# Shin Maint Holdings Co.,Ltd.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第41期(2025/03/01－2026/02/28) (S100Y57I)
> Page: https://vizora.meequs.com/en/company/shin-maint-holdings
> Retrieved: 2026-09-30T22:28:32.072Z

## Company

Shin Maint Holdings, founded in 1985, is a company in Business Process Outsourcing listed on TSE Growth. It has 326 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Shin Maint Holdings Co.,Ltd. |
| Ticker | 6086 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6086.T) |
| Listing | TSE Growth |
| Head office | 東京都品川区東品川四丁目12番6号 |
| Representative (per filing) | 代表取締役会長兼社長 内藤 秀雄 |
| Founded | Aug 1985 |
| Share capital | ¥236M |
| Employees (consolidated) | 326 |
| Fiscal year end | February |
| Website | www.shin-pro.com (https://www.shin-pro.com/) |
| Corporate number | 3010701013924 |
| EDINET | E30120 |
| Industries (Vizora) | Business Process Outsourcing |

> Profile source: annual securities report (S100Y57I, filed 2026-05-21). As of filing

## Five-axis industry profile

Primary industry: Business Process Outsourcing (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.1 | 18 |
| Profitability | 54.8 | 21 |
| Cash conversion | 32.4 | 17 |
| Efficiency | 92.9 | 21 |

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)

- Shin Maint Holdings brought in ¥29.9B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +16.5% from the prior year, operating profit +21.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥29946500000 → ¥1239496000
- Net income → operating cash flow: ¥1239496000 → ¥1851992000（difference ¥612496000）
- Main uses of operating cash flow: CapEx ¥202848000 / dividends ¥302560000 / buybacks ¥290435000
- Change in cash: ¥505681000
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 | ¥29.9B |  |
| Operating income | ¥1.86B | Margin 6.2% |
| Net income | ¥1.24B | Margin 4.1% |
| Free cash flow | ¥1.65B |  |
| Employees (consolidated) | 326 |  |
| EPS | ¥51.43 |  |
| Book value per share | ¥146.99 |  |
| Equity ratio | 41.8% |  |
| Shares outstanding | 21,666,000 |  |
| Treasury shares | 2,781,800 |  |
| Shareholders | 2,464 |  |
| Cash ratio | 42.0% | Cash ÷ revenue 15.6% |
| Vs. industry median margin | +2.3 pp | Business Process Outsourcing |
| ROE | 31.0% | Derived from disclosed figures |
| ROA | 12.3% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 42% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14420064000 | ¥29946500000 | +107.7% |
| Operating income | ¥688968000 | ¥1857431000 | +169.6% |
| Operating margin | 4.8% | 6.2% | +1.4 pp |
| Employees | 202 people | 326 people | +61.4% |
| Cash and equivalents | ¥2742674000 | ¥4659545000 | +69.9% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,947 | 100.0% | S100Y57I |
| Cost of revenue | 23,087 | 77.1% | S100Y57I |
| Gross profit | 6,859 | 22.9% | S100Y57I |
| SG&A | 5,002 | 16.7% | S100Y57I |
| Operating income | 1,857 | 6.2% | S100Y57I |
| Ordinary income | 1,897 | 6.3% | S100Y57I |
| Pretax income | 1,856 | 6.2% | S100Y57I |
| Income tax | 617 | 2.1% | S100Y57I |
| Net income | 1,239 | 4.1% | S100Y57I |
| Net income attributable to owners | 1,239 | 4.1% | S100Y57I |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 17 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 22.9% → Operating margin 6.2% → Net margin 4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.5%; Core profit growth: +21.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.28×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 25,708 | 29,947 | 4,239 | +16.5% |
| Gross profit | 5,839 | 6,859 | 1,020 | +17.5% |
| Operating income | 1,534 | 1,857 | 323 | +21.1% |
| Net income attributable to owners | 1,033 | 1,239 | 206 | +20.0% |
| Operating cash flow | 1,435 | 1,852 | 417 | +29.1% |
| Free cash flow | 1,233 | 1,649 | 416 | +33.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 15,678 | 844 | 5.4% | 592 | 1,062 | 1,053 | S100LRB7 |
| FY ending Feb 2021 | 14,420 | 689 | 4.8% | 437 | 213 | 194 | S100O4R5 |
| FY ending Feb 2022 | 16,434 | 905 | 5.5% | 571 | 1,169 | 1,127 | S100QU4Q |
| FY ending Feb 2023 | 19,408 | 1,053 | 5.4% | 688 | 766 | 666 | S100THIN |
| FY ending Feb 2024 | 22,354 | 1,255 | 5.6% | 862 | 1,307 | 1,159 | S100VSZJ |
| FY ending Feb 2025 | 25,708 | 1,534 | 6.0% | 1,033 | 1,435 | 1,233 | S100Y57I |
| FY ending Feb 2026 | 29,947 | 1,857 | 6.2% | 1,239 | 1,852 | 1,649 | S100Y57I |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥91.9M |
| Operating income per employee (consolidated) | ¥5.7M |
| Net income per employee (consolidated) | ¥3.8M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 217 | 253 | 276 | 295 | 326 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) +10.5% · Revenue (consolidated) +16.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,852 | 6.2% | S100Y57I |
| Capital expenditure | 203 | 0.7% | S100Y57I |
| Free cash flow | 1,649 | 5.5% | 算出 |
| Investing cash flow | -578 | -1.9% | S100Y57I |
| Financing cash flow | -769 | -2.6% | S100Y57I |
| Dividends paid | 303 | 1.0% | S100Y57I |
| Share buyback | 290 | 1.0% | S100Y57I |
| Change in cash | 506 | 1.7% | S100Y57I |
| Cash and equivalents | 4,660 | 15.6% | S100Y57I |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,512 | 3,379 | 4,146 | 4,154 | 4,660 | S100THIN, S100VSZJ, S100Y57I |
| Total assets | 6,747 | 7,060 | 8,302 | 9,066 | 11,089 | S100QU4Q, S100THIN, S100VSZJ, S100Y57I |
| Net assets | 2,708 | 2,955 | 3,673 | 3,552 | 4,637 | S100THIN, S100VSZJ, S100Y57I |
| Share capital | 236 | 236 | 236 | 236 | 236 | S100QU4Q, S100THIN, S100VSZJ, S100Y57I |
| Trade receivables | 2,001 | — | — | — | — | S100QU4Q |
| Property, plant and equipment | 121 | 194 | 294 | 518 | 415 | S100QU4Q, S100THIN, S100VSZJ, S100Y57I |
| Intangible assets excluding goodwill | 97 | 68 | 97 | 91 | 49 | S100QU4Q, S100THIN, S100VSZJ, S100Y57I |
| Goodwill | 55 | 33 | 61 | 39 | — | S100QU4Q, S100THIN, S100VSZJ, S100Y57I |
| Investment securities | 188 | 284 | 313 | 344 | 1,159 | S100QU4Q, S100THIN, S100VSZJ, S100Y57I |
| Current assets | 6,075 | 6,263 | 7,314 | 7,731 | 9,001 | S100QU4Q, S100THIN, S100VSZJ, S100Y57I |
| Current liabilities | 3,218 | 3,384 | 3,995 | 4,776 | 5,701 | S100QU4Q, S100THIN, S100VSZJ, S100Y57I |
| Long-term borrowings | 507 | 347 | 187 | 210 | 110 | S100QU4Q, S100THIN, S100VSZJ, S100Y57I |
| Total liabilities | 4,039 | 4,105 | 4,629 | 5,514 | 6,452 | S100QU4Q, S100THIN, S100VSZJ, S100Y57I |
| Equity attributable to owners of parent | 2,716 | 2,954 | 3,627 | 3,571 | 4,420 | S100QU4Q, S100THIN, S100VSZJ, S100Y57I |
| Retained earnings | 2,489 | 2,982 | 3,615 | 4,378 | 5,315 | S100QU4Q, S100THIN, S100VSZJ, S100Y57I |
| Treasury stock | -728 | -983 | -951 | -1,770 | -1,914 | S100QU4Q, S100THIN, S100VSZJ, S100Y57I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100Y57I |
| Property, plant and equipment | 4% | S100Y57I |
| Intangibles and goodwill | 0% | S100Y57I |
| Investment securities | 11% | S100Y57I |
| Other assets | 43% | S100Y57I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 58% | S100Y57I |
| Equity | 42% | S100Y57I |
| Other liabilities | 0% | S100Y57I |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 6,747 | 7,060 | 8,302 | 9,066 | 11,089 |
| Equity | 2,708 | 2,955 | 3,673 | 3,552 | 4,637 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,512 | 3,379 | 4,146 | 4,154 | 4,660 |

## 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) | 1.4% | S100Y57I |
| Fixed assets ÷ total assets | 3.7% | S100Y57I |
| Goodwill ÷ parent equity | — | —, S100Y57I |

### 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) | 42.0% |
| Cash ÷ revenue | 15.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 99.7% |
| Cash vs. profit gap | 612 JPY mn (of net income 49.4%) |
| Shareholder returns / net income | 47.8% |
| Shareholder returns / FCF | 36.0% |
| Shareholder payments — dividends / net income | 24.4% |
| Shareholder payments — dividends / FCF | 18.3% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 31.2% |

## 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 | 3.5% | 2.44× | 8.5% | 2.48× | 21.0% | S100QU4Q |
| 2023 | 3.5% | 2.81× | 10.0% | 2.44× | 24.3% | S100THIN |
| 2024 | 3.9% | 2.91× | 11.2% | 2.33× | 26.2% | S100VSZJ |
| 2025 | 4.0% | 2.96× | 11.9% | 2.41× | 28.7% | S100Y57I |
| 2026 | 4.1% | 2.97× | 12.3% | 2.52× | 31.0% | S100Y57I |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 内藤 秀雄 | Major shareholder | 23.2% | 2026-02-28 |
| 内藤 剛 | Major shareholder | 8.3% | 2026-02-28 |
| ＬＩＣＨＦＩＥＬＤ ＬＰ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 5.5% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.5% | 2026-02-28 |
| ＴＡＫＵＭＩ ＣＡＰＩＴＡＬ ＭＡＮＡＧＥＭＥＮＴ ＭＡＳＴＥＲ ＦＵＮＤ ＬＰ （常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 5.2% | 2026-02-28 |
| ＦＣＰ ＳＥＸＴＡＮＴ ＡＵＴＯＵＲ ＤＵ ＭＯＮＤＥ （常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 4.2% | 2026-02-28 |
| 株式会社Ｓｈｕ Ｍａｎａｇｅｍｅｎｔ | Major shareholder | 4.2% | 2026-02-28 |
| 株式会社乃村工藝社 | Major shareholder | 3.2% | 2026-02-28 |
| 合田 利恵 | Major shareholder | 2.9% | 2026-02-28 |
| 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 | 2.9% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第41期(2025/03/01－2026/02/28) | S100Y57I | 2026-05-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y57I,, |
| 有価証券報告書－第40期(2024/03/01－2025/02/28) | S100VSZJ | 2025-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VSZJ,, |
| 有価証券報告書－第39期(2023/03/01－2024/02/29) | S100THIN | 2024-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THIN,, |
| 有価証券報告書－第38期(2022/03/01－2023/02/28) | S100QU4Q | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QU4Q,, |
| 有価証券報告書－第37期(令和3年3月1日－令和4年2月28日) | S100O4R5 | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4R5,, |
| 訂正有価証券報告書－第36期(令和2年3月1日－令和3年2月28日) | S100LRB7 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRB7,, |

## 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).