# RKB MAINICHI  HOLDINGS 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97期(2025/04/01－2026/03/31) (S100YJDD)
> Page: https://vizora.meequs.com/en/company/rkb-mainichi-holdings
> Retrieved: 2026-09-30T18:37:43.638Z

## Company

RKB Mainichi Holdings, founded in 1951, is a company in IT Services & System Integration listed on Fukuoka. It has 701 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RKB MAINICHI HOLDINGS CORPORATION |
| Ticker | 9407 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9407.T) |
| Listing | Fukuoka |
| Head office | 福岡市早良区百道浜二丁目3番8号 |
| Representative (per filing) | 代表取締役社長 佐藤 泉 |
| Founded | Jun 1951 |
| Share capital | ¥560M |
| Employees (consolidated) | 701 |
| Average salary (parent only) | ¥12.3M |
| Fiscal year end | March |
| Corporate number | 5290001004941 |
| EDINET | E04382 |
| Industries (Vizora) | IT Services & System Integration, E-commerce, Broadcasting & Newspapers, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YJDD, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Broadcasting & Newspapers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.5 | 11 |
| Profitability | 22.7 | 11 |
| Cash conversion | 55 | 10 |
| Efficiency | 50 | 11 |

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 48% of RKB Mainichi Holdings's sales come from Broadcasting related, with System related and Lifestyle business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +34.2% from the prior year, operating profit -4.1%.

## Company structure

- Segment revenue mix: Broadcasting related 47.5%、System related 27.5%、Lifestyle business 21.7%、Real estate 3.3%
- Revenue → net income: ¥32544000000 → ¥992000000
- Net income → operating cash flow: ¥992000000 → ¥1254000000（difference ¥262000000）
- Main uses of operating cash flow: CapEx ¥2514000000 / dividends ¥163000000 / buybacks —
- Change in cash: ¥-1208000000
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 | ¥32.5B |  |
| Operating income | ¥1.31B | Margin 4.0% |
| Net income | ¥791M | Margin 2.4% |
| Free cash flow | -¥1.26B |  |
| Largest business | Broadcasting related | of segment revenue 47.5% |
| Employees (consolidated) | 701 |  |
| EPS | ¥196.01 |  |
| Book value per share | ¥15909.05 |  |
| Equity ratio | 67.3% |  |
| Shares outstanding | 2,240,000 |  |
| Treasury shares | 48,000 |  |
| Shareholders | 680 |  |
| Average salary (parent only) | ¥12.3M | Filing company only |
| Cash ratio | 8.1% | Cash ÷ revenue 15.5% |
| Vs. industry median margin | -1.8 pp | Broadcasting & Newspapers |
| ROE | 2.2% | Derived from disclosed figures |
| ROA | 1.3% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 37 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22691000000 | ¥32544000000 | +43.4% |
| Operating income | ¥771000000 | ¥1309000000 | +69.8% |
| Operating margin | 3.4% | 4.0% | +0.6 pp |
| Employees | 655 people | 701 people | +7.0% |
| Cash and equivalents | ¥9045000000 | ¥5057000000 | -44.1% |

### 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 |
| --- | ---: |
| 放送事業 → 事業再編・廃止 | 66.8% |
| システム関連事業 → システム関連事業 | 27.5% |
| システム関連事業 → 事業再編・廃止 | 0.9% |
| 不動産事業 → 不動産事業 | 3.3% |
| 不動産事業 → 事業再編・廃止 | 1.5% |
| 新設・再編 → 放送関連事業 | 47.5% |
| 新設・再編 → ライフスタイル事業 | 21.7% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Broadcasting related | — | — | ¥15464000000 | 3.7% | 2 |
| System related | 5 years | +8.3% | ¥8965000000 | 10.4% | 2 |
| Lifestyle business | — | — | ¥7047000000 | -4.6% | 2 |
| Real estate | 5 years | +1.1% | ¥1066000000 | 94.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 32,544 | 100.0% | S100YJDD |
| Cost of revenue | 19,420 | 59.7% | S100YJDD |
| Gross profit | 13,124 | 40.3% | S100YJDD |
| SG&A | 11,815 | 36.3% | S100YJDD |
| Operating income | 1,309 | 4.0% | S100YJDD |
| Ordinary income | 1,569 | 4.8% | S100YJDD |
| Pretax income | 1,667 | 5.1% | S100YJDD |
| Income tax | 675 | 2.1% | S100YJDD |
| Net income | 992 | 3.0% | S100YJDD |
| Net income attributable to owners | 791 | 2.4% | S100YJDD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 36 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 40.3% → Operating margin 4.0% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +34.2%; Core profit growth: -4.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.12×
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 | 24,251 | 32,544 | 8,293 | +34.2% |
| Gross profit | 8,894 | 13,124 | 4,230 | +47.6% |
| Operating income | 1,365 | 1,309 | -56 | -4.1% |
| Net income attributable to owners | 790 | 791 | 1 | +0.1% |
| Operating cash flow | 2,226 | 1,254 | -972 | -43.7% |
| Free cash flow | -1,291 | -1,260 | 31 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 26,379 | 1,531 | 5.8% | 1,079 | 2,413 | 1,623 | S100LTTN |
| FY ending Mar 2021 | 22,691 | 771 | 3.4% | 541 | 1,951 | 1,337 | S100OK97 |
| FY ending Mar 2022 | 23,196 | 1,577 | 6.8% | 996 | 2,464 | 1,959 | S100R78A |
| FY ending Mar 2023 | 22,725 | 1,173 | 5.2% | 669 | 1,136 | 646 | S100TUGW |
| FY ending Mar 2024 | 23,849 | 1,283 | 5.4% | 717 | 2,582 | 144 | S100W6XW |
| FY ending Mar 2025 | 24,251 | 1,365 | 5.6% | 790 | 2,226 | -1,291 | S100YJDD |
| FY ending Mar 2026 | 32,544 | 1,309 | 4.0% | 791 | 1,254 | -1,260 | S100YJDD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.4M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 660 | 659 | 652 | 694 | 701 |
| Average salary (parent company) | ¥12.4M | ¥12.7M | ¥12.7M | ¥12M | ¥12.3M |
| Average age (parent company) | 50.1 years | 50.8 years | 50.9 years | 48.2 years | 47.8 years |
| Average tenure (parent company) | 23.8 years | 24.7 years | 24.1 years | 22.3 years | 21.5 years |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) +34.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Broadcasting related | 15,464 | 47.5% | 578 | 3.7% |
| System related | 8,965 | 27.5% | 933 | 10.4% |
| Real estate | 1,066 | 3.3% | 1,002 | 94.0% |
| Lifestyle business | 7,047 | 21.7% | -327 | -4.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Broadcasting related | 47.5% | 23.0% | -24.5 | 3.7% |
| System related | 27.5% | 37.1% | 9.6 | 10.4% |
| Real estate | 3.3% | 39.9% | 36.6 | 94.0% |
| Lifestyle business | 21.7% | — | — | -4.6% |

Loss-making segment (excluded from profit shares): Lifestyle business -327 JPY mn

Segment → industry: System related → IT Services & System Integration / Lifestyle business → E-commerce / Broadcasting related → Broadcasting & Newspapers / Real estate → Real Estate Development & Leasing

## 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 | 1,254 | 3.9% | S100YJDD |
| Capital expenditure | 2,514 | 7.7% | S100YJDD |
| Free cash flow | -1,260 | -3.9% | 算出 |
| Investing cash flow | -4,217 | -13.0% | S100YJDD |
| Financing cash flow | 1,754 | 5.4% | S100YJDD |
| Dividends paid | 163 | 0.5% | S100YJDD |
| Change in cash | -1,208 | -3.7% | S100YJDD |
| Cash and equivalents | 5,057 | 15.5% | S100YJDD |

## 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 | 10,129 | 10,157 | 10,174 | 6,265 | 5,057 | S100TUGW, S100W6XW, S100YJDD |
| Total assets | 49,057 | 49,027 | 54,363 | 55,498 | 62,580 | S100R78A, S100TUGW, S100W6XW, S100YJDD |
| Net assets | 36,177 | 36,906 | 40,279 | 40,811 | 43,704 | S100TUGW, S100W6XW, S100YJDD |
| Share capital | 560 | 560 | 560 | 560 | 560 | S100R78A, S100TUGW, S100W6XW, S100YJDD |
| Property, plant and equipment | 22,046 | 21,776 | 22,974 | 25,576 | 27,457 | S100R78A, S100TUGW, S100W6XW, S100YJDD |
| Intangible assets excluding goodwill | 212 | 236 | 335 | 1,006 | 1,164 | S100R78A, S100TUGW, S100W6XW, S100YJDD |
| Goodwill | — | — | — | 466 | 420 | S100YJDD |
| Investment securities | 5,209 | 5,301 | 9,504 | 9,613 | 13,921 | S100R78A, S100TUGW, S100W6XW, S100YJDD |
| Current assets | 19,155 | 19,327 | 19,246 | 16,862 | 17,813 | S100R78A, S100TUGW, S100W6XW, S100YJDD |
| Current liabilities | 4,821 | 4,043 | 5,222 | 5,525 | 6,775 | S100R78A, S100TUGW, S100W6XW, S100YJDD |
| Trade payables | 477 | 479 | 424 | 534 | 509 | S100R78A, S100TUGW, S100W6XW, S100YJDD |
| Short-term borrowings | — | — | 800 | 664 | 1,250 | S100W6XW, S100YJDD |
| Long-term borrowings | — | — | — | 293 | 334 | S100YJDD |
| Total liabilities | 12,879 | 12,121 | 14,083 | 14,687 | 18,876 | S100R78A, S100TUGW, S100W6XW, S100YJDD |
| Non-controlling interests | 984 | 1,089 | 1,195 | 1,396 | 1,587 | S100R78A, S100TUGW, S100W6XW, S100YJDD |
| Equity attributable to owners of parent | 34,188 | 34,660 | 35,213 | 35,839 | 36,466 | S100R78A, S100TUGW, S100W6XW, S100YJDD |
| Retained earnings | 33,808 | 34,280 | 34,833 | 35,460 | 36,087 | S100R78A, S100TUGW, S100W6XW, S100YJDD |
| Treasury stock | -184 | -185 | -185 | -185 | -185 | S100R78A, S100TUGW, S100W6XW, S100YJDD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YJDD |
| Property, plant and equipment | 44% | S100YJDD |
| Intangibles and goodwill | 3% | S100YJDD |
| Investment securities | 22% | S100YJDD |
| Other assets | 23% | S100YJDD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YJDD |
| Other liabilities | 29% | S100YJDD |
| Equity | 70% | S100YJDD |

### 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 | 49,057 | 49,027 | 54,363 | 55,498 | 62,580 |
| Equity | 36,177 | 36,906 | 40,279 | 40,811 | 43,704 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,129 | 10,157 | 10,174 | 6,265 | 5,057 |

## 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) | 84.4% | S100YJDD |
| Fixed assets ÷ total assets | 43.9% | S100YJDD |
| Goodwill ÷ parent equity | 1.2% | S100YJDD |

### 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) | 8.1% |
| Cash ÷ revenue | 15.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 95.8% |
| Cash vs. profit gap | 463 JPY mn (of net income 58.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.7% |
| Investing CF relative to operating CF | 336.3% |

## 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 | 4.3% | 0.47× | 2.0% | 1.43× | 2.9% | S100R78A |
| 2023 | 2.9% | 0.46× | 1.4% | 1.42× | 1.9% | S100TUGW |
| 2024 | 3.0% | 0.46× | 1.4% | 1.48× | 2.1% | S100W6XW |
| 2025 | 3.3% | 0.44× | 1.4% | 1.55× | 2.2% | S100YJDD |
| 2026 | 2.4% | 0.55× | 1.3% | 1.63× | 2.2% | S100YJDD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＭＢＳメディアホールディングス | Major shareholder | 9.0% | 2026-03-31 |
| 株式会社毎日新聞社 | Major shareholder | 8.6% | 2026-03-31 |
| 株式会社麻生 | Major shareholder | 7.1% | 2026-03-31 |
| 株式会社ＴＢＳホールディングス | Major shareholder | 6.4% | 2026-03-31 |
| 株式会社福岡銀行 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社西日本シティ銀行 | Major shareholder | 3.3% | 2026-03-31 |
| 西日本鉄道株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（退職給付信託口・九州電力株式会社及び九州電力送配電株式会社口） | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社肥後銀行 | Major shareholder | 2.8% | 2026-03-31 |
| THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED-HONGKONG PRIVATE BANKING DIVISION CLIENT A/C 8028-394841 (常任代理人 香港上海銀行東京支店） | Major shareholder | 2.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第97期(2025/04/01－2026/03/31) | S100YJDD | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJDD,, |
| 有価証券報告書－第96期(2024/04/01－2025/03/31) | S100W6XW | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6XW,, |
| 有価証券報告書－第95期(2023/04/01－2024/03/31) | S100TUGW | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUGW,, |
| 有価証券報告書－第94期(2022/04/01－2023/03/31) | S100R78A | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R78A,, |
| 有価証券報告書－第93期(令和3年4月1日－令和4年3月31日) | S100OK97 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK97,, |
| 有価証券報告書－第92期(令和2年4月1日－令和3年3月31日) | S100LTTN | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTTN,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| ㈱ＴＢＳテレビ | Alliance | JNN テレビネットワーク協定（TBS ホールディングス傘下） | S100YJDD |
| ㈱ＴＢＳラジオ | Alliance | JRN ラジオネットワーク契約（TBS ホールディングス傘下） | S100YJDD |

## 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).