# MURAKI 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68期(2025/04/01－2026/03/31) (S100YCAP)
> Page: https://vizora.meequs.com/en/company/muraki
> Retrieved: 2026-09-30T21:32:09.255Z

## Company

Muraki, founded in 1957, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 137 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MURAKI CORPORATION |
| Ticker | 7477 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7477.T) |
| Listing | TSE Standard |
| Head office | 東京都多摩市関戸二丁目24番地27 |
| Representative (per filing) | 代表取締役社長 柳田 任俊 |
| Founded | Nov 1957 |
| Share capital | ¥100M |
| Employees (consolidated) | 137 |
| Average salary (parent only) | ¥4.3M |
| Fiscal year end | March |
| Corporate number | 6013401005189 |
| EDINET | E02836 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YCAP, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 18.2 | 179 |
| Profitability | 28.4 | 185 |
| Cash conversion | 67.9 | 179 |
| Efficiency | 71.1 | 185 |

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)

- Muraki brought in ¥7.83B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +3.7% from the prior year, operating profit -4.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥7825424000 → ¥65897000
- Net income → operating cash flow: ¥65897000 → ¥176887000（difference ¥110990000）
- Main uses of operating cash flow: CapEx ¥21803000 / dividends ¥47480000 / buybacks —
- Change in cash: ¥110118000
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 | ¥7.83B |  |
| Operating income | ¥137.1M | Margin 1.8% |
| Net income | ¥65.9M | Margin 0.8% |
| Free cash flow | ¥155.1M |  |
| Employees (consolidated) | 137 |  |
| EPS | ¥49.77 |  |
| Book value per share | ¥1885.67 |  |
| Equity ratio | 67.2% |  |
| Shares outstanding | 1,470,000 |  |
| Treasury shares | 300 |  |
| Shareholders | 452 |  |
| Average salary (parent only) | ¥4.3M | Filing company only |
| Cash ratio | 37.0% | Cash ÷ revenue 19.4% |
| Vs. industry median margin | -1.1 pp | Specialty Trading & Wholesale |
| ROE | 2.5% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.7× net income
- FY2026, cash is 37% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7315585000 | ¥7825424000 | +7.0% |
| Operating income | ¥90792000 | ¥137105000 | +51.0% |
| Operating margin | 1.2% | 1.8% | +0.5 pp |
| Employees | 152 people | 137 people | -9.9% |
| Cash and equivalents | ¥1508974000 | ¥1517180000 | +0.5% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,825 | 100.0% | S100YCAP |
| Cost of revenue | 6,006 | 76.8% | S100YCAP |
| Gross profit | 1,819 | 23.2% | S100YCAP |
| SG&A | 1,682 | 21.5% | S100YCAP |
| Operating income | 137 | 1.8% | S100YCAP |
| Ordinary income | 159 | 2.0% | S100YCAP |
| Pretax income | 159 | 2.0% | S100YCAP |
| Income tax | 93 | 1.2% | S100YCAP |
| Net income | 66 | 0.8% | S100YCAP |
| Net income attributable to owners | 66 | 0.8% | S100YCAP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 21 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 23.2% → Operating margin 1.8% → Net margin 0.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.7%; Core profit growth: -4.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.26×
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 | 7,543 | 7,825 | 282 | +3.7% |
| Gross profit | 1,775 | 1,819 | 45 | +2.5% |
| Operating income | 144 | 137 | -7 | -4.7% |
| Net income attributable to owners | 91 | 66 | -25 | -27.5% |
| Operating cash flow | 127 | 177 | 50 | +39.2% |
| Free cash flow | 117 | 155 | 38 | +33.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,121 | 75 | 1.0% | 37 | 365 | 363 | S100LRB8 |
| FY ending Mar 2021 | 7,316 | 91 | 1.2% | 68 | 171 | 169 | S100OFKG |
| FY ending Mar 2022 | 7,214 | 136 | 1.9% | 102 | 126 | 110 | S100R4GG |
| FY ending Mar 2023 | 7,334 | 194 | 2.6% | 125 | 252 | 252 | S100TPYI |
| FY ending Mar 2024 | 7,409 | 192 | 2.6% | 198 | 119 | -16 | S100W1KI |
| FY ending Mar 2025 | 7,543 | 144 | 1.9% | 91 | 127 | 117 | S100YCAP |
| FY ending Mar 2026 | 7,825 | 137 | 1.8% | 66 | 177 | 155 | S100YCAP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.1M |
| Operating income per employee (consolidated) | ¥1M |
| Net income per employee (consolidated) | ¥481K |

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) | 147 | 146 | 136 | 134 | 137 |
| Average salary (parent company) | ¥3.9M | ¥3.9M | ¥3.8M | ¥4.2M | ¥4.3M |
| Average age (parent company) | 44.6 years | 44.7 years | 45.0 years | 46.0 years | 46.7 years |
| Average tenure (parent company) | 15.1 years | 15.1 years | 14.1 years | 15.0 years | 15.1 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) +3.7%

## 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 | 177 | 2.3% | S100YCAP |
| Capital expenditure | 22 | 0.3% | S100YCAP |
| Free cash flow | 155 | 2.0% | 算出 |
| Investing cash flow | -18 | -0.2% | S100YCAP |
| Financing cash flow | -48 | -0.6% | S100YCAP |
| Dividends paid | 47 | 0.6% | S100YCAP |
| Change in cash | 110 | 1.4% | S100YCAP |
| Cash and equivalents | 1,517 | 19.4% | S100YCAP |

## 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 | 1,356 | 1,453 | 1,349 | 1,407 | 1,517 | S100TPYI, S100W1KI, S100YCAP |
| Total assets | 3,832 | 3,859 | 3,948 | 3,954 | 4,104 | S100R4GG, S100TPYI, S100W1KI, S100YCAP |
| Net assets | 2,345 | 2,441 | 2,638 | 2,691 | 2,757 | S100TPYI, S100W1KI, S100YCAP |
| Share capital | 1,911 | 1,911 | 100 | 100 | 100 | S100R4GG, S100TPYI, S100W1KI, S100YCAP |
| Property, plant and equipment | 549 | 542 | 550 | 547 | 543 | S100R4GG, S100TPYI, S100W1KI, S100YCAP |
| Intangible assets excluding goodwill | 60 | 55 | 164 | 136 | 108 | S100R4GG, S100TPYI, S100W1KI, S100YCAP |
| Goodwill | 58 | 54 | 50 | 46 | 42 | S100R4GG, S100TPYI, S100W1KI, S100YCAP |
| Investment securities | 179 | 178 | 221 | 223 | 289 | S100R4GG, S100TPYI, S100W1KI, S100YCAP |
| Current assets | 2,722 | 2,777 | 2,661 | 2,685 | 2,811 | S100R4GG, S100TPYI, S100W1KI, S100YCAP |
| Current liabilities | 1,093 | 1,073 | 988 | 964 | 1,023 | S100R4GG, S100TPYI, S100W1KI, S100YCAP |
| Trade payables | 804 | 829 | 605 | 583 | 573 | S100R4GG, S100TPYI, S100W1KI, S100YCAP |
| Long-term borrowings | 61 | — | — | — | — | S100R4GG |
| Total liabilities | 1,487 | 1,417 | 1,309 | 1,263 | 1,347 | S100R4GG, S100TPYI, S100W1KI, S100YCAP |
| Equity attributable to owners of parent | 2,330 | 2,426 | 2,596 | 2,648 | 2,666 | S100R4GG, S100TPYI, S100W1KI, S100YCAP |
| Retained earnings | 378 | 475 | 645 | 697 | 715 | S100R4GG, S100TPYI, S100W1KI, S100YCAP |
| Treasury stock | -48 | -48 | -48 | -71 | -71 | S100R4GG, S100TPYI, S100W1KI, S100YCAP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100YCAP |
| Property, plant and equipment | 13% | S100YCAP |
| Intangibles and goodwill | 4% | S100YCAP |
| Investment securities | 7% | S100YCAP |
| Other assets | 39% | S100YCAP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 14% | S100YCAP |
| Other liabilities | 19% | S100YCAP |
| Equity | 67% | S100YCAP |

### 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 | 3,832 | 3,859 | 3,948 | 3,954 | 4,104 |
| Equity | 2,345 | 2,441 | 2,638 | 2,691 | 2,757 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,356 | 1,453 | 1,349 | 1,407 | 1,517 |

## 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) | 6.9% | S100YCAP |
| Fixed assets ÷ total assets | 13.2% | S100YCAP |
| Goodwill ÷ parent equity | 1.6% | S100YCAP |

Goodwill over 4 years: 58 → 42 JPY; total investing cash flow: -184 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) | 37.0% |
| Cash ÷ revenue | 19.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 129.0% |
| Cash vs. profit gap | 111 JPY mn (of net income 168.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 72.1% |
| Shareholder payments — dividends / FCF | 30.6% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 10.5% |

## 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 | 1.4% | 1.88× | 2.7% | 1.64× | 4.4% | S100R4GG |
| 2023 | 1.7% | 1.91× | 3.3% | 1.62× | 5.3% | S100TPYI |
| 2024 | 2.7% | 1.90× | 5.1% | 1.55× | 7.9% | S100W1KI |
| 2025 | 1.2% | 1.91× | 2.3% | 1.51× | 3.5% | S100YCAP |
| 2026 | 0.8% | 1.94× | 1.6% | 1.52× | 2.5% | S100YCAP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社イクヨ | Major shareholder | 17.0% | 2026-03-31 |
| 有限会社ドリーム・ワークス | Major shareholder | 12.3% | 2026-03-31 |
| 村木 ミチ | Major shareholder | 7.6% | 2026-03-31 |
| ムラキ社員持株会 | Major shareholder | 6.7% | 2026-03-31 |
| ムラキ取引先持株会 | Major shareholder | 6.7% | 2026-03-31 |
| Blue Goats Capital株式会社 | Major shareholder | 4.8% | 2026-03-31 |
| 張 明 | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 3.4% | 2026-03-31 |
| エイケン工業株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 3.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第68期(2025/04/01－2026/03/31) | S100YCAP | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCAP,, |
| 有価証券報告書－第67期(2024/04/01－2025/03/31) | S100W1KI | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1KI,, |
| 有価証券報告書－第66期(2023/04/01－2024/03/31) | S100TPYI | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPYI,, |
| 有価証券報告書－第65期(2022/04/01－2023/03/31) | S100R4GG | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4GG,, |
| 有価証券報告書－第64期(令和3年4月1日－令和4年3月31日) | S100OFKG | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFKG,, |
| 有価証券報告書－第63期(令和2年4月1日－令和3年3月31日) | S100LRB8 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRB8,, |

## 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).