# MINATO 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70期(2025/04/01－2026/03/31) (S100YKH4)
> Page: https://vizora.meequs.com/en/company/minato-holdings
> Retrieved: 2026-09-30T22:20:49.972Z

## Company

Minato Holdings, founded in 1956, is a company in PCs & Peripherals listed on TSE Standard. It has 339 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MINATO HOLDINGS INC. |
| Ticker | 6862 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6862.T) |
| Listing | TSE Standard |
| Head office | 東京都港区新橋四丁目21番3号 |
| Representative (per filing) | 代表取締役会長兼グループCEO 若山健彦 |
| Founded | Dec 1956 |
| Share capital | ¥1.09B |
| Employees (consolidated) | 339 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.minato.co.jp (https://www.minato.co.jp/) |
| Corporate number | 9020001009369 |
| EDINET | E01977 |
| Industries (Vizora) | PCs & Peripherals, IT Services & System Integration, Electronic Components |

> Profile source: annual securities report (S100YKH4, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 99.1 | 53 |
| Profitability | 79.5 | 56 |
| Cash conversion | 3.1 | 48 |
| Efficiency | 92 | 56 |

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 60% of Minato Holdings's sales come from Digital device, with ICT products and Digital engineering making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +49.0% from the prior year, operating profit +451.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥36.6B |  |
| Operating income | ¥4.23B | Margin 11.6% |
| Net income | ¥2.11B | Margin 5.8% |
| Free cash flow | -¥6.32B |  |
| Largest business | Digital device | of segment revenue 59.6% |
| Employees (consolidated) | 339 |  |
| EPS | ¥-20.51 |  |
| Book value per share | ¥556.36 |  |
| Equity ratio | 25.2% |  |
| Shares outstanding | 7,925,714 |  |
| Treasury shares | 485,400 |  |
| Shareholders | 7,481 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 7.3% | Cash ÷ revenue 6.4% |
| Vs. industry median margin | +5.7 pp | Electronic Components |
| ROE | 30.7% | Derived from disclosed figures |
| ROA | 8.5% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.1× dividends
- FY2026, one segment accounts for 81% of positive segment profit
- FY2026, segment profit share differs by 21 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15920673000 | ¥36572041000 | +129.7% |
| Operating income | ¥220062000 | ¥4232814000 | +1823.5% |
| Operating margin | 1.4% | 11.6% | +10.2 pp |
| Employees | 304 people | 339 people | +11.5% |
| Cash and equivalents | ¥2321643000 | ¥2331423000 | +0.4% |

### 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 |
| --- | ---: |
| メモリーモジュール事業 → 事業再編・廃止 | 56.9% |
| テレワークソリューション事業 → 事業再編・廃止 | 13.2% |
| デジタルデバイス周辺機器事業 → 事業再編・廃止 | 19.3% |
| その他 → その他 | 1.3% |
| デバイスプログラミング・ディスプレイソリューション事業 → 事業再編・廃止 | 5.8% |
| システム開発事業 → 事業再編・廃止 | 3.6% |
| 新設・再編 → デジタルデバイス | 59.6% |
| 新設・再編 → デジタルエンジニアリング | 9.6% |
| 新設・再編 → ICTプロダクツ | 25.0% |
| 新設・再編 → その他 | 4.5% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Digital device | 3 years | +32.3% | ¥21804326000 | 19.5% | 2 |
| ICT products | 3 years | +2.8% | ¥9146567000 | 5.9% | 2 |
| Digital engineering | 3 years | +11.8% | ¥3521202000 | 12.8% | 2 |
| Other | 5 years | +59.5% | ¥2099945000 | 1.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 36,572 | 100.0% | S100YKH4 |
| Cost of revenue | 27,982 | 76.5% | S100YKH4 |
| Gross profit | 8,590 | 23.5% | S100YKH4 |
| SG&A | 4,357 | 11.9% | S100YKH4 |
| Operating income | 4,233 | 11.6% | S100YKH4 |
| Ordinary income | 4,042 | 11.1% | S100YKH4 |
| Pretax income | 3,451 | 9.4% | S100YKH4 |
| Income tax | 1,342 | 3.7% | S100YKH4 |
| Net income | 2,109 | 5.8% | S100YKH4 |
| Net income attributable to owners | 2,109 | 5.8% | S100YKH4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 12 |
| Operating income | 12 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 23.5% → Operating margin 11.6% → Net margin 5.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +49.0%; Core profit growth: +451.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.21×
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 | 24,540 | 36,572 | 12,032 | +49.0% |
| Gross profit | 4,315 | 8,590 | 4,275 | +99.1% |
| Operating income | 767 | 4,233 | 3,466 | +451.7% |
| Net income attributable to owners | 374 | 2,109 | 1,735 | +464.1% |
| Operating cash flow | 92 | -6,132 | -6,225 | -6739.0% |
| Free cash flow | -810 | -6,318 | -5,509 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 12,077 | 306 | 2.5% | 279 | 710 | 579 | S100LSMF |
| FY ending Mar 2021 | 15,921 | 220 | 1.4% | 467 | 329 | -52 | S100OGGU |
| FY ending Mar 2022 | 24,579 | 783 | 3.2% | 674 | -455 | -659 | S100R1KV |
| FY ending Mar 2023 | 22,599 | 810 | 3.6% | 591 | 1,768 | 1,527 | S100UP1B |
| FY ending Mar 2024 | 19,018 | 1,235 | 6.5% | 1,483 | 145 | -2,019 | S100W6ZV |
| FY ending Mar 2025 | 24,540 | 767 | 3.1% | 374 | 92 | -810 | S100YKH4 |
| FY ending Mar 2026 | 36,572 | 4,233 | 11.6% | 2,109 | -6,132 | -6,318 | S100YKH4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥107.9M |
| Operating income per employee (consolidated) | ¥12.5M |
| Net income per employee (consolidated) | ¥6.2M |

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) | 470 | 457 | 281 | 281 | 339 |
| Average salary (parent company) | ¥5.5M | ¥6.7M | — | ¥5.8M | ¥6.1M |
| Average age (parent company) | 43.5 years | 47.0 years | 47.3 years | 47.7 years | 46.2 years |
| Average tenure (parent company) | 4.9 years | 4.6 years | 3.1 years | 3.2 years | 4.7 years |

Year over year: Employees (consolidated) +20.6% · Revenue (consolidated) +49.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Digital device | 21,804 | 59.6% | 4,262 | 19.5% |
| Digital engineering | 3,521 | 9.6% | 450 | 12.8% |
| ICT products | 9,147 | 25.0% | 536 | 5.9% |
| Other | 2,100 | 5.7% | 32 | 1.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Digital device | 59.6% | 80.7% | 21.1 | 19.5% |
| Digital engineering | 9.6% | 8.5% | -1.1 | 12.8% |
| ICT products | 25.0% | 10.2% | -14.9 | 5.9% |
| Other | 5.7% | 0.6% | -5.1 | 1.5% |

Segment → industry: ICT products → PCs & Peripherals / Digital engineering → IT Services & System Integration / Digital device → Electronic Components

## 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 | -6,132 | -16.8% | S100YKH4 |
| Capital expenditure | 186 | 0.5% | S100YKH4 |
| Free cash flow | -6,318 | -17.3% | 算出 |
| Investing cash flow | -43 | -0.1% | S100YKH4 |
| Financing cash flow | 6,412 | 17.5% | S100YKH4 |
| Dividends paid | 104 | 0.3% | S100YKH4 |
| Share buyback | 109 | 0.3% | S100YKH4 |
| Change in cash | 263 | 0.7% | S100YKH4 |
| Cash and equivalents | 2,331 | 6.4% | S100YKH4 |

## 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 | 2,640 | 3,539 | 2,490 | 2,069 | 2,331 | S100UP1B, S100W6ZV, S100YKH4 |
| Total assets | 15,365 | 14,381 | 16,822 | 17,553 | 32,111 | S100R1KV, S100UP1B, S100W6ZV, S100YKH4 |
| Net assets | 3,963 | 4,384 | 5,749 | 5,910 | 8,083 | S100UP1B, S100W6ZV, S100YKH4 |
| Share capital | 1,063 | 1,063 | 1,078 | 1,087 | 1,087 | S100R1KV, S100UP1B, S100W6ZV, S100YKH4 |
| Property, plant and equipment | 1,296 | 1,260 | 3,281 | 3,025 | 2,908 | S100R1KV, S100UP1B, S100W6ZV, S100YKH4 |
| Intangible assets excluding goodwill | 282 | 249 | 198 | 180 | 484 | S100R1KV, S100UP1B, S100W6ZV, S100YKH4 |
| Goodwill | 243 | 205 | 159 | 134 | 446 | S100R1KV, S100UP1B, S100W6ZV, S100YKH4 |
| Investment securities | 264 | 221 | 756 | 725 | 710 | S100R1KV, S100UP1B, S100W6ZV, S100YKH4 |
| Current assets | 12,891 | 11,891 | 11,701 | 12,523 | 26,663 | S100R1KV, S100UP1B, S100W6ZV, S100YKH4 |
| Current liabilities | 9,704 | 8,790 | 9,005 | 9,879 | 21,045 | S100R1KV, S100UP1B, S100W6ZV, S100YKH4 |
| Trade payables | 2,030 | 1,184 | 1,080 | 1,230 | 3,991 | S100R1KV, S100UP1B, S100W6ZV, S100YKH4 |
| Short-term borrowings | 5,520 | 5,620 | 5,120 | 6,800 | 13,400 | S100R1KV, S100UP1B, S100W6ZV, S100YKH4 |
| Long-term borrowings | 1,461 | 1,049 | 1,903 | 1,599 | 2,724 | S100R1KV, S100UP1B, S100W6ZV, S100YKH4 |
| Bonds | 20 | — | — | — | — | S100R1KV |
| Interest-bearing debt | 7,001 | — | — | — | — | 算出 |
| Total liabilities | 11,402 | 9,997 | 11,073 | 11,643 | 24,028 | S100R1KV, S100UP1B, S100W6ZV, S100YKH4 |
| Non-controlling interests | 41 | 44 | 1 | 1 | 2 | S100R1KV, S100UP1B, S100W6ZV, S100YKH4 |
| Equity attributable to owners of parent | 3,760 | 4,249 | 5,622 | 5,853 | 7,872 | S100R1KV, S100UP1B, S100W6ZV, S100YKH4 |
| Retained earnings | 1,365 | 1,888 | 3,297 | 3,566 | 5,571 | S100R1KV, S100UP1B, S100W6ZV, S100YKH4 |
| Treasury stock | -128 | -163 | -253 | -337 | -342 | S100R1KV, S100UP1B, S100W6ZV, S100YKH4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YKH4 |
| Property, plant and equipment | 9% | S100YKH4 |
| Intangibles and goodwill | 3% | S100YKH4 |
| Investment securities | 2% | S100YKH4 |
| Other assets | 79% | S100YKH4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YKH4 |
| Other liabilities | 62% | S100YKH4 |
| Equity | 25% | S100YKH4 |
| Other liabilities | 0% | S100YKH4 |

### 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 | 15,365 | 14,381 | 16,822 | 17,553 | 32,111 |
| Equity | 3,963 | 4,384 | 5,749 | 5,910 | 8,083 |
| Interest-bearing debt | 7,001 | — | — | — | — |
| Cash | 2,640 | 3,539 | 2,490 | 2,069 | 2,331 |

## 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) | 8.0% | S100YKH4 |
| Fixed assets ÷ total assets | 9.1% | S100YKH4 |
| Goodwill ÷ parent equity | 5.7% | S100YKH4 |

Goodwill over 4 years: 243 → 446 JPY; total investing cash flow: -3,638 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) | 7.3% |
| Cash ÷ revenue | 6.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -144.9% |
| Cash vs. profit gap | -8,241 JPY mn (of net income -390.8%) |
| Shareholder returns / net income | 10.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 4.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.7% | 1.60× | 4.4% | 4.09× | 17.9% | S100R1KV |
| 2023 | 2.6% | 1.52× | 4.0% | 3.71× | 14.8% | S100UP1B |
| 2024 | 7.8% | 1.22× | 9.5% | 3.16× | 30.1% | S100W6ZV |
| 2025 | 1.5% | 1.43× | 2.2% | 3.00× | 6.5% | S100YKH4 |
| 2026 | 5.8% | 1.47× | 8.5% | 3.62× | 30.7% | S100YKH4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.8% | 2026-03-31 |
| 若 山 健 彦 | Major shareholder | 5.8% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN(CASHPB)（常任代理人 野村證券株式会社） | Major shareholder | 3.0% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 川 田 勝 大 | Major shareholder | 2.5% | 2026-03-31 |
| 相 澤 均 | Major shareholder | 2.2% | 2026-03-31 |
| 宇 佐 見 紀 之 | Major shareholder | 2.1% | 2026-03-31 |
| 大 西 康 弘 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第70期(2025/04/01－2026/03/31) | S100YKH4 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKH4,, |
| 有価証券報告書－第69期(2024/04/01－2025/03/31) | S100W6ZV | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6ZV,, |
| 訂正有価証券報告書－第68期(2023/04/01－2024/03/31) | S100UP1B | 2024-11-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UP1B,, |
| 有価証券報告書－第67期(2022/04/01－2023/03/31) | S100R1KV | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1KV,, |
| 有価証券報告書－第66期(令和3年4月1日－令和4年3月31日) | S100OGGU | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGGU,, |
| 有価証券報告書－第65期(令和2年4月1日－令和3年3月31日) | S100LSMF | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSMF,, |

## 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).