# M-mart Inc.: business model and financials

> Latest period: FY ending Jan 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2025/02/01－2026/01/31) (S100Y0DB)
> Page: https://vizora.meequs.com/en/company/m-mart
> Retrieved: 2026-09-30T21:00:17.748Z

## Company

M-mart, founded in 2000, is a company in E-commerce listed on TSE Growth. It has 53 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | M-mart Inc. |
| Ticker | 4380 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4380.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区西新宿六丁目5番1号 |
| Representative (per filing) | 代表取締役社長 村橋 純雄 |
| Founded | Feb 2000 |
| Share capital | ¥318.6M |
| Employees (consolidated) | 53 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | January |
| Website | www.m-mart.co.jp (https://www.m-mart.co.jp/) |
| Corporate number | 8011101033863 |
| EDINET | E33784 |
| Industries (Vizora) | E-commerce |

> Profile source: annual securities report (S100Y0DB, filed 2026-04-23). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 25 |
| Profitability | 98.5 | 34 |
| Cash conversion | 27.8 | 27 |
| Efficiency | 16.2 | 34 |

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)

- M-mart brought in ¥1.36B in revenue.
- Out of every ¥100 of sales, about ¥46 is left as operating profit.
- Revenue changed +5.3% from the prior year, operating profit +21.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1363651000 → ¥423109000
- Net income → operating cash flow: ¥423109000 → ¥455452000（difference ¥32343000）
- Main uses of operating cash flow: CapEx ¥7357000 / dividends ¥102869000 / buybacks —
- Change in cash: ¥315224000
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 | ¥1.36B |  |
| Operating income | ¥632.5M | Margin 46.4% |
| Net income | ¥423.1M | Margin 31.0% |
| Free cash flow | ¥448.1M |  |
| Employees (consolidated) | 53 |  |
| EPS | ¥86.52 |  |
| Book value per share | ¥436.41 |  |
| Equity ratio | 68.9% |  |
| Shares outstanding | 4,890,800 |  |
| Treasury shares | 400 |  |
| Shareholders | 1,553 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 72.8% | Cash ÷ revenue 165.3% |
| Vs. industry median margin | +41.4 pp | E-commerce |
| ROE | 21.4% | Derived from disclosed figures |
| ROA | 14.7% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 73% of total assets
- FY2026, operating income keeps 46 per ¥100 of revenue
- FY2026, employees -20% while operating income rose 21%

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥777610000 | ¥1363651000 | +75.4% |
| Operating income | ¥178108000 | ¥632501000 | +255.1% |
| Operating margin | 22.9% | 46.4% | +23.5 pp |
| Employees | 52 people | 53 people | +1.9% |
| Cash and equivalents | ¥1022250000 | ¥2254782000 | +120.6% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,364 | 100.0% | S100Y0DB |
| Operating income | 633 | 46.4% | S100Y0DB |
| Ordinary income | 634 | 46.5% | S100Y0DB |
| Pretax income | 634 | 46.5% | S100Y0DB |
| Income tax | 211 | 15.5% | S100Y0DB |
| Net income | 423 | 31.0% | S100Y0DB |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 54 |
| Operating income | 46 |
| (Ref.) Net income | 31 |

### Margin funnel

Operating margin 46.4% → Net margin 31.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.3%; Core profit growth: +21.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.98×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,295 | 1,364 | 69 | +5.3% |
| Operating income | 522 | 633 | 111 | +21.3% |
| Operating cash flow | 355 | 455 | 101 | +28.4% |
| Free cash flow | 354 | 448 | 94 | +26.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 685 | 147 | 21.5% | 98 | 140 | 139 | S100L7O0 |
| FY ending Jan 2021 | 778 | 178 | 22.9% | 119 | 201 | 194 | S100NXKL |
| FY ending Jan 2022 | 903 | 270 | 29.9% | 183 | 233 | 232 | S100QMZO |
| FY ending Jan 2023 | 986 | 350 | 35.5% | 235 | 285 | 278 | S100TB92 |
| FY ending Jan 2024 | 1,172 | 484 | 41.3% | 325 | 426 | 422 | S100VO4M |
| FY ending Jan 2025 | 1,295 | 522 | 40.3% | 346 | 355 | 354 | S100Y0DB |
| FY ending Jan 2026 | 1,364 | 633 | 46.4% | 423 | 455 | 448 | S100Y0DB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.7M |
| Operating income per employee (consolidated) | ¥11.9M |
| Net income per employee (consolidated) | ¥8M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 47 | 49 | 54 | 66 | 53 |
| Average salary (parent company) | ¥4.7M | ¥4.9M | ¥5M | ¥5.2M | ¥5.4M |
| Average age (parent company) | 48.0 years | 50.0 years | 48.0 years | 53.0 years | 51.0 years |
| Average tenure (parent company) | 4.0 years | 5.0 years | 4.0 years | 4.0 years | 4.0 years |

Year over year: Employees (consolidated) -19.7% · Revenue (consolidated) +5.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 455 | 33.4% | S100Y0DB |
| Capital expenditure | 7 | 0.5% | S100Y0DB |
| Free cash flow | 448 | 32.9% | 算出 |
| Investing cash flow | -37 | -2.7% | S100Y0DB |
| Financing cash flow | -103 | -7.5% | S100Y0DB |
| Dividends paid | 103 | 7.5% | S100Y0DB |
| Change in cash | 315 | 23.1% | S100Y0DB |
| Cash and equivalents | 2,255 | 165.3% | S100Y0DB |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,176 | 1,375 | 1,704 | 1,940 | 2,255 | S100TB92, S100VO4M, S100Y0DB |
| Total assets | 1,619 | 1,902 | 2,308 | 2,661 | 3,097 | S100QMZO, S100TB92, S100VO4M, S100Y0DB |
| Net assets | 1,109 | 1,295 | 1,556 | 1,814 | 2,134 | S100TB92, S100VO4M, S100Y0DB |
| Share capital | 319 | 319 | 319 | 319 | 319 | S100QMZO, S100TB92, S100VO4M, S100Y0DB |
| Property, plant and equipment | 8 | 7 | 9 | 8 | 11 | S100QMZO, S100TB92, S100VO4M, S100Y0DB |
| Intangible assets excluding goodwill | 0 | 7 | 5 | 3 | 2 | S100QMZO, S100TB92, S100VO4M, S100Y0DB |
| Current assets | 1,543 | 1,821 | 2,225 | 2,584 | 3,017 | S100QMZO, S100TB92, S100VO4M, S100Y0DB |
| Current liabilities | 510 | 607 | 752 | 847 | 963 | S100QMZO, S100TB92, S100VO4M, S100Y0DB |
| Total liabilities | 510 | 607 | 752 | 847 | 963 | S100QMZO, S100TB92, S100VO4M, S100Y0DB |
| Equity attributable to owners of parent | 1,109 | 1,295 | 1,556 | 1,814 | 2,134 | S100QMZO, S100TB92, S100VO4M, S100Y0DB |
| Retained earnings | 530 | 716 | 977 | 1,235 | 1,555 | S100QMZO, S100TB92, S100VO4M, S100Y0DB |
| Treasury stock | -0 | -0 | -0 | -1 | -1 | S100QMZO, S100TB92, S100VO4M, S100Y0DB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 73% | S100Y0DB |
| Property, plant and equipment | 0% | S100Y0DB |
| Intangibles and goodwill | 0% | S100Y0DB |
| Other assets | 27% | S100Y0DB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100Y0DB |
| Equity | 69% | S100Y0DB |
| Other liabilities | 0% | S100Y0DB |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,619 | 1,902 | 2,308 | 2,661 | 3,097 |
| Equity | 1,109 | 1,295 | 1,556 | 1,814 | 2,134 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,176 | 1,375 | 1,704 | 1,940 | 2,255 |

## 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) | 0.8% | S100Y0DB |
| Fixed assets ÷ total assets | 0.4% | S100Y0DB |
| Goodwill ÷ parent equity | — | —, S100Y0DB |

### 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) | 72.8% |
| Cash ÷ revenue | 165.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 72.0% |
| Cash vs. profit gap | 32 JPY mn (of net income 7.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.3% |
| Shareholder payments — dividends / FCF | 23.0% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 8.2% |

## 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 | 20.2% | 0.56× | 11.3% | 1.46× | 16.5% | S100QMZO |
| 2023 | 23.8% | 0.56× | 13.4% | 1.46× | 19.6% | S100TB92 |
| 2024 | 27.7% | 0.56× | 15.4% | 1.48× | 22.8% | S100VO4M |
| 2025 | 26.7% | 0.52× | 13.9% | 1.47× | 20.5% | S100Y0DB |
| 2026 | 31.0% | 0.47× | 14.7% | 1.46× | 21.4% | S100Y0DB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 村橋 純雄 | Major shareholder | 30.5% | 2026-01-31 |
| 合同会社エムホールディングス | Major shareholder | 15.5% | 2026-01-31 |
| 九谷田 登志恵 | Major shareholder | 7.8% | 2026-01-31 |
| 宇井 裕希乃 | Major shareholder | 7.8% | 2026-01-31 |
| THE BANK OF NEW YORK MELLON 14004（常任代理人:株式会社みずほ銀行決済営業部） | Major shareholder | 5.4% | 2026-01-31 |
| 村橋 勝子 | Major shareholder | 4.9% | 2026-01-31 |
| 村橋 伸繁 | Major shareholder | 4.6% | 2026-01-31 |
| 五味 大輔 | Major shareholder | 2.5% | 2026-01-31 |
| 木下 圭一郎 | Major shareholder | 1.6% | 2026-01-31 |
| MSIP CLIENT SECURITIES （常任代理人:モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 1.4% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/02/01－2026/01/31) | S100Y0DB | 2026-04-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y0DB,, |
| 有価証券報告書－第25期(2024/02/01－2025/01/31) | S100VO4M | 2025-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VO4M,, |
| 有価証券報告書－第24期(2023/02/01－2024/01/31) | S100TB92 | 2024-04-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TB92,, |
| 有価証券報告書－第23期(2022/02/01－2023/01/31) | S100QMZO | 2023-04-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QMZO,, |
| 有価証券報告書－第22期(令和3年2月1日－令和4年1月31日) | S100NXKL | 2022-04-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NXKL,, |
| 有価証券報告書－第21期(令和2年2月1日－令和3年1月31日) | S100L7O0 | 2021-04-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L7O0,, |

## 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).