Overview
Foods

BASE FOOD,Inc.

BASE FOOD Inc. develops and sells the BASE FOOD series of nutritionally complete staple foods, including BASE BREAD, BASE Cookies, BASE PASTA, BASE Pancake Mix, and BASE YAKISOBA, each designed to provide one-third of the daily recommended intake of 33 essential nutrients in a single serving. The company operates primarily through a D2C subscription-based e-commerce model, with approximately 99% of its own-EC orders coming from recurring subscribers, complemented by third-party EC and wholesale channels including convenience stores nationwide. Product manufacturing is fully outsourced, allowing the company to focus on product development, marketing, and customer engagement through its community app 'BASE FOOD Labo,' which has over 76,000 users as of March 2025.

Market Cap
¥13.3B
US$84.8M
EV
¥12.3B
US$78.5M
Stock¥249▼-2.35%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
64.7
x
LTM EV/EBIT
161.8
x
LTM PER
241.1
x
LTM PBR
12.1
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-48.5%pt
1001
Oct 24, 25 – Oct 23, 26StockTOPIX
1Jul 16, 26Q1 FY2027/02 earnings announced
MC → EV Bridge
13.3BUS$84.8MMarket Cap0.56BUS$3.56M+ Debt1.54BUS$9.85M− Cash0.00BUS$0.00M− Inv. Sec.12.3BUS$78.5MEV
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Performance & Balance
Revenue 5Y (¥B)
9.86US$62.9M'23/214.9US$94.9M'24/215.2US$97.2M'25/215.2US$96.9M'26/2
EBITDA 5Y (¥B)
-0.95-US$6.08M'23/2-0.87-US$5.53M'24/20.20US$1.28M'25/20.28US$1.81M'26/2
Net Income 5Y (¥B)
-1.01-US$6.43M'23/2-0.86-US$5.46M'24/20.11US$0.69M'25/20.26US$1.67M'26/2
Capital Structure
66%
34%
EquityD/E 0.51xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
2.30US$14.6M0.53US$3.38M'23/21.43US$9.13M0.51US$3.24M'24/21.98US$12.6M0.81US$5.16M'25/21.89US$12.0M0.64US$4.09M'26/2
Shareholders
Top 10 hold 78.6%
1
Tachibana Securities Co., Ltd.
33.08%
2
Shun HASHIMOTO
32.81%
3
MBF Acceleration Co., Ltd.
6.91%
4
Ryuta SAITO
1.29%
5
Satomi SATODA
1.29%
6
Yosuke YAMAMOTO
1.00%
7
Eiji TERADA
0.86%
8
Toru SAITO
0.52%
9
Miyuko NIWA
0.45%
10
Ryohei OGAWA
0.37%
Management
5 officers
Shun HASHIMOTO
Representative Director
Apr 2012 Joined DeNA Co., Ltd. Apr 2016 Representative Director, the Company (current) Apr 2026 Outside Director, akippa Inc. (current)
1988-06-11
Michiaki TANAKA
Outside Director
Apr 1987 Joined The Mitsubishi Bank, Ltd. (currently MUFG Bank, Ltd.) Jun 1997 Graduated from University of Chicago Graduate School of Business, MBA Mar 1998 Joined Citibank Jan 2000 Joined Bank of America Securities May 2002 Joined ABN AMRO Securities Aug 2003 Representative Director and President, Japan Strategic Finance Research Institute Inc. (current) Jun 2006 Representative Director and President, Merging Point Inc. (current) May 2013 Outside Director, Sadamatsu Co., Ltd. (currently Festaria Holdings Co., Ltd.) Apr 2015 Professor, Graduate School of Business Design, Rikkyo University Jun 2021 Outside Director, Asante Inc. (current) Apr 2024 Visiting Professor, Graduate School of Welfare and Medical Management, Bunkyo Gakuin University Graduate School of Professional Studies May 2024 Outside Director, the Company (current) Apr 2025 Professor, Graduate School of Technology Management, Nippon Institute of Technology (current) Visiting Professor, Institute for Business Concept Design, Graduate School of Business Concept Design (current)
1964-12-13
Daiki NAGASE
Outside Director (Audit and Supervisory Committee Member)
Dec 2007 Joined Tohmatsu Audit Corporation (currently Deloitte Touche Tohmatsu LLC) Nov 2011 Registered as Certified Public Accountant Apr 2018 Seconded to Nomura Securities Co., Ltd., Underwriting Department Oct 2020 Opened Daiki Nagase Certified Public Accountant Office, Representative (current) May 2021 Registered as Tax Accountant May 2021 Opened Nagase Tax Accountant Office (current) Jun 2021 Outside Audit & Supervisory Board Member, the Company Sep 2024 Representative Director, Ota Accounting Center Co., Ltd. (current) Dec 2024 Director, Karukosaka Partners Co., Ltd. (current) May 2025 Outside Director (Audit and Supervisory Committee Member), the Company (current) Dec 2025 Outside Audit & Supervisory Board Member, ACROVE Inc. (current)
1981-06-08
Hirotaka TANAKA
Outside Director (Audit and Supervisory Committee Member)
Apr 1998 Joined Matsushita Electric Industrial Co., Ltd. (currently Panasonic Holdings Corporation) Sep 2007 Joined McKinsey & Company, Inc. Japan Oct 2015 Joined BayCurrent Consulting, Inc. (currently BayCurrent, Inc.) Jan 2017 Joined Sigmaxyz, Inc. (currently Sigmaxyz Holdings, Inc.) Apr 2020 Director, SPACE FOODSPHERE General Incorporated Association (current) Mar 2021 Managing Executive Officer, Sigmaxyz, Inc. Jan 2022 Outside Director, the Company Mar 2022 Outside Director, Cookpad Inc. Oct 2023 Representative Director and CEO, UnlocX Inc. (current) Mar 2024 Outside Director, TechMagic Inc. (current) Dec 2024 Representative Director, Next Prime Food General Incorporated Association (current) May 2025 Outside Director (Audit and Supervisory Committee Member), the Company (current)
1974-10-07
Kosei NAGAI
Outside Director (Audit and Supervisory Committee Member)
Dec 2010 Registered as Attorney-at-Law Jan 2011 Joined Authense Law Office Jan 2013 Seconded to Digital Garage, Inc. Jul 2015 Joined Shiroyama Tower Law Office Mar 2017 Outside Audit & Supervisory Board Member, Balmuda Inc. Apr 2017 Visiting Professor, Toin Law School Feb 2018 Opened Nexead Law Office, Representative (current) Jun 2021 Outside Audit & Supervisory Board Member, the Company Mar 2022 Outside Director (Audit and Supervisory Committee Member), Balmuda Inc. (current) Jun 2022 Outside Director (Audit and Supervisory Committee Member), Forval Real Straight Co., Ltd. (current) Nov 2024 Outside Audit & Supervisory Board Member, Ostearies Co., Ltd. (current) May 2025 Outside Director (Audit and Supervisory Committee Member), the Company (current) Sep 2025 Representative Director, Nexead Consulting Co., Ltd. (current) Oct 2025 Registered as Small and Medium Enterprise Management Consultant
1982-08-01
Large Shareholding Reports
Melco Group Co., Ltd.
2026-06-05
32.93%
Melco Group Co., Ltd.
2026-06-05
32.93%
Shun HASHIMOTO
2026-04-10
32.04%→32.04%
Annual report (as of 2026-08-31): 32.81%
Hiroyuki MAKI
2026-01-16
32.93%→32.93%
Hiroyuki MAKI
2025-12-19
32.99%→32.93%
Hiroyuki MAKI
2025-12-18
32.99%→32.98%
Shun HASHIMOTO
2025-12-05
32.23%→32.04%
Annual report (as of 2026-08-31): 32.81%
Shun HASHIMOTO
2025-08-13
34.62%
Annual report (as of 2026-08-31): 32.81%
Shun HASHIMOTO
2025-08-13
32.23%
Annual report (as of 2026-08-31): 32.81%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-10-15
Q2 Earnings Flash
FY ending Feb 2027
EDINET
2026-10-15
Semi-Annual Securities Report
Period: Mar 2026 – Feb 2027
TDnet
2026-07-15
Q1 Earnings Flash
FY ending Feb 2027
EDINET
2026-06-05
Large Shareholding Report
EDINET
2026-06-05
Large Shareholding Report
EDINET
2026-05-28
Annual Securities Report
Period: Mar 2025 – Feb 2026
EDINET
2026-04-10
Large Shareholding Report
EDINET
2026-01-16
Large Shareholding Report
TDnet
2026-01-14
Q3 Earnings Flash
FY ending Feb 2026
EDINETAmended
2025-12-19
Change Report
EDINET
2025-12-18
Large Shareholding Report
EDINET
2025-12-05
Large Shareholding Report
EDINET
2025-10-14
Semi-Annual Securities Report
Period: Mar 2025 – Feb 2026
EDINET
2025-08-13
Large Shareholding Report
EDINET
2025-08-13
Large Shareholding Report
TDnet
2025-07-15
Q1 Earnings Flash
FY ending Feb 2026
EDINET
2025-05-29
Annual Securities Report
Period: Mar 2024 – Feb 2025
TDnet
2025-01-14
Q3 Earnings Flash
FY ending Feb 2025
EDINET
2024-10-15
Semi-Annual Securities Report
Period: Mar 2024 – Feb 2025
EDINET
2024-07-16
Quarterly Securities Report
Period: Mar 2024 – May 2024
TDnet
2024-07-16
Q1 Earnings Flash
FY ending Feb 2025
EDINET
2024-05-30
Annual Securities Report
Period: Mar 2023 – Feb 2024
EDINET
2024-01-15
Quarterly Securities Report
Period: Sep 2023 – Nov 2023
EDINET
2023-10-13
Quarterly Securities Report
Period: Jun 2023 – Aug 2023
EDINET
2023-07-14
Quarterly Securities Report
Period: Mar 2023 – May 2023
EDINET
2023-05-31
Annual Securities Report
Period: Mar 2022 – Feb 2023
EDINET
2023-01-16
Quarterly Securities Report
Period: Sep 2022 – Nov 2022
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