# MFS, Inc.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第17期(2025/07/01－2026/06/30) (S100Z3J0)
> Page: https://vizora.meequs.com/en/company/mfs
> Retrieved: 2026-09-30T19:05:57.269Z

## Company

MFS, founded in 2009, is a company in Internet Services & Apps listed on TSE Growth. It has 80 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MFS, Inc. |
| Ticker | 196A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/196A.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区大手町一丁目6番1号 |
| Representative (per filing) | 代表取締役CEO 中山田 明 |
| Founded | Jul 2009 |
| Share capital | ¥63.5M |
| Employees (consolidated) | 80 |
| Fiscal year end | June |
| Website | www.ir.mortgagefss.jp (https://www.ir.mortgagefss.jp/) |
| Corporate number | 5010401082796 |
| EDINET | E39668 |
| Industries (Vizora) | Internet Services & Apps, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100Z3J0, filed 2026-09-25). As of filing

## Five-axis industry profile

Primary industry: Real Estate Brokerage & Management (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 94 | 25 |
| Profitability | 9.6 | 26 |
| Cash conversion | 5.8 | 26 |
| Efficiency | 94.2 | 26 |

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 85% of MFS's sales come from INVASE business, with MOGE CHECK business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +185.0% from the prior year, operating profit +12.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥8.32B |  |
| Operating income | ¥222.4M | Margin 2.7% |
| Net income | ¥308.8M | Margin 3.7% |
| Free cash flow | -¥1.02B |  |
| Largest business | INVASE business | of segment revenue 85.0% |
| Employees (consolidated) | 80 |  |
| EPS | ¥50.51 |  |
| Diluted EPS | ¥50.44 |  |
| Book value per share | ¥323.72 |  |
| Equity ratio | 70.6% |  |
| Shares outstanding | 10,198,900 |  |
| Shareholders | 2,525 |  |
| Cash ratio | 44.9% | Cash ÷ revenue 21.6% |
| Vs. industry median margin | -6.3 pp | Real Estate Brokerage & Management |
| ROE | 12.2% | Derived from disclosed figures |
| ROA | 9.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 74% of positive segment profit
- FY2026, segment profit share differs by 59 points
- FY2026, cash is 45% of total assets

## What changed in 3 years

| Metric | FY ending Jun 2023 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1607947000 | ¥8317996000 | +417.3% |
| Operating income | ¥-139543000 | ¥222408000 | — |
| Operating margin | -8.7% | 2.7% | +11.4 pp |
| Employees | 49 people | 80 people | +63.3% |
| Cash and equivalents | ¥1477601000 | ¥1800292000 | +21.8% |

### Change in segment revenue mix

Span: FY ending Jun 2023 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| モゲチェック事業 → モゲチェック事業 | 15.0% |
| モゲチェック事業 → 事業再編・廃止 | 47.2% |
| INVASE事業 → INVASE事業 | 37.8% |
| 新設・再編 → INVASE事業 | 47.2% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Jun 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,318 | 100.0% | S100Z3J0 |
| Cost of revenue | 6,406 | 77.0% | S100Z3J0 |
| Gross profit | 1,912 | 23.0% | S100Z3J0 |
| SG&A | 1,690 | 20.3% | S100Z3J0 |
| Operating income | 222 | 2.7% | S100Z3J0 |
| Ordinary income | 216 | 2.6% | S100Z3J0 |
| Pretax income | 216 | 2.6% | S100Z3J0 |
| Income tax | -93 | -1.1% | S100Z3J0 |
| Net income | 309 | 3.7% | S100Z3J0 |
| Net income attributable to owners | 309 | 3.7% | S100Z3J0 |

## Per ¥100 of revenue（FY ending Jun 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 20 |
| Operating income | 3 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 23.0% → Operating margin 2.7% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +185.0%; Core profit growth: +12.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.07×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2025 → FY ending Jun 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,919 | 8,318 | 5,399 | +185.0% |
| Gross profit | 2,170 | 1,912 | -258 | -11.9% |
| Operating income | 197 | 222 | 25 | +12.7% |
| Net income attributable to owners | 160 | 309 | 149 | +92.8% |
| Operating cash flow | 117 | -1,015 | -1,132 | -969.2% |
| Free cash flow | 111 | -1,020 | -1,132 | -1017.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2023 | 1,608 | -140 | -8.7% | -150 | 62 | 29 | S100UFDA |
| FY ending Jun 2024 | 1,890 | -111 | -5.9% | -122 | -71 | -157 | S100WVCQ |
| FY ending Jun 2025 | 2,919 | 197 | 6.8% | 160 | 117 | 111 | S100Z3J0 |
| FY ending Jun 2026 | 8,318 | 222 | 2.7% | 309 | -1,015 | -1,020 | S100Z3J0 |

## People and productivity（FY ending Jun 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥104M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥3.9M |

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

| History | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 49 | 58 | 66 | 80 |
| Average salary (parent company) | — | ¥6.9M | ¥6.9M | — |
| Average age (parent company) | — | 39.4 years | 39.0 years | — |
| Average tenure (parent company) | — | 3.3 years | 3.2 years | — |

Year over year: Employees (consolidated) +21.2% · Revenue (consolidated) +185.0%

## Segments（FY ending Jun 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| MOGE CHECK business | 1,252 | 15.0% | 164 | 13.1% |
| INVASE business | 7,066 | 85.0% | 58 | 0.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| MOGE CHECK business | 15.0% | 73.8% | 58.7 | 13.1% |
| INVASE business | 85.0% | 26.2% | -58.7 | 0.8% |

Segment → industry: MOGE CHECK business → Internet Services & Apps / INVASE business → Real Estate Brokerage & Management

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,015 | -12.2% | S100Z3J0 |
| Capital expenditure | 5 | 0.1% | S100Z3J0 |
| Free cash flow | -1,020 | -12.3% | 算出 |
| Investing cash flow | 5 | 0.1% | S100Z3J0 |
| Financing cash flow | 1,194 | 14.4% | S100Z3J0 |
| Change in cash | 184 | 2.2% | S100Z3J0 |
| Cash and equivalents | 1,800 | 21.6% | S100Z3J0 |

## 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 Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,478 | 1,872 | 1,616 | 1,800 | S100WVCQ, S100Z3J0 |
| Total assets | 1,944 | 2,421 | 2,537 | 4,008 | S100UFDA, S100WVCQ, S100Z3J0 |
| Net assets | 1,189 | 2,061 | 2,231 | 2,845 | S100WVCQ, S100Z3J0 |
| Share capital | 100 | 597 | 599 | 64 | S100UFDA, S100WVCQ, S100Z3J0 |
| Property, plant and equipment | 8 | 11 | 12 | 12 | S100UFDA, S100WVCQ, S100Z3J0 |
| Intangible assets excluding goodwill | 49 | 96 | 71 | 48 | S100UFDA, S100WVCQ, S100Z3J0 |
| Investment securities | — | — | 99 | 100 | S100Z3J0 |
| Current assets | 1,861 | 2,260 | 2,243 | 3,548 | S100UFDA, S100WVCQ, S100Z3J0 |
| Current liabilities | 439 | 260 | 307 | 960 | S100UFDA, S100WVCQ, S100Z3J0 |
| Short-term borrowings | 66 | 8 | — | 600 | S100UFDA, S100WVCQ, S100Z3J0 |
| Long-term borrowings | 316 | 100 | — | 204 | S100UFDA, S100WVCQ, S100Z3J0 |
| Total liabilities | 755 | 360 | 307 | 1,163 | S100UFDA, S100WVCQ, S100Z3J0 |
| Equity attributable to owners of parent | 1,189 | 2,061 | 2,226 | 2,829 | S100UFDA, S100WVCQ, S100Z3J0 |
| Retained earnings | -1,347 | -1,468 | -1,308 | -999 | S100UFDA, S100WVCQ, S100Z3J0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100Z3J0 |
| Property, plant and equipment | 0% | S100Z3J0 |
| Intangibles and goodwill | 1% | S100Z3J0 |
| Investment securities | 3% | S100Z3J0 |
| Other assets | 51% | S100Z3J0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100Z3J0 |
| Equity | 71% | S100Z3J0 |

### Balance sheet history

| Metric | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 1,944 | 2,421 | 2,537 | 4,008 |
| Equity | 1,189 | 2,061 | 2,231 | 2,845 |
| Interest-bearing debt | — | — | — | — |
| Cash | 1,478 | 1,872 | 1,616 | 1,800 |

## 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) | 0.1% | S100Z3J0 |
| Fixed assets ÷ total assets | 0.3% | S100Z3J0 |
| Goodwill ÷ parent equity | — | —, S100Z3J0 |

### 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) | 44.9% |
| Cash ÷ revenue | 21.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -456.5% |
| Cash vs. profit gap | -1,324 JPY mn (of net income -428.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | — | —× | -7.7% | —× | — | S100UFDA |
| 2024 | — | —× | -5.6% | —× | — | S100WVCQ |
| 2025 | 5.5% | 1.18× | 6.5% | 1.16× | 7.5% | S100Z3J0 |
| 2026 | 3.7% | 2.54× | 9.4% | 1.29× | 12.2% | S100Z3J0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中山田 明 | Major shareholder | 16.4% | 2026-06-30 |
| 全国保証株式会社 | Major shareholder | 10.0% | 2026-06-30 |
| 結長期戦略投資事業有限責任組合 | Major shareholder | 8.4% | 2026-06-30 |
| JICベンチャー・グロース・ファンド１号投資事業有限責任組合 | Major shareholder | 8.0% | 2026-06-30 |
| 塩澤 崇 | Major shareholder | 6.0% | 2026-06-30 |
| 楽天証券株式会社 | Major shareholder | 5.1% | 2026-06-30 |
| テクノロジーベンチャーズ５号投資事業有限責任組合 | Major shareholder | 4.5% | 2026-06-30 |
| INTERACTIVE BROKERS LLC（常任代理人：インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 1.7% | 2026-06-30 |
| 新生ベンチャーパートナーズ１号投資事業有限責任組合 | Major shareholder | 1.4% | 2026-06-30 |
| CLEARSTREAM BANKING S.A.（常任代理人：香港上海銀行東京支店） | Major shareholder | 1.2% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2025/07/01－2026/06/30) | S100Z3J0 | 2026-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3J0,, |
| 訂正有価証券報告書－第16期(2024/07/01－2025/06/30) | S100WVCQ | 2025-10-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WVCQ,, |
| 有価証券報告書－第15期(2023/07/01－2024/06/30) | S100UFDA | 2024-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFDA,, |

## 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).