# MIYAJI ENGINEERING GROUP, INC.: 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23期(2025/04/01－2026/03/31) (S100YDPT)
> Page: https://vizora.meequs.com/en/company/miyaji-engineering-group
> Retrieved: 2026-09-30T21:37:48.769Z

## Company

Miyaji Engineering Group, founded in 2011, is a company in General Contractors listed on TSE Prime. It has 814 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MIYAJI ENGINEERING GROUP,INC. |
| Ticker | 3431 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3431.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋富沢町9番19号 |
| Representative (per filing) | 代表取締役社長 池浦 正裕 |
| Founded | Mar 2011 |
| Share capital | ¥3B |
| Employees (consolidated) | 814 |
| Average salary (parent only) | ¥11.2M |
| Fiscal year end | March |
| Website | www.miyaji-eng.com (https://www.miyaji-eng.com/) |
| Corporate number | 7010001084761 |
| EDINET | E01461 |
| Industries (Vizora) | General Contractors |

> Profile source: annual securities report (S100YDPT, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.7 | 84 |
| Profitability | 71.2 | 92 |
| Cash conversion | 91.8 | 91 |
| Efficiency | 14.7 | 92 |

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 69% of Miyaji Engineering Group's sales come from MIYAJI ENGINEERING, with MM BRIDGE and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -24.2% from the prior year, operating profit -50.6%.

## Company structure

- Segment revenue mix: MIYAJI ENGINEERING 68.5%、MM BRIDGE 31.4%、Other 0.0%
- Revenue → net income: ¥56659000000 → ¥3466000000
- Net income → operating cash flow: ¥3466000000 → ¥10944000000（difference ¥7478000000）
- Main uses of operating cash flow: CapEx ¥4406000000 / dividends ¥2575000000 / buybacks ¥0
- Change in cash: ¥-4131000000
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 | ¥56.7B |  |
| Operating income | ¥4.53B | Margin 8.0% |
| Net income | ¥3.26B | Margin 5.8% |
| Free cash flow | ¥6.54B |  |
| Largest business | MIYAJI ENGINEERING | of segment revenue 68.5% |
| Employees (consolidated) | 814 |  |
| EPS | ¥112.65 |  |
| Book value per share | ¥480.49 |  |
| Equity ratio | 52.2% |  |
| Shares outstanding | 27,677,000 |  |
| Treasury shares | 1,158,800 |  |
| Shareholders | 27,225 |  |
| Average salary (parent only) | ¥11.2M | Filing company only |
| Cash ratio | 15.1% | Cash ÷ revenue 21.8% |
| Vs. industry median margin | +1.1 pp | General Contractors |
| ROE | 9.6% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.4× net income
- FY2026, segment profit share differs by 39 points
- FY2026, parent-company salary changed +24% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥55268380000 | ¥56659000000 | +2.5% |
| Operating income | ¥5501249000 | ¥4525000000 | -17.7% |
| Operating margin | 10.0% | 8.0% | -2 pp |
| Employees | 727 people | 814 people | +12.0% |
| Cash and equivalents | ¥8516000000 | ¥12370000000 | +45.3% |

### 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 |
| --- | ---: |
| 宮地エンジニアリング → 宮地エンジニアリング | 63.8% |
| エム・エム ブリッジ → エム・エム ブリッジ | 31.4% |
| エム・エム ブリッジ → 事業再編・廃止 | 4.7% |
| その他 → その他 | 0.0% |
| 新設・再編 → 宮地エンジニアリング | 4.7% |
| 新設・再編 → その他 | 0.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| MIYAJI ENGINEERING | 5 years | +2.0% | ¥38792000000 | 10.2% | 2 |
| MM BRIDGE | 5 years | -2.3% | ¥17786000000 | 3.5% | 2 |
| Other | 5 years | +25.0% | ¥12000000 | 24716.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 56,659 | 100.0% | S100YDPT |
| Cost of revenue | 46,807 | 82.6% | S100YDPT |
| Gross profit | 9,852 | 17.4% | S100YDPT |
| SG&A | 5,326 | 9.4% | S100YDPT |
| Operating income | 4,525 | 8.0% | S100YDPT |
| Ordinary income | 4,830 | 8.5% | S100YDPT |
| Pretax income | 4,966 | 8.8% | S100YDPT |
| Income tax | 1,499 | 2.6% | S100YDPT |
| Net income | 3,466 | 6.1% | S100YDPT |
| Net income attributable to owners | 3,264 | 5.8% | S100YDPT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 9 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 17.4% → Operating margin 8.0% → Net margin 5.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -24.2%; Core profit growth: -50.6%
Operating leverage (core profit growth ÷ revenue growth): 2.09×
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 | 74,725 | 56,659 | -18,066 | -24.2% |
| Gross profit | 14,192 | 9,852 | -4,340 | -30.6% |
| Operating income | 9,157 | 4,525 | -4,632 | -50.6% |
| Net income attributable to owners | 4,851 | 3,264 | -1,587 | -32.7% |
| Operating cash flow | -2,652 | 10,944 | 13,596 | — |
| Free cash flow | -5,292 | 6,538 | 11,830 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 63,842 | 5,241 | 8.2% | 2,617 | 4,670 | 2,595 | S100LQ46 |
| FY ending Mar 2021 | 55,268 | 5,501 | 10.0% | 3,809 | 1,094 | -1,597 | S100OPN4 |
| FY ending Mar 2022 | 58,002 | 5,810 | 10.0% | 3,406 | 11,915 | 10,769 | S100R8IA |
| FY ending Mar 2023 | 60,279 | 5,127 | 8.5% | 3,077 | 495 | -741 | S100TU8T |
| FY ending Mar 2024 | 69,365 | 7,904 | 11.4% | 4,354 | 8,841 | 6,911 | S100W5UR |
| FY ending Mar 2025 | 74,725 | 9,157 | 12.3% | 4,851 | -2,652 | -5,292 | S100YDPT |
| FY ending Mar 2026 | 56,659 | 4,525 | 8.0% | 3,264 | 10,944 | 6,538 | S100YDPT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥69.6M |
| Operating income per employee (consolidated) | ¥5.6M |
| Net income per employee (consolidated) | ¥4M |

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) | 750 | 770 | 780 | 813 | 814 |
| Average salary (parent company) | ¥9.1M | ¥9.6M | ¥13.7M | ¥11.7M | ¥11.2M |
| Average age (parent company) | 50.6 years | 51.9 years | 49.0 years | 49.2 years | 51.8 years |
| Average tenure (parent company) | 22.5 years | 24.6 years | 20.7 years | 21.2 years | 22.8 years |

Year over year: Employees (consolidated) +0.1% · Revenue (consolidated) -24.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| MIYAJI ENGINEERING | 38,792 | 68.5% | 3,976 | 10.2% |
| MM BRIDGE | 17,786 | 31.4% | 630 | 3.5% |
| Other | 12 | 0.0% | 2,966 | 24716.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| MIYAJI ENGINEERING | 68.5% | 52.5% | -16.0 | 10.2% |
| MM BRIDGE | 31.4% | 8.3% | -23.1 | 3.5% |
| Other | 0.0% | 39.2% | 39.1 | 24716.7% |

Segment → industry: MM BRIDGE → General Contractors / MIYAJI ENGINEERING → General Contractors

## 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 | 10,944 | 19.3% | S100YDPT |
| Capital expenditure | 4,406 | 7.8% | S100YDPT |
| Free cash flow | 6,538 | 11.5% | 算出 |
| Investing cash flow | -4,095 | -7.2% | S100YDPT |
| Financing cash flow | -10,980 | -19.4% | S100YDPT |
| Dividends paid | 2,575 | 4.5% | S100YDPT |
| Share buyback | 0 | 0.0% | S100YDPT |
| Change in cash | -4,131 | -7.3% | S100YDPT |
| Cash and equivalents | 12,370 | 21.8% | S100YDPT |

## 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 | 15,979 | 13,615 | 19,115 | 16,502 | 12,370 | S100TU8T, S100W5UR, S100YDPT |
| Total assets | 61,815 | 63,051 | 74,146 | 90,597 | 82,021 | S100R8IA, S100TU8T, S100W5UR, S100YDPT |
| Net assets | 39,091 | 41,568 | 46,630 | 48,573 | 49,988 | S100TU8T, S100W5UR, S100YDPT |
| Share capital | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | S100R8IA, S100TU8T, S100W5UR, S100YDPT |
| Property, plant and equipment | 12,756 | 12,968 | 13,911 | 15,484 | 17,887 | S100R8IA, S100TU8T, S100W5UR, S100YDPT |
| Intangible assets excluding goodwill | 336 | 372 | 415 | 439 | 436 | S100R8IA, S100TU8T, S100W5UR, S100YDPT |
| Investment securities | 5,358 | 5,156 | 7,094 | 6,887 | 8,812 | S100R8IA, S100TU8T, S100W5UR, S100YDPT |
| Current assets | 42,056 | 43,185 | 51,316 | 66,744 | 53,795 | S100R8IA, S100TU8T, S100W5UR, S100YDPT |
| Current liabilities | 18,150 | 17,395 | 22,851 | 37,429 | 27,311 | S100R8IA, S100TU8T, S100W5UR, S100YDPT |
| Short-term borrowings | — | — | — | 7,500 | — | S100YDPT |
| Long-term borrowings | — | — | 300 | 300 | — | S100W5UR, S100YDPT |
| Total liabilities | 22,724 | 21,483 | 27,515 | 42,024 | 32,032 | S100R8IA, S100TU8T, S100W5UR, S100YDPT |
| Non-controlling interests | 5,710 | 6,059 | 6,918 | 7,849 | 7,147 | S100R8IA, S100TU8T, S100W5UR, S100YDPT |
| Equity attributable to owners of parent | 28,097 | 29,812 | 32,481 | 33,561 | 34,279 | S100R8IA, S100TU8T, S100W5UR, S100YDPT |
| Retained earnings | 21,582 | 23,298 | 25,968 | 28,544 | 29,261 | S100R8IA, S100TU8T, S100W5UR, S100YDPT |
| Treasury stock | -231 | -232 | -233 | -1,728 | -1,728 | S100R8IA, S100TU8T, S100W5UR, S100YDPT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YDPT |
| Property, plant and equipment | 22% | S100YDPT |
| Intangibles and goodwill | 0% | S100YDPT |
| Investment securities | 11% | S100YDPT |
| Other assets | 52% | S100YDPT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100YDPT |
| Equity | 61% | S100YDPT |
| Other liabilities | 0% | S100YDPT |

### 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 | 61,815 | 63,051 | 74,146 | 90,597 | 82,021 |
| Equity | 39,091 | 41,568 | 46,630 | 48,573 | 49,988 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,979 | 13,615 | 19,115 | 16,502 | 12,370 |

## 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) | 31.6% | S100YDPT |
| Fixed assets ÷ total assets | 21.8% | S100YDPT |
| Goodwill ÷ parent equity | — | —, S100YDPT |

### 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) | 15.1% |
| Cash ÷ revenue | 21.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 241.9% |
| Cash vs. profit gap | 7,680 JPY mn (of net income 235.3%) |
| Shareholder returns / net income | 78.9% |
| Shareholder returns / FCF | 39.4% |
| Shareholder payments — dividends / net income | 78.9% |
| Shareholder payments — dividends / FCF | 39.4% |
| CapEx intensity (capex ÷ revenue) | 7.8% |
| Investing CF relative to operating CF | 37.4% |

## 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 | 5.9% | 0.94× | 5.5% | 2.20× | 12.1% | S100R8IA |
| 2023 | 5.1% | 0.97× | 4.9% | 2.16× | 10.6% | S100TU8T |
| 2024 | 6.3% | 1.01× | 6.3% | 2.20× | 14.0% | S100W5UR |
| 2025 | 6.5% | 0.91× | 5.9% | 2.49× | 14.7% | S100YDPT |
| 2026 | 5.8% | 0.66× | 3.8% | 2.54× | 9.6% | S100YDPT |

## 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 | 8.3% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 4.0% | 2026-03-31 |
| 日本製鉄株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 宮地取引先持株会 | Major shareholder | 2.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.9% | 2026-03-31 |
| ＪＦＥスチール株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.3% | 2026-03-31 |
| 三菱重工業株式会社 | Major shareholder | 1.2% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/04/01－2026/03/31) | S100YDPT | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDPT,, |
| 有価証券報告書－第22期(2024/04/01－2025/03/31) | S100W5UR | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5UR,, |
| 有価証券報告書－第21期(2023/04/01－2024/03/31) | S100TU8T | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU8T,, |
| 有価証券報告書－第20期(2022/04/01－2023/03/31) | S100R8IA | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8IA,, |
| 訂正有価証券報告書－第19期(令和3年4月1日－令和4年3月31日) | S100OPN4 | 2022-07-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OPN4,, |
| 有価証券報告書－第18期(令和2年4月1日－令和3年3月31日) | S100LQ46 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ46,, |

## 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).