# Management Solutions Co.,Ltd: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2025/01/01－2025/12/31) (S100XT2O)
> Page: https://vizora.meequs.com/en/company/management-solutions
> Retrieved: 2026-09-30T20:24:40.829Z

## Company

Management Solutions, founded in 2005, is a company in Consulting listed on TSE Prime. It has 1,621 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Management Solutions Co.,Ltd. |
| Ticker | 7033 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7033.T) |
| Listing | TSE Prime |
| Head office | 東京都港区赤坂九丁目7番1号 |
| Representative (per filing) | 代表取締役会長兼社長 髙橋 信也 |
| Founded | Jul 2005 |
| Share capital | ¥700.5M |
| Employees (consolidated) | 1,621 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | December |
| Website | www.msols.com (https://www.msols.com/) |
| Corporate number | 9010401062357 |
| EDINET | E34142 |
| Industries (Vizora) | Consulting |

> Profile source: annual securities report (S100XT2O, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Consulting (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 58 | 44 |
| Cash conversion | 48.9 | 44 |
| Efficiency | 98.9 | 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)

- Management Solutions brought in ¥23.1B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +36.2% from the prior year, operating profit +24.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥23066816000 → ¥1817790000
- Net income → operating cash flow: ¥1817790000 → ¥2257033000（difference ¥439243000）
- Main uses of operating cash flow: CapEx ¥180936000 / dividends ¥488892000 / buybacks ¥947489000
- Change in cash: ¥253408000
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 | ¥23.1B |  |
| Operating income | ¥2.74B | Margin 11.9% |
| Net income | ¥1.8B | Margin 7.8% |
| Free cash flow | ¥2.08B |  |
| Employees (consolidated) | 1,621 |  |
| EPS | ¥105.83 |  |
| Book value per share | ¥372.9 |  |
| Equity ratio | 67.7% |  |
| Shares outstanding | 16,849,900 |  |
| Treasury shares | 1,127,800 |  |
| Shareholders | 5,404 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 34.1% | Cash ÷ revenue 12.9% |
| Vs. industry median margin | +2.4 pp | Consulting |
| ROE | 30.6% | Derived from disclosed figures |
| ROA | 20.6% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.9× dividends
- FY2025, cash is 34% of total assets

## What changed in 2 years

| Metric | FY ending Oct 2023 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16931288000 | ¥23066816000 | +36.2% |
| Operating income | ¥2207590000 | ¥2742683000 | +24.2% |
| Operating margin | 13.0% | 11.9% | -1.1 pp |
| Employees | 1,084 people | 1,621 people | +49.5% |
| Cash and equivalents | ¥2640389000 | ¥2983077000 | +13.0% |

### Change in segment revenue mix

Span: FY ending Oct 2023 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,067 | 100.0% | S100XT2O |
| Cost of revenue | 13,485 | 58.5% | S100XT2O |
| Gross profit | 9,582 | 41.5% | S100XT2O |
| SG&A | 6,839 | 29.6% | S100XT2O |
| Operating income | 2,743 | 11.9% | S100XT2O |
| Ordinary income | 2,742 | 11.9% | S100XT2O |
| Pretax income | 2,653 | 11.5% | S100XT2O |
| Income tax | 835 | 3.6% | S100XT2O |
| Net income | 1,818 | 7.9% | S100XT2O |
| Net income attributable to owners | 1,799 | 7.8% | S100XT2O |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 30 |
| Operating income | 12 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 41.5% → Operating margin 11.9% → Net margin 7.8%
Derived from reported figures (DERIVED).

## Year over year（FY ending Oct 2023 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 16,931 | 23,067 | 6,136 | +36.2% |
| Gross profit | 6,338 | 9,582 | 3,244 | +51.2% |
| Operating income | 2,208 | 2,743 | 535 | +24.2% |
| Net income attributable to owners | 1,621 | 1,799 | 178 | +11.0% |
| Operating cash flow | 2,334 | 2,257 | -77 | -3.3% |
| Free cash flow | 1,830 | 2,076 | 246 | +13.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2023 | 16,931 | 2,208 | 13.0% | 1,621 | 2,334 | 1,830 | S100VIWD |
| FY ending Dec 2025 | 23,067 | 2,743 | 11.9% | 1,799 | 2,257 | 2,076 | S100XT2O |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.2M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥1.1M |

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

| History | FY ending Oct 2023 | FY ending Dec 2025 |
| --- | ---: | ---: |
| Employees (consolidated) | 1,084 | 1,621 |
| Average salary (parent company) | — | ¥7M |
| Average age (parent company) | — | 37.4 years |
| Average tenure (parent company) | — | 2.7 years |

## 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 | 2,257 | 9.8% | S100XT2O |
| Capital expenditure | 181 | 0.8% | S100XT2O |
| Free cash flow | 2,076 | 9.0% | 算出 |
| Investing cash flow | -395 | -1.7% | S100XT2O |
| Financing cash flow | -1,614 | -7.0% | S100XT2O |
| Dividends paid | 489 | 2.1% | S100XT2O |
| Share buyback | 947 | 4.1% | S100XT2O |
| Change in cash | 253 | 1.1% | S100XT2O |
| Cash and equivalents | 2,983 | 12.9% | S100XT2O |

## 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 2023 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 2,640 | 2,983 | S100XT2O |
| Total assets | 7,033 | 8,743 | S100VIWD, S100XT2O |
| Net assets | 4,302 | 6,048 | S100XT2O |
| Share capital | 669 | 700 | S100VIWD, S100XT2O |
| Property, plant and equipment | 615 | 509 | S100VIWD, S100XT2O |
| Intangible assets excluding goodwill | 772 | 723 | S100VIWD, S100XT2O |
| Goodwill | 334 | 279 | S100VIWD, S100XT2O |
| Current assets | 4,977 | 6,946 | S100VIWD, S100XT2O |
| Current liabilities | 2,062 | 2,510 | S100VIWD, S100XT2O |
| Short-term borrowings | — | 200 | S100XT2O |
| Long-term borrowings | 612 | 98 | S100VIWD, S100XT2O |
| Total liabilities | 2,730 | 2,695 | S100VIWD, S100XT2O |
| Non-controlling interests | 96 | 129 | S100VIWD, S100XT2O |
| Equity attributable to owners of parent | 4,178 | 5,876 | S100VIWD, S100XT2O |
| Retained earnings | 3,350 | 6,432 | S100VIWD, S100XT2O |
| Treasury stock | -390 | -1,838 | S100VIWD, S100XT2O |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100XT2O |
| Property, plant and equipment | 6% | S100XT2O |
| Intangibles and goodwill | 11% | S100XT2O |
| Other assets | 49% | S100XT2O |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100XT2O |
| Equity | 69% | S100XT2O |
| Other liabilities | 0% | S100XT2O |

### Balance sheet history

| Metric | FY ending Oct 2023 | FY ending Dec 2025 |
| --- | ---: | ---: |
| Total assets | 7,033 | 8,743 |
| Equity | 4,302 | 6,048 |
| Interest-bearing debt | — | — |
| Cash | 2,640 | 2,983 |

## 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) | 2.2% | S100XT2O |
| Fixed assets ÷ total assets | 5.8% | S100XT2O |
| Goodwill ÷ parent equity | 4.7% | S100XT2O |

### 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) | 34.1% |
| Cash ÷ revenue | 12.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 82.3% |
| Cash vs. profit gap | 458 JPY mn (of net income 25.5%) |
| Shareholder returns / net income | 79.9% |
| Shareholder returns / FCF | 69.2% |
| Shareholder payments — dividends / net income | 27.2% |
| Shareholder payments — dividends / FCF | 23.5% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 17.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 9.6% | 2.41× | 23.0% | 1.68× | 38.8% | S100VIWD |
| 2025 | 7.8% | 2.64× | 20.6% | 1.49× | 30.6% | S100XT2O |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ユナイテッドトラスト | Major shareholder | 23.9% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 10.8% | 2025-12-31 |
| 髙橋 信也 | Major shareholder | 8.6% | 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 | 5.6% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 3.4% | 2025-12-31 |
| SMBC日興証券株式会社 | Major shareholder | 3.4% | 2025-12-31 |
| BBH(LUX)FOR FIDELITY FUNDS-PACIFIC POOL （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.4% | 2025-12-31 |
| 髙橋 美紀 | Major shareholder | 1.9% | 2025-12-31 |
| JP JPMSE LUX RE BARCLAYS CAPITAL SEC LTD EQ CO （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.6% | 2025-12-31 |
| INTERACTIVE BROKERS LLC | Major shareholder | 0.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/01/01－2025/12/31) | S100XT2O | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT2O,, |
| 有価証券報告書－第20期(2023/11/01－2024/12/31) | S100VIWD | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIWD,, |

## 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).