# Meiho Facility Works 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46期(2025/04/01－2026/03/31) (S100YGMU)
> Page: https://vizora.meequs.com/en/company/meiho-facility-works
> Retrieved: 2026-09-30T21:04:42.056Z

## Company

Meiho Facility Works, founded in 1980, is a company in IT Services & System Integration listed on TSE Standard. It has 208 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Meiho Facility Works Ltd. |
| Ticker | 1717 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1717.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区平河町二丁目7番9号 |
| Representative (per filing) | 代表取締役社長 大貫美 |
| Founded | Sep 1980 |
| Share capital | ¥543.4M |
| Employees (consolidated) | 208 |
| Average salary (parent only) | ¥12.2M |
| Fiscal year end | March |
| Website | www.meiho.co.jp (https://www.meiho.co.jp/) |
| Corporate number | 7010001072436 |
| EDINET | E05377 |
| Industries (Vizora) | IT Services & System Integration, Consulting, General Contractors |

> Profile source: annual securities report (S100YGMU, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 69.6 | 84 |
| Profitability | 98.4 | 92 |
| Cash conversion | 68.7 | 91 |
| Efficiency | 23.4 | 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 50% of Meiho Facility Works's sales come from CM, with Office and CREM making up much of the rest.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +7.0% from the prior year, operating profit +3.5%.

## Company structure

- Segment revenue mix: CM 50.3%、Office 25.5%、CREM 16.7%、Digital Transformation Support 7.4%
- Revenue → net income: ¥6114681000 → ¥937683000
- Net income → operating cash flow: ¥937683000 → ¥1457635000（difference ¥519952000）
- Main uses of operating cash flow: CapEx ¥191940000 / dividends ¥515364000 / buybacks —
- Change in cash: ¥697852000
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 | ¥6.11B |  |
| Operating income | ¥1.27B | Margin 20.8% |
| Net income | ¥937.7M | Margin 15.3% |
| Free cash flow | ¥1.27B |  |
| Largest business | CM | of segment revenue 50.3% |
| Employees (consolidated) | 208 |  |
| EPS | ¥79.93 |  |
| Diluted EPS | ¥79.36 |  |
| Book value per share | ¥515.76 |  |
| Equity ratio | 71.0% |  |
| Shares outstanding | 12,775,000 |  |
| Treasury shares | 598,100 |  |
| Shareholders | 10,890 |  |
| Average salary (parent only) | ¥12.2M | Filing company only |
| Cash ratio | 17.9% | Cash ÷ revenue 25.0% |
| Vs. industry median margin | +13.9 pp | General Contractors |
| ROE | 16.1% | Derived from disclosed figures |
| ROA | 11.3% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +22% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4240560000 | ¥6114681000 | +44.2% |
| Operating income | ¥909925000 | ¥1269359000 | +39.5% |
| Operating margin | 21.5% | 20.8% | -0.7 pp |
| Employees | 173 people | 208 people | +20.2% |
| Cash and equivalents | ¥1438834000 | ¥1527191000 | +6.1% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| オフィス事業 → オフィス事業 | 24.6% |
| CM事業 → CM事業 | 50.3% |
| CM事業 → 事業再編・廃止 | 4.5% |
| CREM事業 → CREM事業 | 16.7% |
| CREM事業 → 事業再編・廃止 | 2.7% |
| DX支援事業 → DX支援事業 | 1.1% |
| 新設・再編 → オフィス事業 | 1.0% |
| 新設・再編 → DX支援事業 | 6.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| CM | 5 years | +5.8% | ¥3077128000 | 21.6% | 2 |
| Office | 5 years | +8.4% | ¥1562167000 | 20.4% | 2 |
| CREM | 5 years | +4.4% | ¥1022403000 | 21.6% | 2 |
| Digital Transformation Support | 5 years | +56.3% | ¥452981000 | 14.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,115 | 100.0% | S100YGMU |
| Cost of revenue | 2,807 | 45.9% | S100YGMU |
| Gross profit | 3,308 | 54.1% | S100YGMU |
| SG&A | 2,039 | 33.3% | S100YGMU |
| Operating income | 1,269 | 20.8% | S100YGMU |
| Ordinary income | 1,271 | 20.8% | S100YGMU |
| Pretax income | 1,271 | 20.8% | S100YGMU |
| Income tax | 333 | 5.4% | S100YGMU |
| Net income | 938 | 15.3% | S100YGMU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 46 |
| SG&A | 33 |
| Operating income | 21 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 54.1% → Operating margin 20.8% → Net margin 15.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.0%; Core profit growth: +3.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.50×
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 | 5,717 | 6,115 | 398 | +7.0% |
| Gross profit | 3,112 | 3,308 | 196 | +6.3% |
| Operating income | 1,227 | 1,269 | 43 | +3.5% |
| Operating cash flow | -213 | 1,458 | 1,671 | — |
| Free cash flow | -371 | 1,266 | 1,636 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,354 | 903 | 20.7% | 640 | -146 | -177 | S100LRFX |
| FY ending Mar 2021 | 4,241 | 910 | 21.5% | 620 | 591 | 514 | S100OG6Q |
| FY ending Mar 2022 | 4,260 | 865 | 20.3% | 606 | 971 | 961 | S100R32X |
| FY ending Mar 2023 | 4,762 | 959 | 20.1% | 651 | 210 | 147 | S100U29L |
| FY ending Mar 2024 | 5,266 | 1,069 | 20.3% | 791 | 739 | 649 | S100W2HC |
| FY ending Mar 2025 | 5,717 | 1,227 | 21.5% | 911 | -213 | -371 | S100YGMU |
| FY ending Mar 2026 | 6,115 | 1,269 | 20.8% | 938 | 1,458 | 1,266 | S100YGMU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.4M |
| Operating income per employee (consolidated) | ¥6.1M |
| Net income per employee (consolidated) | ¥4.5M |

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) | 179 | 191 | 193 | 200 | 208 |
| Average salary (parent company) | ¥10M | ¥9.3M | ¥10.1M | ¥11.2M | ¥12.2M |
| Average age (parent company) | 46.0 years | 46.2 years | 46.9 years | 46.8 years | 46.5 years |
| Average tenure (parent company) | 9.5 years | 9.8 years | 10.4 years | 10.3 years | 10.6 years |

Year over year: Employees (consolidated) +4.0% · Revenue (consolidated) +7.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Office | 1,562 | 25.5% | 319 | 20.4% |
| CM | 3,077 | 50.3% | 664 | 21.6% |
| CREM | 1,022 | 16.7% | 221 | 21.6% |
| Digital Transformation Support | 453 | 7.4% | 65 | 14.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Office | 25.5% | 25.2% | -0.4 | 20.4% |
| CM | 50.3% | 52.3% | 2.0 | 21.6% |
| CREM | 16.7% | 17.4% | 0.7 | 21.6% |
| Digital Transformation Support | 7.4% | 5.1% | -2.3 | 14.4% |

Segment → industry: Digital Transformation Support → IT Services & System Integration / CREM → Consulting / Office → Consulting / CM → General Contractors / Office → General Contractors

## 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 | 1,458 | 23.8% | S100YGMU |
| Capital expenditure | 192 | 3.1% | S100YGMU |
| Free cash flow | 1,266 | 20.7% | 算出 |
| Investing cash flow | -244 | -4.0% | S100YGMU |
| Financing cash flow | -515 | -8.4% | S100YGMU |
| Dividends paid | 515 | 8.4% | S100YGMU |
| Change in cash | 698 | 11.4% | S100YGMU |
| Cash and equivalents | 1,527 | 25.0% | S100YGMU |

## 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 | 1,935 | 1,599 | 1,708 | 829 | 1,527 | S100U29L, S100W2HC, S100YGMU |
| Total assets | 5,719 | 6,621 | 7,324 | 8,028 | 8,540 | S100R32X, S100U29L, S100W2HC, S100YGMU |
| Net assets | 4,284 | 4,624 | 5,085 | 5,597 | 6,092 | S100U29L, S100W2HC, S100YGMU |
| Share capital | 543 | 543 | 543 | 543 | 543 | S100R32X, S100U29L, S100W2HC, S100YGMU |
| Property, plant and equipment | 91 | 84 | 77 | 92 | 137 | S100R32X, S100U29L, S100W2HC, S100YGMU |
| Intangible assets excluding goodwill | 9 | 48 | 107 | 196 | 246 | S100R32X, S100U29L, S100W2HC, S100YGMU |
| Investment securities | 220 | 300 | 450 | 470 | 370 | S100R32X, S100U29L, S100W2HC, S100YGMU |
| Current assets | 4,780 | 5,472 | 5,873 | 6,325 | 6,802 | S100R32X, S100U29L, S100W2HC, S100YGMU |
| Current liabilities | 750 | 1,263 | 1,463 | 1,605 | 1,501 | S100R32X, S100U29L, S100W2HC, S100YGMU |
| Total liabilities | 1,435 | 1,997 | 2,239 | 2,430 | 2,448 | S100R32X, S100U29L, S100W2HC, S100YGMU |
| Equity attributable to owners of parent | 4,270 | 4,607 | 5,066 | 5,576 | 6,065 | S100R32X, S100U29L, S100W2HC, S100YGMU |
| Retained earnings | 3,747 | 4,061 | 4,471 | 4,928 | 5,350 | S100R32X, S100U29L, S100W2HC, S100YGMU |
| Treasury stock | -686 | -670 | -632 | -592 | -542 | S100R32X, S100U29L, S100W2HC, S100YGMU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YGMU |
| Property, plant and equipment | 2% | S100YGMU |
| Intangibles and goodwill | 3% | S100YGMU |
| Investment securities | 4% | S100YGMU |
| Other assets | 73% | S100YGMU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100YGMU |
| Equity | 71% | S100YGMU |

### 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 | 5,719 | 6,621 | 7,324 | 8,028 | 8,540 |
| Equity | 4,284 | 4,624 | 5,085 | 5,597 | 6,092 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,935 | 1,599 | 1,708 | 829 | 1,527 |

## 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) | 2.2% | S100YGMU |
| Fixed assets ÷ total assets | 1.6% | S100YGMU |
| Goodwill ÷ parent equity | — | —, S100YGMU |

### 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) | 17.9% |
| Cash ÷ revenue | 25.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 114.8% |
| Cash vs. profit gap | 520 JPY mn (of net income 55.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 55.0% |
| Shareholder payments — dividends / FCF | 40.7% |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 16.8% |

## 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 | 14.2% | 0.74× | 10.6% | 1.34× | 14.2% | S100R32X |
| 2023 | 13.7% | 0.77× | 10.6% | 1.39× | 14.7% | S100U29L |
| 2024 | 15.0% | 0.76× | 11.3% | 1.44× | 16.3% | S100W2HC |
| 2025 | 15.9% | 0.74× | 11.9% | 1.44× | 17.1% | S100YGMU |
| 2026 | 15.3% | 0.74× | 11.3% | 1.42× | 16.1% | S100YGMU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社サカタホールディングス | Major shareholder | 11.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 3.4% | 2026-03-31 |
| 明豊従業員持株会 | Major shareholder | 3.2% | 2026-03-31 |
| 坂田 明 | Major shareholder | 3.1% | 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 | 2.4% | 2026-03-31 |
| 大貫 美 | Major shareholder | 1.6% | 2026-03-31 |
| 大島 和男 | Major shareholder | 1.4% | 2026-03-31 |
| 伊秩 滋 | Major shareholder | 1.2% | 2026-03-31 |
| 小松 信弘 | Major shareholder | 1.1% | 2026-03-31 |
| 藤井 竜平 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第46期(2025/04/01－2026/03/31) | S100YGMU | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGMU,, |
| 有価証券報告書－第45期(2024/04/01－2025/03/31) | S100W2HC | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2HC,, |
| 訂正有価証券報告書－第44期(2023/04/01－2024/03/31) | S100U29L | 2024-07-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U29L,, |
| 有価証券報告書－第43期(2022/04/01－2023/03/31) | S100R32X | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R32X,, |
| 有価証券報告書－第42期(令和3年4月1日－令和4年3月31日) | S100OG6Q | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG6Q,, |
| 有価証券報告書－第41期(令和2年4月1日－令和3年3月31日) | S100LRFX | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRFX,, |

## 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).