# MS-Japan: 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36期(2025/04/01－2026/03/31) (S100YEG1)
> Page: https://vizora.meequs.com/en/company/ms-japan
> Retrieved: 2026-09-30T20:26:32.250Z

## Company

MS-Japan, founded in 1990, is a company in HR & Staffing listed on TSE Prime. It has 251 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MATCHING SERVICE JAPAN CO.,LTD. |
| Ticker | 6539 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6539.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区富士見二丁目10番2号 飯田橋グラン・ブルーム |
| Representative (per filing) | 代表取締役会長 CEO 有本 隆浩 |
| Founded | Apr 1990 |
| Share capital | ¥587.3M |
| Employees (consolidated) | 251 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Website | company.jmsc.co.jp (https://company.jmsc.co.jp/) |
| Corporate number | 9120001111949 |
| EDINET | E32801 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100YEG1, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.4 | 68 |
| Profitability | 88.1 | 88 |
| Cash conversion | 53.1 | 80 |
| Efficiency | 8.5 | 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)

- MS-Japan brought in ¥7.65B in revenue.
- Out of every ¥100 of sales, about ¥22 is left as operating profit.
- Revenue changed +2.3% from the prior year, operating profit +4.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥7647329000 → ¥1079166000
- Net income → operating cash flow: ¥1079166000 → ¥1621036000（difference ¥541870000）
- Main uses of operating cash flow: CapEx ¥78598000 / dividends ¥1391375000 / buybacks —
- Change in cash: ¥-370896000
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 | ¥7.65B |  |
| Operating income | ¥1.67B | Margin 21.9% |
| Net income | ¥1.03B | Margin 13.5% |
| Free cash flow | ¥1.54B |  |
| Employees (consolidated) | 251 |  |
| EPS | ¥54.22 |  |
| Diluted EPS | ¥54.22 |  |
| Book value per share | ¥407.45 |  |
| Equity ratio | 88.1% |  |
| Shares outstanding | 24,998,200 |  |
| Treasury shares | 145,100 |  |
| Shareholders | 25,448 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 35.7% | Cash ÷ revenue 50.4% |
| Vs. industry median margin | +13.3 pp | HR & Staffing |
| ROE | 11.1% | Derived from disclosed figures |
| ROA | 9.6% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.0× its level five years ago
- FY2026, cash is 36% of total assets
- FY2026, employees -1% while operating income rose 4%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3369685000 | ¥7647329000 | +126.9% |
| Operating income | ¥1239951000 | ¥1673750000 | +35.0% |
| Operating margin | 36.8% | 21.9% | -14.9 pp |
| Employees | 146 people | 251 people | +71.9% |
| Cash and equivalents | ¥6380887000 | ¥3854747000 | -39.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,647 | 100.0% | S100YEG1 |
| Cost of revenue | 1,721 | 22.5% | S100YEG1 |
| Gross profit | 5,926 | 77.5% | S100YEG1 |
| SG&A | 4,252 | 55.6% | S100YEG1 |
| Operating income | 1,674 | 21.9% | S100YEG1 |
| Ordinary income | 1,685 | 22.0% | S100YEG1 |
| Pretax income | 1,680 | 22.0% | S100YEG1 |
| Income tax | 601 | 7.9% | S100YEG1 |
| Net income | 1,079 | 14.1% | S100YEG1 |
| Net income attributable to owners | 1,035 | 13.5% | S100YEG1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 22 |
| SG&A | 56 |
| Operating income | 22 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 77.5% → Operating margin 21.9% → Net margin 13.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.3%; Core profit growth: +4.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.85×
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 | 7,474 | 7,647 | 173 | +2.3% |
| Gross profit | 5,923 | 5,926 | 3 | +0.1% |
| Operating income | 1,605 | 1,674 | 69 | +4.3% |
| Net income attributable to owners | 1,033 | 1,035 | 2 | +0.2% |
| Operating cash flow | 1,496 | 1,621 | 125 | +8.4% |
| Free cash flow | 1,362 | 1,542 | 181 | +13.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 3,370 | 1,240 | 36.8% | 1,082 | 532 | 463 | S100OGVV |
| FY ending Mar 2022 | 3,759 | 1,576 | 41.9% | 1,033 | 1,174 | 1,116 | S100R849 |
| FY ending Mar 2023 | 4,293 | 1,790 | 41.7% | 1,223 | 1,453 | — | S100TU9C |
| FY ending Mar 2024 | 4,575 | 1,624 | 35.5% | 1,135 | 1,109 | 1,004 | S100W3KW |
| FY ending Mar 2025 | 7,474 | 1,605 | 21.5% | 1,033 | 1,496 | 1,362 | S100YEG1 |
| FY ending Mar 2026 | 7,647 | 1,674 | 21.9% | 1,035 | 1,621 | 1,542 | S100YEG1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.5M |
| Operating income per employee (consolidated) | ¥6.7M |
| Net income per employee (consolidated) | ¥4.1M |

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) | 141 | 166 | 231 | 253 | 251 |
| Average salary (parent company) | ¥5.1M | ¥5.7M | ¥5.4M | ¥5.3M | ¥5.4M |
| Average age (parent company) | 31.4 years | 31.0 years | 31.2 years | 31.8 years | 32.4 years |
| Average tenure (parent company) | 5.6 years | 5.1 years | 4.8 years | 5.1 years | 5.4 years |

Year over year: Employees (consolidated) -0.8% · Revenue (consolidated) +2.3%

## 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 | 1,621 | 21.2% | S100YEG1 |
| Capital expenditure | 79 | 1.0% | S100YEG1 |
| Free cash flow | 1,542 | 20.2% | 算出 |
| Investing cash flow | -559 | -7.3% | S100YEG1 |
| Financing cash flow | -1,484 | -19.4% | S100YEG1 |
| Dividends paid | 1,391 | 18.2% | S100YEG1 |
| Change in cash | -371 | -4.9% | S100YEG1 |
| Cash and equivalents | 3,855 | 50.4% | S100YEG1 |

## 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 | 7,425 | 8,728 | 4,670 | 4,226 | 3,855 | S100TU9C, S100W3KW, S100YEG1 |
| Total assets | 10,413 | 11,275 | 11,504 | 10,841 | 10,809 | S100R849, S100TU9C, S100W3KW, S100YEG1 |
| Net assets | 9,597 | 10,508 | 10,333 | 9,774 | 9,627 | S100TU9C, S100W3KW, S100YEG1 |
| Share capital | 586 | 587 | 587 | 587 | 587 | S100R849, S100TU9C, S100W3KW, S100YEG1 |
| Property, plant and equipment | 44 | 41 | 132 | 227 | 243 | S100R849, S100TU9C, S100W3KW, S100YEG1 |
| Intangible assets excluding goodwill | 228 | 226 | 3,315 | 3,058 | 2,931 | S100R849, S100TU9C, S100W3KW, S100YEG1 |
| Goodwill | — | — | 3,063 | 2,802 | 2,651 | S100W3KW, S100YEG1 |
| Investment securities | 1,864 | 1,893 | 1,568 | 1,457 | 1,908 | S100R849, S100TU9C, S100W3KW, S100YEG1 |
| Current assets | 8,146 | 8,956 | 6,218 | 5,778 | 5,376 | S100R849, S100TU9C, S100W3KW, S100YEG1 |
| Current liabilities | 816 | 767 | 1,113 | 917 | 1,010 | S100R849, S100TU9C, S100W3KW, S100YEG1 |
| Total liabilities | 816 | 767 | 1,170 | 1,067 | 1,183 | S100R849, S100TU9C, S100W3KW, S100YEG1 |
| Non-controlling interests | 19 | 18 | 95 | 103 | 107 | S100R849, S100TU9C, S100W3KW, S100YEG1 |
| Equity attributable to owners of parent | 9,302 | 10,152 | 10,062 | 9,529 | 9,176 | S100R849, S100TU9C, S100W3KW, S100YEG1 |
| Retained earnings | 7,484 | 8,332 | 8,242 | 7,875 | 7,518 | S100R849, S100TU9C, S100W3KW, S100YEG1 |
| Treasury stock | -1 | -1 | -1 | -167 | -160 | S100R849, S100TU9C, S100W3KW, S100YEG1 |

### 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 | 10,413 | 11,275 | 11,504 | 10,841 | 10,809 |
| Equity | 9,597 | 10,508 | 10,333 | 9,774 | 9,627 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,425 | 8,728 | 4,670 | 4,226 | 3,855 |

## 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) | 3.2% | S100YEG1 |
| Fixed assets ÷ total assets | 2.2% | S100YEG1 |
| Goodwill ÷ parent equity | 28.9% | S100YEG1 |

### 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) | 35.7% |
| Cash ÷ revenue | 50.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 96.9% |
| Cash vs. profit gap | 586 JPY mn (of net income 56.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 134.5% |
| Shareholder payments — dividends / FCF | 90.2% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 34.5% |

## 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 | 27.5% | 0.36× | 9.9% | 1.12× | 11.1% | S100R849 |
| 2023 | 28.5% | 0.40× | 11.3% | 1.11× | 12.6% | S100TU9C |
| 2024 | 24.8% | 0.40× | 10.0% | 1.13× | 11.2% | S100W3KW |
| 2025 | 13.8% | 0.67× | 9.2% | 1.14× | 10.5% | S100YEG1 |
| 2026 | 13.5% | 0.71× | 9.6% | 1.16× | 11.1% | S100YEG1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Ｔ＆Ａホールディングス | Major shareholder | 34.9% | 2026-03-31 |
| 有本 隆浩 | Major shareholder | 21.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社ＭＡ | Major shareholder | 2.0% | 2026-03-31 |
| 村形 清 | Major shareholder | 0.3% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 0.3% | 2026-03-31 |
| 有限会社福田商事 | Major shareholder | 0.3% | 2026-03-31 |
| ゴールドマン・サックス証券株式会社 ＢＮＹＭ（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.3% | 2026-03-31 |
| 株式会社ＭＳ－Ｊａｐａｎ社員持株会 | Major shareholder | 0.2% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 0.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2025/04/01－2026/03/31) | S100YEG1 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEG1,, |
| 有価証券報告書－第35期(2024/04/01－2025/03/31) | S100W3KW | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3KW,, |
| 有価証券報告書－第34期(2023/04/01－2024/03/31) | S100TU9C | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU9C,, |
| 有価証券報告書－第33期(2022/04/01－2023/03/31) | S100R849 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R849,, |
| 有価証券報告書－第32期(令和3年4月1日－令和4年3月31日) | S100OGVV | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGVV,, |
| 有価証券報告書－第31期(令和2年4月1日－令和3年3月31日) | S100LSBB | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSBB,, |

## 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).