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

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第68期(2025/04/01－2026/03/31) (S100YEGC)
> Page: https://vizora.meequs.com/en/company/miura
> Retrieved: 2026-09-30T19:52:14.331Z

## Company

Miura, founded in 1947, is a company in Industrial Machinery listed on TSE Prime. It has 7,896 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MIURA CO., LTD. |
| Ticker | 6005 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6005.T) |
| Listing | TSE Prime |
| Head office | 愛媛県松山市堀江町7番地 |
| Representative (per filing) | 代表取締役 社長執行役員 CEO 米田 剛 |
| Founded | Jan 1947 |
| Share capital | ¥9.54B |
| Employees (consolidated) | 7,896 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | miuraz.co.jp (https://miuraz.co.jp/) |
| Corporate number | 7500001003977 |
| EDINET | E01478 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YEGC, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92.3 | 110 |
| Profitability | 71.7 | 122 |
| Cash conversion | 58.2 | 116 |
| Efficiency | 18.4 | 122 |

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 52% of Miura's sales come from Japan, with Americas and Asia and others making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +6.9% from the prior year, operating profit +22.1%.

## Company structure

- Segment revenue mix: Japan 51.7%、Americas 34.0%、Asia and others 14.4%
- Revenue → net income: ¥268701000000 → ¥27567000000
- Net income → operating cash flow: ¥27567000000 → ¥42445000000（difference ¥14878000000）
- Main uses of operating cash flow: CapEx ¥5261000000 / dividends ¥7742000000 / buybacks —
- Change in cash: ¥13796000000
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 | ¥268.7B |  |
| Operating income | ¥30.9B | Margin 11.5% |
| Net income | ¥27.6B | Margin 10.3% |
| Free cash flow | ¥37.2B |  |
| Largest business | Japan | of segment revenue 51.7% |
| Employees (consolidated) | 7,896 |  |
| EPS | ¥238.72 |  |
| Diluted EPS | ¥238.63 |  |
| Book value per share | ¥1692.1 |  |
| Equity ratio | 51.0% | Derived from disclosed figures |
| Shares outstanding | 125,291,000 |  |
| Treasury shares | 9,578,700 |  |
| Shareholders | 10,406 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 14.5% | Cash ÷ revenue 25.7% |
| Vs. industry median margin | +3.9 pp | Industrial Machinery |
| ROE | 12.4% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 60% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥134732000000 | ¥268701000000 | +99.4% |
| Operating income | ¥17858000000 | ¥30917000000 | +73.1% |
| Operating margin | 13.3% | 11.5% | -1.7 pp |
| Employees | 6,047 people | 7,896 people | +30.6% |
| Cash and equivalents | ¥37428000000 | ¥69048000000 | +84.5% |

### 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 |
| --- | ---: |
| 機器販売事業 → 事業再編・廃止 | 44.8% |
| メンテナンス事業 → 事業再編・廃止 | 25.8% |
| ランドリー事業 → 事業再編・廃止 | 9.3% |
| 機器販売事業 → 事業再編・廃止 | 14.6% |
| メンテナンス事業 → 事業再編・廃止 | 5.3% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 日本国内 | 51.7% |
| 新設・再編 → 米州 | 34.0% |
| 新設・再編 → アジアその他 | 14.4% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | — | — | ¥138818000000 | 15.5% | 2 |
| Americas | — | — | ¥91264000000 | 11.3% | 2 |
| Asia and others | — | — | ¥38617000000 | 10.0% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 268,701 | 100.0% | S100YEGC |
| Cost of revenue | 167,084 | 62.2% | S100YEGC |
| Gross profit | 101,616 | 37.8% | S100YEGC |
| SG&A | 72,101 | 26.8% | S100YEGC |
| Operating income | 30,917 | 11.5% | S100YEGC |
| Pretax income | 37,854 | 14.1% | S100YEGC |
| Income tax | 10,286 | 3.8% | S100YEGC |
| Net income | 27,567 | 10.3% | S100YEGC |
| Net income attributable to owners | 27,621 | 10.3% | S100YEGC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 27 |
| Other operating | -1 |
| Operating income | 12 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 37.8% → Operating margin 11.5% → Net margin 10.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.9%; Core profit growth: +22.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.20×
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 | 251,341 | 268,701 | 17,360 | +6.9% |
| Gross profit | 94,225 | 101,616 | 7,391 | +7.8% |
| Operating income | 25,324 | 30,917 | 5,593 | +22.1% |
| Net income attributable to owners | 22,884 | 27,621 | 4,737 | +20.7% |
| Operating cash flow | 34,119 | 42,445 | 8,326 | +24.4% |
| Free cash flow | 27,280 | 37,184 | 9,904 | +36.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 102,324 | — | — | 9,012 | 10,806 | — | S100LV0D |
| FY ending Mar 2018 | 124,883 | — | — | 10,363 | 9,028 | — | S100OLSH |
| FY ending Mar 2019 | 138,880 | — | — | 12,280 | 17,134 | — | S100RA2B |
| FY ending Mar 2020 | 143,645 | 18,540 | 12.9% | 13,746 | 18,121 | 13,813 | S100LV0D |
| FY ending Mar 2021 | 134,732 | 17,858 | 13.3% | 12,695 | 22,982 | 19,466 | S100OLSH |
| FY ending Mar 2022 | 143,543 | 19,441 | 13.5% | 14,236 | 19,442 | 15,089 | S100RA2B |
| FY ending Mar 2023 | 158,377 | 21,928 | 13.8% | 16,876 | 17,844 | 15,186 | S100TWZL |
| FY ending Mar 2024 | 159,695 | 23,061 | 14.4% | 19,368 | 20,810 | 17,838 | S100W8ZH |
| FY ending Mar 2025 | 251,341 | 25,324 | 10.1% | 22,884 | 34,119 | 27,280 | S100YEGC |
| FY ending Mar 2026 | 268,701 | 30,917 | 11.5% | 27,621 | 42,445 | 37,184 | S100YEGC |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34M |
| Operating income per employee (consolidated) | ¥3.9M |
| Net income per employee (consolidated) | ¥3.5M |

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) | 6,070 | 6,135 | 6,059 | 7,729 | 7,896 |
| Average salary (parent company) | ¥6.7M | ¥6.7M | ¥7M | ¥7M | ¥7.3M |
| Average age (parent company) | 39.9 years | 40.2 years | 40.3 years | 40.4 years | 40.6 years |
| Average tenure (parent company) | 15.0 years | 15.2 years | 15.1 years | 15.1 years | 15.2 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) +6.9%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 138,818 | 51.7% | 21,530 | 15.5% |
| Americas | 91,264 | 34.0% | 10,344 | 11.3% |
| Asia and others | 38,617 | 14.4% | 3,851 | 10.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 51.7% | 60.3% | 8.6 | 15.5% |
| Americas | 34.0% | 29.0% | -5.0 | 11.3% |
| Asia and others | 14.4% | 10.8% | -3.6 | 10.0% |

Segment → industry: Asia and others → Industrial Machinery / Americas → Industrial Machinery / Japan → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 42,445 | 15.8% | S100YEGC |
| Capital expenditure | 5,261 | 2.0% | S100YEGC |
| Free cash flow | 37,184 | 13.8% | 算出 |
| Investing cash flow | -7,232 | -2.7% | S100YEGC |
| Financing cash flow | -24,245 | -9.0% | S100YEGC |
| Dividends paid | 7,742 | 2.9% | S100YEGC |
| Change in cash | 13,796 | 5.1% | S100YEGC |
| Cash and equivalents | 69,048 | 25.7% | S100YEGC |

## 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 | 40,041 | 32,051 | 37,287 | 55,251 | 69,048 | S100RA2B, S100W8ZH, S100YEGC |
| Total assets | 218,975 | 229,560 | 240,962 | 439,144 | 476,425 | S100RA2B, S100TWZL, S100W8ZH, S100YEGC |
| Net assets | 160,056 | 168,912 | 181,515 | 205,291 | 244,569 | S100TWZL, S100W8ZH, S100YEGC |
| Share capital | 9,544 | 9,544 | 9,544 | 9,544 | 9,544 | S100RA2B, S100TWZL, S100W8ZH, S100YEGC |
| Property, plant and equipment | 41,446 | 39,682 | 40,590 | 49,428 | 50,701 | S100RA2B, S100TWZL, S100W8ZH, S100YEGC |
| Goodwill | 6,037 | — | — | 40,415 | 43,591 | S100RA2B, S100YEGC |
| Current assets | 124,932 | 147,904 | 138,181 | 179,426 | 203,181 | S100RA2B, S100TWZL, S100W8ZH, S100YEGC |
| Total liabilities | 58,919 | 60,648 | 59,446 | 233,852 | 231,856 | S100RA2B, S100TWZL, S100W8ZH, S100YEGC |
| Equity attributable to owners of parent | 160,017 | 168,348 | 180,695 | 203,719 | 243,157 | S100RA2B, S100TWZL, S100W8ZH, S100YEGC |
| Retained earnings | 138,956 | 150,912 | 163,926 | 181,039 | 202,150 | S100RA2B, S100TWZL, S100W8ZH, S100YEGC |
| Treasury stock | -6,697 | -10,787 | -16,686 | -10,651 | -10,626 | S100RA2B, S100TWZL, S100W8ZH, S100YEGC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YEGC |
| Property, plant and equipment | 11% | S100YEGC |
| Intangibles and goodwill | 9% | — |
| Other assets | 66% | S100YEGC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 49% | S100YEGC |
| Equity | 51% | S100YEGC |

### 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 | 218,975 | 229,560 | 240,962 | 439,144 | 476,425 |
| Equity | 160,056 | 168,912 | 181,515 | 205,291 | 244,569 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 40,041 | 32,051 | 37,287 | 55,251 | 69,048 |

## 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) | 18.9% | S100YEGC |
| Fixed assets ÷ total assets | 10.6% | S100YEGC |
| Goodwill ÷ parent equity | 17.9% | S100YEGC |

Goodwill over 4 years: 6,037 → 43,591 JPY; total investing cash flow: -170,145 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) | 14.5% |
| Cash ÷ revenue | 25.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 137.3% |
| Cash vs. profit gap | 14,824 JPY mn (of net income 53.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.0% |
| Shareholder payments — dividends / FCF | 20.8% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 17.0% |

## 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 | 9.9% | 0.66× | 6.5% | 1.37× | 8.9% | S100RA2B |
| 2023 | 10.7% | 0.71× | 7.5% | 1.37× | 10.3% | S100TWZL |
| 2024 | 12.1% | 0.68× | 8.2% | 1.35× | 11.1% | S100W8ZH |
| 2025 | 9.1% | 0.74× | 6.7% | 1.77× | 11.9% | S100YEGC |
| 2026 | 10.3% | 0.59× | 6.0% | 2.05× | 12.4% | S100YEGC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行 株式会社(信託口) | Major shareholder | 11.7% | 2026-03-31 |
| ダイキン工業株式会社 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社伊予銀行 | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社愛媛銀行 | Major shareholder | 3.9% | 2026-03-31 |
| ミウラグループ従業員持株会 | Major shareholder | 3.0% | 2026-03-31 |
| 愛媛県 | Major shareholder | 2.6% | 2026-03-31 |
| 公益財団法人三浦教育振興財団 | Major shareholder | 2.6% | 2026-03-31 |
| いよぎんリース株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| SG/UCITS V/INV (常任代理人 香港上海銀行東京支店) | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第68期(2025/04/01－2026/03/31) | S100YEGC | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEGC,, |
| 有価証券報告書－第67期(2024/04/01－2025/03/31) | S100W8ZH | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8ZH,, |
| 有価証券報告書－第66期(2023/04/01－2024/03/31) | S100TWZL | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWZL,, |
| 有価証券報告書－第65期(2022/04/01－2023/03/31) | S100RA2B | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA2B,, |
| 有価証券報告書－第64期(令和3年4月1日－令和4年3月31日) | S100OLSH | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLSH,, |
| 有価証券報告書－第63期(令和2年4月1日－令和3年3月31日) | S100LV0D | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV0D,, |

## 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).