# MIROKU JYOHO SERVICE 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49期(2025/04/01－2026/03/31) (S100YKDZ)
> Page: https://vizora.meequs.com/en/company/miroku-jyoho-service
> Retrieved: 2026-09-30T23:08:44.185Z

## Company

Miroku Jyoho Service, founded in 1977, is a company in Software & SaaS listed on TSE Prime. It has 2,342 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MIROKU JYOHO SERVICE CO.,LTD. |
| Ticker | 9928 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9928.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区四谷四丁目29番地1 |
| Representative (per filing) | 代表取締役社長 是枝周樹 |
| Founded | Nov 1977 |
| Share capital | ¥3.2B |
| Employees (consolidated) | 2,342 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.mjs.co.jp (https://www.mjs.co.jp/) |
| Corporate number | 4011101020774 |
| EDINET | E04877 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100YKDZ, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38.6 | 105 |
| Profitability | 56.2 | 145 |
| Cash conversion | 44.9 | 128 |
| Efficiency | 61.7 | 145 |

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)

- Miroku Jyoho Service brought in ¥48.9B in revenue.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +6.0% from the prior year, operating profit +6.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥48926000000 → ¥5257000000
- Net income → operating cash flow: ¥5257000000 → ¥6541000000（difference ¥1284000000）
- Main uses of operating cash flow: CapEx ¥4502000000 / dividends ¥1644000000 / buybacks —
- Change in cash: ¥-1704000000
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 | ¥48.9B |  |
| Operating income | ¥6.68B | Margin 13.6% |
| Net income | ¥5.41B | Margin 11.0% |
| Free cash flow | ¥2.04B |  |
| Employees (consolidated) | 2,342 |  |
| EPS | ¥170.52 |  |
| Diluted EPS | ¥165.9 |  |
| Book value per share | ¥1063.52 |  |
| Equity ratio | 68.0% |  |
| Shares outstanding | 32,306,286 |  |
| Treasury shares | 2,362,300 |  |
| Shareholders | 3,850 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 28.2% | Cash ÷ revenue 28.1% |
| Vs. industry median margin | +1.2 pp | Software & SaaS |
| ROE | 17.5% | Derived from disclosed figures |
| ROA | 11.5% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥34066000000 | ¥48926000000 | +43.6% |
| Operating income | ¥4526000000 | ¥6677000000 | +47.5% |
| Operating margin | 13.3% | 13.6% | +0.4 pp |
| Employees | 1,891 people | 2,342 people | +23.8% |
| Cash and equivalents | ¥17624000000 | ¥13754000000 | -22.0% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 48,926 | 100.0% | S100YKDZ |
| Cost of revenue | 19,274 | 39.4% | S100YKDZ |
| Gross profit | 29,651 | 60.6% | S100YKDZ |
| SG&A | 22,973 | 47.0% | S100YKDZ |
| Operating income | 6,677 | 13.6% | S100YKDZ |
| Ordinary income | 6,870 | 14.0% | S100YKDZ |
| Pretax income | 7,187 | 14.7% | S100YKDZ |
| Income tax | 1,930 | 3.9% | S100YKDZ |
| Net income | 5,257 | 10.7% | S100YKDZ |
| Net income attributable to owners | 5,406 | 11.0% | S100YKDZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 39 |
| SG&A | 47 |
| Operating income | 14 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 60.6% → Operating margin 13.6% → Net margin 11.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.0%; Core profit growth: +6.2%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.04×
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 | 46,160 | 48,926 | 2,766 | +6.0% |
| Gross profit | 27,876 | 29,651 | 1,775 | +6.4% |
| Operating income | 6,287 | 6,677 | 390 | +6.2% |
| Net income attributable to owners | 4,381 | 5,406 | 1,025 | +23.4% |
| Operating cash flow | 6,357 | 6,541 | 184 | +2.9% |
| Free cash flow | 1,639 | 2,039 | 400 | +24.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 35,501 | 5,227 | 14.7% | 1,839 | 5,699 | 3,330 | S100LV7M |
| FY ending Mar 2021 | 34,066 | 4,526 | 13.3% | 2,654 | 3,977 | 1,806 | S100OMBF |
| FY ending Mar 2022 | 36,597 | 4,789 | 13.1% | 4,517 | 6,202 | 3,463 | S100RA73 |
| FY ending Mar 2023 | 41,461 | 6,084 | 14.7% | 3,767 | 7,157 | 3,936 | S100TY1B |
| FY ending Mar 2024 | 43,971 | 6,110 | 13.9% | 4,238 | 6,538 | 2,193 | S100W6WP |
| FY ending Mar 2025 | 46,160 | 6,287 | 13.6% | 4,381 | 6,357 | 1,639 | S100YKDZ |
| FY ending Mar 2026 | 48,926 | 6,677 | 13.6% | 5,406 | 6,541 | 2,039 | S100YKDZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.9M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥2.3M |

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) | 1,935 | 2,028 | 2,168 | 2,242 | 2,342 |
| Average salary (parent company) | ¥6.2M | ¥6.7M | ¥6.9M | ¥6.8M | ¥6.9M |
| Average age (parent company) | 38.4 years | 38.5 years | 38.4 years | 38.2 years | 38.3 years |
| Average tenure (parent company) | 11.6 years | 11.6 years | 11.5 years | 11.3 years | 11.3 years |

Year over year: Employees (consolidated) +4.5% · Revenue (consolidated) +6.0%

## 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 | 6,541 | 13.4% | S100YKDZ |
| Capital expenditure | 4,502 | 9.2% | S100YKDZ |
| Free cash flow | 2,039 | 4.2% | 算出 |
| Investing cash flow | -5,641 | -11.5% | S100YKDZ |
| Financing cash flow | -2,634 | -5.4% | S100YKDZ |
| Dividends paid | 1,644 | 3.4% | S100YKDZ |
| Change in cash | -1,704 | -3.5% | S100YKDZ |
| Cash and equivalents | 13,754 | 28.1% | S100YKDZ |

## 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 | 16,648 | 19,171 | 17,977 | 15,459 | 13,754 | S100TY1B, S100W6WP, S100YKDZ |
| Total assets | 43,487 | 45,793 | 46,018 | 45,331 | 48,758 | S100RA73, S100TY1B, S100W6WP, S100YKDZ |
| Net assets | 22,630 | 24,775 | 27,186 | 29,637 | 33,380 | S100TY1B, S100W6WP, S100YKDZ |
| Share capital | 3,198 | 3,198 | 3,198 | 3,198 | 3,198 | S100RA73, S100TY1B, S100W6WP, S100YKDZ |
| Property, plant and equipment | 4,554 | 4,526 | 4,563 | 4,714 | 5,174 | S100RA73, S100TY1B, S100W6WP, S100YKDZ |
| Intangible assets excluding goodwill | 7,225 | 7,185 | 8,672 | 10,422 | 15,499 | S100RA73, S100TY1B, S100W6WP, S100YKDZ |
| Goodwill | 792 | 252 | 128 | — | 2,726 | S100RA73, S100TY1B, S100W6WP, S100YKDZ |
| Investment securities | 4,765 | 3,899 | 3,247 | 2,023 | 1,847 | S100RA73, S100TY1B, S100W6WP, S100YKDZ |
| Current assets | 24,403 | 27,410 | 26,668 | 24,629 | 22,712 | S100RA73, S100TY1B, S100W6WP, S100YKDZ |
| Current liabilities | 9,374 | 20,868 | 15,490 | 13,173 | 13,589 | S100RA73, S100TY1B, S100W6WP, S100YKDZ |
| Short-term borrowings | 772 | 807 | 5,287 | 3,160 | 3,052 | S100RA73, S100TY1B, S100W6WP, S100YKDZ |
| Long-term borrowings | 304 | — | 3,200 | 2,400 | 1,600 | S100RA73, S100W6WP, S100YKDZ |
| Total liabilities | 20,856 | 21,018 | 18,831 | 15,693 | 15,378 | S100RA73, S100TY1B, S100W6WP, S100YKDZ |
| Non-controlling interests | 437 | 496 | 475 | 356 | 243 | S100RA73, S100TY1B, S100W6WP, S100YKDZ |
| Equity attributable to owners of parent | 20,782 | 23,169 | 26,084 | 28,938 | 32,721 | S100RA73, S100TY1B, S100W6WP, S100YKDZ |
| Retained earnings | 20,606 | 23,030 | 25,871 | 25,711 | 29,470 | S100RA73, S100TY1B, S100W6WP, S100YKDZ |
| Treasury stock | -5,990 | -5,990 | -5,915 | -2,875 | -2,859 | S100RA73, S100TY1B, S100W6WP, S100YKDZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YKDZ |
| Property, plant and equipment | 11% | S100YKDZ |
| Intangibles and goodwill | 37% | S100YKDZ |
| Investment securities | 4% | S100YKDZ |
| Other assets | 20% | S100YKDZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100YKDZ |
| Equity | 68% | S100YKDZ |

### 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 | 43,487 | 45,793 | 46,018 | 45,331 | 48,758 |
| Equity | 22,630 | 24,775 | 27,186 | 29,637 | 33,380 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,648 | 19,171 | 17,977 | 15,459 | 13,754 |

## 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% | S100YKDZ |
| Fixed assets ÷ total assets | 10.6% | S100YKDZ |
| Goodwill ÷ parent equity | 8.3% | S100YKDZ |

Goodwill over 4 years: 792 → 2,726 JPY; total investing cash flow: -17,972 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) | 28.2% |
| Cash ÷ revenue | 28.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 98.0% |
| Cash vs. profit gap | 1,135 JPY mn (of net income 21.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 30.4% |
| Shareholder payments — dividends / FCF | 80.6% |
| CapEx intensity (capex ÷ revenue) | 9.2% |
| Investing CF relative to operating CF | 86.2% |

## 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 | 12.3% | 0.84× | 10.4% | 2.09× | 21.7% | S100RA73 |
| 2023 | 9.1% | 0.93× | 8.4% | 2.03× | 17.1% | S100TY1B |
| 2024 | 9.6% | 0.96× | 9.2% | 1.86× | 17.2% | S100W6WP |
| 2025 | 9.5% | 1.01× | 9.6% | 1.66× | 15.9% | S100YKDZ |
| 2026 | 11.0% | 1.04× | 11.5% | 1.53× | 17.5% | S100YKDZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社HNホールディングス | Major shareholder | 21.7% | 2026-03-31 |
| 株式会社エヌケーホールディングス | Major shareholder | 12.3% | 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 | 7.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.2% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 無限責任組合員光通信株式会社 | Major shareholder | 4.1% | 2026-03-31 |
| 是枝 伸彦 | Major shareholder | 3.5% | 2026-03-31 |
| NTTPCコミュニケーションズ株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 1.8% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.7% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS （常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第49期(2025/04/01－2026/03/31) | S100YKDZ | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKDZ,, |
| 有価証券報告書－第48期(2024/04/01－2025/03/31) | S100W6WP | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6WP,, |
| 有価証券報告書－第47期(2023/04/01－2024/03/31) | S100TY1B | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TY1B,, |
| 有価証券報告書－第46期(2022/04/01－2023/03/31) | S100RA73 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA73,, |
| 有価証券報告書－第45期(令和3年4月1日－令和4年3月31日) | S100OMBF | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMBF,, |
| 有価証券報告書－第44期(令和2年4月1日－令和3年3月31日) | S100LV7M | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV7M,, |

## 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).