Meiho Holdings,Inc.
7369・Growth Market・Services
Business
Meiho Holdings Co., Ltd. is a holding company headquartered in Gifu City, listed on the TSE Growth Market and Nagoya Stock Exchange Next Market. Originating from a construction consulting business founded in 1981, the company has expanded its business domains since transitioning to a holding company structure in 2017, centering on capital alliances with small and medium-sized enterprises facing succession issues due to a lack of successors (employee succession-type M&A). As of the end of June 2025, the group comprises 21 consolidated subsidiaries and operates across four segments: Construction-Related Services, Human Resources-Related Services, Construction, and Nursing Care. Its main clients are government agencies such as national and local public bodies, as well as private companies. The company continues to pursue a roll-up strategy toward realizing its mid- to long-term vision of "100 Companies, ¥100 billion, 10,000 Employees," targeting group revenue of ¥100 billion, operating profit of ¥10 billion, and a workforce of 10,000 employees.
Business Model
As a holding company, the company provides support to each subsidiary in areas such as management oversight, cash flow management, sales capability enhancement, human resource development, and DX response, thereby driving each company's organic growth. At the same time, it aims for non-continuous sales expansion through employee-succession-type M&A targeting small and medium-sized enterprises with business succession needs. M&A funds are procured through long-term borrowings from financial institutions, with repayment structured around group operating cash flow. Operating cash flow for FY2025 (ended June 2025) increased substantially year on year to ¥1,118 million, and financial soundness is also improving, as seen in the repayment of ¥1,759 million in long-term borrowings under financing activities.
Company Strengths
The company operates four businesses: Construction-Related Services Business (net sales of ¥4,172 million, profit margin of 13.6%), Human Resources-Related Services Business (¥3,504 million), Construction Business (¥4,454 million), and Nursing Care Business (¥877 million). By diversifying across different market drivers—public investment, labor demand, and an aging population—the company reduces its risk of dependence on a single segment.
Since transitioning to a holding company structure in 2017, the company has brought more than 20 companies under its umbrella in the fields of construction consulting, staffing, construction, and nursing care. Net sales for FY2025 (ending June 2025) reached ¥13,007 million, approximately 2.5 times the level in FY2021 (ending June 2021) (¥5,274 million). Most recently, the company has continued to execute M&A transactions, including Naski Career (May 2025) and Mirai Policy Research Institute (October 2025).
The order backlog for the Construction-Related Services Business stood at ¥2,269 million (up 0.6% year on year), while that for the Construction Business stood at ¥1,905 million. Against the backdrop of the government's promotion of disaster prevention, mitigation, and national resilience, public works-related expenditure has remained solid at ¥6,085,800 million (±0.0% year on year), and the order backlog is enhancing the visibility of future revenue.
ENVALITH's Perspective
Performance Trend
Revenue expanded through M&A from ¥5,274 million in FY2021 (ended June 2021) to ¥13,007 million in FY2025 (ended June 2025), but cumulative Q3 FY2026 (ending June 2026) came in at ¥9,923 million (down 2.2% year on year), marking the first year-on-year decline. The main cause was the Construction Business, whose revenue fell to ¥2,981 million (down 16.8% year on year) and segment profit to ¥145 million (down 46.4% year on year) due to construction restrictions related to the Osaka-Kansai Expo. Gross profit improved to ¥2,674 million (up ¥50 million year on year), but SG&A expenses rose to ¥2,215 million (up ¥221 million year on year), compressing operating profit to ¥460 million (down 27.1% year on year). EBITDA was ¥883 million (down 14.8% year on year). The full-year forecast (revenue of ¥13,500 million, operating profit of ¥540 million) remains unchanged, premised on a recovery in performance in Q4 driven by the drawdown of the order backlog.
Growth Strategy
Pursuing M30BD targets through continued employee-succession M&A and deepening of the business support platform
The company continues to execute employee-succession M&A targeting regional small and medium-sized enterprises lacking successors. In the cumulative nine months of the current fiscal year, it completed the acquisition of Mirai Seisaku Kenkyusho and Amano Construction as subsidiaries, and the transfer of staffing businesses in Fukushima and Hokkaido, adding three new companies to the scope of consolidation. Maintaining and expanding the M&A pipeline remains the primary engine for expanding the scale of the group.
The company has begun new training programs to instill shared group values and has started unifying core systems. Through the development of a PMI framework in anticipation of future increases in the number of group companies, it aims to accelerate profitability improvement after M&A and enhance medium- to long-term profitability.
While maintaining its base in the Tokai region, the company is accelerating nationwide expansion through the acquisition of staffing businesses in Fukushima, Hokkaido, and Osaka, as well as the expansion of its construction network. It aims to expand the group's overall revenue scale by horizontally rolling out its regionally focused businesses.
The company aims to convert its substantial order backlog—¥3,490 million in the Construction Business (up 115.1% year on year) and ¥1,408 million in the Construction-Related Services Business (up 8.5% year on year)—into revenue and profit from the fourth quarter onward, and to recover from the temporary earnings decline caused by the Osaka-Kansai Expo.
Last updated: July 17, 2026