# MTI Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第30期(2024/10/01－2025/09/30) (S100XBLK)
> Page: https://vizora.meequs.com/en/company/mti
> Retrieved: 2026-09-30T18:55:04.820Z

## Company

MTI, founded in 1996, is a company in IT Services & System Integration listed on TSE Prime. It has 1,236 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MTI Ltd. |
| Ticker | 9438 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9438.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西新宿三丁目20番2号 |
| Representative (per filing) | 代表取締役社長 前多俊宏 |
| Founded | Aug 1996 |
| Share capital | ¥5.51B |
| Employees (consolidated) | 1,236 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | September |
| Website | ir.mti.co.jp (https://ir.mti.co.jp/) |
| Corporate number | 6011101023123 |
| EDINET | E05049 |
| Industries (Vizora) | IT Services & System Integration, Health Tech, Streaming, Education |

> Profile source: annual securities report (S100XBLK, filed 2025-12-19). As of filing

## Five-axis industry profile

Primary industry: Streaming (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25 | 6 |
| Profitability | 50 | 7 |
| Cash conversion | 92.9 | 7 |
| Efficiency | 21.4 | 7 |

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)

- About 57% of MTI's sales come from Content business, with Healthcare business and Other business making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +8.1% from the prior year, operating profit +23.1%.

## Company structure

- Segment revenue mix: Content business 57.1%、Healthcare business 22.3%、Other business 14.3%、School DX business 6.3%
- Revenue → net income: ¥29910940000 → ¥3546198000
- Net income → operating cash flow: ¥3546198000 → ¥5661660000（difference ¥2115462000）
- Main uses of operating cash flow: CapEx ¥1364370000 / dividends ¥997291000 / buybacks ¥53000
- Change in cash: ¥2987811000
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 | ¥29.9B |  |
| Operating income | ¥2.95B | Margin 9.8% |
| Net income | ¥3.4B | Margin 11.4% |
| Free cash flow | ¥4.3B |  |
| Largest business | Content business | of segment revenue 57.1% |
| Employees (consolidated) | 1,236 |  |
| EPS | ¥54.92 |  |
| Diluted EPS | ¥54.86 |  |
| Book value per share | ¥383.28 |  |
| Equity ratio | 55.2% |  |
| Shares outstanding | 60,435,200 |  |
| Treasury shares | 5,420,100 |  |
| Shareholders | 2,766 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 53.4% | Cash ÷ revenue 59.6% |
| Vs. industry median margin | 0 pp | Streaming |
| ROE | 20.6% | Derived from disclosed figures |
| ROA | 10.8% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 74% of positive segment profit
- FY2025, cash is 53% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥26082051000 | ¥29910940000 | +14.7% |
| Operating income | ¥2507205000 | ¥2946195000 | +17.5% |
| Operating margin | 9.6% | 9.8% | +0.2 pp |
| Employees | 1,194 people | 1,236 people | +3.5% |
| Cash and equivalents | ¥13354028000 | ¥17816556000 | +33.4% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| コンテンツ事業 → コンテンツ事業 | 57.1% |
| コンテンツ事業 → 事業再編・廃止 | 20.3% |
| ヘルスケア事業 → ヘルスケア事業 | 13.4% |
| その他事業 → その他事業 | 9.2% |
| 新設・再編 → ヘルスケア事業 | 8.8% |
| 新設・再編 → 学校ＤＸ事業 | 6.3% |
| 新設・再編 → その他事業 | 5.1% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Content business | 5 years | -3.3% | ¥17077382000 | 25.0% | 2 |
| Healthcare business | 5 years | +13.7% | ¥6666055000 | -1.2% | 2 |
| Other business | 5 years | +12.3% | ¥4277150000 | 22.2% | 2 |
| School DX business | 3 years | +64.3% | ¥1890352000 | 29.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,911 | 100.0% | S100XBLK |
| Cost of revenue | 7,688 | 25.7% | S100XBLK |
| Gross profit | 22,223 | 74.3% | S100XBLK |
| SG&A | 19,277 | 64.4% | S100XBLK |
| Operating income | 2,946 | 9.8% | S100XBLK |
| Ordinary income | 3,027 | 10.1% | S100XBLK |
| Pretax income | 4,658 | 15.6% | S100XBLK |
| Income tax | 1,112 | 3.7% | S100XBLK |
| Net income | 3,546 | 11.9% | S100XBLK |
| Net income attributable to owners | 3,404 | 11.4% | S100XBLK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 26 |
| SG&A | 64 |
| Operating income | 10 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 74.3% → Operating margin 9.8% → Net margin 11.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.1%; Core profit growth: +23.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.85×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 27,669 | 29,911 | 2,242 | +8.1% |
| Gross profit | 20,405 | 22,223 | 1,818 | +8.9% |
| Operating income | 2,394 | 2,946 | 552 | +23.1% |
| Net income attributable to owners | 2,364 | 3,404 | 1,040 | +44.0% |
| Operating cash flow | 4,131 | 5,662 | 1,530 | +37.0% |
| Free cash flow | 2,741 | 4,297 | 1,556 | +56.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 27,113 | 2,959 | 10.9% | 1,508 | 4,007 | 2,452 | S100KEM0 |
| FY ending Sep 2020 | 26,082 | 2,507 | 9.6% | 507 | 3,293 | 1,607 | S100NF5F |
| FY ending Sep 2021 | 25,743 | 1,930 | 7.5% | -1,164 | 3,517 | 1,741 | S100PV9Y |
| FY ending Sep 2022 | 26,479 | 871 | 3.3% | -930 | -1,394 | -3,592 | S100SUQU |
| FY ending Sep 2023 | 26,799 | 298 | 1.1% | 753 | 4,764 | 3,601 | S100UZXU |
| FY ending Sep 2024 | 27,669 | 2,394 | 8.7% | 2,364 | 4,131 | 2,741 | S100XBLK |
| FY ending Sep 2025 | 29,911 | 2,946 | 9.8% | 3,404 | 5,662 | 4,297 | S100XBLK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.2M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥2.8M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,295 | 1,316 | 1,202 | 1,184 | 1,236 |
| Average salary (parent company) | ¥6.3M | ¥6.4M | ¥6.5M | ¥6.5M | ¥6.6M |
| Average age (parent company) | 38.4 years | 39.5 years | 40.0 years | 39.9 years | 40.4 years |
| Average tenure (parent company) | 7.2 years | 8.5 years | 10.0 years | 10.4 years | 9.1 years |

Year over year: Employees (consolidated) +4.4% · Revenue (consolidated) +8.1%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Content business | 17,077 | 57.1% | 4,271 | 25.0% |
| Healthcare business | 6,666 | 22.3% | -80 | -1.2% |
| School DX business | 1,890 | 6.3% | 550 | 29.1% |
| Other business | 4,277 | 14.3% | 949 | 22.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Content business | 57.1% | 74.0% | 16.9 | 25.0% |
| Healthcare business | 22.3% | — | — | -1.2% |
| School DX business | 6.3% | 9.5% | 3.2 | 29.1% |
| Other business | 14.3% | 16.4% | 2.1 | 22.2% |

Loss-making segment (excluded from profit shares): Healthcare business -80 JPY mn

Segment → industry: Other business → IT Services & System Integration / Healthcare business → Health Tech / Content business → Streaming / School DX business → Education

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,662 | 18.9% | S100XBLK |
| Capital expenditure | 1,364 | 4.6% | S100XBLK |
| Free cash flow | 4,297 | 14.4% | 算出 |
| Investing cash flow | -1,707 | -5.7% | S100XBLK |
| Financing cash flow | -943 | -3.2% | S100XBLK |
| Dividends paid | 997 | 3.3% | S100XBLK |
| Share buyback | 0 | 0.0% | S100XBLK |
| Change in cash | 2,988 | 10.0% | S100XBLK |
| Cash and equivalents | 17,817 | 59.6% | S100XBLK |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 15,540 | 12,098 | 13,721 | 14,829 | 17,817 | S100SUQU, S100UZXU, S100XBLK |
| Total assets | 31,909 | 29,266 | 29,155 | 29,686 | 33,348 | S100PV9Y, S100SUQU, S100UZXU, S100XBLK |
| Net assets | 21,243 | 17,878 | 17,584 | 19,145 | 22,446 | S100SUQU, S100UZXU, S100XBLK |
| Share capital | 5,198 | 5,219 | 5,233 | 5,310 | 5,511 | S100PV9Y, S100SUQU, S100UZXU, S100XBLK |
| Trade receivables | 4,502 | — | — | — | — | S100PV9Y |
| Property, plant and equipment | 203 | 193 | 214 | 203 | 219 | S100PV9Y, S100SUQU, S100UZXU, S100XBLK |
| Intangible assets excluding goodwill | 3,712 | 3,791 | 2,856 | 2,276 | 2,476 | S100PV9Y, S100SUQU, S100UZXU, S100XBLK |
| Goodwill | 556 | 656 | 240 | 27 | 62 | S100PV9Y, S100SUQU, S100UZXU, S100XBLK |
| Investment securities | 4,512 | 3,675 | 4,081 | 4,467 | 4,691 | S100PV9Y, S100SUQU, S100UZXU, S100XBLK |
| Current assets | 21,263 | 18,779 | 18,940 | 20,153 | 23,213 | S100PV9Y, S100SUQU, S100UZXU, S100XBLK |
| Current liabilities | 6,656 | 6,386 | 7,331 | 6,952 | 8,074 | S100PV9Y, S100SUQU, S100UZXU, S100XBLK |
| Long-term borrowings | 2,430 | 3,178 | 2,431 | 1,694 | 956 | S100PV9Y, S100SUQU, S100UZXU, S100XBLK |
| Total liabilities | 10,665 | 11,388 | 11,572 | 10,542 | 10,902 | S100PV9Y, S100SUQU, S100UZXU, S100XBLK |
| Non-controlling interests | 3,655 | 3,701 | 3,571 | 3,676 | 4,032 | S100PV9Y, S100SUQU, S100UZXU, S100XBLK |
| Equity attributable to owners of parent | 17,242 | 13,954 | 13,631 | 15,106 | 17,942 | S100PV9Y, S100SUQU, S100UZXU, S100XBLK |
| Retained earnings | 8,665 | 5,224 | 5,143 | 6,626 | 8,710 | S100PV9Y, S100SUQU, S100UZXU, S100XBLK |
| Treasury stock | -3,282 | -3,257 | -3,231 | -3,207 | -2,597 | S100PV9Y, S100SUQU, S100UZXU, S100XBLK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 53% | S100XBLK |
| Property, plant and equipment | 1% | S100XBLK |
| Intangibles and goodwill | 8% | S100XBLK |
| Investment securities | 14% | S100XBLK |
| Other assets | 24% | S100XBLK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 33% | S100XBLK |
| Equity | 67% | S100XBLK |
| Other liabilities | 0% | S100XBLK |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 31,909 | 29,266 | 29,155 | 29,686 | 33,348 |
| Equity | 21,243 | 17,878 | 17,584 | 19,145 | 22,446 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,540 | 12,098 | 13,721 | 14,829 | 17,817 |

## 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) | 0.7% | S100XBLK |
| Fixed assets ÷ total assets | 0.7% | S100XBLK |
| Goodwill ÷ parent equity | 0.3% | S100XBLK |

Goodwill over 4 years: 556 → 62 JPY; total investing cash flow: -8,882 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) | 53.4% |
| Cash ÷ revenue | 59.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 192.2% |
| Cash vs. profit gap | 2,258 JPY mn (of net income 66.3%) |
| Shareholder returns / net income | 29.3% |
| Shareholder returns / FCF | 23.2% |
| Shareholder payments — dividends / net income | 29.3% |
| Shareholder payments — dividends / FCF | 23.2% |
| CapEx intensity (capex ÷ revenue) | 4.6% |
| Investing CF relative to operating CF | 30.1% |

## 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 | — | —× | -3.6% | —× | — | S100PV9Y |
| 2022 | — | —× | -3.0% | —× | — | S100SUQU |
| 2023 | 2.8% | 0.92× | 2.6% | 2.12× | 5.5% | S100UZXU |
| 2024 | 8.5% | 0.94× | 8.0% | 2.05× | 16.5% | S100XBLK |
| 2025 | 11.4% | 0.95× | 10.8% | 1.91× | 20.6% | S100XBLK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 前 多 俊 宏 | Major shareholder | 21.4% | 2025-09-30 |
| 株式会社ケイ・エム・シー | Major shareholder | 18.1% | 2025-09-30 |
| エスアイエル投資事業有限責任組合 | Major shareholder | 7.8% | 2025-09-30 |
| ＵＨ Ｐａｒｔｎｅｒｓ ３投資事業有限責任組合 | Major shareholder | 7.4% | 2025-09-30 |
| ＵＨ Ｐａｒｔｎｅｒｓ ２投資事業有限責任組合 | Major shareholder | 6.9% | 2025-09-30 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.2% | 2025-09-30 |
| 株式会社メディパルホールディングス | Major shareholder | 5.7% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 2.9% | 2025-09-30 |
| 株式会社アイビー | Major shareholder | 2.7% | 2025-09-30 |
| 株式会社デジマース | Major shareholder | 2.5% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第30期(2024/10/01－2025/09/30) | S100XBLK | 2025-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBLK,, |
| 有価証券報告書－第29期(2023/10/01－2024/09/30) | S100UZXU | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZXU,, |
| 訂正有価証券報告書－第28期(2022/10/01－2023/09/30) | S100SUQU | 2024-02-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SUQU,, |
| 有価証券報告書－第27期(令和3年10月1日－令和4年9月30日) | S100PV9Y | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PV9Y,, |
| 訂正有価証券報告書－第26期(令和2年10月1日－令和3年9月30日) | S100NF5F | 2022-02-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NF5F,, |
| 有価証券報告書－第25期(令和1年10月1日－令和2年9月30日) | S100KEM0 | 2020-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KEM0,, |

## 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).