# MISUMI Group 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64期(2025/04/01－2026/03/31) (S100YB3N)
> Page: https://vizora.meequs.com/en/company/misumi-group
> Retrieved: 2026-09-30T18:31:48.438Z

## Company

MISUMI Group, founded in 1963, is a company in Machine Tools listed on TSE Prime. It has 11,304 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MISUMI Group Inc. |
| Ticker | 9962 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9962.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区九段南一丁目6番5号 |
| Representative (per filing) | 代表取締役社長 清水新 |
| Founded | Feb 1963 |
| Share capital | ¥14.7B |
| Employees (consolidated) | 11,304 |
| Average salary (parent only) | ¥9.1M |
| Fiscal year end | March |
| Website | www.misumi.co.jp (https://www.misumi.co.jp/) |
| Corporate number | 6010601006372 |
| EDINET | E02770 |
| Industries (Vizora) | Machine Tools, E-commerce, Specialty Trading & Wholesale, Industrial Machinery |

> Profile source: annual securities report (S100YB3N, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 46 | 25 |
| Profitability | 75 | 34 |
| Cash conversion | 50 | 27 |
| Efficiency | 33.8 | 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 44% of MISUMI Group's sales come from VONA businesses, with FA businesses and Mold component making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +9.8% from the prior year, operating profit +2.4%.

## Company structure

- Segment revenue mix: VONA businesses 43.6%、FA businesses 36.4%、Mold component 20.0%
- Revenue → net income: ¥441383000000 → ¥40625000000
- Net income → operating cash flow: ¥40625000000 → ¥52190000000（difference ¥11565000000）
- Main uses of operating cash flow: CapEx ¥14288000000 / dividends ¥11322000000 / buybacks ¥25132000000
- Change in cash: ¥-24056000000
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 | ¥441.4B |  |
| Operating income | ¥47.6B | Margin 10.8% |
| Net income | ¥40.5B | Margin 9.2% |
| Free cash flow | ¥37.9B |  |
| Largest business | VONA businesses | of segment revenue 43.6% |
| Employees (consolidated) | 11,304 |  |
| EPS | ¥159.41 |  |
| Diluted EPS | ¥159.09 |  |
| Book value per share | ¥324.26 |  |
| Equity ratio | 81.7% |  |
| Shares outstanding | 285,221,000 |  |
| Treasury shares | 20,288,800 |  |
| Shareholders | 6,410 |  |
| Average salary (parent only) | ¥9.1M | Filing company only |
| Cash ratio | 22.4% | Cash ÷ revenue 23.6% |
| Vs. industry median margin | +5.8 pp | E-commerce |
| ROE | 13.2% | Derived from disclosed figures |
| ROA | 9.1% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.2× dividends
- FY2026, parent-company salary changed +30% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥310719000000 | ¥441383000000 | +42.1% |
| Operating income | ¥27199000000 | ¥47613000000 | +75.1% |
| Operating margin | 8.8% | 10.8% | +2 pp |
| Employees | 11,682 people | 11,304 people | -3.2% |
| Cash and equivalents | ¥71964000000 | ¥104202000000 | +44.8% |

### 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 |
| --- | ---: |
| ＦＡ事業 → ＦＡ事業 | 32.9% |
| 金型部品事業 → 金型部品事業 | 20.0% |
| 金型部品事業 → 事業再編・廃止 | 1.5% |
| ＶＯＮＡ事業 → ＶＯＮＡ事業 | 43.6% |
| ＶＯＮＡ事業 → 事業再編・廃止 | 2.0% |
| 新設・再編 → ＦＡ事業 | 3.5% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| VONA businesses | 5 years | +6.3% | ¥192516000000 | 9.7% | 2 |
| FA businesses | 5 years | +9.4% | ¥160498000000 | 12.6% | 2 |
| Mold component | 5 years | +5.7% | ¥88368000000 | 9.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 441,383 | 100.0% | S100YB3N |
| Cost of revenue | 235,367 | 53.3% | S100YB3N |
| Gross profit | 206,015 | 46.7% | S100YB3N |
| SG&A | 158,402 | 35.9% | S100YB3N |
| Operating income | 47,613 | 10.8% | S100YB3N |
| Ordinary income | 49,095 | 11.1% | S100YB3N |
| Pretax income | 48,498 | 11.0% | S100YB3N |
| Income tax | 7,873 | 1.8% | S100YB3N |
| Net income | 40,625 | 9.2% | S100YB3N |
| Net income attributable to owners | 40,457 | 9.2% | S100YB3N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 36 |
| Operating income | 11 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 46.7% → Operating margin 10.8% → Net margin 9.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.8%; Core profit growth: +2.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.25×
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 | 401,987 | 441,383 | 39,396 | +9.8% |
| Gross profit | 186,990 | 206,015 | 19,025 | +10.2% |
| Operating income | 46,480 | 47,613 | 1,133 | +2.4% |
| Net income attributable to owners | 36,549 | 40,457 | 3,908 | +10.7% |
| Operating cash flow | 60,461 | 52,190 | -8,271 | -13.7% |
| Free cash flow | 45,027 | 37,902 | -7,125 | -15.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 313,337 | 23,640 | 7.5% | 16,504 | 28,218 | 10,200 | S100LRIF |
| FY ending Mar 2021 | 310,719 | 27,199 | 8.8% | 17,138 | 36,492 | 22,476 | S100OEEK |
| FY ending Mar 2022 | 366,160 | 52,210 | 14.3% | 37,557 | 55,391 | 38,883 | S100R1SZ |
| FY ending Mar 2023 | 373,151 | 46,615 | 12.5% | 34,282 | 31,447 | 17,822 | S100TPEH |
| FY ending Mar 2024 | 367,649 | 38,365 | 10.4% | 28,152 | 54,567 | 36,591 | S100VXU6 |
| FY ending Mar 2025 | 401,987 | 46,480 | 11.6% | 36,549 | 60,461 | 45,027 | S100YB3N |
| FY ending Mar 2026 | 441,383 | 47,613 | 10.8% | 40,457 | 52,190 | 37,902 | S100YB3N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39M |
| Operating income per employee (consolidated) | ¥4.2M |
| Net income per employee (consolidated) | ¥3.6M |

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) | 11,842 | 11,804 | 11,039 | 11,064 | 11,304 |
| Average salary (parent company) | ¥7M | ¥9.4M | ¥8.5M | ¥8.3M | ¥9.1M |
| Average age (parent company) | 38.7 years | 39.6 years | 39.8 years | 39.1 years | 41.4 years |
| Average tenure (parent company) | 5.8 years | 5.7 years | 6.3 years | 6.2 years | 7.5 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) +9.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| FA businesses | 160,498 | 36.4% | 20,283 | 12.6% |
| Mold component | 88,368 | 20.0% | 8,694 | 9.8% |
| VONA businesses | 192,516 | 43.6% | 18,635 | 9.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| FA businesses | 36.4% | 42.6% | 6.2 | 12.6% |
| Mold component | 20.0% | 18.3% | -1.8 | 9.8% |
| VONA businesses | 43.6% | 39.1% | -4.5 | 9.7% |

Segment → industry: Mold component → Machine Tools / VONA businesses → E-commerce / VONA businesses → Specialty Trading & Wholesale / FA businesses → Industrial Machinery

## 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 | 52,190 | 11.8% | S100YB3N |
| Capital expenditure | 14,288 | 3.2% | S100YB3N |
| Free cash flow | 37,902 | 8.6% | 算出 |
| Investing cash flow | -43,203 | -9.8% | S100YB3N |
| Financing cash flow | -41,801 | -9.5% | S100YB3N |
| Dividends paid | 11,322 | 2.6% | S100YB3N |
| Share buyback | 25,132 | 5.7% | S100YB3N |
| Change in cash | -24,056 | -5.5% | S100YB3N |
| Cash and equivalents | 104,202 | 23.6% | S100YB3N |

## 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 | 101,443 | 106,640 | 133,376 | 128,259 | 104,202 | S100TPEH, S100VXU6, S100YB3N |
| Total assets | 347,390 | 378,458 | 413,517 | 419,574 | 464,969 | S100R1SZ, S100TPEH, S100VXU6, S100YB3N |
| Net assets | 279,959 | 314,224 | 347,679 | 352,064 | 382,509 | S100TPEH, S100VXU6, S100YB3N |
| Share capital | 13,664 | 13,936 | 14,146 | 14,483 | 14,727 | S100R1SZ, S100TPEH, S100VXU6, S100YB3N |
| Trade receivables | 76,819 | 76,359 | 75,869 | 78,390 | 98,520 | S100R1SZ, S100TPEH, S100VXU6, S100YB3N |
| Property, plant and equipment | 46,520 | 48,405 | 51,042 | 52,522 | 56,638 | S100R1SZ, S100TPEH, S100VXU6, S100YB3N |
| Intangible assets excluding goodwill | 35,719 | 35,021 | 36,109 | 33,283 | 90,370 | S100R1SZ, S100TPEH, S100VXU6, S100YB3N |
| Goodwill | — | — | — | — | 43,962 | S100YB3N |
| Investment securities | 6 | 6 | 6 | 1,224 | 5,552 | S100R1SZ, S100TPEH, S100VXU6, S100YB3N |
| Current assets | 253,123 | 282,623 | 313,381 | 317,805 | 295,654 | S100R1SZ, S100TPEH, S100VXU6, S100YB3N |
| Current liabilities | 52,410 | 48,942 | 49,929 | 51,876 | 65,180 | S100R1SZ, S100TPEH, S100VXU6, S100YB3N |
| Trade payables | 21,617 | 22,434 | 20,984 | 21,189 | 29,852 | S100R1SZ, S100TPEH, S100VXU6, S100YB3N |
| Total liabilities | 67,430 | 64,234 | 65,837 | 67,510 | 82,460 | S100R1SZ, S100TPEH, S100VXU6, S100YB3N |
| Non-controlling interests | 797 | 948 | 1,076 | 1,116 | 1,383 | S100R1SZ, S100TPEH, S100VXU6, S100YB3N |
| Equity attributable to owners of parent | 258,125 | 283,706 | 295,942 | 304,263 | 309,738 | S100R1SZ, S100TPEH, S100VXU6, S100YB3N |
| Retained earnings | 220,519 | 245,557 | 266,651 | 293,546 | 322,681 | S100R1SZ, S100TPEH, S100VXU6, S100YB3N |
| Treasury stock | -79 | -80 | -9,159 | -28,352 | -52,392 | S100R1SZ, S100TPEH, S100VXU6, S100YB3N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YB3N |
| Receivables | 21% | S100YB3N |
| Property, plant and equipment | 12% | S100YB3N |
| Intangibles and goodwill | 29% | S100YB3N |
| Investment securities | 1% | S100YB3N |
| Other assets | 14% | S100YB3N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YB3N |
| Other liabilities | 11% | S100YB3N |
| Equity | 82% | S100YB3N |

### 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 | 347,390 | 378,458 | 413,517 | 419,574 | 464,969 |
| Equity | 279,959 | 314,224 | 347,679 | 352,064 | 382,509 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 101,443 | 106,640 | 133,376 | 128,259 | 104,202 |

## 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) | 12.8% | S100YB3N |
| Fixed assets ÷ total assets | 12.2% | S100YB3N |
| Goodwill ÷ parent equity | 14.2% | S100YB3N |

### 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) | 22.4% |
| Cash ÷ revenue | 23.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 109.6% |
| Cash vs. profit gap | 11,733 JPY mn (of net income 29.0%) |
| Shareholder returns / net income | 90.1% |
| Shareholder returns / FCF | 96.2% |
| Shareholder payments — dividends / net income | 28.0% |
| Shareholder payments — dividends / FCF | 29.9% |
| CapEx intensity (capex ÷ revenue) | 3.2% |
| Investing CF relative to operating CF | 82.8% |

## 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 | 10.3% | 1.05× | 10.8% | 1.35× | 14.5% | S100R1SZ |
| 2023 | 9.2% | 1.03× | 9.4% | 1.34× | 12.7% | S100TPEH |
| 2024 | 7.7% | 0.93× | 7.1% | 1.37× | 9.7% | S100VXU6 |
| 2025 | 9.1% | 0.97× | 8.8% | 1.39× | 12.2% | S100YB3N |
| 2026 | 9.2% | 1.00× | 9.1% | 1.44× | 13.2% | S100YB3N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 20.6% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 10.8% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 6.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 3.1% | 2026-03-31 |
| CEP LUX－ORBIS SICAV（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.3% | 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 | 2.3% | 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 | 2.3% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.7% | 2026-03-31 |
| RBC IST 15 PCT NON LENDING ACCOUNT - CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.7% | 2026-03-31 |
| GOVERNMENT OF NORWAY（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.4% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 rose +9.8%, from ¥402B to ¥441.4B, and gross profit grew +10.2%.
- Operating income, however, rose only +2.4%, from ¥46.5B to ¥47.6B.
- Net income attributable to owners climbed +10.7% to ¥40.5B, while operating cash flow fell -13.7% to ¥52.2B and free cash flow fell -15.8% to ¥37.9B.

### Drivers

- All segments grew sales; the FA business did well overseas thanks to telecom-related demand in China and its own offerings such as meviy
- In FA, M&A costs and consolidating the newly acquired Fictiv cut into operating profit
- Adopting consolidated tax filing in the US let the company book deferred tax assets, which lowered its tax bill and lifted net income

### Risks

- Results depend on capital spending and production at its main customers in the auto and electronics industries
- Shifting trade policies such as US tariffs, and geopolitical risks such as the Middle East, could push up purchasing costs
- Acquired companies may underperform or fall short of the expected synergies

Cited: Annual Securities Report (64th fiscal period) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (64th fiscal period) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2025/04/01－2026/03/31) | S100YB3N | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YB3N,, |
| 有価証券報告書－第63期(2024/04/01－2025/03/31) | S100VXU6 | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXU6,, |
| 有価証券報告書－第62期(2023/04/01－2024/03/31) | S100TPEH | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPEH,, |
| 有価証券報告書－第61期(2022/04/01－2023/03/31) | S100R1SZ | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1SZ,, |
| 有価証券報告書－第60期(令和3年4月1日－令和4年3月31日) | S100OEEK | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEEK,, |
| 有価証券報告書－第59期(令和2年4月1日－令和3年3月31日) | S100LRIF | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRIF,, |

## 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).