# MIKIKOGYO 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64期(2025/01/01－2025/12/31) (S100XTPB)
> Page: https://vizora.meequs.com/en/company/mikikogyo
> Retrieved: 2026-09-30T18:33:07.229Z

## Company

Mikikogyo, founded in 1962, is a company in Plant Engineering & Building Services listed on TSE Standard. It has 590 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MIKIKOGYO CO.,LTD. |
| Ticker | 1718 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1718.T) |
| Listing | TSE Standard |
| Head office | 兵庫県姫路市北条951番地1 |
| Representative (per filing) | 代表取締役社長 岡田 尚一郎 |
| Founded | Jan 1962 |
| Share capital | ¥764.8M |
| Employees (consolidated) | 590 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | December |
| Website | www.mikikogyo.co.jp (https://www.mikikogyo.co.jp/) |
| Corporate number | 8140001061763 |
| EDINET | E00315 |
| Industries (Vizora) | Plant Engineering & Building Services, Homebuilders, General Contractors |

> Profile source: annual securities report (S100XTPB, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47.9 | 72 |
| Profitability | 36.2 | 76 |
| Cash conversion | 3.4 | 74 |
| Efficiency | 52 | 76 |

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 62% of Mikikogyo's sales come from Construction, with Housing and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +32.5% from the prior year, operating profit +127.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥36.2B |  |
| Operating income | ¥2.58B | Margin 7.1% |
| Net income | ¥1.57B | Margin 4.3% |
| Free cash flow | -¥2.68B |  |
| Largest business | Construction | of segment revenue 62.4% |
| Employees (consolidated) | 590 |  |
| EPS | ¥1147.25 |  |
| Book value per share | ¥12433.07 |  |
| Equity ratio | 44.3% |  |
| Shares outstanding | 1,153,263 |  |
| Treasury shares | 60,300 |  |
| Shareholders | 1,926 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 7.3% | Cash ÷ revenue 7.8% |
| Vs. industry median margin | -1.9 pp | Plant Engineering & Building Services |
| ROE | 9.7% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 76% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27260898000 | ¥36151700000 | +32.6% |
| Operating income | ¥1304760000 | ¥2583279000 | +98.0% |
| Operating margin | 4.8% | 7.1% | +2.4 pp |
| Employees | 551 people | 590 people | +7.1% |
| Cash and equivalents | ¥1282260000 | ¥2829958000 | +120.7% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 建設 → 建設 | 38.3% |
| 住宅 → 住宅 | 36.9% |
| 住宅 → 事業再編・廃止 | 2.2% |
| 設備 → 事業再編・廃止 | 15.0% |
| その他 → その他 | 0.7% |
| その他 → 事業再編・廃止 | 2.0% |
| 不動産賃貸 → 事業再編・廃止 | 4.9% |
| 新設・再編 → 建設 | 24.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction | 5 years | +16.7% | ¥22572634000 | 8.7% | 2 |
| Housing | 5 years | +4.6% | ¥13330023000 | 4.5% | 2 |
| Other | 5 years | -19.7% | ¥249043000 | 4.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 36,152 | 100.0% | S100XTPB |
| Cost of revenue | 28,169 | 77.9% | S100XTPB |
| Gross profit | 7,983 | 22.1% | S100XTPB |
| SG&A | 5,399 | 14.9% | S100XTPB |
| Operating income | 2,583 | 7.1% | S100XTPB |
| Ordinary income | 2,561 | 7.1% | S100XTPB |
| Pretax income | 2,598 | 7.2% | S100XTPB |
| Income tax | 859 | 2.4% | S100XTPB |
| Net income | 1,740 | 4.8% | S100XTPB |
| Net income attributable to owners | 1,572 | 4.3% | S100XTPB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 15 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 22.1% → Operating margin 7.1% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +32.5%; Core profit growth: +127.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.93×
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 | 27,292 | 36,152 | 8,860 | +32.5% |
| Gross profit | 6,180 | 7,983 | 1,802 | +29.2% |
| Operating income | 1,135 | 2,583 | 1,449 | +127.7% |
| Net income attributable to owners | 658 | 1,572 | 913 | +138.8% |
| Operating cash flow | 660 | -2,119 | -2,779 | -421.1% |
| Free cash flow | 453 | -2,677 | -3,130 | -691.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 29,887 | 1,344 | 4.5% | 1,071 | 1,361 | 938 | S100L1GX |
| FY ending Dec 2020 | 27,261 | 1,305 | 4.8% | 796 | 1,480 | -998 | S100NQH7 |
| FY ending Dec 2021 | 26,370 | 1,267 | 4.8% | 731 | 3,895 | 2,911 | S100QFT3 |
| FY ending Dec 2022 | 30,759 | 1,102 | 3.6% | 735 | 1,198 | 968 | S100T4AL |
| FY ending Dec 2023 | 32,203 | 1,316 | 4.1% | 840 | -2,156 | -2,305 | S100VGUY |
| FY ending Dec 2024 | 27,292 | 1,135 | 4.2% | 658 | 660 | 453 | S100XTPB |
| FY ending Dec 2025 | 36,152 | 2,583 | 7.1% | 1,572 | -2,119 | -2,677 | S100XTPB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥61.3M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 537 | 535 | 537 | 571 | 590 |
| Average salary (parent company) | ¥5.4M | ¥5.6M | ¥5.7M | ¥5.8M | ¥5.9M |
| Average age (parent company) | 42.3 years | 42.2 years | 41.8 years | 42.3 years | 43.2 years |
| Average tenure (parent company) | 12.5 years | 12.7 years | 13.1 years | 12.7 years | 12.7 years |

Year over year: Employees (consolidated) +3.3% · Revenue (consolidated) +32.5%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction | 22,573 | 62.4% | 1,963 | 8.7% |
| Housing | 13,330 | 36.9% | 600 | 4.5% |
| Other | 249 | 0.7% | 10 | 4.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction | 62.4% | 76.3% | 13.9 | 8.7% |
| Housing | 36.9% | 23.3% | -13.6 | 4.5% |
| Other | 0.7% | 0.4% | -0.3 | 4.1% |

Segment → industry: Construction → Plant Engineering & Building Services / Housing → Homebuilders / Construction → General Contractors

## 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 | -2,119 | -5.9% | S100XTPB |
| Capital expenditure | 558 | 1.5% | S100XTPB |
| Free cash flow | -2,677 | -7.4% | 算出 |
| Investing cash flow | -510 | -1.4% | S100XTPB |
| Financing cash flow | 3,062 | 8.5% | S100XTPB |
| Dividends paid | 273 | 0.8% | S100XTPB |
| Share buyback | 1 | 0.0% | S100XTPB |
| Change in cash | 433 | 1.2% | S100XTPB |
| Cash and equivalents | 2,830 | 7.8% | S100XTPB |

## 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 | 2,885 | 2,869 | 1,802 | 2,397 | 2,830 | S100T4AL, S100VGUY, S100XTPB |
| Total assets | 30,562 | 30,999 | 30,119 | 32,571 | 38,882 | S100QFT3, S100T4AL, S100VGUY, S100XTPB |
| Net assets | 15,886 | 16,612 | 17,398 | 17,888 | 19,532 | S100T4AL, S100VGUY, S100XTPB |
| Share capital | 765 | 765 | 765 | 765 | 765 | S100QFT3, S100T4AL, S100VGUY, S100XTPB |
| Inventories | 5,936 | 5,657 | 6,034 | 7,153 | 8,647 | S100QFT3, S100T4AL, S100VGUY, S100XTPB |
| Property, plant and equipment | 15,789 | 15,542 | 15,221 | 14,890 | 15,364 | S100QFT3, S100T4AL, S100VGUY, S100XTPB |
| Intangible assets excluding goodwill | 77 | 82 | 70 | 285 | 204 | S100QFT3, S100T4AL, S100VGUY, S100XTPB |
| Goodwill | — | — | — | 226 | 163 | S100XTPB |
| Investment securities | 566 | 588 | 687 | 771 | 1,025 | S100QFT3, S100T4AL, S100VGUY, S100XTPB |
| Current assets | 13,246 | 13,814 | 13,252 | 15,507 | 21,078 | S100QFT3, S100T4AL, S100VGUY, S100XTPB |
| Current liabilities | 10,438 | 11,251 | 8,842 | 9,077 | 14,401 | S100QFT3, S100T4AL, S100VGUY, S100XTPB |
| Short-term borrowings | 1,700 | 1,749 | 3,150 | 2,130 | 5,520 | S100QFT3, S100T4AL, S100VGUY, S100XTPB |
| Long-term borrowings | 2,357 | 1,501 | 1,941 | 3,483 | 2,723 | S100QFT3, S100T4AL, S100VGUY, S100XTPB |
| Bonds | 300 | — | 300 | 300 | — | S100QFT3, S100VGUY, S100XTPB |
| Interest-bearing debt | 4,357 | — | 5,391 | 5,913 | — | 算出 |
| Total liabilities | 14,676 | 14,386 | 12,721 | 14,684 | 19,350 | S100QFT3, S100T4AL, S100VGUY, S100XTPB |
| Non-controlling interests | 1,907 | 2,000 | 2,066 | 2,148 | 2,307 | S100QFT3, S100T4AL, S100VGUY, S100XTPB |
| Equity attributable to owners of parent | 13,936 | 14,551 | 15,194 | 15,578 | 16,876 | S100QFT3, S100T4AL, S100VGUY, S100XTPB |
| Retained earnings | 12,576 | 13,191 | 13,834 | 14,219 | 15,517 | S100QFT3, S100T4AL, S100VGUY, S100XTPB |
| Treasury stock | -110 | -110 | -111 | -111 | -112 | S100QFT3, S100T4AL, S100VGUY, S100XTPB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100XTPB |
| Inventories | 22% | S100XTPB |
| Property, plant and equipment | 40% | S100XTPB |
| Intangibles and goodwill | 1% | S100XTPB |
| Investment securities | 3% | S100XTPB |
| Other assets | 27% | S100XTPB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 50% | S100XTPB |
| Equity | 50% | S100XTPB |

### 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 | 30,562 | 30,999 | 30,119 | 32,571 | 38,882 |
| Equity | 15,886 | 16,612 | 17,398 | 17,888 | 19,532 |
| Interest-bearing debt | 4,357 | — | 5,391 | 5,913 | — |
| Cash | 2,885 | 2,869 | 1,802 | 2,397 | 2,830 |

## 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) | 42.5% | S100XTPB |
| Fixed assets ÷ total assets | 39.5% | S100XTPB |
| Goodwill ÷ parent equity | 1.0% | S100XTPB |

### 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) | 7.3% |
| Cash ÷ revenue | 7.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -82.0% |
| Cash vs. profit gap | -3,691 JPY mn (of net income -234.8%) |
| Shareholder returns / net income | 17.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 17.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | — |

## 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 | 2.8% | 0.86× | 2.4% | 2.19× | 5.2% | S100QFT3 |
| 2022 | 2.4% | 1.00× | 2.4% | 2.16× | 5.2% | S100T4AL |
| 2023 | 2.6% | 1.05× | 2.7% | 2.05× | 5.6% | S100VGUY |
| 2024 | 2.4% | 0.87× | 2.1% | 2.04× | 4.3% | S100XTPB |
| 2025 | 4.3% | 1.01× | 4.4% | 2.20× | 9.7% | S100XTPB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三木 佳美 | Major shareholder | 15.3% | 2025-12-31 |
| 三木 博也 | Major shareholder | 13.9% | 2025-12-31 |
| 有限会社フレンド商会 | Major shareholder | 6.5% | 2025-12-31 |
| 内藤 征吾 | Major shareholder | 3.1% | 2025-12-31 |
| 平野 勝也 | Major shareholder | 2.5% | 2025-12-31 |
| 福本 久幸 | Major shareholder | 2.3% | 2025-12-31 |
| 美樹工業社員持株会 | Major shareholder | 2.2% | 2025-12-31 |
| 中田 純夫 | Major shareholder | 2.2% | 2025-12-31 |
| 三木 立子 | Major shareholder | 2.0% | 2025-12-31 |
| 中田 知子 | Major shareholder | 1.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2025/01/01－2025/12/31) | S100XTPB | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTPB,, |
| 有価証券報告書－第63期(2024/01/01－2024/12/31) | S100VGUY | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGUY,, |
| 有価証券報告書－第62期(2023/01/01－2023/12/31) | S100T4AL | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4AL,, |
| 有価証券報告書－第61期(2022/01/01－2022/12/31) | S100QFT3 | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFT3,, |
| 有価証券報告書－第60期(令和3年1月1日－令和3年12月31日) | S100NQH7 | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQH7,, |
| 有価証券報告書－第59期(令和2年1月1日－令和2年12月31日) | S100L1GX | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1GX,, |

## 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).