# MIRARTH 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54期(2025/04/01－2026/03/31) (S100YIRG)
> Page: https://vizora.meequs.com/en/company/mirarth-holdings
> Retrieved: 2026-09-30T18:30:16.138Z

## Company

Mirarth Holdings, founded in 1972, is a company in Electric Power & Gas listed on TSE Prime. It has 1,475 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MIRARTH HOLDINGS, Inc. |
| Ticker | 8897 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8897.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内一丁目8番2号 |
| Representative (per filing) | 代表取締役 グループCEO 社長執行役員 島田 和一 |
| Founded | Sep 1972 |
| Share capital | ¥9.06B |
| Employees (consolidated) | 1,475 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | March |
| Website | mirarth.co.jp (https://mirarth.co.jp/) |
| Corporate number | 6011101042313 |
| EDINET | E03997 |
| Industries (Vizora) | Electric Power & Gas, Real Estate Development & Leasing, Hotels & Inns, General Contractors, Condominium Developers |

> Profile source: annual securities report (S100YIRG, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38 | 75 |
| Profitability | 36.6 | 86 |
| Cash conversion | 43.3 | 82 |
| Efficiency | 42.4 | 86 |
| Financial strength | 39.2 | 37 |

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 90% of Mirarth Holdings's sales come from Real estate business, with Energy business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +9.1% from the prior year, operating profit +22.9%.

## Company structure

- Segment revenue mix: Real estate business 89.8%、Energy business 5.3%、Other 4.3%、Asset management business 0.6%
- Revenue → net income: ¥214369000000 → ¥4859000000
- Net income → operating cash flow: ¥4859000000 → ¥5597000000（difference ¥738000000）
- Main uses of operating cash flow: CapEx ¥32443000000 / dividends ¥3801000000 / buybacks —
- Change in cash: ¥10872000000
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 | ¥214.4B |  |
| Operating income | ¥17.6B | Margin 8.2% |
| Net income | ¥4.76B | Margin 2.2% |
| Free cash flow | -¥26.8B |  |
| Largest business | Real estate business | of segment revenue 89.8% |
| Employees (consolidated) | 1,475 |  |
| EPS | ¥21.05 |  |
| Diluted EPS | ¥20.86 |  |
| Book value per share | ¥414.73 |  |
| Equity ratio | 20.0% |  |
| Shares outstanding | 140,300,000 |  |
| Treasury shares | 4,321,400 |  |
| Shareholders | 80,806 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 13.8% | Net cash -¥166.6B · Cash ÷ revenue 27.0% |
| Vs. industry median margin | -2.3 pp | Real Estate Development & Leasing |
| ROE | 5.7% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 88% of positive segment profit
- FY2026, employees -2% while operating income rose 23%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥148397000000 | ¥214369000000 | +44.5% |
| Operating income | ¥10789000000 | ¥17649000000 | +63.6% |
| Operating margin | 7.3% | 8.2% | +1 pp |
| Employees | 1,061 people | 1,475 people | +39.0% |
| Cash and equivalents | ¥38500000000 | ¥57881000000 | +50.3% |

### 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 |
| --- | ---: |
| 不動産販売事業 → 事業再編・廃止 | 72.4% |
| エネルギー事業 → エネルギー事業 | 5.3% |
| エネルギー事業 → 事業再編・廃止 | 3.0% |
| 不動産賃貸事業 → 事業再編・廃止 | 3.6% |
| 不動産管理事業 → 事業再編・廃止 | 3.4% |
| その他 → その他 | 4.0% |
| 発電事業 → 事業再編・廃止 | 8.3% |
| 新設・再編 → 不動産事業 | 89.8% |
| 新設・再編 → アセットマネジメント事業 | 0.6% |
| 新設・再編 → その他 | 0.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Real estate business | 4 years | +11.6% | ¥192446000000 | 8.1% | 2 |
| Energy business | 5 years | -3.2% | ¥11465000000 | 14.1% | 2 |
| Other | 5 years | +7.2% | ¥9231000000 | 2.5% | 2 |
| Asset management business | 4 years | -1.7% | ¥1226000000 | 19.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 214,369 | 100.0% | S100YIRG |
| Cost of revenue | 168,710 | 78.7% | S100YIRG |
| Gross profit | 45,659 | 21.3% | S100YIRG |
| SG&A | 28,009 | 13.1% | S100YIRG |
| Operating income | 17,649 | 8.2% | S100YIRG |
| Ordinary income | 14,182 | 6.6% | S100YIRG |
| Pretax income | 9,452 | 4.4% | S100YIRG |
| Income tax | 4,593 | 2.1% | S100YIRG |
| Net income | 4,859 | 2.3% | S100YIRG |
| Net income attributable to owners | 4,758 | 2.2% | S100YIRG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 13 |
| Operating income | 8 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 21.3% → Operating margin 8.2% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.1%; Core profit growth: +22.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.52×
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 | 196,523 | 214,369 | 17,846 | +9.1% |
| Gross profit | 42,311 | 45,659 | 3,348 | +7.9% |
| Operating income | 14,364 | 17,649 | 3,285 | +22.9% |
| Net income attributable to owners | 8,207 | 4,758 | -3,449 | -42.0% |
| Operating cash flow | 7,877 | 5,597 | -2,280 | -28.9% |
| Free cash flow | -14,212 | -26,846 | -12,634 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 168,493 | 11,901 | 7.1% | 5,361 | 47,708 | 18,228 | S100LYYK |
| FY ending Mar 2021 | 148,397 | 10,789 | 7.3% | 4,693 | 26,330 | 465 | S100OEZU |
| FY ending Mar 2022 | 162,744 | 11,877 | 7.3% | 6,215 | 23,189 | -2,495 | S100R2CP |
| FY ending Mar 2023 | 153,472 | 7,030 | 4.6% | 4,584 | -722 | -20,260 | S100TTAZ |
| FY ending Mar 2024 | 185,194 | 15,457 | 8.3% | 8,178 | 36,777 | 9,293 | S100W4D8 |
| FY ending Mar 2025 | 196,523 | 14,364 | 7.3% | 8,207 | 7,877 | -14,212 | S100YIRG |
| FY ending Mar 2026 | 214,369 | 17,649 | 8.2% | 4,758 | 5,597 | -26,846 | S100YIRG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥145.3M |
| Operating income per employee (consolidated) | ¥12M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 1,200 | 1,293 | 1,377 | 1,506 | 1,475 |
| Average salary (parent company) | ¥7.4M | ¥7.7M | ¥7.8M | ¥7.7M | ¥8.3M |
| Average age (parent company) | 36.1 years | 42.9 years | 38.1 years | 38.2 years | 39.1 years |
| Average tenure (parent company) | 6.4 years | 5.3 years | 1.4 years | 2.3 years | 2.6 years |

Year over year: Employees (consolidated) -2.1% · Revenue (consolidated) +9.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate business | 192,446 | 89.8% | 15,552 | 8.1% |
| Energy business | 11,465 | 5.3% | 1,619 | 14.1% |
| Asset management business | 1,226 | 0.6% | 242 | 19.7% |
| Other | 9,231 | 4.3% | 233 | 2.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Real estate business | 89.8% | 88.1% | -1.6 | 8.1% |
| Energy business | 5.3% | 9.2% | 3.8 | 14.1% |
| Asset management business | 0.6% | 1.4% | 0.8 | 19.7% |
| Other | 4.3% | 1.3% | -3.0 | 2.5% |

Segment → industry: Energy business → Electric Power & Gas / Asset management business → Real Estate Development & Leasing / Real estate business → Real Estate Development & Leasing / Other → Hotels & Inns / Other → General Contractors / Real estate business → Condominium Developers

## 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 | 5,597 | 2.6% | S100YIRG |
| Capital expenditure | 32,443 | 15.1% | S100YIRG |
| Free cash flow | -26,846 | -12.5% | 算出 |
| Investing cash flow | -31,923 | -14.9% | S100YIRG |
| Financing cash flow | 37,180 | 17.3% | S100YIRG |
| Dividends paid | 3,801 | 1.8% | S100YIRG |
| Change in cash | 10,872 | 5.1% | S100YIRG |
| Cash and equivalents | 57,881 | 27.0% | S100YIRG |

## 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 | 32,693 | 47,148 | 41,884 | 47,008 | 57,881 | S100TTAZ, S100W4D8, S100YIRG |
| Total assets | 223,473 | 341,669 | 337,447 | 372,508 | 419,512 | S100R2CP, S100TTAZ, S100W4D8, S100YIRG |
| Net assets | 59,601 | 65,142 | 71,669 | 89,107 | 90,118 | S100TTAZ, S100W4D8, S100YIRG |
| Share capital | 4,819 | 4,819 | 4,819 | 9,056 | 9,056 | S100R2CP, S100TTAZ, S100W4D8, S100YIRG |
| Property, plant and equipment | 63,739 | 125,362 | 117,759 | 127,201 | 134,019 | S100R2CP, S100TTAZ, S100W4D8, S100YIRG |
| Intangible assets excluding goodwill | 2,510 | 8,376 | 8,063 | 7,895 | 7,695 | S100R2CP, S100TTAZ, S100W4D8, S100YIRG |
| Goodwill | 1,561 | 3,918 | 3,420 | 3,014 | 2,627 | S100R2CP, S100TTAZ, S100W4D8, S100YIRG |
| Investment securities | 5,462 | 2,368 | 2,597 | 3,125 | 2,949 | S100R2CP, S100TTAZ, S100W4D8, S100YIRG |
| Current assets | 142,625 | 188,728 | 191,937 | 215,263 | 257,954 | S100R2CP, S100TTAZ, S100W4D8, S100YIRG |
| Current liabilities | 75,010 | 162,157 | 122,537 | 134,075 | 143,940 | S100R2CP, S100TTAZ, S100W4D8, S100YIRG |
| Trade payables | 15,411 | 16,342 | 27,119 | — | — | S100R2CP, S100TTAZ |
| Short-term borrowings | 14,189 | 92,069 | 25,621 | 43,238 | 45,180 | S100R2CP, S100TTAZ, S100W4D8, S100YIRG |
| Long-term borrowings | 81,923 | 104,828 | 130,673 | 136,185 | 174,661 | S100R2CP, S100TTAZ, S100W4D8, S100YIRG |
| Bonds | 4,070 | 4,015 | 7,008 | 6,887 | 4,624 | S100R2CP, S100TTAZ, S100W4D8, S100YIRG |
| Interest-bearing debt | 100,182 | 200,912 | 163,302 | 186,310 | 224,465 | 算出 |
| Total liabilities | 163,871 | 276,527 | 265,778 | 283,401 | 329,393 | S100R2CP, S100TTAZ, S100W4D8, S100YIRG |
| Non-controlling interests | 294 | 3,544 | 5,674 | 5,826 | 6,004 | S100R2CP, S100TTAZ, S100W4D8, S100YIRG |
| Equity attributable to owners of parent | 58,575 | 61,436 | 65,643 | 82,265 | 83,246 | S100R2CP, S100TTAZ, S100W4D8, S100YIRG |
| Retained earnings | 53,395 | 55,971 | 61,514 | 66,783 | 67,737 | S100R2CP, S100TTAZ, S100W4D8, S100YIRG |
| Treasury stock | -4,456 | -4,174 | -4,066 | -1,657 | -1,611 | S100R2CP, S100TTAZ, S100W4D8, S100YIRG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YIRG |
| Property, plant and equipment | 32% | S100YIRG |
| Intangibles and goodwill | 2% | S100YIRG |
| Investment securities | 1% | S100YIRG |
| Other assets | 51% | S100YIRG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 54% | 算出 |
| Other liabilities | 25% | S100YIRG |
| Equity | 21% | S100YIRG |
| Other liabilities | 0% | S100YIRG |

### 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 | 223,473 | 341,669 | 337,447 | 372,508 | 419,512 |
| Equity | 59,601 | 65,142 | 71,669 | 89,107 | 90,118 |
| Interest-bearing debt | 100,182 | 200,912 | 163,302 | 186,310 | 224,465 |
| Cash | 32,693 | 47,148 | 41,884 | 47,008 | 57,881 |

## 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) | 62.5% | S100YIRG |
| Fixed assets ÷ total assets | 31.9% | S100YIRG |
| Goodwill ÷ parent equity | 3.2% | S100YIRG |

Goodwill over 4 years: 1,561 → 2,627 JPY; total investing cash flow: -157,284 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) | 13.8% |
| Cash ÷ revenue | 27.0% |
| Net cash (cash − interest-bearing debt) | -¥166.6B |
| Net debt ÷ operating cash flow | 29.76× |
| Cash conversion (operating CF ÷ operating income) | 31.7% |
| Cash vs. profit gap | 839 JPY mn (of net income 17.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 79.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 15.1% |
| Investing CF relative to operating CF | 570.4% |

## 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 | 3.8% | 0.73× | 2.8% | 3.82× | 10.6% | S100R2CP |
| 2023 | 3.0% | 0.54× | 1.6% | 4.71× | 7.6% | S100TTAZ |
| 2024 | 4.4% | 0.55× | 2.4% | 5.34× | 12.9% | S100W4D8 |
| 2025 | 4.2% | 0.55× | 2.3% | 4.80× | 11.1% | S100YIRG |
| 2026 | 2.2% | 0.54× | 1.2% | 4.79× | 5.7% | S100YIRG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 一般社団法人村山財産管理 | Major shareholder | 18.9% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 10.5% | 2026-03-31 |
| 有限会社村山企画 | Major shareholder | 1.3% | 2026-03-31 |
| ＭＩＲＡＲＴＨホールディングス取引先持株会 | Major shareholder | 1.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.1% | 2026-03-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.1% | 2026-03-31 |
| ＭＩＲＡＲＴＨホールディングス従業員持株会 | Major shareholder | 1.0% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2026-03-31 |
| ルーデン・ホールディングス株式会社 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/04/01－2026/03/31) | S100YIRG | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIRG,, |
| 有価証券報告書－第53期(2024/04/01－2025/03/31) | S100W4D8 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4D8,, |
| 有価証券報告書－第52期(2023/04/01－2024/03/31) | S100TTAZ | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTAZ,, |
| 有価証券報告書－第51期(2022/04/01－2023/03/31) | S100R2CP | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2CP,, |
| 有価証券報告書－第50期(令和3年4月1日－令和4年3月31日) | S100OEZU | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEZU,, |
| 訂正有価証券報告書－第49期(令和2年4月1日－令和3年3月31日) | S100LYYK | 2021-07-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LYYK,, |

## 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).