		1.26%	1.23%	1.23%
東京短資 last seen 2024	Exited Top 10	—	1.67%	—
鈴木成和 last seen 2024	Exited Top 10	0.79%	0.77%	—
式会社エイチウィル last seen 2023	Exited Top 10	0.34%	—	—
ワイエスフード last seen 2023	Exited Top 10	0.42%	—	—
齊藤隆光 last seen 2023	Exited Top 10	0.35%	—	—
Concentration (HHI) ⓘ		657	680	676

3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved

Portfolio Book Value ¥398M +97% since 2023

Holdings 7 +3 new 1 exited

Trend 1 unwinding vs 2023

Held Company	FY2025 ¥398M total		FY2023 ¥202M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
TRIAL Holdings, Inc. 株式会社トライアルホールディングス	218	NEW New 100,000	—
FUJITA CORPORATION Co.,Ltd. 株式会社フジタコーポレーション	94	-28.9% ↓ 397,200	136	558,400
KOZO Holdings Co., Ltd. ＫＯＺＯホールディングス株式会社	54	NEW New 2,973,011	—
FRUTA FRUTA INC. 株式会社フルッタフルッタ	31	209,400	15	209,400
Sagami Holdings Corporation 株式会社サガミホールディングス	0	NEW New 271	—
LIFE CORPORATION 株式会社ライフコーポレーション	0	+100.0% ↑ 130	0	65
OHSHO FOOD SERVICE CORP. 株式会社王将フードサービス	0	+200.0% ↑ 60	0	20
株式会社小僧寿し	—	−100% Exit —	50	2,973,011
Portfolio total	398		202

Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding