# Miyakoshi Holdings, 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15期(2025/04/01－2026/03/31) (S100YJZT)
> Page: https://vizora.meequs.com/en/company/miyakoshi-holdings
> Retrieved: 2026-09-30T20:34:25.239Z

## Company

Miyakoshi Holdings, founded in 2011, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 32 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Miyakoshi Holdings, Inc. |
| Ticker | 6620 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6620.T) |
| Listing | TSE Prime |
| Head office | 東京都大田区大森北一丁目23番1号 |
| Representative (per filing) | 代表取締役会長兼社長 宮越邦正 |
| Founded | Oct 2011 |
| Share capital | ¥9.22B |
| Employees (consolidated) | 32 |
| Average salary (parent only) | ¥9M |
| Fiscal year end | March |
| Website | www.miyakoshi-holdings.com (https://www.miyakoshi-holdings.com/) |
| Corporate number | 6010801021964 |
| EDINET | E25665 |
| Industries (Vizora) | Real Estate Development & Leasing |

> Profile source: annual securities report (S100YJZT, filed 2026-06-25). As of filing

## Key points (generated from figures)

- Miyakoshi Holdings brought in ¥391M in revenue.
- It lost about ¥85 for every ¥100 of sales at the operating level.
- Revenue changed -62.0% from the prior year, operating profit -217.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥391M |  |
| Operating income | -¥333M | Margin -85.2% |
| Net income | -¥1.94B | Margin -495.4% |
| Free cash flow | -¥1.28B |  |
| Employees (consolidated) | 32 |  |
| EPS | ¥2.87 |  |
| Book value per share | ¥508.84 |  |
| Equity ratio | 92.5% |  |
| Shares outstanding | 40,014,000 |  |
| Treasury shares | 900 |  |
| Shareholders | 3,070 |  |
| Average salary (parent only) | ¥9M | Filing company only |
| Cash ratio | 20.7% | Cash ÷ revenue 1402.8% |
| Vs. industry median margin | -95.7 pp | Real Estate Development & Leasing |
| ROA | -7.0% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 0.3× its level five years ago
- FY2026, operating loss is 85 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1619000000 | ¥391000000 | -75.8% |
| Operating income | ¥1043000000 | ¥-333000000 | -131.9% |
| Operating margin | 64.4% | -85.2% | -149.6 pp |
| Employees | 41 people | 32 people | -22.0% |
| Cash and equivalents | ¥2800000000 | ¥5485000000 | +95.9% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 391 | 100.0% | S100YJZT |
| SG&A | 526 | 134.5% | S100YJZT |
| Operating income | -333 | -85.2% | S100YJZT |
| Ordinary income | -839 | -214.6% | S100YJZT |
| Pretax income | -1,783 | -456.0% | S100YJZT |
| Income tax | 282 | 72.1% | S100YJZT |
| Net income | -2,066 | -528.4% | S100YJZT |
| Net income attributable to owners | -1,937 | -495.4% | S100YJZT |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 185 |
| Operating income | -85 |
| (Ref.) Net income | -495 |

### Margin funnel

Operating margin -85.2% → Net margin -495.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 1,030 | 391 | -639 | -62.0% |
| Operating income | 284 | -333 | -617 | -217.3% |
| Net income attributable to owners | 365 | -1,937 | -2,302 | -630.7% |
| Operating cash flow | 473 | -906 | -1,379 | -291.5% |
| Free cash flow | 130 | -1,280 | -1,410 | -1084.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,489 | 973 | 65.3% | 589 | 1,013 | 1,010 | S100LR6Y |
| FY ending Mar 2021 | 1,619 | 1,043 | 64.4% | 756 | 947 | 946 | S100OIC8 |
| FY ending Mar 2022 | 1,407 | 499 | 35.5% | 658 | 539 | 538 | S100R5UA |
| FY ending Mar 2023 | 1,319 | 466 | 35.3% | 501 | 630 | 421 | S100TUOL |
| FY ending Mar 2024 | 1,137 | 421 | 37.0% | 536 | 744 | 702 | S100W6EQ |
| FY ending Mar 2025 | 1,030 | 284 | 27.6% | 365 | 473 | 130 | S100YJZT |
| FY ending Mar 2026 | 391 | -333 | -85.2% | -1,937 | -906 | -1,280 | S100YJZT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.2M |
| Operating income per employee (consolidated) | -¥10.4M |
| Net income per employee (consolidated) | -¥60.5M |

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) | 35 | 27 | 26 | 31 | 32 |
| Average salary (parent company) | ¥8M | ¥7.2M | ¥8M | ¥8.3M | ¥9M |
| Average age (parent company) | 53.5 years | 51.0 years | 48.6 years | 51.0 years | 53.4 years |
| Average tenure (parent company) | 3.7 years | 4.7 years | 5.6 years | 6.5 years | 4.8 years |

Year over year: Employees (consolidated) +3.2% · Revenue (consolidated) -62.0%

## 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 | -906 | -231.7% | S100YJZT |
| Capital expenditure | 374 | 95.7% | S100YJZT |
| Free cash flow | -1,280 | -327.4% | 算出 |
| Investing cash flow | 2,821 | 721.5% | S100YJZT |
| Financing cash flow | 0 | 0.0% | S100YJZT |
| Share buyback | 0 | 0.0% | S100YJZT |
| Change in cash | 2,125 | 543.5% | S100YJZT |
| Cash and equivalents | 5,485 | 1402.8% | S100YJZT |

## 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 | 2,574 | 2,709 | 3,261 | 3,359 | 5,485 | S100TUOL, S100W6EQ, S100YJZT |
| Total assets | 26,202 | 26,868 | 27,709 | 28,863 | 26,506 | S100R5UA, S100TUOL, S100W6EQ, S100YJZT |
| Net assets | 24,904 | 25,678 | 26,646 | 27,994 | 26,093 | S100TUOL, S100W6EQ, S100YJZT |
| Share capital | 9,217 | 9,217 | 9,217 | 9,217 | 9,217 | S100R5UA, S100TUOL, S100W6EQ, S100YJZT |
| Property, plant and equipment | 7 | 210 | 261 | 638 | 1,056 | S100R5UA, S100TUOL, S100W6EQ, S100YJZT |
| Intangible assets excluding goodwill | 1,078 | 1,026 | 966 | 936 | 0 | S100R5UA, S100TUOL, S100W6EQ, S100YJZT |
| Goodwill | 118 | 78 | 39 | — | — | S100R5UA, S100TUOL, S100W6EQ |
| Current assets | 10,367 | 10,896 | 11,891 | 12,794 | 12,353 | S100R5UA, S100TUOL, S100W6EQ, S100YJZT |
| Current liabilities | 392 | 378 | 274 | 358 | 194 | S100R5UA, S100TUOL, S100W6EQ, S100YJZT |
| Total liabilities | 1,297 | 1,189 | 1,062 | 869 | 413 | S100R5UA, S100TUOL, S100W6EQ, S100YJZT |
| Non-controlling interests | 1,251 | 1,376 | 1,490 | 1,670 | 1,576 | S100R5UA, S100TUOL, S100W6EQ, S100YJZT |
| Equity attributable to owners of parent | 23,421 | 23,722 | 24,258 | 24,624 | 22,686 | S100R5UA, S100TUOL, S100W6EQ, S100YJZT |
| Retained earnings | 5,241 | 5,543 | 6,079 | 6,445 | 4,507 | S100R5UA, S100TUOL, S100W6EQ, S100YJZT |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100R5UA, S100TUOL, S100W6EQ, S100YJZT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YJZT |
| Property, plant and equipment | 4% | S100YJZT |
| Other assets | 75% | S100YJZT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 2% | S100YJZT |
| Equity | 98% | S100YJZT |

### 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 | 26,202 | 26,868 | 27,709 | 28,863 | 26,506 |
| Equity | 24,904 | 25,678 | 26,646 | 27,994 | 26,093 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,574 | 2,709 | 3,261 | 3,359 | 5,485 |

## 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) | 270.1% | S100YJZT |
| Fixed assets ÷ total assets | 4.0% | S100YJZT |
| Goodwill ÷ parent equity | — | —, S100YJZT |

### 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) | 20.7% |
| Cash ÷ revenue | 1402.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 1,031 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 95.7% |
| Investing CF relative to operating CF | — |

## 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 | 46.8% | 0.05× | 2.5% | 1.12× | 2.8% | S100R5UA |
| 2023 | 38.0% | 0.05× | 1.9% | 1.13× | 2.1% | S100TUOL |
| 2024 | 47.1% | 0.04× | 2.0% | 1.14× | 2.2% | S100W6EQ |
| 2025 | 35.4% | 0.04× | 1.3% | 1.16× | 1.5% | S100YJZT |
| 2026 | — | —× | -7.0% | —× | — | S100YJZT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 宮越グループ株式会社 | Major shareholder | 38.7% | 2026-03-31 |
| センチュリー パラマウント インベストメント リミテッド(常任代理人 リーディング証券㈱) | Major shareholder | 13.1% | 2026-03-31 |
| ロンウィン ホールディングス リミテッド(常任代理人 リーディング証券㈱) | Major shareholder | 12.5% | 2026-03-31 |
| パシフィック ステート ホールディングス リミテッド(常任代理人 リーディング証券㈱) | Major shareholder | 9.8% | 2026-03-31 |
| アジアン スカイ インベストメンツ リミテッド(常任代理人 リーディング証券㈱) | Major shareholder | 7.8% | 2026-03-31 |
| PHILLIP SECURITIES(HONG KONG)LIMITED(常任代理人 フィリップ証券㈱) | Major shareholder | 2.6% | 2026-03-31 |
| BNP PARIBAS SINGAPORE/2S/JASDEC/UOBKHP/L-UOBHK-ACCLT(常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ) | Major shareholder | 2.6% | 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 | 1.4% | 2026-03-31 |
| 渡邉 敏行 | Major shareholder | 0.9% | 2026-03-31 |
| 橋野 雅幸 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2025/04/01－2026/03/31) | S100YJZT | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJZT,, |
| 有価証券報告書－第14期(2024/04/01－2025/03/31) | S100W6EQ | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6EQ,, |
| 有価証券報告書－第13期(2023/04/01－2024/03/31) | S100TUOL | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUOL,, |
| 有価証券報告書－第12期(2022/04/01－2023/03/31) | S100R5UA | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5UA,, |
| 有価証券報告書－第11期(令和3年4月1日－令和4年3月31日) | S100OIC8 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIC8,, |
| 有価証券報告書－第10期(令和2年4月1日－令和3年3月31日) | S100LR6Y | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR6Y,, |

## 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).