# Miroku Corporation: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第94期(2024/11/01－2025/10/31) (S100XHE6)
> Page: https://vizora.meequs.com/en/company/miroku
> Retrieved: 2026-09-30T17:49:38.171Z

## Company

Miroku, founded in 1946, is a company in Auto Parts listed on TSE Standard. It has 627 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Miroku Corporation |
| Ticker | 7983 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7983.T) |
| Listing | TSE Standard |
| Head office | 高知県南国市篠原537番地1 |
| Representative (per filing) | 代表取締役社長 弥勒 美彦 |
| Founded | Jul 1946 |
| Share capital | ¥863.1M |
| Employees (consolidated) | 627 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | October |
| Website | www.miroku-jp.com (https://www.miroku-jp.com/) |
| Corporate number | 6490001006215 |
| EDINET | E02376 |
| Industries (Vizora) | Auto Parts, Machine Tools, Software & SaaS, Sporting Goods & Fitness |

> Profile source: annual securities report (S100XHE6, filed 2026-01-27). As of filing

## Five-axis industry profile

Primary industry: Sporting Goods & Fitness (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.8 | 18 |
| Profitability | 12.5 | 20 |
| Efficiency | 12.5 | 20 |

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 85% of Miroku's sales come from Firearms business, with Machine tool business and Other making up much of the rest.
- Operating profit was close to zero, a slight loss per ¥100 of sales.
- Revenue changed +14.7% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥12.5B |  |
| Operating income | -¥24.6M | Margin -0.2% |
| Net income | -¥2.53B | Margin -20.2% |
| Free cash flow | -¥1.33B |  |
| Largest business | Firearms business | of segment revenue 85.3% |
| Employees (consolidated) | 627 |  |
| EPS | ¥-344.63 |  |
| Book value per share | ¥2063.37 |  |
| Equity ratio | 49.1% |  |
| Shares outstanding | 3,005,000 |  |
| Treasury shares | 4,400 |  |
| Shareholders | 1,422 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 7.6% | Cash ÷ revenue 13.3% |
| Vs. industry median margin | -5.8 pp | Sporting Goods & Fitness |
| ROA | -11.4% | Derived from disclosed figures |

## Notable figures

- FY2025, segment profit share differs by -43 points

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13635747000 | ¥12518322000 | -8.2% |
| Operating income | ¥562118000 | ¥-24598000 | -104.4% |
| Operating margin | 4.1% | -0.2% | -4.3 pp |
| Employees | 567 people | 627 people | +10.6% |
| Cash and equivalents | ¥2883850000 | ¥1663732000 | -42.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 猟銃事業 → 猟銃事業 | 54.3% |
| 工作機械事業 → 工作機械事業 | 14.2% |
| 工作機械事業 → 事業再編・廃止 | 2.5% |
| 自動車関連事業 → 事業再編・廃止 | 29.0% |
| その他 → その他 | 0.0% |
| 新設・再編 → 猟銃事業 | 31.0% |
| 新設・再編 → クラウドソリューション事業 | 0.1% |
| 新設・再編 → その他 | 0.4% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Firearms business | 5 years | +7.6% | ¥10680423000 | 1.1% | 2 |
| Machine tool business | 5 years | -4.9% | ¥1773008000 | 7.3% | 2 |
| Other | 5 years | +69.5% | ¥47508000 | 64.3% | 2 |
| Cloud solution | — | — | ¥17382000 | -256.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,518 | 100.0% | S100XHE6 |
| Cost of revenue | 11,283 | 90.1% | S100XHE6 |
| Gross profit | 1,235 | 9.9% | S100XHE6 |
| SG&A | 1,260 | 10.1% | S100XHE6 |
| Operating income | -25 | -0.2% | S100XHE6 |
| Ordinary income | 211 | 1.7% | S100XHE6 |
| Pretax income | -2,302 | -18.4% | S100XHE6 |
| Income tax | 223 | 1.8% | S100XHE6 |
| Net income | -2,525 | -20.2% | S100XHE6 |
| Net income attributable to owners | -2,525 | -20.2% | S100XHE6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 10 |
| Operating income | 0 |
| (Ref.) Net income | -20 |

### Margin funnel

Gross margin 9.9% → Operating margin -0.2% → Net margin -20.2%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,918 | 12,518 | 1,600 | +14.7% |
| Gross profit | 768 | 1,235 | 467 | +60.8% |
| Operating income | -519 | -25 | 495 | — |
| Net income attributable to owners | -2,294 | -2,525 | -231 | — |
| Operating cash flow | -42 | 1,237 | 1,279 | — |
| Free cash flow | -3,505 | -1,329 | 2,177 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 15,368 | 1,149 | 7.5% | 939 | 1,529 | 871 | S100KK4P |
| FY ending Oct 2020 | 13,636 | 562 | 4.1% | 441 | 1,191 | 125 | S100N9XQ |
| FY ending Oct 2021 | 13,653 | 407 | 3.0% | 303 | 1,137 | 331 | S100RNPN |
| FY ending Oct 2022 | 11,471 | 660 | 5.8% | 512 | 177 | -1,476 | S100SOGV |
| FY ending Oct 2023 | 11,887 | 554 | 4.7% | 481 | -485 | -1,607 | S100V4X0 |
| FY ending Oct 2024 | 10,918 | -519 | -4.8% | -2,294 | -42 | -3,505 | S100XHE6 |
| FY ending Oct 2025 | 12,518 | -25 | -0.2% | -2,525 | 1,237 | -1,329 | S100XHE6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20M |
| Operating income per employee (consolidated) | -¥39.2K |
| Net income per employee (consolidated) | -¥4M |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 587 | 584 | 620 | 636 | 627 |
| Average salary (parent company) | ¥5.2M | ¥5M | ¥4.7M | ¥5.2M | ¥4.7M |
| Average age (parent company) | 42.4 years | 42.5 years | 41.2 years | 41.2 years | 41.3 years |
| Average tenure (parent company) | 7.1 years | 7.1 years | 5.9 years | 6.2 years | 7.2 years |

Year over year: Employees (consolidated) -1.4% · Revenue (consolidated) +14.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Firearms business | 10,680 | 85.3% | 118 | 1.1% |
| Machine tool business | 1,773 | 14.2% | 129 | 7.3% |
| Cloud solution | 17 | 0.1% | -45 | -256.8% |
| Other | 48 | 0.4% | 31 | 64.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Firearms business | 85.3% | 42.5% | -42.8 | 1.1% |
| Machine tool business | 14.2% | 46.5% | 32.3 | 7.3% |
| Cloud solution | 0.1% | — | — | -256.8% |
| Other | 0.4% | 11.0% | 10.7 | 64.3% |

Loss-making segment (excluded from profit shares): Cloud solution -45 JPY mn

Segment → industry: Other → Auto Parts / Machine tool business → Machine Tools / Cloud solution → Software & SaaS / Firearms business → Sporting Goods & Fitness

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,237 | 9.9% | S100XHE6 |
| Capital expenditure | 2,565 | 20.5% | S100XHE6 |
| Free cash flow | -1,329 | -10.6% | 算出 |
| Investing cash flow | -2,464 | -19.7% | S100XHE6 |
| Financing cash flow | 1,591 | 12.7% | S100XHE6 |
| Dividends paid | 21 | 0.2% | S100XHE6 |
| Change in cash | 364 | 2.9% | S100XHE6 |
| Cash and equivalents | 1,664 | 13.3% | S100XHE6 |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,124 | 1,815 | 1,390 | 1,300 | 1,664 | S100SOGV, S100V4X0, S100XHE6 |
| Total assets | 18,295 | 19,272 | 20,905 | 22,620 | 21,869 | S100RNPN, S100SOGV, S100V4X0, S100XHE6 |
| Net assets | 14,165 | 14,655 | 15,314 | 13,320 | 10,748 | S100SOGV, S100V4X0, S100XHE6 |
| Share capital | 863 | 863 | 863 | 863 | 863 | S100RNPN, S100SOGV, S100V4X0, S100XHE6 |
| Trade receivables | 1,448 | 1,862 | 2,708 | 2,134 | 2,132 | S100RNPN, S100SOGV, S100V4X0, S100XHE6 |
| Inventories | 4,409 | 5,086 | 5,684 | 6,482 | 6,271 | S100RNPN, S100SOGV, S100V4X0, S100XHE6 |
| Property, plant and equipment | 5,275 | 6,285 | 6,461 | 7,410 | 6,844 | S100RNPN, S100SOGV, S100V4X0, S100XHE6 |
| Intangible assets excluding goodwill | 85 | 87 | 81 | 95 | 6 | S100RNPN, S100SOGV, S100V4X0, S100XHE6 |
| Investment securities | 2,980 | 3,038 | 3,646 | 4,309 | 4,367 | S100RNPN, S100SOGV, S100V4X0, S100XHE6 |
| Current assets | 9,372 | 9,225 | 10,141 | 10,490 | 10,457 | S100RNPN, S100SOGV, S100V4X0, S100XHE6 |
| Current liabilities | 2,536 | 2,716 | 2,958 | 3,799 | 4,304 | S100RNPN, S100SOGV, S100V4X0, S100XHE6 |
| Trade payables | 1,189 | 1,201 | 1,006 | 1,175 | 1,148 | S100RNPN, S100SOGV, S100V4X0, S100XHE6 |
| Short-term borrowings | — | — | 500 | 1,100 | 1,860 | S100V4X0, S100XHE6 |
| Long-term borrowings | 300 | 700 | 1,250 | 3,980 | 5,100 | S100RNPN, S100SOGV, S100V4X0, S100XHE6 |
| Total liabilities | 4,130 | 4,617 | 5,590 | 9,299 | 11,121 | S100RNPN, S100SOGV, S100V4X0, S100XHE6 |
| Equity attributable to owners of parent | 13,462 | 13,858 | 14,219 | 11,819 | 9,273 | S100RNPN, S100SOGV, S100V4X0, S100XHE6 |
| Retained earnings | 12,076 | 12,472 | 12,834 | 10,434 | 7,888 | S100RNPN, S100SOGV, S100V4X0, S100XHE6 |
| Treasury stock | -31 | -31 | -31 | -32 | -32 | S100RNPN, S100SOGV, S100V4X0, S100XHE6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100XHE6 |
| Receivables | 10% | S100XHE6 |
| Inventories | 29% | S100XHE6 |
| Property, plant and equipment | 31% | S100XHE6 |
| Intangibles and goodwill | 0% | S100XHE6 |
| Investment securities | 20% | S100XHE6 |
| Other assets | 3% | S100XHE6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100XHE6 |
| Other liabilities | 46% | S100XHE6 |
| Equity | 49% | S100XHE6 |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 18,295 | 19,272 | 20,905 | 22,620 | 21,869 |
| Equity | 14,165 | 14,655 | 15,314 | 13,320 | 10,748 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,124 | 1,815 | 1,390 | 1,300 | 1,664 |

## 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) | 54.7% | S100XHE6 |
| Fixed assets ÷ total assets | 31.3% | S100XHE6 |
| Goodwill ÷ parent equity | — | —, S100XHE6 |

### 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) | 7.6% |
| Cash ÷ revenue | 13.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 3,762 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 20.5% |
| Investing CF relative to operating CF | 199.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.2% | 0.75× | 1.7% | 1.36× | 2.3% | S100RNPN |
| 2022 | 4.5% | 0.61× | 2.7% | 1.38× | 3.7% | S100SOGV |
| 2023 | 4.0% | 0.59× | 2.4% | 1.43× | 3.4% | S100V4X0 |
| 2024 | — | —× | -10.5% | —× | — | S100XHE6 |
| 2025 | — | —× | -11.4% | —× | — | S100XHE6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＭＬＰＦＳ ＣＵＳＴＯＤＹ ＡＣＣＯＵＮＴ （常任代理人 ＢＯＦＡ証券株式会社） | Major shareholder | 13.3% | 2025-10-31 |
| 株式会社ミロク興産 | Major shareholder | 8.8% | 2025-10-31 |
| 株式会社四国銀行 | Major shareholder | 4.7% | 2025-10-31 |
| 株式会社高知銀行 | Major shareholder | 4.4% | 2025-10-31 |
| ミロク共栄会 | Major shareholder | 4.0% | 2025-10-31 |
| 株式会社酉島製作所 | Major shareholder | 3.9% | 2025-10-31 |
| 株式会社ISSリアライズ | Major shareholder | 3.3% | 2025-10-31 |
| 日油株式会社 | Major shareholder | 3.3% | 2025-10-31 |
| 明治安田生命保険相互会社 | Major shareholder | 3.0% | 2025-10-31 |
| 日本生命保険相互会社 | Major shareholder | 2.8% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第94期(2024/11/01－2025/10/31) | S100XHE6 | 2026-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHE6,, |
| 有価証券報告書－第93期(2023/11/01－2024/10/31) | S100V4X0 | 2025-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V4X0,, |
| 有価証券報告書－第92期(2022/11/01－2023/10/31) | S100SOGV | 2024-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOGV,, |
| 訂正有価証券報告書－第91期(2021/11/01－2022/10/31) | S100RNPN | 2023-08-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RNPN,, |
| 有価証券報告書－第90期(令和2年11月1日－令和3年10月31日) | S100N9XQ | 2022-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N9XQ,, |
| 有価証券報告書－第89期(令和1年11月1日－令和2年10月31日) | S100KK4P | 2021-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KK4P,, |

## 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).