# mitanisekisanco.,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93期(2025/04/01－2026/03/31) (S100YJGQ)
> Page: https://vizora.meequs.com/en/company/mitanisekisanco
> Retrieved: 2026-09-30T19:54:04.521Z

## Company

mitanisekisanco., founded in 1956, is a company in IT Services & System Integration listed on TSE Standard. It has 1,095 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MITANI SEKISAN Co., Ltd. |
| Ticker | 5273 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5273.T) |
| Listing | TSE Standard |
| Head office | 福井市豊島1丁目3番1号 |
| Representative (per filing) | 代表取締役社長 三谷進治 |
| Founded | Sep 1956 |
| Share capital | ¥2.15B |
| Employees (consolidated) | 1,095 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.m-sekisan.co.jp (https://www.m-sekisan.co.jp/) |
| Corporate number | 9210001004020 |
| EDINET | E01169 |
| Industries (Vizora) | IT Services & System Integration, Cement & Concrete |

> Profile source: annual securities report (S100YJGQ, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Cement & Concrete (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 96.9 | 16 |
| Profitability | 96.9 | 16 |
| Cash conversion | 40.6 | 16 |
| Efficiency | 40.6 | 16 |

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 83% of mitanisekisanco.'s sales come from Concrete secondary products, with Other and Information related making up much of the rest.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed +13.8% from the prior year, operating profit +26.7%.

## Company structure

- Segment revenue mix: Concrete secondary products 83.3%、Other 9.3%、Information related 7.5%
- Revenue → net income: ¥99854000000 → ¥13992000000
- Net income → operating cash flow: ¥13992000000 → ¥13330000000（difference ¥-662000000）
- Main uses of operating cash flow: CapEx ¥5354000000 / dividends ¥2949000000 / buybacks ¥1432000000
- Change in cash: ¥3840000000
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 | ¥99.9B |  |
| Operating income | ¥17.6B | Margin 17.6% |
| Net income | ¥13.8B | Margin 13.8% |
| Free cash flow | ¥7.98B |  |
| Largest business | Concrete secondary products | of segment revenue 83.3% |
| Employees (consolidated) | 1,095 |  |
| EPS | ¥166.29 |  |
| Book value per share | ¥1032.59 |  |
| Equity ratio | 71.9% |  |
| Shares outstanding | 20,986,599 |  |
| Treasury shares | 3,423,500 |  |
| Shareholders | 2,933 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 33.0% | Cash ÷ revenue 46.7% |
| Vs. industry median margin | +9.5 pp | Cement & Concrete |
| ROE | 17.8% | Derived from disclosed figures |
| ROA | 10.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 79% of positive segment profit
- FY2026, employees -7% while operating income rose 27%
- FY2026, cash is 33% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥68907000000 | ¥99854000000 | +44.9% |
| Operating income | ¥7494000000 | ¥17598000000 | +134.8% |
| Operating margin | 10.9% | 17.6% | +6.7 pp |
| Employees | 1,103 people | 1,095 people | -0.7% |
| Cash and equivalents | ¥35103000000 | ¥46659000000 | +32.9% |

### 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 |
| --- | ---: |
| コンクリート二次製品関連 → コンクリート二次製品関連 | 81.3% |
| 情報関連 → 情報関連 | 7.5% |
| 情報関連 → 事業再編・廃止 | 3.5% |
| その他 → その他 | 7.8% |
| 新設・再編 → コンクリート二次製品関連 | 2.0% |
| 新設・再編 → その他 | 1.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Concrete secondary products | 5 years | +8.2% | ¥83159000000 | 17.7% | 2 |
| Other | 5 years | +11.5% | ¥9244000000 | 24.1% | 2 |
| Information related | 5 years | -0.2% | ¥7450000000 | 21.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 99,854 | 100.0% | S100YJGQ |
| Cost of revenue | 75,169 | 75.3% | S100YJGQ |
| Gross profit | 24,684 | 24.7% | S100YJGQ |
| SG&A | 7,085 | 7.1% | S100YJGQ |
| Operating income | 17,598 | 17.6% | S100YJGQ |
| Ordinary income | 18,923 | 19.0% | S100YJGQ |
| Pretax income | 19,923 | 20.0% | S100YJGQ |
| Income tax | 5,931 | 5.9% | S100YJGQ |
| Net income | 13,992 | 14.0% | S100YJGQ |
| Net income attributable to owners | 13,782 | 13.8% | S100YJGQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 7 |
| Operating income | 18 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 24.7% → Operating margin 17.6% → Net margin 13.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.8%; Core profit growth: +26.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.94×
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 | 87,765 | 99,854 | 12,089 | +13.8% |
| Gross profit | 20,661 | 24,684 | 4,023 | +19.5% |
| Operating income | 13,892 | 17,598 | 3,706 | +26.7% |
| Net income attributable to owners | 10,175 | 13,782 | 3,607 | +35.4% |
| Operating cash flow | 13,370 | 13,330 | -40 | -0.3% |
| Free cash flow | 8,529 | 7,976 | -553 | -6.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 75,094 | 8,503 | 11.3% | 5,614 | 9,935 | 7,565 | S100LP6T |
| FY ending Mar 2021 | 68,907 | 7,494 | 10.9% | 5,375 | 8,897 | 6,673 | S100OEBU |
| FY ending Mar 2022 | 77,320 | 7,602 | 9.8% | 5,322 | 9,298 | 7,509 | S100R9PI |
| FY ending Mar 2023 | 86,075 | 9,997 | 11.6% | 8,201 | 9,759 | 7,408 | S100TWNQ |
| FY ending Mar 2024 | 83,116 | 12,108 | 14.6% | 9,251 | 8,688 | 5,343 | S100W0AY |
| FY ending Mar 2025 | 87,765 | 13,892 | 15.8% | 10,175 | 13,370 | 8,529 | S100YJGQ |
| FY ending Mar 2026 | 99,854 | 17,598 | 17.6% | 13,782 | 13,330 | 7,976 | S100YJGQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥91.2M |
| Operating income per employee (consolidated) | ¥16.1M |
| Net income per employee (consolidated) | ¥12.6M |

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) | 1,117 | 1,138 | 1,147 | 1,174 | 1,095 |
| Average salary (parent company) | ¥6.2M | ¥6.2M | ¥6.5M | ¥6.7M | ¥7M |
| Average age (parent company) | 40.1 years | 41.0 years | 41.0 years | 40.1 years | 40.1 years |
| Average tenure (parent company) | 11.1 years | 11.1 years | 11.1 years | 10.1 years | 11.0 years |

Year over year: Employees (consolidated) -6.7% · Revenue (consolidated) +13.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Concrete secondary products | 83,159 | 83.3% | 14,733 | 17.7% |
| Information related | 7,450 | 7.5% | 1,617 | 21.7% |
| Other | 9,244 | 9.3% | 2,228 | 24.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Concrete secondary products | 83.3% | 79.3% | -4.0 | 17.7% |
| Information related | 7.5% | 8.7% | 1.2 | 21.7% |
| Other | 9.3% | 12.0% | 2.7 | 24.1% |

Segment → industry: Information related → IT Services & System Integration / Concrete secondary products → Cement & Concrete

## 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 | 13,330 | 13.3% | S100YJGQ |
| Capital expenditure | 5,354 | 5.4% | S100YJGQ |
| Free cash flow | 7,976 | 8.0% | 算出 |
| Investing cash flow | -4,753 | -4.8% | S100YJGQ |
| Financing cash flow | -4,736 | -4.7% | S100YJGQ |
| Dividends paid | 2,949 | 3.0% | S100YJGQ |
| Share buyback | 1,432 | 1.4% | S100YJGQ |
| Change in cash | 3,840 | 3.8% | S100YJGQ |
| Cash and equivalents | 46,659 | 46.7% | S100YJGQ |

## 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 | 35,698 | 37,468 | 40,412 | 42,819 | 46,659 | S100TWNQ, S100W0AY, S100YJGQ |
| Total assets | 103,609 | 105,035 | 120,357 | 125,234 | 141,295 | S100R9PI, S100TWNQ, S100W0AY, S100YJGQ |
| Net assets | 68,576 | 71,511 | 84,737 | 90,542 | 103,702 | S100TWNQ, S100W0AY, S100YJGQ |
| Share capital | 2,146 | 2,146 | 2,146 | 2,146 | 2,146 | S100R9PI, S100TWNQ, S100W0AY, S100YJGQ |
| Property, plant and equipment | 15,405 | 14,135 | 15,615 | 17,977 | 20,832 | S100R9PI, S100TWNQ, S100W0AY, S100YJGQ |
| Intangible assets excluding goodwill | 1,078 | 917 | 907 | 862 | 923 | S100R9PI, S100TWNQ, S100W0AY, S100YJGQ |
| Investment securities | 21,268 | 21,639 | 30,123 | 31,563 | 36,866 | S100R9PI, S100TWNQ, S100W0AY, S100YJGQ |
| Current assets | 64,711 | 67,168 | 72,237 | 72,884 | 80,956 | S100R9PI, S100TWNQ, S100W0AY, S100YJGQ |
| Current liabilities | 26,346 | 26,533 | 26,219 | 24,370 | 25,989 | S100R9PI, S100TWNQ, S100W0AY, S100YJGQ |
| Trade payables | 10,208 | 9,481 | 8,386 | 7,564 | 6,455 | S100R9PI, S100TWNQ, S100W0AY, S100YJGQ |
| Short-term borrowings | 36 | 66 | 66 | 66 | 66 | S100R9PI, S100TWNQ, S100W0AY, S100YJGQ |
| Long-term borrowings | 170 | 252 | 186 | 120 | 54 | S100R9PI, S100TWNQ, S100W0AY, S100YJGQ |
| Total liabilities | 35,032 | 33,524 | 35,619 | 34,692 | 37,592 | S100R9PI, S100TWNQ, S100W0AY, S100YJGQ |
| Non-controlling interests | 1,545 | 1,635 | 1,759 | 1,961 | 2,103 | S100R9PI, S100TWNQ, S100W0AY, S100YJGQ |
| Equity attributable to owners of parent | 53,734 | 60,838 | 68,107 | 72,930 | 82,334 | S100R9PI, S100TWNQ, S100W0AY, S100YJGQ |
| Retained earnings | 60,328 | 67,627 | 75,308 | 77,530 | 88,364 | S100R9PI, S100TWNQ, S100W0AY, S100YJGQ |
| Treasury stock | -10,999 | -11,194 | -11,606 | -6,837 | -8,270 | S100R9PI, S100TWNQ, S100W0AY, S100YJGQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100YJGQ |
| Property, plant and equipment | 15% | S100YJGQ |
| Intangibles and goodwill | 1% | S100YJGQ |
| Investment securities | 26% | S100YJGQ |
| Other assets | 25% | S100YJGQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YJGQ |
| Other liabilities | 22% | S100YJGQ |
| Equity | 73% | S100YJGQ |
| Other liabilities | 0% | S100YJGQ |

### 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 | 103,609 | 105,035 | 120,357 | 125,234 | 141,295 |
| Equity | 68,576 | 71,511 | 84,737 | 90,542 | 103,702 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 35,698 | 37,468 | 40,412 | 42,819 | 46,659 |

## 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) | 20.9% | S100YJGQ |
| Fixed assets ÷ total assets | 14.7% | S100YJGQ |
| Goodwill ÷ parent equity | — | —, S100YJGQ |

### 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) | 33.0% |
| Cash ÷ revenue | 46.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 75.7% |
| Cash vs. profit gap | -452 JPY mn (of net income -3.3%) |
| Shareholder returns / net income | 31.8% |
| Shareholder returns / FCF | 54.9% |
| Shareholder payments — dividends / net income | 21.4% |
| Shareholder payments — dividends / FCF | 37.0% |
| CapEx intensity (capex ÷ revenue) | 5.4% |
| Investing CF relative to operating CF | 35.7% |

## 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 | 6.9% | 0.75× | 5.1% | 1.93× | 9.9% | S100R9PI |
| 2023 | 9.5% | 0.83× | 7.9% | 1.82× | 14.3% | S100TWNQ |
| 2024 | 11.1% | 0.74× | 8.2% | 1.75× | 14.3% | S100W0AY |
| 2025 | 11.6% | 0.71× | 8.3% | 1.74× | 14.4% | S100YJGQ |
| 2026 | 13.8% | 0.75× | 10.3% | 1.72× | 17.8% | S100YJGQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 一般財団法人三谷市民文化振興財団 | Major shareholder | 12.5% | 2026-03-31 |
| 三谷商事株式会社 | Major shareholder | 10.4% | 2026-03-31 |
| 一般財団法人三谷進一育英会 | Major shareholder | 8.1% | 2026-03-31 |
| ＵＢＥ三菱セメント株式会社 | Major shareholder | 5.7% | 2026-03-31 |
| 住友大阪セメント株式会社 | Major shareholder | 5.7% | 2026-03-31 |
| BBH FOR FIDELITY LOW-PRICED STOCK FUND (PRINCIPAL ALL SECTOR SUBPORTFOLIO) （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 5.0% | 2026-03-31 |
| 三谷滋子 | Major shareholder | 4.9% | 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 | 4.8% | 2026-03-31 |
| 三谷進治 | Major shareholder | 2.8% | 2026-03-31 |
| 敦賀セメント株式会社 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第93期(2025/04/01－2026/03/31) | S100YJGQ | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJGQ,, |
| 有価証券報告書－第92期(2024/04/01－2025/03/31) | S100W0AY | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0AY,, |
| 有価証券報告書－第91期(2023/04/01－2024/03/31) | S100TWNQ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWNQ,, |
| 有価証券報告書－第90期(2022/04/01－2023/03/31) | S100R9PI | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9PI,, |
| 有価証券報告書－第89期(令和3年4月1日－令和4年3月31日) | S100OEBU | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEBU,, |
| 有価証券報告書－第88期(令和2年4月1日－令和3年3月31日) | S100LP6T | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP6T,, |

## 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).