# Mitsubishi Research Institute, Inc.: 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56期(2024/10/01－2025/09/30) (S100X9BV)
> Page: https://vizora.meequs.com/en/company/mitsubishi-research-institute
> Retrieved: 2026-09-30T18:29:25.467Z

## Company

Mitsubishi Research Institute, founded in 1970, is a company in IT Services & System Integration listed on TSE Prime. It has 4,695 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mitsubishi Research Institute,Inc. |
| Ticker | 3636 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3636.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区永田町二丁目10番3号 |
| Representative (per filing) | 代表取締役社長 籔田 健二 |
| Founded | May 1970 |
| Share capital | ¥6.34B |
| Employees (consolidated) | 4,695 |
| Average salary (parent only) | ¥10.8M |
| Fiscal year end | September |
| Website | www.mri.co.jp (https://www.mri.co.jp/) |
| Corporate number | 6010001030403 |
| EDINET | E23492 |
| Industries (Vizora) | IT Services & System Integration, Consulting |

> Profile source: annual securities report (S100X9BV, filed 2025-12-10). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.2 | 157 |
| Profitability | 31.9 | 196 |
| Cash conversion | 48.9 | 185 |
| Efficiency | 26.8 | 196 |

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 61% of Mitsubishi Research Institute's sales come from IT service, with Think tank and consulting servise making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +5.3% from the prior year, operating profit +13.5%.

## Company structure

- Segment revenue mix: IT service 61.2%、Think tank and consulting servise 38.8%
- Revenue → net income: ¥121458000000 → ¥7225000000
- Net income → operating cash flow: ¥7225000000 → ¥6422000000（difference ¥-803000000）
- Main uses of operating cash flow: CapEx ¥6397000000 / dividends ¥2564000000 / buybacks ¥0
- Change in cash: ¥-617000000
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 | ¥121.5B |  |
| Operating income | ¥8.01B | Margin 6.6% |
| Net income | ¥6.39B | Margin 5.3% |
| Free cash flow | ¥25M |  |
| Largest business | IT service | of segment revenue 61.2% |
| Employees (consolidated) | 4,695 |  |
| EPS | ¥225.19 |  |
| Book value per share | ¥2991.85 |  |
| Equity ratio | 56.1% |  |
| Shares outstanding | 16,044,000 |  |
| Treasury shares | 500 |  |
| Shareholders | 5,067 |  |
| Average salary (parent only) | ¥10.8M | Filing company only |
| Cash ratio | 23.4% | Cash ÷ revenue 24.7% |
| Vs. industry median margin | -2.3 pp | IT Services & System Integration |
| ROE | 9.5% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥92020000000 | ¥121458000000 | +32.0% |
| Operating income | ¥6231000000 | ¥8010000000 | +28.6% |
| Operating margin | 6.8% | 6.6% | -0.2 pp |
| Employees | 4,133 people | 4,695 people | +13.6% |
| Cash and equivalents | ¥32438000000 | ¥30010000000 | -7.5% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| シンクタンク・コンサルティングサービス → シンクタンク・コンサルティングサービス | 37.6% |
| ITサービス → ITサービス | 61.2% |
| ITサービス → 事業再編・廃止 | 1.2% |
| 新設・再編 → シンクタンク・コンサルティングサービス | 1.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 121,458 | 100.0% | S100X9BV |
| Cost of revenue | 92,718 | 76.3% | S100X9BV |
| Gross profit | 28,739 | 23.7% | S100X9BV |
| SG&A | 20,728 | 17.1% | S100X9BV |
| Operating income | 8,010 | 6.6% | S100X9BV |
| Ordinary income | 9,734 | 8.0% | S100X9BV |
| Pretax income | 10,241 | 8.4% | S100X9BV |
| Income tax | 3,015 | 2.5% | S100X9BV |
| Net income | 7,225 | 5.9% | S100X9BV |
| Net income attributable to owners | 6,386 | 5.3% | S100X9BV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 17 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 23.7% → Operating margin 6.6% → Net margin 5.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.3%; Core profit growth: +13.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.55×
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 | 115,362 | 121,458 | 6,096 | +5.3% |
| Gross profit | 25,419 | 28,739 | 3,320 | +13.1% |
| Operating income | 7,060 | 8,010 | 950 | +13.5% |
| Net income attributable to owners | 5,003 | 6,386 | 1,383 | +27.6% |
| Operating cash flow | 13,535 | 6,422 | -7,113 | -52.6% |
| Free cash flow | 9,409 | 25 | -9,384 | -99.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 90,029 | 5,130 | 5.7% | 3,599 | 8,726 | 6,785 | S100KDYE |
| FY ending Sep 2020 | 92,020 | 6,231 | 6.8% | 7,096 | 8,637 | 5,977 | S100N2RP |
| FY ending Sep 2021 | 103,030 | 6,853 | 6.7% | 5,009 | 3,252 | 636 | S100PU3T |
| FY ending Sep 2022 | 116,620 | 9,165 | 7.9% | 7,707 | 9,256 | 6,070 | S100SHP0 |
| FY ending Sep 2023 | 122,126 | 8,688 | 7.1% | 6,287 | 5,695 | 219 | S100UXFQ |
| FY ending Sep 2024 | 115,362 | 7,060 | 6.1% | 5,003 | 13,535 | 9,409 | S100X9BV |
| FY ending Sep 2025 | 121,458 | 8,010 | 6.6% | 6,386 | 6,422 | 25 | S100X9BV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.9M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 4,231 | 4,235 | 4,428 | 4,573 | 4,695 |
| Average salary (parent company) | ¥11.1M | ¥10.2M | ¥11M | ¥10.8M | ¥10.8M |
| Average age (parent company) | 42.5 years | 42.3 years | 41.7 years | 41.1 years | 40.4 years |
| Average tenure (parent company) | 14.0 years | 14.0 years | 13.0 years | 12.0 years | 11.0 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) +5.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Think tank and consulting servise | 47,090 | 38.8% | 5,715 | 12.1% |
| IT service | 74,367 | 61.2% | 4,037 | 5.4% |

### 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 |
| --- | ---: |
| Think tank and consulting servise | 38.8% |
| IT service | 61.2% |

Segment → industry: IT service → IT Services & System Integration / Think tank and consulting servise → Consulting

## 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 | 6,422 | 5.3% | S100X9BV |
| Capital expenditure | 6,397 | 5.3% | S100X9BV |
| Free cash flow | 25 | 0.0% | 算出 |
| Investing cash flow | -4,005 | -3.3% | S100X9BV |
| Financing cash flow | -3,008 | -2.5% | S100X9BV |
| Dividends paid | 2,564 | 2.1% | S100X9BV |
| Share buyback | 0 | 0.0% | S100X9BV |
| Change in cash | -617 | -0.5% | S100X9BV |
| Cash and equivalents | 30,010 | 24.7% | S100X9BV |

## 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 | 29,097 | 27,857 | 24,926 | 30,627 | 30,010 | S100SHP0, S100UXFQ, S100X9BV |
| Total assets | 99,704 | 114,652 | 118,009 | 119,732 | 128,113 | S100PU3T, S100SHP0, S100UXFQ, S100X9BV |
| Net assets | 63,836 | 71,151 | 74,385 | 76,373 | 81,346 | S100SHP0, S100UXFQ, S100X9BV |
| Share capital | 6,336 | 6,336 | 6,336 | 6,336 | 6,336 | S100PU3T, S100SHP0, S100UXFQ, S100X9BV |
| Trade receivables | 17,735 | — | — | — | — | S100PU3T |
| Inventories | 9,854 | 336 | 342 | 208 | 477 | S100PU3T, S100SHP0, S100UXFQ, S100X9BV |
| Property, plant and equipment | 11,310 | 10,659 | 12,114 | 10,937 | 12,848 | S100PU3T, S100SHP0, S100UXFQ, S100X9BV |
| Intangible assets excluding goodwill | 5,652 | 5,488 | 6,253 | 6,832 | 7,103 | S100PU3T, S100SHP0, S100UXFQ, S100X9BV |
| Investment securities | 15,712 | 16,317 | 19,847 | 18,130 | 19,052 | S100PU3T, S100SHP0, S100UXFQ, S100X9BV |
| Current assets | 59,142 | 73,921 | 71,154 | 74,282 | 79,487 | S100PU3T, S100SHP0, S100UXFQ, S100X9BV |
| Current liabilities | 20,618 | 30,239 | 30,777 | 31,128 | 34,052 | S100PU3T, S100SHP0, S100UXFQ, S100X9BV |
| Long-term borrowings | 900 | 500 | — | — | — | S100PU3T, S100SHP0 |
| Total liabilities | 35,867 | 43,500 | 43,624 | 43,359 | 46,766 | S100PU3T, S100SHP0, S100UXFQ, S100X9BV |
| Non-controlling interests | 7,557 | 8,099 | 8,584 | 8,742 | 9,422 | S100PU3T, S100SHP0, S100UXFQ, S100X9BV |
| Equity attributable to owners of parent | 54,108 | 61,220 | 63,371 | 65,019 | 68,879 | S100PU3T, S100SHP0, S100UXFQ, S100X9BV |
| Retained earnings | 43,749 | 50,721 | 54,520 | 57,036 | 58,971 | S100PU3T, S100SHP0, S100UXFQ, S100X9BV |
| Treasury stock | -762 | -622 | -2,393 | -3,261 | -1,336 | S100PU3T, S100SHP0, S100UXFQ, S100X9BV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100X9BV |
| Inventories | 0% | S100X9BV |
| Property, plant and equipment | 10% | S100X9BV |
| Intangibles and goodwill | 6% | S100X9BV |
| Investment securities | 15% | S100X9BV |
| Other assets | 46% | S100X9BV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100X9BV |
| Equity | 63% | S100X9BV |
| Other liabilities | 0% | S100X9BV |

### 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 | 99,704 | 114,652 | 118,009 | 119,732 | 128,113 |
| Equity | 63,836 | 71,151 | 74,385 | 76,373 | 81,346 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 29,097 | 27,857 | 24,926 | 30,627 | 30,010 |

## 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) | 10.6% | S100X9BV |
| Fixed assets ÷ total assets | 10.0% | S100X9BV |
| Goodwill ÷ parent equity | — | —, S100X9BV |

### 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) | 23.4% |
| Cash ÷ revenue | 24.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 80.2% |
| Cash vs. profit gap | 36 JPY mn (of net income 0.6%) |
| Shareholder returns / net income | 40.2% |
| Shareholder returns / FCF | 10256.0% |
| Shareholder payments — dividends / net income | 40.2% |
| Shareholder payments — dividends / FCF | 10256.0% |
| CapEx intensity (capex ÷ revenue) | 5.3% |
| Investing CF relative to operating CF | 62.4% |

## 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 | 4.9% | 1.03× | 5.0% | 1.84× | 9.3% | S100PU3T |
| 2022 | 6.6% | 1.09× | 7.2% | 1.86× | 13.4% | S100SHP0 |
| 2023 | 5.1% | 1.05× | 5.4% | 1.87× | 10.1% | S100UXFQ |
| 2024 | 4.3% | 0.97× | 4.2% | 1.85× | 7.8% | S100X9BV |
| 2025 | 5.3% | 0.98× | 5.2% | 1.85× | 9.5% | S100X9BV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.6% | 2025-09-30 |
| 三菱重工業株式会社 | Major shareholder | 6.1% | 2025-09-30 |
| 三菱商事株式会社 | Major shareholder | 6.1% | 2025-09-30 |
| 三菱電機株式会社 | Major shareholder | 5.6% | 2025-09-30 |
| 三菱総合研究所グループ従業員持株会 | Major shareholder | 5.0% | 2025-09-30 |
| 三菱ケミカル株式会社 | Major shareholder | 3.9% | 2025-09-30 |
| 三菱マテリアル株式会社 | Major shareholder | 3.5% | 2025-09-30 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.1% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.8% | 2025-09-30 |
| ＡＧＣ株式会社 | Major shareholder | 2.8% | 2025-09-30 |
| 三菱地所株式会社 | Major shareholder | 2.8% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第56期(2024/10/01－2025/09/30) | S100X9BV | 2025-12-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X9BV,, |
| 有価証券報告書－第55期(2023/10/01－2024/09/30) | S100UXFQ | 2024-12-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UXFQ,, |
| 有価証券報告書－第54期(2022/10/01－2023/09/30) | S100SHP0 | 2023-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SHP0,, |
| 有価証券報告書－第53期(令和3年10月1日－令和4年9月30日) | S100PU3T | 2022-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PU3T,, |
| 有価証券報告書－第52期(令和2年10月1日－令和3年9月30日) | S100N2RP | 2021-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2RP,, |
| 有価証券報告書－第51期(令和1年10月1日－令和2年9月30日) | S100KDYE | 2020-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KDYE,, |

## 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).