# MOONBAT Co., Ltd.: 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85期(2025/04/01－2026/03/31) (S100YDWL)
> Page: https://vizora.meequs.com/en/company/moonbat
> Retrieved: 2026-09-30T18:37:49.549Z

## Company

Moonbat, founded in 1941, is a company in IT Services & System Integration listed on TSE Standard. It has 213 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MOONBAT Co.,Ltd. |
| Ticker | 8115 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8115.T) |
| Listing | TSE Standard |
| Head office | 京都府京都市下京区室町通四条南入鶏鉾町493番地 |
| Representative (per filing) | 代表取締役・社長執行役員 鎌田 尚 |
| Founded | Sep 1941 |
| Share capital | ¥1B |
| Employees (consolidated) | 213 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.moonbat.co.jp (https://www.moonbat.co.jp/) |
| Corporate number | 5130001019030 |
| EDINET | E02639 |
| Industries (Vizora) | IT Services & System Integration, Specialty Trading & Wholesale, Apparel |

> Profile source: annual securities report (S100YDWL, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.4 | 55 |
| Profitability | 63.1 | 61 |
| Cash conversion | 22.3 | 47 |
| Efficiency | 61.5 | 61 |

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 96% of Moonbat's sales come from personal belongings, with information systems development making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -0.1% from the prior year, operating profit -12.8%.

## Company structure

- Segment revenue mix: personal belongings 96.0%、information systems development 4.0%
- Revenue → net income: ¥11933532000 → ¥574490000
- Net income → operating cash flow: ¥574490000 → ¥342917000（difference ¥-231573000）
- Main uses of operating cash flow: CapEx ¥85777000 / dividends ¥255932000 / buybacks ¥698000
- Change in cash: ¥-235413000
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 | ¥11.9B |  |
| Operating income | ¥612.8M | Margin 5.1% |
| Net income | ¥570.6M | Margin 4.8% |
| Free cash flow | ¥257.1M |  |
| Largest business | personal belongings | of segment revenue 96.0% |
| Employees (consolidated) | 213 |  |
| EPS | ¥124.78 |  |
| Book value per share | ¥1239.72 |  |
| Equity ratio | 58.9% |  |
| Shares outstanding | 4,774,719 |  |
| Treasury shares | 267,400 |  |
| Shareholders | 1,710 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 11.1% | Cash ÷ revenue 9.3% |
| Vs. industry median margin | +2.3 pp | Specialty Trading & Wholesale |
| ROE | 10.4% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 95% of positive segment profit
- FY2026, parent-company salary changed +38% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7170900000 | ¥11933532000 | +66.4% |
| Operating income | ¥-717117000 | ¥612806000 | — |
| Operating margin | -10.0% | 5.1% | +15.1 pp |
| Employees | 213 people | 213 people | 0.0% |
| Cash and equivalents | ¥1254516000 | ¥1107773000 | -11.7% |

### 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 |
| --- | ---: |
| 身の回り品事業 → 身の回り品事業 | 91.5% |
| 衣服装飾品 → 事業再編・廃止 | 8.5% |
| 新設・再編 → 身の回り品事業 | 4.5% |
| 新設・再編 → 情報サービス事業 | 4.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,934 | 100.0% | S100YDWL |
| Cost of revenue | 6,643 | 55.7% | S100YDWL |
| Gross profit | 5,291 | 44.3% | S100YDWL |
| SG&A | 4,678 | 39.2% | S100YDWL |
| Operating income | 613 | 5.1% | S100YDWL |
| Ordinary income | 676 | 5.7% | S100YDWL |
| Pretax income | 676 | 5.7% | S100YDWL |
| Income tax | 101 | 0.8% | S100YDWL |
| Net income | 574 | 4.8% | S100YDWL |
| Net income attributable to owners | 571 | 4.8% | S100YDWL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 39 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 44.3% → Operating margin 5.1% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.1%; Core profit growth: -12.8%
Operating leverage (core profit growth ÷ revenue growth): 119.12×
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 | 11,946 | 11,934 | -13 | -0.1% |
| Gross profit | 5,121 | 5,291 | 169 | +3.3% |
| Operating income | 703 | 613 | -90 | -12.8% |
| Net income attributable to owners | 583 | 571 | -13 | -2.2% |
| Operating cash flow | 783 | 343 | -441 | -56.2% |
| Free cash flow | 696 | 257 | -439 | -63.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,504 | -1,458 | -15.3% | -1,425 | -290 | -321 | S100LMFQ |
| FY ending Mar 2021 | 7,171 | -717 | -10.0% | -1,858 | -1,705 | -1,860 | S100OAWM |
| FY ending Mar 2022 | 7,456 | -556 | -7.5% | -380 | -102 | -125 | S100R7AR |
| FY ending Mar 2023 | 9,581 | 114 | 1.2% | 141 | 1,076 | 1,069 | S100TS9F |
| FY ending Mar 2024 | 10,610 | 435 | 4.1% | 545 | 910 | 835 | S100W244 |
| FY ending Mar 2025 | 11,946 | 703 | 5.9% | 583 | 783 | 696 | S100YDWL |
| FY ending Mar 2026 | 11,934 | 613 | 5.1% | 571 | 343 | 257 | S100YDWL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥56M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 183 | 173 | 175 | 206 | 213 |
| Average salary (parent company) | ¥4.4M | ¥5M | ¥5.5M | ¥5.8M | ¥6.1M |
| Average age (parent company) | 39.6 years | 41.6 years | 41.9 years | 41.6 years | 41.5 years |
| Average tenure (parent company) | 15.6 years | 17.4 years | 17.7 years | 17.3 years | 17.3 years |

Year over year: Employees (consolidated) +3.4% · Revenue (consolidated) -0.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| personal belongings | 11,452 | 96.0% | 600 | 5.2% |
| information systems development | 482 | 4.0% | 29 | 6.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| personal belongings | 96.0% | 95.4% | -0.6 | 5.2% |
| information systems development | 4.0% | 4.6% | 0.6 | 6.0% |

Segment → industry: information systems development → IT Services & System Integration / personal belongings → Specialty Trading & Wholesale / personal belongings → Apparel

## 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 | 343 | 2.9% | S100YDWL |
| Capital expenditure | 86 | 0.7% | S100YDWL |
| Free cash flow | 257 | 2.2% | 算出 |
| Investing cash flow | -172 | -1.4% | S100YDWL |
| Financing cash flow | -418 | -3.5% | S100YDWL |
| Dividends paid | 256 | 2.1% | S100YDWL |
| Share buyback | 1 | 0.0% | S100YDWL |
| Change in cash | -235 | -2.0% | S100YDWL |
| Cash and equivalents | 1,108 | 9.3% | S100YDWL |

## 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 | 658 | 891 | 1,045 | 1,343 | 1,108 | S100TS9F, S100W244, S100YDWL |
| Total assets | 11,063 | 10,331 | 9,876 | 9,935 | 9,939 | S100R7AR, S100TS9F, S100W244, S100YDWL |
| Net assets | 4,504 | 4,556 | 5,056 | 5,470 | 5,864 | S100TS9F, S100W244, S100YDWL |
| Share capital | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | S100R7AR, S100TS9F, S100W244, S100YDWL |
| Property, plant and equipment | 2,727 | 2,608 | 2,575 | 2,586 | 2,583 | S100R7AR, S100TS9F, S100W244, S100YDWL |
| Intangible assets excluding goodwill | 294 | 295 | 302 | 367 | 344 | S100R7AR, S100TS9F, S100W244, S100YDWL |
| Goodwill | — | — | — | 47 | 35 | S100YDWL |
| Investment securities | 223 | 211 | 251 | 254 | 428 | S100R7AR, S100TS9F, S100W244, S100YDWL |
| Current assets | 7,220 | 6,644 | 6,037 | 5,981 | 5,844 | S100R7AR, S100TS9F, S100W244, S100YDWL |
| Current liabilities | 5,785 | 5,144 | 4,272 | 3,920 | 3,626 | S100R7AR, S100TS9F, S100W244, S100YDWL |
| Trade payables | 578 | 581 | 527 | 543 | 445 | S100R7AR, S100TS9F, S100W244, S100YDWL |
| Short-term borrowings | 3,400 | 2,700 | 2,200 | 2,200 | 2,100 | S100R7AR, S100TS9F, S100W244, S100YDWL |
| Long-term borrowings | 248 | 170 | 146 | 123 | — | S100R7AR, S100TS9F, S100W244, S100YDWL |
| Total liabilities | 6,560 | 5,775 | 4,821 | 4,465 | 4,075 | S100R7AR, S100TS9F, S100W244, S100YDWL |
| Non-controlling interests | — | — | — | 10 | 14 | S100YDWL |
| Equity attributable to owners of parent | 4,392 | 4,444 | 4,912 | 5,310 | 5,623 | S100R7AR, S100TS9F, S100W244, S100YDWL |
| Retained earnings | 539 | 665 | 1,183 | 1,608 | 1,922 | S100R7AR, S100TS9F, S100W244, S100YDWL |
| Treasury stock | -4 | -77 | -127 | -154 | -155 | S100R7AR, S100TS9F, S100W244, S100YDWL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YDWL |
| Property, plant and equipment | 26% | S100YDWL |
| Intangibles and goodwill | 4% | S100YDWL |
| Investment securities | 4% | S100YDWL |
| Other assets | 55% | S100YDWL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YDWL |
| Other liabilities | 37% | S100YDWL |
| Equity | 59% | S100YDWL |

### 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 | 11,063 | 10,331 | 9,876 | 9,935 | 9,939 |
| Equity | 4,504 | 4,556 | 5,056 | 5,470 | 5,864 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 658 | 891 | 1,045 | 1,343 | 1,108 |

## 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) | 21.6% | S100YDWL |
| Fixed assets ÷ total assets | 26.0% | S100YDWL |
| Goodwill ÷ parent equity | 0.6% | S100YDWL |

### 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) | 11.1% |
| Cash ÷ revenue | 9.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 56.0% |
| Cash vs. profit gap | -228 JPY mn (of net income -39.9%) |
| Shareholder returns / net income | 45.0% |
| Shareholder returns / FCF | 99.8% |
| Shareholder payments — dividends / net income | 44.9% |
| Shareholder payments — dividends / FCF | 99.5% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 50.2% |

## 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 | — | —× | -3.4% | —× | — | S100R7AR |
| 2023 | 1.5% | 0.90× | 1.3% | 2.42× | 3.2% | S100TS9F |
| 2024 | 5.1% | 1.05× | 5.4% | 2.16× | 11.7% | S100W244 |
| 2025 | 4.9% | 1.21× | 5.9% | 1.94× | 11.4% | S100YDWL |
| 2026 | 4.8% | 1.20× | 5.7% | 1.82× | 10.4% | S100YDWL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 八木通商株式会社 | Major shareholder | 24.5% | 2026-03-31 |
| ムーンバット持株共栄会 | Major shareholder | 6.2% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 岡本綠 | Major shareholder | 3.9% | 2026-03-31 |
| ムーンバット役員持株会 | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社京都銀行 | Major shareholder | 3.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社ニード | Major shareholder | 2.9% | 2026-03-31 |
| フシアインベストメント リミテッド （常任代理人 福島貴士） | Major shareholder | 2.3% | 2026-03-31 |
| 京都中央信用金庫 | Major shareholder | 2.2% | 2026-03-31 |
| 西井 賢治 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第85期(2025/04/01－2026/03/31) | S100YDWL | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDWL,, |
| 有価証券報告書－第84期(2024/04/01－2025/03/31) | S100W244 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W244,, |
| 有価証券報告書－第83期(2023/04/01－2024/03/31) | S100TS9F | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS9F,, |
| 有価証券報告書－第82期(2022/04/01－2023/03/31) | S100R7AR | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7AR,, |
| 有価証券報告書－第81期(令和3年4月1日－令和4年3月31日) | S100OAWM | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAWM,, |
| 有価証券報告書－第80期(令和2年4月1日－令和3年3月31日) | S100LMFQ | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMFQ,, |

## 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).