# MRK HOLDINGS INC.: 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49期(2025/04/01－2026/03/31) (S100YHKB)
> Page: https://vizora.meequs.com/en/company/mrk-holdings
> Retrieved: 2026-09-30T22:47:57.284Z

## Company

MRK Holdings, founded in 1978, is a company in Baby & Kids Goods listed on TSE Standard. It has 1,720 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MRK HOLDINGS INC. |
| Ticker | 9980 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9980.T) |
| Listing | TSE Standard |
| Head office | 大阪市北区大淀中一丁目1番30号 |
| Representative (per filing) | 代表取締役社長 岡本 雅文 |
| Founded | Apr 1978 |
| Share capital | ¥6.49B |
| Employees (consolidated) | 1,720 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | March |
| Website | www.mrkholdings.co.jp (https://www.mrkholdings.co.jp/) |
| Corporate number | 1120001120362 |
| EDINET | E00609 |
| Industries (Vizora) | Baby & Kids Goods, Apparel, Restaurants & Pubs, Weddings, Beauty Salons |

> Profile source: annual securities report (S100YHKB, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 39.1 | 55 |
| Profitability | 45.1 | 61 |
| Cash conversion | 84 | 47 |
| Efficiency | 56.6 | 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 88% of MRK Holdings's sales come from Woman's underwear sale and related business, with Maternity and baby related business and Bridal and Banquet related business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +0.4% from the prior year, operating profit +46.8%.

## Company structure

- Segment revenue mix: Woman's underwear sale and related business 87.6%、Maternity and baby related business 5.1%、Bridal and Banquet related business 4.6%、Other 2.8%
- Revenue → net income: ¥21230931000 → ¥930017000
- Net income → operating cash flow: ¥930017000 → ¥1263086000（difference ¥333069000）
- Main uses of operating cash flow: CapEx ¥247626000 / dividends ¥99726000 / buybacks ¥312300000
- Change in cash: ¥270435000
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 | ¥21.2B |  |
| Operating income | ¥580.1M | Margin 2.7% |
| Net income | ¥930M | Margin 4.4% |
| Free cash flow | ¥1.02B |  |
| Largest business | Woman's underwear sale and related business | of segment revenue 87.6% |
| Employees (consolidated) | 1,720 |  |
| EPS | ¥8.41 |  |
| Book value per share | ¥145.27 |  |
| Equity ratio | 77.7% |  |
| Shares outstanding | 101,295,071 |  |
| Treasury shares | 4,762,500 |  |
| Shareholders | 36,432 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 12.1% | Cash ÷ revenue 11.3% |
| Vs. industry median margin | -0.3 pp | Apparel |
| ROE | 6.4% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.1× dividends
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, employees -7% while operating income rose 47%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18330192000 | ¥21230931000 | +15.8% |
| Operating income | ¥611922000 | ¥580113000 | -5.2% |
| Operating margin | 3.3% | 2.7% | -0.6 pp |
| Employees | 1,874 people | 1,720 people | -8.2% |
| Cash and equivalents | ¥7279592000 | ¥2392524000 | -67.1% |

### 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 |
| --- | ---: |
| 婦人下着及びその関連事業 → 婦人下着及びその関連事業 | 87.6% |
| 婦人下着及びその関連事業 → 事業再編・廃止 | 0.5% |
| マタニティ及びベビー関連事業 → マタニティ及びベビー関連事業 | 5.1% |
| マタニティ及びベビー関連事業 → 事業再編・廃止 | 2.8% |
| 婚礼・宴会関連事業 → 婚礼・宴会関連事業 | 0.7% |
| その他 → その他 | 2.8% |
| その他 → 事業再編・廃止 | 0.6% |
| 新設・再編 → 婚礼・宴会関連事業 | 3.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Woman's underwear sale and related business | 5 years | +2.9% | ¥18589577000 | 3.7% | 2 |
| Maternity and baby related business | 5 years | -5.8% | ¥1075102000 | 0.3% | 2 |
| Bridal and Banquet related business | 5 years | +49.2% | ¥978646000 | -6.4% | 2 |
| Other | 5 years | -1.0% | ¥587604000 | -6.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 21,231 | 100.0% | S100YHKB |
| Cost of revenue | 5,312 | 25.0% | S100YHKB |
| Gross profit | 15,919 | 75.0% | S100YHKB |
| SG&A | 15,339 | 72.2% | S100YHKB |
| Operating income | 580 | 2.7% | S100YHKB |
| Ordinary income | 966 | 4.6% | S100YHKB |
| Pretax income | 892 | 4.2% | S100YHKB |
| Income tax | -38 | -0.2% | S100YHKB |
| Net income | 930 | 4.4% | S100YHKB |
| Net income attributable to owners | 930 | 4.4% | S100YHKB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 25 |
| SG&A | 72 |
| Operating income | 3 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 75.0% → Operating margin 2.7% → Net margin 4.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.4%; Core profit growth: +46.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 126.57×
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 | 21,153 | 21,231 | 78 | +0.4% |
| Gross profit | 15,789 | 15,919 | 130 | +0.8% |
| Operating income | 395 | 580 | 185 | +46.8% |
| Net income attributable to owners | 254 | 930 | 676 | +265.9% |
| Operating cash flow | 1,715 | 1,263 | -452 | -26.4% |
| Free cash flow | 1,375 | 1,015 | -359 | -26.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 18,919 | 759 | 4.0% | -795 | 2,546 | 771 | S100LVTY |
| FY ending Mar 2021 | 18,330 | 612 | 3.3% | 122 | 2,944 | 2,411 | S100OKLX |
| FY ending Mar 2022 | 18,830 | 680 | 3.6% | 423 | 102 | -298 | S100R96D |
| FY ending Mar 2023 | 19,541 | 804 | 4.1% | 514 | -265 | -802 | S100TW2W |
| FY ending Mar 2024 | 19,584 | 552 | 2.8% | 225 | -849 | -1,148 | S100W2DP |
| FY ending Mar 2025 | 21,153 | 395 | 1.9% | 254 | 1,715 | 1,375 | S100YHKB |
| FY ending Mar 2026 | 21,231 | 580 | 2.7% | 930 | 1,263 | 1,015 | S100YHKB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.3M |
| Operating income per employee (consolidated) | ¥337.3K |
| Net income per employee (consolidated) | ¥540.7K |

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) | 1,824 | 1,839 | 1,788 | 1,846 | 1,720 |
| Average salary (parent company) | ¥4.7M | ¥4.8M | ¥4.8M | ¥5M | ¥4.8M |
| Average age (parent company) | 47.3 years | 47.0 years | 46.7 years | 45.9 years | 46.1 years |
| Average tenure (parent company) | 16.2 years | 13.4 years | 14.8 years | 14.2 years | 12.9 years |

Year over year: Employees (consolidated) -6.8% · Revenue (consolidated) +0.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Woman's underwear sale and related business | 18,590 | 87.6% | 679 | 3.7% |
| Maternity and baby related business | 1,075 | 5.1% | 3 | 0.3% |
| Bridal and Banquet related business | 979 | 4.6% | -63 | -6.4% |
| Other | 588 | 2.8% | -41 | -6.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Woman's underwear sale and related business | 87.6% | 99.5% | 12.0 | 3.7% |
| Maternity and baby related business | 5.1% | 0.5% | -4.6 | 0.3% |
| Bridal and Banquet related business | 4.6% | — | — | -6.4% |
| Other | 2.8% | — | — | -6.9% |

Loss-making segment (excluded from profit shares): Bridal and Banquet related business -63 JPY mn

Loss-making segment (excluded from profit shares): Other -41 JPY mn

Segment → industry: Maternity and baby related business → Baby & Kids Goods / Woman's underwear sale and related business → Apparel / Bridal and Banquet related business → Restaurants & Pubs / Bridal and Banquet related business → Weddings / Other → Beauty Salons

## 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 | 1,263 | 5.9% | S100YHKB |
| Capital expenditure | 248 | 1.2% | S100YHKB |
| Free cash flow | 1,015 | 4.8% | 算出 |
| Investing cash flow | 514 | 2.4% | S100YHKB |
| Financing cash flow | -1,506 | -7.1% | S100YHKB |
| Dividends paid | 100 | 0.5% | S100YHKB |
| Share buyback | 312 | 1.5% | S100YHKB |
| Change in cash | 270 | 1.3% | S100YHKB |
| Cash and equivalents | 2,393 | 11.3% | S100YHKB |

## 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 | 5,290 | 2,557 | 2,565 | 2,122 | 2,393 | S100TW2W, S100W2DP, S100YHKB |
| Total assets | 17,342 | 18,049 | 22,021 | 20,202 | 19,697 | S100R96D, S100TW2W, S100W2DP, S100YHKB |
| Net assets | 13,795 | 14,252 | 14,559 | 14,629 | 15,306 | S100TW2W, S100W2DP, S100YHKB |
| Share capital | 6,491 | 6,491 | 6,491 | 6,491 | 6,491 | S100R96D, S100TW2W, S100W2DP, S100YHKB |
| Property, plant and equipment | 3,548 | 3,720 | 3,797 | 3,884 | 3,647 | S100R96D, S100TW2W, S100W2DP, S100YHKB |
| Intangible assets excluding goodwill | 438 | 374 | 295 | 199 | 215 | S100R96D, S100TW2W, S100W2DP, S100YHKB |
| Current assets | 11,672 | 12,312 | 16,216 | 14,338 | 13,631 | S100R96D, S100TW2W, S100W2DP, S100YHKB |
| Current liabilities | 3,041 | 3,245 | 5,570 | 4,678 | 3,860 | S100R96D, S100TW2W, S100W2DP, S100YHKB |
| Trade payables | 871 | — | — | — | — | S100OKLX |
| Short-term borrowings | 100 | 100 | 100 | 50 | 100 | S100R96D, S100TW2W, S100W2DP, S100YHKB |
| Long-term borrowings | — | — | 1,354 | 281 | — | S100W2DP, S100YHKB |
| Total liabilities | 3,547 | 3,797 | 7,463 | 5,573 | 4,391 | S100R96D, S100TW2W, S100W2DP, S100YHKB |
| Equity attributable to owners of parent | 13,661 | 14,073 | 14,197 | 14,253 | 14,770 | S100R96D, S100TW2W, S100W2DP, S100YHKB |
| Retained earnings | 695 | 1,108 | 1,232 | 1,385 | 2,215 | S100R96D, S100TW2W, S100W2DP, S100YHKB |
| Treasury stock | -0 | -0 | -0 | -98 | -410 | S100R96D, S100TW2W, S100W2DP, S100YHKB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YHKB |
| Property, plant and equipment | 19% | S100YHKB |
| Intangibles and goodwill | 1% | S100YHKB |
| Other assets | 68% | S100YHKB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 22% | S100YHKB |
| Equity | 78% | S100YHKB |
| Other liabilities | 0% | S100YHKB |

### 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 | 17,342 | 18,049 | 22,021 | 20,202 | 19,697 |
| Equity | 13,795 | 14,252 | 14,559 | 14,629 | 15,306 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,290 | 2,557 | 2,565 | 2,122 | 2,393 |

## 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) | 17.2% | S100YHKB |
| Fixed assets ÷ total assets | 18.5% | S100YHKB |
| Goodwill ÷ parent equity | — | —, S100YHKB |

### 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) | 12.1% |
| Cash ÷ revenue | 11.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 217.7% |
| Cash vs. profit gap | 333 JPY mn (of net income 35.8%) |
| Shareholder returns / net income | 44.3% |
| Shareholder returns / FCF | 40.6% |
| Shareholder payments — dividends / net income | 10.7% |
| Shareholder payments — dividends / FCF | 9.8% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 40.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.2% | 1.09× | 2.4% | 1.27× | 3.1% | S100R96D |
| 2023 | 2.6% | 1.10× | 2.9% | 1.28× | 3.7% | S100TW2W |
| 2024 | 1.2% | 0.98× | 1.1% | 1.42× | 1.6% | S100W2DP |
| 2025 | 1.2% | 1.00× | 1.2% | 1.48× | 1.8% | S100YHKB |
| 2026 | 4.4% | 1.06× | 4.7% | 1.37× | 6.4% | S100YHKB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| RIZAPグループ株式会社 | Major shareholder | 57.0% | 2026-03-31 |
| 伊藤忠商事株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| MRKホールディングス社員持株会 | Major shareholder | 1.9% | 2026-03-31 |
| 中島 和信 | Major shareholder | 1.5% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.7% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 0.6% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 0.5% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 0.5% | 2026-03-31 |
| 正岡 昌子 | Major shareholder | 0.4% | 2026-03-31 |
| 柳谷 和夫 | Major shareholder | 0.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第49期(2025/04/01－2026/03/31) | S100YHKB | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHKB,, |
| 有価証券報告書－第48期(2024/04/01－2025/03/31) | S100W2DP | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2DP,, |
| 有価証券報告書－第47期(2023/04/01－2024/03/31) | S100TW2W | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW2W,, |
| 有価証券報告書－第46期(2022/04/01－2023/03/31) | S100R96D | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R96D,, |
| 有価証券報告書－第45期(令和3年4月1日－令和4年3月31日) | S100OKLX | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKLX,, |
| 有価証券報告書－第44期(令和2年4月1日－令和3年3月31日) | S100LVTY | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVTY,, |

## 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).