# Mr Max Holdings Ltd.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第77期(2025/03/01－2026/02/28) (S100Y58I)
> Page: https://vizora.meequs.com/en/company/mr-max-holdings
> Retrieved: 2026-09-30T22:47:29.212Z

## Company

Mr Max Holdings, founded in 1950, is a company in Supermarkets listed on TSE Prime. It has 719 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mr Max Holdings Ltd. |
| Ticker | 8203 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8203.T) |
| Listing | TSE Prime |
| Head office | 福岡市東区松田一丁目5番7号 |
| Representative (per filing) | 代表取締役社長 平野 能章 |
| Founded | Dec 1950 |
| Share capital | ¥10.2B |
| Employees (consolidated) | 719 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | February |
| Website | www.mrmaxhd.co.jp (https://www.mrmaxhd.co.jp/) |
| Corporate number | 3290001004134 |
| EDINET | E03103 |
| Industries (Vizora) | Supermarkets |

> Profile source: annual securities report (S100Y58I, filed 2026-05-20). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 36.7 | 45 |
| Profitability | 56.1 | 49 |
| Cash conversion | 11.7 | 47 |
| Efficiency | 25.5 | 49 |
| Financial strength | 56.3 | 8 |

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)

- Mr Max Holdings brought in ¥142.1B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +8.2% from the prior year, operating profit +16.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥142134000000 → ¥2715000000
- Net income → operating cash flow: ¥2715000000 → ¥4021000000（difference ¥1306000000）
- Main uses of operating cash flow: CapEx ¥4386000000 / dividends ¥765000000 / buybacks —
- Change in cash: ¥355000000
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 | ¥142.1B |  |
| Operating income | ¥4.45B | Margin 3.1% |
| Net income | ¥2.71B | Margin 1.9% |
| Free cash flow | -¥365M |  |
| Employees (consolidated) | 719 |  |
| EPS | ¥47.68 |  |
| Book value per share | ¥914.4 |  |
| Equity ratio | 44.2% |  |
| Shares outstanding | 39,611,000 |  |
| Treasury shares | 6,285,900 |  |
| Shareholders | 11,728 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 2.4% | Net cash -¥11.4B · Cash ÷ revenue 1.5% |
| Vs. industry median margin | +0.3 pp | Supermarkets |
| ROE | 7.4% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 2% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥126913000000 | ¥142134000000 | +12.0% |
| Operating income | ¥6011000000 | ¥4445000000 | -26.1% |
| Operating margin | 4.7% | 3.1% | -1.6 pp |
| Employees | 717 people | 719 people | +0.3% |
| Cash and equivalents | ¥2874000000 | ¥2110000000 | -26.6% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 142,134 | 100.0% | S100Y58I |
| Cost of revenue | 110,997 | 78.1% | 算出 |
| Gross profit | 31,137 | 21.9% | S100Y58I |
| SG&A | 32,241 | 22.7% | S100Y58I |
| Operating income | 4,445 | 3.1% | S100Y58I |
| Ordinary income | 4,499 | 3.2% | S100Y58I |
| Pretax income | 4,020 | 2.8% | S100Y58I |
| Income tax | 1,305 | 0.9% | S100Y58I |
| Net income | 2,715 | 1.9% | S100Y58I |
| Net income attributable to owners | 2,715 | 1.9% | S100Y58I |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 23 |
| Other operating | -4 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 21.9% → Operating margin 3.1% → Net margin 1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.2%; Core profit growth: +16.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.98×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 131,331 | 142,134 | 10,803 | +8.2% |
| Gross profit | 28,759 | 31,137 | 2,378 | +8.3% |
| Operating income | 3,823 | 4,445 | 622 | +16.3% |
| Net income attributable to owners | 2,477 | 2,715 | 238 | +9.6% |
| Operating cash flow | 5,439 | 4,021 | -1,418 | -26.1% |
| Free cash flow | 3,273 | -365 | -3,638 | -111.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 117,508 | 2,450 | 2.1% | 1,321 | 3,641 | 2,173 | S100LE84 |
| FY ending Feb 2021 | 126,913 | 6,011 | 4.7% | 3,542 | 9,337 | 8,064 | S100PJ76 |
| FY ending Feb 2022 | 119,975 | 4,487 | 3.7% | 2,853 | 3,516 | 2,348 | S100QTHI |
| FY ending Feb 2023 | 122,107 | 4,632 | 3.8% | 3,427 | 3,970 | 947 | S100TH8O |
| FY ending Feb 2024 | 124,514 | 3,021 | 2.4% | 2,444 | 3,934 | 1,094 | S100VSL5 |
| FY ending Feb 2025 | 131,331 | 3,823 | 2.9% | 2,477 | 5,439 | 3,273 | S100Y58I |
| FY ending Feb 2026 | 142,134 | 4,445 | 3.1% | 2,715 | 4,021 | -365 | S100Y58I |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥197.7M |
| Operating income per employee (consolidated) | ¥6.2M |
| Net income per employee (consolidated) | ¥3.8M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 727 | 722 | 708 | 689 | 719 |
| Average salary (parent company) | ¥7M | ¥6.8M | ¥6.9M | ¥6.7M | ¥6.4M |
| Average age (parent company) | 45.2 years | 45.1 years | 43.9 years | 43.6 years | 41.8 years |
| Average tenure (parent company) | 19.5 years | 18.8 years | 17.2 years | 16.7 years | 14.6 years |

Year over year: Employees (consolidated) +4.4% · Revenue (consolidated) +8.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,021 | 2.8% | S100Y58I |
| Capital expenditure | 4,386 | 3.1% | S100Y58I |
| Free cash flow | -365 | -0.3% | 算出 |
| Investing cash flow | -5,091 | -3.6% | S100Y58I |
| Financing cash flow | 1,430 | 1.0% | S100Y58I |
| Dividends paid | 765 | 0.5% | S100Y58I |
| Change in cash | 355 | 0.2% | S100Y58I |
| Cash and equivalents | 2,110 | 1.5% | S100Y58I |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,887 | 3,136 | 2,389 | 1,754 | 2,110 | S100TH8O, S100VSL5, S100Y58I |
| Total assets | 82,216 | 81,932 | 83,511 | 83,199 | 86,745 | S100QTHI, S100TH8O, S100VSL5, S100Y58I |
| Net assets | 29,706 | 32,452 | 34,129 | 36,058 | 38,374 | S100TH8O, S100VSL5, S100Y58I |
| Share capital | 10,229 | 10,229 | 10,229 | 10,229 | 10,229 | S100QTHI, S100TH8O, S100VSL5, S100Y58I |
| Property, plant and equipment | 48,852 | 48,428 | 48,538 | 48,118 | 49,814 | S100QTHI, S100TH8O, S100VSL5, S100Y58I |
| Intangible assets excluding goodwill | 1,036 | 1,233 | 1,561 | 1,506 | 1,247 | S100QTHI, S100TH8O, S100VSL5, S100Y58I |
| Investment securities | 345 | 423 | 578 | 572 | 1,705 | S100QTHI, S100TH8O, S100VSL5, S100Y58I |
| Current assets | 17,012 | 18,246 | 19,161 | 19,325 | 20,628 | S100QTHI, S100TH8O, S100VSL5, S100Y58I |
| Current liabilities | 26,717 | 25,854 | 26,784 | 27,865 | 28,614 | S100QTHI, S100TH8O, S100VSL5, S100Y58I |
| Trade payables | 7,412 | 6,846 | 8,313 | 8,473 | 8,284 | S100QTHI, S100TH8O, S100VSL5, S100Y58I |
| Short-term borrowings | — | — | — | — | 1,200 | S100Y58I |
| Long-term borrowings | 15,316 | 13,956 | 13,261 | 9,598 | 9,812 | S100QTHI, S100TH8O, S100VSL5, S100Y58I |
| Bonds | 1,714 | 1,428 | 1,142 | 1,906 | 2,520 | S100QTHI, S100TH8O, S100VSL5, S100Y58I |
| Interest-bearing debt | — | — | — | — | 13,532 | 算出 |
| Total liabilities | 52,510 | 49,480 | 49,382 | 47,141 | 48,370 | S100QTHI, S100TH8O, S100VSL5, S100Y58I |
| Non-controlling interests | 6 | — | — | — | — | S100QTHI |
| Equity attributable to owners of parent | 29,688 | 32,237 | 33,800 | 35,707 | 37,682 | S100QTHI, S100TH8O, S100VSL5, S100Y58I |
| Retained earnings | 14,081 | 16,612 | 18,159 | 20,038 | 21,988 | S100QTHI, S100TH8O, S100VSL5, S100Y58I |
| Treasury stock | -2,603 | -2,591 | -2,580 | -2,563 | -2,548 | S100QTHI, S100TH8O, S100VSL5, S100Y58I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100Y58I |
| Property, plant and equipment | 57% | S100Y58I |
| Intangibles and goodwill | 2% | S100Y58I |
| Investment securities | 2% | S100Y58I |
| Other assets | 37% | S100Y58I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100Y58I |
| Interest-bearing debt | 16% | 算出 |
| Other liabilities | 31% | S100Y58I |
| Equity | 44% | S100Y58I |
| Other liabilities | 0% | S100Y58I |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 82,216 | 81,932 | 83,511 | 83,199 | 86,745 |
| Equity | 29,706 | 32,452 | 34,129 | 36,058 | 38,374 |
| Interest-bearing debt | — | — | — | — | 13,532 |
| Cash | 2,887 | 3,136 | 2,389 | 1,754 | 2,110 |

## 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) | 35.0% | S100Y58I |
| Fixed assets ÷ total assets | 57.4% | S100Y58I |
| Goodwill ÷ parent equity | — | —, S100Y58I |

### 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) | 2.4% |
| Cash ÷ revenue | 1.5% |
| Net cash (cash − interest-bearing debt) | -¥11.4B |
| Net debt ÷ operating cash flow | 2.84× |
| Cash conversion (operating CF ÷ operating income) | 90.5% |
| Cash vs. profit gap | 1,306 JPY mn (of net income 48.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 126.6% |

## 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 | 2.4% | 1.46× | 3.5% | 2.77× | 9.6% | S100QTHI |
| 2023 | 2.8% | 1.49× | 4.2% | 2.65× | 11.1% | S100TH8O |
| 2024 | 2.0% | 1.51× | 3.0% | 2.51× | 7.4% | S100VSL5 |
| 2025 | 1.9% | 1.58× | 3.0% | 2.40× | 7.1% | S100Y58I |
| 2026 | 1.9% | 1.67× | 3.2% | 2.32× | 7.4% | S100Y58I |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Waiz Holdings | Major shareholder | 34.1% | 2026-02-28 |
| ミスターマックス取引先持株会 | Major shareholder | 8.7% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社 （信託口） | Major shareholder | 6.8% | 2026-02-28 |
| 株式会社福岡銀行 | Major shareholder | 4.2% | 2026-02-28 |
| MrMaxHoldings 社員持株会 | Major shareholder | 3.6% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.8% | 2026-02-28 |
| 株式会社西日本シティ銀行 | Major shareholder | 1.5% | 2026-02-28 |
| アイリスオーヤマ株式会社 | Major shareholder | 1.5% | 2026-02-28 |
| 株式会社INS | Major shareholder | 1.5% | 2026-02-28 |
| 住友生命保険相互会社 | Major shareholder | 1.4% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/03/01－2026/02/28) | S100Y58I | 2026-05-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y58I,, |
| 有価証券報告書－第76期(2024/03/01－2025/02/28) | S100VSL5 | 2025-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VSL5,, |
| 有価証券報告書－第75期(2023/03/01－2024/02/29) | S100TH8O | 2024-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TH8O,, |
| 有価証券報告書－第74期(2022/03/01－2023/02/28) | S100QTHI | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTHI,, |
| 訂正有価証券報告書－第73期(令和3年3月1日－令和4年2月28日) | S100PJ76 | 2022-11-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PJ76,, |
| 有価証券報告書－第72期(令和2年3月1日－令和3年2月28日) | S100LE84 | 2021-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LE84,, |

## 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).