# Miahelsa Holdings 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5期(2025/04/01－2026/03/31) (S100YK3E)
> Page: https://vizora.meequs.com/en/company/miahelsa-holdings
> Retrieved: 2026-09-30T22:29:15.938Z

## Company

Miahelsa Holdings, founded in 2021, is a company in Nursing Care listed on TSE Standard. It has 1,838 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Miahelsa Holdings Corporation |
| Ticker | 7129 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7129.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区市谷仲之町3番19号 |
| Representative (per filing) | 代表取締役社長 青木 文恵 |
| Founded | Oct 2021 |
| Share capital | ¥453.6M |
| Employees (consolidated) | 1,838 |
| Fiscal year end | March |
| Website | www.merhalsa-hd.jp (https://www.merhalsa-hd.jp/) |
| Corporate number | 3011101096519 |
| EDINET | E36714 |
| Industries (Vizora) | Nursing Care, Drugstores & Pharmacies, Childcare |

> Profile source: annual securities report (S100YK3E, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Childcare (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 35 | 10 |
| Profitability | 37.5 | 12 |
| Cash conversion | 45.8 | 12 |
| Efficiency | 70.8 | 12 |

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 Miahelsa Holdings's sales come from Childcare support business, with Medicine business and Nursing care business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +4.3% from the prior year, operating profit +28.6%.

## Company structure

- Segment revenue mix: Childcare support business 41.4%、Medicine business 40.0%、Nursing care business 14.2%、Other 4.3%
- Revenue → net income: ¥24850683000 → ¥200851000
- Net income → operating cash flow: ¥200851000 → ¥905957000（difference ¥705106000）
- Main uses of operating cash flow: CapEx ¥392181000 / dividends ¥83798000 / buybacks —
- Change in cash: ¥2950438000
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 | ¥24.9B |  |
| Operating income | ¥824.3M | Margin 3.3% |
| Net income | ¥200.9M | Margin 0.8% |
| Free cash flow | ¥513.8M |  |
| Largest business | Childcare support business | of segment revenue 41.4% |
| Employees (consolidated) | 1,838 |  |
| EPS | ¥38.75 |  |
| Diluted EPS | ¥38.68 |  |
| Book value per share | ¥1217.07 |  |
| Equity ratio | 25.1% |  |
| Shares outstanding | 2,802,300 |  |
| Treasury shares | 100 |  |
| Shareholders | 4,103 |  |
| Cash ratio | 28.7% | Cash ÷ revenue 18.0% |
| Vs. industry median margin | -0.6 pp | Childcare |
| ROE | 5.2% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.5× net income
- FY2026, one segment accounts for 68% of positive segment profit
- FY2026, employees 0% while operating income rose 29%

## What changed in 4 years

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥19510261000 | ¥24850683000 | +27.4% |
| Operating income | ¥186370000 | ¥824300000 | +342.3% |
| Operating margin | 1.0% | 3.3% | +2.4 pp |
| Employees | 1,752 people | 1,838 people | +4.9% |
| Cash and equivalents | ¥1086848000 | ¥4483135000 | +312.5% |

### Change in segment revenue mix

Span: FY ending Mar 2022 → 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 |
| --- | ---: |
| 医薬事業 → 医薬事業 | 40.0% |
| 医薬事業 → 事業再編・廃止 | 5.0% |
| 介護事業 → 介護事業 | 14.2% |
| 介護事業 → 事業再編・廃止 | 3.2% |
| 保育事業 → 事業再編・廃止 | 32.9% |
| その他 → その他 | 4.3% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 子育て支援事業 | 41.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Childcare support business | 2 years | +6.0% | ¥10294623000 | 12.2% | 2 |
| Medicine business | 4 years | +3.2% | ¥9947519000 | 5.1% | 2 |
| Nursing care business | 4 years | +0.9% | ¥3538647000 | 1.6% | 2 |
| Other | 4 years | +4.3% | ¥1069893000 | 3.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 24,851 | 100.0% | S100YK3E |
| Cost of revenue | 22,181 | 89.3% | S100YK3E |
| Gross profit | 2,669 | 10.7% | S100YK3E |
| SG&A | 1,845 | 7.4% | S100YK3E |
| Operating income | 824 | 3.3% | S100YK3E |
| Ordinary income | 828 | 3.3% | S100YK3E |
| Pretax income | 437 | 1.8% | S100YK3E |
| Income tax | 236 | 1.0% | S100YK3E |
| Net income | 201 | 0.8% | S100YK3E |
| Net income attributable to owners | 201 | 0.8% | S100YK3E |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 8 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 10.7% → Operating margin 3.3% → Net margin 0.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.3%; Core profit growth: +28.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.64×
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 | 23,826 | 24,851 | 1,025 | +4.3% |
| Gross profit | 2,392 | 2,669 | 278 | +11.6% |
| Operating income | 641 | 824 | 183 | +28.6% |
| Net income attributable to owners | 300 | 201 | -99 | -33.0% |
| Operating cash flow | 1,011 | 906 | -105 | -10.4% |
| Free cash flow | 500 | 514 | 13 | +2.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2022 | 19,510 | 186 | 1.0% | 292 | 919 | -3 | S100R6MQ |
| FY ending Mar 2023 | 22,249 | 191 | 0.9% | 210 | 1,021 | 482 | S100TX1I |
| FY ending Mar 2024 | 22,723 | 395 | 1.7% | 6 | 1,594 | 1,292 | S100W4QZ |
| FY ending Mar 2025 | 23,826 | 641 | 2.7% | 300 | 1,011 | 500 | S100YK3E |
| FY ending Mar 2026 | 24,851 | 824 | 3.3% | 201 | 906 | 514 | S100YK3E |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.5M |
| Operating income per employee (consolidated) | ¥448.5K |
| Net income per employee (consolidated) | ¥109.3K |

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) | 1,752 | 1,782 | 1,741 | 1,847 | 1,838 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) -0.5% · Revenue (consolidated) +4.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Medicine business | 9,948 | 40.0% | 502 | 5.1% |
| Childcare support business | 10,295 | 41.4% | 1,257 | 12.2% |
| Nursing care business | 3,539 | 14.2% | 56 | 1.6% |
| Other | 1,070 | 4.3% | 37 | 3.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Medicine business | 40.0% | 27.1% | -12.9 | 5.1% |
| Childcare support business | 41.4% | 67.9% | 26.4 | 12.2% |
| Nursing care business | 14.2% | 3.0% | -11.2 | 1.6% |
| Other | 4.3% | 2.0% | -2.3 | 3.5% |

Segment → industry: Nursing care business → Nursing Care / Medicine business → Drugstores & Pharmacies / Childcare support business → Childcare

## 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 | 906 | 3.6% | S100YK3E |
| Capital expenditure | 392 | 1.6% | S100YK3E |
| Free cash flow | 514 | 2.1% | 算出 |
| Investing cash flow | -364 | -1.5% | S100YK3E |
| Financing cash flow | 2,408 | 9.7% | S100YK3E |
| Dividends paid | 84 | 0.3% | S100YK3E |
| Change in cash | 2,950 | 11.9% | S100YK3E |
| Cash and equivalents | 4,483 | 18.0% | S100YK3E |

## 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 | 1,087 | 1,183 | 1,831 | 1,533 | 4,483 | S100TX1I, S100W4QZ, S100YK3E |
| Total assets | 14,205 | 14,136 | 13,810 | 13,277 | 15,594 | S100R6MQ, S100TX1I, S100W4QZ, S100YK3E |
| Net assets | 3,203 | 3,338 | 3,306 | 3,795 | 3,914 | S100TX1I, S100W4QZ, S100YK3E |
| Share capital | 301 | 301 | 319 | 452 | 454 | S100R6MQ, S100TX1I, S100W4QZ, S100YK3E |
| Property, plant and equipment | 6,777 | 6,765 | 6,199 | 5,781 | 5,238 | S100R6MQ, S100TX1I, S100W4QZ, S100YK3E |
| Intangible assets excluding goodwill | 595 | 510 | 439 | 393 | 344 | S100R6MQ, S100TX1I, S100W4QZ, S100YK3E |
| Goodwill | 352 | 279 | 215 | 151 | 112 | S100R6MQ, S100TX1I, S100W4QZ, S100YK3E |
| Current assets | 4,894 | 5,050 | 5,454 | 5,459 | 8,397 | S100R6MQ, S100TX1I, S100W4QZ, S100YK3E |
| Current liabilities | 6,147 | 6,583 | 6,845 | 6,475 | 8,441 | S100R6MQ, S100TX1I, S100W4QZ, S100YK3E |
| Short-term borrowings | 1,735 | 2,090 | 1,820 | 1,200 | 3,392 | S100R6MQ, S100TX1I, S100W4QZ, S100YK3E |
| Long-term borrowings | 2,400 | 1,877 | 1,603 | 1,276 | 1,509 | S100R6MQ, S100TX1I, S100W4QZ, S100YK3E |
| Bonds | 66 | 35 | 14 | — | — | S100R6MQ, S100TX1I, S100W4QZ |
| Interest-bearing debt | 4,201 | 4,001 | 3,436 | — | — | 算出 |
| Total liabilities | 11,003 | 10,798 | 10,503 | 9,482 | 11,680 | S100R6MQ, S100TX1I, S100W4QZ, S100YK3E |
| Equity attributable to owners of parent | 3,203 | 3,338 | 3,305 | 3,794 | 3,914 | S100R6MQ, S100TX1I, S100W4QZ, S100YK3E |
| Retained earnings | 2,385 | 2,519 | 2,450 | 2,673 | 2,790 | S100R6MQ, S100TX1I, S100W4QZ, S100YK3E |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R6MQ, S100TX1I, S100W4QZ, S100YK3E |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100YK3E |
| Property, plant and equipment | 33% | S100YK3E |
| Intangibles and goodwill | 3% | S100YK3E |
| Other assets | 35% | S100YK3E |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 75% | S100YK3E |
| Equity | 25% | S100YK3E |
| Other liabilities | 0% | S100YK3E |

### 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 | 14,205 | 14,136 | 13,810 | 13,277 | 15,594 |
| Equity | 3,203 | 3,338 | 3,306 | 3,795 | 3,914 |
| Interest-bearing debt | 4,201 | 4,001 | 3,436 | — | — |
| Cash | 1,087 | 1,183 | 1,831 | 1,533 | 4,483 |

## 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) | 21.1% | S100YK3E |
| Fixed assets ÷ total assets | 33.6% | S100YK3E |
| Goodwill ÷ parent equity | 2.9% | S100YK3E |

Goodwill over 4 years: 352 → 112 JPY; total investing cash flow: -4,247 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) | 28.7% |
| Cash ÷ revenue | 18.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 109.9% |
| Cash vs. profit gap | 705 JPY mn (of net income 351.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 41.7% |
| Shareholder payments — dividends / FCF | 16.3% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 40.2% |

## 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 | 1.5% | 1.37× | 2.1% | 4.44× | 9.1% | S100R6MQ |
| 2023 | 0.9% | 1.57× | 1.5% | 4.33× | 6.4% | S100TX1I |
| 2024 | 0.0% | 1.63× | 0.0% | 4.21× | 0.2% | S100W4QZ |
| 2025 | 1.3% | 1.76× | 2.2% | 3.82× | 8.4% | S100YK3E |
| 2026 | 0.8% | 1.72× | 1.4% | 3.75× | 5.2% | S100YK3E |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社スリーユ | Major shareholder | 29.8% | 2026-03-31 |
| 一般社団法人ブルーツリー | Major shareholder | 19.5% | 2026-03-31 |
| アルフレッサ株式会社 | Major shareholder | 3.6% | 2026-03-31 |
| グリーンホスピタルサプライ株式会社 | Major shareholder | 3.6% | 2026-03-31 |
| 青木 文恵 | Major shareholder | 2.1% | 2026-03-31 |
| ミアヘルサ従業員持株会 | Major shareholder | 2.1% | 2026-03-31 |
| 青木 友紀 | Major shareholder | 1.4% | 2026-03-31 |
| 門倉 優里 | Major shareholder | 1.4% | 2026-03-31 |
| 山口 洋 | Major shareholder | 1.1% | 2026-03-31 |
| 銭本 政己 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第5期(2025/04/01－2026/03/31) | S100YK3E | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK3E,, |
| 有価証券報告書－第4期(2024/04/01－2025/03/31) | S100W4QZ | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4QZ,, |
| 有価証券報告書－第3期(2023/04/01－2024/03/31) | S100TX1I | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX1I,, |
| 有価証券報告書－第2期(2022/04/01－2023/03/31) | S100R6MQ | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6MQ,, |
| 有価証券報告書－第1期(令和3年10月1日－令和4年3月31日) | S100OG2Y | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG2Y,, |

## 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).