# Meiwa Corporation: 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107期(2025/04/01－2026/03/31) (S100YF48)
> Page: https://vizora.meequs.com/en/company/meiwa
> Retrieved: 2026-09-30T18:31:55.114Z

## Company

Meiwa, founded in 1947, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 596 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MEIWA CORPORATION |
| Ticker | 8103 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8103.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内三丁目3番1号 |
| Representative (per filing) | 代表取締役社長 吉田 毅 |
| Founded | Jul 1947 |
| Share capital | ¥4.02B |
| Employees (consolidated) | 596 |
| Average salary (parent only) | ¥9.4M |
| Fiscal year end | March |
| Website | www.meiwa.co.jp (https://www.meiwa.co.jp/) |
| Corporate number | 7010001008786 |
| EDINET | E02563 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YF48, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50.6 | 179 |
| Profitability | 44.6 | 185 |
| Cash conversion | 55.6 | 179 |
| Efficiency | 77.6 | 185 |

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 41% of Meiwa's sales come from Business Division 3, with Business Division 1 and Business Division 2 making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +5.2% from the prior year, operating profit +15.8%.

## Company structure

- Segment revenue mix: Business Division 3 40.6%、Business Division 1 27.1%、Business Division 2 24.5%、Battery Business / Automobile Business DivisionDivision 7.8%
- Revenue → net income: ¥164927000000 → ¥3484000000
- Net income → operating cash flow: ¥3484000000 → ¥4406000000（difference ¥922000000）
- Main uses of operating cash flow: CapEx ¥332000000 / dividends ¥1688000000 / buybacks ¥279000000
- Change in cash: ¥2516000000
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 | ¥164.9B |  |
| Operating income | ¥4.13B | Margin 2.5% |
| Net income | ¥3.37B | Margin 2.0% |
| Free cash flow | ¥4.07B |  |
| Largest business | Business Division 3 | of segment revenue 40.6% |
| Employees (consolidated) | 596 |  |
| EPS | ¥67.49 |  |
| Book value per share | ¥519.27 |  |
| Equity ratio | 48.9% |  |
| Shares outstanding | 40,332,000 |  |
| Treasury shares | 362,300 |  |
| Shareholders | 36,202 |  |
| Average salary (parent only) | ¥9.4M | Filing company only |
| Cash ratio | 13.3% | Cash ÷ revenue 6.8% |
| Vs. industry median margin | -0.4 pp | Specialty Trading & Wholesale |
| ROE | 10.4% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +33% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥126004000000 | ¥164927000000 | +30.9% |
| Operating income | ¥2240000000 | ¥4132000000 | +84.5% |
| Operating margin | 1.8% | 2.5% | +0.7 pp |
| Employees | 503 people | 596 people | +18.5% |
| Cash and equivalents | ¥9442000000 | ¥11231000000 | +18.9% |

### 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 |
| --- | ---: |
| 第一事業 → 第一事業 | 16.1% |
| 第二事業 → 第二事業 | 24.5% |
| 第二事業 → 事業再編・廃止 | 8.7% |
| 第三事業 → 第三事業 | 40.6% |
| 第三事業 → 事業再編・廃止 | 5.2% |
| 自動車・電池材料事業 → 事業再編・廃止 | 4.9% |
| 新設・再編 → 第一事業 | 11.0% |
| 新設・再編 → 電池・自動車事業 | 7.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Business Division 3 | 5 years | +3.0% | ¥66959000000 | 1.4% | 2 |
| Business Division 1 | 5 years | +17.1% | ¥44698000000 | 5.6% | 2 |
| Business Division 2 | 5 years | -0.7% | ¥40435000000 | 2.3% | 2 |
| Battery Business / Automobile Business DivisionDivision | — | — | ¥12834000000 | 0.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 164,927 | 100.0% | S100YF48 |
| Cost of revenue | 150,658 | 91.3% | S100YF48 |
| Gross profit | 14,268 | 8.7% | S100YF48 |
| SG&A | 10,136 | 6.1% | S100YF48 |
| Operating income | 4,132 | 2.5% | S100YF48 |
| Ordinary income | 4,438 | 2.7% | S100YF48 |
| Pretax income | 5,091 | 3.1% | S100YF48 |
| Income tax | 1,606 | 1.0% | S100YF48 |
| Net income | 3,484 | 2.1% | S100YF48 |
| Net income attributable to owners | 3,374 | 2.0% | S100YF48 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 6 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 8.7% → Operating margin 2.5% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.2%; Core profit growth: +15.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.02×
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 | 156,727 | 164,927 | 8,200 | +5.2% |
| Gross profit | 12,552 | 14,268 | 1,716 | +13.7% |
| Operating income | 3,568 | 4,132 | 564 | +15.8% |
| Net income attributable to owners | 3,376 | 3,374 | -2 | -0.1% |
| Operating cash flow | 4,334 | 4,406 | 72 | +1.7% |
| Free cash flow | 4,142 | 4,074 | -68 | -1.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 137,036 | 1,483 | 1.1% | 2,091 | 2,968 | 2,525 | S100LO2O |
| FY ending Mar 2021 | 126,004 | 2,240 | 1.8% | 1,198 | 4,494 | 3,962 | S100OEUN |
| FY ending Mar 2022 | 143,025 | 3,402 | 2.4% | 2,407 | -3,306 | -3,383 | S100R2B2 |
| FY ending Mar 2023 | 156,662 | 3,655 | 2.3% | 1,720 | 4,065 | 4,015 | S100TPBC |
| FY ending Mar 2024 | 158,279 | 2,970 | 1.9% | 2,754 | 5,657 | 5,430 | S100XM62 |
| FY ending Mar 2025 | 156,727 | 3,568 | 2.3% | 3,376 | 4,334 | 4,142 | S100YF48 |
| FY ending Mar 2026 | 164,927 | 4,132 | 2.5% | 3,374 | 4,406 | 4,074 | S100YF48 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥276.7M |
| Operating income per employee (consolidated) | ¥6.9M |
| Net income per employee (consolidated) | ¥5.7M |

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) | 494 | 505 | 518 | 510 | 596 |
| Average salary (parent company) | ¥7M | ¥7.5M | ¥7.4M | ¥8.1M | ¥9.4M |
| Average age (parent company) | 41.8 years | 41.6 years | 43.0 years | 43.5 years | 42.5 years |
| Average tenure (parent company) | 16.0 years | 15.6 years | 16.9 years | 18.6 years | 16.0 years |

Year over year: Employees (consolidated) +16.9% · Revenue (consolidated) +5.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Business Division 1 | 44,698 | 27.1% | 2,500 | 5.6% |
| Business Division 2 | 40,435 | 24.5% | 925 | 2.3% |
| Business Division 3 | 66,959 | 40.6% | 953 | 1.4% |
| Battery Business / Automobile Business DivisionDivision | 12,834 | 7.8% | 23 | 0.2% |
| Other | — | 0.0% | -285 | — |

Segment → industry: Battery Business / Automobile Business DivisionDivision → Specialty Trading & Wholesale / Business Division 3 → Specialty Trading & Wholesale / Business Division 2 → Specialty Trading & Wholesale / Business Division 1 → Specialty Trading & Wholesale

## 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 | 4,406 | 2.7% | S100YF48 |
| Capital expenditure | 332 | 0.2% | S100YF48 |
| Free cash flow | 4,074 | 2.5% | 算出 |
| Investing cash flow | -3,193 | -1.9% | S100YF48 |
| Financing cash flow | 959 | 0.6% | S100YF48 |
| Dividends paid | 1,688 | 1.0% | S100YF48 |
| Share buyback | 279 | 0.2% | S100YF48 |
| Change in cash | 2,516 | 1.5% | S100YF48 |
| Cash and equivalents | 11,231 | 6.8% | S100YF48 |

## 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 | 5,255 | 8,352 | 9,528 | 8,318 | 11,231 | S100TPBC, S100XM62, S100YF48 |
| Total assets | 76,415 | 80,725 | 85,355 | 74,634 | 84,580 | S100R2B2, S100TPBC, S100XM62, S100YF48 |
| Net assets | 35,967 | 35,922 | 38,783 | 38,908 | 42,097 | S100TPBC, S100XM62, S100YF48 |
| Share capital | 4,024 | 4,024 | 4,024 | 4,024 | 4,024 | S100R2B2, S100TPBC, S100XM62, S100YF48 |
| Property, plant and equipment | 1,168 | 1,079 | 1,366 | 1,329 | 1,897 | S100R2B2, S100TPBC, S100XM62, S100YF48 |
| Intangible assets excluding goodwill | 208 | 141 | 110 | 77 | 2,578 | S100R2B2, S100TPBC, S100XM62, S100YF48 |
| Goodwill | — | — | — | — | 1,224 | S100YF48 |
| Investment securities | 14,800 | 14,911 | 15,729 | 14,453 | 15,147 | S100R2B2, S100TPBC, S100XM62, S100YF48 |
| Current assets | 59,225 | 63,466 | 67,144 | 57,418 | 62,846 | S100R2B2, S100TPBC, S100XM62, S100YF48 |
| Current liabilities | 35,850 | 40,579 | 42,069 | 32,284 | 36,840 | S100R2B2, S100TPBC, S100XM62, S100YF48 |
| Trade payables | 28,197 | 26,289 | 30,504 | 23,768 | 24,685 | S100R2B2, S100TPBC, S100XM62, S100YF48 |
| Short-term borrowings | 5,787 | 7,258 | 4,296 | 991 | 1,744 | S100R2B2, S100TPBC, S100XM62, S100YF48 |
| Long-term borrowings | 590 | 87 | 541 | 521 | 2,041 | S100R2B2, S100TPBC, S100XM62, S100YF48 |
| Total liabilities | 40,448 | 44,803 | 46,571 | 35,726 | 42,483 | S100R2B2, S100TPBC, S100XM62, S100YF48 |
| Non-controlling interests | 287 | 447 | 476 | 439 | 717 | S100R2B2, S100TPBC, S100XM62, S100YF48 |
| Equity attributable to owners of parent | 30,437 | 29,151 | 30,757 | 31,817 | 33,377 | S100R2B2, S100TPBC, S100XM62, S100YF48 |
| Retained earnings | 23,655 | 22,370 | 24,118 | 25,083 | 26,922 | S100R2B2, S100TPBC, S100XM62, S100YF48 |
| Treasury stock | -4 | -4 | -146 | -83 | -362 | S100R2B2, S100TPBC, S100XM62, S100YF48 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YF48 |
| Property, plant and equipment | 2% | S100YF48 |
| Intangibles and goodwill | 5% | S100YF48 |
| Investment securities | 18% | S100YF48 |
| Other assets | 62% | S100YF48 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 29% | S100YF48 |
| Other liabilities | 21% | S100YF48 |
| Equity | 50% | S100YF48 |

### 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 | 76,415 | 80,725 | 85,355 | 74,634 | 84,580 |
| Equity | 35,967 | 35,922 | 38,783 | 38,908 | 42,097 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,255 | 8,352 | 9,528 | 8,318 | 11,231 |

## 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) | 1.2% | S100YF48 |
| Fixed assets ÷ total assets | 2.2% | S100YF48 |
| Goodwill ÷ parent equity | 3.7% | S100YF48 |

### 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) | 13.3% |
| Cash ÷ revenue | 6.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 106.6% |
| Cash vs. profit gap | 1,032 JPY mn (of net income 30.6%) |
| Shareholder returns / net income | 58.3% |
| Shareholder returns / FCF | 48.3% |
| Shareholder payments — dividends / net income | 50.0% |
| Shareholder payments — dividends / FCF | 41.4% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 72.5% |

## 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 | 1.7% | 1.87× | 3.1% | 2.51× | 7.9% | S100R2B2 |
| 2023 | 1.1% | 1.99× | 2.2% | 2.64× | 5.8% | S100TPBC |
| 2024 | 1.7% | 1.91× | 3.3% | 2.77× | 9.2% | S100XM62 |
| 2025 | 2.2% | 1.96× | 4.2% | 2.56× | 10.8% | S100YF48 |
| 2026 | 2.0% | 2.07× | 4.2% | 2.44× | 10.4% | S100YF48 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱商事株式会社 | Major shareholder | 14.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 13.5% | 2026-03-31 |
| ＡＧＣ株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| 三菱UFJモルガン・スタンレー証券株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 1.3% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.2% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044(常任代理人 株式会社みずほ銀行) | Major shareholder | 1.1% | 2026-03-31 |
| PHILLIP SECURITIES (HONG KONG) LIMITED LIM WAH SAI(常任代理人 フィリップ証券株式会社) | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第107期(2025/04/01－2026/03/31) | S100YF48 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF48,, |
| 訂正有価証券報告書－第106期(2024/04/01－2025/03/31) | S100XM62 | 2026-02-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XM62,, |
| 有価証券報告書－第105期(2023/04/01－2024/03/31) | S100TPBC | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPBC,, |
| 有価証券報告書－第104期(2022/04/01－2023/03/31) | S100R2B2 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2B2,, |
| 有価証券報告書－第103期(令和3年4月1日－令和4年3月31日) | S100OEUN | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEUN,, |
| 有価証券報告書－第102期(令和2年4月1日－令和3年3月31日) | S100LO2O | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LO2O,, |

## 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).