# MINO CERAMIC 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164期(2025/04/01－2026/03/31) (S100YG4G)
> Page: https://vizora.meequs.com/en/company/mino-ceramic
> Retrieved: 2026-09-30T17:49:12.227Z

## Company

Mino Ceramic, founded in 1918, is a company in Glass & Ceramics listed on TSE Standard. It has 346 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MINO CERAMIC CO.,LTD. |
| Ticker | 5356 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5356.T) |
| Listing | TSE Standard |
| Head office | 岐阜県瑞浪市寺河戸町719番地 (同所は登記上の本店所在地であり、実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 太田 滋俊 |
| Founded | Aug 1918 |
| Share capital | ¥877M |
| Employees (consolidated) | 346 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.mino-ceramic.co.jp (https://www.mino-ceramic.co.jp/) |
| Corporate number | 5200001021920 |
| EDINET | E01180 |
| Industries (Vizora) | Glass & Ceramics, Plant Engineering & Building Services, Real Estate Development & Leasing, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YG4G, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Glass & Ceramics (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 44.1 | 17 |
| Profitability | 44.1 | 17 |
| Cash conversion | 65.6 | 16 |
| Efficiency | 79.4 | 17 |
| Financial strength | 90 | 5 |

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 43% of Mino Ceramic's sales come from Refractory ceramics, with Plant and Construction material and pavement material making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +7.3% from the prior year, operating profit +1.5%.

## Company structure

- Segment revenue mix: Refractory ceramics 43.3%、Plant 39.8%、Construction material and pavement material 14.0%、Leasing 2.4%、Other 0.4%
- Revenue → net income: ¥16154540000 → ¥1250607000
- Net income → operating cash flow: ¥1250607000 → ¥2186171000（difference ¥935564000）
- Main uses of operating cash flow: CapEx ¥635701000 / dividends ¥423325000 / buybacks —
- Change in cash: ¥723403000
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 | ¥16.2B |  |
| Operating income | ¥1.6B | Margin 9.9% |
| Net income | ¥1.25B | Margin 7.7% |
| Free cash flow | ¥1.55B |  |
| Largest business | Refractory ceramics | of segment revenue 43.3% |
| Employees (consolidated) | 346 |  |
| EPS | ¥112.01 |  |
| Book value per share | ¥1375.67 |  |
| Equity ratio | 70.8% |  |
| Shares outstanding | 12,909,000 |  |
| Treasury shares | 2,273,700 |  |
| Shareholders | 3,480 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 21.9% | Net cash ¥3.5B · Cash ÷ revenue 30.2% |
| Vs. industry median margin | -1 pp | Glass & Ceramics |
| ROE | 8.8% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11837383000 | ¥16154540000 | +36.5% |
| Operating income | ¥1156806000 | ¥1600024000 | +38.3% |
| Operating margin | 9.8% | 9.9% | +0.1 pp |
| Employees | 329 people | 346 people | +5.2% |
| Cash and equivalents | ¥2673244000 | ¥4877259000 | +82.4% |

### 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 |
| --- | ---: |
| 耐火物事業 → 事業再編・廃止 | 43.2% |
| プラント事業 → プラント事業 | 35.5% |
| 建材及び舗装用材事業 → 建材及び舗装用材事業 | 14.0% |
| 建材及び舗装用材事業 → 事業再編・廃止 | 3.8% |
| 不動産賃貸事業 → 不動産賃貸事業 | 2.4% |
| 不動産賃貸事業 → 事業再編・廃止 | 0.2% |
| その他 → その他 | 0.4% |
| その他 → 事業再編・廃止 | 0.4% |
| 新設・再編 → 耐火物セラミックス事業 | 43.3% |
| 新設・再編 → プラント事業 | 4.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Refractory ceramics | — | — | ¥6992933000 | 6.0% | 2 |
| Plant | 5 years | +8.9% | ¥6430869000 | 11.4% | 2 |
| Construction material and pavement material | 5 years | +1.4% | ¥2263580000 | 9.4% | 2 |
| Leasing | 5 years | +4.8% | ¥395321000 | 49.5% | 2 |
| Other | 5 years | -6.4% | ¥71835000 | 29.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,155 | 100.0% | S100YG4G |
| Cost of revenue | 12,048 | 74.6% | S100YG4G |
| Gross profit | 4,107 | 25.4% | S100YG4G |
| SG&A | 2,507 | 15.5% | S100YG4G |
| Operating income | 1,600 | 9.9% | S100YG4G |
| Ordinary income | 1,689 | 10.5% | S100YG4G |
| Pretax income | 1,707 | 10.6% | S100YG4G |
| Income tax | 456 | 2.8% | S100YG4G |
| Net income | 1,251 | 7.7% | S100YG4G |
| Net income attributable to owners | 1,251 | 7.7% | S100YG4G |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 15 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 25.4% → Operating margin 9.9% → Net margin 7.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.3%; Core profit growth: +1.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.21×
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 | 15,059 | 16,155 | 1,096 | +7.3% |
| Gross profit | 4,024 | 4,107 | 83 | +2.1% |
| Operating income | 1,576 | 1,600 | 24 | +1.5% |
| Net income attributable to owners | 1,218 | 1,251 | 33 | +2.7% |
| Operating cash flow | 1,204 | 2,186 | 982 | +81.6% |
| Free cash flow | 612 | 1,550 | 938 | +153.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 13,215 | 1,382 | 10.5% | 1,013 | 1,330 | 441 | S100LVDC |
| FY ending Mar 2021 | 11,837 | 1,157 | 9.8% | 858 | 612 | -266 | S100OLT5 |
| FY ending Mar 2022 | 12,410 | 865 | 7.0% | 680 | 1,167 | 468 | S100RAKG |
| FY ending Mar 2023 | 14,609 | 1,395 | 9.5% | 1,072 | 740 | 468 | S100TWCI |
| FY ending Mar 2024 | 14,160 | 1,352 | 9.5% | 1,055 | 1,892 | 1,569 | S100W2GO |
| FY ending Mar 2025 | 15,059 | 1,576 | 10.5% | 1,218 | 1,204 | 612 | S100YG4G |
| FY ending Mar 2026 | 16,155 | 1,600 | 9.9% | 1,251 | 2,186 | 1,550 | S100YG4G |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.7M |
| Operating income per employee (consolidated) | ¥4.6M |
| Net income per employee (consolidated) | ¥3.6M |

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) | 343 | 336 | 331 | 337 | 346 |
| Average salary (parent company) | ¥6.2M | ¥6.4M | ¥6.5M | ¥6.6M | ¥6.8M |
| Average age (parent company) | 40.6 years | 41.7 years | 42.6 years | 42.3 years | 42.5 years |
| Average tenure (parent company) | 15.4 years | 16.0 years | 17.0 years | 16.6 years | 16.7 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) +7.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Refractory ceramics | 6,993 | 43.3% | 422 | 6.0% |
| Plant | 6,431 | 39.8% | 732 | 11.4% |
| Construction material and pavement material | 2,264 | 14.0% | 212 | 9.4% |
| Leasing | 395 | 2.4% | 196 | 49.5% |
| Other | 72 | 0.4% | 21 | 29.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Refractory ceramics | 43.3% | 26.7% | -16.6 | 6.0% |
| Plant | 39.8% | 46.3% | 6.5 | 11.4% |
| Construction material and pavement material | 14.0% | 13.4% | -0.6 | 9.4% |
| Leasing | 2.4% | 12.4% | 9.9 | 49.5% |
| Other | 0.4% | 1.3% | 0.9 | 29.1% |

Segment → industry: Refractory ceramics → Glass & Ceramics / Plant → Plant Engineering & Building Services / Leasing → Real Estate Development & Leasing / Construction material and pavement material → Housing Equipment & Building Materials

## 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 | 2,186 | 13.5% | S100YG4G |
| Capital expenditure | 636 | 3.9% | S100YG4G |
| Free cash flow | 1,550 | 9.6% | 算出 |
| Investing cash flow | -979 | -6.1% | S100YG4G |
| Financing cash flow | -483 | -3.0% | S100YG4G |
| Dividends paid | 423 | 2.6% | S100YG4G |
| Change in cash | 723 | 4.5% | S100YG4G |
| Cash and equivalents | 4,877 | 30.2% | S100YG4G |

## 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 | 2,378 | 2,609 | 3,883 | 4,154 | 4,877 | S100TWCI, S100W2GO, S100YG4G |
| Total assets | 18,136 | 19,768 | 20,385 | 21,337 | 22,283 | S100RAKG, S100TWCI, S100W2GO, S100YG4G |
| Net assets | 11,521 | 12,460 | 13,592 | 14,508 | 15,771 | S100TWCI, S100W2GO, S100YG4G |
| Share capital | 877 | 877 | 877 | 877 | 877 | S100RAKG, S100TWCI, S100W2GO, S100YG4G |
| Inventories | 2,761 | 2,989 | 2,788 | 3,172 | 3,001 | S100RAKG, S100TWCI, S100W2GO, S100YG4G |
| Property, plant and equipment | 5,727 | 5,517 | 5,459 | 5,727 | 5,613 | S100RAKG, S100TWCI, S100W2GO, S100YG4G |
| Intangible assets excluding goodwill | 63 | 55 | 49 | 46 | 37 | S100RAKG, S100TWCI, S100W2GO, S100YG4G |
| Goodwill | 24 | 19 | 14 | 9 | 4 | S100RAKG, S100TWCI, S100W2GO, S100YG4G |
| Investment securities | 1,559 | 1,779 | 1,960 | 2,178 | 3,335 | S100RAKG, S100TWCI, S100W2GO, S100YG4G |
| Current assets | 10,091 | 11,751 | 12,395 | 12,940 | 13,010 | S100RAKG, S100TWCI, S100W2GO, S100YG4G |
| Current liabilities | 4,842 | 5,806 | 5,244 | 5,174 | 4,693 | S100RAKG, S100TWCI, S100W2GO, S100YG4G |
| Trade payables | 1,093 | 1,249 | 1,149 | 1,314 | 1,176 | S100RAKG, S100TWCI, S100W2GO, S100YG4G |
| Short-term borrowings | 1,170 | 1,170 | 1,180 | 1,180 | 1,080 | S100RAKG, S100TWCI, S100W2GO, S100YG4G |
| Long-term borrowings | 180 | 140 | — | — | 100 | S100RAKG, S100TWCI, S100YG4G |
| Bonds | 410 | 150 | 290 | 230 | 200 | S100RAKG, S100TWCI, S100W2GO, S100YG4G |
| Interest-bearing debt | 1,760 | 1,460 | — | — | 1,380 | 算出 |
| Total liabilities | 6,615 | 7,308 | 6,792 | 6,829 | 6,511 | S100RAKG, S100TWCI, S100W2GO, S100YG4G |
| Equity attributable to owners of parent | 11,242 | 12,128 | 12,918 | 13,775 | 14,602 | S100RAKG, S100TWCI, S100W2GO, S100YG4G |
| Retained earnings | 9,824 | 10,710 | 11,499 | 12,354 | 13,180 | S100RAKG, S100TWCI, S100W2GO, S100YG4G |
| Treasury stock | -487 | -506 | -504 | -504 | -502 | S100RAKG, S100TWCI, S100W2GO, S100YG4G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YG4G |
| Inventories | 14% | S100YG4G |
| Property, plant and equipment | 25% | S100YG4G |
| Intangibles and goodwill | 0% | S100YG4G |
| Investment securities | 15% | S100YG4G |
| Other assets | 24% | S100YG4G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YG4G |
| Interest-bearing debt | 6% | 算出 |
| Other liabilities | 18% | S100YG4G |
| Equity | 71% | S100YG4G |

### 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 | 18,136 | 19,768 | 20,385 | 21,337 | 22,283 |
| Equity | 11,521 | 12,460 | 13,592 | 14,508 | 15,771 |
| Interest-bearing debt | 1,760 | 1,460 | — | — | 1,380 |
| Cash | 2,378 | 2,609 | 3,883 | 4,154 | 4,877 |

## 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) | 34.7% | S100YG4G |
| Fixed assets ÷ total assets | 25.2% | S100YG4G |
| Goodwill ÷ parent equity | 0.0% | S100YG4G |

Goodwill over 4 years: 24 → 4 JPY; total investing cash flow: -3,009 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) | 21.9% |
| Cash ÷ revenue | 30.2% |
| Net cash (cash − interest-bearing debt) | ¥3.5B |
| Net debt ÷ operating cash flow | -1.60× |
| Cash conversion (operating CF ÷ operating income) | 136.6% |
| Cash vs. profit gap | 936 JPY mn (of net income 74.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.8% |
| Shareholder payments — dividends / FCF | 27.3% |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| Investing CF relative to operating CF | 44.8% |

## 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 | 5.5% | 0.68× | 3.7% | 1.61× | 6.0% | S100RAKG |
| 2023 | 7.3% | 0.77× | 5.7% | 1.62× | 9.2% | S100TWCI |
| 2024 | 7.4% | 0.71× | 5.3% | 1.60× | 8.4% | S100W2GO |
| 2025 | 8.1% | 0.72× | 5.8% | 1.56× | 9.1% | S100YG4G |
| 2026 | 7.7% | 0.74× | 5.7% | 1.54× | 8.8% | S100YG4G |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 太田事務所株式会社 | Major shareholder | 6.7% | 2026-03-31 |
| 太平洋セメント株式会社 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社十六銀行 | Major shareholder | 3.8% | 2026-03-31 |
| 日本坩堝株式会社 | Major shareholder | 3.8% | 2026-03-31 |
| 美濃窯業従業員持株会 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社大垣共立銀行 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社名古屋銀行 | Major shareholder | 3.4% | 2026-03-31 |
| 松浦 恵子 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第164期(2025/04/01－2026/03/31) | S100YG4G | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG4G,, |
| 有価証券報告書－第163期(2024/04/01－2025/03/31) | S100W2GO | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2GO,, |
| 有価証券報告書－第162期(2023/04/01－2024/03/31) | S100TWCI | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWCI,, |
| 有価証券報告書－第161期(2022/04/01－2023/03/31) | S100RAKG | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAKG,, |
| 有価証券報告書－第160期(令和3年4月1日－令和4年3月31日) | S100OLT5 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLT5,, |
| 有価証券報告書－第159期(令和2年4月1日－令和3年3月31日) | S100LVDC | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVDC,, |

## 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).