# MITACHI  CO.,LTD.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第50期(2025/06/01－2026/05/31) (S100YYVJ)
> Page: https://vizora.meequs.com/en/company/mitachi
> Retrieved: 2026-09-30T20:58:30.311Z

## Company

Mitachi, founded in 1976, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 624 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MITACHI CO.,LTD. |
| Ticker | 3321 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3321.T) |
| Listing | TSE Standard |
| Head office | 名古屋市中区伊勢山二丁目11番28号 |
| Representative (per filing) | 代表取締役社長 橘 和博 |
| Founded | Jul 1976 |
| Share capital | ¥847.4M |
| Employees (consolidated) | 624 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | May |
| Website | www.mitachi.co.jp (https://www.mitachi.co.jp/) |
| Corporate number | 9180001041117 |
| EDINET | E02968 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YYVJ, filed 2026-08-27). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 99.7 | 179 |
| Profitability | 39.7 | 185 |
| Cash conversion | 43.3 | 179 |
| Efficiency | 92.7 | 185 |

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 Mitachi's sales come from Domestic business department, with Overseas business department making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +22.6% from the prior year, operating profit +28.6%.

## Company structure

- Segment revenue mix: Domestic business department 85.1%、Overseas business department 14.9%
- Revenue → net income: ¥120327839000 → ¥2146649000
- Net income → operating cash flow: ¥2146649000 → ¥2477192000（difference ¥330543000）
- Main uses of operating cash flow: CapEx ¥166947000 / dividends ¥597759000 / buybacks ¥117000
- Change in cash: ¥826085000
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 | ¥120.3B |  |
| Operating income | ¥2.76B | Margin 2.3% |
| Net income | ¥2.13B | Margin 1.8% |
| Free cash flow | ¥2.31B |  |
| Largest business | Domestic business department | of segment revenue 85.1% |
| Employees (consolidated) | 624 |  |
| EPS | ¥207.83 |  |
| Book value per share | ¥1374.44 |  |
| Equity ratio | 43.7% |  |
| Shares outstanding | 7,971,853 |  |
| Treasury shares | 700 |  |
| Shareholders | 6,611 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 12.7% | Cash ÷ revenue 4.3% |
| Vs. industry median margin | -0.6 pp | Specialty Trading & Wholesale |
| ROE | 14.1% | Derived from disclosed figures |
| ROA | 5.3% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.8× its level five years ago
- FY2026, one segment accounts for 74% of positive segment profit

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥33880617000 | ¥120327839000 | +255.2% |
| Operating income | ¥924312000 | ¥2763126000 | +198.9% |
| Operating margin | 2.7% | 2.3% | -0.4 pp |
| Employees | 482 people | 624 people | +29.5% |
| Cash and equivalents | ¥1969075000 | ¥5183296000 | +163.2% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 国内事業部門 → 国内事業部門 | 70.8% |
| 海外事業部門 → 海外事業部門 | 14.9% |
| 海外事業部門 → 事業再編・廃止 | 14.3% |
| 新設・再編 → 国内事業部門 | 14.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 120,328 | 100.0% | S100YYVJ |
| Cost of revenue | 114,264 | 95.0% | S100YYVJ |
| Gross profit | 6,064 | 5.0% | S100YYVJ |
| SG&A | 3,301 | 2.7% | S100YYVJ |
| Operating income | 2,763 | 2.3% | S100YYVJ |
| Ordinary income | 3,055 | 2.5% | S100YYVJ |
| Pretax income | 3,030 | 2.5% | S100YYVJ |
| Income tax | 883 | 0.7% | S100YYVJ |
| Net income | 2,147 | 1.8% | S100YYVJ |
| Net income attributable to owners | 2,130 | 1.8% | S100YYVJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 95 |
| SG&A | 3 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 5.0% → Operating margin 2.3% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +22.6%; Core profit growth: +28.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.27×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 98,176 | 120,328 | 22,151 | +22.6% |
| Gross profit | 5,287 | 6,064 | 777 | +14.7% |
| Operating income | 2,148 | 2,763 | 615 | +28.6% |
| Net income attributable to owners | 1,697 | 2,130 | 433 | +25.5% |
| Operating cash flow | -9,218 | 2,477 | 11,695 | — |
| Free cash flow | -9,436 | 2,310 | 11,747 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 33,860 | 759 | 2.2% | 497 | 1,707 | 1,576 | S100MCUY |
| FY ending May 2021 | 33,881 | 924 | 2.7% | 665 | 595 | 515 | S100P3KG |
| FY ending May 2022 | 42,519 | 2,018 | 4.7% | 1,465 | -157 | -246 | S100RRGK |
| FY ending May 2023 | 43,272 | 2,491 | 5.8% | 1,694 | 2,122 | 2,010 | S100U9XT |
| FY ending May 2024 | 38,900 | 1,592 | 4.1% | 1,223 | 951 | 802 | S100WKFZ |
| FY ending May 2025 | 98,176 | 2,148 | 2.2% | 1,697 | -9,218 | -9,436 | S100YYVJ |
| FY ending May 2026 | 120,328 | 2,763 | 2.3% | 2,130 | 2,477 | 2,310 | S100YYVJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥192.8M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥3.4M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 440 | 520 | 490 | 502 | 624 |
| Average salary (parent company) | ¥5.7M | ¥5.9M | ¥5.7M | ¥5.8M | ¥6.1M |
| Average age (parent company) | 41.4 years | 41.4 years | 41.9 years | 42.7 years | 42.8 years |
| Average tenure (parent company) | 13.5 years | 13.9 years | 13.7 years | 12.7 years | 12.4 years |

Year over year: Employees (consolidated) +24.3% · Revenue (consolidated) +22.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic business department | 102,391 | 85.1% | 2,512 | 2.5% |
| Overseas business department | 17,937 | 14.9% | 903 | 5.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic business department | 85.1% | 73.5% | -11.5 | 2.5% |
| Overseas business department | 14.9% | 26.5% | 11.5 | 5.0% |

Segment → industry: Overseas business department → Specialty Trading & Wholesale / Domestic business department → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,477 | 2.1% | S100YYVJ |
| Capital expenditure | 167 | 0.1% | S100YYVJ |
| Free cash flow | 2,310 | 1.9% | 算出 |
| Investing cash flow | -69 | -0.1% | S100YYVJ |
| Financing cash flow | -1,929 | -1.6% | S100YYVJ |
| Dividends paid | 598 | 0.5% | S100YYVJ |
| Share buyback | 0 | 0.0% | S100YYVJ |
| Change in cash | 826 | 0.7% | S100YYVJ |
| Cash and equivalents | 5,183 | 4.3% | S100YYVJ |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,620 | 3,974 | 3,093 | 4,357 | 5,183 | S100U9XT, S100WKFZ, S100YYVJ |
| Total assets | 20,210 | 20,804 | 20,129 | 40,028 | 40,943 | S100RRGK, S100U9XT, S100WKFZ, S100YYVJ |
| Net assets | 11,632 | 13,097 | 14,488 | 15,707 | 17,931 | S100U9XT, S100WKFZ, S100YYVJ |
| Share capital | 833 | 841 | 843 | 846 | 847 | S100RRGK, S100U9XT, S100WKFZ, S100YYVJ |
| Trade receivables | 5,721 | 5,410 | 5,133 | 12,136 | 12,337 | S100RRGK, S100U9XT, S100WKFZ, S100YYVJ |
| Inventories | 6,376 | 7,040 | 7,232 | 17,729 | 20,327 | S100RRGK, S100U9XT, S100WKFZ, S100YYVJ |
| Property, plant and equipment | 1,131 | 1,174 | 1,195 | 1,249 | 1,271 | S100RRGK, S100U9XT, S100WKFZ, S100YYVJ |
| Intangible assets excluding goodwill | 133 | 108 | 138 | 160 | 103 | S100RRGK, S100U9XT, S100WKFZ, S100YYVJ |
| Investment securities | 105 | 90 | 106 | 70 | 130 | S100RRGK, S100U9XT, S100WKFZ, S100YYVJ |
| Current assets | 18,405 | 18,987 | 18,091 | 37,919 | 38,847 | S100RRGK, S100U9XT, S100WKFZ, S100YYVJ |
| Current liabilities | 8,092 | 7,189 | 5,126 | 23,818 | 22,427 | S100RRGK, S100U9XT, S100WKFZ, S100YYVJ |
| Trade payables | 4,009 | 3,012 | 2,704 | 10,312 | 9,156 | S100RRGK, S100U9XT, S100WKFZ, S100YYVJ |
| Short-term borrowings | 1,613 | 1,445 | 298 | 11,700 | 10,512 | S100RRGK, S100U9XT, S100WKFZ, S100YYVJ |
| Total liabilities | 8,579 | 7,707 | 5,642 | 24,322 | 23,012 | S100RRGK, S100U9XT, S100WKFZ, S100YYVJ |
| Non-controlling interests | 6 | 10 | 17 | 31 | 50 | S100RRGK, S100U9XT, S100WKFZ, S100YYVJ |
| Equity attributable to owners of parent | 10,975 | 12,248 | 13,053 | 14,357 | 15,892 | S100RRGK, S100U9XT, S100WKFZ, S100YYVJ |
| Retained earnings | 9,267 | 10,524 | 11,325 | 12,623 | 14,155 | S100RRGK, S100U9XT, S100WKFZ, S100YYVJ |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100RRGK, S100U9XT, S100WKFZ, S100YYVJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YYVJ |
| Receivables | 30% | S100YYVJ |
| Inventories | 50% | S100YYVJ |
| Property, plant and equipment | 3% | S100YYVJ |
| Intangibles and goodwill | 0% | S100YYVJ |
| Investment securities | 0% | S100YYVJ |
| Other assets | 4% | S100YYVJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 22% | S100YYVJ |
| Other liabilities | 34% | S100YYVJ |
| Equity | 44% | S100YYVJ |
| Other liabilities | 0% | S100YYVJ |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 20,210 | 20,804 | 20,129 | 40,028 | 40,943 |
| Equity | 11,632 | 13,097 | 14,488 | 15,707 | 17,931 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,620 | 3,974 | 3,093 | 4,357 | 5,183 |

## 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) | 1.1% | S100YYVJ |
| Fixed assets ÷ total assets | 3.1% | S100YYVJ |
| Goodwill ÷ parent equity | — | —, S100YYVJ |

### 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) | 12.7% |
| Cash ÷ revenue | 4.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 89.7% |
| Cash vs. profit gap | 347 JPY mn (of net income 16.3%) |
| Shareholder returns / net income | 28.1% |
| Shareholder returns / FCF | 25.9% |
| Shareholder payments — dividends / net income | 28.1% |
| Shareholder payments — dividends / FCF | 25.9% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 2.8% |

## 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 | 3.4% | 2.10× | 7.2% | 1.84× | 13.3% | S100RRGK |
| 2023 | 3.9% | 2.11× | 8.3% | 1.77× | 14.6% | S100U9XT |
| 2024 | 3.1% | 1.90× | 6.0% | 1.62× | 9.7% | S100WKFZ |
| 2025 | 1.7% | 3.26× | 5.6% | 2.19× | 12.4% | S100YYVJ |
| 2026 | 1.8% | 2.97× | 5.3% | 2.68× | 14.1% | S100YYVJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＪＵ | Major shareholder | 24.4% | 2026-05-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.5% | 2026-05-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.5% | 2026-05-31 |
| 大和証券株式会社 | Major shareholder | 2.2% | 2026-05-31 |
| 工藤 雅之 | Major shareholder | 1.6% | 2026-05-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ | Major shareholder | 1.6% | 2026-05-31 |
| 橘 和博 | Major shareholder | 1.6% | 2026-05-31 |
| 野中 光夫 | Major shareholder | 1.4% | 2026-05-31 |
| ミタチ産業従業員持株会 | Major shareholder | 1.3% | 2026-05-31 |
| 株式会社大垣共立銀行 | Major shareholder | 1.3% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第50期(2025/06/01－2026/05/31) | S100YYVJ | 2026-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYVJ,, |
| 有価証券報告書－第49期(2024/06/01－2025/05/31) | S100WKFZ | 2025-08-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WKFZ,, |
| 有価証券報告書－第48期(2023/06/01－2024/05/31) | S100U9XT | 2024-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U9XT,, |
| 有価証券報告書－第47期(2022/06/01－2023/05/31) | S100RRGK | 2023-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RRGK,, |
| 有価証券報告書－第46期(令和3年6月1日－令和4年5月31日) | S100P3KG | 2022-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3KG,, |
| 有価証券報告書－第45期(令和2年6月1日－令和3年5月31日) | S100MCUY | 2021-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCUY,, |

## 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).