# MITANI CORPORATIN: 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109期(2025/04/01－2026/03/31) (S100YJ7S)
> Page: https://vizora.meequs.com/en/company/mitani-corporatin
> Retrieved: 2026-09-30T18:32:25.224Z

## Company

Mitani Corporatin, founded in 1946, is a company in Broadband & ISPs listed on TSE Standard. It has 2,102 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MITANI CORPORATION |
| Ticker | 8066 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8066.T) |
| Listing | TSE Standard |
| Head office | 福井市豊島一丁目3番1号 |
| Representative (per filing) | 代表取締役社長 三谷聡 |
| Founded | Mar 1946 |
| Share capital | ¥5.01B |
| Employees (consolidated) | 2,102 |
| Average salary (parent only) | ¥9.2M |
| Fiscal year end | March |
| Website | www.mitani-corp.co.jp (https://www.mitani-corp.co.jp/) |
| Corporate number | 7210001004022 |
| EDINET | E02602 |
| Industries (Vizora) | Broadband & ISPs, IT Services & System Integration, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YJ7S, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 7.5 | 179 |
| Profitability | 93.8 | 185 |
| Cash conversion | 40.5 | 179 |
| Efficiency | 19.7 | 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 49% of Mitani Corporatin's sales come from Business supply, with Lifestyle and community service and Information technology making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +0.0% from the prior year, operating profit +2.8%.

## Company structure

- Segment revenue mix: Business supply 49.4%、Lifestyle and community service 41.4%、Information technology 9.3%
- Revenue → net income: ¥339031000000 → ¥26140000000
- Net income → operating cash flow: ¥26140000000 → ¥27900000000（difference ¥1760000000）
- Main uses of operating cash flow: CapEx ¥6302000000 / dividends ¥6606000000 / buybacks ¥0
- Change in cash: ¥9704000000
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 | ¥339B |  |
| Operating income | ¥32.4B | Margin 9.6% |
| Net income | ¥23.5B | Margin 6.9% |
| Free cash flow | ¥21.6B |  |
| Largest business | Business supply | of segment revenue 49.4% |
| Employees (consolidated) | 2,102 |  |
| EPS | ¥172.13 |  |
| Diluted EPS | ¥172.07 |  |
| Book value per share | ¥1414.46 |  |
| Equity ratio | 59.2% |  |
| Shares outstanding | 91,000,000 |  |
| Treasury shares | 5,228,300 |  |
| Shareholders | 2,004 |  |
| Average salary (parent only) | ¥9.2M | Filing company only |
| Cash ratio | 36.7% | Cash ÷ revenue 34.2% |
| Vs. industry median margin | +6.7 pp | Specialty Trading & Wholesale |
| ROE | 13.7% | Derived from disclosed figures |
| ROA | 7.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 74% of positive segment profit
- FY2026, segment profit share differs by -30 points
- FY2026, cash is 37% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥396973000000 | ¥339031000000 | -14.6% |
| Operating income | ¥20131000000 | ¥32387000000 | +60.9% |
| Operating margin | 5.1% | 9.6% | +4.5 pp |
| Employees | 1,990 people | 2,102 people | +5.6% |
| Cash and equivalents | ¥93053000000 | ¥116085000000 | +24.8% |

### 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 |
| --- | ---: |
| 情報システム関連事業 → 情報システム関連事業 | 7.2% |
| 企業サプライ関連事業 → 企業サプライ関連事業 | 49.4% |
| 企業サプライ関連事業 → 事業再編・廃止 | 14.4% |
| 生活・地域サービス関連事業 → 生活・地域サービス関連事業 | 29.0% |
| 新設・再編 → 情報システム関連事業 | 2.0% |
| 新設・再編 → 生活・地域サービス関連事業 | 12.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Business supply | 5 years | -7.9% | ¥167411000000 | 15.6% | 2 |
| Lifestyle and community service | 5 years | +4.0% | ¥140211000000 | 2.9% | 2 |
| Information technology | 5 years | +1.8% | ¥31408000000 | 16.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 339,031 | 100.0% | S100YJ7S |
| Cost of revenue | 276,397 | 81.5% | S100YJ7S |
| Gross profit | 62,633 | 18.5% | S100YJ7S |
| SG&A | 30,245 | 8.9% | S100YJ7S |
| Operating income | 32,387 | 9.6% | S100YJ7S |
| Ordinary income | 36,634 | 10.8% | S100YJ7S |
| Pretax income | 36,750 | 10.8% | S100YJ7S |
| Income tax | 10,609 | 3.1% | S100YJ7S |
| Net income | 26,140 | 7.7% | S100YJ7S |
| Net income attributable to owners | 23,453 | 6.9% | S100YJ7S |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 9 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 18.5% → Operating margin 9.6% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.0%; Core profit growth: +2.8%
Growth quality: margin-expansion
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 | 339,005 | 339,031 | 26 | +0.0% |
| Gross profit | 60,190 | 62,633 | 2,443 | +4.1% |
| Operating income | 31,508 | 32,387 | 879 | +2.8% |
| Net income attributable to owners | 19,022 | 23,453 | 4,431 | +23.3% |
| Operating cash flow | 25,415 | 27,900 | 2,485 | +9.8% |
| Free cash flow | 20,916 | 21,598 | 682 | +3.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 412,598 | 18,890 | 4.6% | 10,440 | 11,424 | 6,570 | S100LVDM |
| FY ending Mar 2021 | 396,973 | 20,131 | 5.1% | 12,451 | 16,460 | 12,700 | S100OL8B |
| FY ending Mar 2022 | 299,350 | 20,733 | 6.9% | 13,076 | 16,791 | 11,880 | S100RAK2 |
| FY ending Mar 2023 | 320,281 | 21,674 | 6.8% | 14,864 | 20,596 | 18,028 | S100TY0A |
| FY ending Mar 2024 | 324,771 | 25,938 | 8.0% | 18,167 | 31,580 | 26,987 | S100W8XJ |
| FY ending Mar 2025 | 339,005 | 31,508 | 9.3% | 19,022 | 25,415 | 20,916 | S100YJ7S |
| FY ending Mar 2026 | 339,031 | 32,387 | 9.6% | 23,453 | 27,900 | 21,598 | S100YJ7S |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥161.3M |
| Operating income per employee (consolidated) | ¥15.4M |
| Net income per employee (consolidated) | ¥11.2M |

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) | 1,997 | 2,056 | 2,065 | 2,076 | 2,102 |
| Average salary (parent company) | ¥8.9M | ¥8.2M | ¥8.4M | ¥8.7M | ¥9.2M |
| Average age (parent company) | 41.6 years | 42.0 years | 42.2 years | 42.0 years | 41.2 years |
| Average tenure (parent company) | 17.7 years | 17.7 years | 17.9 years | 17.3 years | 16.3 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +0.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Information technology | 31,408 | 9.3% | 5,289 | 16.8% |
| Business supply | 167,411 | 49.4% | 26,074 | 15.6% |
| Lifestyle and community service | 140,211 | 41.4% | 4,074 | 2.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Information technology | 9.3% | 14.9% | 5.7 | 16.8% |
| Business supply | 49.4% | 73.6% | 24.2 | 15.6% |
| Lifestyle and community service | 41.4% | 11.5% | -29.9 | 2.9% |

Segment → industry: Lifestyle and community service → Broadband & ISPs / Information technology → IT Services & System Integration / Business supply → Specialty Trading & Wholesale

## 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 | 27,900 | 8.2% | S100YJ7S |
| Capital expenditure | 6,302 | 1.9% | S100YJ7S |
| Free cash flow | 21,598 | 6.4% | 算出 |
| Investing cash flow | -9,424 | -2.8% | S100YJ7S |
| Financing cash flow | -9,059 | -2.7% | S100YJ7S |
| Dividends paid | 6,606 | 1.9% | S100YJ7S |
| Share buyback | 0 | 0.0% | S100YJ7S |
| Change in cash | 9,704 | 2.9% | S100YJ7S |
| Cash and equivalents | 116,085 | 34.2% | S100YJ7S |

## 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 | 89,766 | 86,650 | 99,885 | 106,325 | 116,085 | S100TY0A, S100W8XJ, S100YJ7S |
| Total assets | 250,299 | 270,961 | 299,056 | 298,988 | 316,073 | S100RAK2, S100TY0A, S100W8XJ, S100YJ7S |
| Net assets | 156,134 | 169,334 | 185,506 | 192,161 | 209,892 | S100TY0A, S100W8XJ, S100YJ7S |
| Share capital | 5,008 | 5,008 | 5,008 | 5,008 | 5,008 | S100RAK2, S100TY0A, S100W8XJ, S100YJ7S |
| Property, plant and equipment | 37,964 | 39,450 | 37,654 | 34,157 | 35,287 | S100RAK2, S100TY0A, S100W8XJ, S100YJ7S |
| Intangible assets excluding goodwill | 2,237 | 3,766 | 2,709 | 2,645 | 2,561 | S100RAK2, S100TY0A, S100W8XJ, S100YJ7S |
| Goodwill | 887 | 2,512 | 1,715 | 1,516 | 1,094 | S100RAK2, S100TY0A, S100W8XJ, S100YJ7S |
| Investment securities | 12,218 | 11,536 | 13,669 | 13,627 | 15,882 | S100RAK2, S100TY0A, S100W8XJ, S100YJ7S |
| Current assets | 191,760 | 209,830 | 237,836 | 240,898 | 253,475 | S100RAK2, S100TY0A, S100W8XJ, S100YJ7S |
| Current liabilities | 81,317 | 89,624 | 102,677 | 95,623 | 93,645 | S100RAK2, S100TY0A, S100W8XJ, S100YJ7S |
| Trade payables | 57,284 | 52,097 | 59,232 | 53,071 | 52,883 | S100RAK2, S100TY0A, S100W8XJ, S100YJ7S |
| Short-term borrowings | 4,762 | 6,069 | 6,162 | 6,637 | 7,023 | S100RAK2, S100TY0A, S100W8XJ, S100YJ7S |
| Long-term borrowings | 3,684 | 2,554 | 822 | 1,673 | 2,111 | S100RAK2, S100TY0A, S100W8XJ, S100YJ7S |
| Total liabilities | 94,165 | 101,627 | 113,550 | 106,827 | 106,180 | S100RAK2, S100TY0A, S100W8XJ, S100YJ7S |
| Non-controlling interests | 19,684 | 21,846 | 23,622 | 24,987 | 22,656 | S100RAK2, S100TY0A, S100W8XJ, S100YJ7S |
| Equity attributable to owners of parent | 135,358 | 145,285 | 157,910 | 162,283 | 181,068 | S100RAK2, S100TY0A, S100W8XJ, S100YJ7S |
| Retained earnings | 149,895 | 161,523 | 175,305 | 164,244 | 181,212 | S100RAK2, S100TY0A, S100W8XJ, S100YJ7S |
| Treasury stock | -23,155 | -24,928 | -26,440 | -6,969 | -6,984 | S100RAK2, S100TY0A, S100W8XJ, S100YJ7S |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100YJ7S |
| Property, plant and equipment | 11% | S100YJ7S |
| Intangibles and goodwill | 1% | S100YJ7S |
| Investment securities | 5% | S100YJ7S |
| Other assets | 46% | S100YJ7S |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 17% | S100YJ7S |
| Other liabilities | 17% | S100YJ7S |
| Equity | 66% | S100YJ7S |
| Other liabilities | 0% | S100YJ7S |

### 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 | 250,299 | 270,961 | 299,056 | 298,988 | 316,073 |
| Equity | 156,134 | 169,334 | 185,506 | 192,161 | 209,892 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 89,766 | 86,650 | 99,885 | 106,325 | 116,085 |

## 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) | 10.4% | S100YJ7S |
| Fixed assets ÷ total assets | 11.2% | S100YJ7S |
| Goodwill ÷ parent equity | 0.6% | S100YJ7S |

Goodwill over 4 years: 887 → 1,094 JPY; total investing cash flow: -50,490 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) | 36.7% |
| Cash ÷ revenue | 34.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 86.1% |
| Cash vs. profit gap | 4,447 JPY mn (of net income 19.0%) |
| Shareholder returns / net income | 28.2% |
| Shareholder returns / FCF | 30.6% |
| Shareholder payments — dividends / net income | 28.2% |
| Shareholder payments — dividends / FCF | 30.6% |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 33.8% |

## 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 | 4.4% | 1.20× | 5.2% | 1.85× | 9.7% | S100RAK2 |
| 2023 | 4.6% | 1.23× | 5.7% | 1.86× | 10.6% | S100TY0A |
| 2024 | 5.6% | 1.14× | 6.4% | 1.88× | 12.0% | S100W8XJ |
| 2025 | 5.6% | 1.13× | 6.4% | 1.87× | 11.9% | S100YJ7S |
| 2026 | 6.9% | 1.10× | 7.6% | 1.79× | 13.7% | S100YJ7S |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三谷セキサン株式会社 | Major shareholder | 15.6% | 2026-03-31 |
| 一般財団法人三谷進一育英会 | Major shareholder | 10.5% | 2026-03-31 |
| 三谷土地ホーム株式会社 | Major shareholder | 8.8% | 2026-03-31 |
| 三親会 | Major shareholder | 7.9% | 2026-03-31 |
| 三谷滋子 | Major shareholder | 5.4% | 2026-03-31 |
| 三谷聡 | Major shareholder | 4.8% | 2026-03-31 |
| BBH FOR FIDELITY LOW-PRICEDSTOCK FUND（常任代理人株式会社三菱UFJ銀行） | Major shareholder | 3.1% | 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） | Major shareholder | 2.4% | 2026-03-31 |
| ＵＢＥ三菱セメント株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 東京セキサン株式会社 | Major shareholder | 2.3% | 2026-03-31 |

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

- Revenue was flat in the year ended March 2026, at ¥339B.
- Profit still grew: gross profit rose 4.1% to ¥62.6B and operating income rose 2.8% to ¥32.4B.
- Net income attributable to owners jumped 23.3% to ¥23.5B, well ahead of operating income.
- Operating cash flow was up 9.8% at ¥27.9B.

### Drivers

- Schools replaced student devices, and the end of support for an older Windows version pushed PC upgrades
- Gondola sales were strong, and price increases stuck in building materials and spices
- Equity-method investment income rose and there were foreign exchange gains below the operating line
- Fuel wholesale volumes fell on Middle East tensions, and the ODA business slowed after a busy prior year

### Risks

- Domestic demand for its core products, ready-mixed concrete, cement, and petroleum, keeps shrinking
- Wider use of fuel-efficient and electric cars could cut demand at its gas stations
- Many receivables come from construction firms, so a construction slump could raise bad-debt losses

Cited: Annual securities report (109th term) (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 (109th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第109期(2025/04/01－2026/03/31) | S100YJ7S | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ7S,, |
| 有価証券報告書－第108期(2024/04/01－2025/03/31) | S100W8XJ | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8XJ,, |
| 有価証券報告書－第107期(2023/04/01－2024/03/31) | S100TY0A | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TY0A,, |
| 有価証券報告書－第106期(2022/04/01－2023/03/31) | S100RAK2 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAK2,, |
| 有価証券報告書－第105期(令和3年4月1日－令和4年3月31日) | S100OL8B | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL8B,, |
| 有価証券報告書－第104期(令和2年4月1日－令和3年3月31日) | S100LVDM | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVDM,, |

## 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).