# MT GENEX 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76期(2025/04/01－2026/03/31) (S100YFVP)
> Page: https://vizora.meequs.com/en/company/mt-genex
> Retrieved: 2026-09-30T21:32:05.732Z

## Company

MT Genex, founded in 1953, is a company in Non-life Insurance listed on TSE Standard. It has 151 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MT GENEX CORPORATION |
| Ticker | 9820 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9820.T) |
| Listing | TSE Standard |
| Head office | 東京都港区虎ノ門五丁目13番1号 |
| Representative (per filing) | 代表取締役社長 松井 徳彦 |
| Founded | Apr 1953 |
| Share capital | ¥1.07B |
| Employees (consolidated) | 151 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Corporate number | 4010401039616 |
| EDINET | E02740 |
| Industries (Vizora) | Non-life Insurance, Real Estate Brokerage & Management, General Contractors |

> Profile source: annual securities report (S100YFVP, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 81.5 | 84 |
| Profitability | 83.2 | 92 |
| Cash conversion | 26.9 | 91 |
| Efficiency | 37.5 | 92 |

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 42% of MT Genex's sales come from Renewal, with Parking lot and Facilities maintenance and management making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +19.3% from the prior year, operating profit +12.9%.

## Company structure

- Segment revenue mix: Renewal 42.4%、Parking lot 33.8%、Facilities maintenance and management 22.4%、Insurance agency 1.4%
- Revenue → net income: ¥4714304000 → ¥314857000
- Net income → operating cash flow: ¥314857000 → ¥76334000（difference ¥-238523000）
- Main uses of operating cash flow: CapEx ¥22894000 / dividends ¥42960000 / buybacks ¥253000
- Change in cash: ¥-13396000
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 | ¥4.71B |  |
| Operating income | ¥463.9M | Margin 9.8% |
| Net income | ¥314.9M | Margin 6.7% |
| Free cash flow | ¥53.4M |  |
| Largest business | Renewal | of segment revenue 42.4% |
| Employees (consolidated) | 151 |  |
| EPS | ¥223.16 |  |
| Book value per share | ¥3931.17 |  |
| Equity ratio | 77.9% |  |
| Shares outstanding | 1,079,600 |  |
| Treasury shares | 3,300 |  |
| Shareholders | 738 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 35.3% | Cash ÷ revenue 42.3% |
| Vs. industry median margin | +3 pp | General Contractors |
| ROE | 7.4% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 35% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3009628000 | ¥4714304000 | +56.6% |
| Operating income | ¥309255000 | ¥463856000 | +50.0% |
| Operating margin | 10.3% | 9.8% | -0.4 pp |
| Employees | 109 people | 151 people | +38.5% |
| Cash and equivalents | ¥1529686000 | ¥1993873000 | +30.3% |

### 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 |
| --- | ---: |
| リニューアル → リニューアル | 40.4% |
| 駐車場 → 駐車場 | 33.8% |
| 駐車場 → 事業再編・廃止 | 4.4% |
| 施設等保守管理 → 施設等保守管理 | 19.5% |
| 保険代理 → 保険代理 | 1.4% |
| 保険代理 → 事業再編・廃止 | 0.5% |
| 新設・再編 → リニューアル | 2.0% |
| 新設・再編 → 施設等保守管理 | 2.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Renewal | 5 years | +10.5% | ¥2000074000 | 13.8% | 2 |
| Parking lot | 5 years | +6.7% | ¥1592608000 | 18.3% | 2 |
| Facilities maintenance and management | 5 years | +12.4% | ¥1056611000 | 8.1% | 2 |
| Insurance agency | 5 years | +3.4% | ¥65009000 | 45.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,714 | 100.0% | S100YFVP |
| Cost of revenue | 3,616 | 76.7% | S100YFVP |
| Gross profit | 1,098 | 23.3% | S100YFVP |
| SG&A | 634 | 13.4% | S100YFVP |
| Operating income | 464 | 9.8% | S100YFVP |
| Ordinary income | 490 | 10.4% | S100YFVP |
| Pretax income | 491 | 10.4% | S100YFVP |
| Income tax | 176 | 3.7% | S100YFVP |
| Net income | 315 | 6.7% | S100YFVP |
| Net income attributable to owners | 315 | 6.7% | S100YFVP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 13 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 23.3% → Operating margin 9.8% → Net margin 6.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.3%; Core profit growth: +12.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.67×
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 | 3,951 | 4,714 | 764 | +19.3% |
| Gross profit | 1,007 | 1,098 | 91 | +9.1% |
| Operating income | 411 | 464 | 53 | +12.9% |
| Net income attributable to owners | 265 | 315 | 50 | +18.8% |
| Operating cash flow | 295 | 76 | -219 | -74.2% |
| Free cash flow | 277 | 53 | -224 | -80.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,265 | 518 | 15.9% | 346 | 208 | 204 | S100NMEC |
| FY ending Mar 2021 | 3,010 | 309 | 10.3% | 227 | 342 | 340 | S100OEB5 |
| FY ending Mar 2022 | 2,970 | 329 | 11.1% | 213 | 395 | 389 | S100R636 |
| FY ending Mar 2023 | 3,263 | 365 | 11.2% | 242 | 123 | 77 | S100TSPV |
| FY ending Mar 2024 | 3,791 | 438 | 11.6% | 278 | 289 | 258 | S100W40Y |
| FY ending Mar 2025 | 3,951 | 411 | 10.4% | 265 | 295 | 277 | S100YFVP |
| FY ending Mar 2026 | 4,714 | 464 | 9.8% | 315 | 76 | 53 | S100YFVP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.2M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥2.1M |

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) | 109 | 114 | 134 | 134 | 151 |
| Average salary (parent company) | ¥5.6M | ¥5.8M | ¥6.2M | ¥6M | ¥5.9M |
| Average age (parent company) | 48.7 years | 47.7 years | 47.5 years | 47.6 years | 49.3 years |
| Average tenure (parent company) | 8.0 years | 8.0 years | 7.0 years | 7.0 years | 6.0 years |

Year over year: Employees (consolidated) +12.7% · Revenue (consolidated) +19.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Renewal | 2,000 | 42.4% | 277 | 13.8% |
| Parking lot | 1,593 | 33.8% | 291 | 18.3% |
| Facilities maintenance and management | 1,057 | 22.4% | 85 | 8.1% |
| Insurance agency | 65 | 1.4% | 30 | 45.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Renewal | 42.4% | 40.5% | -1.9 | 13.8% |
| Parking lot | 33.8% | 42.6% | 8.8 | 18.3% |
| Facilities maintenance and management | 22.4% | 12.5% | -9.9 | 8.1% |
| Insurance agency | 1.4% | 4.4% | 3.0 | 45.7% |

Segment → industry: Insurance agency → Non-life Insurance / Facilities maintenance and management → Real Estate Brokerage & Management / Parking lot → Real Estate Brokerage & Management / Renewal → General Contractors

## 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 | 76 | 1.6% | S100YFVP |
| Capital expenditure | 23 | 0.5% | S100YFVP |
| Free cash flow | 53 | 1.1% | 算出 |
| Investing cash flow | -29 | -0.6% | S100YFVP |
| Financing cash flow | -61 | -1.3% | S100YFVP |
| Dividends paid | 43 | 0.9% | S100YFVP |
| Share buyback | 0 | 0.0% | S100YFVP |
| Change in cash | -13 | -0.3% | S100YFVP |
| Cash and equivalents | 1,994 | 42.3% | S100YFVP |

## 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 | 1,846 | 1,834 | 1,836 | 2,007 | 1,994 | S100TSPV, S100W40Y, S100YFVP |
| Total assets | 4,588 | 4,762 | 5,001 | 5,121 | 5,645 | S100R636, S100TSPV, S100W40Y, S100YFVP |
| Net assets | 3,476 | 3,675 | 3,909 | 4,128 | 4,400 | S100TSPV, S100W40Y, S100YFVP |
| Share capital | 1,072 | 1,072 | 1,072 | 1,072 | 1,072 | S100R636, S100TSPV, S100W40Y, S100YFVP |
| Property, plant and equipment | 137 | 176 | 207 | 206 | 207 | S100R636, S100TSPV, S100W40Y, S100YFVP |
| Intangible assets excluding goodwill | 122 | 87 | 207 | 142 | 94 | S100R636, S100TSPV, S100W40Y, S100YFVP |
| Goodwill | 121 | 86 | 205 | 140 | 92 | S100R636, S100TSPV, S100W40Y, S100YFVP |
| Investment securities | 43 | 39 | 38 | 30 | 30 | S100R636, S100TSPV, S100W40Y, S100YFVP |
| Current assets | 4,123 | 4,321 | 4,372 | 4,563 | 5,119 | S100R636, S100TSPV, S100W40Y, S100YFVP |
| Current liabilities | 665 | 720 | 713 | 631 | 870 | S100R636, S100TSPV, S100W40Y, S100YFVP |
| Trade payables | 93 | 110 | 111 | 139 | 142 | S100R636, S100TSPV, S100W40Y, S100YFVP |
| Short-term borrowings | 6 | — | — | — | — | S100R636 |
| Long-term borrowings | 142 | 89 | 88 | 45 | 37 | S100R636, S100TSPV, S100W40Y, S100YFVP |
| Bonds | 70 | 60 | 50 | 40 | 30 | S100R636, S100TSPV, S100W40Y, S100YFVP |
| Interest-bearing debt | 218 | — | — | — | — | 算出 |
| Total liabilities | 1,112 | 1,087 | 1,092 | 993 | 1,245 | S100R636, S100TSPV, S100W40Y, S100YFVP |
| Equity attributable to owners of parent | 3,474 | 3,672 | 3,907 | 4,128 | 4,400 | S100R636, S100TSPV, S100W40Y, S100YFVP |
| Retained earnings | 2,413 | 2,612 | 2,846 | 3,068 | 3,340 | S100R636, S100TSPV, S100W40Y, S100YFVP |
| Treasury stock | -12 | -12 | -12 | -12 | -12 | S100R636, S100TSPV, S100W40Y, S100YFVP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100YFVP |
| Property, plant and equipment | 4% | S100YFVP |
| Intangibles and goodwill | 3% | S100YFVP |
| Investment securities | 1% | S100YFVP |
| Other assets | 57% | S100YFVP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YFVP |
| Other liabilities | 20% | S100YFVP |
| Equity | 78% | S100YFVP |
| Other liabilities | 0% | S100YFVP |

### 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 | 4,588 | 4,762 | 5,001 | 5,121 | 5,645 |
| Equity | 3,476 | 3,675 | 3,909 | 4,128 | 4,400 |
| Interest-bearing debt | 218 | — | — | — | — |
| Cash | 1,846 | 1,834 | 1,836 | 2,007 | 1,994 |

## 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) | 4.4% | S100YFVP |
| Fixed assets ÷ total assets | 3.7% | S100YFVP |
| Goodwill ÷ parent equity | 2.1% | S100YFVP |

Goodwill over 4 years: 121 → 92 JPY; total investing cash flow: -248 JPY. This does not imply causation.

### 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) | 35.3% |
| Cash ÷ revenue | 42.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 16.5% |
| Cash vs. profit gap | -239 JPY mn (of net income -75.8%) |
| Shareholder returns / net income | 13.7% |
| Shareholder returns / FCF | 80.9% |
| Shareholder payments — dividends / net income | 13.6% |
| Shareholder payments — dividends / FCF | 80.4% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 37.8% |

## 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 | 7.2% | 0.65× | 4.6% | 1.32× | 6.1% | S100R636 |
| 2023 | 7.4% | 0.70× | 5.2% | 1.31× | 6.8% | S100TSPV |
| 2024 | 7.3% | 0.78× | 5.7% | 1.29× | 7.3% | S100W40Y |
| 2025 | 6.7% | 0.78× | 5.2% | 1.26× | 6.6% | S100YFVP |
| 2026 | 6.7% | 0.88× | 5.8% | 1.26× | 7.4% | S100YFVP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 森トラスト株式会社 | Major shareholder | 53.4% | 2026-03-31 |
| UH Partners 2投資事業有限責任組合 | Major shareholder | 7.7% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 6.5% | 2026-03-31 |
| 関谷 幸平 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.6% | 2026-03-31 |
| 五味 大輔 | Major shareholder | 1.3% | 2026-03-31 |
| 光通信株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 吉田 昭彦 | Major shareholder | 0.7% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 0.7% | 2026-03-31 |
| 那須 浩史 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/04/01－2026/03/31) | S100YFVP | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFVP,, |
| 有価証券報告書－第75期(2024/04/01－2025/03/31) | S100W40Y | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W40Y,, |
| 有価証券報告書－第74期(2023/04/01－2024/03/31) | S100TSPV | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSPV,, |
| 有価証券報告書－第73期(2022/04/01－2023/03/31) | S100R636 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R636,, |
| 有価証券報告書－第72期(令和3年4月1日－令和4年3月31日) | S100OEB5 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEB5,, |
| 訂正有価証券報告書－第71期(令和2年4月1日－令和3年3月31日) | S100NMEC | 2022-03-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NMEC,, |

## 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).