# MITANI SANGYO CO.,LTD.: 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101期(2025/04/01－2026/03/31) (S100YAL6)
> Page: https://vizora.meequs.com/en/company/mitani-sangyo
> Retrieved: 2026-09-30T19:07:57.543Z

## Company

Mitani Sangyo, founded in 1940, is a company in IT Services & System Integration listed on TSE Standard. It has 3,569 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MITANI SANGYO CO.,LTD. |
| Ticker | 8285 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8285.T) |
| Listing | TSE Standard |
| Head office | 石川県金沢市玉川町1番5号 |
| Representative (per filing) | 代表取締役社長 三谷 忠照 |
| Founded | Oct 1940 |
| Share capital | ¥4.81B |
| Employees (consolidated) | 3,569 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.mitani.co.jp (https://www.mitani.co.jp/) |
| Corporate number | 5220001006845 |
| EDINET | E02692 |
| Industries (Vizora) | IT Services & System Integration, Electronic Components, Plant Engineering & Building Services, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YAL6, filed 2026-06-11). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 71.8 | 179 |
| Profitability | 50 | 185 |
| Cash conversion | 91.3 | 179 |
| Efficiency | 25.1 | 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 38% of Mitani Sangyo's sales come from Chemicals, with Air Conditioning Systems and Information Systems making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +14.0% from the prior year, operating profit +62.9%.

## Company structure

- Segment revenue mix: Chemicals 38.0%、Air Conditioning Systems 17.4%、Information Systems 14.1%、Housing Equipment 12.2%、Resin, Electronics 10.4%
- Revenue → net income: ¥117531000000 → ¥3649000000
- Net income → operating cash flow: ¥3649000000 → ¥8562000000（difference ¥4913000000）
- Main uses of operating cash flow: CapEx ¥1726000000 / dividends ¥646000000 / buybacks ¥0
- Change in cash: ¥587000000
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 | ¥117.5B |  |
| Operating income | ¥3.38B | Margin 2.9% |
| Net income | ¥3.63B | Margin 3.1% |
| Free cash flow | ¥6.84B |  |
| Largest business | Chemicals | of segment revenue 38.0% |
| Employees (consolidated) | 3,569 |  |
| EPS | ¥14.86 |  |
| Book value per share | ¥620.72 |  |
| Equity ratio | 55.9% |  |
| Shares outstanding | 61,772,000 |  |
| Treasury shares | 228,800 |  |
| Shareholders | 23,168 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 7.8% | Cash ÷ revenue 6.7% |
| Vs. industry median margin | 0 pp | Specialty Trading & Wholesale |
| ROE | 9.6% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, segment profit share differs by -24 points
- FY2026, parent-company salary changed +20% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥80541000000 | ¥117531000000 | +45.9% |
| Operating income | ¥2567000000 | ¥3379000000 | +31.6% |
| Operating margin | 3.2% | 2.9% | -0.3 pp |
| Employees | 3,540 people | 3,569 people | +0.8% |
| Cash and equivalents | ¥5640000000 | ¥7870000000 | +39.5% |

### 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 |
| --- | ---: |
| 空調設備工事関連事業 → 空調設備工事関連事業 | 16.6% |
| 樹脂・エレクトロニクス関連事業 → 樹脂・エレクトロニクス関連事業 | 9.5% |
| 情報システム関連事業 → 情報システム関連事業 | 12.5% |
| 化学品関連事業 → 化学品関連事業 | 38.0% |
| 化学品関連事業 → 事業再編・廃止 | 3.5% |
| エネルギー関連事業 → エネルギー関連事業 | 6.1% |
| エネルギー関連事業 → 事業再編・廃止 | 0.3% |
| 住宅設備機器関連事業 → 住宅設備機器関連事業 | 12.2% |
| 住宅設備機器関連事業 → 事業再編・廃止 | 0.2% |
| その他 → その他 | 1.0% |
| 新設・再編 → 空調設備工事関連事業 | 0.8% |
| 新設・再編 → 樹脂・エレクトロニクス関連事業 | 0.9% |
| 新設・再編 → 情報システム関連事業 | 1.6% |
| 新設・再編 → その他 | 0.6% |

Segment revenue source references: 14 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Chemicals | 5 years | +6.0% | ¥44711000000 | 2.1% | 2 |
| Air Conditioning Systems | 5 years | +8.9% | ¥20498000000 | 11.3% | 2 |
| Information Systems | 5 years | +10.5% | ¥16557000000 | 8.6% | 2 |
| Housing Equipment | 5 years | +7.5% | ¥14327000000 | -4.9% | 2 |
| Resin, Electronics | 5 years | +9.8% | ¥12229000000 | 11.8% | 2 |
| Energy | 5 years | +7.0% | ¥7214000000 | 5.8% | 2 |
| Other | 5 years | +18.7% | ¥1992000000 | 11.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 117,531 | 100.0% | S100YAL6 |
| Cost of revenue | 94,820 | 80.7% | S100YAL6 |
| Gross profit | 22,711 | 19.3% | S100YAL6 |
| SG&A | 19,331 | 16.4% | S100YAL6 |
| Operating income | 3,379 | 2.9% | S100YAL6 |
| Ordinary income | 4,519 | 3.8% | S100YAL6 |
| Pretax income | 5,018 | 4.3% | S100YAL6 |
| Income tax | 1,369 | 1.2% | S100YAL6 |
| Net income | 3,649 | 3.1% | S100YAL6 |
| Net income attributable to owners | 3,627 | 3.1% | S100YAL6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 16 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 19.3% → Operating margin 2.9% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.0%; Core profit growth: +62.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.49×
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 | 103,072 | 117,531 | 14,459 | +14.0% |
| Gross profit | 19,864 | 22,711 | 2,847 | +14.3% |
| Operating income | 2,074 | 3,379 | 1,305 | +62.9% |
| Net income attributable to owners | 2,440 | 3,627 | 1,187 | +48.6% |
| Operating cash flow | 4,236 | 8,562 | 4,326 | +102.1% |
| Free cash flow | 2,094 | 6,836 | 4,742 | +226.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 77,595 | 2,534 | 3.3% | 1,646 | 1,789 | -137 | S100LI7N |
| FY ending Mar 2021 | 80,541 | 2,567 | 3.2% | 2,261 | 3,611 | 552 | S100O7ZX |
| FY ending Mar 2022 | 84,427 | 1,140 | 1.4% | 1,424 | 1,086 | -632 | S100QX0Q |
| FY ending Mar 2023 | 90,416 | 978 | 1.1% | 960 | 3,661 | 2,077 | S100TLBC |
| FY ending Mar 2024 | 95,857 | 1,666 | 1.7% | 2,068 | 5,602 | 4,404 | S100VXNG |
| FY ending Mar 2025 | 103,072 | 2,074 | 2.0% | 2,440 | 4,236 | 2,094 | S100YAL6 |
| FY ending Mar 2026 | 117,531 | 3,379 | 2.9% | 3,627 | 8,562 | 6,836 | S100YAL6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.9M |
| Operating income per employee (consolidated) | ¥946.8K |
| Net income per employee (consolidated) | ¥1M |

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) | 3,805 | 3,545 | 3,569 | 3,563 | 3,569 |
| Average salary (parent company) | ¥6.4M | ¥6.3M | ¥6.7M | ¥7.1M | ¥7.7M |
| Average age (parent company) | 40.4 years | 41.0 years | 41.2 years | 41.5 years | 41.5 years |
| Average tenure (parent company) | 10.6 years | 11.0 years | 11.2 years | 11.3 years | 11.9 years |

Year over year: Employees (consolidated) +0.2% · Revenue (consolidated) +14.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Air Conditioning Systems | 20,498 | 17.4% | 2,320 | 11.3% |
| Resin, Electronics | 12,229 | 10.4% | 1,444 | 11.8% |
| Information Systems | 16,557 | 14.1% | 1,419 | 8.6% |
| Chemicals | 44,711 | 38.0% | 945 | 2.1% |
| Energy | 7,214 | 6.1% | 420 | 5.8% |
| Housing Equipment | 14,327 | 12.2% | -698 | -4.9% |
| Other | 1,992 | 1.7% | 238 | 11.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Air Conditioning Systems | 17.4% | 34.2% | 16.7 | 11.3% |
| Resin, Electronics | 10.4% | 21.3% | 10.9 | 11.8% |
| Information Systems | 14.1% | 20.9% | 6.8 | 8.6% |
| Chemicals | 38.0% | 13.9% | -24.1 | 2.1% |
| Energy | 6.1% | 6.2% | 0.1 | 5.8% |
| Housing Equipment | 12.2% | — | — | -4.9% |
| Other | 1.7% | 3.5% | 1.8 | 11.9% |

Loss-making segment (excluded from profit shares): Housing Equipment -698 JPY mn

Segment → industry: Information Systems → IT Services & System Integration / Resin, Electronics → Electronic Components / Air Conditioning Systems → Plant Engineering & Building Services / Housing Equipment → Specialty Trading & Wholesale / Energy → Specialty Trading & Wholesale / Chemicals → 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 | 8,562 | 7.3% | S100YAL6 |
| Capital expenditure | 1,726 | 1.5% | S100YAL6 |
| Free cash flow | 6,836 | 5.8% | 算出 |
| Investing cash flow | -660 | -0.6% | S100YAL6 |
| Financing cash flow | -7,418 | -6.3% | S100YAL6 |
| Dividends paid | 646 | 0.5% | S100YAL6 |
| Share buyback | 0 | 0.0% | S100YAL6 |
| Change in cash | 587 | 0.5% | S100YAL6 |
| Cash and equivalents | 7,870 | 6.7% | S100YAL6 |

## 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 | 5,806 | 6,624 | 7,717 | 7,282 | 7,870 | S100TLBC, S100VXNG, S100YAL6 |
| Total assets | 85,036 | 86,309 | 94,869 | 93,496 | 101,531 | S100QX0Q, S100TLBC, S100VXNG, S100YAL6 |
| Net assets | 40,279 | 41,612 | 47,156 | 47,572 | 56,965 | S100TLBC, S100VXNG, S100YAL6 |
| Share capital | 4,808 | 4,808 | 4,808 | 4,808 | 4,808 | S100QX0Q, S100TLBC, S100VXNG, S100YAL6 |
| Trade receivables | 17,208 | 16,399 | 17,225 | — | — | S100QX0Q, S100TLBC |
| Property, plant and equipment | 16,519 | 16,310 | 16,060 | 16,465 | 16,412 | S100QX0Q, S100TLBC, S100VXNG, S100YAL6 |
| Intangible assets excluding goodwill | 949 | 1,103 | 1,017 | 985 | 1,078 | S100QX0Q, S100TLBC, S100VXNG, S100YAL6 |
| Investment securities | 22,830 | 24,014 | 29,365 | 27,440 | 36,183 | S100QX0Q, S100TLBC, S100VXNG, S100YAL6 |
| Current assets | 42,189 | 42,296 | 45,850 | 46,060 | 45,537 | S100QX0Q, S100TLBC, S100VXNG, S100YAL6 |
| Current liabilities | 32,968 | 33,842 | 36,427 | 36,786 | 33,702 | S100QX0Q, S100TLBC, S100VXNG, S100YAL6 |
| Trade payables | 10,042 | 9,925 | 11,118 | 11,146 | 12,180 | S100QX0Q, S100TLBC, S100VXNG, S100YAL6 |
| Short-term borrowings | 14,323 | 14,971 | 13,647 | 14,085 | 8,505 | S100QX0Q, S100TLBC, S100VXNG, S100YAL6 |
| Long-term borrowings | 6,075 | 5,104 | 3,929 | 2,464 | 1,717 | S100QX0Q, S100TLBC, S100VXNG, S100YAL6 |
| Total liabilities | 44,757 | 44,696 | 47,713 | 45,924 | 44,565 | S100QX0Q, S100TLBC, S100VXNG, S100YAL6 |
| Non-controlling interests | 115 | 125 | 143 | 192 | 196 | S100QX0Q, S100TLBC, S100VXNG, S100YAL6 |
| Equity attributable to owners of parent | 32,476 | 32,882 | 34,396 | 36,316 | 39,291 | S100QX0Q, S100TLBC, S100VXNG, S100YAL6 |
| Retained earnings | 24,354 | 24,760 | 26,274 | 28,160 | 31,141 | S100QX0Q, S100TLBC, S100VXNG, S100YAL6 |
| Treasury stock | -42 | -42 | -42 | -42 | -43 | S100QX0Q, S100TLBC, S100VXNG, S100YAL6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YAL6 |
| Property, plant and equipment | 16% | S100YAL6 |
| Intangibles and goodwill | 1% | S100YAL6 |
| Investment securities | 36% | S100YAL6 |
| Other assets | 39% | S100YAL6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YAL6 |
| Other liabilities | 32% | S100YAL6 |
| Equity | 56% | S100YAL6 |
| Other liabilities | 0% | S100YAL6 |

### 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 | 85,036 | 86,309 | 94,869 | 93,496 | 101,531 |
| Equity | 40,279 | 41,612 | 47,156 | 47,572 | 56,965 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,806 | 6,624 | 7,717 | 7,282 | 7,870 |

## 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) | 14.0% | S100YAL6 |
| Fixed assets ÷ total assets | 16.2% | S100YAL6 |
| Goodwill ÷ parent equity | — | —, S100YAL6 |

### 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) | 7.8% |
| Cash ÷ revenue | 6.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 253.4% |
| Cash vs. profit gap | 4,935 JPY mn (of net income 136.1%) |
| Shareholder returns / net income | 17.8% |
| Shareholder returns / FCF | 9.4% |
| Shareholder payments — dividends / net income | 17.8% |
| Shareholder payments — dividends / FCF | 9.4% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 7.7% |

## 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 | 1.7% | 0.99× | 1.7% | 2.62× | 4.4% | S100QX0Q |
| 2023 | 1.1% | 1.06× | 1.1% | 2.62× | 2.9% | S100TLBC |
| 2024 | 2.2% | 1.06× | 2.3% | 2.69× | 6.1% | S100VXNG |
| 2025 | 2.4% | 1.09× | 2.6% | 2.66× | 6.9% | S100YAL6 |
| 2026 | 3.1% | 1.21× | 3.7% | 2.58× | 9.6% | S100YAL6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三谷 充 | Major shareholder | 15.8% | 2026-03-31 |
| 三谷株式会社 | Major shareholder | 9.7% | 2026-03-31 |
| 公益財団法人三谷育英会 | Major shareholder | 7.6% | 2026-03-31 |
| 公益財団法人三谷研究開発支援財団 | Major shareholder | 6.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社アテナ | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社三谷サービスエンジン | Major shareholder | 3.4% | 2026-03-31 |
| 公益財団法人三谷文化芸術保護情報発信事業財団 | Major shareholder | 3.3% | 2026-03-31 |
| 立花証券株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 三谷産業社員持株会 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第101期(2025/04/01－2026/03/31) | S100YAL6 | 2026-06-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YAL6,, |
| 有価証券報告書－第100期(2024/04/01－2025/03/31) | S100VXNG | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXNG,, |
| 有価証券報告書－第99期(2023/04/01－2024/03/31) | S100TLBC | 2024-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TLBC,, |
| 有価証券報告書－第98期(2022/04/01－2023/03/31) | S100QX0Q | 2023-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QX0Q,, |
| 有価証券報告書－第97期(令和3年4月1日－令和4年3月31日) | S100O7ZX | 2022-06-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O7ZX,, |
| 有価証券報告書－第96期(令和2年4月1日－令和3年3月31日) | S100LI7N | 2021-06-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LI7N,, |

## 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).