# MRT Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2025/01/01－2025/12/31) (S100XSR6)
> Page: https://vizora.meequs.com/en/company/mrt
> Retrieved: 2026-09-30T19:48:17.154Z

## Company

MRT, founded in 2000, is a company in HR & Staffing listed on TSE Growth. It has 307 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MRT Inc. |
| Ticker | 6034 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6034.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区神南一丁目18番2号 |
| Representative (per filing) | 代表取締役社長 小川 智也 |
| Founded | Jan 2000 |
| Share capital | ¥540.6M |
| Employees (consolidated) | 307 |
| Average salary (parent only) | ¥4.5M |
| Fiscal year end | December |
| Website | medrt.co.jp (https://medrt.co.jp/) |
| Corporate number | 3011101059533 |
| EDINET | E31071 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100XSR6, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 44.9 | 68 |
| Profitability | 16.5 | 88 |
| Cash conversion | 96.9 | 80 |
| Efficiency | 6.3 | 88 |

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)

- MRT brought in ¥4.19B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +0.6% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4191472000 → ¥50033000
- Net income → operating cash flow: ¥50033000 → ¥417841000（difference ¥367808000）
- Main uses of operating cash flow: CapEx ¥77294000 / dividends ¥141000 / buybacks ¥129327000
- Change in cash: ¥-935110000
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 | ¥4.19B |  |
| Operating income | ¥95.9M | Margin 2.3% |
| Net income | ¥55.8M | Margin 1.3% |
| Free cash flow | ¥340.5M |  |
| Employees (consolidated) | 307 |  |
| EPS | ¥9.91 |  |
| Book value per share | ¥742.26 |  |
| Equity ratio | 71.7% | Derived from disclosed figures |
| Shares outstanding | 5,718,600 |  |
| Treasury shares | 185,200 |  |
| Shareholders | 2,719 |  |
| Average salary (parent only) | ¥4.5M | Filing company only |
| Cash ratio | 25.8% | Cash ÷ revenue 39.8% |
| Vs. industry median margin | -6.3 pp | HR & Staffing |
| ROE | 1.2% | Derived from disclosed figures |
| ROA | 0.8% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 917.2× dividends
- FY2025, operating cash flow is 7.5× net income
- FY2025, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2562419000 | ¥4191472000 | +63.6% |
| Operating income | ¥264363000 | ¥95906000 | -63.7% |
| Operating margin | 10.3% | 2.3% | -8 pp |
| Employees | 227 people | 307 people | +35.2% |
| Cash and equivalents | ¥1586171000 | ¥1670107000 | +5.3% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → 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, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,191 | 100.0% | S100XSR6 |
| Cost of revenue | 1,346 | 32.1% | S100XSR6 |
| Gross profit | 2,846 | 67.9% | S100XSR6 |
| SG&A | 2,762 | 65.9% | S100XSR6 |
| Operating income | 96 | 2.3% | S100XSR6 |
| Pretax income | 109 | 2.6% | S100XSR6 |
| Income tax | 59 | 1.4% | S100XSR6 |
| Net income | 50 | 1.2% | S100XSR6 |
| Net income attributable to owners | 56 | 1.3% | S100XSR6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 32 |
| SG&A | 66 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 67.9% → Operating margin 2.3% → Net margin 1.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 4,166 | 4,191 | 26 | +0.6% |
| Gross profit | 2,736 | 2,846 | 109 | +4.0% |
| Operating income | -120 | 96 | 216 | — |
| Net income attributable to owners | -309 | 56 | 365 | — |
| Operating cash flow | 503 | 418 | -85 | -16.9% |
| Free cash flow | 431 | 341 | -90 | -20.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 1,155 | — | — | 88 | 76 | — | S100NT8N |
| FY ending Mar 2018 | 1,502 | — | — | 31 | 99 | — | S100QIK0 |
| FY ending Mar 2019 | 2,232 | — | — | 98 | 88 | — | S100T6G1 |
| FY ending Dec 2019 | 1,973 | 198 | 10.0% | 109 | 220 | 203 | S100L3FN |
| FY ending Dec 2020 | 2,562 | 264 | 10.3% | 132 | 295 | 184 | S100NT8N |
| FY ending Dec 2021 | 4,469 | 1,267 | 28.4% | 774 | -299 | -406 | S100QIK0 |
| FY ending Dec 2022 | 8,738 | 2,977 | 34.1% | 2,160 | 4,512 | 4,431 | S100T6G1 |
| FY ending Dec 2023 | 5,407 | 834 | 15.4% | 518 | -194 | -284 | S100VIS2 |
| FY ending Dec 2024 | 4,166 | -120 | -2.9% | -309 | 503 | 431 | S100XSR6 |
| FY ending Dec 2025 | 4,191 | 96 | 2.3% | 56 | 418 | 341 | S100XSR6 |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.7M |
| Operating income per employee (consolidated) | ¥312.4K |
| Net income per employee (consolidated) | ¥181.7K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 249 | 263 | 288 | 304 | 307 |
| Average salary (parent company) | ¥5.3M | ¥6M | ¥6.3M | ¥5.3M | ¥4.5M |
| Average age (parent company) | 31.1 years | 31.5 years | 31.0 years | 32.1 years | 32.7 years |
| Average tenure (parent company) | 3.8 years | 3.9 years | 4.2 years | 4.8 years | 5.3 years |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) +0.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 418 | 10.0% | S100XSR6 |
| Capital expenditure | 77 | 1.8% | S100XSR6 |
| Free cash flow | 341 | 8.1% | 算出 |
| Investing cash flow | -623 | -14.9% | S100XSR6 |
| Financing cash flow | -730 | -17.4% | S100XSR6 |
| Dividends paid | 0 | 0.0% | S100XSR6 |
| Share buyback | 129 | 3.1% | S100XSR6 |
| Change in cash | -935 | -22.3% | S100XSR6 |
| Cash and equivalents | 1,670 | 39.8% | S100XSR6 |

## 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 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,013 | 4,890 | 3,783 | 2,605 | 1,670 | S100T6G1, S100VIS2, S100XSR6 |
| Total assets | 4,984 | 8,159 | 6,474 | 6,746 | 6,478 | S100QIK0, S100T6G1, S100VIS2, S100XSR6 |
| Net assets | 2,293 | 4,485 | 4,717 | 4,628 | 4,647 | S100T6G1, S100VIS2, S100XSR6 |
| Share capital | 432 | 432 | 432 | 541 | 541 | S100QIK0, S100T6G1, S100VIS2, S100XSR6 |
| Property, plant and equipment | 76 | 78 | 57 | 68 | 60 | S100QIK0, S100T6G1, S100VIS2, S100XSR6 |
| Goodwill | 240 | 435 | 329 | 321 | 347 | S100QIK0, S100T6G1, S100VIS2, S100XSR6 |
| Current assets | 3,708 | 6,429 | 4,919 | 3,318 | 2,893 | S100QIK0, S100T6G1, S100VIS2, S100XSR6 |
| Total liabilities | 2,690 | 3,674 | 1,757 | 2,118 | 1,831 | S100QIK0, S100T6G1, S100VIS2, S100XSR6 |
| Equity attributable to owners of parent | 2,222 | 4,391 | 4,579 | 4,516 | 4,645 | S100QIK0, S100T6G1, S100VIS2, S100XSR6 |
| Retained earnings | 1,752 | 3,913 | 4,175 | 3,579 | 3,574 | S100QIK0, S100T6G1, S100VIS2, S100XSR6 |
| Treasury stock | -121 | -121 | -289 | -1 | -130 | S100QIK0, S100T6G1, S100VIS2, S100XSR6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100XSR6 |
| Property, plant and equipment | 1% | S100XSR6 |
| Intangibles and goodwill | 5% | — |
| Other assets | 68% | S100XSR6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100XSR6 |
| Equity | 72% | S100XSR6 |
| Other liabilities | 0% | S100XSR6 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,984 | 8,159 | 6,474 | 6,746 | 6,478 |
| Equity | 2,293 | 4,485 | 4,717 | 4,628 | 4,647 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,013 | 4,890 | 3,783 | 2,605 | 1,670 |

## 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) | 1.4% | S100XSR6 |
| Fixed assets ÷ total assets | 0.9% | S100XSR6 |
| Goodwill ÷ parent equity | 7.5% | S100XSR6 |

Goodwill over 4 years: 240 → 347 JPY; total investing cash flow: -3,348 JPY. This does not imply causation.

### 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) | 25.8% |
| Cash ÷ revenue | 39.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 435.7% |
| Cash vs. profit gap | 362 JPY mn (of net income 649.2%) |
| Shareholder returns / net income | 232.1% |
| Shareholder returns / FCF | 38.0% |
| Shareholder payments — dividends / net income | 0.3% |
| Shareholder payments — dividends / FCF | 0.0% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 149.2% |

## 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 | 17.3% | 0.90× | 15.5% | 2.24× | 34.9% | S100QIK0 |
| 2022 | 24.7% | 1.33× | 32.9% | 1.99× | 65.3% | S100T6G1 |
| 2023 | 9.6% | 0.74× | 7.1% | 1.63× | 11.6% | S100VIS2 |
| 2024 | — | —× | -4.7% | —× | — | S100XSR6 |
| 2025 | 1.3% | 0.63× | 0.8% | 1.44× | 1.2% | S100XSR6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社冨田医療研究所 | Major shareholder | 21.7% | 2025-12-31 |
| 冨田 兵衛 | Major shareholder | 16.4% | 2025-12-31 |
| 冨田 留美 | Major shareholder | 8.1% | 2025-12-31 |
| 伊藤忠商事株式会社 | Major shareholder | 4.9% | 2025-12-31 |
| 馬場 稔正 | Major shareholder | 4.8% | 2025-12-31 |
| 株式会社メディカル・コンシェルジュ | Major shareholder | 4.1% | 2025-12-31 |
| 小川 智也 | Major shareholder | 2.5% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 2.5% | 2025-12-31 |
| 栗原 真由美 | Major shareholder | 2.1% | 2025-12-31 |
| 水元 公仁 | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/01/01－2025/12/31) | S100XSR6 | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSR6,, |
| 有価証券報告書－第26期(2024/01/01－2024/12/31) | S100VIS2 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIS2,, |
| 有価証券報告書－第25期(2023/01/01－2023/12/31) | S100T6G1 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6G1,, |
| 有価証券報告書－第24期(2022/01/01－2022/12/31) | S100QIK0 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIK0,, |
| 有価証券報告書－第23期(令和3年1月1日－令和3年12月31日) | S100NT8N | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NT8N,, |
| 有価証券報告書－第22期(令和2年1月1日－令和2年12月31日) | S100L3FN | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3FN,, |

## 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).