# Isetan Mitsukoshi Holdings Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第18期(2025/04/01－2026/03/31) (S100YD7C)
> Page: https://vizora.meequs.com/en/company/isetan-mitsukoshi-holdings
> Retrieved: 2026-09-30T19:55:19.578Z

## Company

Isetan Mitsukoshi Holdings, founded in 2007, is a company in Credit Cards & Consumer Credit listed on TSE Prime. It has 8,670 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Isetan Mitsukoshi Holdings Ltd. |
| Ticker | 3099 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3099.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区新宿五丁目16番10号 |
| Representative (per filing) | 代表執行役社長 CEO細谷 敏幸 |
| Founded | Aug 2007 |
| Share capital | ¥51.6B |
| Employees (consolidated) | 8,670 |
| Average salary (parent only) | ¥9M |
| Fiscal year end | March |
| Website | www.imhds.co.jp (https://www.imhds.co.jp/) |
| Corporate number | 3011101060499 |
| EDINET | E03521 |
| Industries (Vizora) | Credit Cards & Consumer Credit, Real Estate Development & Leasing, Department Stores |

> Profile source: annual securities report (S100YD7C, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Department Stores (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.3 | 6 |
| Profitability | 92.9 | 7 |
| Cash conversion | 7.1 | 7 |
| Efficiency | 35.7 | 7 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 82% of Isetan Mitsukoshi Holdings's sales come from Department store business, with Other and Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed -1.8% from the prior year, operating profit +4.9%.

## Company structure

- Segment revenue mix: Department store business 81.9%、Other 10.2%、Real estate business 4.1%、Credit and finance business/Customer organization management business 3.8%
- Revenue → net income: ¥545626000000 → ¥76089000000
- Net income → operating cash flow: ¥76089000000 → ¥90655000000（difference ¥14566000000）
- Main uses of operating cash flow: CapEx ¥30689000000 / dividends ¥21475000000 / buybacks ¥35110000000
- Change in cash: ¥35508000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥545.6B |  |
| Operating income | ¥80B | Margin 14.7% |
| Net income | ¥76.1B | Margin 13.9% |
| Free cash flow | ¥60B |  |
| Largest business | Department store business | of segment revenue 81.9% |
| Employees (consolidated) | 8,670 |  |
| EPS | ¥95.57 |  |
| Diluted EPS | ¥95.49 |  |
| Book value per share | ¥1169.73 |  |
| Equity ratio | 50.8% |  |
| Shares outstanding | 367,446,000 |  |
| Treasury shares | 15,894,300 |  |
| Shareholders | 279,252 |  |
| Average salary (parent only) | ¥9M | Filing company only |
| Cash ratio | 6.4% | Net cash ¥9.11B · Cash ÷ revenue 14.2% |
| Vs. industry median margin | +9.3 pp | Department Stores |
| ROE | 13.5% | Derived from disclosed figures |
| ROA | 6.3% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.6× dividends
- FY2026, one segment accounts for 82% of positive segment profit
- FY2026, parent-company salary changed +26% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥816009000000 | ¥545626000000 | -33.1% |
| Operating income | ¥-20976000000 | ¥80020000000 | — |
| Operating margin | -2.6% | 14.7% | +17.2 pp |
| Employees | 11,588 people | 8,670 people | -25.2% |
| Cash and equivalents | ¥102797000000 | ¥77343000000 | -24.8% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 百貨店業 → 百貨店業 | 81.9% |
| 百貨店業 → 事業再編・廃止 | 10.0% |
| クレジット・金融・友の会業 → クレジット・金融・友の会業 | 2.5% |
| 不動産業 → 不動産業 | 3.2% |
| その他 → その他 | 2.4% |
| 新設・再編 → クレジット・金融・友の会業 | 1.3% |
| 新設・再編 → 不動産業 | 0.8% |
| 新設・再編 → その他 | 7.8% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Department store business | 5 years | -9.8% | ¥446776000000 | 14.7% | 2 |
| Other | 5 years | +23.3% | ¥55681000000 | 5.4% | 2 |
| Real estate business | 5 years | -3.5% | ¥22199000000 | 21.1% | 2 |
| Credit and finance business/Customer organization management business | 5 years | +0.5% | ¥20969000000 | 30.2% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 545,626 | 100.0% | S100YD7C |
| Cost of revenue | 208,904 | 38.3% | S100YD7C |
| Gross profit | 336,722 | 61.7% | S100YD7C |
| SG&A | 256,702 | 47.0% | S100YD7C |
| Operating income | 80,020 | 14.7% | S100YD7C |
| Ordinary income | 86,587 | 15.9% | S100YD7C |
| Pretax income | 95,803 | 17.6% | S100YD7C |
| Income tax | 19,713 | 3.6% | S100YD7C |
| Net income | 76,089 | 13.9% | S100YD7C |
| Net income attributable to owners | 76,096 | 13.9% | S100YD7C |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 38 |
| SG&A | 47 |
| Operating income | 15 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 61.7% → Operating margin 14.7% → Net margin 13.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.8%; Core profit growth: +4.9%
Operating leverage (core profit growth ÷ revenue growth): -2.73×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 555,517 | 545,626 | -9,891 | -1.8% |
| Gross profit | 337,675 | 336,722 | -953 | -0.3% |
| Operating income | 76,313 | 80,020 | 3,707 | +4.9% |
| Net income attributable to owners | 52,814 | 76,096 | 23,282 | +44.1% |
| Operating cash flow | 89,564 | 90,655 | 1,091 | +1.2% |
| Free cash flow | 62,403 | 59,966 | -2,437 | -3.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,119,191 | 15,679 | 1.4% | -11,187 | 16,281 | -18,729 | S100LQRQ |
| FY ending Mar 2021 | 816,009 | -20,976 | -2.6% | -41,078 | 1,197 | -29,924 | S100OH0V |
| FY ending Mar 2022 | 418,338 | 5,940 | 1.4% | 12,338 | 37,914 | 11,103 | S100QZ74 |
| FY ending Mar 2023 | 487,407 | 29,606 | 6.1% | 32,377 | 66,301 | 48,012 | S100TT4U |
| FY ending Mar 2024 | 536,441 | 54,369 | 10.1% | 55,580 | 56,895 | 29,420 | S100W16O |
| FY ending Mar 2025 | 555,517 | 76,313 | 13.7% | 52,814 | 89,564 | 62,403 | S100YD7C |
| FY ending Mar 2026 | 545,626 | 80,020 | 14.7% | 76,096 | 90,655 | 59,966 | S100YD7C |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥62.9M |
| Operating income per employee (consolidated) | ¥9.2M |
| Net income per employee (consolidated) | ¥8.8M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 9,691 | 9,745 | 9,467 | 8,921 | 8,670 |
| Average salary (parent company) | ¥7.1M | ¥7.7M | ¥8.8M | ¥9.2M | ¥9M |
| Average age (parent company) | 46.4 years | 46.8 years | 47.3 years | 47.5 years | 47.4 years |
| Average tenure (parent company) | 22.5 years | 22.8 years | 23.6 years | 23.8 years | 23.6 years |

Year over year: Employees (consolidated) -2.8% · Revenue (consolidated) -1.8%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Department store business | 446,776 | 81.9% | 65,522 | 14.7% |
| Credit and finance business/Customer organization management business | 20,969 | 3.8% | 6,336 | 30.2% |
| Real estate business | 22,199 | 4.1% | 4,681 | 21.1% |
| Other | 55,681 | 10.2% | 3,022 | 5.4% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Department store business | 81.9% | 82.4% | 0.5 | 14.7% |
| Credit and finance business/Customer organization management business | 3.8% | 8.0% | 4.1 | 30.2% |
| Real estate business | 4.1% | 5.9% | 1.8 | 21.1% |
| Other | 10.2% | 3.8% | -6.4 | 5.4% |

Segment → industry: Credit and finance business/Customer organization management business → Credit Cards & Consumer Credit / Real estate business → Real Estate Development & Leasing / Department store business → Department Stores

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 90,655 | 16.6% | S100YD7C |
| Capital expenditure | 30,689 | 5.6% | S100YD7C |
| Free cash flow | 59,966 | 11.0% | 算出 |
| Investing cash flow | 21,634 | 4.0% | S100YD7C |
| Financing cash flow | -76,922 | -14.1% | S100YD7C |
| Dividends paid | 21,475 | 3.9% | S100YD7C |
| Share buyback | 35,110 | 6.4% | S100YD7C |
| Change in cash | 35,508 | 6.5% | S100YD7C |
| Cash and equivalents | 77,343 | 14.2% | S100YD7C |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 84,472 | 109,039 | 72,390 | 41,834 | 77,343 | S100TT4U, S100W16O, S100YD7C |
| Total assets | 1,168,574 | 1,217,308 | 1,225,103 | 1,205,726 | 1,217,975 | S100QZ74, S100TT4U, S100W16O, S100YD7C |
| Net assets | 517,660 | 552,519 | 600,824 | 602,878 | 620,156 | S100TT4U, S100W16O, S100YD7C |
| Share capital | 51,162 | 51,276 | 51,470 | 51,546 | 51,576 | S100QZ74, S100TT4U, S100W16O, S100YD7C |
| Property, plant and equipment | 708,010 | 703,470 | 704,831 | 709,305 | 716,270 | S100QZ74, S100TT4U, S100W16O, S100YD7C |
| Intangible assets excluding goodwill | 40,765 | 51,052 | 50,090 | 40,757 | 40,626 | S100QZ74, S100TT4U, S100W16O, S100YD7C |
| Goodwill | — | 10,332 | 9,489 | — | — | S100TT4U, S100W16O |
| Investment securities | 120,413 | 120,864 | 132,956 | 148,975 | 110,807 | S100QZ74, S100TT4U, S100W16O, S100YD7C |
| Current assets | 247,757 | 287,735 | 286,776 | 254,916 | 298,786 | S100QZ74, S100TT4U, S100W16O, S100YD7C |
| Current liabilities | 359,838 | 403,709 | 393,175 | 379,344 | 371,140 | S100QZ74, S100TT4U, S100W16O, S100YD7C |
| Trade payables | 87,102 | 104,802 | 116,091 | 114,661 | 120,964 | S100QZ74, S100TT4U, S100W16O, S100YD7C |
| Short-term borrowings | 13,145 | 26,568 | 22,454 | 41,329 | 17,033 | S100QZ74, S100TT4U, S100W16O, S100YD7C |
| Long-term borrowings | 82,000 | 68,300 | 53,300 | 25,000 | 31,200 | S100QZ74, S100TT4U, S100W16O, S100YD7C |
| Bonds | 30,000 | 20,000 | 20,000 | 20,000 | 20,000 | S100QZ74, S100TT4U, S100W16O, S100YD7C |
| Interest-bearing debt | 125,145 | 114,868 | 95,754 | 86,329 | 68,233 | 算出 |
| Total liabilities | 650,914 | 664,788 | 624,278 | 602,847 | 597,818 | S100QZ74, S100TT4U, S100W16O, S100YD7C |
| Non-controlling interests | 4,748 | 5,512 | 6,405 | 983 | 937 | S100QZ74, S100TT4U, S100W16O, S100YD7C |
| Equity attributable to owners of parent | 491,168 | 519,434 | 553,017 | 553,382 | 573,107 | S100QZ74, S100TT4U, S100W16O, S100YD7C |
| Retained earnings | 134,558 | 162,708 | 210,679 | 246,332 | 300,869 | S100QZ74, S100TT4U, S100W16O, S100YD7C |
| Treasury stock | -18,364 | -18,159 | -32,990 | -28,519 | -36,224 | S100QZ74, S100TT4U, S100W16O, S100YD7C |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YD7C |
| Property, plant and equipment | 59% | S100YD7C |
| Intangibles and goodwill | 3% | S100YD7C |
| Investment securities | 9% | S100YD7C |
| Other assets | 23% | S100YD7C |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YD7C |
| Interest-bearing debt | 6% | 算出 |
| Other liabilities | 33% | S100YD7C |
| Equity | 51% | S100YD7C |
| Other liabilities | 0% | S100YD7C |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,168,574 | 1,217,308 | 1,225,103 | 1,205,726 | 1,217,975 |
| Equity | 517,660 | 552,519 | 600,824 | 602,878 | 620,156 |
| Interest-bearing debt | 125,145 | 114,868 | 95,754 | 86,329 | 68,233 |
| Cash | 84,472 | 109,039 | 72,390 | 41,834 | 77,343 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 131.3% | S100YD7C |
| Fixed assets ÷ total assets | 58.8% | S100YD7C |
| Goodwill ÷ parent equity | — | —, S100YD7C |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 6.4% |
| Cash ÷ revenue | 14.2% |
| Net cash (cash − interest-bearing debt) | ¥9.11B |
| Net debt ÷ operating cash flow | -0.10× |
| Cash conversion (operating CF ÷ operating income) | 113.3% |
| Cash vs. profit gap | 14,559 JPY mn (of net income 19.1%) |
| Shareholder returns / net income | 74.4% |
| Shareholder returns / FCF | 94.4% |
| Shareholder payments — dividends / net income | 28.2% |
| Shareholder payments — dividends / FCF | 35.8% |
| CapEx intensity (capex ÷ revenue) | 5.6% |
| Investing CF relative to operating CF | 23.9% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.9% | 0.36× | 1.1% | 2.38× | 2.5% | S100QZ74 |
| 2023 | 6.6% | 0.41× | 2.7% | 2.36× | 6.4% | S100TT4U |
| 2024 | 10.4% | 0.44× | 4.6% | 2.28× | 10.4% | S100W16O |
| 2025 | 9.5% | 0.46× | 4.3% | 2.20× | 9.5% | S100YD7C |
| 2026 | 13.9% | 0.45× | 6.3% | 2.15× | 13.5% | S100YD7C |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） ※１ | Major shareholder | 16.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） ※２ | Major shareholder | 6.1% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642(常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.9% | 2026-03-31 |
| 公益財団法人三越厚生事業団 | Major shareholder | 3.8% | 2026-03-31 |
| THE CHASE MANHATTAN BANK,N.A. LONDONSECS LENDING OMNIBUS ACCOUNT(常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.1% | 2026-03-31 |
| 三越伊勢丹グループ取引先持株会 | Major shareholder | 2.0% | 2026-03-31 |
| 清水建設株式会社 (常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 1.8% | 2026-03-31 |
| 明治安田生命保険相互会社 (常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.6% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥545.6B, down -1.8% from ¥555.5B.
- Operating income still grew +4.9%, from ¥76.3B to ¥80B, as the company kept expenses down.
- Net income attributable to owners jumped +44.1% to ¥76.1B, helped by a one-off gain from selling shares in affiliated companies.
- Free cash flow came to ¥60B, down -3.9%.

### Drivers

- Sales to overseas visitors fell, as the prior year had been boosted by buying ahead of luxury price increases and visitor numbers slowed later in the year
- Tight control of costs such as staff and rent improved operating income
- A gain on the sale of shares in affiliated companies was booked as extraordinary income, lifting net income

### Risks

- Prolonged geopolitical conflict could reduce sales at overseas stores and tax-free sales to visitors in Japan
- Overseas results are converted into yen, so exchange rate swings affect reported sales and costs
- If the shift toward long-term relationships with individual customers stalls, growth plans could be affected

Cited: Annual securities report (18th fiscal period) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (18th fiscal period) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/04/01－2026/03/31) | S100YD7C | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD7C,, |
| 有価証券報告書－第17期(2024/04/01－2025/03/31) | S100W16O | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W16O,, |
| 有価証券報告書－第16期(2023/04/01－2024/03/31) | S100TT4U | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT4U,, |
| 有価証券報告書－第15期(2022/04/01－2023/03/31) | S100QZ74 | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ74,, |
| 有価証券報告書－第14期(令和3年4月1日－令和4年3月31日) | S100OH0V | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH0V,, |
| 有価証券報告書－第13期(令和2年4月1日－令和3年3月31日) | S100LQRQ | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQRQ,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).