# MACNICA HOLDINGS, INC.: 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11期(2025/04/01－2026/03/31) (S100YGVR)
> Page: https://vizora.meequs.com/en/company/macnica
> Retrieved: 2026-09-30T17:49:20.654Z

## Company

Macnica Holdings, founded in 2014, is a company in Cybersecurity listed on TSE Prime. It has 5,261 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MACNICA HOLDINGS, INC. |
| Ticker | 3132 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3132.T) |
| Listing | TSE Prime |
| Head office | 神奈川県横浜市港北区新横浜一丁目6番地3 |
| Representative (per filing) | 代表取締役社長 原一将 |
| Founded | May 2014 |
| Share capital | ¥14B |
| Employees (consolidated) | 5,261 |
| Average salary (parent only) | ¥16.3M |
| Fiscal year end | March |
| Website | holdings.macnica.co.jp (https://holdings.macnica.co.jp/) |
| Corporate number | 9020001110309 |
| EDINET | E31167 |
| Industries (Vizora) | Cybersecurity, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YGVR, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.5 | 179 |
| Profitability | 62.4 | 185 |
| Cash conversion | 22.6 | 179 |
| Efficiency | 69.5 | 185 |

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 86% of Macnica Holdings's sales come from Integrated circuit, electronic device, and other, with Cybersecurity and Other IT Solutions Business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +17.4% from the prior year, operating profit +5.8%.

## Company structure

- Segment revenue mix: Integrated circuit, electronic device, and other 85.7%、Cybersecurity and Other IT Solutions Business 14.3%
- Revenue → net income: ¥1214196000000 → ¥28547000000
- Net income → operating cash flow: ¥28547000000 → ¥18774000000（difference ¥-9773000000）
- Main uses of operating cash flow: CapEx ¥2957000000 / dividends ¥12573000000 / buybacks ¥0
- Change in cash: ¥5917000000
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 | ¥1.21T |  |
| Operating income | ¥42B | Margin 3.5% |
| Net income | ¥27.8B | Margin 2.3% |
| Free cash flow | ¥15.8B |  |
| Largest business | Integrated circuit, electronic device, and other | of segment revenue 85.7% |
| Employees (consolidated) | 5,261 |  |
| EPS | ¥71.51 |  |
| Book value per share | ¥489.37 |  |
| Equity ratio | 39.8% |  |
| Shares outstanding | 179,072,000 |  |
| Treasury shares | 509,000 |  |
| Shareholders | 28,032 |  |
| Average salary (parent only) | ¥16.3M | Filing company only |
| Cash ratio | 7.8% | Cash ÷ revenue 4.5% |
| Vs. industry median margin | +0.6 pp | Specialty Trading & Wholesale |
| ROE | 11.9% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 27 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥553962000000 | ¥1214196000000 | +119.2% |
| Operating income | ¥18769000000 | ¥41950000000 | +123.5% |
| Operating margin | 3.4% | 3.5% | +0.1 pp |
| Employees | 3,513 people | 5,261 people | +49.8% |
| Cash and equivalents | ¥25438000000 | ¥54370000000 | +113.7% |

### 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 |
| --- | ---: |
| 集積回路及び電子デバイスその他事業 → 集積回路及び電子デバイスその他事業 | 85.7% |
| 集積回路及び電子デバイスその他事業 → 事業再編・廃止 | 1.2% |
| ネットワーク事業 → 事業再編・廃止 | 13.1% |
| 新設・再編 → サイバーセキュリティ及びその他ITソリューション事業 | 14.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,214,196 | 100.0% | S100YGVR |
| Cost of revenue | 1,083,758 | 89.3% | S100YGVR |
| Gross profit | 130,438 | 10.7% | S100YGVR |
| SG&A | 88,487 | 7.3% | S100YGVR |
| Operating income | 41,950 | 3.5% | S100YGVR |
| Ordinary income | 37,392 | 3.1% | S100YGVR |
| Pretax income | 38,641 | 3.2% | S100YGVR |
| Income tax | 10,093 | 0.8% | S100YGVR |
| Net income | 28,547 | 2.4% | S100YGVR |
| Net income attributable to owners | 27,765 | 2.3% | S100YGVR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 7 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 10.7% → Operating margin 3.5% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.4%; Core profit growth: +5.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.33×
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 | 1,034,180 | 1,214,196 | 180,016 | +17.4% |
| Gross profit | 121,252 | 130,438 | 9,186 | +7.6% |
| Operating income | 39,649 | 41,950 | 2,301 | +5.8% |
| Net income attributable to owners | 25,279 | 27,765 | 2,486 | +9.8% |
| Operating cash flow | 24,232 | 18,774 | -5,458 | -22.5% |
| Free cash flow | 20,627 | 15,817 | -4,810 | -23.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 521,193 | 14,447 | 2.8% | 5,633 | 45,770 | 44,125 | S100LN7V |
| FY ending Mar 2021 | 553,962 | 18,769 | 3.4% | 10,875 | 38,076 | 35,688 | S100OCIA |
| FY ending Mar 2022 | 761,823 | 36,707 | 4.8% | 25,798 | -15,534 | -19,090 | S100R63Z |
| FY ending Mar 2023 | 1,029,263 | 61,646 | 6.0% | 41,030 | 38,896 | 36,748 | S100TSE1 |
| FY ending Mar 2024 | 1,028,718 | 63,733 | 6.2% | 48,069 | 39,949 | 37,679 | S100W3D1 |
| FY ending Mar 2025 | 1,034,180 | 39,649 | 3.8% | 25,279 | 24,232 | 20,627 | S100YGVR |
| FY ending Mar 2026 | 1,214,196 | 41,950 | 3.5% | 27,765 | 18,774 | 15,817 | S100YGVR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥230.8M |
| Operating income per employee (consolidated) | ¥8M |
| Net income per employee (consolidated) | ¥5.3M |

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) | 3,925 | 4,203 | 4,768 | 5,071 | 5,261 |
| Average salary (parent company) | ¥18.7M | ¥17.2M | ¥18.9M | ¥17.5M | ¥16.3M |
| Average age (parent company) | 49.2 years | 49.6 years | 51.5 years | 51.5 years | 50.3 years |
| Average tenure (parent company) | 21.4 years | 21.8 years | 21.9 years | 20.9 years | 19.2 years |

Year over year: Employees (consolidated) +3.7% · Revenue (consolidated) +17.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Integrated circuit, electronic device, and other | 1,040,045 | 85.7% | 24,735 | 2.4% |
| Cybersecurity and Other IT Solutions Business | 174,150 | 14.3% | 17,213 | 9.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Integrated circuit, electronic device, and other | 85.7% | 59.0% | -26.7 | 2.4% |
| Cybersecurity and Other IT Solutions Business | 14.3% | 41.0% | 26.7 | 9.9% |

Segment → industry: Cybersecurity and Other IT Solutions Business → Cybersecurity / Cybersecurity and Other IT Solutions Business → Specialty Trading & Wholesale / Integrated circuit, electronic device, and other → Specialty Trading & Wholesale

## 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 | 18,774 | 1.5% | S100YGVR |
| Capital expenditure | 2,957 | 0.2% | S100YGVR |
| Free cash flow | 15,817 | 1.3% | 算出 |
| Investing cash flow | -1,306 | -0.1% | S100YGVR |
| Financing cash flow | -15,158 | -1.2% | S100YGVR |
| Dividends paid | 12,573 | 1.0% | S100YGVR |
| Share buyback | 0 | 0.0% | S100YGVR |
| Change in cash | 5,917 | 0.5% | S100YGVR |
| Cash and equivalents | 54,370 | 4.5% | S100YGVR |

## 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 | 25,099 | 37,492 | 38,623 | 48,452 | 54,370 | S100TSE1, S100W3D1, S100YGVR |
| Total assets | 362,584 | 517,620 | 552,244 | 556,438 | 700,887 | S100R63Z, S100TSE1, S100W3D1, S100YGVR |
| Net assets | 179,764 | 207,762 | 256,420 | 261,477 | 289,115 | S100TSE1, S100W3D1, S100YGVR |
| Share capital | 14,040 | 14,040 | 14,040 | 14,040 | 14,040 | S100R63Z, S100TSE1, S100W3D1, S100YGVR |
| Property, plant and equipment | 7,951 | 8,027 | 9,027 | 9,450 | 9,474 | S100R63Z, S100TSE1, S100W3D1, S100YGVR |
| Intangible assets excluding goodwill | 9,145 | 7,983 | 7,044 | 6,898 | 6,037 | S100R63Z, S100TSE1, S100W3D1, S100YGVR |
| Goodwill | 2,107 | 1,576 | 1,049 | 579 | 105 | S100R63Z, S100TSE1, S100W3D1, S100YGVR |
| Investment securities | 4,872 | 3,909 | 8,223 | 7,958 | 8,121 | S100R63Z, S100TSE1, S100W3D1, S100YGVR |
| Current assets | 335,032 | 491,080 | 518,749 | 524,936 | 667,872 | S100R63Z, S100TSE1, S100W3D1, S100YGVR |
| Current liabilities | 161,249 | 298,764 | 291,058 | 293,061 | 409,570 | S100R63Z, S100TSE1, S100W3D1, S100YGVR |
| Trade payables | 57,692 | 186,838 | 151,126 | 147,887 | 225,254 | S100R63Z, S100TSE1, S100W3D1, S100YGVR |
| Short-term borrowings | 44,119 | 46,039 | 60,587 | 74,728 | 75,786 | S100R63Z, S100TSE1, S100W3D1, S100YGVR |
| Long-term borrowings | 13,835 | 8,000 | 3,000 | — | — | S100R63Z, S100TSE1, S100W3D1 |
| Total liabilities | 182,819 | 309,858 | 295,824 | 294,961 | 411,771 | S100R63Z, S100TSE1, S100W3D1, S100YGVR |
| Non-controlling interests | 9,632 | 7,969 | 12,106 | 9,063 | 10,183 | S100R63Z, S100TSE1, S100W3D1, S100YGVR |
| Equity attributable to owners of parent | 158,258 | 183,091 | 216,627 | 225,788 | 241,342 | S100R63Z, S100TSE1, S100W3D1, S100YGVR |
| Retained earnings | 99,611 | 132,857 | 171,537 | 182,406 | 197,678 | S100R63Z, S100TSE1, S100W3D1, S100YGVR |
| Treasury stock | -1,389 | -872 | -5,714 | -1,330 | -1,030 | S100R63Z, S100TSE1, S100W3D1, S100YGVR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YGVR |
| Property, plant and equipment | 1% | S100YGVR |
| Intangibles and goodwill | 1% | S100YGVR |
| Investment securities | 1% | S100YGVR |
| Other assets | 89% | S100YGVR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 32% | S100YGVR |
| Other liabilities | 27% | S100YGVR |
| Equity | 41% | S100YGVR |
| Other liabilities | 0% | S100YGVR |

### 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 | 362,584 | 517,620 | 552,244 | 556,438 | 700,887 |
| Equity | 179,764 | 207,762 | 256,420 | 261,477 | 289,115 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 25,099 | 37,492 | 38,623 | 48,452 | 54,370 |

## 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% | S100YGVR |
| Fixed assets ÷ total assets | 1.4% | S100YGVR |
| Goodwill ÷ parent equity | 0.0% | S100YGVR |

Goodwill over 4 years: 2,107 → 105 JPY; total investing cash flow: -31,858 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) | 7.8% |
| Cash ÷ revenue | 4.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 44.8% |
| Cash vs. profit gap | -8,991 JPY mn (of net income -32.4%) |
| Shareholder returns / net income | 45.3% |
| Shareholder returns / FCF | 79.5% |
| Shareholder payments — dividends / net income | 45.3% |
| Shareholder payments — dividends / FCF | 79.5% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 7.0% |

## 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 | 3.4% | 2.10× | 7.1% | 2.29× | 16.3% | S100R63Z |
| 2023 | 4.0% | 2.34× | 9.3% | 2.58× | 24.0% | S100TSE1 |
| 2024 | 4.7% | 1.92× | 9.0% | 2.68× | 24.1% | S100W3D1 |
| 2025 | 2.4% | 1.87× | 4.6% | 2.51× | 11.4% | S100YGVR |
| 2026 | 2.3% | 1.93× | 4.4% | 2.69× | 11.9% | S100YGVR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 13.2% | 2026-03-31 |
| （一財）神山財団 | Major shareholder | 10.1% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 7.8% | 2026-03-31 |
| シーズ・テクノロジー㈱ | Major shareholder | 5.9% | 2026-03-31 |
| 神山 治貴 | Major shareholder | 5.4% | 2026-03-31 |
| JP MORGAN CHASE BANK 380055（常任代理人 ㈱みずほ銀行） | Major shareholder | 3.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 ㈱みずほ銀行） | Major shareholder | 1.7% | 2026-03-31 |
| 神山 裕子 | Major shareholder | 1.7% | 2026-03-31 |
| 野村信託銀行㈱（投信口） | Major shareholder | 1.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223（常任代理人 ㈱みずほ銀行） | Major shareholder | 1.4% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 reached ¥1.21T, up +17.4% from ¥1.03T.
- Profit grew more slowly: operating income was ¥42B (+5.8%) and net income attributable to owners was ¥27.8B (+9.8%).
- Operating cash flow fell -22.5% to ¥18.8B, as more money was tied up in receivables and inventory while sales grew.

### Drivers

- Sales of AI servers for data centers rose, mainly overseas, lifting the computer business sharply
- New distribution deals abroad, especially for analog chips, won more share in industrial equipment
- At the same time, a bigger mix of lower-margin overseas sales and higher spending on new businesses weighed on profit in the chip segment

### Risks

- The chip industry runs in boom-and-bust cycles, and swings in demand or prices can hit results
- If a supplier is acquired or changes its distributor policy, Macnica could lose the right to sell its products
- Trade tensions such as US export limits on chips to China, and other political changes in the countries where it operates, could disrupt the business

Cited: Annual securities report (11th fiscal term) (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 (11th fiscal term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2025/04/01－2026/03/31) | S100YGVR | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGVR,, |
| 有価証券報告書－第10期(2024/04/01－2025/03/31) | S100W3D1 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3D1,, |
| 有価証券報告書－第9期(2023/04/01－2024/03/31) | S100TSE1 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSE1,, |
| 有価証券報告書－第8期(2022/04/01－2023/03/31) | S100R63Z | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R63Z,, |
| 有価証券報告書－第7期(令和3年4月1日－令和4年3月31日) | S100OCIA | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCIA,, |
| 有価証券報告書－第6期(令和2年4月1日－令和3年3月31日) | S100LN7V | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN7V,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| Analog Devices, Inc. | Supply/OEM | マクニカが Analog Devices の半導体集積回路等を販売する代理店契約 | S100YGVR |
| Infineon Technologies Japan K.K. | Supply/OEM | マクニカが Infineon の半導体集積回路等を販売する代理店契約 | S100YGVR |
| Renesas Electronics Corporation | Supply/OEM | マクニカがルネサスの半導体集積回路等を販売する代理店契約 | S100YGVR |
| Altera Semiconductor Technology Inc. | Supply/OEM | MACNICA CYTECH が Altera の半導体集積回路等を販売する代理店契約 | S100YGVR |

## 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).