# Mizuho Leasing Company, Limited: 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57期(2025/04/01－2026/03/31) (S100YESP)
> Page: https://vizora.meequs.com/en/company/mizuho-leasing
> Retrieved: 2026-09-30T22:19:25.455Z

## Company

Mizuho Leasing, founded in 1969, is a company in Leasing listed on TSE Prime. It has 2,434 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mizuho Leasing Company, Limited |
| Ticker | 8425 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8425.T) |
| Listing | TSE Prime |
| Head office | 東京都港区虎ノ門二丁目2番3号 |
| Representative (per filing) | 代表取締役社長 中村 昭 |
| Founded | Dec 1969 |
| Share capital | ¥46.9B |
| Employees (consolidated) | 2,434 |
| Average salary (parent only) | ¥9.7M |
| Fiscal year end | March |
| Website | www.mizuho-ls.co.jp (https://www.mizuho-ls.co.jp/) |
| Corporate number | 3010401094447 |
| EDINET | E05426 |
| Industries (Vizora) | Leasing |

> Profile source: annual securities report (S100YESP, filed 2026-06-19). As of filing

## Key points (generated from figures)

- About 95% of Mizuho Leasing's sales come from Leasing,Installment sales, with Finance making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +32.5% from the prior year, operating profit -8.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥921.6B |  |
| Operating income | ¥44.7B | Margin 4.8% |
| Net income | ¥47.6B | Margin 5.2% |
| Free cash flow | — |  |
| Largest business | Leasing,Installment sales | of segment revenue 95.2% |
| Employees (consolidated) | 2,434 |  |
| EPS | ¥71.6 |  |
| Book value per share | ¥778.17 |  |
| Equity ratio | 10.3% |  |
| Shares outstanding | 282,666,300 |  |
| Treasury shares | 7,500 |  |
| Shareholders | 74,959 |  |
| Average salary (parent only) | ¥9.7M | Filing company only |
| Cash ratio | 2.1% | Net cash -¥2.28T · Cash ÷ revenue 9.6% |
| Vs. industry median margin | -2.2 pp | Leasing |
| ROE | 13.8% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 61% of positive segment profit
- FY2026, segment profit share differs by -34 points
- FY2026, cash is 2% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥497852000000 | ¥921592000000 | +85.1% |
| Operating income | ¥25963000000 | ¥44674000000 | +72.1% |
| Operating margin | 5.2% | 4.8% | -0.4 pp |
| Employees | 1,795 people | 2,434 people | +35.6% |
| Cash and equivalents | ¥20406000000 | ¥88801000000 | +335.2% |

### 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 |
| --- | ---: |
| リース・割賦 → リース・割賦 | 95.2% |
| リース・割賦 → 事業再編・廃止 | 1.9% |
| ファイナンス → ファイナンス | 2.9% |
| 新設・再編 → ファイナンス | 1.9% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 921,592 | 100.0% | S100YESP |
| Cost of revenue | 832,733 | 90.4% | S100YESP |
| Gross profit | 88,859 | 9.6% | S100YESP |
| SG&A | 44,185 | 4.8% | S100YESP |
| Operating income | 44,674 | 4.8% | S100YESP |
| Ordinary income | 64,969 | 7.0% | S100YESP |
| Pretax income | 66,796 | 7.2% | S100YESP |
| Income tax | 17,926 | 1.9% | S100YESP |
| Net income | 48,869 | 5.3% | S100YESP |
| Net income attributable to owners | 47,609 | 5.2% | S100YESP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 5 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 9.6% → Operating margin 4.8% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +32.5%; Core profit growth: -8.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.27×
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 | 695,423 | 921,592 | 226,169 | +32.5% |
| Gross profit | 86,343 | 88,859 | 2,516 | +2.9% |
| Operating income | 48,966 | 44,674 | -4,292 | -8.8% |
| Net income attributable to owners | 42,038 | 47,609 | 5,571 | +13.3% |
| Operating cash flow | -393,324 | -18,413 | 374,911 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 539,241 | 26,275 | 4.9% | 17,512 | -69,130 | — | S100LT29 |
| FY ending Mar 2021 | 497,852 | 25,963 | 5.2% | 21,772 | -196,820 | — | S100OF9S |
| FY ending Mar 2022 | 554,809 | 17,893 | 3.2% | 14,902 | -68,495 | — | S100R5R5 |
| FY ending Mar 2023 | 529,700 | 31,756 | 6.0% | 28,398 | -117,816 | — | S100TSDI |
| FY ending Mar 2024 | 656,127 | 39,511 | 6.0% | 35,220 | -192,205 | — | S100W17L |
| FY ending Mar 2025 | 695,423 | 48,966 | 7.0% | 42,038 | -393,324 | — | S100YESP |
| FY ending Mar 2026 | 921,592 | 44,674 | 4.8% | 47,609 | -18,413 | — | S100YESP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥378.6M |
| Operating income per employee (consolidated) | ¥18.4M |
| Net income per employee (consolidated) | ¥19.6M |

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) | 1,864 | 1,964 | 2,176 | 2,282 | 2,434 |
| Average salary (parent company) | ¥9M | ¥9M | ¥9.2M | ¥9.4M | ¥9.7M |
| Average age (parent company) | 43.5 years | 43.6 years | 43.9 years | 44.1 years | 44.6 years |
| Average tenure (parent company) | 14.0 years | 13.0 years | 14.0 years | 14.0 years | 14.0 years |

Year over year: Employees (consolidated) +6.7% · Revenue (consolidated) +32.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Leasing,Installment sales | 863,468 | 95.2% | 26,851 | 3.1% |
| Finance | 43,492 | 4.8% | 17,010 | 39.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Leasing,Installment sales | 95.2% | 61.2% | -34.0 | 3.1% |
| Finance | 4.8% | 38.8% | 34.0 | 39.1% |

Segment → industry: Finance → Leasing / Leasing,Installment sales → Leasing

## 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 | -18,413 | -2.0% | S100YESP |
| Investing cash flow | -106,661 | -11.6% | S100YESP |
| Financing cash flow | 146,366 | 15.9% | S100YESP |
| Dividends paid | 14,698 | 1.6% | S100YESP |
| Change in cash | 20,801 | 2.3% | S100YESP |
| Cash and equivalents | 88,801 | 9.6% | S100YESP |

## 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 | 24,502 | 33,453 | 56,194 | 67,999 | 88,801 | S100TSDI, S100W17L, S100YESP |
| Total assets | 2,748,810 | 2,954,634 | 3,363,336 | 3,898,061 | 4,175,256 | S100R5R5, S100TSDI, S100W17L, S100YESP |
| Net assets | 230,803 | 275,834 | 329,800 | 401,495 | 454,469 | S100TSDI, S100W17L, S100YESP |
| Share capital | 26,088 | 26,088 | 26,088 | 46,925 | 46,925 | S100R5R5, S100TSDI, S100W17L, S100YESP |
| Trade receivables | 549 | 751 | 1,235 | 2,720 | 9,532 | S100R5R5, S100TSDI, S100W17L, S100YESP |
| Property, plant and equipment | 308,467 | 372,845 | 603,758 | 908,323 | 1,001,144 | S100R5R5, S100TSDI, S100W17L, S100YESP |
| Intangible assets excluding goodwill | 16,732 | 15,071 | 19,933 | 22,886 | 31,963 | S100R5R5, S100TSDI, S100W17L, S100YESP |
| Goodwill | — | — | 4,623 | 4,212 | 10,080 | S100W17L, S100YESP |
| Investment securities | 203,654 | 240,618 | 306,380 | 377,214 | 495,255 | S100R5R5, S100TSDI, S100W17L, S100YESP |
| Current assets | 2,166,681 | 2,279,668 | 2,378,063 | 2,542,515 | 2,602,449 | S100R5R5, S100TSDI, S100W17L, S100YESP |
| Current liabilities | 1,548,375 | 1,573,455 | 1,715,242 | 1,991,876 | 1,986,526 | S100R5R5, S100TSDI, S100W17L, S100YESP |
| Trade payables | 34,698 | 24,512 | 27,186 | 30,939 | 35,927 | S100R5R5, S100TSDI, S100W17L, S100YESP |
| Short-term borrowings | 380,278 | 418,440 | 524,116 | 711,901 | 766,978 | S100R5R5, S100TSDI, S100W17L, S100YESP |
| Long-term borrowings | 681,948 | 747,654 | 833,231 | 958,960 | 1,188,306 | S100R5R5, S100TSDI, S100W17L, S100YESP |
| Bonds | 220,998 | 280,743 | 366,745 | 423,282 | 413,240 | S100R5R5, S100TSDI, S100W17L, S100YESP |
| Interest-bearing debt | 1,283,224 | 1,446,837 | 1,724,092 | 2,094,143 | 2,368,524 | 算出 |
| Total liabilities | 2,518,007 | 2,678,800 | 3,033,535 | 3,496,565 | 3,720,786 | S100R5R5, S100TSDI, S100W17L, S100YESP |
| Non-controlling interests | 11,357 | 13,071 | 20,894 | 18,618 | 26,391 | S100R5R5, S100TSDI, S100W17L, S100YESP |
| Equity attributable to owners of parent | 207,286 | 229,896 | 257,171 | 326,983 | 363,434 | S100R5R5, S100TSDI, S100W17L, S100YESP |
| Retained earnings | 158,966 | 181,484 | 208,545 | 239,594 | 275,547 | S100R5R5, S100TSDI, S100W17L, S100YESP |
| Treasury stock | -1,709 | -1,618 | -1,040 | -2,060 | -1,849 | S100R5R5, S100TSDI, S100W17L, S100YESP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100YESP |
| Receivables | 0% | S100YESP |
| Property, plant and equipment | 24% | S100YESP |
| Intangibles and goodwill | 1% | S100YESP |
| Investment securities | 12% | S100YESP |
| Other assets | 61% | S100YESP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YESP |
| Interest-bearing debt | 57% | 算出 |
| Other liabilities | 31% | S100YESP |
| Equity | 11% | S100YESP |
| Other liabilities | 0% | S100YESP |

### 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 | 2,748,810 | 2,954,634 | 3,363,336 | 3,898,061 | 4,175,256 |
| Equity | 230,803 | 275,834 | 329,800 | 401,495 | 454,469 |
| Interest-bearing debt | 1,283,224 | 1,446,837 | 1,724,092 | 2,094,143 | 2,368,524 |
| Cash | 24,502 | 33,453 | 56,194 | 67,999 | 88,801 |

## 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) | 108.6% | S100YESP |
| Fixed assets ÷ total assets | 24.0% | S100YESP |
| Goodwill ÷ parent equity | 2.8% | S100YESP |

### 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) | 2.1% |
| Cash ÷ revenue | 9.6% |
| Net cash (cash − interest-bearing debt) | -¥2.28T |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -41.2% |
| Cash vs. profit gap | -66,022 JPY mn (of net income -138.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 30.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| 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 | 2.7% | 0.20× | 0.5% | 13.26× | 7.2% | S100R5R5 |
| 2023 | 5.4% | 0.19× | 1.0% | 13.05× | 13.0% | S100TSDI |
| 2024 | 5.4% | 0.21× | 1.1% | 12.97× | 14.5% | S100W17L |
| 2025 | 6.0% | 0.19× | 1.2% | 12.43× | 14.4% | S100YESP |
| 2026 | 5.2% | 0.23× | 1.2% | 11.69× | 13.8% | S100YESP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社みずほフィナンシャルグループ | Major shareholder | 23.1% | 2026-03-31 |
| 丸紅株式会社 | Major shareholder | 20.0% | 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 | 7.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.0% | 2026-03-31 |
| リコーリース株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５２２３（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（三井住友信託銀行再信託分・株式会社東芝退職給付信託口） | Major shareholder | 1.1% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| ＤＯＷＡホールディングス株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 0.9% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue climbed +32.5% to ¥921.6B, led by operating lease income.
- Gross profit barely moved, up +2.9%, and higher staff and office costs cut operating income -8.8% to ¥44.7B.
- Net income still rose +13.3% to ¥47.6B, because the company sold shares it had held for business ties.

### Drivers

- Funding costs went up, but more real estate and domestic lease assets on the books kept gross profit growing
- Higher personnel and property costs pulled operating income down
- Selling cross-held shares added to net income

### Risks

- Its lease income and its borrowing costs are set on different rate terms, so rate moves change the spread it earns
- Leases tie up credit for years; if a customer's business weakens, lease payments may go unpaid
- A steep fall in aircraft or property values would hit results

Cited: Annual Securities Report (57th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (57th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/04/01－2026/03/31) | S100YESP | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YESP,, |
| 有価証券報告書－第56期(2024/04/01－2025/03/31) | S100W17L | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W17L,, |
| 有価証券報告書－第55期(2023/04/01－2024/03/31) | S100TSDI | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSDI,, |
| 有価証券報告書－第54期(2022/04/01－2023/03/31) | S100R5R5 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5R5,, |
| 有価証券報告書－第53期(令和3年4月1日－令和4年3月31日) | S100OF9S | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF9S,, |
| 有価証券報告書－第52期(令和2年4月1日－令和3年3月31日) | S100LT29 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT29,, |

## 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).