# miratap inc.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第47期(2024/10/01－2025/09/30) (S100XCKW)
> Page: https://vizora.meequs.com/en/company/miratap
> Retrieved: 2026-09-30T21:34:07.989Z

## Company

miratap, founded in 1979, is a company in E-commerce listed on TSE Growth. It has 289 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | miratap inc. |
| Ticker | 3187 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3187.T) |
| Listing | TSE Growth |
| Head office | 大阪市北区大深町5番54号 |
| Representative (per filing) | 代表取締役社長 山根 太郎 |
| Founded | Aug 1979 |
| Share capital | ¥822.9M |
| Employees (consolidated) | 289 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | September |
| Website | info.miratap.co.jp (https://info.miratap.co.jp/) |
| Corporate number | 5120001080628 |
| EDINET | E27815 |
| Industries (Vizora) | E-commerce, Homebuilders |

> Profile source: annual securities report (S100XCKW, filed 2025-12-24). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 13.2 | 34 |
| Efficiency | 66.2 | 34 |

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 miratap's sales come from housing equipment, with housing making up much of the rest.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed +3.9% from the prior year, operating profit -134.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥16.7B |  |
| Operating income | -¥282.3M | Margin -1.7% |
| Net income | -¥447.9M | Margin -2.7% |
| Free cash flow | -¥464M |  |
| Largest business | housing equipment | of segment revenue 90.3% |
| Employees (consolidated) | 289 |  |
| EPS | ¥-24.04 |  |
| Book value per share | ¥149.81 |  |
| Equity ratio | 30.9% |  |
| Shares outstanding | 19,263,300 |  |
| Treasury shares | 1,158,400 |  |
| Shareholders | 4,241 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 14.9% | Cash ÷ revenue 7.8% |
| Vs. industry median margin | -6.6 pp | E-commerce |
| ROA | -4.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10465467000 | ¥16746745000 | — |
| Operating income | ¥51779000 | ¥-282306000 | — |
| Operating margin | 0.5% | -1.7% | -2.2 pp |
| Employees | 186 people | 289 people | — |
| Cash and equivalents | ¥821330000 | ¥1308170000 | — |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 住設・建材EC事業 | 90.3% |
| 新設・再編 → 住宅事業 | 9.7% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,747 | 100.0% | S100XCKW |
| Cost of revenue | 10,900 | 65.1% | S100XCKW |
| Gross profit | 5,847 | 34.9% | S100XCKW |
| SG&A | 6,129 | 36.6% | S100XCKW |
| Operating income | -282 | -1.7% | S100XCKW |
| Ordinary income | -292 | -1.7% | S100XCKW |
| Pretax income | -669 | -4.0% | S100XCKW |
| Income tax | -221 | -1.3% | S100XCKW |
| Net income | -448 | -2.7% | S100XCKW |
| Net income attributable to owners | -448 | -2.7% | S100XCKW |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 65 |
| SG&A | 37 |
| Operating income | -2 |
| (Ref.) Net income | -3 |

### Margin funnel

Gross margin 34.9% → Operating margin -1.7% → Net margin -2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 16,123 | 16,747 | 624 | +3.9% |
| Gross profit | 5,684 | 5,847 | 163 | +2.9% |
| Operating income | 830 | -282 | -1,112 | -134.0% |
| Net income attributable to owners | 635 | -448 | -1,083 | -170.5% |
| Operating cash flow | 537 | -56 | -592 | -110.3% |
| Free cash flow | 181 | -464 | -645 | -355.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 10,213 | 89 | 0.9% | 49 | 196 | 113 | S100KFWF |
| FY ending Sep 2020 | 10,465 | 52 | 0.5% | -169 | 307 | 181 | S100N4MP |
| FY ending Sep 2021 | 11,260 | 275 | 2.4% | -51 | 172 | -108 | S100N4MP |
| FY ending Sep 2022 | 13,258 | 955 | 7.2% | 606 | 715 | 370 | S100SJFB |
| FY ending Sep 2023 | 15,496 | 1,053 | 6.8% | 525 | 437 | 209 | S100V0LG |
| FY ending Sep 2024 | 16,123 | 830 | 5.1% | 635 | 537 | 181 | S100XCKW |
| FY ending Sep 2025 | 16,747 | -282 | -1.7% | -448 | -56 | -464 | S100XCKW |

## People and productivity（FY ending Sep 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.9M |
| Operating income per employee (consolidated) | -¥976.8K |
| Net income per employee (consolidated) | -¥1.5M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 193 | 238 | 251 | 274 | 289 |
| Average salary (parent company) | ¥4.9M | ¥5.3M | ¥5.3M | ¥5M | ¥4.9M |
| Average age (parent company) | 38.8 years | 36.9 years | 36.6 years | 38.7 years | 37.3 years |
| Average tenure (parent company) | 4.5 years | 4.7 years | 5.0 years | 5.3 years | 5.5 years |

Year over year: Employees (consolidated) +5.5% · Revenue (consolidated) +3.9%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| housing equipment | 15,119 | 90.3% | 607 | 4.0% |
| housing | 1,627 | 9.7% | -117 | -7.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| housing equipment | 90.3% | 100.0% | 9.7 | 4.0% |
| housing | 9.7% | — | — | -7.2% |

Loss-making segment (excluded from profit shares): housing -117 JPY mn

Segment → industry: housing equipment → E-commerce / housing → Homebuilders

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -56 | -0.3% | S100XCKW |
| Capital expenditure | 408 | 2.4% | S100XCKW |
| Free cash flow | -464 | -2.8% | 算出 |
| Investing cash flow | -735 | -4.4% | S100XCKW |
| Financing cash flow | 55 | 0.3% | S100XCKW |
| Dividends paid | 183 | 1.1% | S100XCKW |
| Share buyback | 100 | 0.6% | S100XCKW |
| Change in cash | -735 | -4.4% | S100XCKW |
| Cash and equivalents | 1,308 | 7.8% | S100XCKW |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 793 | 1,387 | 2,327 | 2,043 | 1,308 | S100N4MP, S100V0LG, S100XCKW |
| Total assets | 4,716 | 7,644 | 9,103 | 9,358 | 8,791 | S100N4MP, S100SJFB, S100V0LG, S100XCKW |
| Net assets | 1,801 | 2,801 | 3,054 | 3,575 | 2,904 | S100N4MP, S100V0LG, S100XCKW |
| Share capital | 594 | 799 | 805 | 817 | 823 | S100N4MP, S100SJFB, S100V0LG, S100XCKW |
| Inventories | — | 2,526 | 2,845 | 3,050 | 1,961 | S100SJFB, S100V0LG, S100XCKW |
| Property, plant and equipment | 758 | 1,089 | 1,196 | 1,375 | 1,771 | S100N4MP, S100SJFB, S100V0LG, S100XCKW |
| Intangible assets excluding goodwill | 65 | 284 | 82 | 194 | 223 | S100N4MP, S100SJFB, S100V0LG, S100XCKW |
| Goodwill | — | 211 | — | — | — | S100SJFB |
| Investment securities | 261 | 284 | 301 | 328 | 299 | S100N4MP, S100SJFB, S100V0LG, S100XCKW |
| Current assets | 2,877 | 4,944 | 6,357 | 6,211 | 4,855 | S100N4MP, S100SJFB, S100V0LG, S100XCKW |
| Current liabilities | 2,561 | 3,920 | 5,143 | 4,934 | 4,646 | S100N4MP, S100SJFB, S100V0LG, S100XCKW |
| Short-term borrowings | 800 | 1,282 | 2,631 | 2,400 | 2,300 | S100N4MP, S100SJFB, S100V0LG, S100XCKW |
| Long-term borrowings | 118 | 618 | 545 | 544 | 563 | S100N4MP, S100SJFB, S100V0LG, S100XCKW |
| Total liabilities | 2,916 | 4,843 | 6,049 | 5,783 | 5,887 | S100N4MP, S100SJFB, S100V0LG, S100XCKW |
| Equity attributable to owners of parent | 1,799 | 2,762 | 2,957 | 3,433 | 2,712 | S100N4MP, S100SJFB, S100V0LG, S100XCKW |
| Retained earnings | 876 | 1,431 | 1,770 | 2,223 | 1,591 | S100N4MP, S100SJFB, S100V0LG, S100XCKW |
| Treasury stock | -216 | -216 | -374 | -374 | -474 | S100N4MP, S100SJFB, S100V0LG, S100XCKW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100XCKW |
| Inventories | 22% | S100XCKW |
| Property, plant and equipment | 20% | S100XCKW |
| Intangibles and goodwill | 3% | S100XCKW |
| Investment securities | 3% | S100XCKW |
| Other assets | 37% | S100XCKW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 67% | S100XCKW |
| Equity | 33% | S100XCKW |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,716 | 7,644 | 9,103 | 9,358 | 8,791 |
| Equity | 1,801 | 2,801 | 3,054 | 3,575 | 2,904 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 793 | 1,387 | 2,327 | 2,043 | 1,308 |

## 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) | 10.6% | S100XCKW |
| Fixed assets ÷ total assets | 20.1% | S100XCKW |
| Goodwill ÷ parent equity | — | —, S100XCKW |

### 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) | 14.9% |
| Cash ÷ revenue | 7.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 392 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -1.1% | —× | — | S100N4MP |
| 2022 | 4.6% | 1.73× | 7.9% | 2.77× | 21.9% | S100SJFB |
| 2023 | 3.4% | 1.85× | 6.3% | 2.93× | 18.4% | S100V0LG |
| 2024 | 3.9% | 1.75× | 6.9% | 2.89× | 19.9% | S100XCKW |
| 2025 | — | —× | -4.9% | —× | — | S100XCKW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山根 良太 | Major shareholder | 11.4% | 2025-09-30 |
| 山根 太郎 | Major shareholder | 9.7% | 2025-09-30 |
| 株式会社ジェイアンドエルデザイン | Major shareholder | 9.4% | 2025-09-30 |
| THE BANK OF NEW YORK MELLON 140040 （常任代理人 株式会社みずほ銀行） | Major shareholder | 6.2% | 2025-09-30 |
| 津﨑 宏一 | Major shareholder | 5.1% | 2025-09-30 |
| 株式会社R ACTIVO | Major shareholder | 4.7% | 2025-09-30 |
| 山根アセット株式会社 | Major shareholder | 4.7% | 2025-09-30 |
| 鈴木 尚 | Major shareholder | 4.5% | 2025-09-30 |
| 渡辺パイプ株式会社 | Major shareholder | 4.4% | 2025-09-30 |
| 橘 かおり | Major shareholder | 2.3% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第47期(2024/10/01－2025/09/30) | S100XCKW | 2025-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCKW,, |
| 有価証券報告書－第46期(2023/10/01－2024/09/30) | S100V0LG | 2024-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0LG,, |
| 有価証券報告書－第45期(2022/10/01－2023/09/30) | S100SJFB | 2023-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJFB,, |
| 有価証券報告書－第44期(令和3年10月1日－令和4年9月30日) | S100PVTG | 2022-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVTG,, |
| 有価証券報告書－第43期(令和2年10月1日－令和3年9月30日) | S100N4MP | 2021-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4MP,, |
| 有価証券報告書－第42期(令和1年10月1日－令和2年9月30日) | S100KFWF | 2020-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFWF,, |

## 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).