# MIE CORPORATION 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19期(2025/04/01－2026/03/31) (S100YGQT)
> Page: https://vizora.meequs.com/en/company/mie
> Retrieved: 2026-09-30T20:30:39.550Z

## Company

MIE, founded in 1907, is a company listed on Nagoya. It has 110 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MIE CORPORATION CO., LTD |
| Ticker | 3442 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3442.T) |
| Listing | Nagoya |
| Head office | 三重県桑名市大字星川1001番地 |
| Representative (per filing) | 代表取締役社長 中山 弥一 |
| Founded | Jun 1907 |
| Share capital | ¥500M |
| Employees (consolidated) | 110 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | mie-corp.jp (https://mie-corp.jp/) |
| Corporate number | 9190001013718 |
| EDINET | E01466 |
| Industries (Vizora) | — |

> Profile source: annual securities report (S100YGQT, filed 2026-06-24). As of filing

## Key points (generated from figures)

- MIE brought in ¥7.14B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +0.6% from the prior year, operating profit +10.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥7139977000 → ¥424519000
- Net income → operating cash flow: ¥424519000 → ¥365785000（difference ¥-58734000）
- Main uses of operating cash flow: CapEx ¥40249000 / dividends ¥24071000 / buybacks ¥169000
- Change in cash: ¥-149956000
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 | ¥7.14B |  |
| Operating income | ¥647.4M | Margin 9.1% |
| Net income | ¥420.5M | Margin 5.9% |
| Free cash flow | ¥325.5M |  |
| Employees (consolidated) | 110 |  |
| EPS | ¥53.46 |  |
| Book value per share | ¥1077.06 |  |
| Equity ratio | 38.5% |  |
| Shares outstanding | 1,209,000 |  |
| Treasury shares | 4,400 |  |
| Shareholders | 478 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 12.1% | Cash ÷ revenue 14.3% |
| ROE | 22.2% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -2% while operating income rose 10%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4838444000 | ¥7139977000 | +47.6% |
| Operating income | ¥180695000 | ¥647376000 | +258.3% |
| Operating margin | 3.7% | 9.1% | +5.3 pp |
| Employees | 125 people | 110 people | -12.0% |
| Cash and equivalents | ¥465618000 | ¥1019512000 | +119.0% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,140 | 100.0% | S100YGQT |
| Cost of revenue | 5,543 | 77.6% | S100YGQT |
| Gross profit | 1,597 | 22.4% | S100YGQT |
| SG&A | 950 | 13.3% | S100YGQT |
| Operating income | 647 | 9.1% | S100YGQT |
| Ordinary income | 608 | 8.5% | S100YGQT |
| Pretax income | 608 | 8.5% | S100YGQT |
| Income tax | 183 | 2.6% | S100YGQT |
| Net income | 425 | 5.9% | S100YGQT |
| Net income attributable to owners | 420 | 5.9% | S100YGQT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 13 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 22.4% → Operating margin 9.1% → Net margin 5.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.6%; Core profit growth: +10.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 17.55×
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 | 7,098 | 7,140 | 42 | +0.6% |
| Gross profit | 1,495 | 1,597 | 103 | +6.9% |
| Operating income | 587 | 647 | 61 | +10.3% |
| Net income attributable to owners | 379 | 420 | 41 | +10.9% |
| Operating cash flow | 706 | 366 | -340 | -48.2% |
| Free cash flow | 593 | 326 | -268 | -45.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,576 | 242 | 4.3% | 167 | 292 | 259 | S100LOXD |
| FY ending Mar 2021 | 4,838 | 181 | 3.7% | 154 | -332 | -393 | S100ODWS |
| FY ending Mar 2022 | 5,697 | 282 | 5.0% | 190 | 245 | 162 | S100R2F6 |
| FY ending Mar 2023 | 6,579 | 498 | 7.6% | 359 | -115 | -207 | S100TRZ6 |
| FY ending Mar 2024 | 6,812 | 565 | 8.3% | 373 | -18 | -112 | S100W3D3 |
| FY ending Mar 2025 | 7,098 | 587 | 8.3% | 379 | 706 | 593 | S100YGQT |
| FY ending Mar 2026 | 7,140 | 647 | 9.1% | 420 | 366 | 326 | S100YGQT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥64.9M |
| Operating income per employee (consolidated) | ¥5.9M |
| Net income per employee (consolidated) | ¥3.8M |

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) | 103 | 111 | 117 | 112 | 110 |
| Average salary (parent company) | ¥4.3M | ¥4.8M | ¥4.9M | ¥6.1M | ¥5M |
| Average age (parent company) | 40.7 years | 38.2 years | 39.2 years | 40.2 years | 34.7 years |
| Average tenure (parent company) | 10.4 years | 13.0 years | 14.0 years | 15.0 years | 9.1 years |

Year over year: Employees (consolidated) -1.8% · Revenue (consolidated) +0.6%

## 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 | 366 | 5.1% | S100YGQT |
| Capital expenditure | 40 | 0.6% | S100YGQT |
| Free cash flow | 326 | 4.6% | 算出 |
| Investing cash flow | -67 | -0.9% | S100YGQT |
| Financing cash flow | -449 | -6.3% | S100YGQT |
| Dividends paid | 24 | 0.3% | S100YGQT |
| Share buyback | 0 | 0.0% | S100YGQT |
| Change in cash | -150 | -2.1% | S100YGQT |
| Cash and equivalents | 1,020 | 14.3% | S100YGQT |

## 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 | 427 | 495 | 862 | 1,169 | 1,020 | S100TRZ6, S100W3D3, S100YGQT |
| Total assets | 6,783 | 7,273 | 8,367 | 8,202 | 8,439 | S100R2F6, S100TRZ6, S100W3D3, S100YGQT |
| Net assets | 1,686 | 2,069 | 2,471 | 2,815 | 3,286 | S100TRZ6, S100W3D3, S100YGQT |
| Share capital | 500 | 500 | 500 | 500 | 500 | S100R2F6, S100TRZ6, S100W3D3, S100YGQT |
| Inventories | 1,096 | 1,854 | 1,678 | 1,575 | 1,764 | S100R2F6, S100TRZ6, S100W3D3, S100YGQT |
| Property, plant and equipment | 2,864 | 2,530 | 2,587 | 2,612 | 2,612 | S100R2F6, S100TRZ6, S100W3D3, S100YGQT |
| Intangible assets excluding goodwill | 21 | 14 | 11 | 13 | 27 | S100R2F6, S100TRZ6, S100W3D3, S100YGQT |
| Investment securities | 117 | 167 | 205 | 201 | 308 | S100R2F6, S100TRZ6, S100W3D3, S100YGQT |
| Current assets | 3,717 | 4,401 | 5,465 | 5,251 | 5,344 | S100R2F6, S100TRZ6, S100W3D3, S100YGQT |
| Current liabilities | 3,613 | 3,223 | 4,076 | 3,676 | 3,732 | S100R2F6, S100TRZ6, S100W3D3, S100YGQT |
| Trade payables | 725 | 737 | 755 | 687 | 621 | S100R2F6, S100TRZ6, S100W3D3, S100YGQT |
| Short-term borrowings | 1,787 | 1,983 | 2,740 | 2,605 | 2,540 | S100R2F6, S100TRZ6, S100W3D3, S100YGQT |
| Long-term borrowings | 739 | 1,240 | 1,042 | 922 | 596 | S100R2F6, S100TRZ6, S100W3D3, S100YGQT |
| Total liabilities | 5,097 | 5,205 | 5,896 | 5,387 | 5,152 | S100R2F6, S100TRZ6, S100W3D3, S100YGQT |
| Non-controlling interests | 7 | 18 | 27 | 30 | 37 | S100R2F6, S100TRZ6, S100W3D3, S100YGQT |
| Equity attributable to owners of parent | 607 | 966 | 1,338 | 1,693 | 2,092 | S100R2F6, S100TRZ6, S100W3D3, S100YGQT |
| Retained earnings | -114 | 245 | 617 | 972 | 1,369 | S100R2F6, S100TRZ6, S100W3D3, S100YGQT |
| Treasury stock | -5 | -5 | -5 | -5 | -3 | S100R2F6, S100TRZ6, S100W3D3, S100YGQT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YGQT |
| Inventories | 21% | S100YGQT |
| Property, plant and equipment | 31% | S100YGQT |
| Intangibles and goodwill | 0% | S100YGQT |
| Investment securities | 4% | S100YGQT |
| Other assets | 32% | S100YGQT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YGQT |
| Other liabilities | 54% | S100YGQT |
| Equity | 39% | S100YGQT |

### 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 | 6,783 | 7,273 | 8,367 | 8,202 | 8,439 |
| Equity | 1,686 | 2,069 | 2,471 | 2,815 | 3,286 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 427 | 495 | 862 | 1,169 | 1,020 |

## 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) | 36.6% | S100YGQT |
| Fixed assets ÷ total assets | 30.9% | S100YGQT |
| Goodwill ÷ parent equity | — | —, S100YGQT |

### 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) | 12.1% |
| Cash ÷ revenue | 14.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 56.5% |
| Cash vs. profit gap | -55 JPY mn (of net income -13.0%) |
| Shareholder returns / net income | 5.8% |
| Shareholder returns / FCF | 7.4% |
| Shareholder payments — dividends / net income | 5.7% |
| Shareholder payments — dividends / FCF | 7.4% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 18.3% |

## 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 | 3.3% | 0.84× | 2.8% | 11.17× | 31.2% | S100R2F6 |
| 2023 | 5.5% | 0.94× | 5.1% | 8.94× | 45.6% | S100TRZ6 |
| 2024 | 5.5% | 0.87× | 4.8% | 6.79× | 32.3% | S100W3D3 |
| 2025 | 5.3% | 0.86× | 4.6% | 5.47× | 25.0% | S100YGQT |
| 2026 | 5.9% | 0.86× | 5.1% | 4.40× | 22.2% | S100YGQT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＭＩＥグループ取引先持株会 | Major shareholder | 19.7% | 2026-03-31 |
| イシグロ株式会社 | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社諸戸ホールディングス | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社ごっこ | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社ベンカン機工 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社あいち銀行 | Major shareholder | 4.5% | 2026-03-31 |
| 矢野 順治 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社大一商会 | Major shareholder | 3.3% | 2026-03-31 |
| 設楽 真吾 | Major shareholder | 3.0% | 2026-03-31 |
| 伊藤 道臣 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/04/01－2026/03/31) | S100YGQT | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGQT,, |
| 有価証券報告書－第18期(2024/04/01－2025/03/31) | S100W3D3 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3D3,, |
| 有価証券報告書－第17期(2023/04/01－2024/03/31) | S100TRZ6 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRZ6,, |
| 有価証券報告書－第16期(2022/04/01－2023/03/31) | S100R2F6 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2F6,, |
| 有価証券報告書－第15期(令和3年4月1日－令和4年3月31日) | S100ODWS | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODWS,, |
| 有価証券報告書－第14期(令和2年4月1日－令和3年3月31日) | S100LOXD | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOXD,, |

## 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).