# MAKIYA CO.,LTD.: 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74期(2025/04/01－2026/03/31) (S100YN3H)
> Page: https://vizora.meequs.com/en/company/makiya
> Retrieved: 2026-09-30T21:36:07.869Z

## Company

Makiya, founded in 1972, is a company in E-commerce listed on TSE Standard. It has 503 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MAKIYA CO., LTD. |
| Ticker | 9890 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9890.T) |
| Listing | TSE Standard |
| Head office | 静岡県富士市大渕2373番地 |
| Representative (per filing) | 代表取締役社長執行役員 早川 紀行 |
| Founded | Jun 1972 |
| Share capital | ¥1.2B |
| Employees (consolidated) | 503 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Website | www.makiya-group.co.jp (https://www.makiya-group.co.jp/) |
| Corporate number | 3080101001770 |
| EDINET | E03166 |
| Industries (Vizora) | E-commerce, Real Estate Development & Leasing, Supermarkets |

> Profile source: annual securities report (S100YN3H, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.9 | 45 |
| Profitability | 41.8 | 49 |
| Cash conversion | 47.9 | 47 |
| Efficiency | 62.2 | 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)

- About 91% of Makiya's sales come from Retailing, with electronic commerce business and Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +4.8% from the prior year, operating profit -5.9%.

## Company structure

- Segment revenue mix: Retailing 91.3%、electronic commerce business 8.2%、Real estate business 0.4%
- Revenue → net income: ¥93044184000 → ¥1470781000
- Net income → operating cash flow: ¥1470781000 → ¥3031585000（difference ¥1560804000）
- Main uses of operating cash flow: CapEx ¥2953412000 / dividends ¥274959000 / buybacks —
- Change in cash: ¥-1154263000
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 | ¥93B |  |
| Operating income | ¥2.13B | Margin 2.3% |
| Net income | ¥1.47B | Margin 1.6% |
| Free cash flow | ¥78.2M |  |
| Largest business | Retailing | of segment revenue 91.3% |
| Employees (consolidated) | 503 |  |
| EPS | ¥140.46 |  |
| Book value per share | ¥2153.65 |  |
| Equity ratio | 54.9% |  |
| Shares outstanding | 10,540,000 |  |
| Treasury shares | 535,100 |  |
| Shareholders | 4,238 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 8.1% | Cash ÷ revenue 3.5% |
| Vs. industry median margin | -0.5 pp | Supermarkets |
| ROE | 7.1% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, one segment accounts for 94% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥75089759000 | ¥93044184000 | +23.9% |
| Operating income | ¥2305642000 | ¥2133793000 | -7.5% |
| Operating margin | 3.1% | 2.3% | -0.8 pp |
| Employees | 414 people | 503 people | +21.5% |
| Cash and equivalents | ¥2872942000 | ¥3301577000 | +14.9% |

### 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 |
| --- | ---: |
| 小売業 → 小売業 | 91.3% |
| 小売業 → 事業再編・廃止 | 8.1% |
| 不動産賃貸事業 → 不動産賃貸事業 | 0.4% |
| 不動産賃貸事業 → 事業再編・廃止 | 0.1% |
| 新設・再編 → ＥＣ事業 | 8.2% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Retailing | 5 years | +2.6% | ¥85535075000 | 2.9% | 2 |
| electronic commerce business | — | — | ¥7727877000 | -1.5% | 2 |
| Real estate business | 5 years | -1.2% | ¥410529000 | 38.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 93,044 | 100.0% | S100YN3H |
| Cost of revenue | 71,434 | 76.8% | S100YN3H |
| Gross profit | 21,611 | 23.2% | S100YN3H |
| SG&A | 20,106 | 21.6% | S100YN3H |
| Operating income | 2,134 | 2.3% | S100YN3H |
| Ordinary income | 2,374 | 2.6% | S100YN3H |
| Pretax income | 2,224 | 2.4% | S100YN3H |
| Income tax | 753 | 0.8% | S100YN3H |
| Net income | 1,471 | 1.6% | S100YN3H |
| Net income attributable to owners | 1,471 | 1.6% | S100YN3H |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 22 |
| Other operating | -1 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 23.2% → Operating margin 2.3% → Net margin 1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.8%; Core profit growth: -5.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.23×
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 | 88,821 | 93,044 | 4,224 | +4.8% |
| Gross profit | 21,089 | 21,611 | 522 | +2.5% |
| Operating income | 2,267 | 2,134 | -133 | -5.9% |
| Net income attributable to owners | 1,497 | 1,471 | -26 | -1.8% |
| Operating cash flow | 3,104 | 3,032 | -73 | -2.3% |
| Free cash flow | 1,758 | 78 | -1,680 | -95.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 68,255 | 835 | 1.2% | 361 | 2,482 | 1,743 | S100LUN9 |
| FY ending Mar 2021 | 75,090 | 2,306 | 3.1% | 1,401 | 3,368 | 2,186 | S100OLWW |
| FY ending Mar 2022 | 68,550 | 1,680 | 2.5% | 1,331 | 1,733 | 99 | S100RASU |
| FY ending Mar 2023 | 70,938 | 1,636 | 2.3% | 1,187 | 2,541 | 1,679 | S100TXV7 |
| FY ending Mar 2024 | 76,712 | 2,228 | 2.9% | 1,454 | 3,783 | 2,733 | S100W9SL |
| FY ending Mar 2025 | 88,821 | 2,267 | 2.6% | 1,497 | 3,104 | 1,758 | S100YN3H |
| FY ending Mar 2026 | 93,044 | 2,134 | 2.3% | 1,471 | 3,032 | 78 | S100YN3H |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥185M |
| Operating income per employee (consolidated) | ¥4.2M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 433 | 449 | 493 | 495 | 503 |
| Average salary (parent company) | ¥5.4M | ¥5M | ¥5.3M | ¥5.5M | ¥5.4M |
| Average age (parent company) | 43.0 years | 43.0 years | 44.0 years | 45.0 years | 45.0 years |
| Average tenure (parent company) | 14.0 years | 14.0 years | 15.0 years | 15.0 years | 15.0 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) +4.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Retailing | 85,535 | 91.3% | 2,521 | 2.9% |
| Real estate business | 411 | 0.4% | 160 | 38.9% |
| electronic commerce business | 7,728 | 8.2% | -117 | -1.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Retailing | 91.3% | 94.0% | 2.7 | 2.9% |
| Real estate business | 0.4% | 6.0% | 5.5 | 38.9% |
| electronic commerce business | 8.2% | — | — | -1.5% |

Loss-making segment (excluded from profit shares): electronic commerce business -117 JPY mn

Segment → industry: electronic commerce business → E-commerce / Real estate business → Real Estate Development & Leasing / Retailing → Supermarkets

## 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 | 3,032 | 3.3% | S100YN3H |
| Capital expenditure | 2,953 | 3.2% | S100YN3H |
| Free cash flow | 78 | 0.1% | 算出 |
| Investing cash flow | -2,546 | -2.7% | S100YN3H |
| Financing cash flow | -1,640 | -1.8% | S100YN3H |
| Dividends paid | 275 | 0.3% | S100YN3H |
| Change in cash | -1,154 | -1.2% | S100YN3H |
| Cash and equivalents | 3,302 | 3.5% | S100YN3H |

## 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 | 1,245 | 2,364 | 3,956 | 4,456 | 3,302 | S100TXV7, S100W9SL, S100YN3H |
| Total assets | 32,170 | 33,500 | 38,094 | 39,827 | 40,844 | S100RASU, S100TXV7, S100W9SL, S100YN3H |
| Net assets | 16,717 | 17,781 | 19,370 | 20,795 | 22,402 | S100TXV7, S100W9SL, S100YN3H |
| Share capital | 1,198 | 1,198 | 1,198 | 1,198 | 1,198 | S100RASU, S100TXV7, S100W9SL, S100YN3H |
| Property, plant and equipment | 18,209 | 18,152 | 18,386 | 19,300 | 21,729 | S100RASU, S100TXV7, S100W9SL, S100YN3H |
| Intangible assets excluding goodwill | 1,085 | 964 | 2,604 | 2,300 | 2,019 | S100RASU, S100TXV7, S100W9SL, S100YN3H |
| Goodwill | — | — | 1,762 | 1,567 | 1,371 | S100W9SL, S100YN3H |
| Investment securities | 923 | 944 | 1,234 | 1,421 | 1,917 | S100RASU, S100TXV7, S100W9SL, S100YN3H |
| Current assets | 8,308 | 9,896 | 11,972 | 12,906 | 11,831 | S100RASU, S100TXV7, S100W9SL, S100YN3H |
| Current liabilities | 10,493 | 10,866 | 12,992 | 12,744 | 12,615 | S100RASU, S100TXV7, S100W9SL, S100YN3H |
| Short-term borrowings | 1,771 | 1,834 | 2,420 | 1,986 | 1,815 | S100RASU, S100TXV7, S100W9SL, S100YN3H |
| Long-term borrowings | 2,457 | 2,424 | 3,151 | 3,007 | 2,275 | S100RASU, S100TXV7, S100W9SL, S100YN3H |
| Total liabilities | 15,453 | 15,719 | 18,724 | 19,032 | 18,442 | S100RASU, S100TXV7, S100W9SL, S100YN3H |
| Equity attributable to owners of parent | 16,393 | 17,430 | 18,710 | 19,993 | 21,201 | S100RASU, S100TXV7, S100W9SL, S100YN3H |
| Retained earnings | 14,557 | 15,595 | 16,874 | 18,147 | 19,343 | S100RASU, S100TXV7, S100W9SL, S100YN3H |
| Treasury stock | -446 | -446 | -446 | -438 | -429 | S100RASU, S100TXV7, S100W9SL, S100YN3H |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YN3H |
| Property, plant and equipment | 53% | S100YN3H |
| Intangibles and goodwill | 8% | S100YN3H |
| Investment securities | 5% | S100YN3H |
| Other assets | 26% | S100YN3H |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100YN3H |
| Equity | 55% | S100YN3H |
| Other liabilities | 0% | S100YN3H |

### 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 | 32,170 | 33,500 | 38,094 | 39,827 | 40,844 |
| Equity | 16,717 | 17,781 | 19,370 | 20,795 | 22,402 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,245 | 2,364 | 3,956 | 4,456 | 3,302 |

## 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) | 23.4% | S100YN3H |
| Fixed assets ÷ total assets | 53.2% | S100YN3H |
| Goodwill ÷ parent equity | 6.5% | S100YN3H |

### 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) | 8.1% |
| Cash ÷ revenue | 3.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 142.1% |
| Cash vs. profit gap | 1,561 JPY mn (of net income 106.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 18.7% |
| Shareholder payments — dividends / FCF | 351.7% |
| CapEx intensity (capex ÷ revenue) | 3.2% |
| Investing CF relative to operating CF | 84.0% |

## 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 | 1.9% | 2.13× | 4.1% | 1.96× | 8.1% | S100RASU |
| 2023 | 1.7% | 2.16× | 3.6% | 1.94× | 7.0% | S100TXV7 |
| 2024 | 1.9% | 2.14× | 4.1% | 1.98× | 8.0% | S100W9SL |
| 2025 | 1.7% | 2.28× | 3.8% | 2.01× | 7.7% | S100YN3H |
| 2026 | 1.6% | 2.31× | 3.6% | 1.96× | 7.1% | S100YN3H |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社マキリ | Major shareholder | 43.4% | 2026-03-31 |
| マキヤ取引先持株会 | Major shareholder | 7.4% | 2026-03-31 |
| 公益財団法人マキヤ奨学会 | Major shareholder | 7.0% | 2026-03-31 |
| 株式会社静岡銀行 | Major shareholder | 5.0% | 2026-03-31 |
| スルガ銀行株式会社 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.4% | 2026-03-31 |
| 矢部 伸泰 | Major shareholder | 1.3% | 2026-03-31 |
| 今 年明 | Major shareholder | 1.1% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.1% | 2026-03-31 |
| 万葉倶楽部株式会社 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第74期(2025/04/01－2026/03/31) | S100YN3H | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YN3H,, |
| 有価証券報告書－第73期(2024/04/01－2025/03/31) | S100W9SL | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9SL,, |
| 有価証券報告書－第72期(2023/04/01－2024/03/31) | S100TXV7 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXV7,, |
| 有価証券報告書－第71期(2022/04/01－2023/03/31) | S100RASU | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RASU,, |
| 有価証券報告書－第70期(令和3年4月1日－令和4年3月31日) | S100OLWW | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLWW,, |
| 有価証券報告書－第69期(令和2年4月1日－令和3年3月31日) | S100LUN9 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUN9,, |

## 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).