# Frontier Management Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第19期(2025/01/01－2025/12/31) (S100Y4VC)
> Page: https://vizora.meequs.com/en/company/frontier-management
> Retrieved: 2026-09-30T21:33:21.107Z

## Company

Frontier Management, founded in 2007, is a company in Investment Funds listed on TSE Prime. It has 417 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Frontier Management Inc. |
| Ticker | 7038 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7038.T) |
| Listing | TSE Prime |
| Head office | 東京都港区六本木三丁目2番1号 |
| Representative (per filing) | 代表取締役会長(CEO) 大西 正一郎 |
| Founded | Jan 2007 |
| Share capital | ¥395M |
| Employees (consolidated) | 417 |
| Average salary (parent only) | ¥11.7M |
| Fiscal year end | December |
| Website | www.frontier-mgmt.com (https://www.frontier-mgmt.com/) |
| Corporate number | 1010001121867 |
| EDINET | E34290 |
| Industries (Vizora) | Investment Funds, Consulting, M&A Advisory |

> Profile source: annual securities report (S100Y4VC, filed 2026-05-19). As of filing

## Five-axis industry profile

Primary industry: M&A Advisory (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.3 | 6 |
| Profitability | 5.6 | 9 |
| Efficiency | 50 | 9 |

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 63% of Frontier Management's sales come from Consulting / Advisory segment, with Investment segment making up much of the rest.
- It lost about ¥3 for every ¥100 of sales at the operating level.
- Revenue changed +45.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥13.5B |  |
| Operating income | -¥335.1M | Margin -2.5% |
| Net income | -¥1.11B | Margin -8.2% |
| Free cash flow | -¥2.07B |  |
| Largest business | Consulting / Advisory segment | of segment revenue 62.8% |
| Employees (consolidated) | 417 |  |
| EPS | ¥-26.68 |  |
| Book value per share | ¥290.87 |  |
| Equity ratio | 9.2% |  |
| Shares outstanding | 11,819,161 |  |
| Treasury shares | 46,900 |  |
| Shareholders | 6,226 |  |
| Average salary (parent only) | ¥11.7M | Filing company only |
| Cash ratio | 21.3% | Cash ÷ revenue 29.1% |
| Vs. industry median margin | -12 pp | Consulting |
| ROA | -6.8% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.3× its level five years ago

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5192527000 | ¥13489533000 | +159.8% |
| Operating income | ¥580805000 | ¥-335066000 | -157.7% |
| Operating margin | 11.2% | -2.5% | -13.7 pp |
| Employees | 227 people | 417 people | +83.7% |
| Cash and equivalents | ¥1899100000 | ¥3921884000 | +106.5% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → コンサルティング・アドバイザリー事業 | 62.8% |
| 新設・再編 → 投資事業 | 37.2% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,490 | 100.0% | S100Y4VC |
| Cost of revenue | 8,475 | 62.8% | S100Y4VC |
| Gross profit | 5,015 | 37.2% | S100Y4VC |
| SG&A | 5,350 | 39.7% | S100Y4VC |
| Operating income | -335 | -2.5% | S100Y4VC |
| Ordinary income | -664 | -4.9% | S100Y4VC |
| Pretax income | -966 | -7.2% | S100Y4VC |
| Income tax | 192 | 1.4% | S100Y4VC |
| Net income | -1,158 | -8.6% | S100Y4VC |
| Net income attributable to owners | -1,107 | -8.2% | S100Y4VC |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 40 |
| Operating income | -3 |
| (Ref.) Net income | -8 |

### Margin funnel

Gross margin 37.2% → Operating margin -2.5% → Net margin -8.2%
Derived from reported figures (DERIVED).

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 9,265 | 13,490 | 4,224 | +45.6% |
| Gross profit | 4,260 | 5,015 | 755 | +17.7% |
| Operating income | -632 | -335 | 297 | — |
| Net income attributable to owners | -695 | -1,107 | -412 | — |
| Operating cash flow | -2,519 | -2,051 | 467 | — |
| Free cash flow | -2,545 | -2,073 | 473 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 4,771 | 663 | 13.9% | 429 | 138 | -53 | S100L09X |
| FY ending Dec 2020 | 5,193 | 581 | 11.2% | 421 | 456 | 454 | S100NPEU |
| FY ending Dec 2021 | 5,742 | 501 | 8.7% | 339 | 317 | 286 | S100QFE5 |
| FY ending Dec 2022 | 7,916 | 908 | 11.5% | 557 | 1,250 | 1,160 | S100TEI3 |
| FY ending Dec 2023 | 10,025 | 1,252 | 12.5% | 781 | 226 | 181 | S100VGZ1 |
| FY ending Dec 2024 | 9,265 | -632 | -6.8% | -695 | -2,519 | -2,545 | S100Y4VC |
| FY ending Dec 2025 | 13,490 | -335 | -2.5% | -1,107 | -2,051 | -2,073 | S100Y4VC |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.3M |
| Operating income per employee (consolidated) | -¥803.5K |
| Net income per employee (consolidated) | -¥2.7M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 257 | 335 | 369 | 433 | 417 |
| Average salary (parent company) | ¥12.3M | ¥12.6M | ¥12.7M | ¥12.1M | ¥11.7M |
| Average age (parent company) | 38.0 years | 37.8 years | 37.5 years | 37.4 years | 37.2 years |
| Average tenure (parent company) | 3.2 years | 3.0 years | 3.1 years | 3.0 years | 3.2 years |

Year over year: Employees (consolidated) -3.7% · Revenue (consolidated) +45.6%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Consulting / Advisory segment | 8,471 | 62.8% | -148 | -1.7% |
| Investment segment | 5,019 | 37.2% | -187 | -3.7% |

### 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 | Margin |
| --- | ---: | ---: |
| Consulting / Advisory segment | 62.8% | -1.7% |
| Investment segment | 37.2% | -3.7% |

Loss-making segment (excluded from profit shares): Consulting / Advisory segment -148 JPY mn

Loss-making segment (excluded from profit shares): Investment segment -187 JPY mn

Segment → industry: Investment segment → Investment Funds / Consulting / Advisory segment → Consulting / Consulting / Advisory segment → M&A Advisory

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -2,051 | -15.2% | S100Y4VC |
| Capital expenditure | 21 | 0.2% | S100Y4VC |
| Free cash flow | -2,073 | -15.4% | 算出 |
| Investing cash flow | -2,661 | -19.7% | S100Y4VC |
| Financing cash flow | 1,059 | 7.9% | S100Y4VC |
| Dividends paid | 0 | 0.0% | S100Y4VC |
| Change in cash | -3,639 | -27.0% | S100Y4VC |
| Cash and equivalents | 3,922 | 29.1% | S100Y4VC |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,784 | 3,199 | 5,839 | 7,561 | 3,922 | S100TEI3, S100VGZ1, S100Y4VC |
| Total assets | 3,819 | 5,659 | 10,875 | 14,165 | 18,435 | S100QFE5, S100TEI3, S100VGZ1, S100Y4VC |
| Net assets | 2,454 | 3,016 | 6,822 | 10,749 | 9,944 | S100TEI3, S100VGZ1, S100Y4VC |
| Share capital | 179 | 210 | 375 | 386 | 395 | S100QFE5, S100TEI3, S100VGZ1, S100Y4VC |
| Trade receivables | 1,073 | — | — | — | — | S100QFE5 |
| Property, plant and equipment | 208 | 314 | 282 | 223 | 936 | S100QFE5, S100TEI3, S100VGZ1, S100Y4VC |
| Intangible assets excluding goodwill | 11 | 294 | 260 | 244 | 3,913 | S100QFE5, S100TEI3, S100VGZ1, S100Y4VC |
| Goodwill | — | 265 | 236 | 206 | 3,081 | S100TEI3, S100VGZ1, S100Y4VC |
| Investment securities | 57 | 4 | 0 | 0 | 0 | S100QFE5, S100TEI3, S100VGZ1, S100Y4VC |
| Current assets | 2,998 | 4,276 | 8,160 | 11,470 | 11,435 | S100QFE5, S100TEI3, S100VGZ1, S100Y4VC |
| Current liabilities | 1,283 | 1,869 | 2,569 | 2,123 | 3,783 | S100QFE5, S100TEI3, S100VGZ1, S100Y4VC |
| Short-term borrowings | — | — | — | — | 800 | S100Y4VC |
| Long-term borrowings | — | 639 | 1,352 | 1,148 | 4,050 | S100TEI3, S100VGZ1, S100Y4VC |
| Total liabilities | 1,365 | 2,643 | 4,052 | 3,416 | 8,491 | S100QFE5, S100TEI3, S100VGZ1, S100Y4VC |
| Non-controlling interests | — | 54 | 3,065 | 8,048 | 8,197 | S100TEI3, S100VGZ1, S100Y4VC |
| Equity attributable to owners of parent | 2,398 | 2,919 | 3,700 | 2,547 | 1,458 | S100QFE5, S100TEI3, S100VGZ1, S100Y4VC |
| Retained earnings | 1,697 | 2,140 | 2,599 | 1,424 | 317 | S100QFE5, S100TEI3, S100VGZ1, S100Y4VC |
| Treasury stock | -37 | -8 | -8 | -8 | -8 | S100QFE5, S100TEI3, S100VGZ1, S100Y4VC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100Y4VC |
| Property, plant and equipment | 5% | S100Y4VC |
| Intangibles and goodwill | 38% | S100Y4VC |
| Investment securities | 0% | S100Y4VC |
| Other assets | 36% | S100Y4VC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100Y4VC |
| Equity | 54% | S100Y4VC |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,819 | 5,659 | 10,875 | 14,165 | 18,435 |
| Equity | 2,454 | 3,016 | 6,822 | 10,749 | 9,944 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,784 | 3,199 | 5,839 | 7,561 | 3,922 |

## 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) | 6.9% | S100Y4VC |
| Fixed assets ÷ total assets | 5.1% | S100Y4VC |
| Goodwill ÷ parent equity | 211.2% | S100Y4VC |

### 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) | 21.3% |
| Cash ÷ revenue | 29.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -945 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 5.9% | 1.50× | 8.9% | 1.59× | 14.1% | S100QFE5 |
| 2022 | 7.0% | 1.67× | 11.7% | 1.78× | 20.9% | S100TEI3 |
| 2023 | 7.8% | 1.21× | 9.4% | 2.50× | 23.6% | S100VGZ1 |
| 2024 | — | —× | -5.6% | —× | — | S100Y4VC |
| 2025 | — | —× | -6.8% | —× | — | S100Y4VC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Ｍ＆Ａキャピタルパートナーズ株式会社 | Major shareholder | 19.4% | 2025-12-31 |
| 大西 正一郎 | Major shareholder | 18.7% | 2025-12-31 |
| 矢島 政也 | Major shareholder | 5.2% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.3% | 2025-12-31 |
| 村田 朋博 | Major shareholder | 1.9% | 2025-12-31 |
| ＡＮＴＥＭＡ （常任代理人：みずほ証券株式会社） | Major shareholder | 1.9% | 2025-12-31 |
| 岩瀬 英一郎 | Major shareholder | 1.1% | 2025-12-31 |
| 大谷 聡伺 | Major shareholder | 0.9% | 2025-12-31 |
| 西田 明徳 | Major shareholder | 0.7% | 2025-12-31 |
| 彦工 伸治 | Major shareholder | 0.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第19期(2025/01/01－2025/12/31) | S100Y4VC | 2026-05-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4VC,, |
| 有価証券報告書－第18期(2024/01/01－2024/12/31) | S100VGZ1 | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGZ1,, |
| 訂正有価証券報告書－第17期(2023/01/01－2023/12/31) | S100TEI3 | 2024-05-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TEI3,, |
| 有価証券報告書－第16期(2022/01/01－2022/12/31) | S100QFE5 | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFE5,, |
| 有価証券報告書－第15期(令和3年1月1日－令和3年12月31日) | S100NPEU | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPEU,, |
| 有価証券報告書－第14期(令和2年1月1日－令和2年12月31日) | S100L09X | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L09X,, |

## 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).