3494
Mullion Co.,Ltd.
株式会社マリオン
Real Estate
Mullion Co., Ltd. engages in the real estate rental and securitization business in Japan. It owns, manages, leases, and securitizes real estate properties. The company was incorporated in 1986 and is headquartered in Tokyo, Japan.
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← Companies
⚠ TSE Capital Mandate
P / Book
0.55×
Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥3.3B
¥2.9B
¥2.8B
¥2.2B
¥1.8B
Cost of Sales
¥1.9B
¥1.7B
¥1.9B
¥1.3B
¥1.0B
Gross Profit
¥1.4B
¥1.2B
¥907M
¥820M
¥841M
SG&A
¥504M
¥490M
¥524M
¥593M
¥547M
Operating Income
¥875M
¥696M
¥383M
¥227M
¥294M
Non-Operating Income
¥20M
¥20M
¥42M
¥19M
¥29M
Dividend Income
¥3M
¥2M
¥2M
¥2M
¥1M
Interest Income
¥3M
¥1M
¥3M
¥1M
¥2M
Non-Operating Expenses
¥230M
¥192M
¥265M
¥155M
¥193M
Interest Expense
¥135M
¥113M
¥94M
¥85M
¥83M
Ordinary Income
¥665M
¥523M
¥160M
¥91M
¥130M
Pre-tax Income
¥665M
¥522M
¥157M
¥91M
¥130M
Income Taxes
¥206M
¥179M
¥15M
¥31M
¥42M
Current Tax
¥207M
¥175M
¥1M
¥25M
¥50M
Deferred Tax
¥-1M
¥4M
¥14M
¥6M
¥-8M
Net Income (owners)
¥460M
¥342M
¥142M
¥60M
¥88M
EBITDA
¥1.1B
¥933M
¥617M
¥433M
¥509M
EPS
¥58.63
¥43.72
¥91.02
¥38.58
¥55.92
Shares Outstanding
8.0M
8.0M
1.6M
1.6M
1.6M
Shares Issued (total)
8.0M
8.0M
1.6M
1.6M
1.6M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥18.8B
¥18.8B
¥18.7B
¥15.4B
¥16.0B
Current Assets
¥2.7B
¥3.3B
¥2.5B
¥2.2B
¥2.1B
Cash & Deposits
¥1.9B
¥1.5B
¥1.5B
¥849M
¥690M
Non-Current Assets
¥16.1B
¥15.5B
¥16.2B
¥13.2B
¥13.9B
PP&E
¥15.8B
¥15.3B
¥16.0B
¥12.9B
¥13.5B
Intangible Assets
¥95M
¥33M
¥46M
¥69M
¥93M
Investment Securities
¥96M
¥66M
¥68M
¥67M
¥77M
Total Liabilities
¥14.0B
¥14.5B
¥14.7B
¥11.5B
¥12.2B
Current Liabilities
¥2.0B
¥1.7B
¥1.8B
¥1.4B
¥2.7B
ST Debt
¥1.5B
¥1.1B
¥1.4B
¥837M
¥1.4B
Taxes Payable
¥133M
¥190M
¥9M
¥8M
¥5M
Non-Current Liabilities
¥12.0B
¥12.8B
¥13.0B
¥10.1B
¥9.5B
Total LT Borrowings
¥6.8B
¥7.6B
¥8.1B
¥5.8B
¥6.1B
Deferred Tax Liab.
¥62M
¥54M
¥48M
¥35M
¥41M
Total Equity
¥4.8B
¥4.3B
¥4.0B
¥3.9B
¥3.9B
Capital Stock
¥1.4B
¥1.4B
¥1.4B
¥1.4B
¥1.4B
Capital Surplus
¥1.1B
¥1.1B
¥1.1B
¥1.1B
¥1.1B
Retained Earnings
¥2.2B
¥1.8B
¥1.5B
¥1.4B
¥1.3B
Treasury Stock
¥-39M
¥-40M
¥-41M
¥-41M
¥-41M
AOCI
¥35M
¥17M
¥11M
¥12M
¥19M
Equity (owners)
¥4.7B
¥4.3B
¥4.0B
¥3.9B
¥3.8B
Total Interest-Bearing Debt ⓘ
¥8.3B
¥8.7B
¥9.5B
¥6.6B
¥7.5B
Net Cash ⓘ
¥-6.5B
¥-7.3B
¥-8.1B
¥-5.8B
¥-6.8B
NCAV ⓘ
¥-11.4B
¥-11.2B
¥-12.2B
¥-9.3B
¥-10.0B
NCAV/Share
¥-1,418
¥-1,400
¥-7,640
¥-5,828
¥-6,262
BV/Share
¥589
¥537
¥2,483
¥2,404
¥2,390
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥1.6B
¥1.7B
¥1.3B
¥970M
¥147M
Interest Paid
¥-136M
¥-117M
¥-93M
¥-85M
¥-86M
Interest Received
¥6M
¥3M
¥4M
¥3M
¥3M
D&A
¥212M
¥237M
¥235M
¥207M
¥215M
Investing CF
¥-795M
¥-1.3B
¥-3.9B
¥-54M
¥-860M
CapEx
¥667M
¥1.3B
¥4.0B
¥29M
¥850M
Proceeds from Invest.
—
¥9M
—
—
—
Financing CF
¥-479M
¥-469M
¥3.2B
¥-776M
¥38M
Dividends Paid
¥-41M
¥-22M
¥-16M
¥-14M
¥-47M
LT Debt Repaid
¥-1.9B
¥-1.6B
¥-1.3B
¥-867M
¥-2.3B
Free Cash Flow
¥928M
¥472M
¥-2.6B
¥940M
¥-704M
Net Change in Cash
¥321M
¥10M
¥643M
¥139M
¥-675M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
10.1%
8.2%
3.6%
1.6%
2.3%
ROA
2.4%
1.8%
0.8%
0.4%
0.5%
EPS
¥58.63
¥43.72
¥91.02
¥38.58
¥55.92
DPS
¥6.00
¥5.20
¥14.00
¥10.00
¥9.00
BPS
¥606.80
¥551.18
¥2,549.03
¥2,468.51
¥2,458.22
FCF/Share
¥116
¥59
¥-1,624
¥587
¥-439
NCAV/Share
¥-1,418
¥-1,400
¥-7,640
¥-5,828
¥-6,262
Payout Ratio
10.2%
11.9%
15.4%
25.9%
16.1%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 17
Date Activist Stake Event Flag Demands Source
2025-09-19
Sumitomo Mitsui Trust Asset Management Co.,Ltd.
1.99%
-3.28%
change
Passive
—
2025-09-08
HONJIN HOLDINGS Association
4.32%
-1.12%
change
Passive
—
2025-09-04
Sumitomo Mitsui Trust Asset Management Co.,Ltd.
5.27%
-2.56%
change
Passive
—
2025-09-03
HONJIN HOLDINGS Association
5.44%
-1.01%
change
Passive
—
2025-09-01
HONJIN HOLDINGS Association
7.93%
correction
Passive
—
2025-09-01
HONJIN HOLDINGS Association
6.45%
-1.48%
correction
Passive
—
2025-08-28
HONJIN HOLDINGS Association
6.45%
-1.48%
change
Passive
—
2025-08-21
Sumitomo Mitsui Trust Asset Management Co.,Ltd.
7.83%
+7.83%
initial_5pct
Passive
—
2025-06-05
Sumitomo Mitsui Trust Asset Management Co.,Ltd.
—
exit
Passive
—
2024-08-21
Sumitomo Mitsui Trust Asset Management Co.,Ltd.
7.93%
-1.97%
change
Passive
—
2024-08-19
HONJIN HOLDINGS Association
7.93%
change
Passive
—
2024-08-19
HONJIN HOLDINGS Association
7.93%
correction
Passive
—
2024-06-06
Sumitomo Mitsui Trust Asset Management Co.,Ltd.
9.9%
initial_5pct
Passive
—
2024-05-31
Mullion foundation
8.83%
correction
Passive
—
2024-05-31
Honjin Holdings
9.9%
correction
Passive
—
2024-05-30
Honjin Holdings
9.9%
initial_5pct
Passive
—
2024-05-30
Mullion foundation
8.83%
initial_5pct
Passive
—
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 1
#
Shareholder
Shares (thou.)
% of Total
1
福田敬司
2,855,000
36.43%
2
SBIホールディングス株式会社
960,000
12.25%
3
公益財団法人マリオン財団
707,000
9.02%
4
西川 勝子
461,000
5.88%
5
株式会社ベルーナ
450,000
5.74%
6
田中 俊彦
220,000
2.81%
7
株式会社フレンドステージ
200,000
2.55%
8
楽天証券株式会社
129,500
1.65%
9
須田 忠雄
126,000
1.61%
10
笹原 みなみ
56,500
0.72%
Domestic Nominees
0.0%
-8.1% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
0.0%
+0.0% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
78.7%
+2.3% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
福田敬司
36.47%
36.45%
36.43%
-0.02%
SBIホールディングス
12.26%
12.26%
12.25%
-0.01%
公益財団法人マリオン財団
—
9.03%
9.02%
-0.01%
西川 勝子
—
5.88%
5.88%
式会社ベルーナ
5.75%
5.74%
5.74%
田中 俊彦
↑
0.97%
1.23%
2.81%
+1.58%
式会社フレンドステージ
2.56%
2.55%
2.55%
楽天証券
NEW ENTRY
—
—
—
1.65%
NEW
須田 忠雄
1.61%
1.61%
1.61%
笹原 みなみ
NEW ENTRY
—
—
—
0.72%
NEW
日本カストディ銀行
last seen 2024
Exited Top 10
—
8.11%
—
日本証券金融
last seen 2024
Exited Top 10
—
1.60%
—
一般社団法人ホンジン・ホールディングス
last seen 2023
Exited Top 10
19.16%
—
—
宮坂 廣
last seen 2023
Exited Top 10
0.75%
—
—
西川勝子
last seen 2023
Exited Top 10
5.89%
—
—
式会社SBI証券
last seen 2023
Exited Top 10
1.79%
—
—
Concentration (HHI)
ⓘ
1929
1707
1646
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥92M
+69% since 2023
Holdings
1
Trend
1 building
vs 2023
Held Company
FY2025
¥92M total
FY2023
¥54M total
Book Val ¥M
Shares
Book Val ¥M
Shares
BELLUNA CO.,LTD.
株式会社 ベルーナ
92
+11.1%
↑
90,030
54
81,052
M
Portfolio total
92
54
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding