# Advantage Risk Management Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第28期(2025/04/01－2026/03/31) (S100YKPM)
> Page: https://vizora.meequs.com/en/company/advantage-risk-management
> Retrieved: 2026-09-30T21:04:45.769Z

## Company

Advantage Risk Management, founded in 1995, is a company in Non-life Insurance listed on TSE Standard. It has 535 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Advantage Risk Management Co., Ltd. |
| Ticker | 8769 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8769.T) |
| Listing | TSE Standard |
| Head office | 東京都目黒区上目黒二丁目1番1号 |
| Representative (per filing) | 代表取締役社長 鳥越 慎二 |
| Founded | Jan 1995 |
| Share capital | ¥366M |
| Employees (consolidated) | 535 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.armg.jp (https://www.armg.jp/) |
| Corporate number | 8013201007846 |
| EDINET | E05648 |
| Industries (Vizora) | Non-life Insurance, Consulting, Life Insurance |

> Profile source: annual securities report (S100YKPM, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Consulting (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.5 | 31 |
| Profitability | 53.4 | 44 |
| Cash conversion | 92 | 44 |
| Efficiency | 53.4 | 44 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 77% of Advantage Risk Management's sales come from Mentality Management, with Employment Handicapped Personal Support and Risk Financing making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +16.0% from the prior year, operating profit -2.5%.

## Company structure

- Segment revenue mix: Mentality Management 76.9%、Employment Handicapped Personal Support 17.4%、Risk Financing 3.4%、Small-Amount, Short-Term Insurance 2.3%
- Revenue → net income: ¥9923752000 → ¥686554000
- Net income → operating cash flow: ¥686554000 → ¥1926622000（difference ¥1240068000）
- Main uses of operating cash flow: CapEx ¥723287000 / dividends ¥255354000 / buybacks —
- Change in cash: ¥113116000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥9.92B |  |
| Operating income | ¥997.5M | Margin 10.1% |
| Net income | ¥686.6M | Margin 6.9% |
| Free cash flow | ¥1.2B |  |
| Largest business | Mentality Management | of segment revenue 76.9% |
| Employees (consolidated) | 535 |  |
| EPS | ¥44.22 |  |
| Book value per share | ¥270.11 |  |
| Equity ratio | 50.4% |  |
| Shares outstanding | 16,280,200 |  |
| Treasury shares | 269,600 |  |
| Shareholders | 3,767 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 21.4% | Cash ÷ revenue 18.5% |
| Vs. industry median margin | +0.5 pp | Consulting |
| ROE | 16.6% | Derived from disclosed figures |
| ROA | 7.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, one segment accounts for 66% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5452753000 | ¥9923752000 | +82.0% |
| Operating income | ¥726810000 | ¥997524000 | +37.2% |
| Operating margin | 13.3% | 10.1% | -3.3 pp |
| Employees | 348 people | 535 people | +53.7% |
| Cash and equivalents | ¥2756401000 | ¥1838902000 | -33.3% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| メンタリティマネジメント事業 → メンタリティマネジメント事業 | 73.8% |
| 就業障がい者支援事業 → 就業障がい者支援事業 | 17.4% |
| 就業障がい者支援事業 → 事業再編・廃止 | 2.6% |
| リスクファイナンシング事業 → リスクファイナンシング事業 | 3.4% |
| リスクファイナンシング事業 → 事業再編・廃止 | 2.8% |
| 新設・再編 → メンタリティマネジメント事業 | 3.1% |
| 新設・再編 → 少額短期保険事業 | 2.3% |

Segment revenue source references: 7 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Mentality Management | 5 years | +13.7% | ¥7632379000 | 16.3% | 2 |
| Employment Handicapped Personal Support | 5 years | +9.6% | ¥1724782000 | 24.0% | 2 |
| Risk Financing | 5 years | +0.1% | ¥339352000 | 64.9% | 2 |
| Small-Amount, Short-Term Insurance | — | — | ¥227237000 | -16.6% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,924 | 100.0% | S100YKPM |
| Cost of revenue | 3,347 | 33.7% | S100YKPM |
| Gross profit | 6,577 | 66.3% | S100YKPM |
| SG&A | 5,580 | 56.2% | S100YKPM |
| Operating income | 998 | 10.1% | S100YKPM |
| Ordinary income | 1,004 | 10.1% | S100YKPM |
| Pretax income | 1,009 | 10.2% | S100YKPM |
| Income tax | 322 | 3.2% | S100YKPM |
| Net income | 687 | 6.9% | S100YKPM |
| Net income attributable to owners | 687 | 6.9% | S100YKPM |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 34 |
| SG&A | 56 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 66.3% → Operating margin 10.1% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +16.0%; Core profit growth: -2.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.15×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,554 | 9,924 | 1,370 | +16.0% |
| Gross profit | 5,911 | 6,577 | 666 | +11.3% |
| Operating income | 1,023 | 998 | -25 | -2.5% |
| Net income attributable to owners | 744 | 687 | -58 | -7.8% |
| Operating cash flow | 1,706 | 1,927 | 221 | +12.9% |
| Free cash flow | 972 | 1,203 | 231 | +23.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,263 | 953 | 18.1% | 639 | 856 | 622 | S100LPES |
| FY ending Mar 2021 | 5,453 | 727 | 13.3% | 496 | 713 | -70 | S100OJNU |
| FY ending Mar 2022 | 5,792 | 353 | 6.1% | 202 | 579 | -383 | S100R82G |
| FY ending Mar 2023 | 6,406 | 553 | 8.6% | 378 | 932 | 78 | S100TSDQ |
| FY ending Mar 2024 | 6,999 | 726 | 10.4% | 506 | 1,292 | 416 | S100W5D3 |
| FY ending Mar 2025 | 8,554 | 1,023 | 12.0% | 744 | 1,706 | 972 | S100YKPM |
| FY ending Mar 2026 | 9,924 | 998 | 10.1% | 687 | 1,927 | 1,203 | S100YKPM |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.5M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 373 | 391 | 439 | 519 | 535 |
| Average salary (parent company) | ¥6.1M | ¥6.1M | ¥6.2M | ¥6.1M | ¥6.4M |
| Average age (parent company) | 38.4 years | 37.9 years | 39.0 years | 40.0 years | 40.4 years |
| Average tenure (parent company) | 5.5 years | 5.8 years | 6.0 years | 6.4 years | 6.5 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) +16.0%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mentality Management | 7,632 | 76.9% | 1,243 | 16.3% |
| Employment Handicapped Personal Support | 1,725 | 17.4% | 414 | 24.0% |
| Risk Financing | 339 | 3.4% | 220 | 64.9% |
| Small-Amount, Short-Term Insurance | 227 | 2.3% | -38 | -16.6% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Mentality Management | 76.9% | 66.2% | -10.7 | 16.3% |
| Employment Handicapped Personal Support | 17.4% | 22.1% | 4.7 | 24.0% |
| Risk Financing | 3.4% | 11.7% | 8.3 | 64.9% |
| Small-Amount, Short-Term Insurance | 2.3% | — | — | -16.6% |

Loss-making segment (excluded from profit shares): Small-Amount, Short-Term Insurance -38 JPY mn

Segment → industry: Risk Financing → Non-life Insurance / Employment Handicapped Personal Support → Non-life Insurance / Mentality Management → Consulting / Small-Amount, Short-Term Insurance → Life Insurance

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,927 | 19.4% | S100YKPM |
| Capital expenditure | 723 | 7.3% | S100YKPM |
| Free cash flow | 1,203 | 12.1% | 算出 |
| Investing cash flow | -1,063 | -10.7% | S100YKPM |
| Financing cash flow | -751 | -7.6% | S100YKPM |
| Dividends paid | 255 | 2.6% | S100YKPM |
| Change in cash | 113 | 1.1% | S100YKPM |
| Cash and equivalents | 1,839 | 18.5% | S100YKPM |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 718 | 1,261 | 1,422 | 1,726 | 1,839 | S100TSDQ, S100W5D3, S100YKPM |
| Total assets | 5,679 | 5,961 | 6,545 | 8,724 | 8,580 | S100R82G, S100TSDQ, S100W5D3, S100YKPM |
| Net assets | 3,425 | 3,640 | 3,981 | 3,960 | 4,379 | S100TSDQ, S100W5D3, S100YKPM |
| Share capital | 366 | 366 | 366 | 366 | 366 | S100R82G, S100TSDQ, S100W5D3, S100YKPM |
| Property, plant and equipment | 199 | 169 | 153 | 136 | 190 | S100R82G, S100TSDQ, S100W5D3, S100YKPM |
| Intangible assets excluding goodwill | 1,758 | 2,272 | 2,632 | 3,714 | 3,700 | S100R82G, S100TSDQ, S100W5D3, S100YKPM |
| Goodwill | 34 | — | 273 | 252 | 588 | S100R82G, S100W5D3, S100YKPM |
| Investment securities | 1,200 | 560 | 558 | 558 | 535 | S100R82G, S100TSDQ, S100W5D3, S100YKPM |
| Current assets | 2,204 | 2,636 | 2,856 | 3,701 | 3,640 | S100R82G, S100TSDQ, S100W5D3, S100YKPM |
| Current liabilities | 2,102 | 2,127 | 2,209 | 2,887 | 2,545 | S100R82G, S100TSDQ, S100W5D3, S100YKPM |
| Short-term borrowings | 170 | 170 | 170 | 170 | 20 | S100R82G, S100TSDQ, S100W5D3, S100YKPM |
| Long-term borrowings | — | — | 121 | 1,572 | 1,230 | S100W5D3, S100YKPM |
| Total liabilities | 2,254 | 2,321 | 2,565 | 4,764 | 4,201 | S100R82G, S100TSDQ, S100W5D3, S100YKPM |
| Equity attributable to owners of parent | 3,374 | 3,589 | 3,929 | 3,909 | 4,344 | S100R82G, S100TSDQ, S100W5D3, S100YKPM |
| Retained earnings | 3,306 | 3,509 | 3,840 | 3,707 | 4,137 | S100R82G, S100TSDQ, S100W5D3, S100YKPM |
| Treasury stock | -615 | -604 | -594 | -482 | -477 | S100R82G, S100TSDQ, S100W5D3, S100YKPM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YKPM |
| Property, plant and equipment | 2% | S100YKPM |
| Intangibles and goodwill | 50% | S100YKPM |
| Investment securities | 6% | S100YKPM |
| Other assets | 20% | S100YKPM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 49% | S100YKPM |
| Equity | 51% | S100YKPM |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,679 | 5,961 | 6,545 | 8,724 | 8,580 |
| Equity | 3,425 | 3,640 | 3,981 | 3,960 | 4,379 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 718 | 1,261 | 1,422 | 1,726 | 1,839 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 1.9% | S100YKPM |
| Fixed assets ÷ total assets | 2.2% | S100YKPM |
| Goodwill ÷ parent equity | 13.5% | S100YKPM |

Goodwill over 4 years: 34 → 588 JPY; total investing cash flow: -6,641 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 21.4% |
| Cash ÷ revenue | 18.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 193.1% |
| Cash vs. profit gap | 1,240 JPY mn (of net income 180.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 37.2% |
| Shareholder payments — dividends / FCF | 21.2% |
| CapEx intensity (capex ÷ revenue) | 7.3% |
| Investing CF relative to operating CF | 55.2% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 3.5% | 1.02× | 3.6% | 1.68× | 6.0% | S100R82G |
| 2023 | 5.9% | 1.10× | 6.5% | 1.67× | 10.8% | S100TSDQ |
| 2024 | 7.2% | 1.12× | 8.1% | 1.66× | 13.4% | S100W5D3 |
| 2025 | 8.7% | 1.12× | 9.7% | 1.95× | 19.0% | S100YKPM |
| 2026 | 6.9% | 1.15× | 7.9% | 2.10× | 16.6% | S100YKPM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 鳥越 慎二 | Major shareholder | 25.7% | 2026-03-31 |
| 笹沼 泰助 | Major shareholder | 16.8% | 2026-03-31 |
| SIX SIS LTD. (常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 8.4% | 2026-03-31 |
| フォルソム 夕起子 | Major shareholder | 6.5% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDON SPECIAL ACCOUNT NO.1 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社BIRDEX | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託E口） | Major shareholder | 1.9% | 2026-03-31 |
| 前波 範彦 | Major shareholder | 1.6% | 2026-03-31 |
| CACEIS BANK / QUINTET LUXEMBOURG SUB AC / UCITS CUSTOMERS ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.6% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2025/04/01－2026/03/31) | S100YKPM | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKPM,, |
| 有価証券報告書－第27期(2024/04/01－2025/03/31) | S100W5D3 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5D3,, |
| 有価証券報告書－第26期(2023/04/01－2024/03/31) | S100TSDQ | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSDQ,, |
| 有価証券報告書－第25期(2022/04/01－2023/03/31) | S100R82G | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R82G,, |
| 有価証券報告書－第24期(令和3年4月1日－令和4年3月31日) | S100OJNU | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJNU,, |
| 有価証券報告書－第23期(令和2年4月1日－令和3年3月31日) | S100LPES | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPES,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).