# Mars Group Holdings Corporation: 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52期(2025/04/01－2026/03/31) (S100YHFR)
> Page: https://vizora.meequs.com/en/company/mars-group-holdings
> Retrieved: 2026-09-30T21:05:40.783Z

## Company

Mars Group Holdings, founded in 1974, is a company in Robots & Factory Automation listed on TSE Prime. It has 627 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mars Group Holdings Corporation |
| Ticker | 6419 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6419.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区新宿一丁目10番7号 |
| Representative (per filing) | 代表取締役社長 松波 明宏 |
| Founded | Sep 1974 |
| Share capital | ¥7.93B |
| Employees (consolidated) | 627 |
| Average salary (parent only) | ¥9.4M |
| Fiscal year end | March |
| Website | www.mars-ghd.co.jp (https://www.mars-ghd.co.jp/) |
| Corporate number | 7011101019888 |
| EDINET | E02424 |
| Industries (Vizora) | Robots & Factory Automation, Hotels & Inns, Pachinko |

> Profile source: annual securities report (S100YHFR, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Pachinko (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55 | 10 |
| Profitability | 85 | 10 |
| Cash conversion | 81.3 | 8 |
| Efficiency | 15 | 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 73% of Mars Group Holdings's sales come from Amusement-related business, with smart solution system-related business and Hotel-related business making up much of the rest.
- Out of every ¥100 of sales, about ¥27 is left as operating profit.
- Revenue changed -23.6% from the prior year, operating profit -28.7%.

## Company structure

- Segment revenue mix: Amusement-related business 72.8%、smart solution system-related business 18.7%、Hotel-related business 8.5%
- Revenue → net income: ¥32281157000 → ¥6640442000
- Net income → operating cash flow: ¥6640442000 → ¥7814688000（difference ¥1174246000）
- Main uses of operating cash flow: CapEx ¥2239933000 / dividends ¥2765505000 / buybacks —
- Change in cash: ¥2589902000
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 | ¥32.3B |  |
| Operating income | ¥8.8B | Margin 27.2% |
| Net income | ¥6.64B | Margin 20.6% |
| Free cash flow | ¥5.57B |  |
| Largest business | Amusement-related business | of segment revenue 72.8% |
| Employees (consolidated) | 627 |  |
| EPS | ¥316.5 |  |
| Book value per share | ¥3205.74 |  |
| Equity ratio | 91.0% |  |
| Shares outstanding | 22,720,000 |  |
| Treasury shares | 4,271,900 |  |
| Shareholders | 21,377 |  |
| Average salary (parent only) | ¥9.4M | Filing company only |
| Cash ratio | 41.3% | Cash ÷ revenue 120.7% |
| Vs. industry median margin | +16.6 pp | Pachinko |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 7.3% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.1× its level five years ago
- FY2026, one segment accounts for 91% of positive segment profit
- FY2026, parent-company salary changed +46% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14760826000 | ¥32281157000 | +118.7% |
| Operating income | ¥1130611000 | ¥8795106000 | +677.9% |
| Operating margin | 7.7% | 27.2% | +19.6 pp |
| Employees | 718 people | 627 people | -12.7% |
| Cash and equivalents | ¥23228825000 | ¥38963318000 | +67.7% |

### 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 |
| --- | ---: |
| アミューズメント関連事業 → アミューズメント関連事業 | 59.5% |
| 自動認識システム関連事業 → 事業再編・廃止 | 32.2% |
| ホテル関連事業 → 事業再編・廃止 | 8.3% |
| 新設・再編 → アミューズメント関連事業 | 13.3% |
| 新設・再編 → スマートソリューション関連事業 | 18.7% |
| 新設・再編 → ホテル・レストラン関連事業 | 8.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Amusement-related business | 5 years | +21.8% | ¥23503777000 | 36.1% | 2 |
| smart solution system-related business | 2 years | +2.7% | ¥6022688000 | 12.1% | 2 |
| Hotel-related business | 4 years | +23.5% | ¥2754691000 | 3.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 32,281 | 100.0% | S100YHFR |
| Cost of revenue | 15,081 | 46.7% | S100YHFR |
| Gross profit | 17,200 | 53.3% | S100YHFR |
| SG&A | 8,405 | 26.0% | S100YHFR |
| Operating income | 8,795 | 27.2% | S100YHFR |
| Ordinary income | 9,694 | 30.0% | S100YHFR |
| Pretax income | 9,856 | 30.5% | S100YHFR |
| Income tax | 3,215 | 10.0% | S100YHFR |
| Net income | 6,640 | 20.6% | S100YHFR |
| Net income attributable to owners | 6,640 | 20.6% | S100YHFR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 47 |
| SG&A | 26 |
| Operating income | 27 |
| (Ref.) Net income | 21 |

### Margin funnel

Gross margin 53.3% → Operating margin 27.2% → Net margin 20.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -23.6%; Core profit growth: -28.7%
Operating leverage (core profit growth ÷ revenue growth): 1.22×
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 | 42,251 | 32,281 | -9,970 | -23.6% |
| Gross profit | 20,848 | 17,200 | -3,648 | -17.5% |
| Operating income | 12,332 | 8,795 | -3,536 | -28.7% |
| Net income attributable to owners | 8,716 | 6,640 | -2,076 | -23.8% |
| Operating cash flow | 10,652 | 7,815 | -2,837 | -26.6% |
| Free cash flow | 9,807 | 5,575 | -4,232 | -43.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 22,563 | 3,800 | 16.8% | 2,301 | 4,218 | 1,451 | S100LVKC |
| FY ending Mar 2021 | 14,761 | 1,131 | 7.7% | 807 | 2,599 | 2,499 | S100OM34 |
| FY ending Mar 2022 | 15,103 | 1,579 | 10.5% | 1,855 | 3,567 | 1,591 | S100R9UB |
| FY ending Mar 2023 | 20,347 | 4,127 | 20.3% | 3,145 | 944 | -839 | S100U14X |
| FY ending Mar 2024 | 36,575 | 11,694 | 32.0% | 8,586 | 6,448 | 5,108 | S100W51N |
| FY ending Mar 2025 | 42,251 | 12,332 | 29.2% | 8,716 | 10,652 | 9,807 | S100YHFR |
| FY ending Mar 2026 | 32,281 | 8,795 | 27.2% | 6,640 | 7,815 | 5,575 | S100YHFR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥51.5M |
| Operating income per employee (consolidated) | ¥14M |
| Net income per employee (consolidated) | ¥10.6M |

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) | 694 | 649 | 640 | 630 | 627 |
| Average salary (parent company) | ¥6.5M | ¥6.6M | ¥7.7M | ¥8.2M | ¥9.4M |
| Average age (parent company) | 44.8 years | 41.9 years | 42.9 years | 44.2 years | 48.2 years |
| Average tenure (parent company) | 23.6 years | 20.2 years | 21.0 years | 22.0 years | 26.0 years |

Year over year: Employees (consolidated) -0.5% · Revenue (consolidated) -23.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Amusement-related business | 23,504 | 72.8% | 8,494 | 36.1% |
| smart solution system-related business | 6,023 | 18.7% | 727 | 12.1% |
| Hotel-related business | 2,755 | 8.5% | 87 | 3.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Amusement-related business | 72.8% | 91.3% | 18.4 | 36.1% |
| smart solution system-related business | 18.7% | 7.8% | -10.8 | 12.1% |
| Hotel-related business | 8.5% | 0.9% | -7.6 | 3.2% |

Segment → industry: smart solution system-related business → Robots & Factory Automation / Hotel-related business → Hotels & Inns / Amusement-related business → 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 | 7,815 | 24.2% | S100YHFR |
| Capital expenditure | 2,240 | 6.9% | S100YHFR |
| Free cash flow | 5,575 | 17.3% | 算出 |
| Investing cash flow | -2,481 | -7.7% | S100YHFR |
| Financing cash flow | -2,766 | -8.6% | S100YHFR |
| Dividends paid | 2,766 | 8.6% | S100YHFR |
| Change in cash | 2,590 | 8.0% | S100YHFR |
| Cash and equivalents | 38,963 | 120.7% | S100YHFR |

## 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 | 26,004 | 22,701 | 29,354 | 36,373 | 38,963 | S100U14X, S100W51N, S100YHFR |
| Total assets | 60,135 | 63,923 | 83,957 | 87,001 | 94,262 | S100R9UB, S100U14X, S100W51N, S100YHFR |
| Net assets | 54,242 | 56,307 | 71,254 | 78,230 | 85,733 | S100U14X, S100W51N, S100YHFR |
| Share capital | 7,934 | 7,934 | 7,934 | 7,934 | 7,934 | S100R9UB, S100U14X, S100W51N, S100YHFR |
| Trade receivables | 3,006 | 4,430 | 6,003 | 4,205 | 4,120 | S100R9UB, S100U14X, S100W51N, S100YHFR |
| Property, plant and equipment | 14,439 | 15,164 | 16,088 | 16,273 | 18,252 | S100R9UB, S100U14X, S100W51N, S100YHFR |
| Intangible assets excluding goodwill | 323 | 306 | 323 | 471 | 511 | S100R9UB, S100U14X, S100W51N, S100YHFR |
| Investment securities | 9,224 | 11,471 | 16,601 | 16,113 | 20,850 | S100R9UB, S100U14X, S100W51N, S100YHFR |
| Current assets | 33,971 | 35,123 | 49,249 | 52,005 | 52,630 | S100R9UB, S100U14X, S100W51N, S100YHFR |
| Current liabilities | 3,643 | 5,467 | 10,327 | 5,996 | 4,391 | S100R9UB, S100U14X, S100W51N, S100YHFR |
| Trade payables | 1,321 | 2,858 | 4,339 | 1,628 | 1,239 | S100R9UB, S100U14X, S100W51N, S100YHFR |
| Total liabilities | 5,893 | 7,615 | 12,703 | 8,771 | 8,529 | S100R9UB, S100U14X, S100W51N, S100YHFR |
| Equity attributable to owners of parent | 53,537 | 54,795 | 65,953 | 72,700 | 76,621 | S100R9UB, S100U14X, S100W51N, S100YHFR |
| Retained earnings | 49,238 | 51,145 | 58,102 | 62,992 | 66,865 | S100R9UB, S100U14X, S100W51N, S100YHFR |
| Treasury stock | -12,007 | -12,655 | -9,584 | -8,514 | -8,480 | S100R9UB, S100U14X, S100W51N, S100YHFR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 41% | S100YHFR |
| Receivables | 5% | S100YHFR |
| Property, plant and equipment | 19% | S100YHFR |
| Intangibles and goodwill | 1% | S100YHFR |
| Investment securities | 22% | S100YHFR |
| Other assets | 12% | S100YHFR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YHFR |
| Other liabilities | 8% | S100YHFR |
| Equity | 91% | S100YHFR |
| Other liabilities | 0% | S100YHFR |

### 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 | 60,135 | 63,923 | 83,957 | 87,001 | 94,262 |
| Equity | 54,242 | 56,307 | 71,254 | 78,230 | 85,733 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 26,004 | 22,701 | 29,354 | 36,373 | 38,963 |

## 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) | 56.5% | S100YHFR |
| Fixed assets ÷ total assets | 19.4% | S100YHFR |
| Goodwill ÷ parent equity | — | —, S100YHFR |

### 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) | 41.3% |
| Cash ÷ revenue | 120.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 88.9% |
| Cash vs. profit gap | 1,174 JPY mn (of net income 17.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 41.6% |
| Shareholder payments — dividends / FCF | 49.6% |
| CapEx intensity (capex ÷ revenue) | 6.9% |
| Investing CF relative to operating CF | 31.7% |

## 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 | 12.3% | 0.25× | 3.1% | 1.12× | 3.5% | S100R9UB |
| 2023 | 15.5% | 0.33× | 5.1% | 1.15× | 5.8% | S100U14X |
| 2024 | 23.5% | 0.49× | 11.6% | 1.22× | 14.2% | S100W51N |
| 2025 | 20.6% | 0.49× | 10.2% | 1.23× | 12.6% | S100YHFR |
| 2026 | 20.6% | 0.36× | 7.3% | 1.21× | 8.9% | S100YHFR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社イー・エムプランニング | Major shareholder | 11.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.9% | 2026-03-31 |
| 松波 明宏 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社きらぼし銀行 | Major shareholder | 3.6% | 2026-03-31 |
| 公益財団法人マース奨学財団 | Major shareholder | 2.7% | 2026-03-31 |
| 松波 廣和 | Major shareholder | 2.6% | 2026-03-31 |
| 松波 香代子 | Major shareholder | 2.6% | 2026-03-31 |
| 永井 美香 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社三共 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第52期(2025/04/01－2026/03/31) | S100YHFR | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHFR,, |
| 有価証券報告書－第51期(2024/04/01－2025/03/31) | S100W51N | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W51N,, |
| 訂正有価証券報告書－第50期(2023/04/01－2024/03/31) | S100U14X | 2024-07-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U14X,, |
| 有価証券報告書－第49期(2022/04/01－2023/03/31) | S100R9UB | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9UB,, |
| 有価証券報告書－第48期(令和3年4月1日－令和4年3月31日) | S100OM34 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OM34,, |
| 有価証券報告書－第47期(令和2年4月1日－令和3年3月31日) | S100LVKC | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVKC,, |

## 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).