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Overview

Construction

mbs,inc.

MBS Co., Ltd. specializes in exterior and interior repair and renovation works for aging structures—including residential buildings, apartment complexes, commercial buildings, historic structures, roads, and bridges—using its proprietary 'Home Makeup Method,' which employs special functional coatings to restore aesthetics, durability, and structural reinforcement. The company offers four distinct coating technologies: clear coating, color coating, skeleton disaster-prevention coating (for anti-spalling and seismic reinforcement of concrete structures), and advanced/specialty applications, all backed by a 10-year quality guarantee. MBS differentiates itself through a fully integrated one-stop service model—handling scaffolding, plastering, waterproofing, painting, and sealing in-house—and operates via both a direct contracting channel and a franchise/affiliated store network across Japan.

Market Cap

¥9.59B

US$61.2M

¥6.97B

US$44.5M

Stock¥1,384▼-0.43%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

9.0

LTM EV/EBIT

9.5

LTM PER

16.6

LTM PBR

2.5

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-22.4%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

MC → EV Bridge

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

100%

EquityD/E 0.00xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 65.7%

as of 2026-05-31 · Source: Annual Securities Report

Takashi YAMAMOTO

30.27%

Kyokuto Holdings Co., Ltd.

15.87%

Soichiro NARUMOTO

5.19%

mbs,inc. Employee Stock Ownership Association

4.33%

Hiroaki MATSUOKA

2.01%

Tomoko YAMAMOTO

1.88%

Shinya HARA

1.73%

Fusao INOGUCHI

1.69%

BBH (LUX)FOR MUFG GLOBAL FUND SICAV - MUFG JAPAN EQUITY SMALL CAP FUND (Standing Proxy: MUFG Bank, Ltd.)

1.56%

The Master Trust Bank of Japan, Ltd.

1.14%

Management

7 officers

Takashi YAMAMOTO

Representative Director, President

Apr 1991 Joined Yanase Co., Ltd. Jan 1993 Founded scaffolding business as sole proprietor (trade name: Project BIGI) Jun 1997 Established Aqua Bigi Co., Ltd. (now MBS Co., Ltd.) and assumed position of President Jul 2001 Reorganized as MBS Co., Ltd.; assumed position of Representative Director, President (current) Jun 2023 Assumed position of Outside Director, Nigiwai Ube Co., Ltd. (current) Aug 2023 Assumed position of Outside Director, Lignomaterial Co., Ltd.

1972-07-17

Hiroaki MATSUOKA

Director, Head of Home Makeup Business Division

Aug 1995 Joined Project BIGI Jul 2001 Assumed position of Director of the Company (current) Feb 2006 Assumed position of Manager, Tokyo Branch of the Company Dec 2009 Assumed position of Deputy Head, Home Makeup Business Division of the Company Nov 2011 Assumed position of Head, Home Makeup Business Division of the Company Jun 2019 Assumed position of Head, Home Makeup Business Division of the Company (current)

1974-05-08

Hirotaka TAKAGI

Director, in charge of Skeleton, Home Makeup Business Division

Apr 1999 Joined Forval Corporation Feb 2002 Joined the Company Jul 2004 Assumed position of Sales Department Manager of the Company Aug 2008 Assumed position of Director of the Company (current) Dec 2009 Assumed position of Deputy Head, Home Makeup Business Division of the Company Nov 2011 Assumed position of Head Store Manager of the Company Jun 2016 Assumed position of Head, Home Makeup Business Division of the Company Jun 2019 Assumed position of Head, Home Makeup Business Division of the Company Jun 2022 Assumed position of in charge of Skeleton, Home Makeup Business Division of the Company (current)

1975-01-05

Masaki KURIYAMA

Director, General Manager of Business Planning Office and General Manager of Administration Department

Apr 1985 Joined Fuyo General Lease Co., Ltd. Dec 1990 Joined Niles Co., Ltd. (now Valeo Japan Co., Ltd.) Apr 1997 Assumed position of Director, Bell Yosoten Ltd. Jan 2002 Assumed position of Representative Director, Bell Yosoten Ltd. Sep 2004 Assumed position of Representative Director, Bellux Corporation Ltd. Jul 2007 Joined the Company Feb 2009 Assumed position of General Manager, Administration Department of the Company Aug 2011 Assumed position of Director of the Company (current) Jun 2016 Assumed position of General Manager, Business Planning Office of the Company (current) Aug 2018 Assumed position of in charge of Administration Department of the Company Jun 2019 Assumed position of General Manager, Administration Department of the Company (current)

1962-12-07

Shogen KAGEYAMA

Director (Audit and Supervisory Committee Member)

Apr 2003 Joined the Company Aug 2004 Left the Company Sep 2004 Joined Heiwa Sangyo Co., Ltd. Dec 2007 Left Heiwa Sangyo Co., Ltd. Dec 2007 Joined the Company Apr 2014 Assumed position of Manager, Shunan Branch of the Company Aug 2019 Assumed position of Director (Audit and Supervisory Committee Member) of the Company (current)

1980-09-03

Naoki ITO

Director (Audit and Supervisory Committee Member)

Apr 1998 Joined Booz Allen Hamilton Japan Co., Ltd. (now PwC Consulting LLC) Sep 2000 Joined Ohmae Business Developments Co., Ltd. Aug 2001 Assumed position of Outside Director of the Company May 2003 Joined Nikko Ant Factory Co., Ltd. (now Ant Capital Partners Co., Ltd.) Jun 2003 Assumed position of Director, CAA Co., Ltd. Nov 2004 Assumed position of Director and Head of Business Development Division, CAA Co., Ltd. Jan 2007 Joined Ant Capital Partners Co., Ltd. (current) Jan 2007 Assumed position of Representative Director, Japan Relief Co., Ltd. Mar 2009 Assumed position of Outside Director, Activision Co., Ltd. Mar 2011 Assumed position of Outside Director, menue Inc. (now B-Gle Inc.) Nov 2013 Assumed position of Outside Director, Moonstar Co., Ltd. Aug 2016 Assumed position of Director (Audit and Supervisory Committee Member) of the Company (current) Jan 2018 Assumed position of Representative Director, Sprout Investment Co., Ltd. (current) Aug 2019 Assumed position of Outside Director, Amino Co., Ltd. Aug 2019 Assumed position of Outside Director, Sushikan Foods Co., Ltd. Aug 2019 Assumed position of Outside Director, Amimoto Ueno-no-Ie Co., Ltd. Nov 2021 Assumed position of Outside Director, TransMediaGP Co., Ltd. Oct 2022 Assumed position of Representative Director, TransMediaGP Co., Ltd. (current) May 2024 Assumed position of Outside Audit & Supervisory Board Member, Oaks Mobility Co., Ltd. (current) Feb 2025 Assumed position of Outside Director, Designword Co., Ltd. Feb 2025 Assumed position of Outside Director, C'ale Co., Ltd. (current) May 2025 Assumed position of Representative Director, Designword Co., Ltd. (current)

1972-07-19

Takashi MAEDA

Director (Audit and Supervisory Committee Member)

Jul 1996 Joined Ito Hiro Tax Accountant Office (now Ito Takahiro Tax Accountant Office) Apr 2000 Joined D-Brain Kyushu Co., Ltd. Jun 2001 Assumed position of Director and Head of Consulting Department, D-Brain Kyushu Co., Ltd. Aug 2009 Assumed position of Representative Director, D-Brain Kyushu Co., Ltd. Oct 2009 Assumed position of Outside Audit & Supervisory Board Member, Porco Rosso Co., Ltd. Aug 2012 Assumed position of Audit & Supervisory Board Member of the Company Aug 2014 Assumed position of Outside Director, Body Corp Co., Ltd. (formerly LIEN Co., Ltd.) Sep 2014 Established Trial Co., Ltd. and assumed position of Representative Director (current) May 2015 Assumed position of Outside Director, Goyo Foods Industry Co., Ltd. Feb 2016 Assumed position of Outside Director, Frontier Co., Ltd. (current) Jun 2016 Assumed position of Outside Director, Aqua Net Hiroshima Co., Ltd. (current) Aug 2016 Assumed position of Director (Audit and Supervisory Committee Member) of the Company (current) Sep 2017 Assumed position of Outside Director, LibWork Co., Ltd. (current)

1972-05-19

Large Shareholding Reports

Kyokuto Holdings Co., Ltd.

2025-11-06

12.87%→13.90%

Correction filing (name/detail fix only) — ratio carried over from the original filing