# MS&Consulting: business model and financials

> Latest period: FY ending Feb 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2025/03/01－2026/02/28) (S100Y6L3)
> Page: https://vizora.meequs.com/en/company/ms-and-consulting
> Retrieved: 2026-09-30T21:33:59.767Z

## Company

MS&Consulting, founded in 2013, is a company in Consulting listed on TSE Standard. It has 152 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MS&Consulting Co., Ltd. |
| Ticker | 6555 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6555.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋小伝馬町4番9号 |
| Representative (per filing) | 代表取締役社長 辻 秀敏 |
| Founded | Mar 2013 |
| Share capital | ¥78.1M |
| Employees (consolidated) | 152 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | February |
| Website | www.msandc.co.jp (https://www.msandc.co.jp/) |
| Corporate number | 3010001152084 |
| EDINET | E20870 |
| Industries (Vizora) | Consulting |

> Profile source: annual securities report (S100Y6L3, filed 2026-05-26). As of filing

## Five-axis industry profile

Primary industry: Consulting (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 51.1 | 44 |
| Cash conversion | 87.5 | 44 |
| Efficiency | 12.5 | 44 |

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)

- MS&Consulting brought in ¥2.58B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +8.1% from the prior year, operating profit +40.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2584946000 → ¥172079000
- Net income → operating cash flow: ¥172079000 → ¥405705000（difference ¥233626000）
- Main uses of operating cash flow: CapEx ¥128113000 / dividends — / buybacks —
- Change in cash: ¥451068000
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 | ¥2.58B |  |
| Operating income | ¥252.1M | Margin 9.8% |
| Net income | ¥173.1M | Margin 6.7% |
| Free cash flow | ¥277.6M |  |
| Employees (consolidated) | 152 |  |
| EPS | ¥40.21 |  |
| Diluted EPS | ¥40.21 |  |
| Book value per share | ¥393.01 |  |
| Equity ratio | 79.8% | Derived from disclosed figures |
| Shares outstanding | 4,597,400 |  |
| Treasury shares | 97,600 |  |
| Shareholders | 2,102 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 27.8% | Cash ÷ revenue 39.8% |
| Vs. industry median margin | +0.2 pp | Consulting |
| ROE | 5.9% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income
- FY2026, cash is 28% of total assets

## What changed in 6 years

| Metric | FY ending Feb 2020 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2528351000 | ¥2584946000 | +2.2% |
| Operating income | ¥320802000 | ¥252089000 | -21.4% |
| Operating margin | 12.7% | 9.8% | -2.9 pp |
| Employees | 133 people | 152 people | +14.3% |
| Cash and equivalents | ¥532112000 | ¥1029998000 | +93.6% |

### Change in segment revenue mix

Span: FY ending Feb 2020 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Feb 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,585 | 100.0% | S100Y6L3 |
| Cost of revenue | 1,718 | 66.5% | S100Y6L3 |
| Gross profit | 867 | 33.5% | S100Y6L3 |
| SG&A | 637 | 24.6% | S100Y6L3 |
| Operating income | 252 | 9.8% | S100Y6L3 |
| Pretax income | 251 | 9.7% | S100Y6L3 |
| Income tax | 79 | 3.1% | S100Y6L3 |
| Net income | 172 | 6.7% | S100Y6L3 |
| Net income attributable to owners | 173 | 6.7% | S100Y6L3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 25 |
| Other operating | -1 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 33.5% → Operating margin 9.8% → Net margin 6.7%
Derived from reported figures (DERIVED).

## Year over year（FY ending Feb 2024 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,391 | 2,585 | 194 | +8.1% |
| Gross profit | 800 | 867 | 67 | +8.4% |
| Operating income | 180 | 252 | 72 | +40.3% |
| Net income attributable to owners | 114 | 173 | 59 | +51.3% |
| Operating cash flow | 13 | 406 | 393 | +2995.1% |
| Free cash flow | -142 | 278 | 420 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 2,641 | — | — | 340 | 254 | — | S100LEW1 |
| FY ending Mar 2018 | 2,811 | — | — | 367 | 171 | — | S100O4WO |
| FY ending Mar 2019 | 2,860 | — | — | 396 | 411 | — | S100QUHM |
| FY ending Feb 2020 | 2,528 | 321 | 12.7% | 223 | 241 | 191 | S100LEW1 |
| FY ending Feb 2021 | 1,308 | -305 | -23.3% | -245 | 208 | 160 | S100O4WO |
| FY ending Feb 2022 | 1,934 | 317 | 16.4% | 207 | 517 | 465 | S100QUHM |
| FY ending Feb 2023 | 2,213 | 326 | 14.7% | 220 | 6 | -65 | S100TYCG |
| FY ending Feb 2024 | 2,391 | 180 | 7.5% | 114 | 13 | -142 | S100VTVB |
| FY ending Feb 2026 | 2,585 | 252 | 9.8% | 173 | 406 | 278 | S100Y6L3 |

## People and productivity（FY ending Feb 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥1.1M |

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

| History | FY ending Feb 2021 | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 137 | 123 | 133 | 145 | 152 |
| Average salary (parent company) | ¥5.7M | ¥5.7M | ¥5.9M | ¥5.8M | ¥6M |
| Average age (parent company) | 35.8 years | 36.6 years | 36.7 years | 36.6 years | 37.5 years |
| Average tenure (parent company) | 7.3 years | 8.3 years | 8.5 years | 8.4 years | 9.3 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 406 | 15.7% | S100Y6L3 |
| Capital expenditure | 128 | 5.0% | S100Y6L3 |
| Free cash flow | 278 | 10.7% | 算出 |
| Investing cash flow | -120 | -4.7% | S100Y6L3 |
| Financing cash flow | 155 | 6.0% | S100Y6L3 |
| Change in cash | 451 | 17.4% | S100Y6L3 |
| Cash and equivalents | 1,030 | 39.8% | S100Y6L3 |

## 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 Feb 2021 | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 874 | 1,072 | 666 | 330 | 1,030 | S100QUHM, S100TYCG, S100VTVB, S100Y6L3 |
| Total assets | 3,852 | 3,901 | 3,733 | 3,550 | 3,704 | S100O4WO, S100QUHM, S100TYCG, S100VTVB, S100Y6L3 |
| Net assets | 2,725 | 2,866 | 2,963 | 2,826 | 2,914 | S100QUHM, S100TYCG, S100VTVB, S100Y6L3 |
| Share capital | 621 | 45 | 57 | 75 | 78 | S100O4WO, S100QUHM, S100TYCG, S100VTVB, S100Y6L3 |
| Property, plant and equipment | 22 | 13 | 7 | 29 | 24 | S100O4WO, S100QUHM, S100TYCG, S100VTVB, S100Y6L3 |
| Goodwill | 2,224 | 2,224 | 2,224 | 2,224 | 1,826 | S100O4WO, S100QUHM, S100TYCG, S100VTVB, S100Y6L3 |
| Current assets | 1,308 | 1,441 | 1,220 | 953 | 1,429 | S100O4WO, S100QUHM, S100TYCG, S100VTVB, S100Y6L3 |
| Total liabilities | 1,127 | 1,035 | 770 | 724 | 789 | S100O4WO, S100QUHM, S100TYCG, S100VTVB, S100Y6L3 |
| Equity attributable to owners of parent | 2,751 | 2,895 | 2,994 | 2,860 | 2,956 | S100O4WO, S100QUHM, S100TYCG, S100VTVB, S100Y6L3 |
| Retained earnings | 621 | 949 | 1,099 | 1,139 | 1,019 | S100O4WO, S100QUHM, S100TYCG, S100VTVB, S100Y6L3 |
| Treasury stock | -31 | -90 | -155 | -365 | -62 | S100O4WO, S100QUHM, S100TYCG, S100VTVB, S100Y6L3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100Y6L3 |
| Property, plant and equipment | 1% | S100Y6L3 |
| Intangibles and goodwill | 49% | — |
| Other assets | 22% | S100Y6L3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 21% | S100Y6L3 |
| Equity | 79% | S100Y6L3 |

### Balance sheet history

| Metric | FY ending Feb 2021 | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,852 | 3,901 | 3,733 | 3,550 | 3,704 |
| Equity | 2,725 | 2,866 | 2,963 | 2,826 | 2,914 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 874 | 1,072 | 666 | 330 | 1,030 |

## 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) | 0.9% | S100Y6L3 |
| Fixed assets ÷ total assets | 0.7% | S100Y6L3 |
| Goodwill ÷ parent equity | 61.8% | S100Y6L3 |

### 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) | 27.8% |
| Cash ÷ revenue | 39.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 160.9% |
| Cash vs. profit gap | 233 JPY mn (of net income 134.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 29.6% |

## 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 | — | —× | -6.3% | —× | — | S100O4WO |
| 2022 | 10.7% | 0.50× | 5.3% | 1.37× | 7.3% | S100QUHM |
| 2023 | 9.9% | 0.58× | 5.8% | 1.30× | 7.5% | S100TYCG |
| 2024 | 4.8% | 0.66× | 3.1% | 1.24× | 3.9% | S100VTVB |
| 2026 | 6.7% | 0.70× | 4.7% | 1.25× | 5.9% | S100Y6L3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Ｗｉｚ | Major shareholder | 10.0% | 2026-02-28 |
| エスアイエル投資事業有限責任組合 | Major shareholder | 7.1% | 2026-02-28 |
| エヌオーアイ投資事業有限責任組合 | Major shareholder | 7.1% | 2026-02-28 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.3% | 2026-02-28 |
| ＵＨ Ｐａｒｔｎｅｒｓ ２投資事業有限責任組合 | Major shareholder | 6.3% | 2026-02-28 |
| ＵＨ Ｐａｒｔｎｅｒｓ ３投資事業有限責任組合 | Major shareholder | 6.3% | 2026-02-28 |
| ＷＥＮＥＴ ＪＰＮ株式会社 | Major shareholder | 4.8% | 2026-02-28 |
| 株式会社ＳＢＩ証券 | Major shareholder | 4.0% | 2026-02-28 |
| アイビー投資事業有限責任組合 | Major shareholder | 3.0% | 2026-02-28 |
| 並木 昭憲 | Major shareholder | 2.9% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2025/03/01－2026/02/28) | S100Y6L3 | 2026-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6L3,, |
| 有価証券報告書－第13期(2024/03/01－2025/02/28) | S100VTVB | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTVB,, |
| 訂正有価証券報告書－第12期(2023/03/01－2024/02/29) | S100TYCG | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TYCG,, |
| 有価証券報告書－第11期(2022/03/01－2023/02/28) | S100QUHM | 2023-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUHM,, |
| 有価証券報告書－第10期(令和3年3月1日－令和4年2月28日) | S100O4WO | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4WO,, |
| 有価証券報告書－第9期(令和2年3月1日－令和3年2月28日) | S100LEW1 | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEW1,, |

## 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).