# MIT Holdings CO.,LTD.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第16期(2024/12/01－2025/11/30) (S100XMVG)
> Page: https://vizora.meequs.com/en/company/mit-holdings
> Retrieved: 2026-09-30T21:38:21.173Z

## Company

MIT Holdings, founded in 1990, is a company in IT Services & System Integration listed on TSE Standard. It has 382 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MIT Holdings CO.,LTD. |
| Ticker | 4016 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4016.T) |
| Listing | TSE Standard |
| Head office | 千葉県千葉市美浜区中瀬二丁目6番地1 |
| Representative (per filing) | 代表取締役社長 増田 典久 |
| Founded | Jan 1990 |
| Share capital | ¥293.1M |
| Employees (consolidated) | 382 |
| Average salary (parent only) | ¥4.3M |
| Fiscal year end | November |
| Website | mit-hd.co.jp (https://mit-hd.co.jp/) |
| Corporate number | 8040001042344 |
| EDINET | E36077 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XMVG, filed 2026-02-24). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 33.4 | 157 |
| Profitability | 16.1 | 196 |
| Cash conversion | 94.9 | 185 |
| Efficiency | 94.1 | 196 |

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)

- MIT Holdings brought in ¥5.12B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -2.3% from the prior year, operating profit -14.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥5117826000 → ¥94862000
- Net income → operating cash flow: ¥94862000 → ¥308156000（difference ¥213294000）
- Main uses of operating cash flow: CapEx ¥62833000 / dividends ¥37725000 / buybacks —
- Change in cash: ¥-171682000
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 | ¥5.12B |  |
| Operating income | ¥169.2M | Margin 3.3% |
| Net income | ¥94.9M | Margin 1.9% |
| Free cash flow | ¥245.3M |  |
| Employees (consolidated) | 382 |  |
| EPS | ¥23.93 |  |
| Diluted EPS | ¥23.45 |  |
| Book value per share | ¥325.81 |  |
| Equity ratio | 34.3% |  |
| Shares outstanding | 2,126,200 |  |
| Treasury shares | 130,000 |  |
| Shareholders | 2,806 |  |
| Average salary (parent only) | ¥4.3M | Filing company only |
| Cash ratio | 38.6% | Cash ÷ revenue 15.9% |
| Vs. industry median margin | -5.6 pp | IT Services & System Integration |
| ROE | 13.8% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.2× net income
- FY2025, cash is 39% of total assets

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3851067000 | ¥5117826000 | +32.9% |
| Operating income | ¥135948000 | ¥169243000 | +24.5% |
| Operating margin | 3.5% | 3.3% | -0.2 pp |
| Employees | 297 people | 382 people | +28.6% |
| Cash and equivalents | ¥346452000 | ¥813804000 | +134.9% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,118 | 100.0% | S100XMVG |
| Cost of revenue | 4,020 | 78.5% | S100XMVG |
| Gross profit | 1,098 | 21.5% | S100XMVG |
| SG&A | 929 | 18.1% | S100XMVG |
| Operating income | 169 | 3.3% | S100XMVG |
| Ordinary income | 162 | 3.2% | S100XMVG |
| Pretax income | 162 | 3.2% | S100XMVG |
| Income tax | 67 | 1.3% | S100XMVG |
| Net income | 95 | 1.9% | S100XMVG |
| Net income attributable to owners | 95 | 1.9% | S100XMVG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 18 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 21.5% → Operating margin 3.3% → Net margin 1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.3%; Core profit growth: -14.2%
Operating leverage (core profit growth ÷ revenue growth): 6.09×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,240 | 5,118 | -122 | -2.3% |
| Gross profit | 1,176 | 1,098 | -78 | -6.6% |
| Operating income | 197 | 169 | -28 | -14.2% |
| Net income attributable to owners | 125 | 95 | -30 | -23.9% |
| Operating cash flow | 355 | 308 | -47 | -13.1% |
| Free cash flow | 287 | 245 | -42 | -14.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 3,845 | 120 | 3.1% | 60 | 198 | 135 | S100KVNG |
| FY ending Nov 2020 | 3,851 | 136 | 3.5% | 80 | -40 | -111 | S100NL12 |
| FY ending Nov 2021 | 3,865 | 60 | 1.5% | 29 | 129 | 19 | S100QB4N |
| FY ending Nov 2022 | 4,357 | 120 | 2.8% | 45 | 177 | 3 | S100T94W |
| FY ending Nov 2023 | 4,786 | 84 | 1.8% | 48 | 235 | 87 | S100VBJ8 |
| FY ending Nov 2024 | 5,240 | 197 | 3.8% | 125 | 355 | 287 | S100XMVG |
| FY ending Nov 2025 | 5,118 | 169 | 3.3% | 95 | 308 | 245 | S100XMVG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.4M |
| Operating income per employee (consolidated) | ¥443K |
| Net income per employee (consolidated) | ¥248.3K |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 320 | 363 | 396 | 398 | 382 |
| Average salary (parent company) | ¥5.1M | ¥4.6M | ¥4.5M | ¥4.3M | ¥4.3M |
| Average age (parent company) | 39.3 years | 43.4 years | 43.0 years | 44.4 years | 44.2 years |
| Average tenure (parent company) | 7.7 years | 8.9 years | 7.2 years | 8.0 years | 9.4 years |

Year over year: Employees (consolidated) -4.0% · Revenue (consolidated) -2.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 308 | 6.0% | S100XMVG |
| Capital expenditure | 63 | 1.2% | S100XMVG |
| Free cash flow | 245 | 4.8% | 算出 |
| Investing cash flow | -56 | -1.1% | S100XMVG |
| Financing cash flow | -423 | -8.3% | S100XMVG |
| Dividends paid | 38 | 0.7% | S100XMVG |
| Change in cash | -172 | -3.4% | S100XMVG |
| Cash and equivalents | 814 | 15.9% | S100XMVG |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 381 | 514 | 764 | 985 | 814 | S100T94W, S100VBJ8, S100XMVG |
| Total assets | 1,557 | 1,792 | 2,274 | 2,443 | 2,107 | S100QB4N, S100T94W, S100VBJ8, S100XMVG |
| Net assets | 574 | 516 | 552 | 664 | 723 | S100T94W, S100VBJ8, S100XMVG |
| Share capital | 287 | 291 | 291 | 292 | 293 | S100QB4N, S100T94W, S100VBJ8, S100XMVG |
| Trade receivables | 670 | — | — | — | — | S100QB4N |
| Property, plant and equipment | 25 | 79 | 79 | 70 | 60 | S100QB4N, S100T94W, S100VBJ8, S100XMVG |
| Intangible assets excluding goodwill | 205 | 203 | 384 | 341 | 319 | S100QB4N, S100T94W, S100VBJ8, S100XMVG |
| Goodwill | 29 | 22 | 63 | 48 | 37 | S100QB4N, S100T94W, S100VBJ8, S100XMVG |
| Investment securities | 13 | 13 | 16 | 19 | 15 | S100QB4N, S100T94W, S100VBJ8, S100XMVG |
| Current assets | 1,100 | 1,331 | 1,633 | 1,841 | 1,548 | S100QB4N, S100T94W, S100VBJ8, S100XMVG |
| Current liabilities | 568 | 693 | 958 | 1,038 | 980 | S100QB4N, S100T94W, S100VBJ8, S100XMVG |
| Short-term borrowings | — | — | 100 | — | — | S100VBJ8 |
| Long-term borrowings | 125 | 123 | 290 | 258 | 143 | S100QB4N, S100T94W, S100VBJ8, S100XMVG |
| Bonds | 290 | 460 | 465 | 475 | 255 | S100QB4N, S100T94W, S100VBJ8, S100XMVG |
| Interest-bearing debt | — | — | 855 | — | — | 算出 |
| Total liabilities | 983 | 1,276 | 1,722 | 1,779 | 1,384 | S100QB4N, S100T94W, S100VBJ8, S100XMVG |
| Equity attributable to owners of parent | 571 | 512 | 545 | 656 | 715 | S100QB4N, S100T94W, S100VBJ8, S100XMVG |
| Retained earnings | 183 | 206 | 240 | 349 | 406 | S100QB4N, S100T94W, S100VBJ8, S100XMVG |
| Treasury stock | — | -92 | -92 | -92 | -92 | S100T94W, S100VBJ8, S100XMVG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 38% | S100XMVG |
| Property, plant and equipment | 3% | S100XMVG |
| Intangibles and goodwill | 17% | S100XMVG |
| Investment securities | 1% | S100XMVG |
| Other assets | 41% | S100XMVG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 66% | S100XMVG |
| Equity | 34% | S100XMVG |
| Other liabilities | 0% | S100XMVG |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,557 | 1,792 | 2,274 | 2,443 | 2,107 |
| Equity | 574 | 516 | 552 | 664 | 723 |
| Interest-bearing debt | — | — | 855 | — | — |
| Cash | 381 | 514 | 764 | 985 | 814 |

## 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) | 1.2% | S100XMVG |
| Fixed assets ÷ total assets | 2.8% | S100XMVG |
| Goodwill ÷ parent equity | 5.1% | S100XMVG |

Goodwill over 4 years: 29 → 37 JPY; total investing cash flow: -457 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) | 38.6% |
| Cash ÷ revenue | 15.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 182.1% |
| Cash vs. profit gap | 213 JPY mn (of net income 224.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 39.8% |
| Shareholder payments — dividends / FCF | 15.4% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 18.3% |

## 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 | 0.7% | 2.48× | 1.8% | 2.73× | 5.0% | S100QB4N |
| 2022 | 1.0% | 2.60× | 2.7% | 3.09× | 8.4% | S100T94W |
| 2023 | 1.0% | 2.35× | 2.3% | 3.85× | 9.0% | S100VBJ8 |
| 2024 | 2.4% | 2.22× | 5.3% | 3.93× | 20.8% | S100XMVG |
| 2025 | 1.9% | 2.25× | 4.2% | 3.32× | 13.8% | S100XMVG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ７ベルティーピー株式会社 | Major shareholder | 12.0% | 2025-11-30 |
| 鈴木 浩 | Major shareholder | 12.0% | 2025-11-30 |
| 朝日生命保険相互会社 | Major shareholder | 6.4% | 2025-11-30 |
| 増田 典久 | Major shareholder | 3.8% | 2025-11-30 |
| 青柳 文彦 | Major shareholder | 3.0% | 2025-11-30 |
| ＭＩＴホールディングス従業員持株会 | Major shareholder | 2.1% | 2025-11-30 |
| ＴＤＣソフト株式会社 | Major shareholder | 1.8% | 2025-11-30 |
| ボンズテック株式会社 | Major shareholder | 1.7% | 2025-11-30 |
| 菊池 良 | Major shareholder | 1.5% | 2025-11-30 |
| 三方 英治 | Major shareholder | 1.5% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2024/12/01－2025/11/30) | S100XMVG | 2026-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XMVG,, |
| 有価証券報告書－第15期(2023/12/01－2024/11/30) | S100VBJ8 | 2025-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VBJ8,, |
| 訂正有価証券報告書－第14期(2022/12/01－2023/11/30) | S100T94W | 2024-04-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T94W,, |
| 有価証券報告書－第13期(2021/12/01－2022/11/30) | S100QB4N | 2023-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QB4N,, |
| 有価証券報告書－第12期(令和2年12月1日－令和3年11月30日) | S100NL12 | 2022-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NL12,, |
| 有価証券報告書－第11期(令和1年12月1日－令和2年11月30日) | S100KVNG | 2021-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KVNG,, |

## 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).