# MIRAI INDUSTRY 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61期(2025/03/21－2026/03/20) (S100YBKG)
> Page: https://vizora.meequs.com/en/company/mirai-industry
> Retrieved: 2026-09-30T21:05:40.607Z

## Company

Mirai Industry, founded in 1965, is a company in Housing Equipment & Building Materials listed on TSE Prime. It has 1,295 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MIRAI INDUSTRY CO.,LTD. |
| Ticker | 7931 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7931.T) |
| Listing | TSE Prime |
| Head office | 岐阜県安八郡輪之内町楡俣1695番地の1 |
| Representative (per filing) | 取締役社長 中島 靖 |
| Founded | Aug 1965 |
| Share capital | ¥7.07B |
| Employees (consolidated) | 1,295 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.mirai.co.jp (https://www.mirai.co.jp/) |
| Corporate number | 3200001014926 |
| EDINET | E02002 |
| Industries (Vizora) | Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YBKG, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-03-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65.2 | 56 |
| Profitability | 99.1 | 58 |
| Cash conversion | 49 | 50 |
| Efficiency | 18.1 | 58 |

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 76% of Mirai Industry's sales come from electric facility materials and water supply devices, with wiring devices and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +1.2% from the prior year, operating profit -2.5%.

## Company structure

- Segment revenue mix: electric facility materials and water supply devices 76.0%、wiring devices 17.6%、Other 6.4%
- Revenue → net income: ¥45673000000 → ¥4780000000
- Net income → operating cash flow: ¥4780000000 → ¥7081000000（difference ¥2301000000）
- Main uses of operating cash flow: CapEx ¥3528000000 / dividends ¥2581000000 / buybacks ¥1000000
- Change in cash: ¥235000000
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 | ¥45.7B |  |
| Operating income | ¥6.72B | Margin 14.7% |
| Net income | ¥4.7B | Margin 10.3% |
| Free cash flow | ¥3.55B |  |
| Largest business | electric facility materials and water supply devices | of segment revenue 76.0% |
| Employees (consolidated) | 1,295 |  |
| EPS | ¥229.28 |  |
| Book value per share | ¥2747.6 |  |
| Equity ratio | 80.7% |  |
| Shares outstanding | 25,607,086 |  |
| Treasury shares | 8,397,300 |  |
| Shareholders | 6,529 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 28.7% | Cash ÷ revenue 43.2% |
| Vs. industry median margin | +10.3 pp | Housing Equipment & Building Materials |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 6.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 79% of positive segment profit
- FY2026, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥36069000000 | ¥45673000000 | +26.6% |
| Operating income | ¥4184000000 | ¥6723000000 | +60.7% |
| Operating margin | 11.6% | 14.7% | +3.1 pp |
| Employees | 1,223 people | 1,295 people | +5.9% |
| Cash and equivalents | ¥17350000000 | ¥19710000000 | +13.6% |

### 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 |
| --- | ---: |
| 電材及び管材 → 電材及び管材 | 75.6% |
| 配線器具 → 配線器具 | 16.5% |
| その他 → その他 | 6.4% |
| その他 → 事業再編・廃止 | 1.6% |
| 新設・再編 → 電材及び管材 | 0.4% |
| 新設・再編 → 配線器具 | 1.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| electric facility materials and water supply devices | 5 years | +5.0% | ¥34733000000 | 17.3% | 2 |
| wiring devices | 5 years | +6.2% | ¥8037000000 | 10.8% | 2 |
| Other | 5 years | +0.3% | ¥2902000000 | 24.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 45,673 | 100.0% | S100YBKG |
| Cost of revenue | 28,020 | 61.3% | S100YBKG |
| Gross profit | 17,653 | 38.7% | S100YBKG |
| SG&A | 10,929 | 23.9% | S100YBKG |
| Operating income | 6,723 | 14.7% | S100YBKG |
| Ordinary income | 6,899 | 15.1% | S100YBKG |
| Pretax income | 6,899 | 15.1% | S100YBKG |
| Income tax | 2,119 | 4.6% | S100YBKG |
| Net income | 4,780 | 10.5% | S100YBKG |
| Net income attributable to owners | 4,696 | 10.3% | S100YBKG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 24 |
| Operating income | 15 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 38.7% → Operating margin 14.7% → Net margin 10.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.2%; Core profit growth: -2.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.03×
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 | 45,113 | 45,673 | 560 | +1.2% |
| Gross profit | 17,755 | 17,653 | -102 | -0.6% |
| Operating income | 6,897 | 6,723 | -174 | -2.5% |
| Net income attributable to owners | 4,833 | 4,696 | -137 | -2.8% |
| Operating cash flow | 7,531 | 7,081 | -450 | -6.0% |
| Free cash flow | 4,824 | 3,553 | -1,271 | -26.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 37,573 | 4,211 | 11.2% | 2,824 | 5,421 | 3,204 | S100LITY |
| FY ending Mar 2021 | 36,069 | 4,184 | 11.6% | 2,826 | 5,022 | 2,445 | S100O921 |
| FY ending Mar 2022 | 36,905 | 4,044 | 11.0% | 2,531 | 6,036 | 4,296 | S100QYE0 |
| FY ending Mar 2023 | 39,568 | 4,044 | 10.2% | 2,742 | 4,000 | 2,212 | S100TMG7 |
| FY ending Mar 2024 | 44,091 | 7,332 | 16.6% | 5,116 | 4,675 | 1,808 | S100VXQL |
| FY ending Mar 2025 | 45,113 | 6,897 | 15.3% | 4,833 | 7,531 | 4,824 | S100YBKG |
| FY ending Mar 2026 | 45,673 | 6,723 | 14.7% | 4,696 | 7,081 | 3,553 | S100YBKG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.3M |
| Operating income per employee (consolidated) | ¥5.2M |
| 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) | 1,219 | 1,235 | 1,252 | 1,271 | 1,295 |
| Average salary (parent company) | ¥6.5M | ¥6.4M | ¥6.5M | ¥6.5M | ¥6.6M |
| Average age (parent company) | 47.0 years | 47.0 years | 47.0 years | 47.0 years | 47.0 years |
| Average tenure (parent company) | 23.0 years | 23.0 years | 23.0 years | 23.0 years | 23.0 years |

Year over year: Employees (consolidated) +1.9% · Revenue (consolidated) +1.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| electric facility materials and water supply devices | 34,733 | 76.0% | 5,993 | 17.3% |
| wiring devices | 8,037 | 17.6% | 872 | 10.8% |
| Other | 2,902 | 6.4% | 711 | 24.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| electric facility materials and water supply devices | 76.0% | 79.1% | 3.1 | 17.3% |
| wiring devices | 17.6% | 11.5% | -6.1 | 10.8% |
| Other | 6.4% | 9.4% | 3.0 | 24.5% |

Segment → industry: wiring devices → Housing Equipment & Building Materials / electric facility materials and water supply devices → 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 | 7,081 | 15.5% | S100YBKG |
| Capital expenditure | 3,528 | 7.7% | S100YBKG |
| Free cash flow | 3,553 | 7.8% | 算出 |
| Investing cash flow | -4,148 | -9.1% | S100YBKG |
| Financing cash flow | -2,697 | -5.9% | S100YBKG |
| Dividends paid | 2,581 | 5.7% | S100YBKG |
| Share buyback | 1 | 0.0% | S100YBKG |
| Change in cash | 235 | 0.5% | S100YBKG |
| Cash and equivalents | 19,710 | 43.2% | S100YBKG |

## 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 | 20,538 | 21,584 | 18,133 | 19,474 | 19,710 | S100TMG7, S100VXQL, S100YBKG |
| Total assets | 61,024 | 64,226 | 63,534 | 66,549 | 68,697 | S100QYE0, S100TMG7, S100VXQL, S100YBKG |
| Net assets | 47,783 | 49,963 | 50,792 | 53,414 | 56,262 | S100TMG7, S100VXQL, S100YBKG |
| Share capital | 7,067 | 7,067 | 7,067 | 7,067 | 7,067 | S100QYE0, S100TMG7, S100VXQL, S100YBKG |
| Trade receivables | 6,991 | — | — | — | — | S100QYE0 |
| Property, plant and equipment | 14,158 | 13,644 | 14,190 | 14,716 | 15,544 | S100QYE0, S100TMG7, S100VXQL, S100YBKG |
| Intangible assets excluding goodwill | 181 | 146 | 131 | 189 | 340 | S100QYE0, S100TMG7, S100VXQL, S100YBKG |
| Investment securities | 1,062 | 1,155 | 1,636 | 1,774 | 2,214 | S100QYE0, S100TMG7, S100VXQL, S100YBKG |
| Current assets | 39,062 | 42,366 | 40,438 | 42,478 | 42,950 | S100QYE0, S100TMG7, S100VXQL, S100YBKG |
| Current liabilities | 10,845 | 11,888 | 10,190 | 10,512 | 9,688 | S100QYE0, S100TMG7, S100VXQL, S100YBKG |
| Trade payables | 2,748 | 3,118 | 2,712 | 2,859 | 2,592 | S100QYE0, S100TMG7, S100VXQL, S100YBKG |
| Short-term borrowings | 45 | 45 | 40 | 40 | 40 | S100QYE0, S100TMG7, S100VXQL, S100YBKG |
| Long-term borrowings | 116 | 19 | 80 | 81 | 14 | S100QYE0, S100TMG7, S100VXQL, S100YBKG |
| Total liabilities | 13,241 | 14,263 | 12,741 | 13,135 | 12,434 | S100QYE0, S100TMG7, S100VXQL, S100YBKG |
| Non-controlling interests | 505 | 582 | 660 | 728 | 812 | S100QYE0, S100TMG7, S100VXQL, S100YBKG |
| Equity attributable to owners of parent | 47,543 | 49,387 | 49,557 | 51,857 | 54,008 | S100QYE0, S100TMG7, S100VXQL, S100YBKG |
| Retained earnings | 46,855 | 48,672 | 52,439 | 54,691 | 56,806 | S100QYE0, S100TMG7, S100VXQL, S100YBKG |
| Treasury stock | -15,918 | -15,891 | -19,853 | -19,805 | -19,769 | S100QYE0, S100TMG7, S100VXQL, S100YBKG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100YBKG |
| Property, plant and equipment | 23% | S100YBKG |
| Intangibles and goodwill | 0% | S100YBKG |
| Investment securities | 3% | S100YBKG |
| Other assets | 45% | S100YBKG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YBKG |
| Other liabilities | 14% | S100YBKG |
| Equity | 82% | S100YBKG |
| Other liabilities | 0% | S100YBKG |

### 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 | 61,024 | 64,226 | 63,534 | 66,549 | 68,697 |
| Equity | 47,783 | 49,963 | 50,792 | 53,414 | 56,262 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 20,538 | 21,584 | 18,133 | 19,474 | 19,710 |

## 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) | 34.0% | S100YBKG |
| Fixed assets ÷ total assets | 22.6% | S100YBKG |
| Goodwill ÷ parent equity | — | —, S100YBKG |

### 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) | 28.7% |
| Cash ÷ revenue | 43.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 105.3% |
| Cash vs. profit gap | 2,385 JPY mn (of net income 50.8%) |
| Shareholder returns / net income | 55.0% |
| Shareholder returns / FCF | 72.7% |
| Shareholder payments — dividends / net income | 55.0% |
| Shareholder payments — dividends / FCF | 72.6% |
| CapEx intensity (capex ÷ revenue) | 7.7% |
| Investing CF relative to operating CF | 58.6% |

## 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 | 6.9% | 0.60× | 4.1% | 1.28× | 5.3% | S100QYE0 |
| 2023 | 6.9% | 0.63× | 4.4% | 1.29× | 5.7% | S100TMG7 |
| 2024 | 11.6% | 0.69× | 8.0% | 1.29× | 10.3% | S100VXQL |
| 2025 | 10.7% | 0.69× | 7.4% | 1.28× | 9.5% | S100YBKG |
| 2026 | 10.3% | 0.68× | 6.9% | 1.28× | 8.9% | S100YBKG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 未来A.K.O株式会社 | Major shareholder | 13.8% | 2026-03-20 |
| 名古屋中小企業投資育成株式会社 | Major shareholder | 8.7% | 2026-03-20 |
| 日本マスタートラスト信託銀行株式会社（株式付与ESOP信託口・75647口) | Major shareholder | 5.8% | 2026-03-20 |
| 未来社員持株会 | Major shareholder | 4.8% | 2026-03-20 |
| 山田智絵 | Major shareholder | 4.4% | 2026-03-20 |
| 山田雅裕 | Major shareholder | 4.4% | 2026-03-20 |
| 日本マスタートラスト信託銀行株式会社（信託口) | Major shareholder | 4.4% | 2026-03-20 |
| 清水陽一郎 | Major shareholder | 4.1% | 2026-03-20 |
| 大澤千緒 | Major shareholder | 3.8% | 2026-03-20 |
| 岩田まりも | Major shareholder | 3.8% | 2026-03-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第61期(2025/03/21－2026/03/20) | S100YBKG | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBKG,, |
| 有価証券報告書－第60期(2024/03/21－2025/03/20) | S100VXQL | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXQL,, |
| 有価証券報告書－第59期(2023/03/21－2024/03/20) | S100TMG7 | 2024-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMG7,, |
| 有価証券報告書－第58期(2022/03/21－2023/03/20) | S100QYE0 | 2023-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYE0,, |
| 有価証券報告書－第57期(令和3年3月21日－令和4年3月20日) | S100O921 | 2022-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O921,, |
| 有価証券報告書－第56期(令和2年3月21日－令和3年3月20日) | S100LITY | 2021-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LITY,, |

## 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).