# MEIHO ENTERPRISE CO.,LTD.: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第57期(2024/08/01－2025/07/31) (S100WXQ6)
> Page: https://vizora.meequs.com/en/company/meiho-enterprise
> Retrieved: 2026-09-30T18:28:13.203Z

## Company

Meiho Enterprise, founded in 1968, is a company in Non-life Insurance listed on TSE Standard. It has 151 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MEIHO ENTERPRISE Co.,Ltd. |
| Ticker | 8927 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8927.T) |
| Listing | TSE Standard |
| Head office | 東京都目黒区目黒二丁目10番11号 |
| Representative (per filing) | 代表取締役会長兼社長 矢吹 満 |
| Founded | Sep 1968 |
| Share capital | ¥614.4M |
| Employees (consolidated) | 151 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | July |
| Corporate number | 1013201016399 |
| EDINET | E04024 |
| Industries (Vizora) | Non-life Insurance, Real Estate Development & Leasing, Real Estate Brokerage & Management, General Contractors, Condominium Developers |

> Profile source: annual securities report (S100WXQ6, filed 2025-10-31). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78 | 75 |
| Profitability | 58.7 | 86 |
| Cash conversion | 59.1 | 82 |
| Efficiency | 80.8 | 86 |

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 Meiho Enterprise's sales come from Detached real estate, with Construction business and Real estate leasing making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +44.9% from the prior year, operating profit +44.1%.

## Company structure

- Segment revenue mix: Detached real estate 81.8%、Construction business 12.3%、Real estate leasing 5.4%、Other 0.3%、Real estate intermediary 0.2%
- Revenue → net income: ¥29796484000 → ¥1894341000
- Net income → operating cash flow: ¥1894341000 → ¥2894042000（difference ¥999701000）
- Main uses of operating cash flow: CapEx ¥62354000 / dividends ¥351630000 / buybacks —
- Change in cash: ¥1836058000
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 | ¥29.8B |  |
| Operating income | ¥3.37B | Margin 11.3% |
| Net income | ¥1.89B | Margin 6.4% |
| Free cash flow | ¥2.83B |  |
| Largest business | Detached real estate | of segment revenue 81.8% |
| Employees (consolidated) | 151 |  |
| EPS | ¥53.73 |  |
| Book value per share | ¥282 |  |
| Equity ratio | 32.7% |  |
| Shares outstanding | 30,539,000 |  |
| Treasury shares | 1,047,100 |  |
| Shareholders | 6,728 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 16.5% | Cash ÷ revenue 16.1% |
| Vs. industry median margin | +0.8 pp | Real Estate Development & Leasing |
| ROE | 21.6% | Derived from disclosed figures |
| ROA | 6.6% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.9× its level five years ago
- FY2025, one segment accounts for 96% of positive segment profit
- FY2025, employees -2% while operating income rose 44%

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9907392000 | ¥29796484000 | +200.8% |
| Operating income | ¥551819000 | ¥3373703000 | +511.4% |
| Operating margin | 5.6% | 11.3% | +5.8 pp |
| Employees | 75 people | 151 people | +101.3% |
| Cash and equivalents | ¥2277337000 | ¥4788761000 | +110.3% |

### Change in segment revenue mix

Span: FY ending Jul 2020 → FY ending Jul 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 不動産分譲事業 → 不動産分譲事業 | 75.6% |
| 不動産賃貸事業 → 不動産賃貸事業 | 5.4% |
| 不動産賃貸事業 → 事業再編・廃止 | 16.3% |
| 不動産仲介事業 → 不動産仲介事業 | 0.0% |
| 請負事業 → 請負事業 | 2.4% |
| その他 → その他 | 0.3% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 不動産分譲事業 | 6.2% |
| 新設・再編 → 不動産仲介事業 | 0.2% |
| 新設・再編 → 請負事業 | 9.9% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Detached real estate | 5 years | +26.6% | ¥24374864000 | 14.7% | 2 |
| Construction business | 5 years | +72.6% | ¥3667713000 | -2.2% | 2 |
| Real estate leasing | 5 years | -5.7% | ¥1597350000 | 0.1% | 2 |
| Other | 5 years | +23.7% | ¥102540000 | 95.4% | 2 |
| Real estate intermediary | 5 years | +104.7% | ¥54016000 | 97.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,796 | 100.0% | S100WXQ6 |
| Cost of revenue | 24,099 | 80.9% | S100WXQ6 |
| Gross profit | 5,697 | 19.1% | S100WXQ6 |
| SG&A | 2,324 | 7.8% | S100WXQ6 |
| Operating income | 3,374 | 11.3% | S100WXQ6 |
| Ordinary income | 2,684 | 9.0% | S100WXQ6 |
| Pretax income | 2,760 | 9.3% | S100WXQ6 |
| Income tax | 865 | 2.9% | S100WXQ6 |
| Net income | 1,894 | 6.4% | S100WXQ6 |
| Net income attributable to owners | 1,894 | 6.4% | S100WXQ6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 8 |
| Operating income | 11 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 19.1% → Operating margin 11.3% → Net margin 6.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +44.9%; Core profit growth: +44.1%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.98×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 20,562 | 29,796 | 9,234 | +44.9% |
| Gross profit | 4,552 | 5,697 | 1,145 | +25.2% |
| Operating income | 2,342 | 3,374 | 1,032 | +44.1% |
| Net income attributable to owners | 1,376 | 1,894 | 518 | +37.7% |
| Operating cash flow | -4,556 | 2,894 | 7,450 | — |
| Free cash flow | -4,621 | 2,832 | 7,453 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 10,638 | 448 | 4.2% | 138 | -1,539 | -1,539 | S100JZWT |
| FY ending Jul 2020 | 9,907 | 552 | 5.6% | 306 | 1,099 | 1,098 | S100MODX |
| FY ending Jul 2021 | 10,181 | 983 | 9.7% | 825 | 1,454 | 1,453 | S100PFGS |
| FY ending Jul 2022 | 11,161 | 1,116 | 10.0% | 640 | -1,888 | -1,956 | S100SSVE |
| FY ending Jul 2023 | 15,248 | 1,305 | 8.6% | 638 | -5,670 | -5,694 | S100ULUM |
| FY ending Jul 2024 | 20,562 | 2,342 | 11.4% | 1,376 | -4,556 | -4,621 | S100WXQ6 |
| FY ending Jul 2025 | 29,796 | 3,374 | 11.3% | 1,894 | 2,894 | 2,832 | S100WXQ6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥197.3M |
| Operating income per employee (consolidated) | ¥22.3M |
| Net income per employee (consolidated) | ¥12.5M |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 71 | 88 | 133 | 154 | 151 |
| Average salary (parent company) | ¥7M | ¥8M | ¥7.9M | ¥8.3M | ¥8.1M |
| Average age (parent company) | 39.6 years | 38.8 years | 34.2 years | 33.6 years | 33.4 years |
| Average tenure (parent company) | 8.3 years | 6.9 years | 5.9 years | 4.8 years | 4.3 years |

Year over year: Employees (consolidated) -1.9% · Revenue (consolidated) +44.9%

## Segments（FY ending Jul 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Detached real estate | 24,375 | 81.8% | 3,578 | 14.7% |
| Real estate leasing | 1,597 | 5.4% | 2 | 0.1% |
| Real estate intermediary | 54 | 0.2% | 53 | 97.9% |
| Construction business | 3,668 | 12.3% | -82 | -2.2% |
| Other | 103 | 0.3% | 98 | 95.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Detached real estate | 81.8% | 95.9% | 14.1 | 14.7% |
| Real estate leasing | 5.4% | 0.0% | -5.3 | 0.1% |
| Real estate intermediary | 0.2% | 1.4% | 1.2 | 97.9% |
| Construction business | 12.3% | — | — | -2.2% |
| Other | 0.3% | 2.6% | 2.3 | 95.4% |

Loss-making segment (excluded from profit shares): Construction business -82 JPY mn

Segment → industry: Other → Non-life Insurance / Detached real estate → Real Estate Development & Leasing / Real estate intermediary → Real Estate Brokerage & Management / Real estate leasing → Real Estate Brokerage & Management / Construction business → General Contractors / Detached real estate → Condominium Developers

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,894 | 9.7% | S100WXQ6 |
| Capital expenditure | 62 | 0.2% | S100WXQ6 |
| Free cash flow | 2,832 | 9.5% | 算出 |
| Investing cash flow | 287 | 1.0% | S100WXQ6 |
| Financing cash flow | -1,345 | -4.5% | S100WXQ6 |
| Dividends paid | 352 | 1.2% | S100WXQ6 |
| Change in cash | 1,836 | 6.2% | S100WXQ6 |
| Cash and equivalents | 4,789 | 16.1% | S100WXQ6 |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,382 | 3,500 | 3,438 | 2,953 | 4,789 | S100SSVE, S100ULUM, S100WXQ6 |
| Total assets | 11,607 | 13,988 | 22,480 | 28,105 | 29,099 | S100PFGS, S100SSVE, S100ULUM, S100WXQ6 |
| Net assets | 5,085 | 5,530 | 7,006 | 7,990 | 9,527 | S100SSVE, S100ULUM, S100WXQ6 |
| Share capital | 100 | 100 | 614 | 614 | 614 | S100PFGS, S100SSVE, S100ULUM, S100WXQ6 |
| Property, plant and equipment | 598 | 646 | 1,860 | 2,288 | 2,007 | S100PFGS, S100SSVE, S100ULUM, S100WXQ6 |
| Intangible assets excluding goodwill | 0 | 5 | 19 | 21 | 21 | S100PFGS, S100SSVE, S100ULUM, S100WXQ6 |
| Investment securities | 37 | 20 | 17 | 18 | 33 | S100PFGS, S100SSVE, S100ULUM, S100WXQ6 |
| Current assets | 10,686 | 12,980 | 20,219 | 25,301 | 26,639 | S100PFGS, S100SSVE, S100ULUM, S100WXQ6 |
| Current liabilities | 2,247 | 4,020 | 8,916 | 10,633 | 12,474 | S100PFGS, S100SSVE, S100ULUM, S100WXQ6 |
| Trade payables | — | 279 | 749 | 1,072 | 1,246 | S100SSVE, S100ULUM, S100WXQ6 |
| Short-term borrowings | 488 | 885 | 1,817 | 2,013 | 2,669 | S100PFGS, S100SSVE, S100ULUM, S100WXQ6 |
| Long-term borrowings | 4,025 | 4,212 | 6,192 | 9,149 | 6,830 | S100PFGS, S100SSVE, S100ULUM, S100WXQ6 |
| Bonds | 32 | 16 | — | — | — | S100PFGS, S100SSVE |
| Interest-bearing debt | 4,544 | 5,113 | — | — | — | 算出 |
| Total liabilities | 6,522 | 8,457 | 15,474 | 20,114 | 19,572 | S100PFGS, S100SSVE, S100ULUM, S100WXQ6 |
| Non-controlling interests | 14 | — | — | — | — | S100PFGS |
| Equity attributable to owners of parent | 5,070 | 5,526 | 7,004 | 7,981 | 9,517 | S100PFGS, S100SSVE, S100ULUM, S100WXQ6 |
| Retained earnings | 3,855 | 4,306 | 4,755 | 5,733 | 7,273 | S100PFGS, S100SSVE, S100ULUM, S100WXQ6 |
| Treasury stock | -380 | -380 | -380 | -380 | -380 | S100PFGS, S100SSVE, S100ULUM, S100WXQ6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100WXQ6 |
| Property, plant and equipment | 7% | S100WXQ6 |
| Intangibles and goodwill | 0% | S100WXQ6 |
| Investment securities | 0% | S100WXQ6 |
| Other assets | 77% | S100WXQ6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100WXQ6 |
| Other liabilities | 63% | S100WXQ6 |
| Equity | 33% | S100WXQ6 |
| Other liabilities | 0% | S100WXQ6 |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 11,607 | 13,988 | 22,480 | 28,105 | 29,099 |
| Equity | 5,085 | 5,530 | 7,006 | 7,990 | 9,527 |
| Interest-bearing debt | 4,544 | 5,113 | — | — | — |
| Cash | 3,382 | 3,500 | 3,438 | 2,953 | 4,789 |

## 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) | 6.7% | S100WXQ6 |
| Fixed assets ÷ total assets | 6.9% | S100WXQ6 |
| Goodwill ÷ parent equity | — | —, S100WXQ6 |

### 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) | 16.5% |
| Cash ÷ revenue | 16.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 85.8% |
| Cash vs. profit gap | 1,000 JPY mn (of net income 52.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 18.6% |
| Shareholder payments — dividends / FCF | 12.4% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 9.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 8.1% | 0.88× | 7.1% | 2.29× | 16.3% | S100PFGS |
| 2022 | 5.7% | 0.87× | 5.0% | 2.42× | 12.1% | S100SSVE |
| 2023 | 4.2% | 0.84× | 3.5% | 2.91× | 10.2% | S100ULUM |
| 2024 | 6.7% | 0.81× | 5.4% | 3.38× | 18.4% | S100WXQ6 |
| 2025 | 6.4% | 1.04× | 6.6% | 3.27× | 21.6% | S100WXQ6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 矢吹 満 | Major shareholder | 44.8% | 2025-07-31 |
| 株式会社プリマベーラ | Major shareholder | 8.1% | 2025-07-31 |
| 田中 成奉 | Major shareholder | 4.1% | 2025-07-31 |
| 株式会社ハウスセゾン | Major shareholder | 3.8% | 2025-07-31 |
| 井元 喜一 | Major shareholder | 2.5% | 2025-07-31 |
| 佐藤 隆子 | Major shareholder | 1.5% | 2025-07-31 |
| 瀬尾 美美 | Major shareholder | 1.5% | 2025-07-31 |
| 株式会社翔栄 | Major shareholder | 1.5% | 2025-07-31 |
| 桑畑 智 | Major shareholder | 1.4% | 2025-07-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 0.9% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2024/08/01－2025/07/31) | S100WXQ6 | 2025-10-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WXQ6,, |
| 有価証券報告書－第56期(2023/08/01－2024/07/31) | S100ULUM | 2024-10-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ULUM,, |
| 訂正有価証券報告書－第55期(2022/08/01－2023/07/31) | S100SSVE | 2024-02-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SSVE,, |
| 有価証券報告書－第54期(令和3年8月1日－令和4年7月31日) | S100PFGS | 2022-10-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PFGS,, |
| 有価証券報告書－第53期(令和2年8月1日－令和3年7月31日) | S100MODX | 2021-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MODX,, |
| 有価証券報告書－第52期(令和1年8月1日－令和2年7月31日) | S100JZWT | 2020-10-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JZWT,, |

## 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).