# MANI, INC.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第66期(2024/09/01－2025/08/31) (S100X59Q)
> Page: https://vizora.meequs.com/en/company/mani
> Retrieved: 2026-09-30T21:31:52.378Z

## Company

Mani, founded in 1959, is a company in Medical Devices listed on TSE Prime. It has 4,140 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MANI,INC. |
| Ticker | 7730 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7730.T) |
| Listing | TSE Prime |
| Head office | 栃木県宇都宮市清原工業団地8番3 |
| Representative (per filing) | 取締役兼代表執行役社長 渡部 眞也 |
| Founded | Dec 1959 |
| Share capital | ¥1.09B |
| Employees (consolidated) | 4,140 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | August |
| Website | www.mani.co.jp (https://www.mani.co.jp/) |
| Corporate number | 4060001005922 |
| EDINET | E02340 |
| Industries (Vizora) | Medical Devices |

> Profile source: annual securities report (S100X59Q, filed 2025-11-18). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 82.9 | 38 |
| Profitability | 88.5 | 39 |
| Cash conversion | 43.4 | 38 |
| Efficiency | 16.7 | 39 |

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 37% of Mani's sales come from Eyeless Needle related products, with Dental related products and Surgel related products making up much of the rest.
- Out of every ¥100 of sales, about ¥27 is left as operating profit.
- Revenue changed +5.1% from the prior year, operating profit -2.4%.

## Company structure

- Segment revenue mix: Eyeless Needle related products 37.3%、Dental related products 31.7%、Surgel related products 30.9%
- Revenue → net income: ¥29968000000 → ¥4643000000
- Net income → operating cash flow: ¥4643000000 → ¥7017000000（difference ¥2374000000）
- Main uses of operating cash flow: CapEx ¥6670000000 / dividends ¥3840000000 / buybacks —
- Change in cash: ¥-3615000000
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 | ¥30B |  |
| Operating income | ¥8.19B | Margin 27.3% |
| Net income | ¥4.64B | Margin 15.5% |
| Free cash flow | ¥347M |  |
| Largest business | Eyeless Needle related products | of segment revenue 37.3% |
| Employees (consolidated) | 4,140 |  |
| EPS | ¥48.87 |  |
| Book value per share | ¥424.51 |  |
| Equity ratio | 92.4% |  |
| Shares outstanding | 107,003,277 |  |
| Treasury shares | 8,500,600 |  |
| Shareholders | 28,894 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 30.0% | Cash ÷ revenue 58.1% |
| Vs. industry median margin | +16.2 pp | Medical Devices |
| ROE | 9.7% | Derived from disclosed figures |
| ROA | 8.1% | Derived from disclosed figures |

## Notable figures

- FY2025, operating income keeps 27 per ¥100 of revenue
- FY2025, parent-company salary changed +25% over five years
- FY2025, cash is 30% of total assets

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15200000000 | ¥29968000000 | +97.2% |
| Operating income | ¥4340000000 | ¥8193000000 | +88.8% |
| Operating margin | 28.6% | 27.3% | -1.2 pp |
| Employees | 3,812 people | 4,140 people | +8.6% |
| Cash and equivalents | ¥16973000000 | ¥17401000000 | +2.5% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| サージカル関連製品 → サージカル関連製品 | 29.0% |
| アイレス針関連製品 → アイレス針関連製品 | 33.2% |
| デンタル関連製品 → デンタル関連製品 | 31.7% |
| デンタル関連製品 → 事業再編・廃止 | 6.0% |
| 新設・再編 → サージカル関連製品 | 1.9% |
| 新設・再編 → アイレス針関連製品 | 4.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Eyeless Needle related products | 5 years | +17.2% | ¥11183000000 | 35.8% | 2 |
| Dental related products | 5 years | +10.6% | ¥9509000000 | 11.7% | 2 |
| Surgel related products | 5 years | +16.0% | ¥9274000000 | 33.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,968 | 100.0% | S100X59Q |
| Cost of revenue | 10,650 | 35.5% | S100X59Q |
| Gross profit | 19,317 | 64.5% | S100X59Q |
| SG&A | 11,124 | 37.1% | S100X59Q |
| Operating income | 8,193 | 27.3% | S100X59Q |
| Ordinary income | 8,271 | 27.6% | S100X59Q |
| Pretax income | 7,087 | 23.6% | S100X59Q |
| Income tax | 2,443 | 8.2% | S100X59Q |
| Net income | 4,643 | 15.5% | S100X59Q |
| Net income attributable to owners | 4,643 | 15.5% | S100X59Q |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 36 |
| SG&A | 37 |
| Operating income | 27 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 64.5% → Operating margin 27.3% → Net margin 15.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.1%; Core profit growth: -2.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.46×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 28,513 | 29,968 | 1,455 | +5.1% |
| Gross profit | 17,897 | 19,317 | 1,420 | +7.9% |
| Operating income | 8,392 | 8,193 | -199 | -2.4% |
| Net income attributable to owners | 6,286 | 4,643 | -1,643 | -26.1% |
| Operating cash flow | 7,810 | 7,017 | -793 | -10.2% |
| Free cash flow | 129 | 347 | 218 | +169.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 18,327 | 5,865 | 32.0% | 6,102 | 5,305 | 3,978 | S100K94D |
| FY ending Aug 2020 | 15,200 | 4,340 | 28.6% | 3,329 | 1,941 | 249 | S100N41Z |
| FY ending Aug 2021 | 17,190 | 5,348 | 31.1% | 4,291 | 6,384 | 2,523 | S100PO97 |
| FY ending Aug 2022 | 20,416 | 6,163 | 30.2% | 5,290 | 6,559 | 4,615 | S100SC8R |
| FY ending Aug 2023 | 24,488 | 7,243 | 29.6% | 5,953 | 8,026 | 4,306 | S100UVZO |
| FY ending Aug 2024 | 28,513 | 8,392 | 29.4% | 6,286 | 7,810 | 129 | S100X59Q |
| FY ending Aug 2025 | 29,968 | 8,193 | 27.3% | 4,643 | 7,017 | 347 | S100X59Q |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥7.2M |
| Operating income per employee (consolidated) | ¥2M |
| 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 3,313 | 3,417 | 3,685 | 4,154 | 4,140 |
| Average salary (parent company) | ¥6.3M | ¥6.1M | ¥6.8M | ¥7.7M | ¥7.9M |
| Average age (parent company) | 41.7 years | 42.0 years | 42.3 years | 42.0 years | 42.0 years |
| Average tenure (parent company) | 15.5 years | 15.4 years | 15.4 years | 14.3 years | 14.0 years |

Year over year: Employees (consolidated) -0.3% · Revenue (consolidated) +5.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Surgel related products | 9,274 | 30.9% | 3,080 | 33.2% |
| Eyeless Needle related products | 11,183 | 37.3% | 4,002 | 35.8% |
| Dental related products | 9,509 | 31.7% | 1,110 | 11.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Surgel related products | 30.9% | 37.6% | 6.6 | 33.2% |
| Eyeless Needle related products | 37.3% | 48.9% | 11.5 | 35.8% |
| Dental related products | 31.7% | 13.5% | -18.2 | 11.7% |

Segment → industry: Dental related products → Medical Devices / Eyeless Needle related products → Medical Devices / Surgel related products → Medical Devices

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 7,017 | 23.4% | S100X59Q |
| Capital expenditure | 6,670 | 22.3% | S100X59Q |
| Free cash flow | 347 | 1.2% | 算出 |
| Investing cash flow | -7,154 | -23.9% | S100X59Q |
| Financing cash flow | -3,895 | -13.0% | S100X59Q |
| Dividends paid | 3,840 | 12.8% | S100X59Q |
| Change in cash | -3,615 | -12.1% | S100X59Q |
| Cash and equivalents | 17,401 | 58.1% | S100X59Q |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 18,057 | 22,084 | 23,798 | 21,017 | 17,401 | S100SC8R, S100UVZO, S100X59Q |
| Total assets | 42,693 | 50,113 | 54,977 | 57,177 | 57,987 | S100PO97, S100SC8R, S100UVZO, S100X59Q |
| Net assets | 39,202 | 45,414 | 49,827 | 52,330 | 53,561 | S100SC8R, S100UVZO, S100X59Q |
| Share capital | 988 | 988 | 1,066 | 1,087 | 1,087 | S100PO97, S100SC8R, S100UVZO, S100X59Q |
| Trade receivables | 1,901 | — | — | — | — | S100PO97 |
| Property, plant and equipment | 13,235 | 15,486 | 17,453 | 22,669 | 25,758 | S100PO97, S100SC8R, S100UVZO, S100X59Q |
| Intangible assets excluding goodwill | 895 | 1,034 | 1,243 | 1,338 | 1,342 | S100PO97, S100SC8R, S100UVZO, S100X59Q |
| Goodwill | 73 | — | — | — | — | S100PO97 |
| Investment securities | 387 | 342 | 332 | 303 | 63 | S100PO97, S100SC8R, S100UVZO, S100X59Q |
| Current assets | 27,631 | 32,503 | 34,994 | 31,942 | 29,978 | S100PO97, S100SC8R, S100UVZO, S100X59Q |
| Current liabilities | 2,559 | 3,784 | 4,218 | 3,912 | 3,494 | S100PO97, S100SC8R, S100UVZO, S100X59Q |
| Total liabilities | 3,490 | 4,698 | 5,149 | 4,846 | 4,425 | S100PO97, S100SC8R, S100UVZO, S100X59Q |
| Equity attributable to owners of parent | 38,650 | 41,578 | 44,536 | 47,220 | 48,054 | S100PO97, S100SC8R, S100UVZO, S100X59Q |
| Retained earnings | 39,750 | 42,678 | 45,482 | 48,124 | 48,925 | S100PO97, S100SC8R, S100UVZO, S100X59Q |
| Treasury stock | -3,125 | -3,125 | -3,125 | -3,125 | -3,118 | S100PO97, S100SC8R, S100UVZO, S100X59Q |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100X59Q |
| Property, plant and equipment | 45% | S100X59Q |
| Intangibles and goodwill | 2% | S100X59Q |
| Investment securities | 0% | S100X59Q |
| Other assets | 23% | S100X59Q |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 8% | S100X59Q |
| Equity | 92% | S100X59Q |
| Other liabilities | 0% | S100X59Q |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 42,693 | 50,113 | 54,977 | 57,177 | 57,987 |
| Equity | 39,202 | 45,414 | 49,827 | 52,330 | 53,561 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,057 | 22,084 | 23,798 | 21,017 | 17,401 |

## 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) | 86.0% | S100X59Q |
| Fixed assets ÷ total assets | 44.4% | S100X59Q |
| Goodwill ÷ parent equity | — | —, S100X59Q |

### 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) | 30.0% |
| Cash ÷ revenue | 58.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 85.6% |
| Cash vs. profit gap | 2,374 JPY mn (of net income 51.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 82.7% |
| Shareholder payments — dividends / FCF | 1106.6% |
| CapEx intensity (capex ÷ revenue) | 22.3% |
| Investing CF relative to operating CF | 102.0% |

## 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 | 25.0% | 0.40× | 10.1% | 1.10× | 11.1% | S100PO97 |
| 2022 | 25.9% | 0.44× | 11.4% | 1.16× | 13.2% | S100SC8R |
| 2023 | 24.3% | 0.47× | 11.3% | 1.22× | 13.8% | S100UVZO |
| 2024 | 22.0% | 0.51× | 11.2% | 1.22× | 13.7% | S100X59Q |
| 2025 | 15.5% | 0.52× | 8.1% | 1.21× | 9.7% | S100X59Q |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.4% | 2025-08-31 |
| マニックス株式会社 | Major shareholder | 10.8% | 2025-08-31 |
| 松谷技研株式会社 | Major shareholder | 5.2% | 2025-08-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.1% | 2025-08-31 |
| 公益財団法人マニー松谷医療奨学財団 | Major shareholder | 3.3% | 2025-08-31 |
| NORTHERN TRUST CO. (AVFC) RE UKUC UCITS CLIENTS N ON LENDING 10PCT TREATY ACCOUNT （常任代理人香港上海銀行東京支店） | Major shareholder | 2.5% | 2025-08-31 |
| 松谷 貫司 | Major shareholder | 2.1% | 2025-08-31 |
| 株式会社正光 | Major shareholder | 2.1% | 2025-08-31 |
| 松谷 正光 | Major shareholder | 2.1% | 2025-08-31 |
| 松谷 正明 | Major shareholder | 1.8% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第66期(2024/09/01－2025/08/31) | S100X59Q | 2025-11-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X59Q,, |
| 訂正有価証券報告書－第65期(2023/09/01－2024/08/31) | S100UVZO | 2024-12-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UVZO,, |
| 有価証券報告書－第64期(2022/09/01－2023/08/31) | S100SC8R | 2023-11-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SC8R,, |
| 有価証券報告書－第63期(令和3年9月1日－令和4年8月31日) | S100PO97 | 2022-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PO97,, |
| 訂正有価証券報告書－第62期(令和2年9月1日－令和3年8月31日) | S100N41Z | 2021-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N41Z,, |
| 有価証券報告書－第61期(令和1年9月1日－令和2年8月31日) | S100K94D | 2020-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K94D,, |

## 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).