# meinan M&A co.,ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第11期(2024/10/01－2025/09/30) (S100XALI)
> Page: https://vizora.meequs.com/en/company/meinan-m-and-a
> Retrieved: 2026-09-30T20:34:08.663Z

## Company

meinan M&A, founded in 1966, is a company in M&A Advisory listed on Nagoya. It has 71 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | meinan M&A co.,ltd. |
| Ticker | 7076 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7076.T) |
| Listing | Nagoya |
| Head office | 名古屋市中村区名駅一丁目1番1号JPタワー名古屋 |
| Representative (per filing) | 代表取締役社長 篠田 康人 |
| Founded | Oct 1966 |
| Share capital | ¥310.7M |
| Employees (consolidated) | 71 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | September |
| Website | www.meinan-ma.com (https://www.meinan-ma.com/) |
| Corporate number | 1180001116041 |
| EDINET | E35258 |
| Industries (Vizora) | M&A Advisory |

> Profile source: annual securities report (S100XALI, filed 2025-12-16). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 16.7 | 9 |
| Efficiency | 27.8 | 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)

- meinan M&A brought in ¥1.49B in revenue.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed -22.7% from the prior year, operating profit -104.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.49B |  |
| Operating income | -¥22.6M | Margin -1.5% |
| Net income | -¥51.4M | Margin -3.5% |
| Free cash flow | -¥385.5M |  |
| Employees (consolidated) | 71 |  |
| EPS | ¥-16.33 |  |
| Book value per share | ¥566.62 |  |
| Equity ratio | 87.9% |  |
| Shares outstanding | 3,148,900 |  |
| Treasury shares | 400 |  |
| Shareholders | 2,301 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 58.4% | Cash ÷ revenue 79.7% |
| Vs. industry median margin | -19.7 pp | M&A Advisory |
| ROA | -2.5% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 58% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1250362000 | ¥1487676000 | — |
| Operating income | ¥370348000 | ¥-22564000 | — |
| Operating margin | 29.6% | -1.5% | -31.1 pp |
| Employees | 37 people | 71 people | — |
| Cash and equivalents | ¥1119444000 | ¥1185861000 | — |

### 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, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,488 | 100.0% | S100XALI |
| Cost of revenue | 993 | 66.7% | S100XALI |
| Gross profit | 495 | 33.3% | S100XALI |
| SG&A | 517 | 34.8% | S100XALI |
| Operating income | -23 | -1.5% | S100XALI |
| Ordinary income | -31 | -2.1% | S100XALI |
| Pretax income | -46 | -3.1% | S100XALI |
| Income tax | 5 | 0.4% | S100XALI |
| Net income | -51 | -3.5% | S100XALI |
| Net income attributable to owners | -51 | -3.5% | S100XALI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 35 |
| Operating income | -2 |
| (Ref.) Net income | -3 |

### Margin funnel

Gross margin 33.3% → Operating margin -1.5% → Net margin -3.5%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,924 | 1,488 | -437 | -22.7% |
| Gross profit | 1,053 | 495 | -558 | -53.0% |
| Operating income | 564 | -23 | -586 | -104.0% |
| Operating cash flow | 613 | -366 | -979 | -159.7% |
| Free cash flow | 607 | -386 | -993 | -163.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 801 | 236 | 29.5% | 155 | 283 | 269 | S100KGDU |
| FY ending Sep 2020 | 1,250 | 370 | 29.6% | 229 | 288 | 284 | S100N4GN |
| FY ending Sep 2021 | 1,366 | 256 | 18.7% | 160 | 63 | 60 | S100PVN1 |
| FY ending Sep 2022 | 1,383 | 352 | 25.5% | 231 | 428 | 386 | S100SJ5W |
| FY ending Sep 2023 | 1,453 | 186 | 12.8% | 109 | 74 | 57 | S100V0AD |
| FY ending Sep 2024 | 1,924 | 564 | 29.3% | 390 | 613 | 607 | S100V0AD |
| FY ending Sep 2025 | 1,488 | -23 | -1.5% | -51 | -366 | -386 | S100XALI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21M |
| Operating income per employee (consolidated) | -¥317.8K |
| Net income per employee (consolidated) | -¥724.6K |

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) | 40 | 53 | 61 | 63 | 71 |
| Average salary (parent company) | ¥7.3M | ¥7.4M | ¥7.4M | ¥8.4M | ¥7.7M |
| Average age (parent company) | 38.1 years | 38.5 years | 38.6 years | 39.3 years | 38.9 years |
| Average tenure (parent company) | 3.1 years | 3.1 years | 3.4 years | 3.9 years | 3.8 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -366 | -24.6% | S100XALI |
| Capital expenditure | 20 | 1.3% | S100XALI |
| Free cash flow | -386 | -25.9% | 算出 |
| Investing cash flow | -157 | -10.5% | S100XALI |
| Financing cash flow | -79 | -5.3% | S100XALI |
| Dividends paid | 79 | 5.3% | S100XALI |
| Change in cash | -601 | -40.4% | S100XALI |
| Cash and equivalents | 1,186 | 79.7% | S100XALI |

## 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 | 1,244 | 1,532 | 1,354 | 1,787 | 1,186 | S100SJ5W, S100V0AD, S100XALI |
| Total assets | 1,339 | 1,740 | 1,811 | 2,412 | 2,030 | S100PVN1, S100SJ5W, S100V0AD, S100XALI |
| Net assets | 1,230 | 1,445 | 1,541 | 1,915 | 1,784 | S100SJ5W, S100V0AD, S100XALI |
| Share capital | 311 | 311 | 311 | 311 | 311 | S100PVN1, S100SJ5W, S100V0AD, S100XALI |
| Property, plant and equipment | 15 | 35 | 38 | 34 | 42 | S100PVN1, S100SJ5W, S100V0AD, S100XALI |
| Intangible assets excluding goodwill | 3 | 12 | 12 | 10 | 6 | S100PVN1, S100SJ5W, S100V0AD, S100XALI |
| Investment securities | 4 | 51 | 120 | 165 | 340 | S100PVN1, S100SJ5W, S100V0AD, S100XALI |
| Current assets | 1,262 | 1,552 | 1,383 | 1,821 | 1,336 | S100PVN1, S100SJ5W, S100V0AD, S100XALI |
| Current liabilities | 108 | 294 | 271 | 497 | 246 | S100PVN1, S100SJ5W, S100V0AD, S100XALI |
| Total liabilities | 108 | 294 | 271 | 497 | 246 | S100PVN1, S100SJ5W, S100V0AD, S100XALI |
| Equity attributable to owners of parent | 1,229 | 1,444 | 1,537 | 1,911 | 1,781 | S100PVN1, S100SJ5W, S100V0AD, S100XALI |
| Retained earnings | 642 | 858 | 951 | 1,325 | 1,195 | S100PVN1, S100SJ5W, S100V0AD, S100XALI |
| Treasury stock | -1 | -1 | -1 | -1 | -1 | S100PVN1, S100SJ5W, S100V0AD, S100XALI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 58% | S100XALI |
| Property, plant and equipment | 2% | S100XALI |
| Intangibles and goodwill | 0% | S100XALI |
| Investment securities | 17% | S100XALI |
| Other assets | 23% | S100XALI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 12% | S100XALI |
| Equity | 88% | S100XALI |

### 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 | 1,339 | 1,740 | 1,811 | 2,412 | 2,030 |
| Equity | 1,230 | 1,445 | 1,541 | 1,915 | 1,784 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,244 | 1,532 | 1,354 | 1,787 | 1,186 |

## 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) | 2.9% | S100XALI |
| Fixed assets ÷ total assets | 2.1% | S100XALI |
| Goodwill ÷ parent equity | — | —, S100XALI |

### 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) | 58.4% |
| Cash ÷ revenue | 79.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -314 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| 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 | 11.7% | 1.02× | 12.0% | 1.09× | 13.0% | S100PVN1 |
| 2022 | 16.7% | 0.90× | 15.0% | 1.15× | 17.3% | S100SJ5W |
| 2023 | 7.5% | 0.82× | 6.1% | 1.19× | 7.3% | S100V0AD |
| 2024 | 20.2% | 0.91× | 18.4% | 1.22× | 22.6% | S100V0AD |
| 2025 | — | —× | -2.5% | —× | — | S100XALI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社名南経営ホールディングス（注）１ | Major shareholder | 53.9% | 2025-09-30 |
| 水野 克也 | Major shareholder | 2.3% | 2025-09-30 |
| 鈴木 智博 | Major shareholder | 1.3% | 2025-09-30 |
| 加藤 丈博 | Major shareholder | 1.2% | 2025-09-30 |
| 時國 均 | Major shareholder | 0.9% | 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 | 0.8% | 2025-09-30 |
| 池田 達彦 | Major shareholder | 0.8% | 2025-09-30 |
| 名南Ｍ＆Ａ役員持株会 | Major shareholder | 0.7% | 2025-09-30 |
| 株式会社ＴＫＳ | Major shareholder | 0.7% | 2025-09-30 |
| 高原 一雄 | Major shareholder | 0.6% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2024/10/01－2025/09/30) | S100XALI | 2025-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XALI,, |
| 有価証券報告書－第10期(2023/10/01－2024/09/30) | S100V0AD | 2024-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0AD,, |
| 有価証券報告書－第9期(2022/10/01－2023/09/30) | S100SJ5W | 2023-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJ5W,, |
| 有価証券報告書－第8期(令和3年10月1日－令和4年9月30日) | S100PVN1 | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVN1,, |
| 有価証券報告書－第7期(令和2年10月1日－令和3年9月30日) | S100N4GN | 2021-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4GN,, |
| 有価証券報告書－第6期(令和1年10月1日－令和2年9月30日) | S100KGDU | 2020-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KGDU,, |

## 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).