# Mortgage Service Japan Limited: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2025/04/01－2026/03/31) (S100YKHZ)
> Page: https://vizora.meequs.com/en/company/mortgage-service-japan
> Retrieved: 2026-09-30T19:58:20.961Z

## Company

Mortgage Service Japan, founded in 2005, is a company in Software & SaaS listed on TSE Standard. It has 209 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mortgage Service Japan Limited |
| Ticker | 7192 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7192.T) |
| Listing | TSE Standard |
| Head office | 東京都港区新橋四丁目3番1号 |
| Representative (per filing) | 代表取締役社長 鵜澤 泰功 |
| Founded | Aug 2005 |
| Share capital | ¥1.06B |
| Employees (consolidated) | 209 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.m-s-j.jp (https://www.m-s-j.jp/) |
| Corporate number | 2010401062405 |
| EDINET | E32803 |
| Industries (Vizora) | Software & SaaS, Non-life Insurance, Credit Cards & Consumer Credit |

> Profile source: annual securities report (S100YKHZ, filed 2026-06-25). As of filing

## Key points (generated from figures)

- About 49% of Mortgage Service Japan's sales come from House financing business, with House warranty liability insurance business and House Academeia business making up much of the rest.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +5.2% from the prior year, operating profit +13.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥7.96B |  |
| Operating income | ¥1.58B | Margin 19.9% |
| Net income | ¥1.09B | Margin 13.7% |
| Free cash flow | -¥1.27B |  |
| Largest business | House financing business | of segment revenue 49.1% |
| Employees (consolidated) | 209 |  |
| EPS | ¥64.44 |  |
| Book value per share | ¥574.07 |  |
| Equity ratio | 38.7% |  |
| Shares outstanding | 14,704,000 |  |
| Treasury shares | 2,000 |  |
| Shareholders | 15,584 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 20.7% | Cash ÷ revenue 64.1% |
| Vs. industry median margin | +1.8 pp | Credit Cards & Consumer Credit |
| ROE | 11.9% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 72% of positive segment profit
- FY2026, segment profit share differs by 23 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7129797000 | ¥7960229000 | +11.6% |
| Operating income | ¥1424292000 | ¥1583585000 | +11.2% |
| Operating margin | 20.0% | 19.9% | -0.1 pp |
| Employees | 200 people | 209 people | +4.5% |
| Cash and equivalents | ¥4945169000 | ¥5103956000 | +3.2% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 住宅金融事業 → 住宅金融事業 | 45.4% |
| 住宅瑕疵保険等事業 → 住宅瑕疵保険等事業 | 42.4% |
| 住宅瑕疵保険等事業 → 事業再編・廃止 | 5.3% |
| 住宅アカデメイア事業 → 住宅アカデメイア事業 | 6.9% |
| 新設・再編 → 住宅金融事業 | 3.7% |
| 新設・再編 → 住宅アカデメイア事業 | 1.6% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| House financing business | 5 years | +3.8% | ¥3907185000 | 29.1% | 2 |
| House warranty liability insurance business | 5 years | -0.1% | ¥3374740000 | 10.7% | 2 |
| House Academeia business | 5 years | +6.6% | ¥678302000 | 12.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,960 | 100.0% | S100YKHZ |
| SG&A | 4,109 | 51.6% | S100YKHZ |
| Operating income | 1,584 | 19.9% | S100YKHZ |
| Ordinary income | 1,595 | 20.0% | S100YKHZ |
| Pretax income | 1,595 | 20.0% | S100YKHZ |
| Income tax | 490 | 6.2% | S100YKHZ |
| Net income | 1,105 | 13.9% | S100YKHZ |
| Net income attributable to owners | 1,090 | 13.7% | S100YKHZ |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 80 |
| Operating income | 20 |
| (Ref.) Net income | 14 |

### Margin funnel

Operating margin 19.9% → Net margin 13.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.2%; Core profit growth: +13.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.51×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,566 | 7,960 | 394 | +5.2% |
| Operating income | 1,400 | 1,584 | 183 | +13.1% |
| Net income attributable to owners | 983 | 1,090 | 107 | +10.9% |
| Operating cash flow | 1,819 | -1,212 | -3,032 | -166.6% |
| Free cash flow | 1,613 | -1,270 | -2,883 | -178.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,118 | 1,483 | 20.8% | 1,015 | -984 | -1,101 | S100LUQ8 |
| FY ending Mar 2021 | 7,130 | 1,424 | 20.0% | 946 | -1,701 | -1,922 | S100OLJ8 |
| FY ending Mar 2022 | 7,689 | 1,696 | 22.1% | 1,131 | -385 | -472 | S100R9WR |
| FY ending Mar 2023 | 7,326 | 1,471 | 20.1% | 1,002 | 913 | 792 | S100TWTF |
| FY ending Mar 2024 | 7,111 | 1,398 | 19.7% | 874 | 1,597 | 1,560 | S100W8VV |
| FY ending Mar 2025 | 7,566 | 1,400 | 18.5% | 983 | 1,819 | 1,613 | S100YKHZ |
| FY ending Mar 2026 | 7,960 | 1,584 | 19.9% | 1,090 | -1,212 | -1,270 | S100YKHZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.1M |
| Operating income per employee (consolidated) | ¥7.6M |
| Net income per employee (consolidated) | ¥5.2M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 201 | 198 | 202 | 205 | 209 |
| Average salary (parent company) | ¥7M | ¥6.7M | ¥6.7M | ¥7.2M | ¥7.5M |
| Average age (parent company) | 44.7 years | 46.4 years | 46.1 years | 47.7 years | 47.3 years |
| Average tenure (parent company) | 5.9 years | 6.8 years | 7.1 years | 7.9 years | 7.9 years |

Year over year: Employees (consolidated) +2.0% · Revenue (consolidated) +5.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| House financing business | 3,907 | 49.1% | 1,137 | 29.1% |
| House warranty liability insurance business | 3,375 | 42.4% | 361 | 10.7% |
| House Academeia business | 678 | 8.5% | 85 | 12.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| House financing business | 49.1% | 71.8% | 22.7 | 29.1% |
| House warranty liability insurance business | 42.4% | 22.8% | -19.6 | 10.7% |
| House Academeia business | 8.5% | 5.4% | -3.2 | 12.5% |

Segment → industry: House Academeia business → Software & SaaS / House Academeia business → Non-life Insurance / House warranty liability insurance business → Non-life Insurance / House financing business → Credit Cards & Consumer Credit

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,212 | -15.2% | S100YKHZ |
| Capital expenditure | 58 | 0.7% | S100YKHZ |
| Free cash flow | -1,270 | -16.0% | 算出 |
| Investing cash flow | -161 | -2.0% | S100YKHZ |
| Financing cash flow | 1,297 | 16.3% | S100YKHZ |
| Dividends paid | 324 | 4.1% | S100YKHZ |
| Change in cash | -76 | -1.0% | S100YKHZ |
| Cash and equivalents | 5,104 | 64.1% | S100YKHZ |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,023 | 4,419 | 4,675 | 5,180 | 5,104 | S100TWTF, S100W8VV, S100YKHZ |
| Total assets | 22,501 | 22,208 | 21,241 | 22,097 | 24,657 | S100R9WR, S100TWTF, S100W8VV, S100YKHZ |
| Net assets | 6,828 | 7,528 | 8,094 | 8,777 | 9,559 | S100TWTF, S100W8VV, S100YKHZ |
| Share capital | 1,061 | 1,061 | 1,061 | 1,061 | 1,061 | S100R9WR, S100TWTF, S100W8VV, S100YKHZ |
| Property, plant and equipment | 196 | 188 | 184 | 317 | 289 | S100R9WR, S100TWTF, S100W8VV, S100YKHZ |
| Intangible assets excluding goodwill | 316 | 280 | 214 | 137 | 119 | S100R9WR, S100TWTF, S100W8VV, S100YKHZ |
| Investment securities | 10 | 10 | 2 | 2 | 2 | S100R9WR, S100TWTF, S100W8VV, S100YKHZ |
| Current assets | 20,986 | 20,407 | 19,398 | 20,129 | 22,566 | S100R9WR, S100TWTF, S100W8VV, S100YKHZ |
| Current liabilities | 14,395 | 13,406 | 11,409 | 11,596 | 13,823 | S100R9WR, S100TWTF, S100W8VV, S100YKHZ |
| Short-term borrowings | 10,181 | 9,146 | 7,628 | 6,936 | 8,966 | S100R9WR, S100TWTF, S100W8VV, S100YKHZ |
| Long-term borrowings | — | — | 510 | 408 | — | S100W8VV, S100YKHZ |
| Total liabilities | 15,673 | 14,680 | 13,147 | 13,320 | 15,098 | S100R9WR, S100TWTF, S100W8VV, S100YKHZ |
| Non-controlling interests | 25 | 21 | 7 | 1 | 16 | S100R9WR, S100TWTF, S100W8VV, S100YKHZ |
| Equity attributable to owners of parent | 6,799 | 7,507 | 8,087 | 8,776 | 9,542 | S100R9WR, S100TWTF, S100W8VV, S100YKHZ |
| Retained earnings | 5,181 | 5,889 | 6,469 | 7,158 | 7,924 | S100R9WR, S100TWTF, S100W8VV, S100YKHZ |
| Treasury stock | -2 | -2 | -2 | -2 | -2 | S100R9WR, S100TWTF, S100W8VV, S100YKHZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YKHZ |
| Property, plant and equipment | 1% | S100YKHZ |
| Intangibles and goodwill | 0% | S100YKHZ |
| Investment securities | 0% | S100YKHZ |
| Other assets | 78% | S100YKHZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 61% | S100YKHZ |
| Equity | 39% | S100YKHZ |
| Other liabilities | 0% | S100YKHZ |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 22,501 | 22,208 | 21,241 | 22,097 | 24,657 |
| Equity | 6,828 | 7,528 | 8,094 | 8,777 | 9,559 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,023 | 4,419 | 4,675 | 5,180 | 5,104 |

## 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) | 3.6% | S100YKHZ |
| Fixed assets ÷ total assets | 1.2% | S100YKHZ |
| Goodwill ÷ parent equity | — | —, S100YKHZ |

### 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) | 20.7% |
| Cash ÷ revenue | 64.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -76.6% |
| Cash vs. profit gap | -2,302 JPY mn (of net income -211.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 14.7% | 0.34× | 5.0% | 3.31× | 16.6% | S100R9WR |
| 2023 | 13.7% | 0.33× | 4.5% | 3.13× | 14.0% | S100TWTF |
| 2024 | 12.3% | 0.33× | 4.0% | 2.79× | 11.2% | S100W8VV |
| 2025 | 13.0% | 0.35× | 4.5% | 2.57× | 11.7% | S100YKHZ |
| 2026 | 13.7% | 0.34× | 4.7% | 2.55× | 11.9% | S100YKHZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ビルダーズシステム研究所 | Major shareholder | 25.4% | 2026-03-31 |
| 株式会社日本レジデンシャルファンド | Major shareholder | 6.5% | 2026-03-31 |
| ベル投資事業有限責任組合１ 無限責任組合員 ベル有限責任事業組合 | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社OSCARホールディングス | Major shareholder | 3.3% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社ノーブルホーム | Major shareholder | 1.6% | 2026-03-31 |
| 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 | 1.6% | 2026-03-31 |
| ヤマイチ株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 下津 和也 | Major shareholder | 1.2% | 2026-03-31 |
| 友澤 悟郎 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/04/01－2026/03/31) | S100YKHZ | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKHZ,, |
| 有価証券報告書－第20期(2024/04/01－2025/03/31) | S100W8VV | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8VV,, |
| 有価証券報告書－第19期(2023/04/01－2024/03/31) | S100TWTF | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWTF,, |
| 有価証券報告書－第18期(2022/04/01－2023/03/31) | S100R9WR | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9WR,, |
| 有価証券報告書－第17期(令和3年4月1日－令和4年3月31日) | S100OLJ8 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLJ8,, |
| 有価証券報告書－第16期(令和2年4月1日－令和3年3月31日) | S100LUQ8 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUQ8,, |

## 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).