# Meiho Holdings,Inc.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第10期(2025/07/01－2026/06/30) (S100Z3L9)
> Page: https://vizora.meequs.com/en/company/meiho-holdings
> Retrieved: 2026-09-30T18:36:54.269Z

## Company

Meiho Holdings, founded in 2017, is a company in HR & Staffing listed on TSE Growth. It has 605 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Meiho Holdings,Inc. |
| Ticker | 7369 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7369.T) |
| Listing | TSE Growth |
| Head office | 岐阜県岐阜市吹上町6丁目21番 |
| Representative (per filing) | 代表取締役社長 尾松 豪紀 |
| Founded | Feb 2017 |
| Share capital | ¥448.2M |
| Employees (consolidated) | 605 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | June |
| Website | www.meihoholdings.co.jp (https://www.meihoholdings.co.jp/) |
| Corporate number | 6200001033709 |
| EDINET | E36621 |
| Industries (Vizora) | HR & Staffing, Disaster Prevention & Infrastructure Maintenance, General Contractors, Nursing Care |

> Profile source: annual securities report (S100Z3L9, filed 2026-09-24). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 98.6 | 35 |
| Profitability | 11.3 | 40 |
| Cash conversion | 11.8 | 38 |
| Efficiency | 98.8 | 40 |

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 32% of Meiho Holdings's sales come from Construction related business, with Construction business and Human resource related business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +4.3% from the prior year, operating profit +5.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥13.6B |  |
| Operating income | ¥497M | Margin 3.7% |
| Net income | -¥27.1M | Margin -0.2% |
| Free cash flow | -¥415.3M |  |
| Largest business | Construction related business | of segment revenue 31.7% |
| Employees (consolidated) | 605 |  |
| EPS | ¥21.54 |  |
| Diluted EPS | ¥21.31 |  |
| Book value per share | ¥309.56 |  |
| Equity ratio | 29.3% |  |
| Shares outstanding | 4,704,300 |  |
| Treasury shares | 500 |  |
| Shareholders | 1,027 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 5.7% | Cash ÷ revenue 3.1% |
| Vs. industry median margin | -5.1 pp | Disaster Prevention & Infrastructure Maintenance |
| ROA | -0.4% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.2× its level five years ago
- FY2026, parent-company salary changed +43% over five years
- FY2026, segment profit share differs by 25 points

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5274487000 | ¥13564073000 | +157.2% |
| Operating income | ¥383819000 | ¥496987000 | +29.5% |
| Operating margin | 7.3% | 3.7% | -3.6 pp |
| Employees | 381 people | 605 people | +58.8% |
| Cash and equivalents | ¥1027316000 | ¥421810000 | -58.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 建設関連サービス事業 → 建設関連サービス事業 | 31.7% |
| 建設関連サービス事業 → 事業再編・廃止 | 18.3% |
| 人材関連サービス事業 → 人材関連サービス事業 | 19.8% |
| 建設事業 → 建設事業 | 18.9% |
| 介護事業 → 介護事業 | 6.8% |
| 介護事業 → 事業再編・廃止 | 4.5% |
| 新設・再編 → 人材関連サービス事業 | 10.1% |
| 新設・再編 → 建設事業 | 12.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction related business | 5 years | +10.2% | ¥4295747000 | 15.2% | 2 |
| Construction business | 5 years | +33.8% | ¥4285720000 | 6.0% | 2 |
| Human resource related business | 5 years | +31.2% | ¥4059450000 | 4.3% | 2 |
| Nursing care business | 5 years | +9.2% | ¥923156000 | 8.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,564 | 100.0% | S100Z3L9 |
| Cost of revenue | 10,103 | 74.5% | S100Z3L9 |
| Gross profit | 3,461 | 25.5% | S100Z3L9 |
| SG&A | 2,964 | 21.9% | S100Z3L9 |
| Operating income | 497 | 3.7% | S100Z3L9 |
| Ordinary income | 507 | 3.7% | S100Z3L9 |
| Pretax income | 253 | 1.9% | S100Z3L9 |
| Income tax | 280 | 2.1% | S100Z3L9 |
| Net income | -27 | -0.2% | S100Z3L9 |
| Net income attributable to owners | -27 | -0.2% | S100Z3L9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 22 |
| Operating income | 4 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 25.5% → Operating margin 3.7% → Net margin -0.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.3%; Core profit growth: +5.3%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.23×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,007 | 13,564 | 557 | +4.3% |
| Gross profit | 3,174 | 3,461 | 287 | +9.1% |
| Operating income | 472 | 497 | 25 | +5.3% |
| Net income attributable to owners | 168 | -27 | -195 | -116.1% |
| Operating cash flow | 1,118 | 21 | -1,098 | -98.2% |
| Free cash flow | 835 | -415 | -1,251 | -149.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 5,234 | 286 | 5.5% | 210 | -99 | -179 | S100MJ1E |
| FY ending Jun 2021 | 5,274 | 384 | 7.3% | 237 | 525 | 497 | S100P9IB |
| FY ending Jun 2022 | 6,113 | 343 | 5.6% | 224 | 6 | -129 | S100RXRZ |
| FY ending Jun 2023 | 7,371 | 462 | 6.3% | 270 | 1,138 | 1,051 | S100UGIO |
| FY ending Jun 2024 | 10,348 | 147 | 1.4% | -88 | 662 | 454 | S100WQRU |
| FY ending Jun 2025 | 13,007 | 472 | 3.6% | 168 | 1,118 | 835 | S100Z3L9 |
| FY ending Jun 2026 | 13,564 | 497 | 3.7% | -27 | 21 | -415 | S100Z3L9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.4M |
| Operating income per employee (consolidated) | ¥821.5K |
| Net income per employee (consolidated) | -¥44.8K |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 468 | 507 | 589 | 575 | 605 |
| Average salary (parent company) | ¥5.3M | ¥5.5M | ¥5.6M | ¥6.5M | ¥7.6M |
| Average age (parent company) | 40.3 years | 39.5 years | 40.8 years | 43.3 years | 44.8 years |
| Average tenure (parent company) | 3.1 years | 3.5 years | 3.9 years | 4.3 years | 4.9 years |

Year over year: Employees (consolidated) +5.2% · Revenue (consolidated) +4.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction related business | 4,296 | 31.7% | 654 | 15.2% |
| Human resource related business | 4,059 | 29.9% | 174 | 4.3% |
| Construction business | 4,286 | 31.6% | 257 | 6.0% |
| Nursing care business | 923 | 6.8% | 75 | 8.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction related business | 31.7% | 56.4% | 24.7 | 15.2% |
| Human resource related business | 29.9% | 15.0% | -14.9 | 4.3% |
| Construction business | 31.6% | 22.2% | -9.4 | 6.0% |
| Nursing care business | 6.8% | 6.4% | -0.4 | 8.1% |

Segment → industry: Human resource related business → HR & Staffing / Construction related business → Disaster Prevention & Infrastructure Maintenance / Construction business → General Contractors / Nursing care business → Nursing Care

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 21 | 0.2% | S100Z3L9 |
| Capital expenditure | 436 | 3.2% | S100Z3L9 |
| Free cash flow | -415 | -3.1% | 算出 |
| Investing cash flow | -608 | -4.5% | S100Z3L9 |
| Financing cash flow | 255 | 1.9% | S100Z3L9 |
| Change in cash | -331 | -2.4% | S100Z3L9 |
| Cash and equivalents | 422 | 3.1% | S100Z3L9 |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 892 | 1,126 | 1,351 | 753 | 422 | S100UGIO, S100WQRU, S100Z3L9 |
| Total assets | 3,713 | 4,147 | 7,612 | 6,601 | 7,389 | S100RXRZ, S100UGIO, S100WQRU, S100Z3L9 |
| Net assets | 1,860 | 2,125 | 2,020 | 2,188 | 2,164 | S100UGIO, S100WQRU, S100Z3L9 |
| Share capital | 445 | 446 | 447 | 447 | 448 | S100RXRZ, S100UGIO, S100WQRU, S100Z3L9 |
| Property, plant and equipment | 990 | 1,113 | 1,301 | 1,471 | 1,813 | S100RXRZ, S100UGIO, S100WQRU, S100Z3L9 |
| Intangible assets excluding goodwill | 135 | 393 | 2,418 | 2,035 | 1,557 | S100RXRZ, S100UGIO, S100WQRU, S100Z3L9 |
| Goodwill | 76 | 346 | 2,314 | 1,983 | 1,498 | S100RXRZ, S100UGIO, S100WQRU, S100Z3L9 |
| Investment securities | 18 | 7 | 7 | 2 | 2 | S100RXRZ, S100UGIO, S100WQRU, S100Z3L9 |
| Current assets | 2,395 | 2,424 | 3,579 | 2,845 | 3,714 | S100RXRZ, S100UGIO, S100WQRU, S100Z3L9 |
| Current liabilities | 1,099 | 1,445 | 2,427 | 2,748 | 3,930 | S100RXRZ, S100UGIO, S100WQRU, S100Z3L9 |
| Short-term borrowings | — | — | — | — | 837 | S100Z3L9 |
| Long-term borrowings | 516 | 298 | 2,776 | 1,313 | 903 | S100RXRZ, S100UGIO, S100WQRU, S100Z3L9 |
| Total liabilities | 1,853 | 2,022 | 5,592 | 4,414 | 5,225 | S100RXRZ, S100UGIO, S100WQRU, S100Z3L9 |
| Equity attributable to owners of parent | 1,880 | 2,152 | 2,065 | 2,234 | 2,209 | S100RXRZ, S100UGIO, S100WQRU, S100Z3L9 |
| Retained earnings | 1,090 | 1,359 | 1,272 | 1,440 | 1,413 | S100RXRZ, S100UGIO, S100WQRU, S100Z3L9 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100RXRZ, S100UGIO, S100WQRU, S100Z3L9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100Z3L9 |
| Property, plant and equipment | 25% | S100Z3L9 |
| Intangibles and goodwill | 41% | S100Z3L9 |
| Investment securities | 0% | S100Z3L9 |
| Other assets | 28% | S100Z3L9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 71% | S100Z3L9 |
| Equity | 29% | S100Z3L9 |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,713 | 4,147 | 7,612 | 6,601 | 7,389 |
| Equity | 1,860 | 2,125 | 2,020 | 2,188 | 2,164 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 892 | 1,126 | 1,351 | 753 | 422 |

## 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) | 13.4% | S100Z3L9 |
| Fixed assets ÷ total assets | 24.5% | S100Z3L9 |
| Goodwill ÷ parent equity | 67.8% | S100Z3L9 |

Goodwill over 4 years: 76 → 1,498 JPY; total investing cash flow: -3,277 JPY. This does not imply causation.

### 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) | 5.7% |
| Cash ÷ revenue | 3.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 4.1% |
| Cash vs. profit gap | 48 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.2% |
| Investing CF relative to operating CF | 2960.2% |

## 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 | 3.7% | 1.65× | 6.0% | 1.98× | 11.9% | S100RXRZ |
| 2023 | 3.7% | 1.88× | 6.9% | 1.95× | 13.4% | S100UGIO |
| 2024 | — | —× | -1.5% | —× | — | S100WQRU |
| 2025 | 1.3% | 1.83× | 2.4% | 3.31× | 7.8% | S100Z3L9 |
| 2026 | — | —× | -0.4% | —× | — | S100Z3L9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 尾松 豪紀 | Major shareholder | 46.9% | 2026-06-30 |
| 河合 清明 | Major shareholder | 9.9% | 2026-06-30 |
| 株式会社SBI証券 | Major shareholder | 4.9% | 2026-06-30 |
| 山本 恭司 | Major shareholder | 4.2% | 2026-06-30 |
| 藤原 巧 | Major shareholder | 3.5% | 2026-06-30 |
| 尾松 恵子 | Major shareholder | 2.9% | 2026-06-30 |
| 楽天証券株式会社 | Major shareholder | 2.3% | 2026-06-30 |
| メイホーホールディングス従業員持株会 | Major shareholder | 2.0% | 2026-06-30 |
| 株式会社マルエイ | Major shareholder | 1.6% | 2026-06-30 |
| 宮下 真理 | Major shareholder | 0.8% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2025/07/01－2026/06/30) | S100Z3L9 | 2026-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3L9,, |
| 有価証券報告書－第9期(2024/07/01－2025/06/30) | S100WQRU | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQRU,, |
| 有価証券報告書－第8期(2023/07/01－2024/06/30) | S100UGIO | 2024-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UGIO,, |
| 有価証券報告書－第7期(2022/07/01－2023/06/30) | S100RXRZ | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXRZ,, |
| 有価証券報告書－第6期(令和3年7月1日－令和4年6月30日) | S100P9IB | 2022-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P9IB,, |
| 有価証券報告書－第5期(令和2年7月1日－令和3年6月30日) | S100MJ1E | 2021-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MJ1E,, |

## 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).