# Musashino Kogyo 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155期(2025/04/01－2026/03/31) (S100YKI6)
> Page: https://vizora.meequs.com/en/company/musashino-k
> Retrieved: 2026-09-30T23:08:44.082Z

## Company

Musashino Kogyo, founded in 1920, is a company in Film & Anime listed on TSE Standard. It has 43 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Musashino Kogyo Co., Ltd. |
| Ticker | 9635 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9635.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区新宿三丁目36番6号 |
| Representative (per filing) | 代表取締役社長 河野 義勝 |
| Founded | May 1920 |
| Share capital | ¥1B |
| Employees (consolidated) | 43 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | March |
| Website | www.musashino-k.co.jp (https://www.musashino-k.co.jp/) |
| Corporate number | 8011101042749 |
| EDINET | E04591 |
| Industries (Vizora) | Film & Anime, Real Estate Development & Leasing, Education |

> Profile source: annual securities report (S100YKI6, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 12.7 | 75 |
| Profitability | 19.2 | 86 |
| Cash conversion | 37.2 | 82 |
| Efficiency | 13.4 | 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)

- About 43% of Musashino Kogyo's sales come from Real estate, with Film and Automobile driving school making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -2.5% from the prior year, operating profit -1.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.33B |  |
| Operating income | ¥68.3M | Margin 5.1% |
| Net income | ¥360.4M | Margin 27.1% |
| Free cash flow | -¥122.6M |  |
| Largest business | Real estate | of segment revenue 43.2% |
| Employees (consolidated) | 43 |  |
| EPS | ¥299.4 |  |
| Book value per share | ¥3305.7 |  |
| Equity ratio | 62.8% |  |
| Shares outstanding | 1,050,000 |  |
| Treasury shares | 3,900 |  |
| Shareholders | 2,015 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 18.5% | Cash ÷ revenue 87.9% |
| Vs. industry median margin | -5.4 pp | Real Estate Development & Leasing |
| ROE | 26.3% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 85% of positive segment profit
- FY2026, segment profit share differs by 41 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1232352000 | ¥1330530000 | +8.0% |
| Operating income | ¥71428000 | ¥68288000 | -4.4% |
| Operating margin | 5.8% | 5.1% | -0.7 pp |
| Employees | 48 people | 43 people | -10.4% |
| Cash and equivalents | ¥835368000 | ¥1169613000 | +40.0% |

### 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 |
| --- | ---: |
| 映画事業 → 映画事業 | 23.5% |
| 不動産事業 → 不動産事業 | 43.2% |
| 不動産事業 → 事業再編・廃止 | 3.3% |
| 自動車教習事業 → 自動車教習事業 | 23.7% |
| 自動車教習事業 → 事業再編・廃止 | 2.6% |
| 商事事業 → 商事事業 | 0.6% |
| 商事事業 → 事業再編・廃止 | 2.8% |
| その他 → その他 | 0.4% |
| 新設・再編 → 映画事業 | 8.4% |
| 新設・再編 → その他 | 0.2% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Real estate | 5 years | +0.1% | ¥575251000 | 55.0% | 2 |
| Film | 5 years | +8.0% | ¥424381000 | 4.0% | 2 |
| Automobile driving school | 5 years | -0.5% | ¥315574000 | 8.1% | 2 |
| Other | 5 years | +10.9% | ¥7833000 | 97.1% | 2 |
| Commercial Affairs | 5 years | -29.0% | ¥7489000 | 100.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,331 | 100.0% | S100YKI6 |
| Cost of revenue | 599 | 45.0% | S100YKI6 |
| Gross profit | 731 | 55.0% | S100YKI6 |
| SG&A | 663 | 49.8% | S100YKI6 |
| Operating income | 68 | 5.1% | S100YKI6 |
| Ordinary income | 97 | 7.3% | S100YKI6 |
| Pretax income | 436 | 32.8% | S100YKI6 |
| Income tax | 76 | 5.7% | S100YKI6 |
| Net income | 360 | 27.1% | S100YKI6 |
| Net income attributable to owners | 360 | 27.1% | S100YKI6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 45 |
| SG&A | 50 |
| Operating income | 5 |
| (Ref.) Net income | 27 |

### Margin funnel

Gross margin 55.0% → Operating margin 5.1% → Net margin 27.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.5%; Core profit growth: -1.5%
Operating leverage (core profit growth ÷ revenue growth): 0.59×
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 | 1,364 | 1,331 | -34 | -2.5% |
| Gross profit | 680 | 731 | 51 | +7.5% |
| Operating income | 69 | 68 | -1 | -1.5% |
| Net income attributable to owners | 65 | 360 | 295 | +454.8% |
| Operating cash flow | 200 | -5 | -205 | -102.4% |
| Free cash flow | 127 | -123 | -249 | -196.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,513 | 6 | 0.4% | -51 | 95 | -27 | S100LV9H |
| FY ending Mar 2021 | 1,232 | 71 | 5.8% | -217 | 58 | -116 | S100OMVP |
| FY ending Mar 2022 | 1,291 | 80 | 6.2% | 50 | 66 | 13 | S100RA0N |
| FY ending Mar 2023 | 1,380 | 52 | 3.8% | 41 | 92 | 49 | S100TX10 |
| FY ending Mar 2024 | 1,282 | 21 | 1.6% | 5 | 42 | 17 | S100W9PP |
| FY ending Mar 2025 | 1,364 | 69 | 5.1% | 65 | 200 | 127 | S100YKI6 |
| FY ending Mar 2026 | 1,331 | 68 | 5.1% | 360 | -5 | -123 | S100YKI6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.9M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥8.4M |

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) | 45 | 48 | 48 | 48 | 43 |
| Average salary (parent company) | ¥4M | ¥3.9M | ¥4.2M | ¥4.2M | ¥4.6M |
| Average age (parent company) | 47.3 years | 46.8 years | 49.9 years | 49.8 years | 54.3 years |
| Average tenure (parent company) | 13.2 years | 11.2 years | 11.9 years | 12.8 years | 15.9 years |

Year over year: Employees (consolidated) -10.4% · Revenue (consolidated) -2.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Film | 424 | 31.9% | 17 | 4.0% |
| Real estate | 575 | 43.2% | 316 | 55.0% |
| Automobile driving school | 316 | 23.7% | 25 | 8.1% |
| Commercial Affairs | 7 | 0.6% | 7 | 100.0% |
| Other | 8 | 0.6% | 8 | 97.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Film | 31.9% | 4.5% | -27.4 | 4.0% |
| Real estate | 43.2% | 84.6% | 41.4 | 55.0% |
| Automobile driving school | 23.7% | 6.8% | -16.9 | 8.1% |
| Commercial Affairs | 0.6% | 2.0% | 1.4 | 100.0% |
| Other | 0.6% | 2.0% | 1.4 | 97.1% |

Segment → industry: Film → Film & Anime / Real estate → Real Estate Development & Leasing / Automobile driving school → Education

## 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 | -5 | -0.4% | S100YKI6 |
| Capital expenditure | 118 | 8.8% | S100YKI6 |
| Free cash flow | -123 | -9.2% | 算出 |
| Investing cash flow | 366 | 27.5% | S100YKI6 |
| Financing cash flow | -53 | -4.0% | S100YKI6 |
| Share buyback | 0 | 0.0% | S100YKI6 |
| Change in cash | 308 | 23.2% | S100YKI6 |
| Cash and equivalents | 1,170 | 87.9% | S100YKI6 |

## 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 | 759 | 743 | 758 | 861 | 1,170 | S100TX10, S100W9PP, S100YKI6 |
| Total assets | 5,990 | 5,955 | 5,978 | 6,072 | 6,337 | S100RA0N, S100TX10, S100W9PP, S100YKI6 |
| Net assets | 3,536 | 3,576 | 3,582 | 3,615 | 3,977 | S100TX10, S100W9PP, S100YKI6 |
| Share capital | 1,005 | 1,005 | 1,005 | 1,005 | 1,005 | S100RA0N, S100TX10, S100W9PP, S100YKI6 |
| Inventories | 2 | 3 | 2 | 1 | 1 | S100RA0N, S100TX10, S100W9PP, S100YKI6 |
| Property, plant and equipment | 4,443 | 4,420 | 4,415 | 4,413 | 4,446 | S100RA0N, S100TX10, S100W9PP, S100YKI6 |
| Intangible assets excluding goodwill | 78 | 76 | 83 | 86 | 84 | S100RA0N, S100TX10, S100W9PP, S100YKI6 |
| Investment securities | 461 | 435 | 435 | 448 | 375 | S100RA0N, S100TX10, S100W9PP, S100YKI6 |
| Current assets | 860 | 842 | 874 | 950 | 1,316 | S100RA0N, S100TX10, S100W9PP, S100YKI6 |
| Current liabilities | 324 | 321 | 332 | 380 | 357 | S100RA0N, S100TX10, S100W9PP, S100YKI6 |
| Short-term borrowings | 58 | 58 | 52 | 51 | 52 | S100RA0N, S100TX10, S100W9PP, S100YKI6 |
| Long-term borrowings | 341 | 283 | 285 | 261 | 209 | S100RA0N, S100TX10, S100W9PP, S100YKI6 |
| Total liabilities | 2,454 | 2,378 | 2,396 | 2,456 | 2,360 | S100RA0N, S100TX10, S100W9PP, S100YKI6 |
| Equity attributable to owners of parent | 1,082 | 1,122 | 1,127 | 1,191 | 1,551 | S100RA0N, S100TX10, S100W9PP, S100YKI6 |
| Retained earnings | 86 | 126 | 131 | 196 | 556 | S100RA0N, S100TX10, S100W9PP, S100YKI6 |
| Treasury stock | -9 | -9 | -9 | -9 | -9 | S100RA0N, S100TX10, S100W9PP, S100YKI6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YKI6 |
| Inventories | 0% | S100YKI6 |
| Property, plant and equipment | 70% | S100YKI6 |
| Intangibles and goodwill | 1% | S100YKI6 |
| Investment securities | 6% | S100YKI6 |
| Other assets | 4% | S100YKI6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100YKI6 |
| Equity | 63% | S100YKI6 |

### 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 | 5,990 | 5,955 | 5,978 | 6,072 | 6,337 |
| Equity | 3,536 | 3,576 | 3,582 | 3,615 | 3,977 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 759 | 743 | 758 | 861 | 1,170 |

## 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) | 334.1% | S100YKI6 |
| Fixed assets ÷ total assets | 70.2% | S100YKI6 |
| Goodwill ÷ parent equity | — | —, S100YKI6 |

### 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) | 18.5% |
| Cash ÷ revenue | 87.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -7.1% |
| Cash vs. profit gap | -365 JPY mn (of net income -101.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.8% |
| Investing CF relative to operating CF | — |

## 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 | 3.9% | 0.22× | 0.8% | 5.54× | 4.6% | S100RA0N |
| 2023 | 2.9% | 0.23× | 0.7% | 5.42× | 3.7% | S100TX10 |
| 2024 | 0.4% | 0.21× | 0.1% | 5.31× | 0.4% | S100W9PP |
| 2025 | 4.8% | 0.23× | 1.1% | 5.20× | 5.6% | S100YKI6 |
| 2026 | 27.1% | 0.21× | 5.8% | 4.52× | 26.3% | S100YKI6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 河野義勝 | Major shareholder | 30.8% | 2026-03-31 |
| 有限会社河野商事 | Major shareholder | 9.6% | 2026-03-31 |
| 株式会社リサ・パートナーズ | Major shareholder | 9.5% | 2026-03-31 |
| 河野優子 | Major shareholder | 7.9% | 2026-03-31 |
| 株式会社小泉 | Major shareholder | 3.0% | 2026-03-31 |
| 河野勝樹 | Major shareholder | 2.8% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.1% | 2026-03-31 |
| HMG JAPAN FUND （常任代理人香港上海銀行東京支店） | Major shareholder | 1.1% | 2026-03-31 |
| 長谷川際一 | Major shareholder | 1.0% | 2026-03-31 |
| 住田誠司 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第155期(2025/04/01－2026/03/31) | S100YKI6 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKI6,, |
| 有価証券報告書－第154期(2024/04/01－2025/03/31) | S100W9PP | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9PP,, |
| 有価証券報告書－第153期(2023/04/01－2024/03/31) | S100TX10 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX10,, |
| 有価証券報告書－第152期(2022/04/01－2023/03/31) | S100RA0N | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA0N,, |
| 有価証券報告書－第151期(令和3年4月1日－令和4年3月31日) | S100OMVP | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMVP,, |
| 有価証券報告書－第150期(令和2年4月1日－令和3年3月31日) | S100LV9H | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV9H,, |

## 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).