# Mercuria Holdings Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第5期(2025/01/01－2025/12/31) (S100XQHE)
> Page: https://vizora.meequs.com/en/company/mercuria
> Retrieved: 2026-09-30T19:50:39.733Z

## Company

Mercuria Holdings, founded in 2021, is a company in Investment Funds listed on TSE Prime. It has 119 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mercuria Holdings Co., Ltd. |
| Ticker | 7347 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7347.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区内幸町一丁目3番3号内幸町ダイビル |
| Representative (per filing) | 代表取締役 豊島 俊弘 |
| Founded | Jul 2021 |
| Share capital | ¥4.07B |
| Employees (consolidated) | 119 |
| Average salary (parent only) | ¥20.1M |
| Fiscal year end | December |
| Website | www.mercuria.jp (https://www.mercuria.jp/) |
| Corporate number | 8010001219432 |
| EDINET | E36498 |
| Industries (Vizora) | Investment Funds |

> Profile source: annual securities report (S100XQHE, filed 2026-03-26). As of filing

## Key points (generated from figures)

- Mercuria Holdings brought in ¥7.22B in revenue.
- Out of every ¥100 of sales, about ¥35 is left as operating profit.
- Revenue changed +29.6% from the prior year, operating profit +157.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥7215726000 → ¥1782504000
- Net income → operating cash flow: ¥1782504000 → ¥2382942000（difference ¥600438000）
- Main uses of operating cash flow: CapEx ¥1128000 / dividends ¥436554000 / buybacks —
- Change in cash: ¥1867142000
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 | ¥7.22B |  |
| Operating income | ¥2.52B | Margin 34.9% |
| Net income | ¥1.68B | Margin 23.3% |
| Free cash flow | ¥2.38B |  |
| Employees (consolidated) | 119 |  |
| EPS | ¥99.13 |  |
| Book value per share | ¥799.81 |  |
| Equity ratio | 76.6% |  |
| Shares outstanding | 21,549,900 |  |
| Treasury shares | 1,706,500 |  |
| Shareholders | 24,457 |  |
| Average salary (parent only) | ¥20.1M | Filing company only |
| Cash ratio | 22.3% | Cash ÷ revenue 72.5% |
| Vs. industry median margin | +25.1 pp | Investment Funds |
| ROE | 9.9% | Derived from disclosed figures |
| ROA | 7.6% | Derived from disclosed figures |

## Notable figures

- FY2025, parent-company salary changed +57% over five years
- FY2025, operating income keeps 35 per ¥100 of revenue

## What changed in 4 years

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4169925000 | ¥7215726000 | +73.0% |
| Operating income | ¥1763367000 | ¥2515202000 | +42.6% |
| Operating margin | 42.3% | 34.9% | -7.4 pp |
| Employees | 78 people | 119 people | +52.6% |
| Cash and equivalents | ¥4604764000 | ¥5232547000 | +13.6% |

### Change in segment revenue mix

Span: FY ending Dec 2021 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,216 | 100.0% | S100XQHE |
| SG&A | 4,220 | 58.5% | S100XQHE |
| Operating income | 2,515 | 34.9% | S100XQHE |
| Ordinary income | 2,554 | 35.4% | S100XQHE |
| Pretax income | 2,554 | 35.4% | S100XQHE |
| Income tax | 772 | 10.7% | S100XQHE |
| Net income | 1,783 | 24.7% | S100XQHE |
| Net income attributable to owners | 1,685 | 23.3% | S100XQHE |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Operating expenses | 65 |
| Operating income | 35 |
| (Ref.) Net income | 23 |

### Margin funnel

Operating margin 34.9% → Net margin 23.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +29.6%; Core profit growth: +157.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.33×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,566 | 7,216 | 1,650 | +29.6% |
| Operating income | 975 | 2,515 | 1,540 | +157.9% |
| Net income attributable to owners | 506 | 1,685 | 1,179 | +233.1% |
| Operating cash flow | 656 | 2,383 | 1,727 | +263.5% |
| Free cash flow | 653 | 2,382 | 1,729 | +264.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2021 | 4,170 | 1,763 | 42.3% | 1,304 | 179 | 145 | S100QGTT |
| FY ending Dec 2022 | 4,598 | 2,055 | 44.7% | 1,563 | -349 | -373 | S100T34I |
| FY ending Dec 2023 | 5,842 | 1,344 | 23.0% | 1,055 | 1,242 | 1,190 | S100VDWG |
| FY ending Dec 2024 | 5,566 | 975 | 17.5% | 506 | 656 | 653 | S100XQHE |
| FY ending Dec 2025 | 7,216 | 2,515 | 34.9% | 1,685 | 2,383 | 2,382 | S100XQHE |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥60.6M |
| Operating income per employee (consolidated) | ¥21.1M |
| Net income per employee (consolidated) | ¥14.2M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 78 | 98 | 115 | 119 | 119 |
| Average salary (parent company) | ¥12.8M | ¥12.7M | ¥13.1M | ¥18M | ¥20.1M |
| Average age (parent company) | 41.0 years | 42.0 years | 43.0 years | 44.0 years | 46.0 years |
| Average tenure (parent company) | 5.6 years | 5.6 years | 5.1 years | 5.4 years | 6.4 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +29.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,383 | 33.0% | S100XQHE |
| Capital expenditure | 1 | 0.0% | S100XQHE |
| Free cash flow | 2,382 | 33.0% | 算出 |
| Investing cash flow | -588 | -8.2% | S100XQHE |
| Financing cash flow | 185 | 2.6% | S100XQHE |
| Dividends paid | 437 | 6.1% | S100XQHE |
| Change in cash | 1,867 | 25.9% | S100XQHE |
| Cash and equivalents | 5,233 | 72.5% | S100XQHE |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,605 | 2,943 | 3,003 | 3,365 | 5,233 | S100T34I, S100VDWG, S100XQHE |
| Total assets | 18,010 | 19,983 | 19,655 | 21,053 | 23,469 | S100QGTT, S100T34I, S100VDWG, S100XQHE |
| Net assets | 15,821 | 17,542 | 18,241 | 18,896 | 19,205 | S100T34I, S100VDWG, S100XQHE |
| Share capital | 4,058 | 4,064 | 4,066 | 4,074 | 4,074 | S100QGTT, S100T34I, S100VDWG, S100XQHE |
| Property, plant and equipment | 85 | 193 | 190 | 136 | 214 | S100QGTT, S100T34I, S100VDWG, S100XQHE |
| Intangible assets excluding goodwill | 0 | 1 | 2 | 1 | 1 | S100QGTT, S100T34I, S100VDWG, S100XQHE |
| Investment securities | 281 | 307 | 243 | 272 | 296 | S100QGTT, S100T34I, S100VDWG, S100XQHE |
| Current assets | 16,800 | 18,843 | 18,751 | 20,250 | 22,462 | S100QGTT, S100T34I, S100VDWG, S100XQHE |
| Current liabilities | 936 | 1,181 | 755 | 1,410 | 2,881 | S100QGTT, S100T34I, S100VDWG, S100XQHE |
| Short-term borrowings | — | 100 | — | — | 685 | S100T34I, S100XQHE |
| Long-term borrowings | 744 | 614 | — | — | — | S100QGTT, S100T34I |
| Total liabilities | 2,189 | 2,441 | 1,415 | 2,157 | 4,264 | S100QGTT, S100T34I, S100VDWG, S100XQHE |
| Non-controlling interests | 713 | 914 | 1,147 | 1,389 | 1,221 | S100QGTT, S100T34I, S100VDWG, S100XQHE |
| Equity attributable to owners of parent | 15,575 | 16,378 | 16,378 | 16,336 | 17,584 | S100QGTT, S100T34I, S100VDWG, S100XQHE |
| Retained earnings | 7,719 | 8,863 | 9,384 | 9,475 | 10,723 | S100QGTT, S100T34I, S100VDWG, S100XQHE |
| Treasury stock | -713 | -1,065 | -1,592 | -1,635 | -1,635 | S100QGTT, S100T34I, S100VDWG, S100XQHE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100XQHE |
| Property, plant and equipment | 1% | S100XQHE |
| Intangibles and goodwill | 0% | S100XQHE |
| Investment securities | 1% | S100XQHE |
| Other assets | 76% | S100XQHE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 18% | S100XQHE |
| Equity | 82% | S100XQHE |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 18,010 | 19,983 | 19,655 | 21,053 | 23,469 |
| Equity | 15,821 | 17,542 | 18,241 | 18,896 | 19,205 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,605 | 2,943 | 3,003 | 3,365 | 5,233 |

## 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) | 3.0% | S100XQHE |
| Fixed assets ÷ total assets | 0.9% | S100XQHE |
| Goodwill ÷ parent equity | — | —, S100XQHE |

### 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) | 22.3% |
| Cash ÷ revenue | 72.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 94.7% |
| Cash vs. profit gap | 698 JPY mn (of net income 41.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 25.9% |
| Shareholder payments — dividends / FCF | 18.3% |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 24.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 31.3% | 0.23× | 7.2% | 1.16× | 8.4% | S100QGTT |
| 2022 | 34.0% | 0.24× | 8.2% | 1.19× | 9.8% | S100T34I |
| 2023 | 18.1% | 0.29× | 5.3% | 1.21× | 6.4% | S100VDWG |
| 2024 | 9.1% | 0.27× | 2.5% | 1.24× | 3.1% | S100XQHE |
| 2025 | 23.3% | 0.32× | 7.6% | 1.31× | 9.9% | S100XQHE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社日本政策投資銀行 | Major shareholder | 21.2% | 2025-12-31 |
| 伊藤忠商事株式会社 | Major shareholder | 12.2% | 2025-12-31 |
| INTERACTIVE BROKERS LLC | Major shareholder | 9.6% | 2025-12-31 |
| GOLDMAN，SACHS & CO. REG | Major shareholder | 4.5% | 2025-12-31 |
| GOLDMAN SACHS INTERNATIONAL | Major shareholder | 3.4% | 2025-12-31 |
| 豊島俊弘 | Major shareholder | 3.1% | 2025-12-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 2.9% | 2025-12-31 |
| SILVERCAPE INVESTMENTS LIMITED | Major shareholder | 2.5% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.5% | 2025-12-31 |
| NORTHERN TRUST CO.（AVFC) RE NON TREATY CLIENTS ACCOUNT | Major shareholder | 2.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第5期(2025/01/01－2025/12/31) | S100XQHE | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XQHE,, |
| 有価証券報告書－第4期(2024/01/01－2024/12/31) | S100VDWG | 2025-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VDWG,, |
| 有価証券報告書－第3期(2023/01/01－2023/12/31) | S100T34I | 2024-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T34I,, |
| 有価証券報告書－第2期(2022/01/01－2022/12/31) | S100QGTT | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGTT,, |
| 有価証券報告書－第1期(令和3年1月1日－令和3年12月31日) | S100NRD2 | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRD2,, |

## 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).