# MINOYA Co., LTD.: business model and financials

> Latest period: FY ending Jun 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第71期(2024/07/01－2025/06/30) (S100WR75)
> Page: https://vizora.meequs.com/en/company/machioka
> Retrieved: 2026-09-30T21:02:39.584Z

## Company

Minoya, founded in 2025, is a company in Supermarkets listed on TSE Standard. It has 177 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MINOYA Co., LTD. |
| Ticker | 386A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/386A.T) |
| Listing | TSE Standard |
| Head office | 埼玉県さいたま市中央区大字下落合1050番地2 |
| Representative (per filing) | 代表取締役社長 正木 宏和 |
| Founded | Jun 2025 |
| Share capital | ¥100M |
| Employees (consolidated) | 177 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | June |
| Website | www.machioka.co.jp (https://www.machioka.co.jp/) |
| Corporate number | 5030001008183 |
| EDINET | E40756 |
| Industries (Vizora) | Supermarkets |

> Profile source: annual securities report (S100WR75, filed 2025-09-26). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65.6 | 45 |
| Profitability | 50 | 49 |
| Cash conversion | 20.2 | 47 |
| Efficiency | 92.9 | 49 |

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)

- Minoya brought in ¥24B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +6.6% from the prior year, operating profit -29.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥24016722000 → ¥404783000
- Net income → operating cash flow: ¥404783000 → ¥716190000（difference ¥311407000）
- Main uses of operating cash flow: CapEx ¥449873000 / dividends ¥30000000 / buybacks —
- Change in cash: ¥194800000
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 | ¥24B |  |
| Operating income | ¥678.6M | Margin 2.8% |
| Net income | ¥404.8M | Margin 1.7% |
| Free cash flow | ¥266.3M |  |
| Employees (consolidated) | 177 |  |
| EPS | ¥134.93 |  |
| Book value per share | ¥956.33 |  |
| Equity ratio | 34.0% |  |
| Shares outstanding | 3,000,000 |  |
| Shareholders | 14 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 13.9% | Cash ÷ revenue 4.9% |
| Vs. industry median margin | 0 pp | Supermarkets |
| ROE | 15.5% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## What changed in 1 years

| Metric | FY ending Jun 2024 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22540002000 | ¥24016722000 | +6.6% |
| Operating income | ¥967660000 | ¥678605000 | -29.9% |
| Operating margin | 4.3% | 2.8% | -1.5 pp |
| Employees | 189 people | 177 people | -6.3% |
| Cash and equivalents | ¥978145000 | ¥1172945000 | +19.9% |

### Change in segment revenue mix

Span: FY ending Jun 2024 → FY ending Jun 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 24,017 | 100.0% | S100WR75 |
| Cost of revenue | 14,982 | 62.4% | 算出 |
| Gross profit | 9,035 | 37.6% | S100WR75 |
| SG&A | 8,357 | 34.8% | S100WR75 |
| Operating income | 679 | 2.8% | S100WR75 |
| Ordinary income | 765 | 3.2% | S100WR75 |
| Pretax income | 569 | 2.4% | S100WR75 |
| Income tax | 164 | 0.7% | S100WR75 |
| Net income | 405 | 1.7% | S100WR75 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 35 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 37.6% → Operating margin 2.8% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +6.6%; Core profit growth: -29.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -4.56×
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 | 22,540 | 24,017 | 1,477 | +6.6% |
| Gross profit | 8,428 | 9,035 | 607 | +7.2% |
| Operating income | 968 | 679 | -289 | -29.9% |
| Operating cash flow | 758 | 716 | -42 | -5.5% |
| Free cash flow | 421 | 266 | -155 | -36.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2024 | 22,540 | 968 | 4.3% | 714 | 758 | 421 | S100WR75 |
| FY ending Jun 2025 | 24,017 | 679 | 2.8% | 405 | 716 | 266 | S100WR75 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥135.7M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥2.3M |

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

| History | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: |
| Employees (consolidated) | 189 | 177 |
| Average salary (parent company) | — | ¥6.5M |
| Average age (parent company) | — | 44.2 years |
| Average tenure (parent company) | — | 15.8 years |

Year over year: Employees (consolidated) -6.3% · Revenue (consolidated) +6.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 716 | 3.0% | S100WR75 |
| Capital expenditure | 450 | 1.9% | S100WR75 |
| Free cash flow | 266 | 1.1% | 算出 |
| Investing cash flow | -476 | -2.0% | S100WR75 |
| Financing cash flow | -46 | -0.2% | S100WR75 |
| Dividends paid | 30 | 0.1% | S100WR75 |
| Change in cash | 195 | 0.8% | S100WR75 |
| Cash and equivalents | 1,173 | 4.9% | S100WR75 |

## 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 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 978 | 1,173 | S100WR75 |
| Total assets | 7,683 | 8,445 | S100WR75 |
| Net assets | 2,500 | 2,869 | S100WR75 |
| Share capital | 100 | 100 | S100WR75 |
| Property, plant and equipment | 1,755 | 2,006 | S100WR75 |
| Intangible assets excluding goodwill | 28 | 22 | S100WR75 |
| Investment securities | 176 | 173 | S100WR75 |
| Current assets | 3,234 | 3,621 | S100WR75 |
| Current liabilities | 3,555 | 3,416 | S100WR75 |
| Short-term borrowings | 1,087 | 800 | S100WR75 |
| Long-term borrowings | 730 | 945 | S100WR75 |
| Total liabilities | 5,183 | 5,576 | S100WR75 |
| Equity attributable to owners of parent | 2,427 | 2,802 | S100WR75 |
| Retained earnings | 2,257 | 2,632 | S100WR75 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100WR75 |
| Property, plant and equipment | 24% | S100WR75 |
| Intangibles and goodwill | 0% | S100WR75 |
| Investment securities | 2% | S100WR75 |
| Other assets | 60% | S100WR75 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 66% | S100WR75 |
| Equity | 34% | S100WR75 |
| Other liabilities | 0% | S100WR75 |

### Balance sheet history

| Metric | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: |
| Total assets | 7,683 | 8,445 |
| Equity | 2,500 | 2,869 |
| Interest-bearing debt | — | — |
| Cash | 978 | 1,173 |

## 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) | 8.4% | S100WR75 |
| Fixed assets ÷ total assets | 23.8% | S100WR75 |
| Goodwill ÷ parent equity | — | —, S100WR75 |

### 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) | 13.9% |
| Cash ÷ revenue | 4.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 105.5% |
| Cash vs. profit gap | 311 JPY mn (of net income 76.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 7.4% |
| Shareholder payments — dividends / FCF | 11.3% |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 66.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 3.2% | 2.93× | 9.3% | 3.17× | 29.4% | S100WR75 |
| 2025 | 1.7% | 2.98× | 5.0% | 3.08× | 15.5% | S100WR75 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社マサキコーポレーション | Major shareholder | 36.3% | 2025-06-30 |
| 正木 宏和 | Major shareholder | 31.9% | 2025-06-30 |
| おかしのまちおか従業員持株会 | Major shareholder | 9.1% | 2025-06-30 |
| 内田 和枝 | Major shareholder | 9.0% | 2025-06-30 |
| 正木 美惠 | Major shareholder | 3.3% | 2025-06-30 |
| むさしの地域創生推進ファンド投資事業有限責任組合 | Major shareholder | 3.3% | 2025-06-30 |
| 株式会社武蔵野銀行 | Major shareholder | 1.7% | 2025-06-30 |
| 正木 惇也 | Major shareholder | 1.0% | 2025-06-30 |
| 正木 友梨 | Major shareholder | 1.0% | 2025-06-30 |
| 正木 理子 | Major shareholder | 1.0% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第71期(2024/07/01－2025/06/30) | S100WR75 | 2025-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WR75,, |

## 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).