# M H GROUP LTD.: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第36期(2024/07/01－2025/06/30) (S100WQ59)
> Page: https://vizora.meequs.com/en/company/m-h-group
> Retrieved: 2026-09-30T19:50:59.406Z

## Company

M H Group, founded in 1990, is a company in HR & Staffing listed on TSE Standard. It has 228 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | M・H・GROUP LTD. |
| Ticker | 9439 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9439.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区千駄ヶ谷一丁目11番1号 |
| Representative (per filing) | 代表取締役会長兼執行役員社長 朱峰 玲子 |
| Founded | Apr 1990 |
| Share capital | ¥215.6M |
| Employees (consolidated) | 228 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | June |
| Website | mhgroup.co.jp (https://mhgroup.co.jp/) |
| Corporate number | 1011001062515 |
| EDINET | E05055 |
| Industries (Vizora) | HR & Staffing, Beauty Salons |

> Profile source: annual securities report (S100WQ59, filed 2025-09-25). As of filing

## Five-axis industry profile

Primary industry: Beauty Salons (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30 | 5 |
| Profitability | 8.3 | 6 |
| Efficiency | 58.3 | 6 |

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 50% of M H Group's sales come from Direct salon, with Hair make and Career Design making up much of the rest.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed -1.8% from the prior year, operating profit -141.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.84B |  |
| Operating income | -¥9.7M | Margin -0.5% |
| Net income | -¥17.6M | Margin -1.0% |
| Free cash flow | ¥24.1M |  |
| Largest business | Direct salon | of segment revenue 49.7% |
| Employees (consolidated) | 228 |  |
| EPS | ¥1.62 |  |
| Book value per share | ¥26.24 |  |
| Equity ratio | 28.4% |  |
| Shares outstanding | 11,642,100 |  |
| Treasury shares | 100,000 |  |
| Shareholders | 15,194 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 32.3% | Cash ÷ revenue 31.1% |
| Vs. industry median margin | -5.4 pp | Beauty Salons |
| ROA | -1.0% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.8× dividends
- FY2025, segment profit share differs by 27 points
- FY2025, parent-company salary changed +25% over five years

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1718479000 | ¥1844060000 | +7.3% |
| Operating income | ¥-66633000 | ¥-9709000 | — |
| Operating margin | -3.9% | -0.5% | +3.4 pp |
| Employees | 205 people | 228 people | +11.2% |
| Cash and equivalents | ¥417749000 | ¥573512000 | +37.3% |

### Change in segment revenue mix

Span: FY ending Jun 2020 → FY ending Jun 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 直営サロン運営事業 → 事業再編・廃止 | 56.2% |
| ＢＳサロン運営事業 → 事業再編・廃止 | 14.0% |
| ヘアメイク事業 → 事業再編・廃止 | 19.9% |
| 美容室支援事業 → 事業再編・廃止 | 4.9% |
| 美容室支援事業 → 事業再編・廃止 | 4.9% |
| 新設・再編 → 直営サロン運営事業 | 49.7% |
| 新設・再編 → ＢＳサロン運営事業 | 8.8% |
| 新設・再編 → ヘアメイク事業 | 20.2% |
| 新設・再編 → 美容室支援事業 | 6.3% |
| 新設・再編 → キャリアデザイン事業 | 15.1% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Direct salon | — | — | ¥915625000 | 6.3% | 2 |
| Hair make | — | — | ¥372553000 | 3.4% | 2 |
| Career Design | 4 years | +11.8% | ¥277758000 | 4.8% | 2 |
| Franchise | — | — | ¥161403000 | 43.8% | 2 |
| Beauty business support business | — | — | ¥116720000 | 67.1% | 2 |

## Income statement（FY ending Jun 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,844 | 100.0% | S100WQ59 |
| Cost of revenue | 1,347 | 73.0% | S100WQ59 |
| Gross profit | 498 | 27.0% | S100WQ59 |
| SG&A | 507 | 27.5% | S100WQ59 |
| Operating income | -10 | -0.5% | S100WQ59 |
| Ordinary income | -7 | -0.4% | S100WQ59 |
| Pretax income | -11 | -0.6% | S100WQ59 |
| Income tax | 6 | 0.3% | S100WQ59 |
| Net income | -18 | -1.0% | S100WQ59 |
| Net income attributable to owners | -18 | -1.0% | S100WQ59 |

## Per ¥100 of revenue（FY ending Jun 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 28 |
| Operating income | -1 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 27.0% → Operating margin -0.5% → Net margin -1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2024 → FY ending Jun 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,878 | 1,844 | -34 | -1.8% |
| Gross profit | 526 | 498 | -28 | -5.4% |
| Operating income | 23 | -10 | -33 | -141.9% |
| Net income attributable to owners | 13 | -18 | -30 | -239.5% |
| Operating cash flow | 47 | 29 | -18 | -37.8% |
| Free cash flow | 43 | 24 | -19 | -43.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 1,966 | 69 | 3.5% | 39 | 146 | 110 | S100JRDA |
| FY ending Jun 2020 | 1,718 | -67 | -3.9% | -115 | -82 | -97 | S100MART |
| FY ending Jun 2021 | 1,815 | -53 | -2.9% | -79 | 73 | 59 | S100P1P3 |
| FY ending Jun 2022 | 1,849 | 30 | 1.6% | 17 | 27 | 24 | S100RWQ5 |
| FY ending Jun 2023 | 1,902 | 54 | 2.9% | 24 | 74 | 66 | S100UFQA |
| FY ending Jun 2024 | 1,878 | 23 | 1.2% | 13 | 47 | 43 | S100WQ59 |
| FY ending Jun 2025 | 1,844 | -10 | -0.5% | -18 | 29 | 24 | S100WQ59 |

## People and productivity（FY ending Jun 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥8.1M |
| Operating income per employee (consolidated) | -¥42.6K |
| Net income per employee (consolidated) | -¥77.3K |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 223 | 216 | 242 | 237 | 228 |
| Average salary (parent company) | ¥4.1M | ¥4.1M | ¥4.9M | ¥5.1M | ¥5.2M |
| Average age (parent company) | 39.2 years | 38.6 years | 41.9 years | 43.1 years | 44.2 years |
| Average tenure (parent company) | 5.8 years | 6.2 years | 6.8 years | 8.2 years | 8.0 years |

Year over year: Employees (consolidated) -3.8% · Revenue (consolidated) -1.8%

## Segments（FY ending Jun 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Direct salon | 916 | 49.7% | 57 | 6.3% |
| Franchise | 161 | 8.8% | 71 | 43.8% |
| Hair make | 373 | 20.2% | 13 | 3.4% |
| Beauty business support business | 117 | 6.3% | 78 | 67.1% |
| Career Design | 278 | 15.1% | 13 | 4.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Direct salon | 49.7% | 24.7% | -25.0 | 6.3% |
| Franchise | 8.8% | 30.5% | 21.7 | 43.8% |
| Hair make | 20.2% | 5.4% | -14.8 | 3.4% |
| Beauty business support business | 6.3% | 33.7% | 27.4 | 67.1% |
| Career Design | 15.1% | 5.7% | -9.4 | 4.8% |

Segment → industry: Career Design → HR & Staffing / Beauty business support business → Beauty Salons / Hair make → Beauty Salons / Franchise → Beauty Salons / Direct salon → Beauty Salons

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 29 | 1.6% | S100WQ59 |
| Capital expenditure | 5 | 0.3% | S100WQ59 |
| Free cash flow | 24 | 1.3% | 算出 |
| Investing cash flow | -11 | -0.6% | S100WQ59 |
| Financing cash flow | -47 | -2.6% | S100WQ59 |
| Dividends paid | 12 | 0.6% | S100WQ59 |
| Share buyback | 21 | 1.1% | S100WQ59 |
| Change in cash | -29 | -1.6% | S100WQ59 |
| Cash and equivalents | 574 | 31.1% | S100WQ59 |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 521 | 572 | 607 | 603 | 574 | S100RWQ5, S100UFQA, S100WQ59 |
| Total assets | 1,734 | 1,805 | 1,842 | 1,857 | 1,774 | S100P1P3, S100RWQ5, S100UFQA, S100WQ59 |
| Net assets | 497 | 487 | 516 | 562 | 506 | S100RWQ5, S100UFQA, S100WQ59 |
| Share capital | 517 | 517 | 517 | 216 | 216 | S100P1P3, S100RWQ5, S100UFQA, S100WQ59 |
| Trade receivables | 108 | 111 | 115 | — | — | S100P1P3, S100RWQ5 |
| Property, plant and equipment | 70 | 59 | 49 | 41 | 34 | S100P1P3, S100RWQ5, S100UFQA, S100WQ59 |
| Intangible assets excluding goodwill | 87 | 73 | 62 | 42 | 25 | S100P1P3, S100RWQ5, S100UFQA, S100WQ59 |
| Goodwill | 86 | 71 | 56 | 37 | 20 | S100P1P3, S100RWQ5, S100UFQA, S100WQ59 |
| Investment securities | 47 | 38 | 43 | 77 | 67 | S100P1P3, S100RWQ5, S100UFQA, S100WQ59 |
| Current assets | 1,365 | 1,495 | 1,573 | 1,586 | 1,537 | S100P1P3, S100RWQ5, S100UFQA, S100WQ59 |
| Current liabilities | 1,035 | 1,119 | 1,158 | 1,159 | 1,153 | S100P1P3, S100RWQ5, S100UFQA, S100WQ59 |
| Short-term borrowings | 100 | 100 | 100 | 100 | 100 | S100P1P3, S100RWQ5, S100UFQA, S100WQ59 |
| Long-term borrowings | 53 | 62 | 42 | 27 | 15 | S100P1P3, S100RWQ5, S100UFQA, S100WQ59 |
| Bonds | 30 | 16 | — | — | — | S100P1P3, S100RWQ5 |
| Interest-bearing debt | 183 | 178 | — | — | — | 算出 |
| Total liabilities | 1,237 | 1,318 | 1,326 | 1,295 | 1,268 | S100P1P3, S100RWQ5, S100UFQA, S100WQ59 |
| Equity attributable to owners of parent | 489 | 487 | 511 | 555 | 505 | S100P1P3, S100RWQ5, S100UFQA, S100WQ59 |
| Retained earnings | -147 | -149 | -125 | 254 | 224 | S100P1P3, S100RWQ5, S100UFQA, S100WQ59 |
| Treasury stock | -0 | -0 | -0 | -0 | -21 | S100P1P3, S100RWQ5, S100UFQA, S100WQ59 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100WQ59 |
| Property, plant and equipment | 2% | S100WQ59 |
| Intangibles and goodwill | 3% | S100WQ59 |
| Investment securities | 4% | S100WQ59 |
| Other assets | 59% | S100WQ59 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 71% | S100WQ59 |
| Equity | 29% | S100WQ59 |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,734 | 1,805 | 1,842 | 1,857 | 1,774 |
| Equity | 497 | 487 | 516 | 562 | 506 |
| Interest-bearing debt | 183 | 178 | — | — | — |
| Cash | 521 | 572 | 607 | 603 | 574 |

## 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) | 1.8% | S100WQ59 |
| Fixed assets ÷ total assets | 1.9% | S100WQ59 |
| Goodwill ÷ parent equity | 3.9% | S100WQ59 |

Goodwill over 4 years: 86 → 20 JPY; total investing cash flow: 10 JPY. This does not imply causation.

### 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) | 32.3% |
| Cash ÷ revenue | 31.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 47 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 133.5% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 48.4% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 37.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -4.6% | —× | — | S100P1P3 |
| 2022 | 0.9% | 1.04× | 1.0% | 3.63× | 3.5% | S100RWQ5 |
| 2023 | 1.3% | 1.04× | 1.3% | 3.66× | 4.8% | S100UFQA |
| 2024 | 0.7% | 1.02× | 0.7% | 3.47× | 2.4% | S100WQ59 |
| 2025 | — | —× | -1.0% | —× | — | S100WQ59 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 潤首有限公司 （弁護士法人赤れんが法律事務所 常任代理人弁護士 杉山 央） | Major shareholder | 32.0% | 2025-06-30 |
| 剣豪集団株式会社 | Major shareholder | 16.5% | 2025-06-30 |
| 青山 洋一 | Major shareholder | 5.7% | 2025-06-30 |
| ＳＣＡＴ株式会社 | Major shareholder | 2.7% | 2025-06-30 |
| 堀 直子 | Major shareholder | 1.9% | 2025-06-30 |
| 青山 和男 | Major shareholder | 1.8% | 2025-06-30 |
| 株式会社ガモウ | Major shareholder | 0.9% | 2025-06-30 |
| 生田目 崇 | Major shareholder | 0.8% | 2025-06-30 |
| 三井住友信託銀行株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 0.7% | 2025-06-30 |
| 石原 慎也 | Major shareholder | 0.6% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2024/07/01－2025/06/30) | S100WQ59 | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQ59,, |
| 有価証券報告書－第35期(2023/07/01－2024/06/30) | S100UFQA | 2024-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFQA,, |
| 有価証券報告書－第34期(2022/07/01－2023/06/30) | S100RWQ5 | 2023-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWQ5,, |
| 有価証券報告書－第33期(令和3年7月1日－令和4年6月30日) | S100P1P3 | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P1P3,, |
| 有価証券報告書－第32期(令和2年7月1日－令和3年6月30日) | S100MART | 2021-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MART,, |
| 有価証券報告書－第31期(令和1年7月1日－令和2年6月30日) | S100JRDA | 2020-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JRDA,, |

## 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).