# Mammy Mart Holding Corporation: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第60期(2024/10/01－2025/09/30) (S100XBFS)
> Page: https://vizora.meequs.com/en/company/mammy-mart-holding
> Retrieved: 2026-09-30T22:47:59.246Z

## Company

Mammy Mart Holding, founded in 1965, is a company in Funerals listed on TSE Standard. It has 1,137 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mammy Mart Holding Corporation (旧英訳名 Mammy Mart Corporation) (注)2025年12月19日開催予定の第60期定時株主総会の議案(決議事項)として「定款一部変更の件」を付議しており、当該議案が承認可決されると同日を効力発生日として英訳名を下記のとおり変更する予定であります。 新英訳名 Mami-mart Holdings Corporation |
| Ticker | 9823 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9823.T) |
| Listing | TSE Standard |
| Head office | 埼玉県東松山市本町2丁目2番47号 (同所は登記上の本店所在地であり、実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 岩崎 裕文 |
| Founded | Oct 1965 |
| Share capital | ¥2.66B |
| Employees (consolidated) | 1,137 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | September |
| Website | mami-mart-holdings.com (https://mami-mart-holdings.com/) |
| Corporate number | 5030001071058 |
| EDINET | E03173 |
| Industries (Vizora) | Funerals, Supermarkets |

> Profile source: annual securities report (S100XBFS, filed 2025-12-18). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 87.8 | 45 |
| Profitability | 62.2 | 49 |
| Cash conversion | 58.5 | 47 |
| Efficiency | 66.3 | 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 100% of Mammy Mart Holding's sales come from Supermarket, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +20.8% from the prior year, operating profit +4.8%.

## Company structure

- Segment revenue mix: Supermarket 99.7%、Other 0.3%
- Revenue → net income: ¥191390000000 → ¥5251000000
- Net income → operating cash flow: ¥5251000000 → ¥10178000000（difference ¥4927000000）
- Main uses of operating cash flow: CapEx ¥7788000000 / dividends ¥970000000 / buybacks ¥0
- Change in cash: ¥-133000000
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 | ¥191.4B |  |
| Operating income | ¥6.74B | Margin 3.5% |
| Net income | ¥5.25B | Margin 2.7% |
| Free cash flow | ¥2.39B |  |
| Largest business | Supermarket | of segment revenue 99.7% |
| Employees (consolidated) | 1,137 |  |
| EPS | ¥90.43 |  |
| Book value per share | ¥683.87 |  |
| Equity ratio | 48.8% |  |
| Shares outstanding | 10,796,793 |  |
| Treasury shares | 794,000 |  |
| Shareholders | 4,505 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 2.9% | Cash ÷ revenue 1.3% |
| Vs. industry median margin | +0.7 pp | Supermarkets |
| ROE | 13.2% | Derived from disclosed figures |
| ROA | 6.6% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 99% of positive segment profit
- FY2025, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥124264000000 | ¥191390000000 | +54.0% |
| Operating income | ¥4747000000 | ¥6744000000 | +42.1% |
| Operating margin | 3.8% | 3.5% | -0.3 pp |
| Employees | 882 people | 1,137 people | +28.9% |
| Cash and equivalents | ¥2511000000 | ¥2518000000 | +0.3% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| スーパーマーケット事業 → スーパーマーケット事業 | 99.7% |
| その他 → その他 | 0.3% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → スーパーマーケット事業 | 0.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 191,390 | 100.0% | S100XBFS |
| Cost of revenue | 149,185 | 77.9% | S100XBFS |
| Gross profit | 42,204 | 22.1% | S100XBFS |
| SG&A | 37,759 | 19.7% | S100XBFS |
| Operating income | 6,744 | 3.5% | S100XBFS |
| Ordinary income | 7,197 | 3.8% | S100XBFS |
| Pretax income | 7,164 | 3.7% | S100XBFS |
| Income tax | 1,912 | 1.0% | S100XBFS |
| Net income | 5,251 | 2.7% | S100XBFS |
| Net income attributable to owners | 5,246 | 2.7% | S100XBFS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 20 |
| Other operating | -1 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 22.1% → Operating margin 3.5% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.8%; Core profit growth: +4.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.23×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 158,458 | 191,390 | 32,932 | +20.8% |
| Gross profit | 36,766 | 42,204 | 5,438 | +14.8% |
| Operating income | 6,434 | 6,744 | 310 | +4.8% |
| Net income attributable to owners | 4,733 | 5,246 | 513 | +10.8% |
| Operating cash flow | 925 | 10,178 | 9,253 | +1000.3% |
| Free cash flow | -2,731 | 2,390 | 5,121 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 108,945 | 1,642 | 1.5% | 697 | -1,360 | -3,449 | S100KECK |
| FY ending Sep 2020 | 124,264 | 4,747 | 3.8% | 2,613 | 7,292 | 5,301 | S100N2UA |
| FY ending Sep 2021 | 135,325 | 5,952 | 4.4% | 3,931 | 6,932 | 4,685 | S100PT4X |
| FY ending Sep 2022 | 130,705 | 4,962 | 3.8% | 3,422 | 4,328 | 1,225 | S100SILV |
| FY ending Sep 2023 | 142,647 | 5,901 | 4.1% | 4,313 | 14,713 | 12,314 | S100UZBB |
| FY ending Sep 2024 | 158,458 | 6,434 | 4.1% | 4,733 | 925 | -2,731 | S100XBFS |
| FY ending Sep 2025 | 191,390 | 6,744 | 3.5% | 5,246 | 10,178 | 2,390 | S100XBFS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥168.3M |
| Operating income per employee (consolidated) | ¥5.9M |
| Net income per employee (consolidated) | ¥4.6M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 908 | 965 | 992 | 1,041 | 1,137 |
| Average salary (parent company) | ¥5.6M | ¥5.5M | ¥5.7M | ¥5.9M | ¥5.9M |
| Average age (parent company) | 40.9 years | 41.2 years | 40.7 years | 41.4 years | 41.5 years |
| Average tenure (parent company) | 11.2 years | 11.0 years | 11.9 years | 12.1 years | 11.7 years |

Year over year: Employees (consolidated) +9.2% · Revenue (consolidated) +20.8%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Supermarket | 193,196 | 99.7% | 6,665 | 3.4% |
| Other | 493 | 0.3% | 79 | 16.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Supermarket | 99.7% | 98.8% | -0.9 | 3.4% |
| Other | 0.3% | 1.2% | 0.9 | 16.0% |

Segment → industry: Other → Funerals / Supermarket → Supermarkets

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 10,178 | 5.3% | S100XBFS |
| Capital expenditure | 7,788 | 4.1% | S100XBFS |
| Free cash flow | 2,390 | 1.2% | 算出 |
| Investing cash flow | -9,768 | -5.1% | S100XBFS |
| Financing cash flow | -543 | -0.3% | S100XBFS |
| Dividends paid | 970 | 0.5% | S100XBFS |
| Share buyback | 0 | 0.0% | S100XBFS |
| Change in cash | -133 | -0.1% | S100XBFS |
| Cash and equivalents | 2,518 | 1.3% | S100XBFS |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,258 | 2,838 | 6,907 | 2,652 | 2,518 | S100SILV, S100UZBB, S100XBFS |
| Total assets | 57,292 | 60,919 | 66,428 | 73,383 | 86,792 | S100PT4X, S100SILV, S100UZBB, S100XBFS |
| Net assets | 29,279 | 32,063 | 34,014 | 37,911 | 42,416 | S100SILV, S100UZBB, S100XBFS |
| Share capital | 2,660 | 2,660 | 2,660 | 2,660 | 2,660 | S100PT4X, S100SILV, S100UZBB, S100XBFS |
| Property, plant and equipment | 36,531 | 39,910 | 39,824 | 48,837 | 58,242 | S100PT4X, S100SILV, S100UZBB, S100XBFS |
| Intangible assets excluding goodwill | 135 | 163 | 177 | 189 | 218 | S100PT4X, S100SILV, S100UZBB, S100XBFS |
| Investment securities | 212 | 209 | 331 | 346 | 524 | S100PT4X, S100SILV, S100UZBB, S100XBFS |
| Current assets | 9,717 | 10,332 | 15,683 | 12,061 | 13,826 | S100PT4X, S100SILV, S100UZBB, S100XBFS |
| Current liabilities | 18,751 | 19,388 | 24,150 | 20,463 | 25,636 | S100PT4X, S100SILV, S100UZBB, S100XBFS |
| Short-term borrowings | 1,300 | 3,300 | — | 2,700 | 4,000 | S100PT4X, S100SILV, S100XBFS |
| Long-term borrowings | 2,646 | 855 | 160 | — | — | S100PT4X, S100SILV, S100UZBB |
| Total liabilities | 28,012 | 28,856 | 32,413 | 35,472 | 44,375 | S100PT4X, S100SILV, S100UZBB, S100XBFS |
| Non-controlling interests | 25 | 29 | 33 | 38 | 43 | S100PT4X, S100SILV, S100UZBB, S100XBFS |
| Equity attributable to owners of parent | 29,230 | 31,959 | 33,756 | 37,634 | 41,921 | S100PT4X, S100SILV, S100UZBB, S100XBFS |
| Retained earnings | 23,992 | 26,711 | 30,311 | 34,136 | 38,412 | S100PT4X, S100SILV, S100UZBB, S100XBFS |
| Treasury stock | -285 | -277 | -2,083 | -2,049 | -2,042 | S100PT4X, S100SILV, S100UZBB, S100XBFS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100XBFS |
| Property, plant and equipment | 67% | S100XBFS |
| Intangibles and goodwill | 0% | S100XBFS |
| Investment securities | 1% | S100XBFS |
| Other assets | 29% | S100XBFS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 51% | S100XBFS |
| Equity | 49% | S100XBFS |
| Other liabilities | 0% | S100XBFS |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 57,292 | 60,919 | 66,428 | 73,383 | 86,792 |
| Equity | 29,279 | 32,063 | 34,014 | 37,911 | 42,416 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,258 | 2,838 | 6,907 | 2,652 | 2,518 |

## 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) | 30.4% | S100XBFS |
| Fixed assets ÷ total assets | 67.1% | S100XBFS |
| Goodwill ÷ parent equity | — | —, S100XBFS |

### 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) | 2.9% |
| Cash ÷ revenue | 1.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 150.9% |
| Cash vs. profit gap | 4,932 JPY mn (of net income 94.0%) |
| Shareholder returns / net income | 18.5% |
| Shareholder returns / FCF | 40.6% |
| Shareholder payments — dividends / net income | 18.5% |
| Shareholder payments — dividends / FCF | 40.6% |
| CapEx intensity (capex ÷ revenue) | 4.1% |
| Investing CF relative to operating CF | 96.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.9% | 2.36× | 6.9% | 1.96× | 13.4% | S100PT4X |
| 2022 | 2.6% | 2.21× | 5.8% | 1.93× | 11.2% | S100SILV |
| 2023 | 3.0% | 2.24× | 6.8% | 1.94× | 13.1% | S100UZBB |
| 2024 | 3.0% | 2.27× | 6.8% | 1.96× | 13.3% | S100XBFS |
| 2025 | 2.7% | 2.39× | 6.6% | 2.01× | 13.2% | S100XBFS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ライブ・コア | Major shareholder | 32.5% | 2025-09-30 |
| 住友商事株式会社 | Major shareholder | 21.6% | 2025-09-30 |
| マミーマート共栄会 | Major shareholder | 8.3% | 2025-09-30 |
| 株式会社彩 | Major shareholder | 3.9% | 2025-09-30 |
| 国分グループ本社株式会社 | Major shareholder | 2.4% | 2025-09-30 |
| 株式会社武蔵野銀行 (常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.0% | 2025-09-30 |
| マミーマート従業員持株会 | Major shareholder | 1.8% | 2025-09-30 |
| 日本生命保険相互会社 (常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 1.8% | 2025-09-30 |
| 有限会社岩崎経営研究所 | Major shareholder | 1.4% | 2025-09-30 |
| 株式会社東和銀行 | Major shareholder | 1.2% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第60期(2024/10/01－2025/09/30) | S100XBFS | 2025-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBFS,, |
| 有価証券報告書－第59期(2023/10/01－2024/09/30) | S100UZBB | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZBB,, |
| 有価証券報告書－第58期(2022/10/01－2023/09/30) | S100SILV | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SILV,, |
| 有価証券報告書－第57期(令和3年10月1日－令和4年9月30日) | S100PT4X | 2022-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PT4X,, |
| 有価証券報告書－第56期(令和2年10月1日－令和3年9月30日) | S100N2UA | 2021-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2UA,, |
| 有価証券報告書－第55期(令和1年10月1日－令和2年9月30日) | S100KECK | 2020-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KECK,, |

## 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).