# MATSUYA CO., LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第157期(2025/03/01－2026/02/28) (S100Y7R7)
> Page: https://vizora.meequs.com/en/company/matsuya
> Retrieved: 2026-09-30T20:25:46.197Z

## Company

Matsuya, founded in 1919, is a company in Real Estate Brokerage & Management listed on TSE Prime. It has 871 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MATSUYA CO., LTD. |
| Ticker | 8237 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8237.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区銀座三丁目6番1号 |
| Representative (per filing) | 代表取締役社長執行役員 古屋毅彦 |
| Founded | Mar 1919 |
| Share capital | ¥7.13B |
| Employees (consolidated) | 871 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | February |
| Website | www.matsuya.com (https://www.matsuya.com/) |
| Corporate number | 1010001034945 |
| EDINET | E03017 |
| Industries (Vizora) | Real Estate Brokerage & Management, Restaurants & Pubs, Department Stores |

> Profile source: annual securities report (S100Y7R7, filed 2026-06-01). As of filing

## Five-axis industry profile

Primary industry: Department Stores (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75 | 6 |
| Profitability | 64.3 | 7 |
| Cash conversion | 35.7 | 7 |
| Efficiency | 78.6 | 7 |

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 82% of Matsuya's sales come from Department, with Restaurant and Building total service and advertisement making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -5.0% from the prior year, operating profit -41.2%.

## Company structure

- Segment revenue mix: Department 82.5%、Restaurant 7.6%、Building total service and advertisement 5.2%、Other 4.7%
- Revenue → net income: ¥45706000000 → ¥2276000000
- Net income → operating cash flow: ¥2276000000 → ¥4722000000（difference ¥2446000000）
- Main uses of operating cash flow: CapEx ¥1537000000 / dividends ¥795000000 / buybacks ¥3999000000
- Change in cash: ¥833000000
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 | ¥45.7B |  |
| Operating income | ¥2.64B | Margin 5.8% |
| Net income | ¥2.19B | Margin 4.8% |
| Free cash flow | ¥3.19B |  |
| Largest business | Department | of segment revenue 82.5% |
| Employees (consolidated) | 871 |  |
| EPS | ¥24.55 |  |
| Book value per share | ¥460 |  |
| Equity ratio | 35.0% |  |
| Shares outstanding | 53,289,640 |  |
| Treasury shares | 2,605,400 |  |
| Shareholders | 11,270 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 6.2% | Cash ÷ revenue 10.3% |
| Vs. industry median margin | +0.4 pp | Department Stores |
| ROE | 9.7% | Derived from disclosed figures |
| ROA | 2.9% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 5.0× dividends
- FY2026, operating cash flow is 2.2× net income
- FY2026, one segment accounts for 81% of positive segment profit

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥52730000000 | ¥45706000000 | -13.3% |
| Operating income | ¥-3904000000 | ¥2636000000 | — |
| Operating margin | -7.4% | 5.8% | +13.2 pp |
| Employees | 891 people | 871 people | -2.2% |
| Cash and equivalents | ¥2965000000 | ¥4694000000 | +58.3% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 百貨店業 → 百貨店業 | 82.5% |
| 百貨店業 → 事業再編・廃止 | 6.9% |
| 飲食業 → 飲食業 | 5.1% |
| ビル総合サービス及び広告業 → ビル総合サービス及び広告業 | 4.4% |
| その他 → その他 | 1.1% |
| 新設・再編 → 飲食業 | 2.4% |
| 新設・再編 → ビル総合サービス及び広告業 | 0.8% |
| 新設・再編 → その他 | 3.6% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Department | 5 years | -4.4% | ¥37686000000 | 5.6% | 2 |
| Restaurant | 5 years | +5.0% | ¥3473000000 | 1.1% | 2 |
| Building total service and advertisement | 5 years | +0.6% | ¥2381000000 | 5.7% | 2 |
| Other | 5 years | +29.5% | ¥2165000000 | 15.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 45,706 | 100.0% | S100Y7R7 |
| Cost of revenue | 20,897 | 45.7% | S100Y7R7 |
| Gross profit | 24,809 | 54.3% | S100Y7R7 |
| SG&A | 22,172 | 48.5% | S100Y7R7 |
| Operating income | 2,636 | 5.8% | S100Y7R7 |
| Ordinary income | 2,600 | 5.7% | S100Y7R7 |
| Pretax income | 3,735 | 8.2% | S100Y7R7 |
| Income tax | 1,459 | 3.2% | S100Y7R7 |
| Net income | 2,276 | 5.0% | S100Y7R7 |
| Net income attributable to owners | 2,192 | 4.8% | S100Y7R7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 46 |
| SG&A | 48 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 54.3% → Operating margin 5.8% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -5.0%; Core profit growth: -41.2%
Operating leverage (core profit growth ÷ revenue growth): 8.22×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 48,120 | 45,706 | -2,414 | -5.0% |
| Gross profit | 25,971 | 24,809 | -1,162 | -4.5% |
| Operating income | 4,485 | 2,636 | -1,849 | -41.2% |
| Net income attributable to owners | 2,383 | 2,192 | -191 | -8.0% |
| Operating cash flow | 3,066 | 4,722 | 1,656 | +54.0% |
| Free cash flow | -1,447 | 3,185 | 4,632 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 89,859 | 963 | 1.1% | 856 | 1,536 | -1,377 | S100LEOW |
| FY ending Feb 2021 | 52,730 | -3,904 | -7.4% | -4,417 | -2,760 | -4,086 | S100O4Q0 |
| FY ending Feb 2022 | 65,039 | -2,280 | -3.5% | 1,000 | -1,247 | -1,984 | S100RB0T |
| FY ending Feb 2023 | 34,400 | 347 | 1.0% | 4,383 | 2,352 | -1,687 | S100THKV |
| FY ending Feb 2024 | 41,251 | 2,974 | 7.2% | 2,631 | 2,300 | -366 | S100VU7F |
| FY ending Feb 2025 | 48,120 | 4,485 | 9.3% | 2,383 | 3,066 | -1,447 | S100Y7R7 |
| FY ending Feb 2026 | 45,706 | 2,636 | 5.8% | 2,192 | 4,722 | 3,185 | S100Y7R7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52.5M |
| Operating income per employee (consolidated) | ¥3M |
| Net income per employee (consolidated) | ¥2.5M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 888 | 833 | 829 | 862 | 871 |
| Average salary (parent company) | ¥5.2M | ¥5.6M | ¥6.7M | ¥7.5M | ¥7.3M |
| Average age (parent company) | 45.0 years | 46.2 years | 46.9 years | 47.1 years | 47.5 years |
| Average tenure (parent company) | 20.6 years | 21.8 years | 22.4 years | 22.1 years | 21.9 years |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) -5.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Department | 37,686 | 82.5% | 2,128 | 5.6% |
| Restaurant | 3,473 | 7.6% | 39 | 1.1% |
| Building total service and advertisement | 2,381 | 5.2% | 136 | 5.7% |
| Other | 2,165 | 4.7% | 331 | 15.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Department | 82.5% | 80.8% | -1.7 | 5.6% |
| Restaurant | 7.6% | 1.5% | -6.1 | 1.1% |
| Building total service and advertisement | 5.2% | 5.2% | -0.0 | 5.7% |
| Other | 4.7% | 12.6% | 7.8 | 15.3% |

Segment → industry: Building total service and advertisement → Real Estate Brokerage & Management / Restaurant → Restaurants & Pubs / Department → Department Stores

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,722 | 10.3% | S100Y7R7 |
| Capital expenditure | 1,537 | 3.4% | S100Y7R7 |
| Free cash flow | 3,185 | 7.0% | 算出 |
| Investing cash flow | 143 | 0.3% | S100Y7R7 |
| Financing cash flow | -4,032 | -8.8% | S100Y7R7 |
| Dividends paid | 795 | 1.7% | S100Y7R7 |
| Share buyback | 3,999 | 8.7% | S100Y7R7 |
| Change in cash | 833 | 1.8% | S100Y7R7 |
| Cash and equivalents | 4,694 | 10.3% | S100Y7R7 |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,391 | 6,259 | 3,196 | 3,861 | 4,694 | S100THKV, S100VU7F, S100Y7R7 |
| Total assets | 54,262 | 63,888 | 68,874 | 76,107 | 76,138 | S100RB0T, S100THKV, S100VU7F, S100Y7R7 |
| Net assets | 18,007 | 22,849 | 26,816 | 29,200 | 27,478 | S100THKV, S100VU7F, S100Y7R7 |
| Share capital | 7,132 | 7,132 | 7,132 | 7,132 | 7,132 | S100RB0T, S100THKV, S100VU7F, S100Y7R7 |
| Trade receivables | 3,447 | 5,743 | 7,397 | 7,192 | 7,523 | S100RB0T, S100THKV, S100VU7F, S100Y7R7 |
| Inventories | 1,742 | 1,538 | 1,762 | 2,132 | 1,900 | S100RB0T, S100THKV, S100VU7F, S100Y7R7 |
| Property, plant and equipment | 28,746 | 31,596 | 32,350 | 35,271 | 35,318 | S100RB0T, S100THKV, S100VU7F, S100Y7R7 |
| Intangible assets excluding goodwill | 10,034 | 9,952 | 10,413 | 11,047 | 10,093 | S100RB0T, S100THKV, S100VU7F, S100Y7R7 |
| Goodwill | — | — | — | 735 | — | S100Y7R7 |
| Investment securities | 5,622 | 6,430 | 8,948 | 9,233 | 10,144 | S100RB0T, S100THKV, S100VU7F, S100Y7R7 |
| Current assets | 8,251 | 14,490 | 15,181 | 18,551 | 17,752 | S100RB0T, S100THKV, S100VU7F, S100Y7R7 |
| Current liabilities | 20,786 | 26,093 | 29,583 | 32,085 | 31,554 | S100RB0T, S100THKV, S100VU7F, S100Y7R7 |
| Trade payables | 5,713 | 9,668 | 11,528 | 11,434 | 10,575 | S100RB0T, S100THKV, S100VU7F, S100Y7R7 |
| Short-term borrowings | 8,773 | 8,732 | 10,427 | 11,805 | 11,451 | S100RB0T, S100THKV, S100VU7F, S100Y7R7 |
| Long-term borrowings | 11,193 | 10,330 | 7,615 | 9,978 | 11,245 | S100RB0T, S100THKV, S100VU7F, S100Y7R7 |
| Total liabilities | 36,255 | 41,039 | 42,057 | 46,907 | 48,660 | S100RB0T, S100THKV, S100VU7F, S100Y7R7 |
| Non-controlling interests | 759 | 785 | 863 | 937 | 841 | S100RB0T, S100THKV, S100VU7F, S100Y7R7 |
| Equity attributable to owners of parent | 15,499 | 19,675 | 22,041 | 23,866 | 21,311 | S100RB0T, S100THKV, S100VU7F, S100Y7R7 |
| Retained earnings | 3,253 | 7,429 | 9,795 | 11,620 | 13,016 | S100RB0T, S100THKV, S100VU7F, S100Y7R7 |
| Treasury stock | -297 | -297 | -297 | -298 | -4,308 | S100RB0T, S100THKV, S100VU7F, S100Y7R7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100Y7R7 |
| Receivables | 10% | S100Y7R7 |
| Inventories | 3% | S100Y7R7 |
| Property, plant and equipment | 46% | S100Y7R7 |
| Intangibles and goodwill | 13% | S100Y7R7 |
| Investment securities | 13% | S100Y7R7 |
| Other assets | 9% | S100Y7R7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 14% | S100Y7R7 |
| Other liabilities | 50% | S100Y7R7 |
| Equity | 36% | S100Y7R7 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 54,262 | 63,888 | 68,874 | 76,107 | 76,138 |
| Equity | 18,007 | 22,849 | 26,816 | 29,200 | 27,478 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,391 | 6,259 | 3,196 | 3,861 | 4,694 |

## 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) | 77.3% | S100Y7R7 |
| Fixed assets ÷ total assets | 46.4% | S100Y7R7 |
| Goodwill ÷ parent equity | — | —, S100Y7R7 |

### 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) | 6.2% |
| Cash ÷ revenue | 10.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 179.1% |
| Cash vs. profit gap | 2,530 JPY mn (of net income 115.4%) |
| Shareholder returns / net income | 218.7% |
| Shareholder returns / FCF | 150.5% |
| Shareholder payments — dividends / net income | 36.3% |
| Shareholder payments — dividends / FCF | 25.0% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 3.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 1.5% | 1.20× | 1.8% | 3.50× | 6.5% | S100RB0T |
| 2023 | 12.7% | 0.58× | 7.4% | 3.36× | 24.9% | S100THKV |
| 2024 | 6.4% | 0.62× | 4.0% | 3.18× | 12.6% | S100VU7F |
| 2025 | 5.0% | 0.66× | 3.3% | 3.16× | 10.4% | S100Y7R7 |
| 2026 | 4.8% | 0.60× | 2.9% | 3.37× | 9.7% | S100Y7R7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱(信託口) | Major shareholder | 6.6% | 2026-02-28 |
| 松屋取引先持株会 | Major shareholder | 5.5% | 2026-02-28 |
| ㈱三菱ＵＦＪ銀行 | Major shareholder | 4.9% | 2026-02-28 |
| 東武鉄道㈱ | Major shareholder | 4.7% | 2026-02-28 |
| 東武シェアードサービス㈱ | Major shareholder | 4.6% | 2026-02-28 |
| ㈱みずほ銀行(常任代理人 ㈱日本カストディ銀行) | Major shareholder | 3.9% | 2026-02-28 |
| 松岡地所㈱ | Major shareholder | 3.0% | 2026-02-28 |
| ㈱オンワードホールディングス | Major shareholder | 2.6% | 2026-02-28 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 2.6% | 2026-02-28 |
| 三菱ＵＦＪ信託銀行㈱ | Major shareholder | 2.0% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第157期(2025/03/01－2026/02/28) | S100Y7R7 | 2026-06-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y7R7,, |
| 有価証券報告書－第156期(2024/03/01－2025/02/28) | S100VU7F | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VU7F,, |
| 有価証券報告書－第155期(2023/03/01－2024/02/29) | S100THKV | 2024-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THKV,, |
| 訂正有価証券報告書－第154期(2022/03/01－2023/02/28) | S100RB0T | 2023-07-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RB0T,, |
| 有価証券報告書－第153期(令和3年3月1日－令和4年2月28日) | S100O4Q0 | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4Q0,, |
| 有価証券報告書－第152期(令和2年3月1日－令和3年2月28日) | S100LEOW | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEOW,, |

## 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).