# MUSASHI CO.,LTD.: 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105期(2025/04/01－2026/03/31) (S100YHDE)
> Page: https://vizora.meequs.com/en/company/musashi
> Retrieved: 2026-09-30T18:33:14.122Z

## Company

Musashi, founded in 1946, is a company in Leasing listed on TSE Standard. It has 544 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MUSASHI CO.,LTD. |
| Ticker | 7521 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7521.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区銀座八丁目20番36号 |
| Representative (per filing) | 代表取締役社長 小野 貢市 |
| Founded | Dec 1946 |
| Share capital | ¥1.21B |
| Employees (consolidated) | 544 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.musashinet.co.jp (https://www.musashinet.co.jp/) |
| Corporate number | 6010001058667 |
| EDINET | E02855 |
| Industries (Vizora) | Leasing, Real Estate Development & Leasing, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YHDE, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55.6 | 179 |
| Profitability | 96.5 | 185 |
| Cash conversion | 23.7 | 179 |
| Efficiency | 6.8 | 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)

- About 44% of Musashi's sales come from Information systems,Printing systems and Industrial X-ray systems equipment, with Cash handling equipment,Election systems equipment and Paper and processed paper products making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +8.5% from the prior year, operating profit +39.4%.

## Company structure

- Segment revenue mix: Information systems,Printing systems and Industrial X-ray systems equipment 43.8%、Cash handling equipment,Election systems equipment 34.2%、Paper and processed paper products 21.3%、Leasing and others 0.7%
- Revenue → net income: ¥40586000000 → ¥2803000000
- Net income → operating cash flow: ¥2803000000 → ¥2557000000（difference ¥-246000000）
- Main uses of operating cash flow: CapEx ¥799000000 / dividends ¥395000000 / buybacks ¥0
- Change in cash: ¥2576000000
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 | ¥40.6B |  |
| Operating income | ¥4.68B | Margin 11.5% |
| Net income | ¥2.8B | Margin 6.9% |
| Free cash flow | ¥1.76B |  |
| Largest business | Information systems,Printing systems and Industrial X-ray systems equipment | of segment revenue 43.8% |
| Employees (consolidated) | 544 |  |
| EPS | ¥356.45 |  |
| Book value per share | ¥3940.49 |  |
| Equity ratio | 69.9% |  |
| Shares outstanding | 7,950,000 |  |
| Treasury shares | 1,135,700 |  |
| Shareholders | 1,013 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 44.4% | Cash ÷ revenue 57.8% |
| Vs. industry median margin | +8.6 pp | Specialty Trading & Wholesale |
| ROE | 8.5% | Derived from disclosed figures |
| ROA | 5.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 92% of positive segment profit
- FY2026, segment profit share differs by 58 points
- FY2026, cash is 44% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥30261000000 | ¥40586000000 | +34.1% |
| Operating income | ¥-97000000 | ¥4677000000 | — |
| Operating margin | -0.3% | 11.5% | +11.8 pp |
| Employees | 542 people | 544 people | +0.4% |
| Cash and equivalents | ¥17391000000 | ¥23477000000 | +35.0% |

### 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 |
| --- | ---: |
| 情報・印刷・産業システム機材 → 情報・印刷・産業システム機材 | 43.8% |
| 情報・印刷・産業システム機材 → 事業再編・廃止 | 16.3% |
| 金融汎用・選挙システム機材 → 金融汎用・選挙システム機材 | 11.5% |
| 紙・紙加工品 → 紙・紙加工品 | 21.3% |
| 紙・紙加工品 → 事業再編・廃止 | 6.2% |
| 不動産賃貸・リース事業等 → 不動産賃貸・リース事業等 | 0.7% |
| 不動産賃貸・リース事業等 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 金融汎用・選挙システム機材 | 22.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Information systems,Printing systems and Industrial X-ray systems equipment | 5 years | -0.4% | ¥17782000000 | 0.1% | 2 |
| Cash handling equipment,Election systems equipment | 5 years | +31.8% | ¥13880000000 | 31.1% | 2 |
| Paper and processed paper products | 5 years | +0.7% | ¥8625000000 | 1.5% | 2 |
| Leasing and others | 5 years | +1.7% | ¥297000000 | 72.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 40,586 | 100.0% | S100YHDE |
| Cost of revenue | 28,807 | 71.0% | S100YHDE |
| Gross profit | 11,778 | 29.0% | S100YHDE |
| SG&A | 7,101 | 17.5% | S100YHDE |
| Operating income | 4,677 | 11.5% | S100YHDE |
| Ordinary income | 4,716 | 11.6% | S100YHDE |
| Pretax income | 4,493 | 11.1% | S100YHDE |
| Income tax | 1,689 | 4.2% | S100YHDE |
| Net income | 2,803 | 6.9% | S100YHDE |
| Net income attributable to owners | 2,803 | 6.9% | S100YHDE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 17 |
| Operating income | 12 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 29.0% → Operating margin 11.5% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.5%; Core profit growth: +39.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.62×
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 | 37,391 | 40,586 | 3,195 | +8.5% |
| Gross profit | 10,677 | 11,778 | 1,101 | +10.3% |
| Operating income | 3,354 | 4,677 | 1,323 | +39.4% |
| Net income attributable to owners | 3,432 | 2,803 | -629 | -18.3% |
| Operating cash flow | 3,331 | 2,557 | -774 | -23.2% |
| Free cash flow | 3,083 | 1,758 | -1,325 | -43.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 37,589 | 1,025 | 2.7% | 865 | 2,765 | 1,950 | S100LI4D |
| FY ending Mar 2021 | 30,261 | -97 | -0.3% | -28 | -689 | -1,047 | S100OJO6 |
| FY ending Mar 2022 | 36,213 | 1,746 | 4.8% | 981 | 2,601 | 1,901 | S100RCU2 |
| FY ending Mar 2023 | 37,072 | 2,619 | 7.1% | 1,762 | 1,590 | 1,337 | S100TQ7I |
| FY ending Mar 2024 | 33,140 | 1,077 | 3.2% | 767 | -322 | -725 | S100WCZE |
| FY ending Mar 2025 | 37,391 | 3,354 | 9.0% | 3,432 | 3,331 | 3,083 | S100YHDE |
| FY ending Mar 2026 | 40,586 | 4,677 | 11.5% | 2,803 | 2,557 | 1,758 | S100YHDE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥74.6M |
| Operating income per employee (consolidated) | ¥8.6M |
| Net income per employee (consolidated) | ¥5.2M |

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) | 542 | 540 | 528 | 533 | 544 |
| Average salary (parent company) | ¥6.3M | ¥6.5M | ¥6.5M | ¥6.6M | ¥6.8M |
| Average age (parent company) | 46.0 years | 46.0 years | 46.0 years | 46.0 years | 46.0 years |
| Average tenure (parent company) | 22.0 years | 22.0 years | 22.0 years | 21.0 years | 20.0 years |

Year over year: Employees (consolidated) +2.1% · Revenue (consolidated) +8.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Information systems,Printing systems and Industrial X-ray systems equipment | 17,782 | 43.8% | 12 | 0.1% |
| Cash handling equipment,Election systems equipment | 13,880 | 34.2% | 4,315 | 31.1% |
| Paper and processed paper products | 8,625 | 21.3% | 133 | 1.5% |
| Leasing and others | 297 | 0.7% | 214 | 72.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Information systems,Printing systems and Industrial X-ray systems equipment | 43.8% | 0.3% | -43.6 | 0.1% |
| Cash handling equipment,Election systems equipment | 34.2% | 92.3% | 58.1 | 31.1% |
| Paper and processed paper products | 21.3% | 2.8% | -18.4 | 1.5% |
| Leasing and others | 0.7% | 4.6% | 3.8 | 72.1% |

Segment → industry: Leasing and others → Leasing / Leasing and others → Real Estate Development & Leasing / Paper and processed paper products → Specialty Trading & Wholesale / Cash handling equipment,Election systems equipment → Specialty Trading & Wholesale / Information systems,Printing systems and Industrial X-ray systems equipment → Specialty Trading & Wholesale

## 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 | 2,557 | 6.3% | S100YHDE |
| Capital expenditure | 799 | 2.0% | S100YHDE |
| Free cash flow | 1,758 | 4.3% | 算出 |
| Investing cash flow | 498 | 1.2% | S100YHDE |
| Financing cash flow | -483 | -1.2% | S100YHDE |
| Dividends paid | 395 | 1.0% | S100YHDE |
| Share buyback | 0 | 0.0% | S100YHDE |
| Change in cash | 2,576 | 6.3% | S100YHDE |
| Cash and equivalents | 23,477 | 57.8% | S100YHDE |

## 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 | 18,495 | 19,686 | 15,670 | 20,901 | 23,477 | S100TQ7I, S100WCZE, S100YHDE |
| Total assets | 43,481 | 43,893 | 45,031 | 49,811 | 52,849 | S100RCU2, S100TQ7I, S100WCZE, S100YHDE |
| Net assets | 27,024 | 28,698 | 30,198 | 33,965 | 36,939 | S100TQ7I, S100WCZE, S100YHDE |
| Share capital | 1,208 | 1,208 | 1,208 | 1,208 | 1,208 | S100RCU2, S100TQ7I, S100WCZE, S100YHDE |
| Property, plant and equipment | 3,954 | 3,816 | 3,887 | 3,767 | 3,798 | S100RCU2, S100TQ7I, S100WCZE, S100YHDE |
| Intangible assets excluding goodwill | 238 | 168 | 111 | 204 | 488 | S100RCU2, S100TQ7I, S100WCZE, S100YHDE |
| Goodwill | 39 | 20 | 1 | — | — | S100RCU2, S100TQ7I, S100WCZE |
| Investment securities | 1,428 | 1,804 | 2,538 | 3,559 | 3,860 | S100RCU2, S100TQ7I, S100WCZE, S100YHDE |
| Current assets | 32,459 | 32,751 | 32,436 | 34,843 | 36,864 | S100RCU2, S100TQ7I, S100WCZE, S100YHDE |
| Current liabilities | 14,133 | 12,677 | 12,033 | 12,819 | 12,649 | S100RCU2, S100TQ7I, S100WCZE, S100YHDE |
| Trade payables | 5,167 | 4,724 | 4,452 | 4,496 | 4,226 | S100RCU2, S100TQ7I, S100WCZE, S100YHDE |
| Short-term borrowings | 3,516 | 3,516 | 3,516 | 3,516 | 3,516 | S100RCU2, S100TQ7I, S100WCZE, S100YHDE |
| Total liabilities | 16,457 | 15,194 | 14,832 | 15,845 | 15,910 | S100RCU2, S100TQ7I, S100WCZE, S100YHDE |
| Equity attributable to owners of parent | 26,722 | 28,178 | 28,707 | 31,793 | 34,201 | S100RCU2, S100TQ7I, S100WCZE, S100YHDE |
| Retained earnings | 25,363 | 26,819 | 27,348 | 30,434 | 32,842 | S100RCU2, S100TQ7I, S100WCZE, S100YHDE |
| Treasury stock | -1,854 | -1,854 | -1,854 | -1,854 | -1,854 | S100RCU2, S100TQ7I, S100WCZE, S100YHDE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100YHDE |
| Property, plant and equipment | 7% | S100YHDE |
| Intangibles and goodwill | 1% | S100YHDE |
| Investment securities | 7% | S100YHDE |
| Other assets | 40% | S100YHDE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YHDE |
| Other liabilities | 22% | S100YHDE |
| Equity | 70% | S100YHDE |

### 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 | 43,481 | 43,893 | 45,031 | 49,811 | 52,849 |
| Equity | 27,024 | 28,698 | 30,198 | 33,965 | 36,939 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,495 | 19,686 | 15,670 | 20,901 | 23,477 |

## 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) | 9.4% | S100YHDE |
| Fixed assets ÷ total assets | 7.2% | S100YHDE |
| Goodwill ÷ parent equity | — | —, S100YHDE |

### 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) | 44.4% |
| Cash ÷ revenue | 57.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 54.7% |
| Cash vs. profit gap | -246 JPY mn (of net income -8.8%) |
| Shareholder returns / net income | 14.1% |
| Shareholder returns / FCF | 22.5% |
| Shareholder payments — dividends / net income | 14.1% |
| Shareholder payments — dividends / FCF | 22.5% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 19.5% |

## 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 | 2.7% | 0.83× | 2.3% | 1.63× | 3.7% | S100RCU2 |
| 2023 | 4.8% | 0.85× | 4.0% | 1.59× | 6.4% | S100TQ7I |
| 2024 | 2.3% | 0.75× | 1.7% | 1.56× | 2.7% | S100WCZE |
| 2025 | 9.2% | 0.79× | 7.2% | 1.57× | 11.3% | S100YHDE |
| 2026 | 6.9% | 0.79× | 5.5% | 1.56× | 8.5% | S100YHDE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 上毛実業株式会社 | Major shareholder | 20.4% | 2026-03-31 |
| ショウリン商事株式会社 | Major shareholder | 13.2% | 2026-03-31 |
| ムサシ社員持株会 | Major shareholder | 4.6% | 2026-03-31 |
| ムサシ互助会 | Major shareholder | 4.4% | 2026-03-31 |
| 小林 厚一 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.4% | 2026-03-31 |
| 内藤 征吾 | Major shareholder | 3.4% | 2026-03-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 3.0% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第105期(2025/04/01－2026/03/31) | S100YHDE | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHDE,, |
| 訂正有価証券報告書－第104期(2024/04/01－2025/03/31) | S100WCZE | 2025-07-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WCZE,, |
| 有価証券報告書－第103期(2023/04/01－2024/03/31) | S100TQ7I | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ7I,, |
| 訂正有価証券報告書－第102期(2022/04/01－2023/03/31) | S100RCU2 | 2023-07-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RCU2,, |
| 有価証券報告書－第101期(令和3年4月1日－令和4年3月31日) | S100OJO6 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJO6,, |
| 有価証券報告書－第100期(令和2年4月1日－令和3年3月31日) | S100LI4D | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LI4D,, |

## 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).