# Miraial Co.,Ltd: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第58期(2025/02/01－2026/01/31) (S100Y0E4)
> Page: https://vizora.meequs.com/en/company/miraial
> Retrieved: 2026-09-30T20:30:16.632Z

## Company

Miraial, founded in 1968, is a company in Semiconductor Materials listed on TSE Standard. It has 449 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Miraial Co.,Ltd. |
| Ticker | 4238 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4238.T) |
| Listing | TSE Standard |
| Head office | 東京都豊島区東池袋一丁目24番1号 |
| Representative (per filing) | 代表取締役社長 兵部 匡俊 |
| Founded | Jul 1968 |
| Share capital | ¥1.11B |
| Employees (consolidated) | 449 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | January |
| Website | www.pronexus.co.jp (https://www.pronexus.co.jp/) |
| Corporate number | 4013301002222 |
| EDINET | E02477 |
| Industries (Vizora) | Semiconductor Materials, Industrial Machinery |

> Profile source: annual securities report (S100Y0E4, filed 2026-04-22). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Materials (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 23.9 | 23 |
| Profitability | 14.6 | 24 |
| Cash conversion | 85.4 | 24 |
| Efficiency | 14.6 | 24 |

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 88% of Miraial's sales come from plastic molding, with molders making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -10.2% from the prior year, operating profit -64.3%.

## Company structure

- Segment revenue mix: plastic molding 88.1%、molders 11.9%
- Revenue → net income: ¥12572137000 → ¥606384000
- Net income → operating cash flow: ¥606384000 → ¥1074373000（difference ¥467989000）
- Main uses of operating cash flow: CapEx ¥2554325000 / dividends ¥271046000 / buybacks —
- Change in cash: ¥-1771408000
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 | ¥12.6B |  |
| Operating income | ¥512M | Margin 4.1% |
| Net income | ¥606.4M | Margin 4.8% |
| Free cash flow | -¥1.48B |  |
| Largest business | plastic molding | of segment revenue 88.1% |
| Employees (consolidated) | 449 |  |
| EPS | ¥55.44 |  |
| Book value per share | ¥2397.68 |  |
| Equity ratio | 85.7% |  |
| Shares outstanding | 10,120,000 |  |
| Treasury shares | 1,081,700 |  |
| Shareholders | 4,041 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 17.5% | Cash ÷ revenue 37.4% |
| Vs. industry median margin | -10.7 pp | Semiconductor Materials |
| ROE | 2.7% | Derived from disclosed figures |
| ROA | 2.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 86% of positive segment profit

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9733374000 | ¥12572137000 | +29.2% |
| Operating income | ¥868856000 | ¥511959000 | -41.1% |
| Operating margin | 8.9% | 4.1% | -4.9 pp |
| Employees | 417 people | 449 people | +7.7% |
| Cash and equivalents | ¥11151773000 | ¥4703005000 | -57.8% |

### Change in segment revenue mix

Span: FY ending Jan 2021 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| プラスチック成形事業 → プラスチック成形事業 | 86.7% |
| 成形機事業 → 成形機事業 | 11.9% |
| 成形機事業 → 事業再編・廃止 | 0.9% |
| 不動産賃貸等事業 → 事業再編・廃止 | 0.5% |
| 新設・再編 → プラスチック成形事業 | 1.4% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,572 | 100.0% | S100Y0E4 |
| Cost of revenue | 10,214 | 81.2% | S100Y0E4 |
| Gross profit | 2,358 | 18.8% | S100Y0E4 |
| SG&A | 1,846 | 14.7% | S100Y0E4 |
| Operating income | 512 | 4.1% | S100Y0E4 |
| Ordinary income | 590 | 4.7% | S100Y0E4 |
| Pretax income | 836 | 6.6% | S100Y0E4 |
| Income tax | 229 | 1.8% | S100Y0E4 |
| Net income | 606 | 4.8% | S100Y0E4 |
| Net income attributable to owners | 606 | 4.8% | S100Y0E4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 15 |
| Operating income | 4 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 18.8% → Operating margin 4.1% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -10.2%; Core profit growth: -64.3%
Operating leverage (core profit growth ÷ revenue growth): 6.29×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jan 2025 → FY ending Jan 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 14,003 | 12,572 | -1,431 | -10.2% |
| Gross profit | 3,167 | 2,358 | -810 | -25.6% |
| Operating income | 1,435 | 512 | -923 | -64.3% |
| Net income attributable to owners | 1,058 | 606 | -452 | -42.7% |
| Operating cash flow | 3,337 | 1,074 | -2,262 | -67.8% |
| Free cash flow | -20 | -1,480 | -1,460 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 9,582 | 1,250 | 13.0% | 913 | 1,373 | -430 | S100L7XO |
| FY ending Jan 2021 | 9,733 | 869 | 8.9% | 1,009 | 1,334 | 498 | S100NYOE |
| FY ending Jan 2022 | 11,662 | 1,899 | 16.3% | 1,398 | 2,079 | 1,558 | S100QNPU |
| FY ending Jan 2023 | 14,265 | 2,457 | 17.2% | 1,571 | 2,553 | -502 | S100TC5M |
| FY ending Jan 2024 | 13,257 | 1,522 | 11.5% | 1,026 | 339 | -4,277 | S100VODK |
| FY ending Jan 2025 | 14,003 | 1,435 | 10.2% | 1,058 | 3,337 | -20 | S100Y0E4 |
| FY ending Jan 2026 | 12,572 | 512 | 4.1% | 606 | 1,074 | -1,480 | S100Y0E4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥1.4M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 419 | 423 | 430 | 450 | 449 |
| Average salary (parent company) | ¥5.7M | ¥6.1M | ¥5.6M | ¥5.6M | ¥5.4M |
| Average age (parent company) | 37.8 years | 38.3 years | 39.1 years | 39.5 years | 39.7 years |
| Average tenure (parent company) | 16.0 years | 16.0 years | 16.1 years | 16.8 years | 16.9 years |

Year over year: Employees (consolidated) -0.2% · Revenue (consolidated) -10.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| plastic molding | 11,072 | 88.1% | 1,069 | 9.7% |
| molders | 1,501 | 11.9% | 173 | 11.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| plastic molding | 88.1% | 86.1% | -2.0 | 9.7% |
| molders | 11.9% | 13.9% | 2.0 | 11.5% |

Segment → industry: plastic molding → Semiconductor Materials / molders → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jan 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,074 | 8.5% | S100Y0E4 |
| Capital expenditure | 2,554 | 20.3% | S100Y0E4 |
| Free cash flow | -1,480 | -11.8% | 算出 |
| Investing cash flow | -2,559 | -20.4% | S100Y0E4 |
| Financing cash flow | -289 | -2.3% | S100Y0E4 |
| Dividends paid | 271 | 2.2% | S100Y0E4 |
| Change in cash | -1,771 | -14.1% | S100Y0E4 |
| Cash and equivalents | 4,703 | 37.4% | S100Y0E4 |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 12,472 | 11,496 | 6,760 | 6,474 | 4,703 | S100TC5M, S100VODK, S100Y0E4 |
| Total assets | 24,490 | 26,575 | 26,532 | 28,523 | 26,829 | S100QNPU, S100TC5M, S100VODK, S100Y0E4 |
| Net assets | 20,031 | 21,155 | 21,794 | 22,497 | 22,990 | S100TC5M, S100VODK, S100Y0E4 |
| Share capital | 1,111 | 1,111 | 1,111 | 1,111 | 1,111 | S100QNPU, S100TC5M, S100VODK, S100Y0E4 |
| Trade receivables | 2,852 | — | — | — | — | S100QNPU |
| Property, plant and equipment | 6,396 | 8,392 | 12,631 | 15,063 | 15,560 | S100QNPU, S100TC5M, S100VODK, S100Y0E4 |
| Intangible assets excluding goodwill | 70 | 49 | 48 | 36 | 67 | S100QNPU, S100TC5M, S100VODK, S100Y0E4 |
| Investment securities | 386 | 372 | 411 | 331 | 478 | S100QNPU, S100TC5M, S100VODK, S100Y0E4 |
| Current assets | 17,353 | 17,421 | 13,286 | 12,930 | 10,604 | S100QNPU, S100TC5M, S100VODK, S100Y0E4 |
| Current liabilities | 3,667 | 4,688 | 4,184 | 5,492 | 3,297 | S100QNPU, S100TC5M, S100VODK, S100Y0E4 |
| Trade payables | 494 | 550 | 334 | 417 | 330 | S100QNPU, S100TC5M, S100VODK, S100Y0E4 |
| Total liabilities | 4,459 | 5,420 | 4,738 | 6,026 | 3,840 | S100QNPU, S100TC5M, S100VODK, S100Y0E4 |
| Equity attributable to owners of parent | 19,909 | 21,061 | 21,645 | 22,369 | 22,712 | S100QNPU, S100TC5M, S100VODK, S100Y0E4 |
| Retained earnings | 19,230 | 20,373 | 20,948 | 21,646 | 21,981 | S100QNPU, S100TC5M, S100VODK, S100Y0E4 |
| Treasury stock | -1,735 | -1,727 | -1,718 | -1,689 | -1,681 | S100QNPU, S100TC5M, S100VODK, S100Y0E4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100Y0E4 |
| Property, plant and equipment | 58% | S100Y0E4 |
| Intangibles and goodwill | 0% | S100Y0E4 |
| Investment securities | 2% | S100Y0E4 |
| Other assets | 22% | S100Y0E4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100Y0E4 |
| Other liabilities | 13% | S100Y0E4 |
| Equity | 86% | S100Y0E4 |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 24,490 | 26,575 | 26,532 | 28,523 | 26,829 |
| Equity | 20,031 | 21,155 | 21,794 | 22,497 | 22,990 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,472 | 11,496 | 6,760 | 6,474 | 4,703 |

## 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) | 123.8% | S100Y0E4 |
| Fixed assets ÷ total assets | 58.0% | S100Y0E4 |
| Goodwill ÷ parent equity | — | —, S100Y0E4 |

### 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) | 17.5% |
| Cash ÷ revenue | 37.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 209.9% |
| Cash vs. profit gap | 468 JPY mn (of net income 77.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 44.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 20.3% |
| Investing CF relative to operating CF | 238.2% |

## 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 | 12.0% | 0.48× | 5.7% | 1.23× | 7.0% | S100QNPU |
| 2023 | 11.0% | 0.56× | 6.2% | 1.25× | 7.7% | S100TC5M |
| 2024 | 7.7% | 0.50× | 3.9% | 1.24× | 4.8% | S100VODK |
| 2025 | 7.6% | 0.51× | 3.8% | 1.25× | 4.8% | S100Y0E4 |
| 2026 | 4.8% | 0.45× | 2.2% | 1.23× | 2.7% | S100Y0E4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ワイエム管財 | Major shareholder | 22.6% | 2026-01-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.6% | 2026-01-31 |
| MM Investments株式会社 | Major shareholder | 5.0% | 2026-01-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 4.8% | 2026-01-31 |
| 河合 保明 | Major shareholder | 3.5% | 2026-01-31 |
| FP成長支援A号投資事業有限責任組合 | Major shareholder | 3.3% | 2026-01-31 |
| 榊原 潤 | Major shareholder | 1.9% | 2026-01-31 |
| MAGNOLIA PRIVATE OFFICE SA AS TRUSTEE OF THE NOGU TRUST （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.7% | 2026-01-31 |
| 岩崎 泰次 | Major shareholder | 1.6% | 2026-01-31 |
| 上田八木短資株式会社 | Major shareholder | 1.5% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第58期(2025/02/01－2026/01/31) | S100Y0E4 | 2026-04-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y0E4,, |
| 有価証券報告書－第57期(2024/02/01－2025/01/31) | S100VODK | 2025-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VODK,, |
| 有価証券報告書－第56期(2023/02/01－2024/01/31) | S100TC5M | 2024-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TC5M,, |
| 有価証券報告書－第55期(2022/02/01－2023/01/31) | S100QNPU | 2023-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QNPU,, |
| 有価証券報告書－第54期(令和3年2月1日－令和4年1月31日) | S100NYOE | 2022-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NYOE,, |
| 有価証券報告書－第53期(令和2年2月1日－令和3年1月31日) | S100L7XO | 2021-04-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L7XO,, |

## 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).