# MITRA Group, Inc.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2025/03/01－2026/02/28) (S100Y5Q4)
> Page: https://vizora.meequs.com/en/company/mitra-group
> Retrieved: 2026-09-30T20:18:09.862Z

## Company

MITRA Group, founded in 2007, is a company in Business Process Outsourcing listed on TSE Standard. It has 314 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Escrow Agent Japan, Inc. |
| Ticker | 6093 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6093.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区大手町二丁目2番1号 |
| Representative (per filing) | 代表取締役社長 成宮 正一郎 |
| Founded | Apr 2007 |
| Share capital | ¥676.7M |
| Employees (consolidated) | 314 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | February |
| Website | www.ea-j.jp (https://www.ea-j.jp/) |
| Corporate number | 7010001108108 |
| EDINET | E30476 |
| Industries (Vizora) | Business Process Outsourcing |

> Profile source: annual securities report (S100Y5Q4, filed 2026-05-22). As of filing

## Five-axis industry profile

Primary industry: Business Process Outsourcing (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 69.4 | 18 |
| Profitability | 59.5 | 21 |
| Cash conversion | 50 | 17 |
| Efficiency | 35.7 | 21 |

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 MITRA Group's sales come from Financial Solution, with Construction Solution and Consulting Solution making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +7.1% from the prior year, operating profit -33.0%.

## Company structure

- Segment revenue mix: Financial Solution 38.4%、Construction Solution 25.3%、Consulting Solution 20.1%、Real Estate Solution 16.2%
- Revenue → net income: ¥5078141000 → ¥189442000
- Net income → operating cash flow: ¥189442000 → ¥384213000（difference ¥194771000）
- Main uses of operating cash flow: CapEx ¥187779000 / dividends ¥261996000 / buybacks —
- Change in cash: ¥-501712000
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 | ¥5.08B |  |
| Operating income | ¥323.4M | Margin 6.4% |
| Net income | ¥189.4M | Margin 3.7% |
| Free cash flow | ¥196.4M |  |
| Largest business | Financial Solution | of segment revenue 38.4% |
| Employees (consolidated) | 314 |  |
| EPS | ¥3.13 |  |
| Diluted EPS | ¥3.12 |  |
| Book value per share | ¥52.71 |  |
| Equity ratio | 73.4% |  |
| Shares outstanding | 45,950,238 |  |
| Treasury shares | 2,399,000 |  |
| Shareholders | 10,635 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 48.3% | Cash ÷ revenue 45.1% |
| Vs. industry median margin | +2.4 pp | Business Process Outsourcing |
| ROE | 5.4% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.0× net income
- FY2026, one segment accounts for 79% of positive segment profit
- FY2026, segment profit share differs by 41 points

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3072866000 | ¥5078141000 | +65.3% |
| Operating income | ¥492432000 | ¥323403000 | -34.3% |
| Operating margin | 16.0% | 6.4% | -9.7 pp |
| Employees | 184 people | 314 people | +70.7% |
| Cash and equivalents | ¥2626581000 | ¥2292156000 | -12.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| エスクローサービス → 事業再編・廃止 | 31.1% |
| BPO → 事業再編・廃止 | 62.8% |
| 不動産オークション → 事業再編・廃止 | 6.1% |
| 新設・再編 → 金融ソリューション | 38.4% |
| 新設・再編 → 不動産ソリューション | 16.2% |
| 新設・再編 → 建築ソリューション | 25.3% |
| 新設・再編 → 士業ソリューション | 20.1% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Financial Solution | 2 years | +2.7% | ¥1946534000 | 40.7% | 2 |
| Construction Solution | 2 years | +24.6% | ¥1281689000 | 9.2% | 2 |
| Consulting Solution | 2 years | +10.6% | ¥1019714000 | 8.9% | 2 |
| Real Estate Solution | 2 years | +14.9% | ¥822789000 | -5.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,078 | 100.0% | S100Y5Q4 |
| Cost of revenue | 2,932 | 57.7% | S100Y5Q4 |
| Gross profit | 2,146 | 42.3% | S100Y5Q4 |
| SG&A | 1,823 | 35.9% | S100Y5Q4 |
| Operating income | 323 | 6.4% | S100Y5Q4 |
| Ordinary income | 317 | 6.2% | S100Y5Q4 |
| Pretax income | 317 | 6.2% | S100Y5Q4 |
| Income tax | 127 | 2.5% | S100Y5Q4 |
| Net income | 189 | 3.7% | S100Y5Q4 |
| Net income attributable to owners | 189 | 3.7% | S100Y5Q4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 36 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 42.3% → Operating margin 6.4% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +7.1%; Core profit growth: -33.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -4.64×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,741 | 5,078 | 337 | +7.1% |
| Gross profit | 2,078 | 2,146 | 68 | +3.3% |
| Operating income | 482 | 323 | -159 | -33.0% |
| Net income attributable to owners | 349 | 189 | -160 | -45.7% |
| Operating cash flow | 690 | 384 | -306 | -44.3% |
| Free cash flow | 393 | 196 | -197 | -50.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 3,206 | 434 | 13.5% | 287 | 435 | 428 | S100LEYS |
| FY ending Feb 2021 | 3,073 | 492 | 16.0% | 364 | 415 | 355 | S100O4MY |
| FY ending Feb 2022 | 3,553 | 614 | 17.3% | 407 | 409 | 229 | S100QU10 |
| FY ending Feb 2023 | 3,711 | 234 | 6.3% | 92 | 329 | 210 | S100TIY8 |
| FY ending Feb 2024 | 4,139 | 456 | 11.0% | 300 | 500 | 377 | S100VUN4 |
| FY ending Feb 2025 | 4,741 | 482 | 10.2% | 349 | 690 | 393 | S100Y5Q4 |
| FY ending Feb 2026 | 5,078 | 323 | 6.4% | 189 | 384 | 196 | S100Y5Q4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.2M |
| Operating income per employee (consolidated) | ¥1M |
| Net income per employee (consolidated) | ¥603.3K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 186 | 220 | 227 | 268 | 314 |
| Average salary (parent company) | ¥4.6M | ¥4.9M | ¥4.8M | ¥5M | ¥4.9M |
| Average age (parent company) | 41.0 years | 41.6 years | 42.2 years | 41.2 years | 41.4 years |
| Average tenure (parent company) | 4.6 years | 4.7 years | 4.7 years | 4.8 years | 5.4 years |

Year over year: Employees (consolidated) +17.2% · Revenue (consolidated) +7.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Financial Solution | 1,947 | 38.4% | 793 | 40.7% |
| Real Estate Solution | 823 | 16.2% | -42 | -5.1% |
| Construction Solution | 1,282 | 25.3% | 118 | 9.2% |
| Consulting Solution | 1,020 | 20.1% | 91 | 8.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Financial Solution | 38.4% | 79.2% | 40.8 | 40.7% |
| Real Estate Solution | 16.2% | — | — | -5.1% |
| Construction Solution | 25.3% | 11.7% | -13.5 | 9.2% |
| Consulting Solution | 20.1% | 9.1% | -11.0 | 8.9% |

Loss-making segment (excluded from profit shares): Real Estate Solution -42 JPY mn

Segment → industry: Real Estate Solution → Business Process Outsourcing / Financial Solution → Business Process Outsourcing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 384 | 7.6% | S100Y5Q4 |
| Capital expenditure | 188 | 3.7% | S100Y5Q4 |
| Free cash flow | 196 | 3.9% | 算出 |
| Investing cash flow | -580 | -11.4% | S100Y5Q4 |
| Financing cash flow | -306 | -6.0% | S100Y5Q4 |
| Dividends paid | 262 | 5.2% | S100Y5Q4 |
| Change in cash | -502 | -9.9% | S100Y5Q4 |
| Cash and equivalents | 2,292 | 45.1% | S100Y5Q4 |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,667 | 2,520 | 2,709 | 2,794 | 2,292 | S100TIY8, S100VUN4, S100Y5Q4 |
| Total assets | 4,094 | 4,236 | 4,448 | 4,761 | 4,742 | S100QU10, S100TIY8, S100VUN4, S100Y5Q4 |
| Net assets | 3,379 | 3,333 | 3,466 | 3,556 | 3,498 | S100TIY8, S100VUN4, S100Y5Q4 |
| Share capital | 654 | 671 | 677 | 677 | 677 | S100QU10, S100TIY8, S100VUN4, S100Y5Q4 |
| Property, plant and equipment | 93 | 102 | 130 | 221 | 263 | S100QU10, S100TIY8, S100VUN4, S100Y5Q4 |
| Intangible assets excluding goodwill | 245 | 501 | 464 | 593 | 522 | S100QU10, S100TIY8, S100VUN4, S100Y5Q4 |
| Goodwill | — | 30 | 24 | 17 | 10 | S100TIY8, S100VUN4, S100Y5Q4 |
| Investment securities | 84 | 82 | 74 | 58 | 169 | S100QU10, S100TIY8, S100VUN4, S100Y5Q4 |
| Current assets | 3,374 | 3,335 | 3,454 | 3,609 | 3,410 | S100QU10, S100TIY8, S100VUN4, S100Y5Q4 |
| Current liabilities | 579 | 839 | 891 | 1,023 | 1,067 | S100QU10, S100TIY8, S100VUN4, S100Y5Q4 |
| Total liabilities | 715 | 903 | 982 | 1,205 | 1,244 | S100QU10, S100TIY8, S100VUN4, S100Y5Q4 |
| Equity attributable to owners of parent | 3,376 | 3,328 | 3,464 | 3,552 | 3,479 | S100QU10, S100TIY8, S100VUN4, S100Y5Q4 |
| Retained earnings | 2,501 | 2,419 | 2,545 | 2,632 | 2,559 | S100QU10, S100TIY8, S100VUN4, S100Y5Q4 |
| Treasury stock | -548 | -548 | -548 | -548 | -548 | S100QU10, S100TIY8, S100VUN4, S100Y5Q4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 48% | S100Y5Q4 |
| Property, plant and equipment | 6% | S100Y5Q4 |
| Intangibles and goodwill | 11% | S100Y5Q4 |
| Investment securities | 4% | S100Y5Q4 |
| Other assets | 31% | S100Y5Q4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 26% | S100Y5Q4 |
| Equity | 74% | S100Y5Q4 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,094 | 4,236 | 4,448 | 4,761 | 4,742 |
| Equity | 3,379 | 3,333 | 3,466 | 3,556 | 3,498 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,667 | 2,520 | 2,709 | 2,794 | 2,292 |

## 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) | 5.2% | S100Y5Q4 |
| Fixed assets ÷ total assets | 5.6% | S100Y5Q4 |
| Goodwill ÷ parent equity | 0.3% | S100Y5Q4 |

### 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) | 48.3% |
| Cash ÷ revenue | 45.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 118.8% |
| Cash vs. profit gap | 195 JPY mn (of net income 102.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 138.3% |
| Shareholder payments — dividends / FCF | 133.4% |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 150.9% |

## 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 | 11.4% | 0.87× | 9.9% | 1.21× | 12.0% | S100QU10 |
| 2023 | 2.5% | 0.89× | 2.2% | 1.24× | 2.7% | S100TIY8 |
| 2024 | 7.2% | 0.95× | 6.9% | 1.28× | 8.8% | S100VUN4 |
| 2025 | 7.4% | 1.03× | 7.6% | 1.31× | 10.0% | S100Y5Q4 |
| 2026 | 3.7% | 1.07× | 4.0% | 1.35× | 5.4% | S100Y5Q4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社中央グループホールディングス | Major shareholder | 42.7% | 2026-02-28 |
| 本間 英明 | Major shareholder | 7.2% | 2026-02-28 |
| 千代田プロパティホールディングス株式会社 | Major shareholder | 6.3% | 2026-02-28 |
| 喜夛 利之 | Major shareholder | 1.0% | 2026-02-28 |
| 成宮 正一郎 | Major shareholder | 0.9% | 2026-02-28 |
| 後藤 武史 | Major shareholder | 0.9% | 2026-02-28 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ） | Major shareholder | 0.8% | 2026-02-28 |
| 浅野 益男 | Major shareholder | 0.7% | 2026-02-28 |
| 千原 一成 | Major shareholder | 0.6% | 2026-02-28 |
| 野口 信雄 | Major shareholder | 0.6% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/03/01－2026/02/28) | S100Y5Q4 | 2026-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5Q4,, |
| 有価証券報告書－第18期(2024/03/01－2025/02/28) | S100VUN4 | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUN4,, |
| 有価証券報告書－第17期(2023/03/01－2024/02/29) | S100TIY8 | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIY8,, |
| 有価証券報告書－第16期(2022/03/01－2023/02/28) | S100QU10 | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QU10,, |
| 有価証券報告書－第15期(令和3年3月1日－令和4年2月28日) | S100O4MY | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4MY,, |
| 有価証券報告書－第14期(令和2年3月1日－令和3年2月28日) | S100LEYS | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEYS,, |

## 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).