ENVALITH
株式会社MCJ logo

MCJ Co.,Ltd.

6670・Standard Market・Electric Appliances

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株式会社MCJ logo
MCJ Co.,Ltd.6670

Business

MCJ Co., Ltd. is a holding company with subsidiaries including Mouse Computer, Unitcom, and Tekwind. The PC-Related Business—comprising PC manufacturing and sales (BTO and finished products), PC Parts Wholesale & Sales, development and sales of monitors for the European market under the "iiyama" brand, and PC-related services in Southeast Asia (India, Malaysia, Indonesia, etc.)—accounts for approximately 97% of net sales. The remainder consists of the Integrated Entertainment Business, which operates the "aprecio" brand Complex Café and the "MIRA fitness" brand 24-Hour Fitness Gym. The group comprises 21 companies in total, including 20 consolidated subsidiaries, with global operations spanning Japan, Europe, and Southeast Asia. Major customers include domestic individuals, corporations, and educational institutions, as well as European corporate and individual users.

Business Model

In the PC-Related Business, the company combines in-house manufacturing and sales of BTO PCs (production output of ¥68,379 million) with wholesale sales through merchandise procurement (procurement output of ¥109,127 million), capturing both manufacturing margin and distribution margin. In Europe, it sells iiyama-brand monitors, while in Southeast Asia it operates a services business, achieving regional diversification. The Integrated Entertainment Business complements this with a membership-based business model that builds up stable monthly revenue.

Company Strengths

In FY2025 (ended March 2025), revenue reached ¥207,171 million (up 10.5% year on year), operating profit reached ¥19,378 million (up 12.7%), and net income attributable to owners of parent reached ¥14,052 million (up 15.2%), setting new record highs across all metrics. Domestic PC shipment volume entered a demand recovery phase, rising 24.3% year on year, with shipment value also increasing 26.3%.

Key performance indicators for FY2025 (ended March 2025) all surpassed their targets: operating margin of 9.1% (target: 7% or above), ROIC of 23.3% (target: approximately 15% or above), ROE of 16.7% (target: approximately 15% or above), and DOE of 5.0% (target: approximately 4.5%). The equity ratio also remained sound at 66.6%, maintaining financial health.

At the end of FY2025 (ended March 2025), cash and deposits stood at ¥57,725 million (up ¥9,202 million from the prior year-end), total net assets stood at ¥89,522 million (up ¥10,175 million from the prior year-end), and retained earnings stood at ¥69,361 million. The ratio of interest-bearing debt to cash flow remained low at 0.8 years, securing financial capacity for a resumption of M&A activity.

ENVALITH's Perspective

An MBO by BCPE Meta Cayman, L.P. was completed in April 2026, and the company is scheduled to be delisted on June 16, 2026. Both earnings and dividend forecasts for FY2027 (ending March 2027) remain undisclosed, and the stock has effectively ceased to hold significance as an investment target in the equity market. For FY2026 (ending March 2026), the company will pay no dividend (versus ¥43 in the prior period), placing it in a unique position as its final period as a listed company from the standpoint of shareholder returns as well.

Cash flow from operating activities in FY2026 (ending March 2026) came to ¥3,437 million, down 80.5% from ¥17,587 million in the prior period. The main cause was a ¥13,330 million increase in inventories, from ¥35,432 million to ¥48,762 million (up 178.8% year on year), and cash and cash equivalents at period-end also declined to ¥22,073 million (from ¥31,055 million in the prior period). While profit reached a record high, the decline in cash-generating capacity warrants close attention.

Domestic PC unit shipments in FY2026 (ending March 2026) increased sharply, up 31.4% year on year, but this increase was primarily driven by shipments of low-priced products related to the government's GIGA School Program, and the growth in shipment value (up 20.7% year on year) lagged behind the growth in unit volume. As external factors, the eventual tapering of GIGA School-related special demand and cost pressures from continued yen depreciation on procurement could affect future profitability, making the shift toward higher value-added products an ongoing key challenge.

Growth Strategy

Disclosure of the medium-term growth strategy has been suspended due to the completion of the MBO and the transition to delisting.

Continued focus on the high-value-added product segment, including creator-oriented and gaming PCs. New AI-compatible products and services are being introduced sequentially in line with the spread of AI technology, strengthening the earnings base following the normalization of the GIGA School Program special demand. In FY2026 (ending March 2026), both segment sales and operating profit reached record highs.

Expanding sales of European monitors, digital signage, and touch panel products under the "iiyama" brand, alongside new product launches and aggressive sales initiatives in Southeast Asia. In FY2026 (ending March 2026), both Europe and Southeast Asia achieved increases in both revenue and profit. Property, plant and equipment in Europe increased substantially from ¥565 million to ¥1,645 million.

The MBO by BCPE Meta Cayman, L.P. was completed in April 2026. Following procedures for a share consolidation at a ratio of 23,500,000 shares to 1 share, delisting is scheduled for June 16, 2026. Retirement of 7,596,780 treasury shares is planned for June 17, 2026. The medium- to long-term strategy following the transition to private ownership has not been disclosed at this time.

Last updated: July 17, 2026