# M&A Capital Partners Co.,Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2024/10/01－2025/09/30) (S100XCS6)
> Page: https://vizora.meequs.com/en/company/ma-cp
> Retrieved: 2026-09-30T18:18:26.503Z

## Company

M&A Capital Partners, founded in 2005, is a company in M&A Advisory listed on TSE Prime. It has 364 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | M&A Capital Partners Co.,Ltd. |
| Ticker | 6080 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6080.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区八重洲二丁目2番1号 |
| Representative (per filing) | 代表取締役社長 中村悟 |
| Founded | Oct 2005 |
| Share capital | ¥2.92B |
| Employees (consolidated) | 364 |
| Average salary (parent only) | ¥22.7M |
| Fiscal year end | September |
| Website | www.ma-cp.com (https://www.ma-cp.com/) |
| Corporate number | 3010001107385 |
| EDINET | E30022 |
| Industries (Vizora) | M&A Advisory |

> Profile source: annual securities report (S100XCS6, filed 2025-12-24). As of filing

## Five-axis industry profile

Primary industry: M&A Advisory (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 83.3 | 9 |
| Cash conversion | 64.3 | 7 |
| Efficiency | 5.6 | 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)

- M&A Capital Partners brought in ¥22.4B in revenue.
- Out of every ¥100 of sales, about ¥32 is left as operating profit.
- Revenue changed +17.1% from the prior year, operating profit +9.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥22448727000 → ¥5070542000
- Net income → operating cash flow: ¥5070542000 → ¥9531280000（difference ¥4460738000）
- Main uses of operating cash flow: CapEx ¥83355000 / dividends ¥1270036000 / buybacks ¥66000
- Change in cash: ¥-18903789000
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 | ¥22.4B |  |
| Operating income | ¥7.13B | Margin 31.7% |
| Net income | ¥5.07B | Margin 22.6% |
| Free cash flow | ¥9.45B |  |
| Employees (consolidated) | 364 |  |
| EPS | ¥159.66 |  |
| Diluted EPS | ¥157.16 |  |
| Book value per share | ¥1379.07 |  |
| Equity ratio | 77.6% | Derived from disclosed figures |
| Shares outstanding | 31,759,000 |  |
| Treasury shares | 400 |  |
| Shareholders | 5,559 |  |
| Average salary (parent only) | ¥22.7M | Filing company only |
| Cash ratio | 29.1% | Cash ÷ revenue 72.4% |
| Vs. industry median margin | +13.6 pp | M&A Advisory |
| ROE | 12.2% | Derived from disclosed figures |
| ROA | 9.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating income keeps 32 per ¥100 of revenue
- FY2025, cash is 29% of total assets

## What changed in 5 years

Accounting standard changed in FY2023; percentage changes are omitted.

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11871202000 | ¥22448727000 | — |
| Operating income | ¥5051544000 | ¥7126678000 | — |
| Operating margin | 42.6% | 31.7% | -10.8 pp |
| Employees | 199 people | 364 people | — |
| Cash and equivalents | ¥17361824000 | ¥16243092000 | — |

### Change in segment revenue mix

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

## Income statement（FY ending Sep 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 22,449 | 100.0% | S100XCS6 |
| Cost of revenue | 8,295 | 37.0% | S100XCS6 |
| Gross profit | 14,154 | 63.0% | S100XCS6 |
| SG&A | 6,205 | 27.6% | S100XCS6 |
| Operating income | 7,127 | 31.7% | S100XCS6 |
| Pretax income | 7,202 | 32.1% | S100XCS6 |
| Income tax | 2,132 | 9.5% | S100XCS6 |
| Net income | 5,071 | 22.6% | S100XCS6 |
| Net income attributable to owners | 5,071 | 22.6% | S100XCS6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 37 |
| SG&A | 27 |
| Other operating | 4 |
| Operating income | 32 |
| (Ref.) Net income | 23 |

### Margin funnel

Gross margin 63.0% → Operating margin 31.7% → Net margin 22.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.1%; Core profit growth: +9.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.57×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 19,167 | 22,449 | 3,282 | +17.1% |
| Gross profit | 12,308 | 14,154 | 1,845 | +15.0% |
| Operating income | 6,497 | 7,127 | 629 | +9.7% |
| Net income attributable to owners | 4,511 | 5,071 | 560 | +12.4% |
| Operating cash flow | 4,904 | 9,531 | 4,627 | +94.4% |
| Free cash flow | 4,812 | 9,448 | 4,636 | +96.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 12,592 | 5,856 | 46.5% | 3,925 | 5,823 | 5,758 | S100KEJL |
| FY ending Sep 2020 | 11,871 | 5,052 | 42.6% | 3,407 | 3,481 | 3,409 | S100N3KD |
| FY ending Sep 2021 | 15,161 | 6,572 | 43.3% | 4,312 | 6,015 | 5,947 | S100PVCM |
| FY ending Sep 2022 | 20,706 | 9,713 | 46.9% | 6,795 | 8,505 | 8,420 | S100SI7R |
| FY ending Sep 2023 | 20,851 | 7,450 | 35.7% | 4,226 | 4,741 | 3,464 | S100VD5P |
| FY ending Sep 2024 | 19,167 | 6,497 | 33.9% | 4,511 | 4,904 | 4,812 | S100XCS6 |
| FY ending Sep 2025 | 22,449 | 7,127 | 31.7% | 5,071 | 9,531 | 9,448 | S100XCS6 |

## People and productivity（FY ending Sep 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥61.7M |
| Operating income per employee (consolidated) | ¥19.6M |
| Net income per employee (consolidated) | ¥13.9M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 222 | 229 | 270 | 313 | 364 |
| Average salary (parent company) | ¥26.9M | ¥31.6M | ¥24.8M | ¥22.8M | ¥22.7M |
| Average age (parent company) | 32.2 years | 32.0 years | 32.4 years | 32.2 years | 32.4 years |
| Average tenure (parent company) | 3.2 years | 3.1 years | 3.0 years | 3.1 years | 3.3 years |

Year over year: Employees (consolidated) +16.3% · Revenue (consolidated) +17.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 9,531 | 42.5% | S100XCS6 |
| Capital expenditure | 83 | 0.4% | S100XCS6 |
| Free cash flow | 9,448 | 42.1% | 算出 |
| Investing cash flow | -26,102 | -116.3% | S100XCS6 |
| Financing cash flow | -2,332 | -10.4% | S100XCS6 |
| Dividends paid | 1,270 | 5.7% | S100XCS6 |
| Share buyback | 0 | 0.0% | S100XCS6 |
| Change in cash | -18,904 | -84.2% | S100XCS6 |
| Cash and equivalents | 16,243 | 72.4% | S100XCS6 |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 23,261 | 31,668 | 35,255 | 35,147 | 16,243 | S100SI7R, S100VD5P, S100XCS6 |
| Total assets | 30,797 | 39,914 | 49,527 | 51,791 | 55,774 | S100PVCM, S100SI7R, S100XCS6 |
| Net assets | 25,842 | 32,599 | 36,627 | 40,018 | 43,284 | S100SI7R, S100VD5P, S100XCS6 |
| Share capital | 2,885 | 2,894 | 2,916 | 2,916 | 2,916 | S100PVCM, S100SI7R, S100XCS6 |
| Property, plant and equipment | 231 | 169 | 1,229 | 1,131 | 924 | S100PVCM, S100SI7R, S100XCS6 |
| Intangible assets excluding goodwill | 1,184 | 968 | 773 | 542 | — | S100PVCM, S100SI7R, S100VD5P |
| Goodwill | 967 | 774 | 580 | 387 | — | S100PVCM, S100SI7R, S100VD5P |
| Investment securities | — | — | — | 2,820 | — | S100VD5P |
| Current assets | 27,721 | 36,717 | 39,996 | 40,639 | 46,916 | S100PVCM, S100SI7R, S100XCS6 |
| Current liabilities | 4,690 | 6,422 | 5,432 | 5,602 | — | S100PVCM, S100SI7R, S100VD5P |
| Total liabilities | 4,955 | 7,315 | 12,900 | 11,773 | 12,490 | S100PVCM, S100SI7R, S100XCS6 |
| Equity attributable to owners of parent | 25,530 | 32,316 | 36,627 | 40,018 | 43,284 | S100PVCM, S100SI7R, S100XCS6 |
| Retained earnings | 19,771 | 26,540 | 30,367 | 33,775 | 37,630 | S100PVCM, S100SI7R, S100XCS6 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100PVCM, S100SI7R, S100XCS6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100XCS6 |
| Property, plant and equipment | 2% | S100XCS6 |
| Other assets | 69% | S100XCS6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 22% | S100XCS6 |
| Equity | 78% | S100XCS6 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 30,797 | 39,914 | 49,527 | 51,791 | 55,774 |
| Equity | 25,842 | 32,599 | 36,627 | 40,018 | 43,284 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 23,261 | 31,668 | 35,255 | 35,147 | 16,243 |

## 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) | 4.1% | S100XCS6 |
| Fixed assets ÷ total assets | 1.7% | S100XCS6 |
| Goodwill ÷ parent equity | — | —, S100XCS6 |

### 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) | 29.1% |
| Cash ÷ revenue | 72.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 133.7% |
| Cash vs. profit gap | 4,461 JPY mn (of net income 88.0%) |
| Shareholder returns / net income | 25.0% |
| Shareholder returns / FCF | 13.4% |
| Shareholder payments — dividends / net income | 25.0% |
| Shareholder payments — dividends / FCF | 13.4% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 273.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 28.4% | 0.49× | 14.0% | 1.21× | 16.9% | S100PVCM |
| 2022 | 32.8% | 0.59× | 19.2% | 1.22× | 23.5% | S100SI7R |
| 2023 | 20.3% | 0.47× | 9.4% | 1.30× | 12.3% | S100VD5P, S100XCS6 |
| 2024 | 23.5% | 0.38× | 8.9% | 1.32× | 11.8% | S100XCS6 |
| 2025 | 22.6% | 0.42× | 9.4% | 1.29× | 12.2% | S100XCS6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中村 悟 | Major shareholder | 42.7% | 2025-09-30 |
| 十亀 洋三 | Major shareholder | 6.6% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.5% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.8% | 2025-09-30 |
| CEPLUX - THE INDEPENDENT UCITS PLATFORM ２（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.2% | 2025-09-30 |
| 土屋 淳 | Major shareholder | 2.3% | 2025-09-30 |
| THE BANK OF NEW YORK MELLON 140040（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.1% | 2025-09-30 |
| 野村證券株式会社 | Major shareholder | 1.9% | 2025-09-30 |
| MSIP CLIENT SECURITIES（常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 1.5% | 2025-09-30 |
| NORTHERN TRUST CO.（AVFC）RE IEDU UCITS CLIENTS NON LENDING 15 PCT TREATY ACCOUNT（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.4% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2024/10/01－2025/09/30) | S100XCS6 | 2025-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCS6,, |
| 訂正有価証券報告書－第19期(2023/10/01－2024/09/30) | S100VD5P | 2025-03-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VD5P,, |
| 有価証券報告書－第18期(2022/10/01－2023/09/30) | S100SI7R | 2023-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SI7R,, |
| 有価証券報告書－第17期(令和3年10月1日－令和4年9月30日) | S100PVCM | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVCM,, |
| 有価証券報告書－第16期(令和2年10月1日－令和3年9月30日) | S100N3KD | 2021-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N3KD,, |
| 有価証券報告書－第15期(令和1年10月1日－令和2年9月30日) | S100KEJL | 2020-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KEJL,, |

## 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).