# MARUHACHI HOLDINGS 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14期(2025/04/01－2026/03/31) (S100YLPB)
> Page: https://vizora.meequs.com/en/company/maruhachi-holdings
> Retrieved: 2026-09-30T19:13:44.176Z

## Company

Maruhachi Holdings, founded in 2012, is a company in Real Estate Development & Leasing listed on Nagoya. It has 638 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MARUHACHI HOLDINGS CO., LTD. |
| Ticker | 3504 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3504.T) |
| Listing | Nagoya |
| Head office | 神奈川県横浜市港北区新横浜三丁目8番地12 |
| Representative (per filing) | 代表取締役社長 樋口 宗夫 |
| Founded | Apr 2012 |
| Share capital | ¥100M |
| Employees (consolidated) | 638 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | www.maruhachi.co.jp (https://www.maruhachi.co.jp/) |
| Corporate number | 7020001095089 |
| EDINET | E32204 |
| Industries (Vizora) | Real Estate Development & Leasing, Furniture, Interior & Lifestyle Goods |

> Profile source: annual securities report (S100YLPB, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Furniture, Interior & Lifestyle Goods (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 17.9 | 14 |
| Profitability | 80.6 | 18 |
| Cash conversion | 55.9 | 17 |
| Efficiency | 2.8 | 18 |

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 90% of Maruhachi Holdings's sales come from Bedding and home furnishing products business, with Real estate leasing business making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed -0.4% from the prior year, operating profit +14.0%.

## Company structure

- Segment revenue mix: Bedding and home furnishing products business 90.2%、Real estate leasing business 9.8%
- Revenue → net income: ¥11836912000 → ¥3705749000
- Net income → operating cash flow: ¥3705749000 → ¥1582054000（difference ¥-2123695000）
- Main uses of operating cash flow: CapEx ¥338659000 / dividends ¥464925000 / buybacks —
- Change in cash: ¥-3286126000
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 | ¥11.8B |  |
| Operating income | ¥1.55B | Margin 13.1% |
| Net income | ¥3.71B | Margin 31.3% |
| Free cash flow | ¥1.24B |  |
| Largest business | Bedding and home furnishing products business | of segment revenue 90.2% |
| Employees (consolidated) | 638 |  |
| EPS | ¥38.06 |  |
| Book value per share | ¥2458.98 |  |
| Equity ratio | 73.5% |  |
| Shares outstanding | 16,579,060 |  |
| Treasury shares | 1,081,500 |  |
| Shareholders | 1,957 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 18.5% | Cash ÷ revenue 123.2% |
| Vs. industry median margin | +8.8 pp | Furniture, Interior & Lifestyle Goods |
| ROE | 6.7% | Derived from disclosed figures |
| ROA | 4.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 71% of positive segment profit
- FY2026, employees -3% while operating income rose 14%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12816961000 | ¥11836912000 | -7.6% |
| Operating income | ¥1239739000 | ¥1552509000 | +25.2% |
| Operating margin | 9.7% | 13.1% | +3.4 pp |
| Employees | 849 people | 638 people | -24.9% |
| Cash and equivalents | ¥24939291000 | ¥14588950000 | -41.5% |

### 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 |
| --- | ---: |
| 寝具・リビング用品事業 → 寝具・リビング用品事業 | 90.2% |
| 寝具・リビング用品事業 → 事業再編・廃止 | 1.9% |
| 不動産賃貸事業 → 不動産賃貸事業 | 8.0% |
| 新設・再編 → 不動産賃貸事業 | 1.9% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,837 | 100.0% | S100YLPB |
| Cost of revenue | 4,044 | 34.2% | S100YLPB |
| Gross profit | 7,793 | 65.8% | S100YLPB |
| SG&A | 6,240 | 52.7% | S100YLPB |
| Operating income | 1,553 | 13.1% | S100YLPB |
| Ordinary income | 4,060 | 34.3% | S100YLPB |
| Pretax income | 5,070 | 42.8% | S100YLPB |
| Income tax | 1,364 | 11.5% | S100YLPB |
| Net income | 3,706 | 31.3% | S100YLPB |
| Net income attributable to owners | 3,706 | 31.3% | S100YLPB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 34 |
| SG&A | 53 |
| Operating income | 13 |
| (Ref.) Net income | 31 |

### Margin funnel

Gross margin 65.8% → Operating margin 13.1% → Net margin 31.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.4%; Core profit growth: +14.0%
Operating leverage (core profit growth ÷ revenue growth): -32.71×
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 | 11,888 | 11,837 | -51 | -0.4% |
| Gross profit | 7,870 | 7,793 | -77 | -1.0% |
| Operating income | 1,362 | 1,553 | 191 | +14.0% |
| Net income attributable to owners | 2,383 | 3,706 | 1,323 | +55.5% |
| Operating cash flow | 3,190 | 1,582 | -1,608 | -50.4% |
| Free cash flow | 2,961 | 1,243 | -1,718 | -58.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 13,575 | 799 | 5.9% | 495 | 2,825 | 2,064 | S100LL48 |
| FY ending Mar 2021 | 12,817 | 1,240 | 9.7% | 541 | 3,273 | 3,019 | S100ODOX |
| FY ending Mar 2022 | 12,323 | 1,689 | 13.7% | 1,576 | 2,578 | 1,997 | S100R5IS |
| FY ending Mar 2023 | 12,105 | 1,516 | 12.5% | 2,969 | 1,191 | 241 | S100TSIP |
| FY ending Mar 2024 | 11,830 | 1,434 | 12.1% | 2,328 | 2,337 | 1,223 | S100W7J5 |
| FY ending Mar 2025 | 11,888 | 1,362 | 11.5% | 2,383 | 3,190 | 2,961 | S100YLPB |
| FY ending Mar 2026 | 11,837 | 1,553 | 13.1% | 3,706 | 1,582 | 1,243 | S100YLPB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.6M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥5.8M |

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) | 779 | 717 | 668 | 661 | 638 |
| Average salary (parent company) | ¥5.5M | ¥4.9M | ¥5.5M | ¥6M | ¥5.2M |
| Average age (parent company) | 40.8 years | 42.1 years | 42.6 years | 40.6 years | 41.2 years |
| Average tenure (parent company) | 6.6 years | 7.7 years | 7.6 years | 8.9 years | 7.9 years |

Year over year: Employees (consolidated) -3.5% · Revenue (consolidated) -0.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Bedding and home furnishing products business | 10,673 | 90.2% | 1,480 | 13.9% |
| Real estate leasing business | 1,164 | 9.8% | 603 | 51.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Bedding and home furnishing products business | 90.2% | 71.1% | -19.1 | 13.9% |
| Real estate leasing business | 9.8% | 28.9% | 19.1 | 51.8% |

Segment → industry: Real estate leasing business → Real Estate Development & Leasing / Bedding and home furnishing products business → Furniture, Interior & Lifestyle Goods

## 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 | 1,582 | 13.4% | S100YLPB |
| Capital expenditure | 339 | 2.9% | S100YLPB |
| Free cash flow | 1,243 | 10.5% | 算出 |
| Investing cash flow | -8,071 | -68.2% | S100YLPB |
| Financing cash flow | 3,135 | 26.5% | S100YLPB |
| Dividends paid | 465 | 3.9% | S100YLPB |
| Change in cash | -3,286 | -27.8% | S100YLPB |
| Cash and equivalents | 14,589 | 123.2% | S100YLPB |

## 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 | 18,039 | 19,977 | 20,188 | 17,875 | 14,589 | S100TSIP, S100W7J5, S100YLPB |
| Total assets | 61,409 | 64,850 | 69,466 | 72,029 | 79,025 | S100R5IS, S100TSIP, S100W7J5, S100YLPB |
| Net assets | 47,394 | 49,671 | 53,380 | 55,148 | 58,104 | S100TSIP, S100W7J5, S100YLPB |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100R5IS, S100TSIP, S100W7J5, S100YLPB |
| Inventories | 1,173 | 1,665 | 1,717 | 1,648 | 1,608 | S100R5IS, S100TSIP, S100W7J5, S100YLPB |
| Property, plant and equipment | 17,843 | 18,273 | 18,921 | 18,439 | 18,218 | S100R5IS, S100TSIP, S100W7J5, S100YLPB |
| Intangible assets excluding goodwill | 18 | 14 | 14 | 16 | 16 | S100R5IS, S100TSIP, S100W7J5, S100YLPB |
| Investment securities | 4,614 | 9,259 | 15,331 | 23,727 | 26,522 | S100R5IS, S100TSIP, S100W7J5, S100YLPB |
| Current assets | 38,460 | 36,900 | 34,834 | 29,507 | 33,931 | S100R5IS, S100TSIP, S100W7J5, S100YLPB |
| Current liabilities | 8,090 | 5,555 | 5,227 | 10,733 | 3,854 | S100R5IS, S100TSIP, S100W7J5, S100YLPB |
| Trade payables | 265 | 319 | 242 | 259 | 264 | S100R5IS, S100TSIP, S100W7J5, S100YLPB |
| Long-term borrowings | 4,000 | 7,950 | 8,500 | 4,350 | 14,850 | S100R5IS, S100TSIP, S100W7J5, S100YLPB |
| Total liabilities | 14,015 | 15,178 | 16,086 | 16,881 | 20,922 | S100R5IS, S100TSIP, S100W7J5, S100YLPB |
| Non-controlling interests | 0 | 0 | — | — | — | S100R5IS, S100TSIP |
| Equity attributable to owners of parent | 47,809 | 50,313 | 52,175 | 54,093 | 57,334 | S100R5IS, S100TSIP, S100W7J5, S100YLPB |
| Retained earnings | 48,497 | 51,001 | 52,863 | 54,781 | 58,022 | S100R5IS, S100TSIP, S100W7J5, S100YLPB |
| Treasury stock | -2,216 | -2,216 | -2,216 | -2,216 | -2,216 | S100R5IS, S100TSIP, S100W7J5, S100YLPB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YLPB |
| Inventories | 2% | S100YLPB |
| Property, plant and equipment | 23% | S100YLPB |
| Intangibles and goodwill | 0% | S100YLPB |
| Investment securities | 34% | S100YLPB |
| Other assets | 23% | S100YLPB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100YLPB |
| Other liabilities | 26% | S100YLPB |
| Equity | 74% | S100YLPB |
| Other liabilities | 0% | S100YLPB |

### 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 | 61,409 | 64,850 | 69,466 | 72,029 | 79,025 |
| Equity | 47,394 | 49,671 | 53,380 | 55,148 | 58,104 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,039 | 19,977 | 20,188 | 17,875 | 14,589 |

## 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) | 153.9% | S100YLPB |
| Fixed assets ÷ total assets | 23.1% | S100YLPB |
| Goodwill ÷ parent equity | — | —, S100YLPB |

### 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) | 18.5% |
| Cash ÷ revenue | 123.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 101.9% |
| Cash vs. profit gap | -2,124 JPY mn (of net income -57.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 12.5% |
| Shareholder payments — dividends / FCF | 37.4% |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 510.2% |

## 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 | 12.8% | 0.20× | 2.6% | 1.28× | 3.3% | S100R5IS |
| 2023 | 24.5% | 0.19× | 4.7% | 1.29× | 6.1% | S100TSIP |
| 2024 | 19.7% | 0.18× | 3.5% | 1.31× | 4.5% | S100W7J5 |
| 2025 | 20.0% | 0.17× | 3.4% | 1.33× | 4.5% | S100YLPB |
| 2026 | 31.3% | 0.16× | 4.9% | 1.36× | 6.7% | S100YLPB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社洋大 | Major shareholder | 68.4% | 2026-03-31 |
| 株式会社静岡銀行 | Major shareholder | 3.4% | 2026-03-31 |
| 岡本 一八 | Major shareholder | 3.2% | 2026-03-31 |
| 岡本 八大 | Major shareholder | 3.1% | 2026-03-31 |
| 小林 茂 | Major shareholder | 1.7% | 2026-03-31 |
| 寺田 英司 | Major shareholder | 1.0% | 2026-03-31 |
| 株式会社８１２８ | Major shareholder | 0.7% | 2026-03-31 |
| 内藤 征吾 | Major shareholder | 0.7% | 2026-03-31 |
| 間瀬 久吉 | Major shareholder | 0.4% | 2026-03-31 |
| 稲垣 健一 | Major shareholder | 0.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2025/04/01－2026/03/31) | S100YLPB | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLPB,, |
| 有価証券報告書－第13期(2024/04/01－2025/03/31) | S100W7J5 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7J5,, |
| 有価証券報告書－第12期(2023/04/01－2024/03/31) | S100TSIP | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSIP,, |
| 有価証券報告書－第11期(2022/04/01－2023/03/31) | S100R5IS | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5IS,, |
| 有価証券報告書－第10期(令和3年4月1日－令和4年3月31日) | S100ODOX | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODOX,, |
| 有価証券報告書－第9期(令和2年4月1日－令和3年3月31日) | S100LL48 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL48,, |

## 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).