# MBK Co.,Ltd.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第102期(2024/11/01－2025/10/31) (S100YF2P)
> Page: https://vizora.meequs.com/en/company/mbk
> Retrieved: 2026-09-30T19:41:58.775Z

## Company

MBK, founded in 1947, is a company in Investment Funds listed on TSE Standard. It has 2 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MBK Co.,Ltd. |
| Ticker | 3121 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3121.T) |
| Listing | TSE Standard |
| Head office | 東京都港区西麻布3丁目3番1号 |
| Representative (per filing) | 代表取締役社長兼CEO 髙﨑 正年 |
| Founded | Mar 1947 |
| Share capital | ¥3.57B |
| Employees (consolidated) | 2 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | October |
| Website | www.mbkworld.co.jp (https://www.mbkworld.co.jp/) |
| Corporate number | 7010001101599 |
| EDINET | E00545 |
| Industries (Vizora) | Investment Funds |

> Profile source: annual securities report (S100YF2P, filed 2026-06-19). As of filing

## Key points (generated from figures)

- MBK brought in ¥3.38B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -23.9% from the prior year, operating profit -12.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.38B |  |
| Operating income | ¥285.2M | Margin 8.4% |
| Net income | -¥85.8M | Margin -2.5% |
| Free cash flow | ¥1.41B |  |
| Employees (consolidated) | 2 |  |
| EPS | ¥-2.58 |  |
| Book value per share | ¥150.49 |  |
| Equity ratio | 30.1% |  |
| Shares outstanding | 31,806,000 |  |
| Treasury shares | 720,000 |  |
| Shareholders | 12,855 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 9.4% | Cash ÷ revenue 42.7% |
| Vs. industry median margin | -1.3 pp | Investment Funds |
| ROA | -0.5% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 2.5× dividends

## What changed in 2 years

| Metric | FY ending Mar 2023 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4352285000 | ¥3383239000 | -22.3% |
| Operating income | ¥355884000 | ¥285230000 | -19.9% |
| Operating margin | 8.2% | 8.4% | +0.3 pp |
| Employees | 19 people | 2 people | -89.5% |
| Cash and equivalents | ¥1133431000 | ¥1445362000 | +27.5% |

### Change in segment revenue mix

Span: FY ending Mar 2023 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| マーチャント・バンキング事業 → 事業再編・廃止 | 85.7% |
| オペレーション事業 → 事業再編・廃止 | 14.3% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,383 | 100.0% | S100YF2P |
| Cost of revenue | 2,594 | 76.7% | S100YF2P |
| Gross profit | 790 | 23.3% | S100YF2P |
| SG&A | 504 | 14.9% | S100YF2P |
| Operating income | 285 | 8.4% | S100YF2P |
| Ordinary income | -32 | -0.9% | S100YF2P |
| Pretax income | -82 | -2.4% | S100YF2P |
| Income tax | 4 | 0.1% | S100YF2P |
| Net income | -86 | -2.5% | S100YF2P |
| Net income attributable to owners | -86 | -2.5% | S100YF2P |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 15 |
| Operating income | 8 |
| (Ref.) Net income | -3 |

### Margin funnel

Gross margin 23.3% → Operating margin 8.4% → Net margin -2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -23.9%; Core profit growth: -12.6%
Operating leverage (core profit growth ÷ revenue growth): 0.53×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,447 | 3,383 | -1,064 | -23.9% |
| Gross profit | 1,072 | 790 | -282 | -26.3% |
| Operating income | 326 | 285 | -41 | -12.6% |
| Net income attributable to owners | 182 | -86 | -268 | -147.1% |
| Operating cash flow | 3,137 | 2,357 | -780 | -24.9% |
| Free cash flow | -2,322 | 1,412 | 3,734 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 4,352 | 356 | 8.2% | -66 | 2,896 | 936 | S100SP4V |
| FY ending Oct 2023 | 1,538 | -13 | -0.9% | 99 | -242 | -5,045 | S100V5TT |
| FY ending Oct 2024 | 4,447 | 326 | 7.3% | 182 | 3,137 | -2,322 | S100YF2P |
| FY ending Oct 2025 | 3,383 | 285 | 8.4% | -86 | 2,357 | 1,412 | S100YF2P |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥1.69B |
| Operating income per employee (consolidated) | ¥142.6M |
| Net income per employee (consolidated) | -¥42.9M |

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

| History | FY ending Mar 2023 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 19 | 10 | 3 | 2 |
| Average salary (parent company) | — | ¥5.2M | ¥7.6M | ¥7.1M |
| Average age (parent company) | — | 47.0 years | 52.0 years | 52.0 years |
| Average tenure (parent company) | — | 5.6 years | 9.2 years | 12.2 years |

Year over year: Employees (consolidated) -33.3% · Revenue (consolidated) -23.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,357 | 69.7% | S100YF2P |
| Capital expenditure | 946 | 28.0% | S100YF2P |
| Free cash flow | 1,412 | 41.7% | 算出 |
| Investing cash flow | -1,303 | -38.5% | S100YF2P |
| Financing cash flow | -776 | -22.9% | S100YF2P |
| Dividends paid | 59 | 1.7% | S100YF2P |
| Share buyback | 147 | 4.3% | S100YF2P |
| Change in cash | 279 | 8.2% | S100YF2P |
| Cash and equivalents | 1,445 | 42.7% | S100YF2P |

## 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 2023 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,133 | 872 | 1,167 | 1,445 | S100V5TT, S100YF2P |
| Total assets | 10,182 | 13,965 | 16,375 | 15,440 | S100SP4V, S100V5TT, S100YF2P |
| Net assets | 3,932 | 4,029 | 4,177 | 4,653 | S100V5TT, S100YF2P |
| Share capital | 3,190 | 3,190 | 3,190 | 3,574 | S100SP4V, S100V5TT, S100YF2P |
| Trade receivables | 88 | 4 | 9 | 4 | S100SP4V, S100V5TT, S100YF2P |
| Property, plant and equipment | 7,763 | 11,801 | 13,346 | 12,709 | S100SP4V, S100V5TT, S100YF2P |
| Intangible assets excluding goodwill | 192 | 179 | 3 | 3 | S100SP4V, S100V5TT, S100YF2P |
| Investment securities | 91 | 34 | 69 | 64 | S100SP4V, S100V5TT, S100YF2P |
| Current assets | 1,914 | 1,516 | 2,379 | 2,261 | S100SP4V, S100V5TT, S100YF2P |
| Current liabilities | 549 | 518 | 669 | 550 | S100SP4V, S100V5TT, S100YF2P |
| Trade payables | 30 | 9 | 0 | 0 | S100SP4V, S100V5TT, S100YF2P |
| Long-term borrowings | 5,649 | 9,307 | 11,386 | 10,105 | S100SP4V, S100V5TT, S100YF2P |
| Total liabilities | 6,250 | 9,936 | 12,198 | 10,787 | S100SP4V, S100V5TT, S100YF2P |
| Equity attributable to owners of parent | 3,931 | 4,029 | 4,178 | 4,653 | S100SP4V, S100V5TT, S100YF2P |
| Retained earnings | -6 | 93 | 241 | 97 | S100SP4V, S100V5TT, S100YF2P |
| Treasury stock | -65 | -65 | -65 | -212 | S100SP4V, S100V5TT, S100YF2P |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YF2P |
| Receivables | 0% | S100YF2P |
| Property, plant and equipment | 82% | S100YF2P |
| Intangibles and goodwill | 0% | S100YF2P |
| Investment securities | 1% | S100YF2P |
| Other assets | 8% | S100YF2P |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100YF2P |
| Other liabilities | 70% | S100YF2P |
| Equity | 30% | S100YF2P |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 10,182 | 13,965 | 16,375 | 15,440 |
| Equity | 3,932 | 4,029 | 4,177 | 4,653 |
| Interest-bearing debt | — | — | — | — |
| Cash | 1,133 | 872 | 1,167 | 1,445 |

## 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) | 375.6% | S100YF2P |
| Fixed assets ÷ total assets | 82.3% | S100YF2P |
| Goodwill ÷ parent equity | — | —, S100YF2P |

### 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) | 9.4% |
| Cash ÷ revenue | 42.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 826.5% |
| Cash vs. profit gap | 2,443 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 14.6% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 4.2% |
| CapEx intensity (capex ÷ revenue) | 28.0% |
| Investing CF relative to operating CF | 55.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | — | —× | -0.6% | —× | — | S100SP4V |
| 2023 | 6.4% | 0.11× | 0.7% | 3.47× | 2.4% | S100V5TT |
| 2024 | 4.1% | 0.29× | 1.2% | 3.70× | 4.4% | S100YF2P |
| 2025 | — | —× | -0.5% | —× | — | S100YF2P |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| アートポートインベスト株式会社 | Major shareholder | 32.8% | 2025-10-31 |
| 株式会社ぽると | Major shareholder | 15.7% | 2025-10-31 |
| ＴＯＴＡＬ ＮＥＴＷＯＲＫ ＨＯＬＤＩＮＧＳ ＬＩＭＩＴＥＤ (常任代理人 三浦法律事務所 弁護士 寺田 昌弘) | Major shareholder | 14.8% | 2025-10-31 |
| ＰＨＩＬＬＩＰ ＳＥＣＵＲＩＴＩＥＳ（ＨＯＮＧ ＫＯＮＧ）ＬＩＭＩＴＥＤ(常任代理人 信田 淳) | Major shareholder | 2.9% | 2025-10-31 |
| 株式会社Ｃｏｌｏｒｓ Ｊａｐａｎ | Major shareholder | 2.1% | 2025-10-31 |
| ＫＧＩ ＡＳＩＡ ＬＩＭＩＴＥＤ－ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ(常任代理人 香港上海銀行東京支店) | Major shareholder | 1.1% | 2025-10-31 |
| 戸谷 松一 | Major shareholder | 1.0% | 2025-10-31 |
| 株式会社ケイ・アイ・シー | Major shareholder | 0.8% | 2025-10-31 |
| ＫＡＹ ＬＥＯ ＢＲＯＴＨＥＲＳ ＬＩＭＩＴＥＤ(常任代理人 山内 真澄) | Major shareholder | 0.6% | 2025-10-31 |
| 野村證券株式会社 | Major shareholder | 0.6% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第102期(2024/11/01－2025/10/31) | S100YF2P | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF2P,, |
| 有価証券報告書－第101期(2023/11/01－2024/10/31) | S100V5TT | 2025-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5TT,, |
| 有価証券報告書－第100期(2023/04/01－2023/10/31) | S100SP4V | 2024-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SP4V,, |

## 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).