Company profile

MERF Inc.

EDINET
E25443
Securities
3168
Industry
Wholesale Trade
Latest annual securities report
2026-07-14 Amended Annual Securities Report PDF HTML
Latest financial report
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Latest filing
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Compare this company

Industry position

Wholesale Trade

View details
Profitability Weak Current Bottom 12% 5-year trend Deteriorating
Financial strength Weak Based on Equity ratio Current Bottom 17% 5-year trend Broadly stable
Growth Weak Current Bottom 18% 5-year trend Deteriorating
Cash generation Below average Current Bottom 45% 5-year trend Improving

Latest half-year results

H1 FY2026

2025/09/01 - 2026/02/28

Consolidated · Japanese GAAP · Cumulative YTD

For H1 FY2026, revenue was ¥45.59 billion, up 5.9% year over year. Operating income was ¥2.52 billion, up 1630.3% year over year. Net income was ¥1.68 billion, up 1047.7% year over year.

Revenue ¥45.59B up 5.9% year over year
Operating income ¥2.52B up 1630.3% year over year
Net income ¥1.68B up 1047.7% year over year
Operating cash flow -¥1.58B
Free cash flow -¥1.91B
Total assets ¥30.31B

Half-year trend

Half-year financial trend

H1 values are cumulative year-to-date.

H2 values are calculated when comparable.

Consolidated · Japanese GAAP · Cumulative YTD

Mode

Half-year financial data

Annual key financial indicators

FY2025

Consolidated Japanese GAAP

Revenue reached ¥82.46 billion, up 0.5% year over year. Operating income was ¥117.09 million, down 91.9% year over year. Operating margin was 0.1%. Net income moved into a loss of -¥203.11 million. ROE was -2.2%; equity ratio was 35.9%; free cash flow was ¥342.36 million.

Revenue ¥82.46B up 0.5% year over year
Operating income ¥117.09M down 91.9% year over year
Net income -¥203.11M down 138.1% year over year
Total assets¥25.71B
Total equity—
Operating cash flow¥2.32B
Free cash flow¥342.36M

Industry position details

Wholesale Trade

Annual data for the same fiscal year and industry

Comparison sample varies by metric

Profitability Weak

Operating margin Bottom 90% / ROE Bottom 92%

Financial strength Weak
Based on Equity ratio

Equity ratio Bottom 85%

Growth Weak

Revenue growth Bottom 77% / 3-year revenue CAGR Bottom 92%

Cash generation Below average

Operating cash flow margin Bottom 60% / Free cash flow margin Bottom 55%

Profitability Industry position history Deteriorating
2025 Bottom 6% 2024 Bottom 29% 2023 Bottom 11% 2022 Bottom 29% 2021 Top 12%
Financial strength Industry position history Broadly stable
2025 Bottom 19% 2024 Bottom 22% 2023 Bottom 23% 2022 Bottom 26% 2021 Bottom 26%
Growth Industry position history Deteriorating
2025 Bottom 16% 2024 Bottom 46% 2023 Top 49% 2022 Top 3% 2021 Top 13%
Cash generation Industry position history Improving
2025 Bottom 44% 2024 Bottom 23% 2023 Top 50% 2022 Bottom 18% 2021 Bottom 5%
Profitability Operating margin 0.1% Industry median 3.2% Bottom 90% Comparison sample 59
Profitability ROE -2.2% Industry median 7.3% Bottom 92% Comparison sample 59
Financial strength Equity ratio 35.9% Industry median 49.7% Bottom 85% Comparison sample 59
Growth Revenue growth +0.5% Industry median +5.2% Bottom 77% Comparison sample 59
Growth 3-year revenue CAGR -2.5% Industry median +5.5% Bottom 92% Comparison sample 57
Cash generation Operating cash flow margin 2.8% Industry median 3.6% Bottom 60% Comparison sample 59
Cash generation Free cash flow margin 0.4% Industry median 0.5% Bottom 55% Comparison sample 59

Annual financial data

Fiscal year Scope Accounting standard Revenue Operating income Ordinary income Profit before tax Net income Profit attributable to owners of parent Comprehensive income Total assets Total liabilities Net assets Shareholders' equity Equity Equity attributable to owners of parent Equity for ratio Operating cash flow Investing cash flow Financing cash flow Free cash flow Cash and cash equivalents Basic EPS P/E Share price Market cap Book value per share Dividend per share Shares issued Equity ratio Official equity ratio ROE ROA Operating margin Ordinary income margin Net margin Operating cash flow margin Free cash flow margin Dividend payout ratio Revenue YoY Operating income YoY Ordinary income YoY Profit before tax YoY Net income YoY Total assets YoY Equity YoY Operating cash flow YoY Investing cash flow YoY Financing cash flow YoY Free cash flow YoY Cash and cash equivalents YoY EPS YoY Dividend per share YoY Shares issued YoY Employees YoY Average salary YoY Employees Average salary
FY2025 Consolidated Japanese GAAP 82463458000 117094000 -220261000 -203114000 -203114000 7520000 25705307000 16487204000 9218102000 8530960000 9218102000 2322916000 -1980561000 -29595000 342355000 1637668000 -14.37 652.05 14337200 0.35860696 0.359 -0.0220342539 -0.0079016368 0.0014199502 -0.0026710134 -0.0024630789 0.0281690346 0.0041515965 0.0047924127 -0.9192623329 -1.2123251357 -1.3814318766 -0.0340596169 -0.0278961609 1.805464271 -8.6094757527 0.828222675 -0.449494446 0.0678022353 -1.3809650053 0.0 0.2222222222 154
FY2024 Consolidated Japanese GAAP 82070144000 1450302000 1037376000 532504000 532504000 656367000 26611691000 17129059000 9482631000 9006123000 9482631000 827997000 -206105000 -172287000 621892000 1533681000 37.72 16.7 629.924 9031346372.800 671.51 14337200 0.3563332747 0.356 0.056155723 0.0200101527 0.0176714933 0.0126401143 0.0064884009 0.0100888942 0.0075775668 -0.0298392069 1.7218952457 3.5589927267 2.1275747235 0.0615964886 0.0423983416 -0.4818898574 -4.600779189 0.8755223686 -0.6243136644 0.4438517626 2.1354945968 0.0 0.0769230769 126
FY2023 Consolidated Japanese GAAP 84594373000 532828000 227545000 170261000 170261000 232800000 25067614000 15970678000 9096936000 8744290000 9096936000 1598110000 57239000 -1384080000 1655349000 1062215000 12.03 50.4 606.312 8692816406.400 644.86 14337200 0.3628959661 0.363 0.0187163018 0.0067920704 0.0062986222 0.0026898361 0.0020126752 0.0188914457 0.0195680746 -0.0505968142 -0.3819224126 -0.7570253829 -0.6887822622 -0.0255620529 -0.0132014121 1.7727494496 1.1665953589 -1.8304333844 1.6863928806 0.3788660798 -0.687451286 0.0 -0.0930232558 117
FY2022 Consolidated Japanese GAAP 89102685000 862073000 936497000 547080000 547080000 768339000 25725203000 16506568000 9218635000 8928528000 9218635000 -2068083000 -343581000 1666696000 -2411664000 770354000 38.49 15.7 604.293 8663869599.600 648.06 14337200 0.3583503306 0.358 0.0593450115 0.0212663045 0.0096750508 0.0105103118 0.0061398823 -0.0232101087 -0.0270661204 0.4357911549 -0.7303799194 -0.5532148359 -0.5958814 0.0881817458 0.0618994758 0.4700994882 -11.9630185067 -0.5647224554 0.3770621547 -0.4502536948 -0.5966254454 0.0 0.0078125 129
FY2021 Consolidated Japanese GAAP 62058249000 3197362000 2096079000 1353761000 1353761000 1329843000 23640539000 14959269000 8681269000 8612421000 8681269000 -3902776000 31340000 3829042000 -3871436000 1401290000 95.42 8.9 849.238 12175695053.600 611.47 14337200 0.3672195884 0.367 0.1559404506 0.0572643881 0.05152195 0.0337759933 0.0218143602 -0.0628889159 -0.0623839064 0.4515605535 3.9431715583 2.7327132562 2.5785192782 0.4125632808 0.1503711525 -3.6016564097 1.3203057929 3.9038516375 -3.7608388696 -0.0223153424 2.5724447772 0.0 0.0406504065 128
FY2020 Consolidated Japanese GAAP 42752780000 646824000 561543000 378302000 378302000 408850000 16735915000 9189421000 7546494000 7453728000 7546494000 1500112000 -97844000 -1318608000 1402268000 1433274000 26.71 18.4 491.464 7046217660.800 532.52 14337200 0.4509161286 0.451 0.0501295038 0.0226042018 0.0151294021 0.0131346546 0.0088485942 0.0350880574 0.0327994577 -0.1562531558 3.6451615542 2.9375577945 2.6403978909 -0.0614855163 0.0281067848 31.5235827941 0.7571832021 -5.6604791223 4.1016766202 0.0548987108 2.6457178065 0.0 0.0165289256 123
FY2019 Consolidated Japanese GAAP 50670151000 -244531000 -289820000 -230616000 -230616000 -334417000 17832346000 10492160000 7340185000 7277967000 7340185000 -49146000 -402954000 282934000 -452100000 1358684000 -16.23 518.76 14337200 0.4116219481 0.412 -0.0314182817 -0.0129324543 -0.0048259379 -0.0057197382 -0.0045513186 -0.0009699201 -0.0089224127 -0.1077842694 -1.3282083839 -1.4285027833 -1.4980993192 -0.0129992976 -0.0798110877 0.9185410113 -1.0655304098 -0.6743962843 0.4337474496 -0.1230760791 -1.5026323939 -0.0241935484 121
FY2018 Consolidated Japanese GAAP 56791367000 745048000 676355000 462992000 462992000 416870000 18067207000 10090382000 7976824000 7810806000 7976824000 -603322000 -195085000 868952000 -798407000 1549375000 32.29 17.5 565.075 556.38 0.4415084191 0.442 0.0580421481 0.025626097 0.0131190362 0.0119094686 0.0081525067 -0.0106234809 -0.014058598 0.0741950143 -0.6452018909 -0.5971326852 -0.5535873205 0.0436385165 0.03070861 -0.1989777364 -2.7300434026 0.0166308467 -0.4372815024 0.0388380435 -0.7768178048 0.0 124
FY2017 Consolidated Japanese GAAP 52868768000 2099921000 1678853000 1037139000 1037139000 1203845000 17311748000 9572582000 7739165000 7527024000 7739165000 -503197000 -52301000 854737000 -555498000 1491450000 144.68 10.9 1577.012 1079.61 0.4470469995 0.447 0.1340117442 0.0599095481 0.0397194994 0.0317550997 0.0196172341 -0.0095178499 -0.0105071107 0.2307792877 4.5451517382 4.6585245201 3.6644684109 0.2042322647 0.1713539755 -0.6154619119 -3.5861978253 5.0195112087 -0.7203832861 0.2134380052 3.6644567219 0.0 124
FY2016 Consolidated Japanese GAAP 42955523000 -592336000 -458888000 -389248000 -389248000 -559759000 14375755000 7768729000 6607025000 6561590000 6607025000 -311488000 -11404000 -212647000 -322892000 1229111000 -54.3 921.68 0.4595949917 0.46 -0.0589142617 -0.0270766996 -0.013789519 -0.0106828638 -0.009061652 -0.0072514075 -0.0075168914 124

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Source data: Financial Services Agency EDINET / Data organization, aggregation, and metric calculations: bestforever.jp