# MAINICHI COMNET  CO., LTD.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第48期(2025/06/01－2026/05/31) (S100YY3A)
> Page: https://vizora.meequs.com/en/company/mainichi-comnet
> Retrieved: 2026-09-30T18:09:00.541Z

## Company

Mainichi Comnet, founded in 1979, is a company in HR & Staffing listed on TSE Standard. It has 268 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MAINICHI COMNET CO., LTD. |
| Ticker | 8908 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8908.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区大手町二丁目1番1号 |
| Representative (per filing) | 代表取締役社長 小野田 博幸 |
| Founded | Apr 1979 |
| Share capital | ¥775.1M |
| Employees (consolidated) | 268 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | May |
| Website | www.maicom.co.jp (https://www.maicom.co.jp/) |
| Corporate number | 4010001002115 |
| EDINET | E05313 |
| Industries (Vizora) | HR & Staffing, Travel Agencies, Real Estate Development & Leasing, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100YY3A, filed 2026-08-24). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47.3 | 75 |
| Profitability | 54.1 | 86 |
| Cash conversion | 88.4 | 82 |
| Efficiency | 66.9 | 86 |

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 83% of Mainichi Comnet's sales come from Real estate solution, with School life solution making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +21.6% from the prior year, operating profit +16.6%.

## Company structure

- Segment revenue mix: Real estate solution 82.8%、School life solution 17.2%
- Revenue → net income: ¥27055729000 → ¥1911905000
- Net income → operating cash flow: ¥1911905000 → ¥6258395000（difference ¥4346490000）
- Main uses of operating cash flow: CapEx ¥289341000 / dividends ¥580888000 / buybacks ¥462713000
- Change in cash: ¥905155000
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 | ¥27.1B |  |
| Operating income | ¥2.94B | Margin 10.9% |
| Net income | ¥1.89B | Margin 7.0% |
| Free cash flow | ¥5.97B |  |
| Largest business | Real estate solution | of segment revenue 82.8% |
| Employees (consolidated) | 268 |  |
| EPS | ¥85.43 |  |
| Book value per share | ¥589.81 |  |
| Equity ratio | 49.7% |  |
| Shares outstanding | 18,000,000 |  |
| Treasury shares | 877,100 |  |
| Shareholders | 13,577 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 32.7% | Cash ÷ revenue 34.0% |
| Vs. industry median margin | +0.3 pp | Real Estate Development & Leasing |
| ROE | 14.0% | Derived from disclosed figures |
| ROA | 6.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.3× net income
- FY2026, one segment accounts for 90% of positive segment profit
- FY2026, parent-company salary changed +25% over five years

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17012188000 | ¥27055729000 | +59.0% |
| Operating income | ¥1500120000 | ¥2938499000 | +95.9% |
| Operating margin | 8.8% | 10.9% | +2 pp |
| Employees | 251 people | 268 people | +6.8% |
| Cash and equivalents | ¥5119723000 | ¥9204504000 | +79.8% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 不動産ソリューション事業 → 不動産ソリューション事業 | 82.8% |
| 不動産ソリューション事業 → 事業再編・廃止 | 3.0% |
| 学生生活ソリューション事業 → 学生生活ソリューション事業 | 14.2% |
| 新設・再編 → 学生生活ソリューション事業 | 3.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 27,056 | 100.0% | S100YY3A |
| Cost of revenue | 19,771 | 73.1% | S100YY3A |
| Gross profit | 7,285 | 26.9% | S100YY3A |
| SG&A | 4,347 | 16.1% | S100YY3A |
| Operating income | 2,938 | 10.9% | S100YY3A |
| Ordinary income | 2,759 | 10.2% | S100YY3A |
| Pretax income | 2,768 | 10.2% | S100YY3A |
| Income tax | 856 | 3.2% | S100YY3A |
| Net income | 1,912 | 7.1% | S100YY3A |
| Net income attributable to owners | 1,893 | 7.0% | S100YY3A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 16 |
| Operating income | 11 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 26.9% → Operating margin 10.9% → Net margin 7.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +21.6%; Core profit growth: +16.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.77×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 22,255 | 27,056 | 4,801 | +21.6% |
| Gross profit | 6,790 | 7,285 | 495 | +7.3% |
| Operating income | 2,520 | 2,938 | 418 | +16.6% |
| Net income attributable to owners | 1,600 | 1,893 | 294 | +18.4% |
| Operating cash flow | 2,442 | 6,258 | 3,817 | +156.3% |
| Free cash flow | 1,441 | 5,969 | 4,528 | +314.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 17,966 | 2,262 | 12.6% | 1,200 | -495 | -760 | S100MB2G |
| FY ending May 2021 | 17,012 | 1,500 | 8.8% | 953 | 1,579 | 1,198 | S100P3DK |
| FY ending May 2022 | 18,891 | 1,783 | 9.4% | 1,106 | 1,626 | 1,341 | S100RR76 |
| FY ending May 2023 | 21,248 | 2,082 | 9.8% | 1,382 | 1,272 | 846 | S100U9U7 |
| FY ending May 2024 | 20,772 | 2,292 | 11.0% | 1,484 | 1,443 | 824 | S100XCZX |
| FY ending May 2025 | 22,255 | 2,520 | 11.3% | 1,600 | 2,442 | 1,441 | S100YY3A |
| FY ending May 2026 | 27,056 | 2,938 | 10.9% | 1,893 | 6,258 | 5,969 | S100YY3A |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥101M |
| Operating income per employee (consolidated) | ¥11M |
| Net income per employee (consolidated) | ¥7.1M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 242 | 253 | 261 | 258 | 268 |
| Average salary (parent company) | ¥5.4M | ¥6.1M | ¥6.3M | ¥6.4M | ¥6.7M |
| Average age (parent company) | 36.0 years | 36.4 years | 36.7 years | 36.5 years | 36.7 years |
| Average tenure (parent company) | 10.3 years | 10.4 years | 10.8 years | 10.9 years | 11.1 years |

Year over year: Employees (consolidated) +3.9% · Revenue (consolidated) +21.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate solution | 22,402 | 82.8% | 3,529 | 15.8% |
| School life solution | 4,654 | 17.2% | 393 | 8.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Real estate solution | 82.8% | 90.0% | 7.2 | 15.8% |
| School life solution | 17.2% | 10.0% | -7.2 | 8.4% |

Segment → industry: School life solution → HR & Staffing / School life solution → Travel Agencies / Real estate solution → Real Estate Development & Leasing / Real estate solution → Real Estate Brokerage & Management

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 6,258 | 23.1% | S100YY3A |
| Capital expenditure | 289 | 1.1% | S100YY3A |
| Free cash flow | 5,969 | 22.1% | 算出 |
| Investing cash flow | -287 | -1.1% | S100YY3A |
| Financing cash flow | -5,066 | -18.7% | S100YY3A |
| Dividends paid | 581 | 2.1% | S100YY3A |
| Share buyback | 463 | 1.7% | S100YY3A |
| Change in cash | 905 | 3.3% | S100YY3A |
| Cash and equivalents | 9,205 | 34.0% | S100YY3A |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,910 | 5,861 | 6,798 | 8,299 | 9,205 | S100U9U7, S100XCZX, S100YY3A |
| Total assets | 26,528 | 27,238 | 28,821 | 30,895 | 28,138 | S100RR76, S100U9U7, S100XCZX, S100YY3A |
| Net assets | 10,634 | 11,233 | 12,260 | 13,350 | 14,237 | S100U9U7, S100XCZX, S100YY3A |
| Share capital | 775 | 775 | 775 | 775 | 775 | S100RR76, S100U9U7, S100XCZX, S100YY3A |
| Trade receivables | 349 | 412 | 447 | 521 | 450 | S100RR76, S100U9U7, S100XCZX, S100YY3A |
| Property, plant and equipment | 4,270 | 4,111 | 4,213 | 4,664 | 4,412 | S100RR76, S100U9U7, S100XCZX, S100YY3A |
| Intangible assets excluding goodwill | 660 | 789 | 843 | 799 | 761 | S100RR76, S100U9U7, S100XCZX, S100YY3A |
| Investment securities | 155 | 157 | 178 | 214 | 249 | S100RR76, S100U9U7, S100XCZX, S100YY3A |
| Current assets | 18,817 | 19,447 | 20,888 | 22,476 | 19,952 | S100RR76, S100U9U7, S100XCZX, S100YY3A |
| Current liabilities | 5,855 | 5,716 | 6,704 | 5,320 | 6,883 | S100RR76, S100U9U7, S100XCZX, S100YY3A |
| Trade payables | 329 | 439 | 425 | 494 | 566 | S100RR76, S100U9U7, S100XCZX, S100YY3A |
| Short-term borrowings | 1,900 | 600 | 737 | 600 | 600 | S100RR76, S100U9U7, S100XCZX, S100YY3A |
| Long-term borrowings | 8,184 | 8,457 | 8,060 | 10,422 | 5,231 | S100RR76, S100U9U7, S100XCZX, S100YY3A |
| Total liabilities | 15,893 | 16,004 | 16,561 | 17,545 | 13,901 | S100RR76, S100U9U7, S100XCZX, S100YY3A |
| Non-controlling interests | 182 | 206 | 228 | 241 | 260 | S100RR76, S100U9U7, S100XCZX, S100YY3A |
| Equity attributable to owners of parent | 10,456 | 11,034 | 12,025 | 13,078 | 13,927 | S100RR76, S100U9U7, S100XCZX, S100YY3A |
| Retained earnings | 9,170 | 10,048 | 11,039 | 12,092 | 13,404 | S100RR76, S100U9U7, S100XCZX, S100YY3A |
| Treasury stock | -0 | -300 | -300 | -300 | -763 | S100RR76, S100U9U7, S100XCZX, S100YY3A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100YY3A |
| Receivables | 1% | S100YY3A |
| Property, plant and equipment | 16% | S100YY3A |
| Intangibles and goodwill | 3% | S100YY3A |
| Investment securities | 1% | S100YY3A |
| Other assets | 46% | S100YY3A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YY3A |
| Other liabilities | 47% | S100YY3A |
| Equity | 51% | S100YY3A |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 26,528 | 27,238 | 28,821 | 30,895 | 28,138 |
| Equity | 10,634 | 11,233 | 12,260 | 13,350 | 14,237 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,910 | 5,861 | 6,798 | 8,299 | 9,205 |

## 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) | 16.3% | S100YY3A |
| Fixed assets ÷ total assets | 15.7% | S100YY3A |
| Goodwill ÷ parent equity | — | —, S100YY3A |

### 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) | 32.7% |
| Cash ÷ revenue | 34.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 213.0% |
| Cash vs. profit gap | 4,365 JPY mn (of net income 230.6%) |
| Shareholder returns / net income | 55.1% |
| Shareholder returns / FCF | 17.5% |
| Shareholder payments — dividends / net income | 30.7% |
| Shareholder payments — dividends / FCF | 9.7% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 4.6% |

## 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 | 5.9% | 0.71× | 4.2% | 2.54× | 10.6% | S100RR76 |
| 2023 | 6.5% | 0.79× | 5.1% | 2.50× | 12.9% | S100U9U7 |
| 2024 | 7.1% | 0.74× | 5.3% | 2.43× | 12.9% | S100XCZX |
| 2025 | 7.2% | 0.75× | 5.4% | 2.38× | 12.7% | S100YY3A |
| 2026 | 7.0% | 0.92× | 6.4% | 2.19× | 14.0% | S100YY3A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＫＪホールディングス | Major shareholder | 25.2% | 2026-05-31 |
| 伊藤 守 | Major shareholder | 13.3% | 2026-05-31 |
| 原 利典 | Major shareholder | 13.3% | 2026-05-31 |
| ＵＨＰａｒｔｎｅｒｓ２投資事業有限責任組合 | Major shareholder | 4.1% | 2026-05-31 |
| 公益財団法人ＭＡＩＣＯＭミライを応援学生奨学財団 | Major shareholder | 3.8% | 2026-05-31 |
| 公益財団法人ＭＡＩＣＯＭひとり暮らし学生奨学財団 | Major shareholder | 3.8% | 2026-05-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.4% | 2026-05-31 |
| 遠藤 司 | Major shareholder | 1.2% | 2026-05-31 |
| 小野田 博幸 | Major shareholder | 1.0% | 2026-05-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 0.9% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第48期(2025/06/01－2026/05/31) | S100YY3A | 2026-08-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YY3A,, |
| 訂正有価証券報告書－第47期(2024/06/01－2025/05/31) | S100XCZX | 2025-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCZX,, |
| 有価証券報告書－第46期(2023/06/01－2024/05/31) | S100U9U7 | 2024-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U9U7,, |
| 有価証券報告書－第45期(2022/06/01－2023/05/31) | S100RR76 | 2023-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RR76,, |
| 有価証券報告書－第44期(令和3年6月1日－令和4年5月31日) | S100P3DK | 2022-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3DK,, |
| 有価証券報告書－第43期(令和2年6月1日－令和3年5月31日) | S100MB2G | 2021-08-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MB2G,, |

## 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).