# MIMAKI ENGINEERING 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51期(2025/04/01－2026/03/31) (S100YCRC)
> Page: https://vizora.meequs.com/en/company/mimaki-engineering
> Retrieved: 2026-09-30T22:08:13.376Z

## Company

Mimaki Engineering, founded in 1975, is a company in Printers & Office Equipment listed on TSE Prime. It has 2,152 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MIMAKI ENGINEERING CO.,LTD. |
| Ticker | 6638 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6638.T) |
| Listing | TSE Prime |
| Head office | 長野県東御市滋野乙2182番地3 |
| Representative (per filing) | 代表取締役社長 CEO 池田 和明 |
| Founded | Aug 1975 |
| Share capital | ¥4.36B |
| Employees (consolidated) | 2,152 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | mimaki.com (https://mimaki.com/) |
| Corporate number | 5100001010883 |
| EDINET | E02114 |
| Industries (Vizora) | Printers & Office Equipment |

> Profile source: annual securities report (S100YCRC, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Printers & Office Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.8 | 12 |
| Profitability | 86.4 | 11 |
| Cash conversion | 13.6 | 11 |
| Efficiency | 70.8 | 12 |

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 44% of Mimaki Engineering's sales come from Japan, with North America and Europe making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed -0.3% from the prior year, operating profit +3.5%.

## Company structure

- Segment revenue mix: Japan 44.4%、North America 29.8%、Europe 25.8%
- Revenue → net income: ¥83725442000 → ¥6771890000
- Net income → operating cash flow: ¥6771890000 → ¥4622881000（difference ¥-2149009000）
- Main uses of operating cash flow: CapEx ¥3398221000 / dividends ¥1733794000 / buybacks ¥60000
- Change in cash: ¥-1455833000
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 | ¥83.7B |  |
| Operating income | ¥9.43B | Margin 11.3% |
| Net income | ¥6.74B | Margin 8.1% |
| Free cash flow | ¥1.22B |  |
| Largest business | Japan | of segment revenue 44.4% |
| Employees (consolidated) | 2,152 |  |
| EPS | ¥153.12 |  |
| Diluted EPS | ¥152.99 |  |
| Book value per share | ¥903.26 |  |
| Equity ratio | 48.1% |  |
| Shares outstanding | 32,040,000 |  |
| Treasury shares | 3,077,600 |  |
| Shareholders | 3,991 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 12.6% | Cash ÷ revenue 12.4% |
| Vs. industry median margin | +5.6 pp | Printers & Office Equipment |
| ROE | 20.6% | Derived from disclosed figures |
| ROA | 8.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 75% of positive segment profit
- FY2026, segment profit share differs by 30 points
- FY2026, parent-company salary changed +24% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥48722930000 | ¥83725442000 | +71.8% |
| Operating income | ¥-509812000 | ¥9431122000 | — |
| Operating margin | -1.0% | 11.3% | +12.3 pp |
| Employees | 1,952 people | 2,152 people | +10.2% |
| Cash and equivalents | ¥10683560000 | ¥10419899000 | -2.5% |

### 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 |
| --- | ---: |
| 日本・アジア・オセアニア → 日本・アジア・オセアニア | 44.4% |
| 日本・アジア・オセアニア → 事業再編・廃止 | 5.2% |
| 北・中南米 → 北・中南米 | 21.5% |
| 欧州・中東・アフリカ → 欧州・中東・アフリカ | 25.8% |
| 欧州・中東・アフリカ → 事業再編・廃止 | 3.1% |
| 新設・再編 → 北・中南米 | 8.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +9.0% | ¥37152204000 | 18.5% | 2 |
| North America | 5 years | +18.9% | ¥24960093000 | 4.7% | 2 |
| Europe | 5 years | +8.9% | ¥21613143000 | 5.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 83,725 | 100.0% | S100YCRC |
| Cost of revenue | 42,526 | 50.8% | S100YCRC |
| Gross profit | 41,200 | 49.2% | S100YCRC |
| SG&A | 31,769 | 37.9% | S100YCRC |
| Operating income | 9,431 | 11.3% | S100YCRC |
| Ordinary income | 8,907 | 10.6% | S100YCRC |
| Pretax income | 8,923 | 10.7% | S100YCRC |
| Income tax | 2,151 | 2.6% | S100YCRC |
| Net income | 6,772 | 8.1% | S100YCRC |
| Net income attributable to owners | 6,742 | 8.1% | S100YCRC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 51 |
| SG&A | 38 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 49.2% → Operating margin 11.3% → Net margin 8.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.3%; Core profit growth: +3.5%
Operating leverage (core profit growth ÷ revenue growth): -12.35×
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 | 83,964 | 83,725 | -238 | -0.3% |
| Gross profit | 39,124 | 41,200 | 2,075 | +5.3% |
| Operating income | 9,112 | 9,431 | 319 | +3.5% |
| Net income attributable to owners | 6,156 | 6,742 | 585 | +9.5% |
| Operating cash flow | 7,861 | 4,623 | -3,238 | -41.2% |
| Free cash flow | 5,571 | 1,225 | -4,346 | -78.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 55,558 | 1,354 | 2.4% | -778 | 823 | -319 | S100LTP2 |
| FY ending Mar 2021 | 48,723 | -510 | -1.0% | -301 | 6,634 | 6,181 | S100O826 |
| FY ending Mar 2022 | 59,512 | 2,569 | 4.3% | 2,347 | -5,129 | -6,687 | S100QZ9Q |
| FY ending Mar 2023 | 70,607 | 4,241 | 6.0% | 2,807 | 490 | -2,058 | S100TLJ2 |
| FY ending Mar 2024 | 75,631 | 5,481 | 7.2% | 3,707 | 9,564 | 7,469 | S100VZ0Z |
| FY ending Mar 2025 | 83,964 | 9,112 | 10.9% | 6,156 | 7,861 | 5,571 | S100YCRC |
| FY ending Mar 2026 | 83,725 | 9,431 | 11.3% | 6,742 | 4,623 | 1,225 | S100YCRC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.9M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥3.1M |

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) | 1,983 | 2,044 | 2,047 | 2,114 | 2,152 |
| Average salary (parent company) | ¥6.2M | ¥6.2M | ¥6.5M | ¥7.3M | ¥7.7M |
| Average age (parent company) | 40.9 years | 41.6 years | 41.8 years | 41.5 years | 41.6 years |
| Average tenure (parent company) | 10.6 years | 10.6 years | 10.7 years | 10.7 years | 10.6 years |

Year over year: Employees (consolidated) +1.8% · Revenue (consolidated) -0.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 37,152 | 44.4% | 6,868 | 18.5% |
| North America | 24,960 | 29.8% | 1,175 | 4.7% |
| Europe | 21,613 | 25.8% | 1,133 | 5.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 44.4% | 74.8% | 30.5 | 18.5% |
| North America | 29.8% | 12.8% | -17.0 | 4.7% |
| Europe | 25.8% | 12.3% | -13.5 | 5.2% |

Segment → industry: Europe → Printers & Office Equipment / North America → Printers & Office Equipment / Japan → Printers & Office Equipment

## 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 | 4,623 | 5.5% | S100YCRC |
| Capital expenditure | 3,398 | 4.1% | S100YCRC |
| Free cash flow | 1,225 | 1.5% | 算出 |
| Investing cash flow | -5,389 | -6.4% | S100YCRC |
| Financing cash flow | -1,315 | -1.6% | S100YCRC |
| Dividends paid | 1,734 | 2.1% | S100YCRC |
| Share buyback | 0 | 0.0% | S100YCRC |
| Change in cash | -1,456 | -1.7% | S100YCRC |
| Cash and equivalents | 10,420 | 12.4% | S100YCRC |

## 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 | 7,501 | 8,202 | 14,218 | 11,876 | 10,420 | S100TLJ2, S100VZ0Z, S100YCRC |
| Total assets | 60,857 | 69,790 | 75,719 | 76,174 | 82,890 | S100QZ9Q, S100TLJ2, S100VZ0Z, S100YCRC |
| Net assets | 18,717 | 22,056 | 27,391 | 32,374 | 40,106 | S100TLJ2, S100VZ0Z, S100YCRC |
| Share capital | 4,357 | 4,357 | 4,357 | 4,357 | 4,357 | S100QZ9Q, S100TLJ2, S100VZ0Z, S100YCRC |
| Property, plant and equipment | 10,177 | 12,012 | 12,535 | 13,650 | 15,376 | S100QZ9Q, S100TLJ2, S100VZ0Z, S100YCRC |
| Intangible assets excluding goodwill | 588 | 911 | 1,040 | 848 | 1,054 | S100QZ9Q, S100TLJ2, S100VZ0Z, S100YCRC |
| Goodwill | 221 | 168 | 130 | 108 | 86 | S100QZ9Q, S100TLJ2, S100VZ0Z, S100YCRC |
| Investment securities | 147 | 156 | 141 | 144 | 205 | S100QZ9Q, S100TLJ2, S100VZ0Z, S100YCRC |
| Current assets | 47,495 | 53,693 | 58,767 | 57,604 | 62,676 | S100QZ9Q, S100TLJ2, S100VZ0Z, S100YCRC |
| Current liabilities | 32,330 | 40,145 | 41,513 | 37,292 | 38,442 | S100QZ9Q, S100TLJ2, S100VZ0Z, S100YCRC |
| Trade payables | 3,572 | 4,264 | 3,241 | 3,846 | 4,086 | S100QZ9Q, S100TLJ2, S100VZ0Z, S100YCRC |
| Short-term borrowings | 10,623 | 18,581 | 18,939 | 14,775 | 17,447 | S100QZ9Q, S100TLJ2, S100VZ0Z, S100YCRC |
| Long-term borrowings | 8,432 | 5,476 | 4,887 | 3,972 | 1,976 | S100QZ9Q, S100TLJ2, S100VZ0Z, S100YCRC |
| Total liabilities | 42,140 | 47,734 | 48,328 | 43,800 | 42,784 | S100QZ9Q, S100TLJ2, S100VZ0Z, S100YCRC |
| Non-controlling interests | 50 | 70 | 134 | 155 | 210 | S100QZ9Q, S100TLJ2, S100VZ0Z, S100YCRC |
| Equity attributable to owners of parent | 18,902 | 21,351 | 24,634 | 30,089 | 35,251 | S100QZ9Q, S100TLJ2, S100VZ0Z, S100YCRC |
| Retained earnings | 11,879 | 14,326 | 17,597 | 22,927 | 28,034 | S100QZ9Q, S100TLJ2, S100VZ0Z, S100YCRC |
| Treasury stock | -1,952 | -1,949 | -1,940 | -1,869 | -1,840 | S100QZ9Q, S100TLJ2, S100VZ0Z, S100YCRC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YCRC |
| Property, plant and equipment | 19% | S100YCRC |
| Intangibles and goodwill | 1% | S100YCRC |
| Investment securities | 0% | S100YCRC |
| Other assets | 67% | S100YCRC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YCRC |
| Other liabilities | 47% | S100YCRC |
| Equity | 48% | S100YCRC |
| Other liabilities | 0% | S100YCRC |

### 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 | 60,857 | 69,790 | 75,719 | 76,174 | 82,890 |
| Equity | 18,717 | 22,056 | 27,391 | 32,374 | 40,106 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,501 | 8,202 | 14,218 | 11,876 | 10,420 |

## 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) | 18.4% | S100YCRC |
| Fixed assets ÷ total assets | 18.6% | S100YCRC |
| Goodwill ÷ parent equity | 0.2% | S100YCRC |

Goodwill over 4 years: 221 → 86 JPY; total investing cash flow: -16,635 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) | 12.6% |
| Cash ÷ revenue | 12.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 49.0% |
| Cash vs. profit gap | -2,119 JPY mn (of net income -31.4%) |
| Shareholder returns / net income | 25.7% |
| Shareholder returns / FCF | 141.6% |
| Shareholder payments — dividends / net income | 25.7% |
| Shareholder payments — dividends / FCF | 141.6% |
| CapEx intensity (capex ÷ revenue) | 4.1% |
| Investing CF relative to operating CF | 116.6% |

## 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 | 3.9% | 0.98× | 3.9% | 3.22× | 12.4% | S100QZ9Q |
| 2023 | 4.0% | 1.08× | 4.3% | 3.25× | 13.9% | S100TLJ2 |
| 2024 | 4.9% | 1.04× | 5.1% | 3.16× | 16.1% | S100VZ0Z |
| 2025 | 7.3% | 1.11× | 8.1% | 2.78× | 22.5% | S100YCRC |
| 2026 | 8.1% | 1.05× | 8.5% | 2.43× | 20.6% | S100YCRC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社池田ホールディングス | Major shareholder | 18.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 12.5% | 2026-03-31 |
| 株式会社田中企画 | Major shareholder | 9.6% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 7.7% | 2026-03-31 |
| 東京中小企業投資育成株式会社 | Major shareholder | 5.3% | 2026-03-31 |
| ミマキエンジニアリング従業員持株会 | Major shareholder | 3.7% | 2026-03-31 |
| 田中 芳子 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社八十二長野銀行 （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 | 2.9% | 2026-03-31 |
| アデキパートナーズ株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 小林 美和 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第51期(2025/04/01－2026/03/31) | S100YCRC | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCRC,, |
| 有価証券報告書－第50期(2024/04/01－2025/03/31) | S100VZ0Z | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZ0Z,, |
| 有価証券報告書－第49期(2023/04/01－2024/03/31) | S100TLJ2 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TLJ2,, |
| 有価証券報告書－第48期(2022/04/01－2023/03/31) | S100QZ9Q | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ9Q,, |
| 有価証券報告書－第47期(令和3年4月1日－令和4年3月31日) | S100O826 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O826,, |
| 有価証券報告書－第46期(令和2年4月1日－令和3年3月31日) | S100LTP2 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTP2,, |

## 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).