# Mie Kotsu Group Holdings,Inc.: 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20期(2025/04/01－2026/03/31) (S100YCX4)
> Page: https://vizora.meequs.com/en/company/mie-kotsu-group-holdings
> Retrieved: 2026-09-30T19:14:50.038Z

## Company

Mie Kotsu Group Holdings, founded in 2006, is a company in Oil Refining & Fuels listed on TSE Prime. It has 3,072 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mie Kotsu Group Holdings, Inc. |
| Ticker | 3232 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3232.T) |
| Listing | TSE Prime |
| Head office | 三重県津市中央1番1号 |
| Representative (per filing) | 代表取締役社長 竹谷賢一 |
| Founded | Apr 2006 |
| Share capital | ¥3B |
| Employees (consolidated) | 3,072 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | holdings.sanco.co.jp (https://holdings.sanco.co.jp/) |
| Corporate number | 3190001003559 |
| EDINET | E04233 |
| Industries (Vizora) | Oil Refining & Fuels, Theme Parks & Leisure Facilities, Real Estate Development & Leasing, Hotels & Inns, Car Dealers & Used Cars, Private Railways |

> Profile source: annual securities report (S100YCX4, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 28.7 | 75 |
| Profitability | 39 | 86 |
| Cash conversion | 55.5 | 82 |
| Efficiency | 44.8 | 86 |

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 33% of Mie Kotsu Group Holdings's sales come from Real estate, with Logistics and Transportation making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +6.2% from the prior year, operating profit +15.9%.

## Company structure

- Segment revenue mix: Real estate 32.8%、Logistics 30.0%、Transportation 22.3%、Leisure and service 14.9%
- Revenue → net income: ¥110260994000 → ¥6283410000
- Net income → operating cash flow: ¥6283410000 → ¥7868546000（difference ¥1585136000）
- Main uses of operating cash flow: CapEx ¥8877302000 / dividends ¥1606225000 / buybacks ¥128000
- Change in cash: ¥-732531000
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 | ¥110.3B |  |
| Operating income | ¥9.76B | Margin 8.8% |
| Net income | ¥6.25B | Margin 5.7% |
| Free cash flow | -¥1.01B |  |
| Largest business | Real estate | of segment revenue 32.8% |
| Employees (consolidated) | 3,072 |  |
| EPS | ¥16.09 |  |
| Book value per share | ¥258.51 |  |
| Equity ratio | 36.6% |  |
| Shares outstanding | 107,301,583 |  |
| Treasury shares | 6,779,600 |  |
| Shareholders | 21,631 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 1.3% | Cash ÷ revenue 2.3% |
| Vs. industry median margin | -1.7 pp | Real Estate Development & Leasing |
| ROE | 11.4% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 68% of positive segment profit
- FY2026, segment profit share differs by 35 points
- FY2026, cash is 1% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥81179530000 | ¥110260994000 | +35.8% |
| Operating income | ¥403758000 | ¥9756188000 | +2316.3% |
| Operating margin | 0.5% | 8.8% | +8.4 pp |
| Employees | 3,338 people | 3,072 people | -8.0% |
| Cash and equivalents | ¥5601515000 | ¥2573692000 | -54.1% |

### 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 |
| --- | ---: |
| 運輸 → 運輸 | 20.7% |
| 不動産 → 不動産 | 32.8% |
| 不動産 → 事業再編・廃止 | 7.2% |
| 流通 → 流通 | 30.0% |
| 流通 → 事業再編・廃止 | 1.4% |
| レジャー ・ サービス → レジャー ・ サービス | 7.9% |
| 新設・再編 → 運輸 | 1.6% |
| 新設・再編 → レジャー ・ サービス | 7.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Real estate | 5 years | +2.2% | ¥36152734000 | 18.5% | 2 |
| Logistics | 5 years | +5.4% | ¥33095161000 | 2.3% | 2 |
| Transportation | 5 years | +7.9% | ¥24614648000 | 5.0% | 2 |
| Leisure and service | 5 years | +20.7% | ¥16398450000 | 6.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 110,261 | 100.0% | S100YCX4 |
| SG&A | 21,236 | 19.3% | S100YCX4 |
| Operating income | 9,756 | 8.8% | S100YCX4 |
| Ordinary income | 9,675 | 8.8% | S100YCX4 |
| Pretax income | 8,864 | 8.0% | S100YCX4 |
| Income tax | 2,581 | 2.3% | S100YCX4 |
| Net income | 6,283 | 5.7% | S100YCX4 |
| Net income attributable to owners | 6,250 | 5.7% | S100YCX4 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 91 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Operating margin 8.8% → Net margin 5.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.2%; Core profit growth: +15.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.58×
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 | 103,849 | 110,261 | 6,412 | +6.2% |
| Operating income | 8,416 | 9,756 | 1,341 | +15.9% |
| Net income attributable to owners | 6,059 | 6,250 | 192 | +3.2% |
| Operating cash flow | 9,105 | 7,869 | -1,236 | -13.6% |
| Free cash flow | -1,572 | -1,009 | 563 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 103,927 | 5,918 | 5.7% | 3,760 | 5,857 | -2,136 | S100LMTA |
| FY ending Mar 2021 | 81,180 | 404 | 0.5% | -1,747 | 9,249 | -237 | S100OBTR |
| FY ending Mar 2022 | 84,352 | 2,997 | 3.6% | 2,210 | 8,733 | 4,617 | S100R2C4 |
| FY ending Mar 2023 | 93,125 | 6,374 | 6.8% | 3,769 | 8,357 | 5,877 | S100TNRX |
| FY ending Mar 2024 | 98,218 | 7,368 | 7.5% | 4,750 | 6,366 | 71 | S100VXZV |
| FY ending Mar 2025 | 103,849 | 8,416 | 8.1% | 6,059 | 9,105 | -1,572 | S100YCX4 |
| FY ending Mar 2026 | 110,261 | 9,756 | 8.8% | 6,250 | 7,869 | -1,009 | S100YCX4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.9M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2M |

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) | 3,184 | 3,053 | 2,980 | 3,010 | 3,072 |
| Average salary (parent company) | ¥6.1M | ¥7M | ¥7.2M | ¥5.8M | ¥6.3M |
| Average age (parent company) | 41.3 years | 43.9 years | 44.3 years | 37.6 years | 37.8 years |
| Average tenure (parent company) | 18.9 years | 21.3 years | 20.9 years | 13.6 years | 13.3 years |

Year over year: Employees (consolidated) +2.1% · Revenue (consolidated) +6.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 24,615 | 22.3% | 1,241 | 5.0% |
| Real estate | 36,153 | 32.8% | 6,678 | 18.5% |
| Logistics | 33,095 | 30.0% | 778 | 2.3% |
| Leisure and service | 16,398 | 14.9% | 1,101 | 6.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 22.3% | 12.7% | -9.7 | 5.0% |
| Real estate | 32.8% | 68.2% | 35.4 | 18.5% |
| Logistics | 30.0% | 7.9% | -22.1 | 2.3% |
| Leisure and service | 14.9% | 11.2% | -3.6 | 6.7% |

Segment → industry: Logistics → Oil Refining & Fuels / Leisure and service → Theme Parks & Leisure Facilities / Real estate → Real Estate Development & Leasing / Leisure and service → Hotels & Inns / Logistics → Car Dealers & Used Cars / Transportation → Private Railways

## 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 | 7,869 | 7.1% | S100YCX4 |
| Capital expenditure | 8,877 | 8.1% | S100YCX4 |
| Free cash flow | -1,009 | -0.9% | 算出 |
| Investing cash flow | -8,862 | -8.0% | S100YCX4 |
| Financing cash flow | 261 | 0.2% | S100YCX4 |
| Dividends paid | 1,606 | 1.5% | S100YCX4 |
| Share buyback | 0 | 0.0% | S100YCX4 |
| Change in cash | -733 | -0.7% | S100YCX4 |
| Cash and equivalents | 2,574 | 2.3% | S100YCX4 |

## 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 | 5,323 | 7,473 | 8,156 | 3,306 | 2,574 | S100TNRX, S100VXZV, S100YCX4 |
| Total assets | 165,153 | 167,902 | 181,294 | 181,614 | 191,511 | S100R2C4, S100TNRX, S100VXZV, S100YCX4 |
| Net assets | 48,395 | 52,778 | 59,332 | 63,185 | 70,536 | S100TNRX, S100VXZV, S100YCX4 |
| Share capital | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | S100R2C4, S100TNRX, S100VXZV, S100YCX4 |
| Trade receivables | 6,842 | 7,733 | 8,111 | 8,738 | 9,834 | S100R2C4, S100TNRX, S100VXZV, S100YCX4 |
| Property, plant and equipment | 103,813 | 100,413 | 108,314 | 113,091 | 113,051 | S100R2C4, S100TNRX, S100VXZV, S100YCX4 |
| Intangible assets excluding goodwill | 439 | 544 | 452 | 393 | 408 | S100R2C4, S100TNRX, S100VXZV, S100YCX4 |
| Investment securities | 10,310 | 12,019 | 14,926 | 14,114 | 18,554 | S100R2C4, S100TNRX, S100VXZV, S100YCX4 |
| Current assets | 42,022 | 46,304 | 48,822 | 45,398 | 50,814 | S100R2C4, S100TNRX, S100VXZV, S100YCX4 |
| Current liabilities | 48,236 | 53,551 | 61,002 | 56,305 | 61,459 | S100R2C4, S100TNRX, S100VXZV, S100YCX4 |
| Trade payables | 5,546 | 6,647 | 4,323 | 3,994 | 4,555 | S100R2C4, S100TNRX, S100VXZV, S100YCX4 |
| Short-term borrowings | 10,665 | 11,020 | 12,490 | 11,660 | 14,980 | S100R2C4, S100TNRX, S100VXZV, S100YCX4 |
| Long-term borrowings | 50,427 | 43,606 | 42,749 | 44,225 | 39,923 | S100R2C4, S100TNRX, S100VXZV, S100YCX4 |
| Total liabilities | 116,758 | 115,124 | 121,962 | 118,429 | 120,976 | S100R2C4, S100TNRX, S100VXZV, S100YCX4 |
| Non-controlling interests | 294 | 310 | 326 | 351 | 394 | S100R2C4, S100TNRX, S100VXZV, S100YCX4 |
| Equity attributable to owners of parent | 40,891 | 43,899 | 47,653 | 52,628 | 57,401 | S100R2C4, S100TNRX, S100VXZV, S100YCX4 |
| Retained earnings | 28,165 | 31,092 | 34,743 | 39,600 | 44,244 | S100R2C4, S100TNRX, S100VXZV, S100YCX4 |
| Treasury stock | -697 | -682 | -663 | -644 | -620 | S100R2C4, S100TNRX, S100VXZV, S100YCX4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 1% | S100YCX4 |
| Receivables | 5% | S100YCX4 |
| Property, plant and equipment | 59% | S100YCX4 |
| Intangibles and goodwill | 0% | S100YCX4 |
| Investment securities | 10% | S100YCX4 |
| Other assets | 25% | S100YCX4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YCX4 |
| Other liabilities | 61% | S100YCX4 |
| Equity | 37% | S100YCX4 |
| Other liabilities | 0% | S100YCX4 |

### 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 | 165,153 | 167,902 | 181,294 | 181,614 | 191,511 |
| Equity | 48,395 | 52,778 | 59,332 | 63,185 | 70,536 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,323 | 7,473 | 8,156 | 3,306 | 2,574 |

## 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) | 102.5% | S100YCX4 |
| Fixed assets ÷ total assets | 59.0% | S100YCX4 |
| Goodwill ÷ parent equity | — | —, S100YCX4 |

### 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) | 1.3% |
| Cash ÷ revenue | 2.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 80.7% |
| Cash vs. profit gap | 1,618 JPY mn (of net income 25.9%) |
| Shareholder returns / net income | 25.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 25.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.1% |
| Investing CF relative to operating CF | 112.6% |

## 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 | 2.6% | 0.51× | 1.3% | 4.04× | 5.4% | S100R2C4 |
| 2023 | 4.0% | 0.56× | 2.3% | 3.93× | 8.9% | S100TNRX |
| 2024 | 4.8% | 0.56× | 2.7% | 3.81× | 10.4% | S100VXZV |
| 2025 | 5.8% | 0.57× | 3.3% | 3.62× | 12.1% | S100YCX4 |
| 2026 | 5.7% | 0.59× | 3.4% | 3.39× | 11.4% | S100YCX4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 27.6% | 2026-03-31 |
| 近鉄グループホールディングス株式会社 | Major shareholder | 14.1% | 2026-03-31 |
| 株式会社三十三銀行 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社百五銀行 | Major shareholder | 4.0% | 2026-03-31 |
| コスモ石油プロパティサービス株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 三重県信用農業協同組合連合会 | Major shareholder | 1.2% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.1% | 2026-03-31 |
| 三重交通グループ社員持株会 | Major shareholder | 1.1% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 1.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/04/01－2026/03/31) | S100YCX4 | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCX4,, |
| 有価証券報告書－第19期(2024/04/01－2025/03/31) | S100VXZV | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXZV,, |
| 有価証券報告書－第18期(2023/04/01－2024/03/31) | S100TNRX | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNRX,, |
| 有価証券報告書－第17期(2022/04/01－2023/03/31) | S100R2C4 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2C4,, |
| 有価証券報告書－第16期(令和3年4月1日－令和4年3月31日) | S100OBTR | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBTR,, |
| 有価証券報告書－第15期(令和2年4月1日－令和3年3月31日) | S100LMTA | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMTA,, |

## 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).