# MEITEC Group Holdings Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第53期(2025/04/01－2026/03/31) (S100YE6X)
> Page: https://vizora.meequs.com/en/company/meitec-group-holdings
> Retrieved: 2026-09-30T20:33:17.736Z

## Company

MEITEC Group Holdings, founded in 1974, is a company in HR & Staffing listed on TSE Prime. It has 13,190 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MEITEC Group Holdings Inc. |
| Ticker | 9744 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9744.T) |
| Listing | TSE Prime |
| Head office | 神奈川県厚木市森の里青山15番1号 (上記は登記上の本店所在地であり、実際の本社業務は下記の東京本社において行っております。) |
| Representative (per filing) | 代表取締役社長 上村 正人 |
| Founded | Jul 1974 |
| Share capital | ¥5B |
| Employees (consolidated) | 13,190 |
| Fiscal year end | March |
| Website | www.meitecgroup-holdings.com (https://www.meitecgroup-holdings.com/) |
| Corporate number | 1180001027412 |
| EDINET | E04804 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100YE6X, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.6 | 68 |
| Profitability | 74.4 | 88 |
| Cash conversion | 28.1 | 80 |
| Efficiency | 63.1 | 88 |

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 99% of MEITEC Group Holdings's sales come from Engineering Solutions Business, with Recruiting Placement Business for Engineers making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +3.5% from the prior year, operating profit +5.7%.

## Company structure

- Segment revenue mix: Engineering Solutions Business 99.0%、Recruiting Placement Business for Engineers 1.0%
- Revenue → net income: ¥137686000000 → ¥15051000000
- Net income → operating cash flow: ¥15051000000 → ¥15253000000（difference ¥202000000）
- Main uses of operating cash flow: CapEx ¥11000000 / dividends ¥15432000000 / buybacks ¥0
- Change in cash: ¥-166000000
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 | ¥137.7B |  |
| Operating income | ¥19.9B | Margin 14.5% |
| Net income | ¥15.1B | Margin 10.9% |
| Free cash flow | ¥15.2B |  |
| Largest business | Engineering Solutions Business | of segment revenue 99.0% |
| Employees (consolidated) | 13,190 |  |
| EPS | ¥179.34 |  |
| Book value per share | ¥215.2 |  |
| Equity ratio | 54.3% |  |
| Shares outstanding | 78,000,000 |  |
| Treasury shares | 793,200 |  |
| Shareholders | 23,334 |  |
| Cash ratio | 58.8% | Cash ÷ revenue 38.4% |
| Vs. industry median margin | +5.8 pp | HR & Staffing |
| ROE | 31.2% | Derived from disclosed figures |
| ROA | 16.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 98% of positive segment profit
- FY2026, cash is 59% of total assets
- FY2026, employees -1% while operating income rose 6%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥96626000000 | ¥137686000000 | +42.5% |
| Operating income | ¥10234000000 | ¥19903000000 | +94.5% |
| Operating margin | 10.6% | 14.5% | +3.9 pp |
| Employees | 11,794 people | 13,190 people | +11.8% |
| Cash and equivalents | ¥45132000000 | ¥52839000000 | +17.1% |

### 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 |
| --- | ---: |
| エンジニアリングソリューション事業 → エンジニアリングソリューション事業 | 98.8% |
| エンジニア紹介事業 → エンジニア紹介事業 | 1.0% |
| エンジニア紹介事業 → 事業再編・廃止 | 0.2% |
| 新設・再編 → エンジニアリングソリューション事業 | 0.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 137,686 | 100.0% | S100YE6X |
| Cost of revenue | 101,394 | 73.6% | S100YE6X |
| Gross profit | 36,291 | 26.4% | S100YE6X |
| SG&A | 16,388 | 11.9% | S100YE6X |
| Operating income | 19,903 | 14.5% | S100YE6X |
| Ordinary income | 20,101 | 14.6% | S100YE6X |
| Pretax income | 20,636 | 15.0% | S100YE6X |
| Income tax | 5,584 | 4.1% | S100YE6X |
| Net income | 15,051 | 10.9% | S100YE6X |
| Net income attributable to owners | 15,051 | 10.9% | S100YE6X |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 12 |
| Operating income | 14 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 26.4% → Operating margin 14.5% → Net margin 10.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.5%; Core profit growth: +5.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.64×
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 | 133,068 | 137,686 | 4,618 | +3.5% |
| Gross profit | 35,933 | 36,291 | 358 | +1.0% |
| Operating income | 18,830 | 19,903 | 1,073 | +5.7% |
| Net income attributable to owners | 12,740 | 15,051 | 2,311 | +18.1% |
| Operating cash flow | 13,448 | 15,253 | 1,805 | +13.4% |
| Free cash flow | 13,288 | 15,242 | 1,954 | +14.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 100,995 | 12,926 | 12.8% | 9,093 | 9,837 | 9,406 | S100LM79 |
| FY ending Mar 2021 | 96,626 | 10,234 | 10.6% | 7,028 | 5,487 | 5,262 | S100OBPZ |
| FY ending Mar 2022 | 107,140 | 12,817 | 12.0% | 9,240 | 13,532 | 13,335 | S100REHS |
| FY ending Mar 2023 | 119,069 | 16,462 | 13.8% | 12,252 | 12,808 | 12,522 | S100TOIC |
| FY ending Mar 2024 | 126,976 | 17,660 | 13.9% | 12,343 | 14,667 | 14,407 | S100VYUN |
| FY ending Mar 2025 | 133,068 | 18,830 | 14.2% | 12,740 | 13,448 | 13,288 | S100YE6X |
| FY ending Mar 2026 | 137,686 | 19,903 | 14.5% | 15,051 | 15,253 | 15,242 | S100YE6X |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10.4M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 12,442 | 13,039 | 13,489 | 13,319 | 13,190 |
| Average salary (parent company) | ¥5M | ¥6M | — | — | — |
| Average age (parent company) | 38.9 years | 39.3 years | — | — | — |
| Average tenure (parent company) | 13.1 years | 13.1 years | — | — | — |

Year over year: Employees (consolidated) -1.0% · Revenue (consolidated) +3.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Engineering Solutions Business | 136,368 | 99.0% | 19,693 | 14.4% |
| Recruiting Placement Business for Engineers | 1,317 | 1.0% | 468 | 35.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Engineering Solutions Business | 99.0% | 97.7% | -1.4 | 14.4% |
| Recruiting Placement Business for Engineers | 1.0% | 2.3% | 1.4 | 35.5% |

Segment → industry: Recruiting Placement Business for Engineers → HR & Staffing / Engineering Solutions Business → HR & Staffing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 15,253 | 11.1% | S100YE6X |
| Capital expenditure | 11 | 0.0% | S100YE6X |
| Free cash flow | 15,242 | 11.1% | 算出 |
| Investing cash flow | 13 | 0.0% | S100YE6X |
| Financing cash flow | -15,433 | -11.2% | S100YE6X |
| Dividends paid | 15,432 | 11.2% | S100YE6X |
| Share buyback | 0 | 0.0% | S100YE6X |
| Change in cash | -166 | -0.1% | S100YE6X |
| Cash and equivalents | 52,839 | 38.4% | S100YE6X |

## 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 | 49,706 | 51,028 | 52,744 | 53,005 | 52,839 | S100TOIC, S100VYUN, S100YE6X |
| Total assets | 81,590 | 84,576 | 90,761 | 93,605 | 89,814 | S100REHS, S100TOIC, S100VYUN, S100YE6X |
| Net assets | 45,287 | 46,719 | 47,696 | 48,776 | 48,764 | S100TOIC, S100VYUN, S100YE6X |
| Share capital | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | S100REHS, S100TOIC, S100VYUN, S100YE6X |
| Trade receivables | 16,098 | 17,354 | 18,215 | 18,106 | 18,501 | S100REHS, S100TOIC, S100VYUN, S100YE6X |
| Property, plant and equipment | 5,002 | 4,785 | 4,656 | 4,250 | 3,695 | S100REHS, S100TOIC, S100VYUN, S100YE6X |
| Intangible assets excluding goodwill | 345 | 369 | 403 | 312 | 145 | S100REHS, S100TOIC, S100VYUN, S100YE6X |
| Investment securities | 27 | 27 | 27 | 27 | 27 | S100REHS, S100TOIC, S100VYUN, S100YE6X |
| Current assets | 66,937 | 69,484 | 74,767 | 77,050 | 72,840 | S100REHS, S100TOIC, S100VYUN, S100YE6X |
| Current liabilities | 19,669 | 20,824 | 25,791 | 28,005 | 24,544 | S100REHS, S100TOIC, S100VYUN, S100YE6X |
| Total liabilities | 36,302 | 37,856 | 43,064 | 44,828 | 41,049 | S100REHS, S100TOIC, S100VYUN, S100YE6X |
| Equity attributable to owners of parent | 46,457 | 47,671 | 48,122 | 48,508 | 48,118 | S100REHS, S100TOIC, S100VYUN, S100YE6X |
| Retained earnings | 44,865 | 49,207 | 43,554 | 43,942 | 43,552 | S100REHS, S100TOIC, S100VYUN, S100YE6X |
| Treasury stock | -7,035 | -7,795 | -1,691 | -1,693 | -1,694 | S100REHS, S100TOIC, S100VYUN, S100YE6X |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 59% | S100YE6X |
| Receivables | 21% | S100YE6X |
| Property, plant and equipment | 4% | S100YE6X |
| Intangibles and goodwill | 0% | S100YE6X |
| Investment securities | 0% | S100YE6X |
| Other assets | 16% | S100YE6X |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100YE6X |
| Equity | 54% | S100YE6X |
| Other liabilities | 0% | S100YE6X |

### 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 | 81,590 | 84,576 | 90,761 | 93,605 | 89,814 |
| Equity | 45,287 | 46,719 | 47,696 | 48,776 | 48,764 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 49,706 | 51,028 | 52,744 | 53,005 | 52,839 |

## 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) | 2.7% | S100YE6X |
| Fixed assets ÷ total assets | 4.1% | S100YE6X |
| Goodwill ÷ parent equity | — | —, S100YE6X |

### 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) | 58.8% |
| Cash ÷ revenue | 38.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 76.6% |
| Cash vs. profit gap | 202 JPY mn (of net income 1.3%) |
| Shareholder returns / net income | 102.5% |
| Shareholder returns / FCF | 101.2% |
| Shareholder payments — dividends / net income | 102.5% |
| Shareholder payments — dividends / FCF | 101.2% |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 0.1% |

## 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 | 8.6% | 1.31× | 11.3% | 1.76× | 19.9% | S100REHS |
| 2023 | 10.3% | 1.43× | 14.7% | 1.77× | 26.0% | S100TOIC |
| 2024 | 9.7% | 1.45× | 14.1% | 1.83× | 25.8% | S100VYUN |
| 2025 | 9.6% | 1.44× | 13.8% | 1.91× | 26.4% | S100YE6X |
| 2026 | 10.9% | 1.50× | 16.4% | 1.90× | 31.2% | S100YE6X |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 19.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 9.0% | 2026-03-31 |
| 明治安田生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 6.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 4.4% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 4.3% | 2026-03-31 |
| CEP LUX-ORBIS SICAV （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.1% | 2026-03-31 |
| メイテックグループホールディングス社員持株会 | Major shareholder | 2.9% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| JP JPMSE LUX RE BARCLAYS CAPITAL SEC LTD EQ CO （株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.3% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044 （株式会社みずほ銀行決済営業部） | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第53期(2025/04/01－2026/03/31) | S100YE6X | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE6X,, |
| 有価証券報告書－第52期(2024/04/01－2025/03/31) | S100VYUN | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYUN,, |
| 有価証券報告書－第51期(2023/04/01－2024/03/31) | S100TOIC | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOIC,, |
| 訂正有価証券報告書－第50期(2022/04/01－2023/03/31) | S100REHS | 2023-07-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100REHS,, |
| 有価証券報告書－第49期(令和3年4月1日－令和4年3月31日) | S100OBPZ | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBPZ,, |
| 有価証券報告書－第48期(令和2年4月1日－令和3年3月31日) | S100LM79 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM79,, |

## 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).