# Menicon Co., Ltd.: 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69期(2025/04/01－2026/03/31) (S100YIHS)
> Page: https://vizora.meequs.com/en/company/menicon
> Retrieved: 2026-09-30T21:31:20.186Z

## Company

Menicon, founded in 1957, is a company in Medical Devices listed on TSE Prime. It has 4,493 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Menicon Co., Ltd. |
| Ticker | 7780 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7780.T) |
| Listing | TSE Prime |
| Head office | 愛知県名古屋市中区葵三丁目21番19号 |
| Representative (per filing) | 代表執行役社長 CEO 川浦康嗣 |
| Founded | Jul 1957 |
| Share capital | ¥5.65B |
| Employees (consolidated) | 4,493 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.menicon.co.jp (https://www.menicon.co.jp/) |
| Corporate number | 7180001017589 |
| EDINET | E31560 |
| Industries (Vizora) | Medical Devices |

> Profile source: annual securities report (S100YIHS, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.1 | 38 |
| Profitability | 37.2 | 39 |
| Cash conversion | 64.5 | 38 |
| Efficiency | 47.4 | 39 |

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 93% of Menicon's sales come from Vision Care Business, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit +2.2%.

## Company structure

- Segment revenue mix: Vision Care Business 92.8%、Other 7.2%
- Revenue → net income: ¥125605000000 → ¥5919000000
- Net income → operating cash flow: ¥5919000000 → ¥11839000000（difference ¥5920000000）
- Main uses of operating cash flow: CapEx ¥16498000000 / dividends ¥2145000000 / buybacks ¥2399000000
- Change in cash: ¥-9454000000
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 | ¥125.6B |  |
| Operating income | ¥10.2B | Margin 8.1% |
| Net income | ¥5.92B | Margin 4.7% |
| Free cash flow | -¥4.66B |  |
| Largest business | Vision Care Business | of segment revenue 92.8% |
| Employees (consolidated) | 4,493 |  |
| EPS | ¥63.83 |  |
| Diluted EPS | ¥63.5 |  |
| Book value per share | ¥842.06 |  |
| Equity ratio | 48.5% |  |
| Shares outstanding | 76,761,888 |  |
| Treasury shares | 2,053,000 |  |
| Shareholders | 33,927 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 16.7% | Net cash -¥31.7B · Cash ÷ revenue 25.8% |
| Vs. industry median margin | -2.9 pp | Medical Devices |
| ROE | 7.6% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.0× net income
- FY2026, buybacks were 1.1× dividends
- FY2026, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥86209000000 | ¥125605000000 | +45.7% |
| Operating income | ¥8106000000 | ¥10236000000 | +26.3% |
| Operating margin | 9.4% | 8.1% | -1.3 pp |
| Employees | 3,860 people | 4,493 people | +16.4% |
| Cash and equivalents | ¥41120000000 | ¥32410000000 | -21.2% |

### 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 |
| --- | ---: |
| ビジョンケア事業 → ビジョンケア事業 | 49.5% |
| コンタクトレンズ関連事業 → 事業再編・廃止 | 49.5% |
| その他 → その他 | 1.0% |
| 新設・再編 → ビジョンケア事業 | 43.3% |
| 新設・再編 → その他 | 6.2% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 125,605 | 100.0% | S100YIHS |
| Cost of revenue | 58,006 | 46.2% | S100YIHS |
| Gross profit | 67,599 | 53.8% | S100YIHS |
| SG&A | 57,363 | 45.7% | S100YIHS |
| Operating income | 10,236 | 8.1% | S100YIHS |
| Ordinary income | 11,021 | 8.8% | S100YIHS |
| Pretax income | 8,859 | 7.1% | S100YIHS |
| Income tax | 2,940 | 2.3% | S100YIHS |
| Net income | 5,919 | 4.7% | S100YIHS |
| Net income attributable to owners | 5,916 | 4.7% | S100YIHS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 46 |
| SG&A | 46 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 53.8% → Operating margin 8.1% → Net margin 4.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.4%; Core profit growth: +2.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.66×
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 | 121,491 | 125,605 | 4,114 | +3.4% |
| Gross profit | 65,034 | 67,599 | 2,565 | +3.9% |
| Operating income | 10,012 | 10,236 | 224 | +2.2% |
| Net income attributable to owners | 5,597 | 5,916 | 319 | +5.7% |
| Operating cash flow | 13,944 | 11,839 | -2,105 | -15.1% |
| Free cash flow | -3,544 | -4,659 | -1,115 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 84,519 | 7,033 | 8.3% | 4,060 | 8,712 | 2,235 | S100LNLH |
| FY ending Mar 2021 | 86,209 | 8,106 | 9.4% | 5,952 | 10,628 | -1,247 | S100PPKQ |
| FY ending Mar 2022 | 100,172 | 9,957 | 9.9% | 6,481 | 12,719 | -3,227 | S100R4A0 |
| FY ending Mar 2023 | 110,194 | 12,062 | 10.9% | 7,377 | 12,749 | -226 | S100TV5Q |
| FY ending Mar 2024 | 116,192 | 8,951 | 7.7% | 4,538 | 11,866 | -9,468 | S100W68P |
| FY ending Mar 2025 | 121,491 | 10,012 | 8.2% | 5,597 | 13,944 | -3,544 | S100YIHS |
| FY ending Mar 2026 | 125,605 | 10,236 | 8.1% | 5,916 | 11,839 | -4,659 | S100YIHS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 3,908 | 4,056 | 4,221 | 4,325 | 4,493 |
| Average salary (parent company) | ¥5.4M | ¥5.5M | ¥5.6M | ¥6.1M | ¥6.3M |
| Average age (parent company) | 38.4 years | 38.4 years | 38.2 years | 38.3 years | 38.4 years |
| Average tenure (parent company) | 12.6 years | 12.4 years | 12.1 years | 11.8 years | 12.0 years |

Year over year: Employees (consolidated) +3.9% · Revenue (consolidated) +3.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Vision Care Business | 116,523 | 92.8% | 17,468 | 15.0% |
| Other | 9,081 | 7.2% | -862 | -9.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Vision Care Business | 92.8% | 100.0% | 7.2 | 15.0% |
| Other | 7.2% | — | — | -9.5% |

Loss-making segment (excluded from profit shares): Other -862 JPY mn

Segment → industry: Vision Care Business → Medical Devices

## 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 | 11,839 | 9.4% | S100YIHS |
| Capital expenditure | 16,498 | 13.1% | S100YIHS |
| Free cash flow | -4,659 | -3.7% | 算出 |
| Investing cash flow | -16,488 | -13.1% | S100YIHS |
| Financing cash flow | -6,037 | -4.8% | S100YIHS |
| Dividends paid | 2,145 | 1.7% | S100YIHS |
| Share buyback | 2,399 | 1.9% | S100YIHS |
| Change in cash | -9,454 | -7.5% | S100YIHS |
| Cash and equivalents | 32,410 | 25.8% | S100YIHS |

## 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 | 32,611 | 40,664 | 46,713 | 41,864 | 32,410 | S100TV5Q, S100W68P, S100YIHS |
| Total assets | 130,978 | 152,522 | 179,812 | 187,590 | 194,640 | S100R4A0, S100TV5Q, S100W68P, S100YIHS |
| Net assets | 67,045 | 74,665 | 81,804 | 86,129 | 95,106 | S100TV5Q, S100W68P, S100YIHS |
| Share capital | 5,462 | 5,487 | 5,521 | 5,535 | 5,650 | S100R4A0, S100TV5Q, S100W68P, S100YIHS |
| Trade receivables | 11,269 | 12,411 | 13,340 | 13,641 | 14,794 | S100R4A0, S100TV5Q, S100W68P, S100YIHS |
| Property, plant and equipment | 49,421 | 57,143 | 75,508 | 83,064 | 94,833 | S100R4A0, S100TV5Q, S100W68P, S100YIHS |
| Intangible assets excluding goodwill | 11,601 | 11,470 | 11,668 | 15,595 | 13,624 | S100R4A0, S100TV5Q, S100W68P, S100YIHS |
| Goodwill | 2,748 | 2,368 | 2,719 | 3,227 | 2,768 | S100R4A0, S100TV5Q, S100W68P, S100YIHS |
| Investment securities | 515 | 499 | 720 | 822 | 1,135 | S100R4A0, S100TV5Q, S100W68P, S100YIHS |
| Current assets | 64,188 | 77,701 | 85,771 | 82,669 | 78,978 | S100R4A0, S100TV5Q, S100W68P, S100YIHS |
| Current liabilities | 22,688 | 24,352 | 50,053 | 26,492 | 29,206 | S100R4A0, S100TV5Q, S100W68P, S100YIHS |
| Trade payables | 4,894 | 5,609 | 6,181 | 6,419 | 5,753 | S100R4A0, S100TV5Q, S100W68P, S100YIHS |
| Short-term borrowings | 82 | 126 | 169 | 25 | 1,868 | S100R4A0, S100TV5Q, S100W68P, S100YIHS |
| Long-term borrowings | 7,459 | 5,936 | 4,251 | 19,213 | 17,288 | S100R4A0, S100TV5Q, S100W68P, S100YIHS |
| Bonds | 2,226 | 16,500 | 36,333 | 46,167 | 45,000 | S100R4A0, S100TV5Q, S100W68P, S100YIHS |
| Interest-bearing debt | 9,767 | 22,562 | 40,753 | 65,405 | 64,156 | 算出 |
| Total liabilities | 63,933 | 77,856 | 98,007 | 101,460 | 99,533 | S100R4A0, S100TV5Q, S100W68P, S100YIHS |
| Non-controlling interests | 49 | 52 | 55 | 57 | 61 | S100R4A0, S100TV5Q, S100W68P, S100YIHS |
| Equity attributable to owners of parent | 63,684 | 69,971 | 73,250 | 76,621 | 78,484 | S100R4A0, S100TV5Q, S100W68P, S100YIHS |
| Retained earnings | 52,302 | 58,127 | 60,763 | 64,456 | 68,226 | S100R4A0, S100TV5Q, S100W68P, S100YIHS |
| Treasury stock | -1,330 | -919 | -344 | -928 | -3,066 | S100R4A0, S100TV5Q, S100W68P, S100YIHS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YIHS |
| Receivables | 8% | S100YIHS |
| Property, plant and equipment | 49% | S100YIHS |
| Intangibles and goodwill | 8% | S100YIHS |
| Investment securities | 0% | S100YIHS |
| Other assets | 18% | S100YIHS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YIHS |
| Interest-bearing debt | 33% | 算出 |
| Other liabilities | 15% | S100YIHS |
| Equity | 49% | S100YIHS |
| Other liabilities | 0% | S100YIHS |

### 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 | 130,978 | 152,522 | 179,812 | 187,590 | 194,640 |
| Equity | 67,045 | 74,665 | 81,804 | 86,129 | 95,106 |
| Interest-bearing debt | 9,767 | 22,562 | 40,753 | 65,405 | 64,156 |
| Cash | 32,611 | 40,664 | 46,713 | 41,864 | 32,410 |

## 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) | 75.5% | S100YIHS |
| Fixed assets ÷ total assets | 48.7% | S100YIHS |
| Goodwill ÷ parent equity | 3.5% | S100YIHS |

Goodwill over 4 years: 2,748 → 2,768 JPY; total investing cash flow: -87,649 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) | 16.7% |
| Cash ÷ revenue | 25.8% |
| Net cash (cash − interest-bearing debt) | -¥31.7B |
| Net debt ÷ operating cash flow | 2.68× |
| Cash conversion (operating CF ÷ operating income) | 115.7% |
| Cash vs. profit gap | 5,923 JPY mn (of net income 100.1%) |
| Shareholder returns / net income | 76.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 36.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 13.1% |
| Investing CF relative to operating CF | 139.3% |

## 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 | 6.5% | 0.76× | 4.9% | 2.06× | 10.2% | S100R4A0 |
| 2023 | 6.7% | 0.78× | 5.2% | 2.12× | 11.0% | S100TV5Q |
| 2024 | 3.9% | 0.70× | 2.7% | 2.32× | 6.3% | S100W68P |
| 2025 | 4.6% | 0.66× | 3.0% | 2.45× | 7.5% | S100YIHS |
| 2026 | 4.7% | 0.66× | 3.1% | 2.46× | 7.6% | S100YIHS |

## 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 | 11.7% | 2026-03-31 |
| 株式会社トヨトミ | Major shareholder | 5.3% | 2026-03-31 |
| GOLDMAN,SACHS & CO.REG （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.2% | 2026-03-31 |
| 田中 英成 | Major shareholder | 3.4% | 2026-03-31 |
| 塚本 香津子 | Major shareholder | 3.0% | 2026-03-31 |
| 野村信託銀行株式会社（信託口2052116） | Major shareholder | 2.7% | 2026-03-31 |
| メニコングループ社員持株会 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社マミ | Major shareholder | 2.3% | 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 | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第69期(2025/04/01－2026/03/31) | S100YIHS | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIHS,, |
| 有価証券報告書－第68期(2024/04/01－2025/03/31) | S100W68P | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W68P,, |
| 有価証券報告書－第67期(2023/04/01－2024/03/31) | S100TV5Q | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV5Q,, |
| 有価証券報告書－第66期(2022/04/01－2023/03/31) | S100R4A0 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4A0,, |
| 訂正有価証券報告書－第65期(令和3年4月1日－令和4年3月31日) | S100PPKQ | 2022-12-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PPKQ,, |
| 有価証券報告書－第64期(令和2年4月1日－令和3年3月31日) | S100LNLH | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNLH,, |

## 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).