# MonotaRO Co.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2025/01/01－2025/12/31) (S100XSYP)
> Page: https://vizora.meequs.com/en/company/monotaro
> Retrieved: 2026-09-30T20:59:47.511Z

## Company

MonotaRO, founded in 2000, is a company in E-commerce listed on TSE Prime. It has 1,525 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MonotaRO Co.,Ltd. |
| Ticker | 3064 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3064.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区梅田三丁目2番2号 |
| Representative (per filing) | 代表執行役社長 田村 咲耶 |
| Founded | Oct 2000 |
| Share capital | ¥2.05B |
| Employees (consolidated) | 1,525 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | December |
| Website | corp.monotaro.com (https://corp.monotaro.com/) |
| Corporate number | 6140001054380 |
| EDINET | E03497 |
| Industries (Vizora) | E-commerce |

> Profile source: annual securities report (S100XSYP, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86 | 25 |
| Profitability | 83.8 | 34 |
| Cash conversion | 31.5 | 27 |
| Efficiency | 72.1 | 34 |

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)

- MonotaRO brought in ¥333.9B in revenue.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +15.9% from the prior year, operating profit +24.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥333880000000 → ¥31979000000
- Net income → operating cash flow: ¥31979000000 → ¥33726000000（difference ¥1747000000）
- Main uses of operating cash flow: CapEx ¥16069000000 / dividends ¥12424000000 / buybacks ¥138000000
- Change in cash: ¥16625000000
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 | ¥333.9B |  |
| Operating income | ¥46.2B | Margin 13.8% |
| Net income | ¥32.4B | Margin 9.7% |
| Free cash flow | ¥17.7B |  |
| Employees (consolidated) | 1,525 |  |
| EPS | ¥65.73 |  |
| Diluted EPS | ¥65.72 |  |
| Book value per share | ¥253.58 |  |
| Equity ratio | 63.4% |  |
| Shares outstanding | 501,361,000 |  |
| Treasury shares | 4,446,000 |  |
| Shareholders | 33,035 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 24.3% | Cash ÷ revenue 14.1% |
| Vs. industry median margin | +8.9 pp | E-commerce |
| ROE | 28.8% | Derived from disclosed figures |
| ROA | 19.2% | Derived from disclosed figures |

## Notable figures

- FY2025, parent-company salary changed +29% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥157337000000 | ¥333880000000 | +112.2% |
| Operating income | ¥19607000000 | ¥46192000000 | +135.6% |
| Operating margin | 12.5% | 13.8% | +1.4 pp |
| Employees | 765 people | 1,525 people | +99.3% |
| Cash and equivalents | ¥18767000000 | ¥46995000000 | +150.4% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 333,880 | 100.0% | S100XSYP |
| Cost of revenue | 234,243 | 70.2% | S100XSYP |
| Gross profit | 99,636 | 29.8% | S100XSYP |
| SG&A | 53,443 | 16.0% | S100XSYP |
| Operating income | 46,192 | 13.8% | S100XSYP |
| Ordinary income | 46,057 | 13.8% | S100XSYP |
| Pretax income | 46,038 | 13.8% | S100XSYP |
| Income tax | 14,059 | 4.2% | S100XSYP |
| Net income | 31,979 | 9.6% | S100XSYP |
| Net income attributable to owners | 32,434 | 9.7% | S100XSYP |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 16 |
| Operating income | 14 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 29.8% → Operating margin 13.8% → Net margin 9.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.9%; Core profit growth: +24.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.55×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 288,119 | 333,880 | 45,761 | +15.9% |
| Gross profit | 84,420 | 99,636 | 15,216 | +18.0% |
| Operating income | 37,066 | 46,192 | 9,126 | +24.6% |
| Net income attributable to owners | 26,338 | 32,434 | 6,096 | +23.1% |
| Operating cash flow | 28,662 | 33,726 | 5,064 | +17.7% |
| Free cash flow | 25,164 | 17,657 | -7,507 | -29.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 131,463 | 15,839 | 12.0% | 10,984 | 9,064 | 6,648 | S100L2A1 |
| FY ending Dec 2020 | 157,337 | 19,607 | 12.5% | 13,771 | 15,269 | 6,158 | S100NSIX |
| FY ending Dec 2021 | 189,731 | 24,129 | 12.7% | 17,552 | 12,258 | 257 | S100RR6X |
| FY ending Dec 2022 | 225,970 | 26,213 | 11.6% | 18,658 | 15,483 | 3,975 | S100T4N7 |
| FY ending Dec 2023 | 254,286 | 31,309 | 12.3% | 21,813 | 29,932 | 21,973 | S100VHTU |
| FY ending Dec 2024 | 288,119 | 37,066 | 12.9% | 26,338 | 28,662 | 25,164 | S100XSYP |
| FY ending Dec 2025 | 333,880 | 46,192 | 13.8% | 32,434 | 33,726 | 17,657 | S100XSYP |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥218.9M |
| Operating income per employee (consolidated) | ¥30.3M |
| Net income per employee (consolidated) | ¥21.3M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 994 | 1,275 | 1,375 | 1,432 | 1,525 |
| Average salary (parent company) | ¥5.6M | ¥5.9M | ¥6.3M | ¥7.1M | ¥7.2M |
| Average age (parent company) | 36.8 years | 36.6 years | 36.7 years | 36.9 years | 37.0 years |
| Average tenure (parent company) | 4.9 years | 4.8 years | 5.0 years | 5.3 years | 5.5 years |

Year over year: Employees (consolidated) +6.5% · Revenue (consolidated) +15.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 33,726 | 10.1% | S100XSYP |
| Capital expenditure | 16,069 | 4.8% | S100XSYP |
| Free cash flow | 17,657 | 5.3% | 算出 |
| Investing cash flow | -17,093 | -5.1% | S100XSYP |
| Financing cash flow | 27 | 0.0% | S100XSYP |
| Dividends paid | 12,424 | 3.7% | S100XSYP |
| Share buyback | 138 | 0.0% | S100XSYP |
| Change in cash | 16,625 | 5.0% | S100XSYP |
| Cash and equivalents | 46,995 | 14.1% | S100XSYP |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 11,068 | 8,586 | 18,454 | 30,370 | 46,995 | S100T4N7, S100VHTU, S100XSYP |
| Total assets | 95,789 | 111,737 | 128,352 | 145,028 | 193,243 | S100RR6X, S100T4N7, S100VHTU, S100XSYP |
| Net assets | 60,283 | 72,621 | 86,982 | 104,267 | 122,933 | S100T4N7, S100VHTU, S100XSYP |
| Share capital | 2,000 | 2,039 | 2,042 | 2,042 | 2,048 | S100RR6X, S100T4N7, S100VHTU, S100XSYP |
| Trade receivables | 21,665 | 25,244 | 28,443 | 32,556 | 41,384 | S100RR6X, S100T4N7, S100VHTU, S100XSYP |
| Property, plant and equipment | 28,105 | 35,046 | 39,561 | 37,305 | 54,958 | S100RR6X, S100T4N7, S100VHTU, S100XSYP |
| Intangible assets excluding goodwill | 6,332 | 7,093 | 6,359 | 6,516 | 7,685 | S100RR6X, S100T4N7, S100VHTU, S100XSYP |
| Goodwill | 770 | 710 | — | — | — | S100RR6X, S100T4N7 |
| Investment securities | — | 1,500 | 1,500 | 1,500 | 1,455 | S100T4N7, S100VHTU, S100XSYP |
| Current assets | 57,086 | 63,045 | 75,286 | 94,116 | 123,116 | S100RR6X, S100T4N7, S100VHTU, S100XSYP |
| Current liabilities | 23,824 | 31,575 | 36,989 | 36,461 | 53,558 | S100RR6X, S100T4N7, S100VHTU, S100XSYP |
| Short-term borrowings | — | 61 | 221 | 215 | 109 | S100T4N7, S100VHTU, S100XSYP |
| Long-term borrowings | 9,000 | 4,922 | 221 | — | 13,000 | S100RR6X, S100T4N7, S100VHTU, S100XSYP |
| Total liabilities | 35,505 | 39,115 | 41,369 | 40,761 | 70,310 | S100RR6X, S100T4N7, S100VHTU, S100XSYP |
| Non-controlling interests | 897 | 482 | 520 | 564 | 413 | S100RR6X, S100T4N7, S100VHTU, S100XSYP |
| Equity attributable to owners of parent | 59,133 | 71,789 | 86,028 | 103,260 | 122,174 | S100RR6X, S100T4N7, S100VHTU, S100XSYP |
| Retained earnings | 56,646 | 69,218 | 83,578 | 101,469 | 120,746 | S100RR6X, S100T4N7, S100VHTU, S100XSYP |
| Treasury stock | -413 | -502 | -619 | -747 | -876 | S100RR6X, S100T4N7, S100VHTU, S100XSYP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100XSYP |
| Receivables | 21% | S100XSYP |
| Property, plant and equipment | 29% | S100XSYP |
| Intangibles and goodwill | 4% | S100XSYP |
| Investment securities | 1% | S100XSYP |
| Other assets | 21% | S100XSYP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100XSYP |
| Equity | 64% | S100XSYP |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 95,789 | 111,737 | 128,352 | 145,028 | 193,243 |
| Equity | 60,283 | 72,621 | 86,982 | 104,267 | 122,933 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,068 | 8,586 | 18,454 | 30,370 | 46,995 |

## 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) | 16.5% | S100XSYP |
| Fixed assets ÷ total assets | 28.4% | S100XSYP |
| Goodwill ÷ parent equity | — | —, S100XSYP |

### 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) | 24.3% |
| Cash ÷ revenue | 14.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 73.0% |
| Cash vs. profit gap | 1,292 JPY mn (of net income 4.0%) |
| Shareholder returns / net income | 38.7% |
| Shareholder returns / FCF | 71.1% |
| Shareholder payments — dividends / net income | 38.3% |
| Shareholder payments — dividends / FCF | 70.4% |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| Investing CF relative to operating CF | 50.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 9.3% | 1.98× | 18.3% | 1.62× | 29.7% | S100RR6X |
| 2022 | 8.3% | 2.18× | 18.0% | 1.59× | 28.5% | S100T4N7 |
| 2023 | 8.6% | 2.12× | 18.2% | 1.52× | 27.6% | S100VHTU |
| 2024 | 9.1% | 2.11× | 19.3% | 1.44× | 27.8% | S100XSYP |
| 2025 | 9.7% | 1.97× | 19.2% | 1.50× | 28.8% | S100XSYP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| GRAINGER GLOBAL HOLDINGS, INC．(常任代理人 大和証券株式会社) | Major shareholder | 50.3% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 8.8% | 2025-12-31 |
| CITIBANK, N.A.-NY, AS DEPOSITARY BANK FOR DEPOSITARY SHARE HOLDERS(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 2.3% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505103(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.2% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.2% | 2025-12-31 |
| THE BANK OF NEW YORK MELLON 140044(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.8% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.1% | 2025-12-31 |
| NORTHERN TRUST CO.(AVFC) RE UKAI AIF CLIENTS NON LENDING 10PCT TREATY ACCOUNT (常任代理人 香港上海銀行東京支店) | Major shareholder | 0.9% | 2025-12-31 |
| MSIP CLIENT SECURITIES(常任代理人 モルガン・スタンレーMUFG証券株式会社) | Major shareholder | 0.9% | 2025-12-31 |
| THE BANK OF NEW YORK MELLON 140042(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.9% | 2025-12-31 |

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

- Revenue for FY ending Dec 2025 was ¥333.9B, up +15.9% from ¥288.1B the year before.
- Profit grew faster than sales: operating income reached ¥46.2B (+24.6%) and net income ¥32.4B (+23.1%).
- Free cash flow fell -29.8% to ¥17.7B. Operating cash flow rose, but more money went into facilities such as logistics sites.

### Drivers

- The company pushed customer acquisition through search ads and SEO, and backed it with direct mail, daily deals and TV commercials.
- It expanded the areas eligible for same-day shipping and added delivery options such as leave-at-door and chosen delivery times.
- Its enterprise business for large companies gained both customers and sales.

### Risks

- If a weaker yen or higher material and shipping costs raise purchase prices before selling prices are revised, gross margin could fall.
- Most shipping depends on a few distribution centers, so a major disaster could halt deliveries.
- If more rivals sell the same items online, price competition could squeeze profits.

Cited: Annual Securities Report, 26th fiscal year (Jan–Dec 2025) (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, 26th fiscal year (Jan–Dec 2025) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/01/01－2025/12/31) | S100XSYP | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSYP,, |
| 有価証券報告書－第25期(2024/01/01－2024/12/31) | S100VHTU | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHTU,, |
| 有価証券報告書－第24期(2023/01/01－2023/12/31) | S100T4N7 | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4N7,, |
| 訂正有価証券報告書－第23期(2022/01/01－2022/12/31) | S100RR6X | 2023-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RR6X,, |
| 有価証券報告書－第22期(令和3年1月1日－令和3年12月31日) | S100NSIX | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSIX,, |
| 有価証券報告書－第21期(令和2年1月1日－令和2年12月31日) | S100L2A1 | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2A1,, |

## 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).