# Media Research Institute,Inc.: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第34期(2024/08/01－2025/07/31) (S100WW8R)
> Page: https://vizora.meequs.com/en/company/mediasouken
> Retrieved: 2026-09-30T21:03:42.271Z

## Company

Media Research Institute, founded in 1993, is a company in HR & Staffing listed on TSE Growth. It has 73 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Media Research Institute,Inc. |
| Ticker | 9242 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9242.T) |
| Listing | TSE Growth |
| Head office | 福岡県福岡市中央区大名二丁目8番1号 |
| Representative (per filing) | 代表取締役社長 田中 浩二 |
| Founded | Mar 1993 |
| Share capital | ¥250.4M |
| Employees (consolidated) | 73 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | July |
| Website | www.mediasouken.co.jp (https://www.mediasouken.co.jp/) |
| Corporate number | 2290001005793 |
| EDINET | E36886 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100WW8R, filed 2025-10-22). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86 | 68 |
| Profitability | 82.4 | 88 |
| Cash conversion | 51.9 | 80 |
| Efficiency | 16.5 | 88 |

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 84% of Media Research Institute's sales come from Career support, with Web content service business making up much of the rest.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed +33.0% from the prior year, operating profit +55.0%.

## Company structure

- Segment revenue mix: Career support 83.9%、Web content service business 16.1%
- Revenue → net income: ¥1536683000 → ¥217783000
- Net income → operating cash flow: ¥217783000 → ¥281626000（difference ¥63843000）
- Main uses of operating cash flow: CapEx ¥748000 / dividends — / buybacks —
- Change in cash: ¥281077000
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 | ¥1.54B |  |
| Operating income | ¥294M | Margin 19.1% |
| Net income | ¥217.8M | Margin 14.2% |
| Free cash flow | ¥280.9M |  |
| Largest business | Career support | of segment revenue 83.9% |
| Employees (consolidated) | 73 |  |
| EPS | ¥177.51 |  |
| Diluted EPS | ¥175.12 |  |
| Book value per share | ¥1278.93 |  |
| Equity ratio | 85.3% |  |
| Shares outstanding | 1,232,300 |  |
| Shareholders | 667 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 77.8% | Cash ÷ revenue 90.4% |
| Vs. industry median margin | +10.5 pp | HR & Staffing |
| ROE | 15.4% | Derived from disclosed figures |
| ROA | 13.1% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 78% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥702709000 | ¥1536683000 | — |
| Operating income | ¥126345000 | ¥294035000 | — |
| Operating margin | 18.0% | 19.1% | +1.2 pp |
| Employees | 31 people | 73 people | — |
| Cash and equivalents | ¥371627000 | ¥1389507000 | — |

### Change in segment revenue mix

Span: FY ending Jul 2020 → FY ending Jul 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 → キャリア支援事業 | 83.9% |
| 新設・再編 → WEBコンテンツサービス事業 | 16.1% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,537 | 100.0% | S100WW8R |
| Cost of revenue | 450 | 29.3% | S100WW8R |
| Gross profit | 1,086 | 70.7% | S100WW8R |
| SG&A | 792 | 51.6% | S100WW8R |
| Operating income | 294 | 19.1% | S100WW8R |
| Ordinary income | 297 | 19.3% | S100WW8R |
| Pretax income | 296 | 19.2% | S100WW8R |
| Income tax | 78 | 5.1% | S100WW8R |
| Net income | 218 | 14.2% | S100WW8R |
| Net income attributable to owners | 218 | 14.2% | S100WW8R |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 29 |
| SG&A | 52 |
| Operating income | 19 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 70.7% → Operating margin 19.1% → Net margin 14.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +33.0%; Core profit growth: +55.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.66×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,155 | 1,537 | 382 | +33.0% |
| Gross profit | 874 | 1,086 | 212 | +24.3% |
| Operating income | 190 | 294 | 104 | +55.0% |
| Net income attributable to owners | 105 | 218 | 113 | +107.3% |
| Operating cash flow | 128 | 282 | 153 | +119.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2020 | 703 | 126 | 18.0% | 99 | 63 | 45 | S100MNIW |
| FY ending Jul 2021 | 671 | 178 | 26.6% | 137 | 204 | 188 | S100PFF0 |
| FY ending Jul 2022 | 776 | 182 | 23.5% | 131 | 160 | 122 | S100PFF0 |
| FY ending Jul 2023 | 955 | 203 | 21.2% | 122 | 163 | 124 | S100UKYZ |
| FY ending Jul 2024 | 1,155 | 190 | 16.4% | 105 | 128 | — | S100WW8R |
| FY ending Jul 2025 | 1,537 | 294 | 19.1% | 218 | 282 | 281 | S100WW8R |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.1M |
| Operating income per employee (consolidated) | ¥4M |
| Net income per employee (consolidated) | ¥3M |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 31 | 35 | 42 | 63 | 73 |
| Average salary (parent company) | ¥4.4M | ¥4.8M | ¥5.2M | ¥5.5M | ¥5.9M |
| Average age (parent company) | 34.9 years | 36.1 years | 37.3 years | 38.0 years | 37.0 years |
| Average tenure (parent company) | 5.2 years | 3.0 years | 3.1 years | 3.3 years | 3.2 years |

Year over year: Employees (consolidated) +15.9% · Revenue (consolidated) +33.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Career support | 1,290 | 83.9% | 603 | 46.8% |
| Web content service business | 247 | 16.1% | -17 | -7.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Career support | 83.9% | 100.0% | 16.1 | 46.8% |
| Web content service business | 16.1% | — | — | -7.0% |

Loss-making segment (excluded from profit shares): Web content service business -17 JPY mn

Segment → industry: Career support → HR & Staffing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 282 | 18.3% | S100WW8R |
| Capital expenditure | 1 | 0.0% | S100WW8R |
| Free cash flow | 281 | 18.3% | 算出 |
| Investing cash flow | -2 | -0.1% | S100WW8R |
| Financing cash flow | 1 | 0.1% | S100WW8R |
| Change in cash | 281 | 18.3% | S100WW8R |
| Cash and equivalents | 1,390 | 90.4% | S100WW8R |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 579 | 1,070 | 1,081 | 1,108 | 1,390 | S100PFF0, S100WW8R |
| Total assets | 713 | 1,205 | 1,358 | 1,550 | 1,787 | S100PFF0, S100UKYZ, S100WW8R |
| Net assets | 577 | 1,053 | 1,183 | 1,305 | 1,524 | S100PFF0, S100WW8R |
| Share capital | 65 | 237 | 241 | 250 | 250 | S100PFF0, S100UKYZ, S100WW8R |
| Property, plant and equipment | 30 | 25 | 37 | 33 | 30 | S100PFF0, S100UKYZ, S100WW8R |
| Intangible assets excluding goodwill | 27 | 49 | 47 | 156 | 126 | S100PFF0, S100UKYZ, S100WW8R |
| Goodwill | 4 | 3 | 1 | 122 | 106 | S100PFF0, S100UKYZ, S100WW8R |
| Investment securities | — | — | 110 | 110 | 110 | S100UKYZ, S100WW8R |
| Current assets | 605 | 1,095 | 1,112 | 1,187 | 1,460 | S100PFF0, S100UKYZ, S100WW8R |
| Current liabilities | 136 | 152 | 175 | 222 | 238 | S100PFF0, S100UKYZ, S100WW8R |
| Total liabilities | 136 | 152 | 175 | 245 | 262 | S100PFF0, S100UKYZ, S100WW8R |
| Equity attributable to owners of parent | 577 | 1,053 | 1,183 | 1,305 | 1,524 | S100PFF0, S100UKYZ, S100WW8R |
| Retained earnings | 498 | 629 | 751 | 856 | 1,073 | S100PFF0, S100UKYZ, S100WW8R |
| Treasury stock | — | — | -0 | -0 | -0 | S100UKYZ, S100WW8R |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 78% | S100WW8R |
| Property, plant and equipment | 2% | S100WW8R |
| Intangibles and goodwill | 13% | S100WW8R |
| Investment securities | 6% | S100WW8R |
| Other assets | 1% | S100WW8R |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 15% | S100WW8R |
| Equity | 85% | S100WW8R |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 713 | 1,205 | 1,358 | 1,550 | 1,787 |
| Equity | 577 | 1,053 | 1,183 | 1,305 | 1,524 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 579 | 1,070 | 1,081 | 1,108 | 1,390 |

## 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) | 1.9% | S100WW8R |
| Fixed assets ÷ total assets | 1.7% | S100WW8R |
| Goodwill ÷ parent equity | 7.0% | S100WW8R |

### 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) | 77.8% |
| Cash ÷ revenue | 90.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 95.8% |
| Cash vs. profit gap | 64 JPY mn (of net income 29.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 0.6% |

## 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 | 20.4% | 0.94× | 19.2% | 1.24× | 23.8% | S100PFF0 |
| 2022 | 16.9% | 0.81× | 13.7% | 1.18× | 16.1% | S100PFF0 |
| 2023 | 12.7% | 0.70× | 9.0% | 1.15× | 10.3% | S100UKYZ |
| 2024 | 9.1% | 0.79× | 7.2% | 1.17× | 8.4% | S100WW8R |
| 2025 | 14.2% | 0.92× | 13.1% | 1.18× | 15.4% | S100WW8R |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 田中 浩二 | Major shareholder | 62.5% | 2025-07-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 3.6% | 2025-07-31 |
| 新潟 真也 | Major shareholder | 2.1% | 2025-07-31 |
| 今野 治 | Major shareholder | 1.8% | 2025-07-31 |
| 株式会社DYM | Major shareholder | 1.8% | 2025-07-31 |
| 野本 正生 | Major shareholder | 1.6% | 2025-07-31 |
| 株式会社RR・DD | Major shareholder | 1.4% | 2025-07-31 |
| 谷口 陽子 | Major shareholder | 1.1% | 2025-07-31 |
| 田中 俊隆 | Major shareholder | 0.8% | 2025-07-31 |
| 吉行 亮二 | Major shareholder | 0.8% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第34期(2024/08/01－2025/07/31) | S100WW8R | 2025-10-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WW8R,, |
| 有価証券報告書－第33期(2023/08/01－2024/07/31) | S100UKYZ | 2024-10-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UKYZ,, |
| 有価証券報告書－第32期(2022/08/01－2023/07/31) | S100S2ZV | 2023-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S2ZV,, |
| 有価証券報告書－第31期(令和3年8月1日－令和4年7月31日) | S100PFF0 | 2022-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PFF0,, |
| 有価証券報告書－第30期(令和2年8月1日－令和3年7月31日) | S100MNIW | 2021-10-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MNIW,, |

## 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).