# F&M 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36期(2025/04/01－2026/03/31) (S100YIXJ)
> Page: https://vizora.meequs.com/en/company/f-and-m
> Retrieved: 2026-09-30T19:07:17.022Z

## Company

F&M, founded in 1990, is a company in IT Services & System Integration listed on TSE Standard. It has 990 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | F&M CO.,LTD. |
| Ticker | 4771 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4771.T) |
| Listing | TSE Standard |
| Head office | 大阪府吹田市江坂町1丁目23番38号 |
| Representative (per filing) | 代表取締役社長 森中 一郎 |
| Founded | Jul 1990 |
| Share capital | ¥989.6M |
| Employees (consolidated) | 990 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | www.fmltd.co.jp (https://www.fmltd.co.jp/) |
| Corporate number | 9120901005589 |
| EDINET | E05107 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Consulting, Business Process Outsourcing, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YIXJ, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Consulting (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 69.4 | 31 |
| Profitability | 76.1 | 44 |
| Cash conversion | 78.4 | 44 |
| Efficiency | 44.3 | 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 39% of F&M's sales come from Consulting income, with Business solution income and Accounting service income making up much of the rest.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed +21.9% from the prior year, operating profit +42.0%.

## Company structure

- Segment revenue mix: Consulting income 39.4%、Business solution income 31.4%、Accounting service income 26.5%、System development income 2.0%、Real estate lease income 0.5%
- Revenue → net income: ¥20807672000 → ¥2825711000
- Net income → operating cash flow: ¥2825711000 → ¥5197742000（difference ¥2372031000）
- Main uses of operating cash flow: CapEx ¥3641602000 / dividends ¥606172000 / buybacks ¥169000
- Change in cash: ¥905868000
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 | ¥20.8B |  |
| Operating income | ¥3.86B | Margin 18.5% |
| Net income | ¥2.83B | Margin 13.6% |
| Free cash flow | ¥1.56B |  |
| Largest business | Consulting income | of segment revenue 39.4% |
| Employees (consolidated) | 990 |  |
| EPS | ¥205.1 |  |
| Book value per share | ¥1097.15 |  |
| Equity ratio | 74.7% |  |
| Shares outstanding | 15,714,400 |  |
| Treasury shares | 921,800 |  |
| Shareholders | 1,940 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 32.7% | Cash ÷ revenue 32.4% |
| Vs. industry median margin | +9 pp | Consulting |
| ROE | 19.8% | Derived from disclosed figures |
| ROA | 14.9% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 33% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8164721000 | ¥20807672000 | +154.8% |
| Operating income | ¥1219161000 | ¥3858594000 | +216.5% |
| Operating margin | 14.9% | 18.5% | +3.6 pp |
| Employees | 553 people | 990 people | +79.0% |
| Cash and equivalents | ¥3506240000 | ¥6740850000 | +92.3% |

### 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 |
| --- | ---: |
| アカウンティングサービス事業 → アカウンティングサービス事業 | 26.5% |
| アカウンティングサービス事業 → 事業再編・廃止 | 15.8% |
| コンサルティング事業 → コンサルティング事業 | 36.4% |
| ビジネスソリューション事業 → ビジネスソリューション事業 | 17.8% |
| 不動産賃貸事業 → 不動産賃貸事業 | 0.5% |
| 不動産賃貸事業 → 事業再編・廃止 | 0.8% |
| その他 → その他 | 0.3% |
| その他 → 事業再編・廃止 | 2.0% |
| 新設・再編 → コンサルティング事業 | 3.0% |
| 新設・再編 → ビジネスソリューション事業 | 13.6% |
| 新設・再編 → システム開発事業 | 2.0% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Consulting income | 5 years | +22.5% | ¥8192101000 | 31.6% | 2 |
| Business solution income | 5 years | +35.1% | ¥6524523000 | 13.0% | 2 |
| Accounting service income | 5 years | +9.8% | ¥5504927000 | 34.0% | 2 |
| System development income | 3 years | +30.7% | ¥418768000 | -0.1% | 2 |
| Real estate lease income | 5 years | -0.2% | ¥108694000 | 25.5% | 2 |
| Other | 5 years | -20.5% | ¥58657000 | 10.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,808 | 100.0% | S100YIXJ |
| Cost of revenue | 6,733 | 32.4% | S100YIXJ |
| Gross profit | 14,074 | 67.6% | S100YIXJ |
| SG&A | 10,216 | 49.1% | S100YIXJ |
| Operating income | 3,859 | 18.5% | S100YIXJ |
| Ordinary income | 3,900 | 18.7% | S100YIXJ |
| Pretax income | 3,902 | 18.8% | S100YIXJ |
| Income tax | 1,076 | 5.2% | S100YIXJ |
| Net income | 2,826 | 13.6% | S100YIXJ |
| Net income attributable to owners | 2,826 | 13.6% | S100YIXJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 32 |
| SG&A | 49 |
| Operating income | 19 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 67.6% → Operating margin 18.5% → Net margin 13.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +21.9%; Core profit growth: +42.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.92×
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 | 17,066 | 20,808 | 3,741 | +21.9% |
| Gross profit | 11,592 | 14,074 | 2,482 | +21.4% |
| Operating income | 2,717 | 3,859 | 1,142 | +42.0% |
| Net income attributable to owners | 1,814 | 2,826 | 1,011 | +55.7% |
| Operating cash flow | 3,744 | 5,198 | 1,454 | +38.8% |
| Free cash flow | 975 | 1,556 | 582 | +59.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,563 | 952 | 12.6% | 664 | 593 | -214 | S100LSVO |
| FY ending Mar 2021 | 8,165 | 1,219 | 14.9% | 843 | 1,709 | 506 | S100OKH7 |
| FY ending Mar 2022 | 10,875 | 2,244 | 20.6% | 1,548 | 2,881 | 1,296 | S100R8Y6 |
| FY ending Mar 2023 | 12,700 | 2,603 | 20.5% | 1,881 | 2,986 | 1,192 | S100TVY0 |
| FY ending Mar 2024 | 14,862 | 2,128 | 14.3% | 1,609 | 3,260 | 1,048 | S100W5GD |
| FY ending Mar 2025 | 17,066 | 2,717 | 15.9% | 1,814 | 3,744 | 975 | S100YIXJ |
| FY ending Mar 2026 | 20,808 | 3,859 | 18.5% | 2,826 | 5,198 | 1,556 | S100YIXJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21M |
| Operating income per employee (consolidated) | ¥3.9M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 610 | 686 | 834 | 931 | 990 |
| Average salary (parent company) | ¥7.9M | ¥8.3M | ¥8.4M | ¥7.7M | ¥8M |
| Average age (parent company) | 38.0 years | 38.5 years | 38.0 years | 37.7 years | 37.3 years |
| Average tenure (parent company) | 7.7 years | 7.7 years | 6.8 years | 6.8 years | 7.3 years |

Year over year: Employees (consolidated) +6.3% · Revenue (consolidated) +21.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Accounting service income | 5,505 | 26.5% | 1,873 | 34.0% |
| Consulting income | 8,192 | 39.4% | 2,592 | 31.6% |
| Business solution income | 6,525 | 31.4% | 849 | 13.0% |
| Real estate lease income | 109 | 0.5% | 28 | 25.5% |
| System development income | 419 | 2.0% | -0 | -0.1% |
| Other | 59 | 0.3% | 6 | 10.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Accounting service income | 26.5% | 35.0% | 8.6 | 34.0% |
| Consulting income | 39.4% | 48.5% | 9.1 | 31.6% |
| Business solution income | 31.4% | 15.9% | -15.5 | 13.0% |
| Real estate lease income | 0.5% | 0.5% | -0.0 | 25.5% |
| System development income | 2.0% | — | — | -0.1% |
| Other | 0.3% | 0.1% | -0.2 | 10.4% |

Loss-making segment (excluded from profit shares): System development income -0 JPY mn

Segment → industry: System development income → IT Services & System Integration / Business solution income → Software & SaaS / Consulting income → Consulting / Accounting service income → Business Process Outsourcing / Real estate lease income → Real Estate Development & Leasing

## 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 | 5,198 | 25.0% | S100YIXJ |
| Capital expenditure | 3,642 | 17.5% | S100YIXJ |
| Free cash flow | 1,556 | 7.5% | 算出 |
| Investing cash flow | -3,686 | -17.7% | S100YIXJ |
| Financing cash flow | -606 | -2.9% | S100YIXJ |
| Dividends paid | 606 | 2.9% | S100YIXJ |
| Share buyback | 0 | 0.0% | S100YIXJ |
| Change in cash | 906 | 4.4% | S100YIXJ |
| Cash and equivalents | 6,741 | 32.4% | S100YIXJ |

## 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 | 4,290 | 4,909 | 5,223 | 5,835 | 6,741 | S100TVY0, S100W5GD, S100YIXJ |
| Total assets | 12,052 | 13,534 | 15,203 | 17,306 | 20,642 | S100R8Y6, S100TVY0, S100W5GD, S100YIXJ |
| Net assets | 9,140 | 10,568 | 11,618 | 13,214 | 15,423 | S100TVY0, S100W5GD, S100YIXJ |
| Share capital | 990 | 990 | 990 | 990 | 990 | S100R8Y6, S100TVY0, S100W5GD, S100YIXJ |
| Property, plant and equipment | 2,626 | 2,734 | 2,775 | 2,805 | 2,788 | S100R8Y6, S100TVY0, S100W5GD, S100YIXJ |
| Intangible assets excluding goodwill | 2,541 | 3,346 | 4,131 | 5,271 | 6,877 | S100R8Y6, S100TVY0, S100W5GD, S100YIXJ |
| Goodwill | 0 | 0 | 0 | 0 | 0 | S100R8Y6, S100TVY0, S100W5GD, S100YIXJ |
| Investment securities | 503 | 702 | 820 | 910 | 899 | S100R8Y6, S100TVY0, S100W5GD, S100YIXJ |
| Current assets | 5,475 | 5,858 | 6,496 | 7,269 | 8,736 | S100R8Y6, S100TVY0, S100W5GD, S100YIXJ |
| Current liabilities | 2,781 | 2,821 | 3,439 | 3,933 | 5,038 | S100R8Y6, S100TVY0, S100W5GD, S100YIXJ |
| Trade payables | 8 | 9 | 9 | — | — | S100R8Y6, S100TVY0 |
| Total liabilities | 2,912 | 2,965 | 3,585 | 4,092 | 5,219 | S100R8Y6, S100TVY0, S100W5GD, S100YIXJ |
| Equity attributable to owners of parent | 9,085 | 10,499 | 11,583 | 13,172 | 15,391 | S100R8Y6, S100TVY0, S100W5GD, S100YIXJ |
| Retained earnings | 6,199 | 7,613 | 8,697 | 9,939 | 12,158 | S100R8Y6, S100TVY0, S100W5GD, S100YIXJ |
| Treasury stock | -272 | -272 | -272 | -224 | -224 | S100R8Y6, S100TVY0, S100W5GD, S100YIXJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100YIXJ |
| Property, plant and equipment | 14% | S100YIXJ |
| Intangibles and goodwill | 33% | S100YIXJ |
| Investment securities | 4% | S100YIXJ |
| Other assets | 16% | S100YIXJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100YIXJ |
| Equity | 75% | S100YIXJ |
| Other liabilities | 0% | S100YIXJ |

### 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 | 12,052 | 13,534 | 15,203 | 17,306 | 20,642 |
| Equity | 9,140 | 10,568 | 11,618 | 13,214 | 15,423 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,290 | 4,909 | 5,223 | 5,835 | 6,741 |

## 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) | 13.4% | S100YIXJ |
| Fixed assets ÷ total assets | 13.5% | S100YIXJ |
| Goodwill ÷ parent equity | 0.0% | S100YIXJ |

Goodwill over 4 years: 0 → 0 JPY; total investing cash flow: -12,613 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) | 32.7% |
| Cash ÷ revenue | 32.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 134.7% |
| Cash vs. profit gap | 2,372 JPY mn (of net income 83.9%) |
| Shareholder returns / net income | 21.5% |
| Shareholder returns / FCF | 39.0% |
| Shareholder payments — dividends / net income | 21.5% |
| Shareholder payments — dividends / FCF | 39.0% |
| CapEx intensity (capex ÷ revenue) | 17.5% |
| Investing CF relative to operating CF | 70.9% |

## 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 | 14.2% | 0.90× | 12.8% | 1.33× | 17.0% | S100R8Y6 |
| 2023 | 14.8% | 0.99× | 14.7% | 1.31× | 19.2% | S100TVY0 |
| 2024 | 10.8% | 1.03× | 11.2% | 1.30× | 14.6% | S100W5GD |
| 2025 | 10.6% | 1.05× | 11.2% | 1.31× | 14.7% | S100YIXJ |
| 2026 | 13.6% | 1.10× | 14.9% | 1.33× | 19.8% | S100YIXJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社モリナカホールディングス | Major shareholder | 43.6% | 2026-03-31 |
| ＵＨＰａｒｔｎｅｒｓ２投資事業有限責任組合 | Major shareholder | 7.5% | 2026-03-31 |
| エフアンドエム従業員持株会 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.0% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 3.2% | 2026-03-31 |
| 光通信株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 弥生株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| ヨシダ トモヒロ | Major shareholder | 2.4% | 2026-03-31 |
| 森中 一郎 | Major shareholder | 2.1% | 2026-03-31 |
| 奥村 美樹江 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2025/04/01－2026/03/31) | S100YIXJ | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIXJ,, |
| 有価証券報告書－第35期(2024/04/01－2025/03/31) | S100W5GD | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5GD,, |
| 有価証券報告書－第34期(2023/04/01－2024/03/31) | S100TVY0 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVY0,, |
| 有価証券報告書－第33期(2022/04/01－2023/03/31) | S100R8Y6 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8Y6,, |
| 有価証券報告書－第32期(令和3年4月1日－令和4年3月31日) | S100OKH7 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKH7,, |
| 有価証券報告書－第31期(令和2年4月1日－令和3年3月31日) | S100LSVO | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSVO,, |

## 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).