# MRSO Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第11期(2025/01/01－2025/12/31) (S100XU72)
> Page: https://vizora.meequs.com/en/company/mrso
> Retrieved: 2026-09-30T19:05:55.326Z

## Company

Mrso is a company in Health Tech listed on TSE Growth. It has 25 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MRSO Inc. |
| Ticker | 5619 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5619.T) |
| Listing | TSE Growth |
| Head office | 東京都港区虎ノ門四丁目3番1号 城山トラストタワー17階 |
| Representative (per filing) | 代表取締役社長 CEO 西野 恒五郎 |
| Share capital | ¥122.4M |
| Employees (consolidated) | 25 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | December |
| Website | www.mrso.co.jp (https://www.mrso.co.jp/) |
| Corporate number | 9010401116526 |
| EDINET | E39171 |
| Industries (Vizora) | Health Tech |

> Profile source: annual securities report (S100XU72, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Health Tech (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 2.8 | 18 |
| Efficiency | 8.3 | 18 |

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)

- Mrso brought in ¥1.08B in revenue.
- It lost about ¥3 for every ¥100 of sales at the operating level.
- Revenue changed -19.1% from the prior year, operating profit -121.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.08B |  |
| Operating income | -¥33.9M | Margin -3.1% |
| Net income | -¥23M | Margin -2.1% |
| Free cash flow | -¥25.8M |  |
| Employees (consolidated) | 25 |  |
| EPS | ¥-6.61 |  |
| Book value per share | ¥556.75 |  |
| Equity ratio | 92.1% |  |
| Shares outstanding | 3,552,750 |  |
| Treasury shares | 44,200 |  |
| Shareholders | 938 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 79.2% | Cash ÷ revenue 155.5% |
| Vs. industry median margin | -17 pp | Health Tech |
| ROA | -1.1% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 79% of total assets

## What changed in 3 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2022 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2251424000 | ¥1078086000 | — |
| Operating income | ¥995396000 | ¥-33937000 | — |
| Operating margin | 44.2% | -3.1% | -47.4 pp |
| Employees | 20 people | 25 people | — |
| Cash and equivalents | ¥1742897000 | ¥1675916000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2022 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,078 | 100.0% | S100XU72 |
| Cost of revenue | 254 | 23.6% | S100XU72 |
| Gross profit | 824 | 76.4% | S100XU72 |
| SG&A | 858 | 79.6% | S100XU72 |
| Operating income | -34 | -3.1% | S100XU72 |
| Ordinary income | -33 | -3.1% | S100XU72 |
| Pretax income | -33 | -3.1% | S100XU72 |
| Income tax | -10 | -1.0% | S100XU72 |
| Net income | -23 | -2.1% | S100XU72 |
| Net income attributable to owners | -23 | -2.1% | S100XU72 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 24 |
| SG&A | 79 |
| Operating income | -3 |
| (Ref.) Net income | -2 |

### Margin funnel

Gross margin 76.4% → Operating margin -3.1% → Net margin -2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,333 | 1,078 | -255 | -19.1% |
| Gross profit | 1,029 | 824 | -205 | -19.9% |
| Operating income | 158 | -34 | -191 | -121.5% |
| Net income attributable to owners | 101 | -23 | -124 | -122.8% |
| Operating cash flow | -78 | -25 | 52 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2022 | 2,251 | 995 | 44.2% | 654 | 696 | 695 | S100T4CT |
| FY ending Dec 2023 | 1,809 | 619 | 34.2% | 388 | 48 | 43 | S100T4CT |
| FY ending Dec 2024 | 1,333 | 158 | 11.8% | 101 | -78 | — | S100XU72 |
| FY ending Dec 2025 | 1,078 | -34 | -3.1% | -23 | -25 | -26 | S100XU72 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.1M |
| Operating income per employee (consolidated) | -¥1.4M |
| Net income per employee (consolidated) | -¥920.2K |

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

| History | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 20 | 21 | 24 | 25 |
| Average salary (parent company) | — | ¥6.5M | ¥6.3M | ¥6.8M |
| Average age (parent company) | — | 35.3 years | 35.5 years | 37.5 years |
| Average tenure (parent company) | — | 4.1 years | 4.4 years | 5.4 years |

Year over year: Employees (consolidated) +4.2% · Revenue (consolidated) -19.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -25 | -2.4% | S100XU72 |
| Capital expenditure | 0 | 0.0% | S100XU72 |
| Free cash flow | -26 | -2.4% | 算出 |
| Investing cash flow | -50 | -4.7% | S100XU72 |
| Financing cash flow | -57 | -5.3% | S100XU72 |
| Share buyback | 49 | 4.6% | S100XU72 |
| Change in cash | -133 | -12.4% | S100XU72 |
| Cash and equivalents | 1,676 | 155.5% | S100XU72 |

## 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 Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,743 | 1,927 | 1,809 | 1,676 | S100T4CT, S100XU72 |
| Total assets | 2,081 | 2,253 | 2,257 | 2,116 | S100T4CT, S100XU72 |
| Net assets | 1,337 | 1,880 | 2,022 | 1,949 | S100T4CT, S100XU72 |
| Share capital | 100 | 100 | 122 | 122 | S100T4CT, S100XU72 |
| Property, plant and equipment | 1 | 1 | 0 | 0 | S100T4CT, S100XU72 |
| Intangible assets excluding goodwill | 16 | 11 | 7 | 4 | S100T4CT, S100XU72 |
| Investment securities | — | — | 60 | 110 | S100XU72 |
| Current assets | 1,969 | 2,159 | 2,106 | 1,929 | S100T4CT, S100XU72 |
| Current liabilities | 729 | 366 | 234 | 168 | S100T4CT, S100XU72 |
| Long-term borrowings | 15 | 7 | — | — | S100T4CT |
| Total liabilities | 744 | 373 | 234 | 168 | S100T4CT, S100XU72 |
| Equity attributable to owners of parent | 1,337 | 1,880 | 2,026 | 1,954 | S100T4CT, S100XU72 |
| Retained earnings | 1,085 | 1,473 | 1,574 | 1,551 | S100T4CT, S100XU72 |
| Treasury stock | -60 | — | -0 | -49 | S100T4CT, S100XU72 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 79% | S100XU72 |
| Property, plant and equipment | 0% | S100XU72 |
| Intangibles and goodwill | 0% | S100XU72 |
| Investment securities | 5% | S100XU72 |
| Other assets | 16% | S100XU72 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 8% | S100XU72 |
| Equity | 92% | S100XU72 |
| Other liabilities | 0% | S100XU72 |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 2,081 | 2,253 | 2,257 | 2,116 |
| Equity | 1,337 | 1,880 | 2,022 | 1,949 |
| Interest-bearing debt | — | — | — | — |
| Cash | 1,743 | 1,927 | 1,809 | 1,676 |

## 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) | 0.0% | S100XU72 |
| Fixed assets ÷ total assets | 0.0% | S100XU72 |
| Goodwill ÷ parent equity | — | —, S100XU72 |

### 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) | 79.2% |
| Cash ÷ revenue | 155.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -2 JPY mn |
| 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 | — |

## 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 | 29.0% | 1.08× | 31.4% | 1.56× | 48.9% | S100T4CT |
| 2023 | 21.4% | 0.84× | 17.9% | 1.35× | 24.1% | S100T4CT |
| 2024 | 7.6% | 0.59× | 4.5% | 1.11× | 5.0% | S100XU72 |
| 2025 | — | —× | -1.1% | —× | — | S100XU72 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 西野 恒五郎 | Major shareholder | 41.0% | 2025-12-31 |
| 三和システム株式会社 | Major shareholder | 15.0% | 2025-12-31 |
| 神田 有宏 | Major shareholder | 8.2% | 2025-12-31 |
| 第一生命ホールディングス株式会社 | Major shareholder | 5.0% | 2025-12-31 |
| 株式会社ＳＨＩＦＴ | Major shareholder | 3.8% | 2025-12-31 |
| 阿部 順一 | Major shareholder | 3.4% | 2025-12-31 |
| ＡＶＪ１号投資事業有限責任組合無限責任組合員Ａｆｌａｃ Ｖｅｎｔｕｒｅｓ Ｊａｐａｎ株式会社 | Major shareholder | 2.6% | 2025-12-31 |
| 株式会社ＥＰＡＲＫ | Major shareholder | 2.1% | 2025-12-31 |
| 有限会社キャピタルオール | Major shareholder | 1.6% | 2025-12-31 |
| 菅生 淳一 | Major shareholder | 1.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2025/01/01－2025/12/31) | S100XU72 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU72,, |
| 有価証券報告書－第10期(2024/01/01－2024/12/31) | S100VI36 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI36,, |
| 有価証券報告書－第9期(2023/01/01－2023/12/31) | S100T4CT | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4CT,, |

## 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).