# MORITA HOLDINGS CORPORATION: 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93期(2025/04/01－2026/03/31) (S100YE56)
> Page: https://vizora.meequs.com/en/company/morita-holdings
> Retrieved: 2026-09-30T20:42:17.151Z

## Company

Morita Holdings, founded in 1907, is a company in Trucks & Buses listed on TSE Prime. It has 1,786 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MORITA HOLDINGS CORPORATION |
| Ticker | 6455 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6455.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区道修町三丁目6番1号 |
| Representative (per filing) | 代表取締役 社長執行役員 加藤雅義 |
| Founded | Apr 1907 |
| Share capital | ¥4.75B |
| Employees (consolidated) | 1,786 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | www.morita119.com (https://www.morita119.com/) |
| Corporate number | 7120001019062 |
| EDINET | E01653 |
| Industries (Vizora) | Trucks & Buses, Disaster Prevention & Infrastructure Maintenance, Waste Management & Recycling, Industrial Machinery |

> Profile source: annual securities report (S100YE56, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.6 | 35 |
| Profitability | 83.8 | 40 |
| Cash conversion | 17.1 | 38 |
| Efficiency | 43.8 | 40 |

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 61% of Morita Holdings's sales come from Ambulance, with Disaster prevention and Environmental automobile making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +4.3% from the prior year, operating profit +12.5%.

## Company structure

- Segment revenue mix: Ambulance 61.5%、Disaster prevention 21.4%、Environmental automobile 11.6%、Industrial machinery 5.6%
- Revenue → net income: ¥116596000000 → ¥9541000000
- Net income → operating cash flow: ¥9541000000 → ¥4787000000（difference ¥-4754000000）
- Main uses of operating cash flow: CapEx ¥1479000000 / dividends ¥2647000000 / buybacks ¥4663000000
- Change in cash: ¥-3455000000
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 | ¥116.6B |  |
| Operating income | ¥15.5B | Margin 13.3% |
| Net income | ¥9.46B | Margin 8.1% |
| Free cash flow | ¥3.31B |  |
| Largest business | Ambulance | of segment revenue 61.5% |
| Employees (consolidated) | 1,786 |  |
| EPS | ¥191.53 |  |
| Book value per share | ¥1589.61 |  |
| Equity ratio | 69.3% |  |
| Shares outstanding | 45,418,000 |  |
| Treasury shares | 4,446,700 |  |
| Shareholders | 5,204 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 18.0% | Cash ÷ revenue 22.5% |
| Vs. industry median margin | +7.5 pp | Trucks & Buses |
| ROE | 10.5% | Derived from disclosed figures |
| ROA | 6.5% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.8× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥84667000000 | ¥116596000000 | +37.7% |
| Operating income | ¥8855000000 | ¥15456000000 | +74.5% |
| Operating margin | 10.5% | 13.3% | +2.8 pp |
| Employees | 1,796 people | 1,786 people | -0.6% |
| Cash and equivalents | ¥22839000000 | ¥26268000000 | +15.0% |

### 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 |
| --- | ---: |
| 消防車輌 → 消防車輌 | 61.2% |
| 防災 → 防災 | 21.3% |
| 産業機械 → 産業機械 | 4.7% |
| 環境車輌 → 環境車輌 | 11.6% |
| 環境車輌 → 事業再編・廃止 | 1.3% |
| 新設・再編 → 消防車輌 | 0.3% |
| 新設・再編 → 防災 | 0.1% |
| 新設・再編 → 産業機械 | 0.9% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Ambulance | 5 years | +6.7% | ¥71689000000 | 11.4% | 2 |
| Disaster prevention | 5 years | +6.7% | ¥24959000000 | 20.6% | 2 |
| Environmental automobile | 5 years | +4.4% | ¥13469000000 | 9.3% | 2 |
| Industrial machinery | 5 years | +10.2% | ¥6476000000 | 13.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 116,596 | 100.0% | S100YE56 |
| Cost of revenue | 82,637 | 70.9% | S100YE56 |
| Gross profit | 33,959 | 29.1% | S100YE56 |
| SG&A | 18,502 | 15.9% | S100YE56 |
| Operating income | 15,456 | 13.3% | S100YE56 |
| Ordinary income | 15,045 | 12.9% | S100YE56 |
| Pretax income | 14,803 | 12.7% | S100YE56 |
| Income tax | 5,262 | 4.5% | S100YE56 |
| Net income | 9,541 | 8.2% | S100YE56 |
| Net income attributable to owners | 9,456 | 8.1% | S100YE56 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 16 |
| Operating income | 13 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 29.1% → Operating margin 13.3% → Net margin 8.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.3%; Core profit growth: +12.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.89×
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 | 111,743 | 116,596 | 4,853 | +4.3% |
| Gross profit | 30,467 | 33,959 | 3,492 | +11.5% |
| Operating income | 13,733 | 15,456 | 1,723 | +12.5% |
| Net income attributable to owners | 9,472 | 9,456 | -16 | -0.2% |
| Operating cash flow | 11,391 | 4,787 | -6,604 | -58.0% |
| Free cash flow | 9,133 | 3,308 | -5,825 | -63.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 86,922 | 8,855 | 10.2% | 6,971 | 5,075 | 3,422 | S100LLOV |
| FY ending Mar 2021 | 84,667 | 8,855 | 10.5% | 6,224 | 11,673 | 10,783 | S100OLRU |
| FY ending Mar 2022 | 83,602 | 8,115 | 9.7% | 5,350 | 10,544 | 9,573 | S100R1NZ |
| FY ending Mar 2023 | 81,344 | 5,081 | 6.2% | 3,996 | 2,140 | -511 | S100TPIG |
| FY ending Mar 2024 | 95,205 | 9,453 | 9.9% | 6,011 | 11,172 | 7,854 | S100VZZM |
| FY ending Mar 2025 | 111,743 | 13,733 | 12.3% | 9,472 | 11,391 | 9,133 | S100YE56 |
| FY ending Mar 2026 | 116,596 | 15,456 | 13.3% | 9,456 | 4,787 | 3,308 | S100YE56 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥65.3M |
| Operating income per employee (consolidated) | ¥8.7M |
| Net income per employee (consolidated) | ¥5.3M |

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) | 1,785 | 1,755 | 1,723 | 1,748 | 1,786 |
| Average salary (parent company) | ¥7.3M | ¥7.3M | ¥6.9M | ¥7.7M | ¥8.2M |
| Average age (parent company) | 44.3 years | 44.0 years | 43.6 years | 45.3 years | 44.6 years |
| Average tenure (parent company) | 11.1 years | 12.0 years | 12.2 years | 12.5 years | 12.4 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) +4.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Ambulance | 71,689 | 61.5% | 8,167 | 11.4% |
| Disaster prevention | 24,959 | 21.4% | 5,148 | 20.6% |
| Industrial machinery | 6,476 | 5.6% | 896 | 13.8% |
| Environmental automobile | 13,469 | 11.6% | 1,254 | 9.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Ambulance | 61.5% | 52.8% | -8.7 | 11.4% |
| Disaster prevention | 21.4% | 33.3% | 11.9 | 20.6% |
| Industrial machinery | 5.6% | 5.8% | 0.2 | 13.8% |
| Environmental automobile | 11.6% | 8.1% | -3.4 | 9.3% |

Segment → industry: Environmental automobile → Trucks & Buses / Ambulance → Trucks & Buses / Disaster prevention → Disaster Prevention & Infrastructure Maintenance / Ambulance → Disaster Prevention & Infrastructure Maintenance / Industrial machinery → Waste Management & Recycling / Industrial machinery → Industrial Machinery

## 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 | 4,787 | 4.1% | S100YE56 |
| Capital expenditure | 1,479 | 1.3% | S100YE56 |
| Free cash flow | 3,308 | 2.8% | 算出 |
| Investing cash flow | -1,407 | -1.2% | S100YE56 |
| Financing cash flow | -6,794 | -5.8% | S100YE56 |
| Dividends paid | 2,647 | 2.3% | S100YE56 |
| Share buyback | 4,663 | 4.0% | S100YE56 |
| Change in cash | -3,455 | -3.0% | S100YE56 |
| Cash and equivalents | 26,268 | 22.5% | S100YE56 |

## 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 | 29,132 | 19,651 | 25,910 | 29,724 | 26,268 | S100TPIG, S100VZZM, S100YE56 |
| Total assets | 125,167 | 123,986 | 139,695 | 143,352 | 146,006 | S100R1NZ, S100TPIG, S100VZZM, S100YE56 |
| Net assets | 81,906 | 84,213 | 91,583 | 97,702 | 102,476 | S100TPIG, S100VZZM, S100YE56 |
| Share capital | 4,746 | 4,746 | 4,746 | 4,746 | 4,746 | S100R1NZ, S100TPIG, S100VZZM, S100YE56 |
| Trade receivables | 22,406 | 25,576 | 26,668 | — | — | S100R1NZ, S100TPIG |
| Property, plant and equipment | 32,179 | 33,254 | 35,390 | 34,852 | 34,448 | S100R1NZ, S100TPIG, S100VZZM, S100YE56 |
| Intangible assets excluding goodwill | 2,672 | 2,518 | 2,198 | 1,772 | 1,155 | S100R1NZ, S100TPIG, S100VZZM, S100YE56 |
| Goodwill | 1,820 | 1,491 | 1,101 | 575 | — | S100R1NZ, S100TPIG, S100VZZM, S100YE56 |
| Investment securities | 12,879 | 11,656 | 14,529 | 14,298 | 15,234 | S100R1NZ, S100TPIG, S100VZZM, S100YE56 |
| Current assets | 71,629 | 70,769 | 81,592 | 87,132 | 90,384 | S100R1NZ, S100TPIG, S100VZZM, S100YE56 |
| Current liabilities | 33,118 | 30,321 | 38,332 | 36,138 | 33,673 | S100R1NZ, S100TPIG, S100VZZM, S100YE56 |
| Trade payables | 8,601 | 11,081 | 10,554 | 13,477 | 13,034 | S100R1NZ, S100TPIG, S100VZZM, S100YE56 |
| Short-term borrowings | 954 | — | 1,432 | — | 908 | S100R1NZ, S100VZZM, S100YE56 |
| Long-term borrowings | 54 | — | — | — | — | S100R1NZ |
| Total liabilities | 43,261 | 39,772 | 48,111 | 45,650 | 43,530 | S100R1NZ, S100TPIG, S100VZZM, S100YE56 |
| Non-controlling interests | 959 | 990 | 1,072 | 1,173 | 1,270 | S100R1NZ, S100TPIG, S100VZZM, S100YE56 |
| Equity attributable to owners of parent | 77,851 | 79,670 | 83,366 | 88,789 | 91,112 | S100R1NZ, S100TPIG, S100VZZM, S100YE56 |
| Retained earnings | 71,099 | 73,293 | 77,273 | 84,605 | 91,367 | S100R1NZ, S100TPIG, S100VZZM, S100YE56 |
| Treasury stock | -3,042 | -3,450 | -3,790 | -5,776 | -7,678 | S100R1NZ, S100TPIG, S100VZZM, S100YE56 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YE56 |
| Property, plant and equipment | 24% | S100YE56 |
| Intangibles and goodwill | 1% | S100YE56 |
| Investment securities | 10% | S100YE56 |
| Other assets | 47% | S100YE56 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YE56 |
| Other liabilities | 21% | S100YE56 |
| Equity | 70% | S100YE56 |

### 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 | 125,167 | 123,986 | 139,695 | 143,352 | 146,006 |
| Equity | 81,906 | 84,213 | 91,583 | 97,702 | 102,476 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 29,132 | 19,651 | 25,910 | 29,724 | 26,268 |

## 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) | 29.5% | S100YE56 |
| Fixed assets ÷ total assets | 23.6% | S100YE56 |
| Goodwill ÷ parent equity | — | —, S100YE56 |

### 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) | 18.0% |
| Cash ÷ revenue | 22.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 31.0% |
| Cash vs. profit gap | -4,669 JPY mn (of net income -49.4%) |
| Shareholder returns / net income | 77.3% |
| Shareholder returns / FCF | 221.0% |
| Shareholder payments — dividends / net income | 28.0% |
| Shareholder payments — dividends / FCF | 80.0% |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 29.4% |

## 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 | 6.4% | 0.67× | 4.3% | 1.61× | 6.9% | S100R1NZ |
| 2023 | 4.9% | 0.65× | 3.2% | 1.58× | 5.1% | S100TPIG |
| 2024 | 6.3% | 0.72× | 4.6% | 1.62× | 7.4% | S100VZZM |
| 2025 | 8.5% | 0.79× | 6.7% | 1.64× | 11.0% | S100YE56 |
| 2026 | 8.1% | 0.81× | 6.5% | 1.61× | 10.5% | S100YE56 |

## 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 | 10.6% | 2026-03-31 |
| モリタ取引先持株会 | Major shareholder | 5.8% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.3% | 2026-03-31 |
| エア・ウォーター株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.7% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.5% | 2026-03-31 |
| モリタ従業員持株会 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第93期(2025/04/01－2026/03/31) | S100YE56 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE56,, |
| 有価証券報告書－第92期(2024/04/01－2025/03/31) | S100VZZM | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZZM,, |
| 有価証券報告書－第91期(2023/04/01－2024/03/31) | S100TPIG | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPIG,, |
| 有価証券報告書－第90期(2022/04/01－2023/03/31) | S100R1NZ | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1NZ,, |
| 訂正有価証券報告書－第89期(令和3年4月1日－令和4年3月31日) | S100OLRU | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLRU,, |
| 有価証券報告書－第88期(令和2年4月1日－令和3年3月31日) | S100LLOV | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLOV,, |

## 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).