# MATSUI SECURITIES CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第110期(2025/04/01－2026/03/31) (S100YFPS)
> Page: https://vizora.meequs.com/en/company/matsui-securities
> Retrieved: 2026-09-30T19:07:55.113Z

## Company

Matsui Securities, founded in 1931, is a company in Securities & Asset Management listed on TSE Prime. It has 227 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MATSUI SECURITIES CO., LTD. |
| Ticker | 8628 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8628.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区麹町一丁目4番地 |
| Representative (per filing) | 代表取締役社長執行役員 和里田 聰 |
| Founded | Mar 1931 |
| Share capital | ¥11.9B |
| Employees (consolidated) | 227 |
| Average salary (parent only) | ¥11.5M |
| Fiscal year end | March |
| Website | www.matsui.co.jp (https://www.matsui.co.jp/) |
| Corporate number | 2010001057425 |
| EDINET | E03807 |
| Industries (Vizora) | Securities & Asset Management |

> Profile source: annual securities report (S100YFPS, filed 2026-06-22). As of filing

## Key points (generated from figures)

- Matsui Securities brought in ¥52.7B in revenue.
- Out of every ¥100 of sales, about ¥45 is left as operating profit.
- Revenue changed +34.3% from the prior year, operating profit +50.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥52660000000 → ¥15480000000
- Net income → operating cash flow: ¥15480000000 → ¥3468000000（difference ¥-12012000000）
- Main uses of operating cash flow: CapEx ¥4031000000 / dividends ¥11070000000 / buybacks —
- Change in cash: ¥31000000
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 | ¥52.7B |  |
| Operating income | ¥23.5B | Margin 44.6% |
| Net income | ¥15.5B | Margin 29.4% |
| Free cash flow | -¥563M |  |
| Employees (consolidated) | 227 |  |
| EPS | ¥60.11 |  |
| Diluted EPS | ¥59.96 |  |
| Book value per share | ¥318.39 |  |
| Equity ratio | 6.1% |  |
| Shares outstanding | 259,264,702 |  |
| Treasury shares | 1,669,900 |  |
| Shareholders | 62,874 |  |
| Average salary (parent only) | ¥11.5M | Filing company only |
| Cash ratio | 6.0% | Cash ÷ revenue 155.2% |
| Vs. industry median margin | +23.8 pp | Securities & Asset Management |
| ROE | 19.9% | Derived from disclosed figures |
| ROA | 1.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating income keeps 45 per ¥100 of revenue
- FY2026, parent-company salary changed +26% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥30082000000 | ¥52660000000 | +75.1% |
| Operating income | ¥12827000000 | ¥23462000000 | +82.9% |
| Operating margin | 42.6% | 44.6% | +1.9 pp |
| Employees | 154 people | 227 people | +47.4% |
| Cash and equivalents | ¥59798000000 | ¥81748000000 | +36.7% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 52,660 | 100.0% | S100YFPS |
| SG&A | 25,625 | 48.7% | S100YFPS |
| Operating income | 23,462 | 44.6% | S100YFPS |
| Ordinary income | 23,813 | 45.2% | S100YFPS |
| Pretax income | 22,154 | 42.1% | S100YFPS |
| Income tax | 6,674 | 12.7% | S100YFPS |
| Net income | 15,480 | 29.4% | S100YFPS |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 55 |
| Operating income | 45 |
| (Ref.) Net income | 29 |

### Margin funnel

Operating margin 44.6% → Net margin 29.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +34.3%; Core profit growth: +50.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.46×
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 | 39,204 | 52,660 | 13,456 | +34.3% |
| Operating income | 15,636 | 23,462 | 7,826 | +50.1% |
| Operating cash flow | -43,362 | 3,468 | 46,830 | — |
| Free cash flow | -47,028 | -563 | 46,465 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 24,150 | 8,909 | 36.9% | 6,136 | 60,195 | 57,891 | S100TMKM |
| FY ending Mar 2021 | 30,082 | 12,827 | 42.6% | 10,283 | -111,926 | -114,993 | S100W2C3 |
| FY ending Mar 2022 | 30,388 | 12,772 | 42.0% | 11,439 | 50,821 | 47,514 | S100YFPS |
| FY ending Mar 2023 | 29,605 | 11,349 | 38.3% | 7,823 | -15,530 | -18,993 | S100YFPS |
| FY ending Mar 2024 | 36,801 | 15,165 | 41.2% | 9,790 | -5,916 | -11,474 | S100YFPS |
| FY ending Mar 2025 | 39,204 | 15,636 | 39.9% | 10,501 | -43,362 | -47,028 | S100YFPS |
| FY ending Mar 2026 | 52,660 | 23,462 | 44.6% | 15,480 | 3,468 | -563 | S100YFPS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥232M |
| Operating income per employee (consolidated) | ¥103.4M |
| Net income per employee (consolidated) | ¥68.2M |

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) | 168 | 180 | 203 | 217 | 227 |
| Average salary (parent company) | ¥9.2M | ¥9.1M | ¥9.2M | ¥9.4M | ¥11.5M |
| Average age (parent company) | 39.6 years | 38.8 years | 37.9 years | 37.4 years | 37.3 years |
| Average tenure (parent company) | 12.0 years | 11.4 years | 10.7 years | 10.3 years | 9.7 years |

Year over year: Employees (consolidated) +4.6% · Revenue (consolidated) +34.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,468 | 6.6% | S100YFPS |
| Capital expenditure | 4,031 | 7.7% | S100YFPS |
| Free cash flow | -563 | -1.1% | 算出 |
| Investing cash flow | -6,317 | -12.0% | S100YFPS |
| Financing cash flow | 2,880 | 5.5% | S100YFPS |
| Dividends paid | 11,070 | 21.0% | S100YFPS |
| Change in cash | 31 | 0.1% | S100YFPS |
| Cash and equivalents | 81,748 | 155.2% | S100YFPS |

## 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 | 60,312 | 82,427 | 76,249 | 81,716 | 81,748 | S100TMKM, S100W2C3, S100YFPS |
| Total assets | 879,394 | 976,026 | 1,172,667 | 1,121,828 | 1,354,059 | S100QZ7C, S100TMKM, S100W2C3, S100YFPS |
| Net assets | 78,719 | 76,353 | 76,326 | 76,600 | 82,347 | S100TMKM, S100W2C3, S100YFPS |
| Share capital | 11,945 | 11,945 | 11,945 | 11,945 | 11,945 | S100QZ7C, S100TMKM, S100W2C3, S100YFPS |
| Property, plant and equipment | 1,264 | 1,365 | 1,806 | 1,675 | 1,792 | S100QZ7C, S100TMKM, S100W2C3, S100YFPS |
| Intangible assets excluding goodwill | 6,858 | 7,882 | 8,805 | 8,838 | 9,462 | S100QZ7C, S100TMKM, S100W2C3, S100YFPS |
| Investment securities | 2,008 | 2,886 | 6,649 | 7,698 | 11,044 | S100QZ7C, S100TMKM, S100W2C3, S100YFPS |
| Current assets | 866,742 | 961,244 | 1,152,453 | 1,100,470 | 1,327,362 | S100QZ7C, S100TMKM, S100W2C3, S100YFPS |
| Current liabilities | 797,420 | 896,189 | 1,091,878 | 1,040,508 | 1,265,517 | S100QZ7C, S100TMKM, S100W2C3, S100YFPS |
| Short-term borrowings | 167,850 | 219,900 | 238,900 | 302,950 | 316,900 | S100QZ7C, S100TMKM, S100W2C3, S100YFPS |
| Long-term borrowings | — | 150 | 50 | — | — | S100TMKM, S100W2C3 |
| Total liabilities | 800,675 | 899,673 | 1,096,342 | 1,045,228 | 1,271,712 | S100QZ7C, S100TMKM, S100W2C3, S100YFPS |
| Equity attributable to owners of parent | 78,466 | 76,092 | 75,663 | 75,469 | 79,976 | S100QZ7C, S100TMKM, S100W2C3, S100YFPS |
| Retained earnings | 58,364 | 55,902 | 55,403 | 55,095 | 59,500 | S100QZ7C, S100TMKM, S100W2C3, S100YFPS |
| Treasury stock | -1,642 | -1,557 | -1,490 | -1,375 | -1,262 | S100QZ7C, S100TMKM, S100W2C3, S100YFPS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YFPS |
| Property, plant and equipment | 0% | S100YFPS |
| Intangibles and goodwill | 1% | S100YFPS |
| Investment securities | 1% | S100YFPS |
| Other assets | 92% | S100YFPS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 94% | S100YFPS |
| Equity | 6% | S100YFPS |

### 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 | 879,394 | 976,026 | 1,172,667 | 1,121,828 | 1,354,059 |
| Equity | 78,719 | 76,353 | 76,326 | 76,600 | 82,347 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 60,312 | 82,427 | 76,249 | 81,716 | 81,748 |

## 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) | 3.4% | S100YFPS |
| Fixed assets ÷ total assets | 0.1% | S100YFPS |
| Goodwill ÷ parent equity | — | —, S100YFPS |

### 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) | 6.0% |
| Cash ÷ revenue | 155.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 14.8% |
| Cash vs. profit gap | -12,012 JPY mn (of net income -77.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 71.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.7% |
| Investing CF relative to operating CF | 182.2% |

## 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 | 37.6% | 0.03× | 1.3% | 11.21× | 14.6% | S100QZ7C, S100YFPS |
| 2023 | 26.4% | 0.03× | 0.8% | 12.00× | 10.1% | S100TMKM, S100YFPS |
| 2024 | 26.6% | 0.03× | 0.9% | 14.16× | 12.9% | S100W2C3, S100YFPS |
| 2025 | 26.8% | 0.03× | 0.9% | 15.18× | 13.9% | S100YFPS |
| 2026 | 29.4% | 0.04× | 1.3% | 15.93× | 19.9% | S100YFPS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社丸六 | Major shareholder | 37.5% | 2026-03-31 |
| 有限会社松興社 | Major shareholder | 13.9% | 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 | 7.5% | 2026-03-31 |
| 株式会社MamFive | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社MamOne | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社MamThree | 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 | 1.9% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 0.7% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781（常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第110期(2025/04/01－2026/03/31) | S100YFPS | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFPS,, |
| 有価証券報告書－第109期(2024/04/01－2025/03/31) | S100W2C3 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2C3,, |
| 有価証券報告書－第108期(2023/04/01－2024/03/31) | S100TMKM | 2024-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMKM,, |
| 有価証券報告書－第107期(2022/04/01－2023/03/31) | S100QZ7C | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ7C,, |
| 有価証券報告書－第106期(令和3年4月1日－令和4年3月31日) | S100OA8I | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA8I,, |
| 有価証券報告書－第105期(令和2年4月1日－令和3年3月31日) | S100LKST | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKST,, |

## 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).