# mbs,inc.: business model and financials

> Latest period: FY ending May 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第29期(2025/06/01－2026/05/31) (S100YYQB)
> Page: https://vizora.meequs.com/en/company/mbs
> Retrieved: 2026-09-30T18:55:11.671Z

## Company

mbs, founded in 1997, is a company in Homebuilders listed on TSE Growth. It has 103 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | mbs,inc. |
| Ticker | 1401 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1401.T) |
| Listing | TSE Growth |
| Head office | 山口県宇部市西岐波1173番地162 |
| Representative (per filing) | 代表取締役社長 山本貴士 |
| Founded | Jun 1997 |
| Share capital | ¥391.3M |
| Employees (consolidated) | 103 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | May |
| Website | www.homemakeup.co.jp (https://www.homemakeup.co.jp/) |
| Corporate number | 9250001004074 |
| EDINET | E00323 |
| Industries (Vizora) | Homebuilders, General Contractors |

> Profile source: annual securities report (S100YYQB, filed 2026-08-26). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 74.4 | 84 |
| Profitability | 94 | 92 |
| Cash conversion | 66.5 | 91 |
| Efficiency | 48.4 | 92 |

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 96% of mbs's sales come from Home makeup, with Construction work and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +6.7% from the prior year, operating profit +15.3%.

## Company structure

- Segment revenue mix: Home makeup 95.5%、Construction work 3.7%、Other 0.8%
- Revenue → net income: ¥5029712000 → ¥566901000
- Net income → operating cash flow: ¥566901000 → ¥723581000（difference ¥156680000）
- Main uses of operating cash flow: CapEx ¥20939000 / dividends ¥92715000 / buybacks ¥269036000
- Change in cash: ¥589566000
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 | ¥5.03B |  |
| Operating income | ¥721.9M | Margin 14.4% |
| Net income | ¥566.9M | Margin 11.3% |
| Free cash flow | ¥702.6M |  |
| Largest business | Home makeup | of segment revenue 95.5% |
| Employees (consolidated) | 103 |  |
| EPS | ¥81.07 |  |
| Book value per share | ¥559.86 |  |
| Equity ratio | 75.9% |  |
| Shares outstanding | 7,732,000 |  |
| Treasury shares | 800,000 |  |
| Shareholders | 2,308 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 47.3% | Cash ÷ revenue 48.1% |
| Vs. industry median margin | +7.5 pp | General Contractors |
| ROE | 15.0% | Derived from disclosed figures |
| ROA | 11.3% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.9× dividends
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 47% of total assets

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3439594000 | ¥5029712000 | +46.2% |
| Operating income | ¥243108000 | ¥721863000 | +196.9% |
| Operating margin | 7.1% | 14.4% | +7.3 pp |
| Employees | 107 people | 103 people | -3.7% |
| Cash and equivalents | ¥1403477000 | ¥2416980000 | +72.2% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ホームメイキャップ事業 → ホームメイキャップ事業 | 90.7% |
| 建築工事業 → 建築工事業 | 3.7% |
| 建築工事業 → 事業再編・廃止 | 4.3% |
| その他 → その他 | 0.8% |
| その他 → 事業再編・廃止 | 0.5% |
| 新設・再編 → ホームメイキャップ事業 | 4.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Home makeup | 5 years | +9.0% | ¥4803527000 | 20.5% | 2 |
| Construction work | 5 years | -7.4% | ¥188081000 | 1.4% | 2 |
| Other | 5 years | -2.9% | ¥38103000 | 5.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,030 | 100.0% | S100YYQB |
| Cost of revenue | 3,407 | 67.7% | S100YYQB |
| Gross profit | 1,622 | 32.3% | S100YYQB |
| SG&A | 900 | 17.9% | S100YYQB |
| Operating income | 722 | 14.4% | S100YYQB |
| Ordinary income | 946 | 18.8% | S100YYQB |
| Pretax income | 801 | 15.9% | S100YYQB |
| Income tax | 235 | 4.7% | S100YYQB |
| Net income | 567 | 11.3% | S100YYQB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 18 |
| Operating income | 14 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 32.3% → Operating margin 14.4% → Net margin 11.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.7%; Core profit growth: +15.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.28×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,713 | 5,030 | 317 | +6.7% |
| Gross profit | 1,490 | 1,622 | 132 | +8.9% |
| Operating income | 626 | 722 | 96 | +15.3% |
| Operating cash flow | 568 | 724 | 156 | +27.4% |
| Free cash flow | 467 | 703 | 236 | +50.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 3,346 | 284 | 8.5% | 227 | 474 | 456 | S100MCUA |
| FY ending May 2021 | 3,440 | 243 | 7.1% | 287 | -2 | -12 | S100P3Q1 |
| FY ending May 2022 | 4,030 | 440 | 10.9% | 326 | 233 | 166 | S100RRRN |
| FY ending May 2023 | 4,004 | 433 | 10.8% | 323 | 54 | 32 | S100UA2Q |
| FY ending May 2024 | 4,357 | 495 | 11.4% | 404 | 548 | 477 | S100WUBZ |
| FY ending May 2025 | 4,713 | 626 | 13.3% | 472 | 568 | 467 | S100YYQB |
| FY ending May 2026 | 5,030 | 722 | 14.4% | 567 | 724 | 703 | S100YYQB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.8M |
| Operating income per employee (consolidated) | ¥7M |
| Net income per employee (consolidated) | ¥5.5M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 104 | 91 | 86 | 94 | 103 |
| Average salary (parent company) | ¥4.4M | ¥4.3M | ¥4.8M | ¥5.3M | ¥5.6M |
| Average age (parent company) | 32.3 years | 34.2 years | 35.1 years | 35.4 years | 34.5 years |
| Average tenure (parent company) | 6.7 years | 8.2 years | 9.1 years | 9.1 years | 8.8 years |

Year over year: Employees (consolidated) +9.6% · Revenue (consolidated) +6.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Home makeup | 4,804 | 95.5% | 983 | 20.5% |
| Construction work | 188 | 3.7% | 3 | 1.4% |
| Other | 38 | 0.8% | 2 | 5.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Home makeup | 95.5% | 99.5% | 4.0 | 20.5% |
| Construction work | 3.7% | 0.3% | -3.5 | 1.4% |
| Other | 0.8% | 0.2% | -0.6 | 5.1% |

Segment → industry: Construction work → Homebuilders / Construction work → General Contractors / Home makeup → General Contractors

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 724 | 14.4% | S100YYQB |
| Capital expenditure | 21 | 0.4% | S100YYQB |
| Free cash flow | 703 | 14.0% | 算出 |
| Investing cash flow | 228 | 4.5% | S100YYQB |
| Financing cash flow | -364 | -7.2% | S100YYQB |
| Dividends paid | 93 | 1.8% | S100YYQB |
| Share buyback | 269 | 5.3% | S100YYQB |
| Change in cash | 590 | 11.7% | S100YYQB |
| Cash and equivalents | 2,417 | 48.1% | S100YYQB |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,484 | 1,424 | 1,537 | 1,827 | 2,417 | S100UA2Q, S100WUBZ, S100YYQB |
| Total assets | 3,841 | 4,132 | 4,408 | 4,878 | 5,112 | S100RRRN, S100UA2Q, S100WUBZ, S100YYQB |
| Net assets | 2,983 | 3,225 | 3,473 | 3,697 | 3,881 | S100UA2Q, S100WUBZ, S100YYQB |
| Share capital | 391 | 391 | 391 | 391 | 391 | S100RRRN, S100UA2Q, S100WUBZ, S100YYQB |
| Property, plant and equipment | 167 | 152 | 185 | 253 | 243 | S100RRRN, S100UA2Q, S100WUBZ, S100YYQB |
| Intangible assets excluding goodwill | 31 | 19 | 32 | 13 | 12 | S100RRRN, S100UA2Q, S100WUBZ, S100YYQB |
| Investment securities | 304 | 315 | 121 | 378 | 444 | S100RRRN, S100UA2Q, S100WUBZ, S100YYQB |
| Current assets | 2,589 | 2,873 | 3,037 | 3,290 | 3,651 | S100RRRN, S100UA2Q, S100WUBZ, S100YYQB |
| Current liabilities | 855 | 904 | 921 | 1,170 | 1,214 | S100RRRN, S100UA2Q, S100WUBZ, S100YYQB |
| Total liabilities | 858 | 907 | 935 | 1,182 | 1,231 | S100RRRN, S100UA2Q, S100WUBZ, S100YYQB |
| Equity attributable to owners of parent | 2,958 | 3,191 | 3,441 | 3,681 | 3,887 | S100RRRN, S100UA2Q, S100WUBZ, S100YYQB |
| Retained earnings | 2,218 | 2,502 | 2,861 | 3,275 | 3,749 | S100RRRN, S100UA2Q, S100WUBZ, S100YYQB |
| Treasury stock | -52 | -103 | -212 | -385 | -654 | S100RRRN, S100UA2Q, S100WUBZ, S100YYQB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100YYQB |
| Property, plant and equipment | 5% | S100YYQB |
| Intangibles and goodwill | 0% | S100YYQB |
| Investment securities | 9% | S100YYQB |
| Other assets | 39% | S100YYQB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100YYQB |
| Equity | 76% | S100YYQB |
| Other liabilities | 0% | S100YYQB |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,841 | 4,132 | 4,408 | 4,878 | 5,112 |
| Equity | 2,983 | 3,225 | 3,473 | 3,697 | 3,881 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,484 | 1,424 | 1,537 | 1,827 | 2,417 |

## 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) | 4.8% | S100YYQB |
| Fixed assets ÷ total assets | 4.7% | S100YYQB |
| Goodwill ÷ parent equity | — | —, S100YYQB |

### 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) | 47.3% |
| Cash ÷ revenue | 48.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 100.2% |
| Cash vs. profit gap | 157 JPY mn (of net income 27.6%) |
| Shareholder returns / net income | 63.8% |
| Shareholder returns / FCF | 51.5% |
| Shareholder payments — dividends / net income | 16.4% |
| Shareholder payments — dividends / FCF | 13.2% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 31.6% |

## 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 | 8.1% | 1.05× | 8.5% | 1.30× | 11.0% | S100RRRN |
| 2023 | 8.1% | 1.00× | 8.1% | 1.30× | 10.5% | S100UA2Q |
| 2024 | 9.3% | 1.02× | 9.5% | 1.29× | 12.2% | S100WUBZ |
| 2025 | 10.0% | 1.01× | 10.2% | 1.30× | 13.3% | S100YYQB |
| 2026 | 11.3% | 1.01× | 11.3% | 1.32× | 15.0% | S100YYQB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山本 貴士 | Major shareholder | 30.3% | 2026-05-31 |
| 極東ホールディングス株式会社 | Major shareholder | 15.9% | 2026-05-31 |
| 鳴本 聡一郎 | Major shareholder | 5.2% | 2026-05-31 |
| エムビーエス従業員持株会 | Major shareholder | 4.3% | 2026-05-31 |
| 松岡 弘晃 | Major shareholder | 2.0% | 2026-05-31 |
| 山本 朋子 | Major shareholder | 1.9% | 2026-05-31 |
| 原 真也 | Major shareholder | 1.7% | 2026-05-31 |
| 井野口 房雄 | Major shareholder | 1.7% | 2026-05-31 |
| BBH (LUX)FOR MUFG GLOBAL FUND SICAV － MUFG JAPAN EQUITY SMALL CAP FUND(常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 1.6% | 2026-05-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 1.1% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2025/06/01－2026/05/31) | S100YYQB | 2026-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYQB,, |
| 訂正有価証券報告書－第28期(2024/06/01－2025/05/31) | S100WUBZ | 2025-10-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WUBZ,, |
| 有価証券報告書－第27期(2023/06/01－2024/05/31) | S100UA2Q | 2024-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UA2Q,, |
| 有価証券報告書－第26期(2022/06/01－2023/05/31) | S100RRRN | 2023-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RRRN,, |
| 有価証券報告書－第25期(令和3年6月1日－令和4年5月31日) | S100P3Q1 | 2022-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3Q1,, |
| 有価証券報告書－第24期(令和2年6月1日－令和3年5月31日) | S100MCUA | 2021-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCUA,, |

## 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).