# Mullion Co.,Ltd.: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第39期(2024/10/01－2025/09/30) (S100XAPZ)
> Page: https://vizora.meequs.com/en/company/mullion
> Retrieved: 2026-09-30T21:37:59.960Z

## Company

Mullion, founded in 1986, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 20 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mullion Co.,Ltd. |
| Ticker | 3494 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3494.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区富久町9番11号 |
| Representative (per filing) | 代表取締役社長 福田 敬司 |
| Founded | Nov 1986 |
| Share capital | ¥1.39B |
| Employees (consolidated) | 20 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | September |
| Website | www.mullion.co.jp (https://www.mullion.co.jp/) |
| Corporate number | 5011101020237 |
| EDINET | E34271 |
| Industries (Vizora) | Real Estate Development & Leasing |

> Profile source: annual securities report (S100XAPZ, filed 2025-12-18). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 3.3 | 75 |
| Profitability | 92.4 | 86 |
| Cash conversion | 82.3 | 82 |
| Efficiency | 7.6 | 86 |

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)

- Mullion brought in ¥3.25B in revenue.
- Out of every ¥100 of sales, about ¥27 is left as operating profit.
- Revenue changed +13.1% from the prior year, operating profit +25.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3254456000 → ¥459537000
- Net income → operating cash flow: ¥459537000 → ¥1595134000（difference ¥1135597000）
- Main uses of operating cash flow: CapEx ¥741203000 / dividends ¥40683000 / buybacks —
- Change in cash: ¥321205000
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 | ¥3.25B |  |
| Operating income | ¥875M | Margin 26.9% |
| Net income | ¥459.5M | Margin 14.1% |
| Free cash flow | ¥853.9M |  |
| Employees (consolidated) | 20 |  |
| EPS | ¥58.63 |  |
| Diluted EPS | ¥58.14 |  |
| Book value per share | ¥606.8 |  |
| Equity ratio | 25.3% |  |
| Shares outstanding | 8,011,000 |  |
| Treasury shares | 173,500 |  |
| Shareholders | 4,116 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 9.6% | Cash ÷ revenue 55.4% |
| Vs. industry median margin | +16.4 pp | Real Estate Development & Leasing |
| ROE | 10.2% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.5× net income
- FY2025, operating income keeps 27 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3769291000 | ¥3254456000 | -13.7% |
| Operating income | ¥611445000 | ¥874985000 | +43.1% |
| Operating margin | 16.2% | 26.9% | +10.7 pp |
| Employees | 25 people | 20 people | -20.0% |
| Cash and equivalents | ¥1364215000 | ¥1801611000 | +32.1% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Sep 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,254 | 100.0% | S100XAPZ |
| Cost of revenue | 1,875 | 57.6% | S100XAPZ |
| Gross profit | 1,379 | 42.4% | S100XAPZ |
| SG&A | 504 | 15.5% | S100XAPZ |
| Operating income | 875 | 26.9% | S100XAPZ |
| Ordinary income | 665 | 20.4% | S100XAPZ |
| Pretax income | 665 | 20.4% | S100XAPZ |
| Income tax | 206 | 6.3% | S100XAPZ |
| Net income | 460 | 14.1% | S100XAPZ |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 15 |
| Operating income | 27 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 42.4% → Operating margin 26.9% → Net margin 14.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.1%; Core profit growth: +25.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.96×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,877 | 3,254 | 378 | +13.1% |
| Gross profit | 1,185 | 1,379 | 194 | +16.4% |
| Operating income | 696 | 875 | 179 | +25.8% |
| Operating cash flow | 1,743 | 1,595 | -147 | -8.5% |
| Free cash flow | 472 | 854 | 382 | +80.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 2,736 | 601 | 22.0% | 221 | 1,260 | -516 | S100KFB7 |
| FY ending Sep 2020 | 3,769 | 611 | 16.2% | 258 | 2,399 | 1,731 | S100N4MM |
| FY ending Sep 2021 | 1,841 | 294 | 16.0% | 88 | 147 | -710 | S100QF48 |
| FY ending Sep 2022 | 2,160 | 227 | 10.5% | 60 | 970 | 940 | S100SRCI |
| FY ending Sep 2023 | 2,808 | 383 | 13.6% | 142 | 1,349 | -2,602 | S100UYQW |
| FY ending Sep 2024 | 2,877 | 696 | 24.2% | 342 | 1,743 | 472 | S100XAPZ |
| FY ending Sep 2025 | 3,254 | 875 | 26.9% | 460 | 1,595 | 854 | S100XAPZ |

## People and productivity（FY ending Sep 2025, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥162.7M |
| Operating income per employee (consolidated) | ¥43.7M |
| Net income per employee (consolidated) | ¥23M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 24 | 24 | 21 | 20 | 20 |
| Average salary (parent company) | ¥5.8M | ¥6.2M | ¥6.3M | ¥6.1M | ¥6.1M |
| Average age (parent company) | 46.9 years | 47.8 years | 49.9 years | 50.6 years | 51.3 years |
| Average tenure (parent company) | 8.7 years | 9.0 years | 8.1 years | 9.6 years | 7.8 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +13.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,595 | 49.0% | S100XAPZ |
| Capital expenditure | 741 | 22.8% | S100XAPZ |
| Free cash flow | 854 | 26.2% | 算出 |
| Investing cash flow | -795 | -24.4% | S100XAPZ |
| Financing cash flow | -479 | -14.7% | S100XAPZ |
| Dividends paid | 41 | 1.3% | S100XAPZ |
| Change in cash | 321 | 9.9% | S100XAPZ |
| Cash and equivalents | 1,802 | 55.4% | S100XAPZ |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 689 | 828 | 1,471 | 1,480 | 1,802 | S100SRCI, S100UYQW, S100XAPZ |
| Total assets | 16,027 | 15,379 | 18,741 | 18,823 | 18,797 | S100QF48, S100SRCI, S100UYQW, S100XAPZ |
| Net assets | 3,854 | 3,878 | 4,004 | 4,331 | 4,768 | S100SRCI, S100UYQW, S100XAPZ |
| Share capital | 1,388 | 1,388 | 1,388 | 1,388 | 1,388 | S100QF48, S100SRCI, S100UYQW, S100XAPZ |
| Property, plant and equipment | 13,541 | 12,922 | 15,970 | 15,273 | 15,759 | S100QF48, S100SRCI, S100UYQW, S100XAPZ |
| Intangible assets excluding goodwill | 93 | 69 | 46 | 33 | 95 | S100QF48, S100SRCI, S100UYQW, S100XAPZ |
| Investment securities | 77 | 67 | 68 | 66 | 96 | S100QF48, S100SRCI, S100UYQW, S100XAPZ |
| Current assets | 2,139 | 2,164 | 2,496 | 3,274 | 2,668 | S100QF48, S100SRCI, S100UYQW, S100XAPZ |
| Current liabilities | 2,690 | 1,370 | 1,769 | 1,670 | 2,005 | S100QF48, S100SRCI, S100UYQW, S100XAPZ |
| Short-term borrowings | 1,170 | 579 | 1,084 | 753 | 946 | S100QF48, S100SRCI, S100UYQW, S100XAPZ |
| Long-term borrowings | 6,050 | 5,782 | 8,092 | 7,639 | 6,849 | S100QF48, S100SRCI, S100UYQW, S100XAPZ |
| Total liabilities | 12,173 | 11,501 | 14,737 | 14,492 | 14,029 | S100QF48, S100SRCI, S100UYQW, S100XAPZ |
| Equity attributable to owners of parent | 3,829 | 3,852 | 3,979 | 4,301 | 4,721 | S100QF48, S100SRCI, S100UYQW, S100XAPZ |
| Retained earnings | 1,342 | 1,365 | 1,492 | 1,812 | 2,231 | S100QF48, S100SRCI, S100UYQW, S100XAPZ |
| Treasury stock | -41 | -41 | -41 | -40 | -39 | S100QF48, S100SRCI, S100UYQW, S100XAPZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100XAPZ |
| Property, plant and equipment | 84% | S100XAPZ |
| Intangibles and goodwill | 0% | S100XAPZ |
| Investment securities | 0% | S100XAPZ |
| Other assets | 6% | S100XAPZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 75% | S100XAPZ |
| Equity | 25% | S100XAPZ |
| Other liabilities | 0% | S100XAPZ |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 16,027 | 15,379 | 18,741 | 18,823 | 18,797 |
| Equity | 3,854 | 3,878 | 4,004 | 4,331 | 4,768 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 689 | 828 | 1,471 | 1,480 | 1,802 |

## 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) | 484.2% | S100XAPZ |
| Fixed assets ÷ total assets | 83.8% | S100XAPZ |
| Goodwill ÷ parent equity | — | —, S100XAPZ |

### 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) | 9.6% |
| Cash ÷ revenue | 55.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 182.3% |
| Cash vs. profit gap | 1,136 JPY mn (of net income 247.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 8.9% |
| Shareholder payments — dividends / FCF | 4.8% |
| CapEx intensity (capex ÷ revenue) | 22.8% |
| Investing CF relative to operating CF | 49.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.8% | 0.11× | 0.5% | 4.19× | 2.3% | S100QF48 |
| 2022 | 2.8% | 0.14× | 0.4% | 4.09× | 1.6% | S100SRCI |
| 2023 | 5.1% | 0.16× | 0.8% | 4.36× | 3.6% | S100UYQW |
| 2024 | 11.9% | 0.15× | 1.8% | 4.54× | 8.3% | S100XAPZ |
| 2025 | 14.1% | 0.17× | 2.4% | 4.17× | 10.2% | S100XAPZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 福田敬司 | Major shareholder | 36.4% | 2025-09-30 |
| SBIホールディングス株式会社 | Major shareholder | 12.3% | 2025-09-30 |
| 公益財団法人マリオン財団 | Major shareholder | 9.0% | 2025-09-30 |
| 西川 勝子 | Major shareholder | 5.9% | 2025-09-30 |
| 株式会社ベルーナ | Major shareholder | 5.7% | 2025-09-30 |
| 田中 俊彦 | Major shareholder | 2.8% | 2025-09-30 |
| 株式会社フレンドステージ | Major shareholder | 2.5% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 1.7% | 2025-09-30 |
| 須田 忠雄 | Major shareholder | 1.6% | 2025-09-30 |
| 笹原 みなみ | Major shareholder | 0.7% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2024/10/01－2025/09/30) | S100XAPZ | 2025-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAPZ,, |
| 有価証券報告書－第38期(2023/10/01－2024/09/30) | S100UYQW | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UYQW,, |
| 訂正有価証券報告書－第37期(2022/10/01－2023/09/30) | S100SRCI | 2024-02-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SRCI,, |
| 訂正有価証券報告書－第36期(2021/10/01－2022/09/30) | S100QF48 | 2023-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QF48,, |
| 有価証券報告書－第35期(令和2年10月1日－令和3年9月30日) | S100N4MM | 2021-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4MM,, |
| 有価証券報告書－第34期(令和1年10月1日－令和2年9月30日) | S100KFB7 | 2020-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFB7,, |

## 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).