# MIKUNI 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104期(2025/04/01－2026/03/31) (S100YLLZ)
> Page: https://vizora.meequs.com/en/company/mikuni
> Retrieved: 2026-09-30T17:49:13.080Z

## Company

Mikuni is a company in Auto Parts listed on TSE Standard. It has 4,750 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MIKUNI CORPORATION |
| Ticker | 7247 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7247.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区外神田六丁目13番11号 |
| Representative (per filing) | 代表取締役社長 生田 久貴 |
| Share capital | ¥2.21B |
| Employees (consolidated) | 4,750 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.mikuni.co.jp (https://www.mikuni.co.jp/) |
| Corporate number | 1010001008791 |
| EDINET | E02172 |
| Industries (Vizora) | Auto Parts, Housing Equipment & Building Materials, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YLLZ, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 12.3 | 110 |
| Profitability | 38.3 | 111 |
| Cash conversion | 81 | 108 |
| Efficiency | 42.8 | 111 |

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 83% of Mikuni's sales come from Mobility business, with trading Company Business and Gas tech business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +2.0% from the prior year, operating profit +38.3%.

## Company structure

- Segment revenue mix: Mobility business 82.9%、trading Company Business 9.9%、Gas tech business 4.8%、Other 2.4%
- Revenue → net income: ¥103419000000 → ¥1227000000
- Net income → operating cash flow: ¥1227000000 → ¥10788000000（difference ¥9561000000）
- Main uses of operating cash flow: CapEx ¥4756000000 / dividends ¥476000000 / buybacks ¥54000000
- Change in cash: ¥299000000
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 | ¥103.4B |  |
| Operating income | ¥4.18B | Margin 4.0% |
| Net income | ¥1.2B | Margin 1.2% |
| Free cash flow | ¥6.03B |  |
| Largest business | Mobility business | of segment revenue 82.9% |
| Employees (consolidated) | 4,750 |  |
| EPS | ¥11.73 |  |
| Book value per share | ¥713.77 |  |
| Equity ratio | 38.0% |  |
| Shares outstanding | 34,049,423 |  |
| Treasury shares | 37,300 |  |
| Shareholders | 11,511 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 2.0% | Cash ÷ revenue 2.0% |
| Vs. industry median margin | -0.7 pp | Auto Parts |
| ROE | 5.7% | Derived from disclosed figures |
| ROA | 1.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 9.0× net income
- FY2026, one segment accounts for 60% of positive segment profit
- FY2026, employees -2% while operating income rose 38%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥86962000000 | ¥103419000000 | +18.9% |
| Operating income | ¥569000000 | ¥4181000000 | +634.8% |
| Operating margin | 0.7% | 4.0% | +3.4 pp |
| Employees | 5,521 people | 4,750 people | -14.0% |
| Cash and equivalents | ¥4249000000 | ¥2056000000 | -51.6% |

### 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 |
| --- | ---: |
| 自動車関連品 → 事業再編・廃止 | 69.4% |
| 生活機器関連品 → 事業再編・廃止 | 6.7% |
| 航空機部品輸入販売 → 事業再編・廃止 | 18.9% |
| その他 → その他 | 2.1% |
| 芝管理機械等販売 → 事業再編・廃止 | 3.0% |
| 新設・再編 → モビリティ事業 | 82.9% |
| 新設・再編 → ガステクノ事業 | 4.8% |
| 新設・再編 → 商社事業 | 9.9% |
| 新設・再編 → その他 | 0.4% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Mobility business | 3 years | +3.5% | ¥85725000000 | 3.2% | 2 |
| trading Company Business | 3 years | +11.6% | ¥10212000000 | 15.7% | 2 |
| Gas tech business | 3 years | -9.8% | ¥4981000000 | -6.8% | 2 |
| Other | 5 years | +6.9% | ¥2499000000 | 7.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 103,419 | 100.0% | S100YLLZ |
| Cost of revenue | 86,602 | 83.7% | S100YLLZ |
| Gross profit | 16,816 | 16.3% | S100YLLZ |
| SG&A | 12,635 | 12.2% | S100YLLZ |
| Operating income | 4,181 | 4.0% | S100YLLZ |
| Ordinary income | 3,340 | 3.2% | S100YLLZ |
| Pretax income | 3,025 | 2.9% | S100YLLZ |
| Income tax | 1,798 | 1.7% | S100YLLZ |
| Net income | 1,227 | 1.2% | S100YLLZ |
| Net income attributable to owners | 1,197 | 1.2% | S100YLLZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 12 |
| Operating income | 4 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 16.3% → Operating margin 4.0% → Net margin 1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.0%; Core profit growth: +38.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 19.51×
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 | 101,428 | 103,419 | 1,991 | +2.0% |
| Gross profit | 15,667 | 16,816 | 1,149 | +7.3% |
| Operating income | 3,023 | 4,181 | 1,158 | +38.3% |
| Net income attributable to owners | 1,949 | 1,197 | -752 | -38.6% |
| Operating cash flow | 1,733 | 10,788 | 9,055 | +522.5% |
| Free cash flow | -3,584 | 6,032 | 9,616 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 110,499 | 2,410 | 2.2% | -4,014 | 2,389 | -5,068 | S100LTLF |
| FY ending Mar 2021 | 86,962 | 569 | 0.7% | -125 | 318 | -3,645 | S100OIVD |
| FY ending Mar 2022 | 80,789 | 3,318 | 4.1% | 1,318 | 5,078 | 1,722 | S100R7QG |
| FY ending Mar 2023 | 93,847 | 3,089 | 3.3% | -1,682 | 4,880 | -1,259 | S100TTMN |
| FY ending Mar 2024 | 99,941 | 3,672 | 3.7% | 1,115 | 2,972 | -3,140 | S100WZT4 |
| FY ending Mar 2025 | 101,428 | 3,023 | 3.0% | 1,949 | 1,733 | -3,584 | S100YLLZ |
| FY ending Mar 2026 | 103,419 | 4,181 | 4.0% | 1,197 | 10,788 | 6,032 | S100YLLZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.8M |
| Operating income per employee (consolidated) | ¥880.2K |
| Net income per employee (consolidated) | ¥252K |

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) | 5,345 | 5,274 | 5,001 | 4,841 | 4,750 |
| Average salary (parent company) | ¥5.7M | ¥5.9M | ¥5.9M | ¥6M | ¥6.1M |
| Average age (parent company) | 41.7 years | 42.1 years | 42.5 years | 42.8 years | 43.1 years |
| Average tenure (parent company) | 18.7 years | 19.1 years | 19.5 years | 19.5 years | 19.8 years |

Year over year: Employees (consolidated) -1.9% · Revenue (consolidated) +2.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mobility business | 85,725 | 82.9% | 2,734 | 3.2% |
| Gas tech business | 4,981 | 4.8% | -340 | -6.8% |
| trading Company Business | 10,212 | 9.9% | 1,605 | 15.7% |
| Other | 2,499 | 2.4% | 181 | 7.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Mobility business | 82.9% | 60.5% | -22.4 | 3.2% |
| Gas tech business | 4.8% | — | — | -6.8% |
| trading Company Business | 9.9% | 35.5% | 25.6 | 15.7% |
| Other | 2.4% | 4.0% | 1.6 | 7.2% |

Loss-making segment (excluded from profit shares): Gas tech business -340 JPY mn

Segment → industry: Mobility business → Auto Parts / Gas tech business → Housing Equipment & Building Materials / trading Company Business → Specialty Trading & Wholesale

## 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 | 10,788 | 10.4% | S100YLLZ |
| Capital expenditure | 4,756 | 4.6% | S100YLLZ |
| Free cash flow | 6,032 | 5.8% | 算出 |
| Investing cash flow | -4,555 | -4.4% | S100YLLZ |
| Financing cash flow | -6,092 | -5.9% | S100YLLZ |
| Dividends paid | 476 | 0.5% | S100YLLZ |
| Share buyback | 54 | 0.1% | S100YLLZ |
| Change in cash | 299 | 0.3% | S100YLLZ |
| Cash and equivalents | 2,056 | 2.0% | S100YLLZ |

## 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 | 5,060 | 3,712 | 3,114 | 1,756 | 2,056 | S100TTMN, S100WZT4, S100YLLZ |
| Total assets | 96,917 | 100,108 | 111,536 | 109,652 | 105,017 | S100R7QG, S100TTMN, S100WZT4, S100YLLZ |
| Net assets | 31,918 | 32,199 | 40,210 | 38,384 | 40,783 | S100TTMN, S100WZT4, S100YLLZ |
| Share capital | 2,215 | 2,215 | 2,215 | 2,215 | 2,215 | S100R7QG, S100TTMN, S100WZT4, S100YLLZ |
| Property, plant and equipment | 37,365 | 37,749 | 39,105 | 37,513 | 36,586 | S100R7QG, S100TTMN, S100WZT4, S100YLLZ |
| Intangible assets excluding goodwill | 810 | 797 | 742 | 623 | 682 | S100R7QG, S100TTMN, S100WZT4, S100YLLZ |
| Goodwill | 1 | — | — | — | — | S100R7QG |
| Investment securities | 5,846 | 6,453 | 12,786 | 8,740 | 10,043 | S100R7QG, S100TTMN, S100WZT4, S100YLLZ |
| Current assets | 51,010 | 53,402 | 57,036 | 60,464 | 55,474 | S100R7QG, S100TTMN, S100WZT4, S100YLLZ |
| Current liabilities | 33,553 | 37,579 | 43,260 | 46,512 | 39,257 | S100R7QG, S100TTMN, S100WZT4, S100YLLZ |
| Trade payables | 11,000 | 10,174 | 9,898 | 10,374 | 9,642 | S100R7QG, S100TTMN, S100WZT4, S100YLLZ |
| Short-term borrowings | 6,794 | 10,808 | 16,733 | 18,622 | 14,379 | S100R7QG, S100TTMN, S100WZT4, S100YLLZ |
| Long-term borrowings | 22,015 | 20,825 | 17,055 | 15,291 | 15,775 | S100R7QG, S100TTMN, S100WZT4, S100YLLZ |
| Total liabilities | 64,998 | 67,909 | 70,937 | 71,268 | 64,234 | S100R7QG, S100TTMN, S100WZT4, S100YLLZ |
| Non-controlling interests | 854 | 767 | 883 | 907 | 849 | S100R7QG, S100TTMN, S100WZT4, S100YLLZ |
| Equity attributable to owners of parent | 20,827 | 18,852 | 19,633 | 20,538 | 21,241 | S100R7QG, S100TTMN, S100WZT4, S100YLLZ |
| Retained earnings | 16,886 | 14,863 | 15,619 | 16,516 | 17,237 | S100R7QG, S100TTMN, S100WZT4, S100YLLZ |
| Treasury stock | -181 | -180 | -154 | -147 | -165 | S100R7QG, S100TTMN, S100WZT4, S100YLLZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100YLLZ |
| Property, plant and equipment | 35% | S100YLLZ |
| Intangibles and goodwill | 1% | S100YLLZ |
| Investment securities | 9% | S100YLLZ |
| Other assets | 53% | S100YLLZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YLLZ |
| Other liabilities | 52% | S100YLLZ |
| Equity | 39% | S100YLLZ |

### 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 | 96,917 | 100,108 | 111,536 | 109,652 | 105,017 |
| Equity | 31,918 | 32,199 | 40,210 | 38,384 | 40,783 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,060 | 3,712 | 3,114 | 1,756 | 2,056 |

## 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) | 35.4% | S100YLLZ |
| Fixed assets ÷ total assets | 34.8% | S100YLLZ |
| Goodwill ÷ parent equity | — | —, S100YLLZ |

### 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) | 2.0% |
| Cash ÷ revenue | 2.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 258.0% |
| Cash vs. profit gap | 9,591 JPY mn (of net income 801.3%) |
| Shareholder returns / net income | 44.3% |
| Shareholder returns / FCF | 8.8% |
| Shareholder payments — dividends / net income | 39.8% |
| Shareholder payments — dividends / FCF | 7.9% |
| CapEx intensity (capex ÷ revenue) | 4.6% |
| Investing CF relative to operating CF | 42.2% |

## 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 | 1.6% | 0.83× | 1.4% | 4.65× | 6.3% | S100R7QG |
| 2023 | — | —× | -1.7% | —× | — | S100TTMN |
| 2024 | 1.1% | 0.94× | 1.1% | 5.50× | 5.8% | S100WZT4 |
| 2025 | 1.9% | 0.92× | 1.8% | 5.51× | 9.7% | S100YLLZ |
| 2026 | 1.2% | 0.96× | 1.1% | 5.14× | 5.7% | S100YLLZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 風の会持株会 | Major shareholder | 6.0% | 2026-03-31 |
| あいおいニッセイ同和損害保険株式会社 （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 | 5.6% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社横浜銀行 （常任代理人株式会社日本カストディ銀行） | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.4% | 2026-03-31 |
| ミクニ総業株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 生田允紀 信託口 | Major shareholder | 3.0% | 2026-03-31 |
| スズキ株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| むつき持株会 | Major shareholder | 2.9% | 2026-03-31 |
| ミクニ社員持株会 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第104期(2025/04/01－2026/03/31) | S100YLLZ | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLLZ,, |
| 訂正有価証券報告書－第103期(2024/04/01－2025/03/31) | S100WZT4 | 2025-11-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WZT4,, |
| 有価証券報告書－第102期(2023/04/01－2024/03/31) | S100TTMN | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTMN,, |
| 有価証券報告書－第101期(2022/04/01－2023/03/31) | S100R7QG | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7QG,, |
| 有価証券報告書－第100期(令和3年4月1日－令和4年3月31日) | S100OIVD | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIVD,, |
| 有価証券報告書－第99期(令和2年4月1日－令和3年3月31日) | S100LTLF | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTLF,, |

## 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).