# MIDAC HOLDINGS 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62期(2025/04/01－2026/03/31) (S100YMTN)
> Page: https://vizora.meequs.com/en/company/midac-holdings
> Retrieved: 2026-09-30T20:31:19.435Z

## Company

Midac Holdings, founded in 1964, is a company in Waste Management & Recycling listed on TSE Prime. It has 364 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MIDAC HOLDINGS CO., LTD. |
| Ticker | 6564 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6564.T) |
| Listing | TSE Prime |
| Head office | 浜松市中央区有玉南町2163番地 |
| Representative (per filing) | 代表取締役社長 加藤 恵子 |
| Founded | Jul 1964 |
| Share capital | ¥90M |
| Employees (consolidated) | 364 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.midac.jp (https://www.midac.jp/) |
| Corporate number | 6080401005304 |
| EDINET | E33577 |
| Industries (Vizora) | Waste Management & Recycling |

> Profile source: annual securities report (S100YMTN, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Waste Management & Recycling (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 89.6 | 24 |
| Profitability | 98 | 25 |
| Cash conversion | 18 | 25 |
| Efficiency | 2 | 25 |
| Financial strength | 68.2 | 11 |

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 82% of Midac Holdings's sales come from Wast disposal, with Waste collection and transportation and Wast brokerage and management making up much of the rest.
- Out of every ¥100 of sales, about ¥40 is left as operating profit.
- Revenue changed +8.6% from the prior year, operating profit +4.2%.

## Company structure

- Segment revenue mix: Wast disposal 81.5%、Waste collection and transportation 17.2%、Wast brokerage and management 1.2%
- Revenue → net income: ¥11844953000 → ¥2888103000
- Net income → operating cash flow: ¥2888103000 → ¥2813979000（difference ¥-74124000）
- Main uses of operating cash flow: CapEx ¥7591528000 / dividends ¥387285000 / buybacks —
- Change in cash: ¥-1444453000
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 | ¥11.8B |  |
| Operating income | ¥4.72B | Margin 39.9% |
| Net income | ¥2.89B | Margin 24.4% |
| Free cash flow | -¥4.78B |  |
| Largest business | Wast disposal | of segment revenue 81.5% |
| Employees (consolidated) | 364 |  |
| EPS | ¥61.98 |  |
| Diluted EPS | ¥61.96 |  |
| Book value per share | ¥394.74 |  |
| Equity ratio | 45.6% |  |
| Shares outstanding | 27,773,500 |  |
| Treasury shares | 93,200 |  |
| Shareholders | 3,957 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 16.5% | Net cash -¥5.53B · Cash ÷ revenue 54.8% |
| Vs. industry median margin | +32.7 pp | Waste Management & Recycling |
| ROE | 17.3% | Derived from disclosed figures |
| ROA | 8.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 89% of positive segment profit
- FY2026, operating income keeps 40 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5701605000 | ¥11844953000 | +107.7% |
| Operating income | ¥1883993000 | ¥4723736000 | +150.7% |
| Operating margin | 33.0% | 39.9% | +6.8 pp |
| Employees | 204 people | 364 people | +78.4% |
| Cash and equivalents | ¥4293770000 | ¥6495083000 | +51.3% |

### 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 |
| --- | ---: |
| 廃棄物処分 → 廃棄物処分 | 81.5% |
| 廃棄物処分 → 事業再編・廃止 | 2.2% |
| 収集運搬 → 収集運搬 | 13.3% |
| 仲介管理 → 仲介管理 | 1.2% |
| 仲介管理 → 事業再編・廃止 | 1.7% |
| 新設・再編 → 収集運搬 | 4.0% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Wast disposal | 5 years | +15.0% | ¥9609041000 | 55.4% | 2 |
| Waste collection and transportation | 5 years | +21.8% | ¥2030121000 | 27.7% | 2 |
| Wast brokerage and management | 5 years | -3.0% | ¥145742000 | 76.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,845 | 100.0% | S100YMTN |
| Cost of revenue | 4,444 | 37.5% | S100YMTN |
| Gross profit | 7,401 | 62.5% | S100YMTN |
| SG&A | 2,677 | 22.6% | S100YMTN |
| Operating income | 4,724 | 39.9% | S100YMTN |
| Ordinary income | 4,650 | 39.3% | S100YMTN |
| Pretax income | 4,650 | 39.3% | S100YMTN |
| Income tax | 1,762 | 14.9% | S100YMTN |
| Net income | 2,888 | 24.4% | S100YMTN |
| Net income attributable to owners | 2,888 | 24.4% | S100YMTN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 37 |
| SG&A | 23 |
| Operating income | 40 |
| (Ref.) Net income | 24 |

### Margin funnel

Gross margin 62.5% → Operating margin 39.9% → Net margin 24.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.6%; Core profit growth: +4.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.48×
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 | 10,905 | 11,845 | 939 | +8.6% |
| Gross profit | 6,824 | 7,401 | 576 | +8.4% |
| Operating income | 4,534 | 4,724 | 189 | +4.2% |
| Net income attributable to owners | 2,863 | 2,888 | 25 | +0.9% |
| Operating cash flow | 4,174 | 2,814 | -1,360 | -32.6% |
| Free cash flow | 697 | -4,778 | -5,475 | -785.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,214 | 1,496 | 28.7% | 796 | 1,651 | 191 | S100LVO1 |
| FY ending Mar 2021 | 5,702 | 1,884 | 33.0% | 1,019 | 1,774 | -299 | S100OLY2 |
| FY ending Mar 2022 | 6,381 | 2,265 | 35.5% | 1,285 | 1,808 | -1,119 | S100R89S |
| FY ending Mar 2023 | 7,772 | 2,755 | 35.5% | 1,686 | 2,849 | 852 | S100TXUP |
| FY ending Mar 2024 | 9,547 | 3,539 | 37.1% | 1,907 | 2,653 | 777 | S100W9T0 |
| FY ending Mar 2025 | 10,905 | 4,534 | 41.6% | 2,863 | 4,174 | 697 | S100YMTN |
| FY ending Mar 2026 | 11,845 | 4,724 | 39.9% | 2,888 | 2,814 | -4,778 | S100YMTN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.5M |
| Operating income per employee (consolidated) | ¥13M |
| Net income per employee (consolidated) | ¥7.9M |

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) | 241 | 265 | 354 | 351 | 364 |
| Average salary (parent company) | ¥5.1M | ¥5.9M | ¥5.9M | ¥6M | ¥5.9M |
| Average age (parent company) | 42.3 years | 42.7 years | 42.2 years | 41.2 years | 39.5 years |
| Average tenure (parent company) | 8.7 years | 7.9 years | 8.0 years | 7.1 years | 6.2 years |

Year over year: Employees (consolidated) +3.7% · Revenue (consolidated) +8.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Wast disposal | 9,609 | 81.5% | 5,321 | 55.4% |
| Waste collection and transportation | 2,030 | 17.2% | 562 | 27.7% |
| Wast brokerage and management | 146 | 1.2% | 111 | 76.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Wast disposal | 81.5% | 88.8% | 7.2 | 55.4% |
| Waste collection and transportation | 17.2% | 9.4% | -7.9 | 27.7% |
| Wast brokerage and management | 1.2% | 1.9% | 0.6 | 76.5% |

Segment → industry: Wast brokerage and management → Waste Management & Recycling / Waste collection and transportation → Waste Management & Recycling / Wast disposal → Waste Management & Recycling

## 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 | 2,814 | 23.8% | S100YMTN |
| Capital expenditure | 7,592 | 64.1% | S100YMTN |
| Free cash flow | -4,778 | -40.3% | 算出 |
| Investing cash flow | -7,593 | -64.1% | S100YMTN |
| Financing cash flow | 3,334 | 28.2% | S100YMTN |
| Dividends paid | 387 | 3.3% | S100YMTN |
| Change in cash | -1,444 | -12.2% | S100YMTN |
| Cash and equivalents | 6,495 | 54.8% | S100YMTN |

## 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 | 5,894 | 6,540 | 8,612 | 7,940 | 6,495 | S100TXUP, S100W9T0, S100YMTN |
| Total assets | 20,040 | 21,608 | 26,901 | 28,493 | 39,412 | S100R89S, S100TXUP, S100W9T0, S100YMTN |
| Net assets | 9,536 | 10,984 | 12,790 | 15,452 | 18,022 | S100TXUP, S100W9T0, S100YMTN |
| Share capital | 2,150 | 90 | 90 | 90 | 90 | S100R89S, S100TXUP, S100W9T0, S100YMTN |
| Trade receivables | 676 | 969 | 1,304 | 1,129 | 1,304 | S100R89S, S100TXUP, S100W9T0, S100YMTN |
| Inventories | 64 | 93 | 74 | 83 | 105 | S100R89S, S100TXUP, S100W9T0, S100YMTN |
| Property, plant and equipment | 10,774 | 11,674 | 13,397 | 16,057 | 24,214 | S100R89S, S100TXUP, S100W9T0, S100YMTN |
| Intangible assets excluding goodwill | 1,376 | 1,088 | 1,367 | 1,119 | 3,449 | S100R89S, S100TXUP, S100W9T0, S100YMTN |
| Goodwill | 1,175 | 935 | 1,221 | 953 | 3,151 | S100R89S, S100TXUP, S100W9T0, S100YMTN |
| Investment securities | — | 193 | 257 | 255 | 260 | S100TXUP, S100W9T0, S100YMTN |
| Current assets | 7,130 | 7,834 | 10,436 | 9,605 | 8,871 | S100R89S, S100TXUP, S100W9T0, S100YMTN |
| Current liabilities | 7,450 | 3,930 | 6,812 | 3,993 | 6,410 | S100R89S, S100TXUP, S100W9T0, S100YMTN |
| Short-term borrowings | 4,884 | 1,290 | 4,090 | 1,290 | 2,500 | S100R89S, S100TXUP, S100W9T0, S100YMTN |
| Long-term borrowings | 1,956 | 5,529 | 5,184 | 6,873 | 9,321 | S100R89S, S100TXUP, S100W9T0, S100YMTN |
| Bonds | 216 | 200 | 200 | 200 | 200 | S100R89S, S100TXUP, S100W9T0, S100YMTN |
| Interest-bearing debt | 7,055 | 7,019 | 9,474 | 8,363 | 12,021 | 算出 |
| Total liabilities | 10,504 | 10,624 | 14,111 | 13,041 | 21,390 | S100R89S, S100TXUP, S100W9T0, S100YMTN |
| Equity attributable to owners of parent | 9,530 | 10,966 | 12,758 | 15,414 | 17,974 | S100R89S, S100TXUP, S100W9T0, S100YMTN |
| Retained earnings | 4,546 | 6,094 | 7,863 | 10,504 | 13,005 | S100R89S, S100TXUP, S100W9T0, S100YMTN |
| Treasury stock | -63 | -152 | -104 | -104 | -84 | S100R89S, S100TXUP, S100W9T0, S100YMTN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YMTN |
| Receivables | 3% | S100YMTN |
| Inventories | 0% | S100YMTN |
| Property, plant and equipment | 61% | S100YMTN |
| Intangibles and goodwill | 17% | S100YMTN |
| Investment securities | 1% | S100YMTN |
| Other assets | 1% | S100YMTN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 30% | 算出 |
| Other liabilities | 24% | S100YMTN |
| Equity | 46% | S100YMTN |
| Other liabilities | 0% | S100YMTN |

### 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 | 20,040 | 21,608 | 26,901 | 28,493 | 39,412 |
| Equity | 9,536 | 10,984 | 12,790 | 15,452 | 18,022 |
| Interest-bearing debt | 7,055 | 7,019 | 9,474 | 8,363 | 12,021 |
| Cash | 5,894 | 6,540 | 8,612 | 7,940 | 6,495 |

## 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) | 204.4% | S100YMTN |
| Fixed assets ÷ total assets | 61.4% | S100YMTN |
| Goodwill ÷ parent equity | 17.5% | S100YMTN |

Goodwill over 4 years: 1,175 → 3,151 JPY; total investing cash flow: -20,060 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) | 16.5% |
| Cash ÷ revenue | 54.8% |
| Net cash (cash − interest-bearing debt) | -¥5.53B |
| Net debt ÷ operating cash flow | 1.96× |
| Cash conversion (operating CF ÷ operating income) | 59.6% |
| Cash vs. profit gap | -74 JPY mn (of net income -2.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 13.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 64.1% |
| Investing CF relative to operating CF | 269.8% |

## 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 | 20.1% | 0.32× | 6.4% | 2.10× | 13.5% | S100R89S |
| 2023 | 21.7% | 0.37× | 8.1% | 2.03× | 16.4% | S100TXUP |
| 2024 | 20.0% | 0.39× | 7.9% | 2.04× | 16.1% | S100W9T0 |
| 2025 | 26.3% | 0.39× | 10.3% | 1.97× | 20.3% | S100YMTN |
| 2026 | 24.4% | 0.35× | 8.5% | 2.03× | 17.3% | S100YMTN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社フォンスアセット マネジメント | Major shareholder | 29.8% | 2026-03-31 |
| 熊谷勝弘 | Major shareholder | 14.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.1% | 2026-03-31 |
| 熊谷由起子 | Major shareholder | 4.9% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.3% | 2026-03-31 |
| 熊谷裕之 | Major shareholder | 4.0% | 2026-03-31 |
| 加藤恵子 | Major shareholder | 2.4% | 2026-03-31 |
| 矢板橋一志 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社静岡銀行（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 | 1.8% | 2026-03-31 |
| 浜松磐田信用金庫 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第62期(2025/04/01－2026/03/31) | S100YMTN | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YMTN,, |
| 有価証券報告書－第61期(2024/04/01－2025/03/31) | S100W9T0 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9T0,, |
| 有価証券報告書－第60期(2023/04/01－2024/03/31) | S100TXUP | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXUP,, |
| 有価証券報告書－第59期(2022/04/01－2023/03/31) | S100R89S | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R89S,, |
| 有価証券報告書－第58期(令和3年4月1日－令和4年3月31日) | S100OLY2 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLY2,, |
| 有価証券報告書－第57期(令和2年4月1日－令和3年3月31日) | S100LVO1 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVO1,, |

## 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).