# mup 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22期(2025/04/01－2026/03/31) (S100YK0J)
> Page: https://vizora.meequs.com/en/company/mup-holdings
> Retrieved: 2026-09-30T22:19:37.254Z

## Company

mup holdings., founded in 2004, is a company in Internet Services & Apps listed on TSE Prime. It has 362 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | m-up holdings, Inc. |
| Ticker | 3661 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3661.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区渋谷三丁目12番18号 |
| Representative (per filing) | 代表取締役 美藤 宏一郎 |
| Founded | Dec 2004 |
| Share capital | ¥317M |
| Employees (consolidated) | 362 |
| Fiscal year end | March |
| Website | www.m-upholdings.co.jp (https://www.m-upholdings.co.jp/) |
| Corporate number | 3011001043835 |
| EDINET | E26332 |
| Industries (Vizora) | Internet Services & Apps, Music & Live Entertainment, Events & Ticketing |

> Profile source: annual securities report (S100YK0J, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 81.3 | 40 |
| Profitability | 69.6 | 51 |
| Cash conversion | 64 | 43 |
| Efficiency | 60.6 | 52 |

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 86% of mup holdings.'s sales come from Mobile phone business, with Electronic ticket and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +23.0% from the prior year, operating profit +23.1%.

## Company structure

- Segment revenue mix: Mobile phone business 86.0%、Electronic ticket 13.9%、Other 0.1%
- Revenue → net income: ¥31715000000 → ¥3376000000
- Net income → operating cash flow: ¥3376000000 → ¥7019000000（difference ¥3643000000）
- Main uses of operating cash flow: CapEx ¥209000000 / dividends ¥641000000 / buybacks ¥1086000000
- Change in cash: ¥4055000000
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 | ¥31.7B |  |
| Operating income | ¥5B | Margin 15.8% |
| Net income | ¥2.97B | Margin 9.4% |
| Free cash flow | ¥6.81B |  |
| Largest business | Mobile phone business | of segment revenue 86.0% |
| Employees (consolidated) | 362 |  |
| EPS | ¥38.91 |  |
| Diluted EPS | ¥41.76 |  |
| Book value per share | ¥100.5 |  |
| Equity ratio | 29.7% |  |
| Shares outstanding | 72,992,776 |  |
| Treasury shares | 2,782,100 |  |
| Shareholders | 6,463 |  |
| Cash ratio | 51.8% | Cash ÷ revenue 51.7% |
| Vs. industry median margin | +8.1 pp | Internet Services & Apps |
| ROE | 33.0% | Derived from disclosed figures |
| ROA | 10.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, buybacks were 1.7× dividends
- FY2026, revenue is 2.3× its level five years ago

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12325512000 | ¥31715000000 | +157.3% |
| Operating income | ¥1107750000 | ¥5003000000 | +351.6% |
| Operating margin | 9.0% | 15.8% | +6.8 pp |
| Employees | 224 people | 362 people | +61.6% |
| Cash and equivalents | ¥4820000000 | ¥16383000000 | +239.9% |

### 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 |
| --- | ---: |
| コンテンツ事業 → コンテンツ事業 | 86.0% |
| コンテンツ事業 → 事業再編・廃止 | 2.2% |
| 電子チケット事業 → 電子チケット事業 | 11.1% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.6% |
| 新設・再編 → 電子チケット事業 | 2.8% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Mobile phone business | 5 years | +20.2% | ¥27272000000 | 16.6% | 2 |
| Electronic ticket | 5 years | +26.3% | ¥4399000000 | 30.8% | 2 |
| Other | 5 years | -12.8% | ¥43000000 | -53.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 31,715 | 100.0% | S100YK0J |
| Cost of revenue | 22,846 | 72.0% | S100YK0J |
| Gross profit | 8,869 | 28.0% | S100YK0J |
| SG&A | 3,866 | 12.2% | S100YK0J |
| Operating income | 5,003 | 15.8% | S100YK0J |
| Ordinary income | 5,432 | 17.1% | S100YK0J |
| Pretax income | 5,016 | 15.8% | S100YK0J |
| Income tax | 1,640 | 5.2% | S100YK0J |
| Net income | 3,376 | 10.6% | S100YK0J |
| Net income attributable to owners | 2,969 | 9.4% | S100YK0J |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 12 |
| Operating income | 16 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 28.0% → Operating margin 15.8% → Net margin 9.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +23.0%; Core profit growth: +23.1%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.00×
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 | 25,782 | 31,715 | 5,933 | +23.0% |
| Gross profit | 7,819 | 8,869 | 1,050 | +13.4% |
| Operating income | 4,065 | 5,003 | 938 | +23.1% |
| Net income attributable to owners | 1,664 | 2,969 | 1,305 | +78.4% |
| Operating cash flow | 5,482 | 7,019 | 1,537 | +28.0% |
| Free cash flow | 5,000 | 6,810 | 1,810 | +36.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 11,062 | 730 | 6.6% | 470 | 129 | -278 | S100LTCC |
| FY ending Mar 2021 | 12,326 | 1,108 | 9.0% | 633 | 1,975 | 1,872 | S100PF2K |
| FY ending Mar 2022 | 13,574 | 1,679 | 12.4% | 976 | 2,569 | 2,012 | S100R7VU |
| FY ending Mar 2023 | 15,936 | 2,074 | 13.0% | 1,093 | 1,457 | 817 | S100TUZP |
| FY ending Mar 2024 | 18,574 | 2,825 | 15.2% | 1,481 | 2,992 | 2,812 | S100W7JV |
| FY ending Mar 2025 | 25,782 | 4,065 | 15.8% | 1,664 | 5,482 | 5,000 | S100YK0J |
| FY ending Mar 2026 | 31,715 | 5,003 | 15.8% | 2,969 | 7,019 | 6,810 | S100YK0J |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥87.6M |
| Operating income per employee (consolidated) | ¥13.8M |
| Net income per employee (consolidated) | ¥8.2M |

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) | 249 | 246 | 283 | 343 | 362 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) +5.5% · Revenue (consolidated) +23.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mobile phone business | 27,272 | 86.0% | 4,515 | 16.6% |
| Electronic ticket | 4,399 | 13.9% | 1,353 | 30.8% |
| Other | 43 | 0.1% | -23 | -53.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Mobile phone business | 86.0% | 76.9% | -9.1 | 16.6% |
| Electronic ticket | 13.9% | 23.1% | 9.2 | 30.8% |
| Other | 0.1% | — | — | -53.5% |

Loss-making segment (excluded from profit shares): Other -23 JPY mn

Segment → industry: Mobile phone business → Internet Services & Apps / Mobile phone business → Music & Live Entertainment / Electronic ticket → Events & Ticketing

## 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 | 7,019 | 22.1% | S100YK0J |
| Capital expenditure | 209 | 0.7% | S100YK0J |
| Free cash flow | 6,810 | 21.5% | 算出 |
| Investing cash flow | -1,224 | -3.9% | S100YK0J |
| Financing cash flow | -1,744 | -5.5% | S100YK0J |
| Dividends paid | 641 | 2.0% | S100YK0J |
| Share buyback | 1,086 | 3.4% | S100YK0J |
| Change in cash | 4,055 | 12.8% | S100YK0J |
| Cash and equivalents | 16,383 | 51.7% | S100YK0J |

## 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 | 6,742 | 6,978 | 8,780 | 12,327 | 16,383 | S100TUZP, S100W7JV, S100YK0J |
| Total assets | 14,185 | 16,442 | 19,549 | 24,667 | 31,617 | S100R7VU, S100TUZP, S100W7JV, S100YK0J |
| Net assets | 5,396 | 6,657 | 7,141 | 8,785 | 10,944 | S100TUZP, S100W7JV, S100YK0J |
| Share capital | 317 | 317 | 317 | 317 | 317 | S100R7VU, S100TUZP, S100W7JV, S100YK0J |
| Property, plant and equipment | 1,078 | 993 | 1,204 | 1,318 | 1,255 | S100R7VU, S100TUZP, S100W7JV, S100YK0J |
| Intangible assets excluding goodwill | 1,002 | 1,226 | 699 | 276 | 344 | S100R7VU, S100TUZP, S100W7JV, S100YK0J |
| Goodwill | 546 | 327 | 109 | — | — | S100R7VU, S100TUZP, S100W7JV |
| Investment securities | 1,410 | 2,046 | 1,846 | 1,977 | 3,627 | S100R7VU, S100TUZP, S100W7JV, S100YK0J |
| Current assets | 10,063 | 11,432 | 14,861 | 19,743 | 24,883 | S100R7VU, S100TUZP, S100W7JV, S100YK0J |
| Current liabilities | 8,642 | 9,646 | 12,196 | 15,707 | 20,479 | S100R7VU, S100TUZP, S100W7JV, S100YK0J |
| Total liabilities | 8,789 | 9,785 | 12,407 | 15,881 | 20,672 | S100R7VU, S100TUZP, S100W7JV, S100YK0J |
| Non-controlling interests | 264 | 461 | 760 | 1,046 | 1,554 | S100R7VU, S100TUZP, S100W7JV, S100YK0J |
| Equity attributable to owners of parent | 5,640 | 6,589 | 7,468 | 8,343 | 9,678 | S100R7VU, S100TUZP, S100W7JV, S100YK0J |
| Retained earnings | 1,816 | 2,656 | 3,776 | 4,955 | 7,283 | S100R7VU, S100TUZP, S100W7JV, S100YK0J |
| Treasury stock | -202 | -200 | -440 | -791 | -1,768 | S100R7VU, S100TUZP, S100W7JV, S100YK0J |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 52% | S100YK0J |
| Property, plant and equipment | 4% | S100YK0J |
| Intangibles and goodwill | 1% | S100YK0J |
| Investment securities | 11% | S100YK0J |
| Other assets | 32% | S100YK0J |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 65% | S100YK0J |
| Equity | 35% | S100YK0J |
| Other liabilities | 0% | S100YK0J |

### 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 | 14,185 | 16,442 | 19,549 | 24,667 | 31,617 |
| Equity | 5,396 | 6,657 | 7,141 | 8,785 | 10,944 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,742 | 6,978 | 8,780 | 12,327 | 16,383 |

## 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) | 4.0% | S100YK0J |
| Fixed assets ÷ total assets | 4.0% | S100YK0J |
| Goodwill ÷ parent equity | — | —, S100YK0J |

### 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) | 51.8% |
| Cash ÷ revenue | 51.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 140.3% |
| Cash vs. profit gap | 4,050 JPY mn (of net income 136.4%) |
| Shareholder returns / net income | 58.2% |
| Shareholder returns / FCF | 25.4% |
| Shareholder payments — dividends / net income | 21.6% |
| Shareholder payments — dividends / FCF | 9.4% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 17.4% |

## 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 | 7.2% | 0.96× | 6.9% | 2.52× | 17.3% | S100R7VU |
| 2023 | 6.9% | 1.04× | 7.1% | 2.50× | 17.9% | S100TUZP |
| 2024 | 8.0% | 1.03× | 8.2% | 2.56× | 21.1% | S100W7JV |
| 2025 | 6.5% | 1.17× | 7.5% | 2.80× | 21.0% | S100YK0J |
| 2026 | 9.4% | 1.13× | 10.6% | 3.12× | 33.0% | S100YK0J |

## 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 | 18.8% | 2026-03-31 |
| 美藤 宏一郎 | Major shareholder | 12.3% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 11.6% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 4.7% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG(FE-AC) (常任代理人：株式会社三菱UFJ銀行） | Major shareholder | 3.1% | 2026-03-31 |
| RE FUND 107-CLIENT AC (常任代理人：シティバンク、エヌ・エイ東京支店 カストディ業務部) | Major shareholder | 2.1% | 2026-03-31 |
| 野村信託銀行株式会社 （投信口） | Major shareholder | 1.6% | 2026-03-31 |
| MORGAN STANLEY&CO.LLC (常任代理人：モルガン・スタンレーMUFG証券株式会社) | Major shareholder | 1.4% | 2026-03-31 |
| KOREA SECURITIES DEPOSITORY-KOREA INVESTMENT AND SECURITIES (常任代理人：シティバンク、エヌ・エイ 東京支店 カストディ業務部） | Major shareholder | 1.4% | 2026-03-31 |
| 佐藤 元 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/04/01－2026/03/31) | S100YK0J | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK0J,, |
| 有価証券報告書－第21期(2024/04/01－2025/03/31) | S100W7JV | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7JV,, |
| 有価証券報告書－第20期(2023/04/01－2024/03/31) | S100TUZP | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUZP,, |
| 有価証券報告書－第19期(2022/04/01－2023/03/31) | S100R7VU | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7VU,, |
| 訂正有価証券報告書－第18期(令和3年4月1日－令和4年3月31日) | S100PF2K | 2022-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PF2K,, |
| 有価証券報告書－第17期(令和2年4月1日－令和3年3月31日) | S100LTCC | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTCC,, |

## 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).