# MAMIYA-OP CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第84期(2025/04/01－2026/03/31) (S100YPE4)
> Page: https://vizora.meequs.com/en/company/mamiya-op
> Retrieved: 2026-09-30T21:00:36.921Z

## Company

Mamiya-Op, founded in 1948, is a company in Sporting Goods & Fitness listed on TSE Standard. It has 1,504 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MAMIYA-OP CO., LTD. |
| Ticker | 7991 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7991.T) |
| Listing | TSE Standard |
| Head office | 埼玉県飯能市大字新光1番地1 |
| Representative (per filing) | 代表取締役社長 関口 正夫 |
| Founded | Feb 1948 |
| Share capital | ¥4.8B |
| Employees (consolidated) | 1,504 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.mamiya-op.co.jp (https://www.mamiya-op.co.jp/) |
| Corporate number | 7010701022392 |
| EDINET | E02377 |
| Industries (Vizora) | Sporting Goods & Fitness, Real Estate Development & Leasing, Pachinko |

> Profile source: annual securities report (S100YPE4, filed 2026-07-08). As of filing

## Five-axis industry profile

Primary industry: Pachinko (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 45 | 10 |
| Profitability | 35 | 10 |
| Cash conversion | 6.3 | 8 |
| Efficiency | 45 | 10 |

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 76% of Mamiya-Op's sales come from Electronic enterprise, with Sports enterprise and Real Estate making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -38.0% from the prior year, operating profit -70.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥20.9B |  |
| Operating income | ¥1.88B | Margin 9.0% |
| Net income | ¥1.71B | Margin 8.2% |
| Free cash flow | -¥4.17B |  |
| Largest business | Electronic enterprise | of segment revenue 76.4% |
| Employees (consolidated) | 1,504 |  |
| EPS | ¥170.38 |  |
| Diluted EPS | ¥169.28 |  |
| Book value per share | ¥2176.69 |  |
| Equity ratio | 65.2% |  |
| Shares outstanding | 10,508,670 |  |
| Treasury shares | 301,400 |  |
| Shareholders | 7,266 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 24.6% | Net cash ¥3.24B · Cash ÷ revenue 46.9% |
| Vs. industry median margin | -1.7 pp | Pachinko |
| ROE | 7.3% | Derived from disclosed figures |
| ROA | 4.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, parent-company salary changed +24% over five years
- FY2026, segment profit share differs by 24 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9617284000 | ¥20892799000 | +117.2% |
| Operating income | ¥-866401000 | ¥1883784000 | — |
| Operating margin | -9.0% | 9.0% | +18 pp |
| Employees | 1,536 people | 1,504 people | -2.1% |
| Cash and equivalents | ¥5499896000 | ¥9808575000 | +78.3% |

### 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 |
| --- | ---: |
| 電子機器事業 → 電子機器事業 | 43.8% |
| スポーツ事業 → スポーツ事業 | 22.5% |
| スポーツ事業 → 事業再編・廃止 | 31.8% |
| 不動産事業 → 不動産事業 | 1.1% |
| 不動産事業 → 事業再編・廃止 | 0.8% |
| 新設・再編 → 電子機器事業 | 32.6% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electronic enterprise | 5 years | +30.5% | ¥15952468000 | 12.4% | 2 |
| Sports enterprise | 5 years | -2.1% | ¥4703222000 | -0.6% | 2 |
| Real Estate | 5 years | +4.8% | ¥237108000 | -26.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,893 | 100.0% | S100YPE4 |
| Cost of revenue | 15,055 | 72.1% | S100YPE4 |
| Gross profit | 5,838 | 27.9% | S100YPE4 |
| SG&A | 3,954 | 18.9% | S100YPE4 |
| Operating income | 1,884 | 9.0% | S100YPE4 |
| Ordinary income | 2,389 | 11.4% | S100YPE4 |
| Pretax income | 2,331 | 11.2% | S100YPE4 |
| Income tax | 618 | 3.0% | S100YPE4 |
| Net income | 1,713 | 8.2% | S100YPE4 |
| Net income attributable to owners | 1,713 | 8.2% | S100YPE4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 19 |
| Operating income | 9 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 27.9% → Operating margin 9.0% → Net margin 8.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -38.0%; Core profit growth: -70.6%
Operating leverage (core profit growth ÷ revenue growth): 1.86×
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 | 33,707 | 20,893 | -12,814 | -38.0% |
| Gross profit | 10,548 | 5,838 | -4,710 | -44.7% |
| Operating income | 6,400 | 1,884 | -4,516 | -70.6% |
| Net income attributable to owners | 4,718 | 1,713 | -3,006 | -63.7% |
| Operating cash flow | 6,679 | -715 | -7,394 | -110.7% |
| Free cash flow | 6,200 | -4,174 | -10,375 | -167.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 14,282 | 440 | 3.1% | 671 | -937 | -1,305 | S100LW24 |
| FY ending Mar 2021 | 9,617 | -866 | -9.0% | -1,494 | -450 | -596 | S100OMWX |
| FY ending Mar 2022 | 12,873 | 510 | 4.0% | 634 | 417 | 153 | S100RAAR |
| FY ending Mar 2023 | 15,911 | 1,882 | 11.8% | 1,988 | -237 | -635 | S100TWOB |
| FY ending Mar 2024 | 27,394 | 4,838 | 17.7% | 3,853 | 2,644 | 1,712 | S100W84L |
| FY ending Mar 2025 | 33,707 | 6,400 | 19.0% | 4,718 | 6,679 | 6,200 | S100YPE4 |
| FY ending Mar 2026 | 20,893 | 1,884 | 9.0% | 1,713 | -715 | -4,174 | S100YPE4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.9M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 1,551 | 1,565 | 1,519 | 1,612 | 1,504 |
| Average salary (parent company) | ¥5.4M | ¥6M | ¥6.2M | ¥6.7M | ¥6.7M |
| Average age (parent company) | 42.6 years | 42.6 years | 42.7 years | 44.1 years | 42.9 years |
| Average tenure (parent company) | 14.6 years | 14.6 years | 14.5 years | 14.6 years | 14.1 years |

Year over year: Employees (consolidated) -6.7% · Revenue (consolidated) -38.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronic enterprise | 15,952 | 76.4% | 1,975 | 12.4% |
| Sports enterprise | 4,703 | 22.5% | -28 | -0.6% |
| Real Estate | 237 | 1.1% | -63 | -26.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electronic enterprise | 76.4% | 100.0% | 23.6 | 12.4% |
| Sports enterprise | 22.5% | — | — | -0.6% |
| Real Estate | 1.1% | — | — | -26.6% |

Loss-making segment (excluded from profit shares): Sports enterprise -28 JPY mn

Loss-making segment (excluded from profit shares): Real Estate -63 JPY mn

Segment → industry: Sports enterprise → Sporting Goods & Fitness / Real Estate → Real Estate Development & Leasing / Electronic enterprise → Pachinko

## 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 | -715 | -3.4% | S100YPE4 |
| Capital expenditure | 3,459 | 16.6% | S100YPE4 |
| Free cash flow | -4,174 | -20.0% | 算出 |
| Investing cash flow | -3,014 | -14.4% | S100YPE4 |
| Financing cash flow | 154 | 0.7% | S100YPE4 |
| Dividends paid | 1,039 | 5.0% | S100YPE4 |
| Share buyback | 1 | 0.0% | S100YPE4 |
| Change in cash | -3,593 | -17.2% | S100YPE4 |
| Cash and equivalents | 9,809 | 46.9% | S100YPE4 |

## 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 | 6,572 | 6,110 | 8,166 | 13,402 | 9,809 | S100TWOB, S100W84L, S100YPE4 |
| Total assets | 23,148 | 31,175 | 38,470 | 40,626 | 39,929 | S100RAAR, S100TWOB, S100W84L, S100YPE4 |
| Net assets | 12,476 | 16,523 | 20,593 | 25,121 | 26,117 | S100TWOB, S100W84L, S100YPE4 |
| Share capital | 3,963 | 3,963 | 4,534 | 4,804 | 4,804 | S100RAAR, S100TWOB, S100W84L, S100YPE4 |
| Property, plant and equipment | 4,809 | 5,137 | 5,702 | 5,699 | 8,803 | S100RAAR, S100TWOB, S100W84L, S100YPE4 |
| Intangible assets excluding goodwill | 256 | 270 | 262 | 241 | 197 | S100RAAR, S100TWOB, S100W84L, S100YPE4 |
| Investment securities | 2,500 | 6,352 | 5,866 | 5,992 | 6,457 | S100RAAR, S100TWOB, S100W84L, S100YPE4 |
| Current assets | 13,966 | 17,374 | 24,535 | 26,490 | 22,248 | S100RAAR, S100TWOB, S100W84L, S100YPE4 |
| Current liabilities | 6,308 | 7,528 | 10,885 | 8,157 | 5,760 | S100RAAR, S100TWOB, S100W84L, S100YPE4 |
| Trade payables | 1,284 | 1,901 | 2,790 | 1,869 | 1,729 | S100RAAR, S100TWOB, S100W84L, S100YPE4 |
| Short-term borrowings | 1,765 | 1,443 | 845 | 305 | 400 | S100RAAR, S100TWOB, S100W84L, S100YPE4 |
| Long-term borrowings | 2,684 | 4,013 | 4,245 | 4,804 | 5,473 | S100RAAR, S100TWOB, S100W84L, S100YPE4 |
| Bonds | 400 | 700 | 900 | 900 | 700 | S100RAAR, S100TWOB, S100W84L, S100YPE4 |
| Interest-bearing debt | 4,849 | 6,156 | 5,990 | 6,009 | 6,573 | 算出 |
| Total liabilities | 10,672 | 14,652 | 17,877 | 15,505 | 13,812 | S100RAAR, S100TWOB, S100W84L, S100YPE4 |
| Non-controlling interests | 12 | 12 | 12 | 10 | 11 | S100RAAR, S100TWOB, S100W84L, S100YPE4 |
| Equity attributable to owners of parent | 11,776 | 13,347 | 18,503 | 23,006 | 23,673 | S100RAAR, S100TWOB, S100W84L, S100YPE4 |
| Retained earnings | 8,512 | 10,053 | 13,466 | 17,430 | 18,099 | S100RAAR, S100TWOB, S100W84L, S100YPE4 |
| Treasury stock | -703 | -672 | -258 | -259 | -261 | S100RAAR, S100TWOB, S100W84L, S100YPE4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YPE4 |
| Property, plant and equipment | 22% | S100YPE4 |
| Intangibles and goodwill | 0% | S100YPE4 |
| Investment securities | 16% | S100YPE4 |
| Other assets | 37% | S100YPE4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YPE4 |
| Interest-bearing debt | 17% | 算出 |
| Other liabilities | 14% | S100YPE4 |
| Equity | 65% | S100YPE4 |
| Other liabilities | 0% | S100YPE4 |

### 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 | 23,148 | 31,175 | 38,470 | 40,626 | 39,929 |
| Equity | 12,476 | 16,523 | 20,593 | 25,121 | 26,117 |
| Interest-bearing debt | 4,849 | 6,156 | 5,990 | 6,009 | 6,573 |
| Cash | 6,572 | 6,110 | 8,166 | 13,402 | 9,809 |

## 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) | 42.1% | S100YPE4 |
| Fixed assets ÷ total assets | 22.0% | S100YPE4 |
| Goodwill ÷ parent equity | — | —, S100YPE4 |

### 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) | 24.6% |
| Cash ÷ revenue | 46.9% |
| Net cash (cash − interest-bearing debt) | ¥3.24B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -38.0% |
| Cash vs. profit gap | -2,428 JPY mn (of net income -141.8%) |
| Shareholder returns / net income | 60.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 60.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 16.6% |
| Investing CF relative to operating CF | — |

## 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 | 4.9% | 0.56× | 2.7% | 1.97× | 5.4% | S100RAAR |
| 2023 | 12.5% | 0.59× | 7.3% | 2.16× | 15.8% | S100TWOB |
| 2024 | 14.1% | 0.79× | 11.1% | 2.19× | 24.2% | S100W84L |
| 2025 | 14.0% | 0.85× | 11.9% | 1.91× | 22.7% | S100YPE4 |
| 2026 | 8.2% | 0.52× | 4.3% | 1.73× | 7.3% | S100YPE4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社データ・アート | Major shareholder | 38.1% | 2026-03-31 |
| Ambition Capital １号投資事業有限責任組合 | Major shareholder | 11.9% | 2026-03-31 |
| Ｊ－ＮＥＴ株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.0% | 2026-03-31 |
| Ambition Capital １号投資事業有限責任組合 | Major shareholder | 1.7% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| ＭＵＲＡＫＡＭＩ ＴＡＫＡＴＥＲＵ （常任代理人 三田証券㈱） | Major shareholder | 0.9% | 2026-03-31 |
| サクサ株式会社 | Major shareholder | 0.6% | 2026-03-31 |
| 株式会社ＭＩ２ | Major shareholder | 0.5% | 2026-03-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーＭＵＦＧ証券㈱） | Major shareholder | 0.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第84期(2025/04/01－2026/03/31) | S100YPE4 | 2026-07-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YPE4,, |
| 有価証券報告書－第83期(2024/04/01－2025/03/31) | S100W84L | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W84L,, |
| 有価証券報告書－第82期(2023/04/01－2024/03/31) | S100TWOB | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWOB,, |
| 有価証券報告書－第81期(2022/04/01－2023/03/31) | S100RAAR | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAAR,, |
| 有価証券報告書－第80期(令和3年4月1日－令和4年3月31日) | S100OMWX | 2022-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMWX,, |
| 有価証券報告書－第79期(令和2年4月1日－令和3年3月31日) | S100LW24 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LW24,, |

## 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).