# The Monogatari Corporation: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第57期(2025/07/01－2026/06/30) (S100Z3ME)
> Page: https://vizora.meequs.com/en/company/monogatari
> Retrieved: 2026-09-30T20:56:33.790Z

## Company

The Monogatari, founded in 1969, is a company in Restaurants & Pubs listed on TSE Prime. It has 2,347 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | The Monogatari Corporation |
| Ticker | 3097 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3097.T) |
| Listing | TSE Prime |
| Head office | 愛知県豊橋市西岩田五丁目7番地の11 |
| Representative (per filing) | 代表取締役社長 加藤 央之 |
| Founded | Sep 1969 |
| Share capital | ¥5.96B |
| Employees (consolidated) | 2,347 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | June |
| Website | www.monogatari.co.jp (https://www.monogatari.co.jp/) |
| Corporate number | 7180301007414 |
| EDINET | E03528 |
| Industries (Vizora) | Restaurants & Pubs |

> Profile source: annual securities report (S100Z3ME, filed 2026-09-24). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.5 | 56 |
| Profitability | 90.2 | 66 |
| Cash conversion | 35.5 | 55 |
| Efficiency | 75 | 66 |

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)

- The Monogatari brought in ¥151.7B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +22.4% from the prior year, operating profit +31.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥151689000000 → ¥8708000000
- Net income → operating cash flow: ¥8708000000 → ¥16033000000（difference ¥7325000000）
- Main uses of operating cash flow: CapEx ¥10658000000 / dividends ¥1458000000 / buybacks ¥554000000
- Change in cash: ¥4654000000
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 | ¥151.7B |  |
| Operating income | ¥12.1B | Margin 8.0% |
| Net income | ¥8.74B | Margin 5.8% |
| Free cash flow | ¥5.38B |  |
| Employees (consolidated) | 2,347 |  |
| EPS | ¥220.55 |  |
| Diluted EPS | ¥220.41 |  |
| Book value per share | ¥1216.2 |  |
| Equity ratio | 54.1% |  |
| Shares outstanding | 39,202,981 |  |
| Treasury shares | 802,500 |  |
| Shareholders | 103,090 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 19.5% | Cash ÷ revenue 11.2% |
| Vs. industry median margin | +4.1 pp | Restaurants & Pubs |
| ROE | 20.1% | Derived from disclosed figures |
| ROA | 10.9% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.1× its level five years ago

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥64018515000 | ¥151689000000 | +136.9% |
| Operating income | ¥2555235000 | ¥12145000000 | +375.3% |
| Operating margin | 4.0% | 8.0% | +4 pp |
| Employees | 1,429 people | 2,347 people | +64.2% |
| Cash and equivalents | ¥14214000000 | ¥16993000000 | +19.6% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 151,689 | 100.0% | S100Z3ME |
| Cost of revenue | 52,068 | 34.3% | S100Z3ME |
| Gross profit | 99,620 | 65.7% | S100Z3ME |
| SG&A | 87,474 | 57.7% | S100Z3ME |
| Operating income | 12,145 | 8.0% | S100Z3ME |
| Ordinary income | 12,122 | 8.0% | S100Z3ME |
| Pretax income | 11,687 | 7.7% | S100Z3ME |
| Income tax | 2,979 | 2.0% | S100Z3ME |
| Net income | 8,708 | 5.7% | S100Z3ME |
| Net income attributable to owners | 8,743 | 5.8% | S100Z3ME |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 34 |
| SG&A | 58 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 65.7% → Operating margin 8.0% → Net margin 5.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +22.4%; Core profit growth: +31.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.40×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 123,921 | 151,689 | 27,768 | +22.4% |
| Gross profit | 80,644 | 99,620 | 18,976 | +23.5% |
| Operating income | 9,242 | 12,145 | 2,903 | +31.4% |
| Net income attributable to owners | 6,157 | 8,743 | 2,586 | +42.0% |
| Operating cash flow | 11,839 | 16,033 | 4,194 | +35.4% |
| Free cash flow | 1,600 | 5,375 | 3,775 | +235.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 57,961 | 3,034 | 5.2% | 457 | 2,827 | -1,684 | S100MHJL |
| FY ending Jun 2021 | 64,019 | 2,555 | 4.0% | 2,727 | 5,789 | 214 | S100P89R |
| FY ending Jun 2022 | 73,277 | 2,873 | 3.9% | 3,727 | 8,778 | 1,724 | S100RWCJ |
| FY ending Jun 2023 | 92,274 | 7,202 | 7.8% | 4,693 | 9,695 | 2,330 | S100UF77 |
| FY ending Jun 2024 | 107,156 | 8,165 | 7.6% | 5,639 | 10,626 | 462 | S100WR57 |
| FY ending Jun 2025 | 123,921 | 9,242 | 7.5% | 6,157 | 11,839 | 1,600 | S100Z3ME |
| FY ending Jun 2026 | 151,689 | 12,145 | 8.0% | 8,743 | 16,033 | 5,375 | S100Z3ME |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥64.6M |
| Operating income per employee (consolidated) | ¥5.2M |
| Net income per employee (consolidated) | ¥3.7M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,442 | 1,581 | 1,809 | 2,069 | 2,347 |
| Average salary (parent company) | ¥5M | ¥4.9M | ¥5.1M | ¥5.5M | ¥5.7M |
| Average age (parent company) | 32.0 years | 32.0 years | 32.0 years | 32.0 years | 33.0 years |
| Average tenure (parent company) | 5.0 years | 5.0 years | 4.0 years | 4.0 years | 5.0 years |

Year over year: Employees (consolidated) +13.4% · Revenue (consolidated) +22.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 16,033 | 10.6% | S100Z3ME |
| Capital expenditure | 10,658 | 7.0% | S100Z3ME |
| Free cash flow | 5,375 | 3.5% | 算出 |
| Investing cash flow | -10,927 | -7.2% | S100Z3ME |
| Financing cash flow | -494 | -0.3% | S100Z3ME |
| Dividends paid | 1,458 | 1.0% | S100Z3ME |
| Share buyback | 554 | 0.4% | S100Z3ME |
| Change in cash | 4,654 | 3.1% | S100Z3ME |
| Cash and equivalents | 16,993 | 11.2% | S100Z3ME |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,464 | 6,853 | 11,803 | 12,338 | 16,993 | S100UF77, S100WR57, S100Z3ME |
| Total assets | 46,196 | 50,011 | 61,530 | 74,026 | 86,997 | S100RWCJ, S100UF77, S100WR57, S100Z3ME |
| Net assets | 22,960 | 24,954 | 29,558 | 40,364 | 47,215 | S100UF77, S100WR57, S100Z3ME |
| Share capital | 2,863 | 2,883 | 2,883 | 5,964 | 5,964 | S100RWCJ, S100UF77, S100WR57, S100Z3ME |
| Property, plant and equipment | 26,686 | 29,774 | 34,039 | 41,477 | 46,314 | S100RWCJ, S100UF77, S100WR57, S100Z3ME |
| Intangible assets excluding goodwill | 500 | 770 | 884 | 3,785 | 4,110 | S100RWCJ, S100UF77, S100WR57, S100Z3ME |
| Goodwill | — | — | — | 2,583 | 1,934 | S100Z3ME |
| Investment securities | 182 | 185 | 188 | 57 | 56 | S100RWCJ, S100UF77, S100WR57, S100Z3ME |
| Current assets | 13,129 | 13,231 | 19,482 | 21,139 | 27,792 | S100RWCJ, S100UF77, S100WR57, S100Z3ME |
| Current liabilities | 12,329 | 13,335 | 17,329 | 18,811 | 22,548 | S100RWCJ, S100UF77, S100WR57, S100Z3ME |
| Short-term borrowings | — | — | 1,000 | 1,000 | — | S100WR57, S100Z3ME |
| Long-term borrowings | 2,600 | 2,234 | 5,040 | 8,310 | 10,411 | S100RWCJ, S100UF77, S100WR57, S100Z3ME |
| Bonds | 5,864 | 6,875 | 6,887 | 1,000 | 1,000 | S100RWCJ, S100UF77, S100WR57, S100Z3ME |
| Interest-bearing debt | — | — | 12,927 | 10,310 | — | 算出 |
| Total liabilities | 23,236 | 25,056 | 31,971 | 33,662 | 39,782 | S100RWCJ, S100UF77, S100WR57, S100Z3ME |
| Non-controlling interests | — | 171 | 144 | 85 | 61 | S100UF77, S100WR57, S100Z3ME |
| Equity attributable to owners of parent | 22,694 | 24,480 | 29,082 | 40,134 | 46,913 | S100RWCJ, S100UF77, S100WR57, S100Z3ME |
| Retained earnings | 17,157 | 21,003 | 25,573 | 30,424 | 37,703 | S100RWCJ, S100UF77, S100WR57, S100Z3ME |
| Treasury stock | -4 | -2,104 | -2,082 | -2,032 | -2,551 | S100RWCJ, S100UF77, S100WR57, S100Z3ME |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100Z3ME |
| Property, plant and equipment | 53% | S100Z3ME |
| Intangibles and goodwill | 7% | S100Z3ME |
| Investment securities | 0% | S100Z3ME |
| Other assets | 20% | S100Z3ME |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100Z3ME |
| Equity | 54% | S100Z3ME |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 46,196 | 50,011 | 61,530 | 74,026 | 86,997 |
| Equity | 22,960 | 24,954 | 29,558 | 40,364 | 47,215 |
| Interest-bearing debt | — | — | 12,927 | 10,310 | — |
| Cash | 8,464 | 6,853 | 11,803 | 12,338 | 16,993 |

## 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) | 30.5% | S100Z3ME |
| Fixed assets ÷ total assets | 53.2% | S100Z3ME |
| Goodwill ÷ parent equity | 4.1% | S100Z3ME |

### 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) | 19.5% |
| Cash ÷ revenue | 11.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 132.0% |
| Cash vs. profit gap | 7,290 JPY mn (of net income 83.4%) |
| Shareholder returns / net income | 23.0% |
| Shareholder returns / FCF | 37.4% |
| Shareholder payments — dividends / net income | 16.7% |
| Shareholder payments — dividends / FCF | 27.1% |
| CapEx intensity (capex ÷ revenue) | 7.0% |
| Investing CF relative to operating CF | 68.2% |

## 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 | 5.1% | 1.59× | 8.1% | 2.04× | 16.4% | S100RWCJ |
| 2023 | 5.1% | 1.92× | 9.8% | 2.04× | 19.9% | S100UF77 |
| 2024 | 5.3% | 1.92× | 10.1% | 2.08× | 21.1% | S100WR57 |
| 2025 | 5.0% | 1.83× | 9.1% | 1.96× | 17.8% | S100Z3ME |
| 2026 | 5.8% | 1.88× | 10.9% | 1.85× | 20.1% | S100Z3ME |

## 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 | 10.1% | 2026-06-30 |
| 小林 雄祐 | Major shareholder | 4.1% | 2026-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.9% | 2026-06-30 |
| 小林 佳雄 | Major shareholder | 2.9% | 2026-06-30 |
| NORTHERN TRUST CO.（AVFC） RE FIDELITY FUNDS（常任代理人 香港上海銀行東京支店） | Major shareholder | 2.6% | 2026-06-30 |
| 小林 早苗 | Major shareholder | 2.0% | 2026-06-30 |
| 小林 耕太 | Major shareholder | 1.6% | 2026-06-30 |
| 小林 洋平 | Major shareholder | 1.6% | 2026-06-30 |
| 兼松株式会社 | Major shareholder | 1.6% | 2026-06-30 |
| 上遠野 俊一 | Major shareholder | 1.4% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/07/01－2026/06/30) | S100Z3ME | 2026-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3ME,, |
| 有価証券報告書－第56期(2024/07/01－2025/06/30) | S100WR57 | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WR57,, |
| 有価証券報告書－第55期(2023/07/01－2024/06/30) | S100UF77 | 2024-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UF77,, |
| 有価証券報告書－第54期(2022/07/01－2023/06/30) | S100RWCJ | 2023-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWCJ,, |
| 有価証券報告書－第53期(令和3年7月1日－令和4年6月30日) | S100P89R | 2022-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P89R,, |
| 有価証券報告書－第52期(令和2年7月1日－令和3年6月30日) | S100MHJL | 2021-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MHJL,, |

## 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).