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3168TSE Standard

MERF Inc.

ＭＥＲＦ Yahoo Finance

Recent & upcoming events

Aug 27
Ex-dividend Time TBD
Ex-rights date (year-end)
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Aug 26
Dividend Time TBD
Last day with rights (year-end)
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Jul 13
Earnings 2:00
Q3 earnings announcement (scheduled)
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Apr 13
Earnings 2:00
Q2 earnings announcement (scheduled)
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Jan 14
Earnings 1:00
Q1 earnings announcement (scheduled)
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2025
Nov 19
Shareholder meeting Time TBD
Shareholders' meeting
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Oct 14
Earnings 2:00 approx.
FY earnings announcement (scheduled)
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2027
Jan 13
Est.
Earnings 1:00 approx.
Q1 earnings
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Feb 23
Est.
Dividend Time TBD
Last day with rights (interim)
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Feb 24
Est.
Ex-dividend Time TBD
Ex-rights date (interim)
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Apr 14
Est.
Earnings 2:00 approx.
Q2 earnings
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Jul 14
Est.
Earnings 2:00 approx.
Q3 earnings
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Aug 26
Est.
Dividend Time TBD
Last day with rights (year-end)
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Aug 29
Est.
Ex-dividend Time TBD
Ex-rights date (year-end)
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Oct 13
Est.
Earnings 2:00 approx.
Full-year earnings
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KPI highlights

FY25
Revenue ¥82.46B YoY +0.5%
Operating income ¥117M margin 0.1%
Net income ¥-203M YoY -138.1%
EPS ¥-14 YoY -138.1%
P/E —
ROE —

Company guidance

FY2026/08 Company-issued full-year guidance (from earnings report) / %=vs prior FY
Revenue ¥105.98B +28.5%
Operating income ¥4.56B +3795.2%
Net income ¥2.81B —
EPS ¥199 —

Quarterly fundamentals

Income & cash flow
Quarter FY23 Q2FY23 Q3FY23 Q4FY24 Q1FY24 Q2FY24 Q3
Revenue ¥20.02B¥23.07B¥17.75B¥17.66B¥22.35B¥24.31B
Operating income ¥103M¥315M¥232M¥202M¥1.07B¥-49M
Net income ¥87M¥117M¥121M¥-108M¥590M¥-71M
Operating CF ——————

Ownership over time

Share of total shares outstanding (disclosed major holdings + undisclosed)（2021–2025）

事業法人 43.2%個人 26.6%未開示 29.2%20212022202320242025
事業法人国内機関個人未開示・浮動株

「国内機関」は信託銀行の名義口座（年金・パッシブ・一部海外資本を含む）を集計し、実質保有者へは分解していません。分類は開示名称からの推定です。

Top shareholders — rank & share

株式会社黒谷商店 40%株式会社黒谷商店黒谷　純久 21.4%黒谷　純久株式会社ＳＭＣ 2.8%株式会社ＳＭＣ20212022202320242025

Top shareholders — actual figures (as of 2025)

Holder Shares held Ratio Source
株式会社黒谷商店 5,648,000 40.0% Yuho (EDINET)
黒谷 純久 3,020,900 21.4% Yuho (EDINET)
株式会社SMC 400,000 2.8% Yuho (EDINET)
黒谷 暁 219,500 1.6% Yuho (EDINET)
黒谷 昌輝 200,000 1.4% Yuho (EDINET)
株式会社北陸銀行 140,000 1.0% Yuho (EDINET)
株式会社MERF従業員持株会 131,702 0.9% Yuho (EDINET)
黒谷 春美 120,000 0.9% Yuho (EDINET)
井上 哲 70,000 0.5% Yuho (EDINET)
株式会社HARITA 60,000 0.4% Yuho (EDINET)

Source：EDINET（大株主の状況）　Classification inferred from disclosed names

F-Score (Piotroski)

6/9

Checks financial health against 9 criteria and shows how many are met as a fraction (more ✓ marks is healthier). Items with no data are shown as “—” — they're simply excluded from judgment, not counted against the score.

✗ Positive ROA ROA -0.8%
✓ Positive operating cash flow ¥2.32B
✗ ROA improved YoY 2.0% → -0.8%
✓ Operating CF exceeds net income (accrual quality) OCF ¥2.32B / net income ¥-203M
✓ Equity ratio improved* Substitute for the original “decrease in long-term debt” 35.6% → 35.9%
✓ Current ratio improved 1.57× → 1.72×
✓ No dilution (shares outstanding did not increase) 14,337,200 → 14,337,200
✗ Gross margin improved 3.8% → 2.8%
✓ Asset turnover improved 3.08× → 3.21×

This score is reference information based on our own financial metrics. It is NOT a credit rating issued by a credit rating agency under Article 66-27 of the Financial Instruments and Exchange Act, and is NOT investment advice or a recommendation. Make investment decisions at your own responsibility.

Fact checklist

FY25
Equity ratio 35.9%
Current ratio 1.7×
Years of positive operating CF 4 of last 10 yrs
Payout ratio —
Latest fiscal year result Loss (net loss ¥203M)

Performance history

Last 10 years
0億円223億円446億円668億円891億円 FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25

Income & assets

Unit: ¥100M
Item FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Revenue 430529568507428621891846821825
Operating income -5.9221.07.45-2.456.4732.08.625.3314.51.17
Ordinary income -4.5916.86.76-2.905.6221.09.362.2810.4-2.20
Net income -3.8910.44.63-2.313.7813.55.471.705.33-2.03
Total assets 144173181178167236257251266257
Equity 66.177.479.873.475.586.892.291.094.892.2

Indicators & cash flow

*Split-adjustedUnit: ¥100M
Item FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
EPS ¥-27¥72¥32¥-16¥27¥95¥38¥12¥38¥-14
ROE —14.5%5.9%—5.1%16.7%6.1%1.9%5.7%—
Operating CF -3.11-5.03-6.03-0.4915.0-39.0-20.716.08.2823.2
Investing CF -0.11-0.52-1.95-4.03-0.980.31-3.440.57-2.06-19.8
Financing CF -2.138.558.692.83-13.238.316.7-13.8-1.72-0.30
FCF -3.23-5.55-7.98-4.5214.0-38.7-24.116.66.223.42

A “—” means data wasn't available for that period — it's not a display error or an unusual value.

Source: EDINET (Annual Securities Report) (fetched 2026-08-29) *Some metrics supplemented from additional sources

Sector positioning

Relative standing within the sector
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Data provided by Twelve Data