# Japan M&A Solution Incorporated: business model and financials

> Latest period: FY ending Oct 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第6期(2024/11/01－2025/10/31) (S100XHDT)
> Page: https://vizora.meequs.com/en/company/jpmas
> Retrieved: 2026-09-30T22:08:14.789Z

## Company

Japan M&A Solution, founded in 2019, is a company in M&A Advisory listed on TSE Growth. It has 41 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Japan M&A Solution Incorporated |
| Ticker | 9236 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9236.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区麹町三丁目3番8号 |
| Representative (per filing) | 代表取締役社長 三橋 透 |
| Founded | Nov 2019 |
| Share capital | ¥263.8M |
| Employees (consolidated) | 41 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | October |
| Website | jpmas.jp (https://jpmas.jp/) |
| Corporate number | 3010701038434 |
| EDINET | E39008 |
| Industries (Vizora) | M&A Advisory |

> Profile source: annual securities report (S100XHDT, filed 2026-01-28). As of filing

## Key points (generated from figures)

- Japan M&A Solution brought in ¥654.2M in revenue.
- It lost about ¥9 for every ¥100 of sales at the operating level.
- Revenue changed +8.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥654.2M |  |
| Operating income | -¥56.7M | Margin -8.7% |
| Net income | -¥85.1M | Margin -13.0% |
| Free cash flow | ¥5.5M |  |
| Employees (consolidated) | 41 |  |
| EPS | ¥-56.62 |  |
| Book value per share | ¥383.7 |  |
| Equity ratio | 84.9% |  |
| Shares outstanding | 1,519,300 |  |
| Treasury shares | 40,600 |  |
| Shareholders | 1,078 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 90.4% | Cash ÷ revenue 92.3% |
| Vs. industry median margin | -26.8 pp | M&A Advisory |
| ROA | -11.8% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 90% of total assets

## What changed in 3 years

| Metric | FY ending Oct 2022 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥434298000 | ¥654208000 | +50.6% |
| Operating income | ¥60914000 | ¥-56652000 | -193.0% |
| Operating margin | 14.0% | -8.7% | -22.7 pp |
| Employees | 23 people | 41 people | +78.3% |
| Cash and equivalents | ¥221832000 | ¥604150000 | +172.3% |

### Change in segment revenue mix

Span: FY ending Oct 2022 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 654 | 100.0% | S100XHDT |
| Cost of revenue | 472 | 72.1% | S100XHDT |
| Gross profit | 182 | 27.9% | S100XHDT |
| SG&A | 239 | 36.5% | S100XHDT |
| Operating income | -57 | -8.7% | S100XHDT |
| Ordinary income | -53 | -8.0% | S100XHDT |
| Pretax income | -64 | -9.8% | S100XHDT |
| Income tax | 21 | 3.2% | S100XHDT |
| Net income | -85 | -13.0% | S100XHDT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 37 |
| Operating income | -9 |
| (Ref.) Net income | -13 |

### Margin funnel

Gross margin 27.9% → Operating margin -8.7% → Net margin -13.0%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 602 | 654 | 52 | +8.6% |
| Gross profit | 185 | 182 | -2 | -1.3% |
| Operating income | -15 | -57 | -42 | — |
| Operating cash flow | -118 | 8 | 126 | — |
| Free cash flow | -120 | 5 | 125 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2022 | 434 | 61 | 14.0% | 43 | 32 | 22 | S100SOB1 |
| FY ending Oct 2023 | 753 | 176 | 23.4% | 125 | 201 | 198 | S100V4RD |
| FY ending Oct 2024 | 602 | -15 | -2.5% | -12 | -118 | -120 | S100XHDT |
| FY ending Oct 2025 | 654 | -57 | -8.7% | -85 | 8 | 5 | S100XHDT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16M |
| Operating income per employee (consolidated) | -¥1.4M |
| Net income per employee (consolidated) | -¥2.1M |

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

| History | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 23 | 29 | 39 | 41 |
| Average salary (parent company) | — | ¥6.3M | ¥7.2M | ¥7M |
| Average age (parent company) | — | 35.3 years | 39.1 years | 35.9 years |
| Average tenure (parent company) | — | 1.6 years | 1.5 years | 2.1 years |

Year over year: Employees (consolidated) +5.1% · Revenue (consolidated) +8.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 8 | 1.2% | S100XHDT |
| Capital expenditure | 2 | 0.4% | S100XHDT |
| Free cash flow | 5 | 0.8% | 算出 |
| Investing cash flow | -6 | -1.0% | S100XHDT |
| Financing cash flow | -47 | -7.2% | S100XHDT |
| Share buyback | 57 | 8.7% | S100XHDT |
| Change in cash | -46 | -7.0% | S100XHDT |
| Cash and equivalents | 604 | 92.3% | S100XHDT |

## 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 Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 222 | 656 | 650 | 604 | S100V4RD, S100XHDT |
| Total assets | 317 | 752 | 771 | 668 | S100SOB1, S100V4RD, S100XHDT |
| Net assets | 251 | 598 | 703 | 584 | S100V4RD, S100XHDT |
| Share capital | 91 | 202 | 259 | 264 | S100SOB1, S100V4RD, S100XHDT |
| Property, plant and equipment | 13 | 12 | 12 | — | S100SOB1, S100V4RD, S100XHDT |
| Investment securities | 1 | 1 | 1 | 1 | S100SOB1, S100V4RD, S100XHDT |
| Current assets | 228 | 673 | 688 | 614 | S100SOB1, S100V4RD, S100XHDT |
| Current liabilities | 66 | 154 | 68 | 84 | S100SOB1, S100V4RD, S100XHDT |
| Total liabilities | 66 | 154 | 68 | 84 | S100SOB1, S100V4RD, S100XHDT |
| Equity attributable to owners of parent | 251 | 598 | 700 | 567 | S100SOB1, S100V4RD, S100XHDT |
| Retained earnings | 73 | 198 | 186 | 101 | S100SOB1, S100V4RD, S100XHDT |
| Treasury stock | — | — | -0 | -57 | S100XHDT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 90% | S100XHDT |
| Investment securities | 0% | S100XHDT |
| Other assets | 10% | S100XHDT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 13% | S100XHDT |
| Equity | 87% | S100XHDT |

### Balance sheet history

| Metric | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 317 | 752 | 771 | 668 |
| Equity | 251 | 598 | 703 | 584 |
| Interest-bearing debt | — | — | — | — |
| Cash | 222 | 656 | 650 | 604 |

### 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) | 90.4% |
| Cash ÷ revenue | 92.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 93 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 81.0% |

## 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 | 10.0% | 1.37× | 13.7% | 1.26× | 17.3% | S100SOB1 |
| 2023 | 16.6% | 1.41× | 23.4% | 1.26× | 29.5% | S100V4RD |
| 2024 | — | —× | -1.5% | —× | — | S100XHDT |
| 2025 | — | —× | -11.8% | —× | — | S100XHDT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三橋 透 | Major shareholder | 37.9% | 2025-10-31 |
| UH Partners2 投資事業有限責任組合 | Major shareholder | 7.9% | 2025-10-31 |
| 株式会社ディア・ライフ | Major shareholder | 7.8% | 2025-10-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 6.7% | 2025-10-31 |
| 中島 秀浩 | Major shareholder | 3.3% | 2025-10-31 |
| 株式会社玄武 | Major shareholder | 1.8% | 2025-10-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.4% | 2025-10-31 |
| 大山 亨 | Major shareholder | 1.4% | 2025-10-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.3% | 2025-10-31 |
| UH Partners3 投資事業有限責任組合 | Major shareholder | 1.1% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第6期(2024/11/01－2025/10/31) | S100XHDT | 2026-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHDT,, |
| 有価証券報告書－第5期(2023/11/01－2024/10/31) | S100V4RD | 2025-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V4RD,, |
| 有価証券報告書－第4期(2022/11/01－2023/10/31) | S100SOB1 | 2024-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOB1,, |

## 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).