# Nihon M&A Center Holdings Inc.: 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35期(2025/04/01－2026/03/31) (S100YGWF)
> Page: https://vizora.meequs.com/en/company/nihon-m-and-a-center-holdings
> Retrieved: 2026-09-30T19:58:28.592Z

## Company

Nihon M&A Center Holdings, founded in 1991, is a company in M&A Advisory listed on TSE Prime. It has 1,062 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nihon M&A Center Holdings Inc. |
| Ticker | 2127 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2127.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内一丁目8番2号 |
| Representative (per filing) | 代表取締役社長 三宅卓 |
| Founded | Apr 1991 |
| Share capital | ¥4.04B |
| Employees (consolidated) | 1,062 |
| Fiscal year end | March |
| Website | www.nihon-ma.co.jp (https://www.nihon-ma.co.jp/) |
| Corporate number | 6010001033744 |
| EDINET | E05629 |
| Industries (Vizora) | M&A Advisory |

> Profile source: annual securities report (S100YGWF, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: M&A Advisory (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25 | 6 |
| Profitability | 94.4 | 9 |
| Cash conversion | 50 | 7 |
| Efficiency | 38.9 | 9 |

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)

- Nihon M&A Center Holdings brought in ¥50.3B in revenue.
- Out of every ¥100 of sales, about ¥37 is left as operating profit.
- Revenue changed +14.0% from the prior year, operating profit +12.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥50257000000 → ¥12515000000
- Net income → operating cash flow: ¥12515000000 → ¥15551000000（difference ¥3036000000）
- Main uses of operating cash flow: CapEx ¥318000000 / dividends ¥9200000000 / buybacks ¥0
- Change in cash: ¥725000000
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 | ¥50.3B |  |
| Operating income | ¥18.8B | Margin 37.3% |
| Net income | ¥12.5B | Margin 24.8% |
| Free cash flow | ¥15.2B |  |
| Employees (consolidated) | 1,062 |  |
| EPS | ¥38.73 |  |
| Book value per share | ¥61.19 |  |
| Equity ratio | 75.8% |  |
| Shares outstanding | 336,934,800 |  |
| Treasury shares | 19,610,800 |  |
| Shareholders | 103,995 |  |
| Cash ratio | 59.6% | Cash ÷ revenue 78.5% |
| Vs. industry median margin | +19.2 pp | M&A Advisory |
| ROE | 26.2% | Derived from disclosed figures |
| ROA | 19.5% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 60% of total assets
- FY2026, operating income keeps 37 per ¥100 of revenue
- FY2026, employees -2% while operating income rose 12%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥34795191000 | ¥50257000000 | +44.4% |
| Operating income | ¥15336011000 | ¥18761000000 | +22.3% |
| Operating margin | 44.1% | 37.3% | -6.7 pp |
| Employees | 810 people | 1,062 people | +31.1% |
| Cash and equivalents | ¥41863754000 | ¥39440000000 | -5.8% |

### 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 | 50,257 | 100.0% | S100YGWF |
| Cost of revenue | 19,979 | 39.8% | S100YGWF |
| Gross profit | 30,277 | 60.2% | S100YGWF |
| SG&A | 11,516 | 22.9% | S100YGWF |
| Operating income | 18,761 | 37.3% | S100YGWF |
| Ordinary income | 19,154 | 38.1% | S100YGWF |
| Pretax income | 19,170 | 38.1% | S100YGWF |
| Income tax | 6,655 | 13.2% | S100YGWF |
| Net income | 12,515 | 24.9% | S100YGWF |
| Net income attributable to owners | 12,487 | 24.8% | S100YGWF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 40 |
| SG&A | 23 |
| Operating income | 37 |
| (Ref.) Net income | 25 |

### Margin funnel

Gross margin 60.2% → Operating margin 37.3% → Net margin 24.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.0%; Core profit growth: +12.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.87×
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 | 44,077 | 50,257 | 6,180 | +14.0% |
| Gross profit | 26,703 | 30,277 | 3,574 | +13.4% |
| Operating income | 16,715 | 18,761 | 2,046 | +12.2% |
| Net income attributable to owners | 10,955 | 12,487 | 1,532 | +14.0% |
| Operating cash flow | 13,116 | 15,551 | 2,435 | +18.6% |
| Free cash flow | 13,045 | 15,233 | 2,188 | +16.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 32,010 | 14,247 | 44.5% | 10,274 | 10,314 | 10,142 | S100NH97 |
| FY ending Mar 2021 | 34,795 | 15,336 | 44.1% | 10,679 | 11,459 | 11,319 | S100OCV5 |
| FY ending Mar 2022 | 40,402 | 16,430 | 40.7% | 11,438 | 11,100 | 10,845 | S100R1V7 |
| FY ending Mar 2023 | 41,316 | 15,298 | 37.0% | 9,843 | 8,153 | 7,835 | S100TPZP |
| FY ending Mar 2024 | 44,137 | 16,067 | 36.4% | 10,728 | 10,528 | 10,397 | S100W1KQ |
| FY ending Mar 2025 | 44,077 | 16,715 | 37.9% | 10,955 | 13,116 | 13,045 | S100YGWF |
| FY ending Mar 2026 | 50,257 | 18,761 | 37.3% | 12,487 | 15,551 | 15,233 | S100YGWF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.3M |
| Operating income per employee (consolidated) | ¥17.7M |
| Net income per employee (consolidated) | ¥11.8M |

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) | 972 | 1,083 | 1,043 | 1,086 | 1,062 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) -2.2% · Revenue (consolidated) +14.0%

## 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 | 15,551 | 30.9% | S100YGWF |
| Capital expenditure | 318 | 0.6% | S100YGWF |
| Free cash flow | 15,233 | 30.3% | 算出 |
| Investing cash flow | -4,314 | -8.6% | S100YGWF |
| Financing cash flow | -10,588 | -21.1% | S100YGWF |
| Dividends paid | 9,200 | 18.3% | S100YGWF |
| Share buyback | 0 | 0.0% | S100YGWF |
| Change in cash | 725 | 1.4% | S100YGWF |
| Cash and equivalents | 39,440 | 78.5% | S100YGWF |

## 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 | 47,301 | 45,400 | 22,303 | 38,715 | 39,440 | S100TPZP, S100W1KQ, S100YGWF |
| Total assets | 58,919 | 65,765 | 58,641 | 61,786 | 66,223 | S100R1V7, S100TPZP, S100W1KQ, S100YGWF |
| Net assets | 51,026 | 54,721 | 43,973 | 47,589 | 50,643 | S100TPZP, S100W1KQ, S100YGWF |
| Share capital | 3,785 | 4,046 | 4,046 | 4,045 | 4,045 | S100R1V7, S100TPZP, S100W1KQ, S100YGWF |
| Property, plant and equipment | 576 | 587 | 512 | 449 | 575 | S100R1V7, S100TPZP, S100W1KQ, S100YGWF |
| Intangible assets excluding goodwill | 231 | 298 | 174 | 133 | 138 | S100R1V7, S100TPZP, S100W1KQ, S100YGWF |
| Investment securities | 6,450 | 8,862 | 11,851 | 13,945 | 16,488 | S100R1V7, S100TPZP, S100W1KQ, S100YGWF |
| Current assets | 49,976 | 52,999 | 42,387 | 42,566 | 43,758 | S100R1V7, S100TPZP, S100W1KQ, S100YGWF |
| Current liabilities | 7,531 | 10,678 | 9,485 | 9,896 | 13,133 | S100R1V7, S100TPZP, S100W1KQ, S100YGWF |
| Long-term borrowings | — | — | 4,900 | 4,000 | 2,100 | S100W1KQ, S100YGWF |
| Total liabilities | 7,893 | 11,045 | 14,667 | 14,196 | 15,579 | S100R1V7, S100TPZP, S100W1KQ, S100YGWF |
| Non-controlling interests | 267 | 275 | 64 | 415 | 457 | S100R1V7, S100TPZP, S100W1KQ, S100YGWF |
| Equity attributable to owners of parent | 50,294 | 54,044 | 43,234 | 45,995 | 49,351 | S100R1V7, S100TPZP, S100W1KQ, S100YGWF |
| Retained earnings | 47,823 | 51,052 | 54,158 | 56,944 | 60,206 | S100R1V7, S100TPZP, S100W1KQ, S100YGWF |
| Treasury stock | -4,963 | -4,963 | -18,963 | -18,903 | -18,808 | S100R1V7, S100TPZP, S100W1KQ, S100YGWF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 60% | S100YGWF |
| Property, plant and equipment | 1% | S100YGWF |
| Intangibles and goodwill | 0% | S100YGWF |
| Investment securities | 25% | S100YGWF |
| Other assets | 14% | S100YGWF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100YGWF |
| Equity | 76% | S100YGWF |
| Other liabilities | 0% | S100YGWF |

### 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 | 58,919 | 65,765 | 58,641 | 61,786 | 66,223 |
| Equity | 51,026 | 54,721 | 43,973 | 47,589 | 50,643 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 47,301 | 45,400 | 22,303 | 38,715 | 39,440 |

## 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) | 1.1% | S100YGWF |
| Fixed assets ÷ total assets | 0.9% | S100YGWF |
| Goodwill ÷ parent equity | — | —, S100YGWF |

### 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) | 59.6% |
| Cash ÷ revenue | 78.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 82.9% |
| Cash vs. profit gap | 3,064 JPY mn (of net income 24.5%) |
| Shareholder returns / net income | 73.7% |
| Shareholder returns / FCF | 60.4% |
| Shareholder payments — dividends / net income | 73.7% |
| Shareholder payments — dividends / FCF | 60.4% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 27.7% |

## 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 | 28.3% | 0.69× | 19.4% | 1.17× | 22.7% | S100R1V7 |
| 2023 | 23.8% | 0.66× | 15.8% | 1.20× | 18.9% | S100TPZP |
| 2024 | 24.3% | 0.71× | 17.2% | 1.28× | 22.1% | S100W1KQ |
| 2025 | 24.9% | 0.73× | 18.2% | 1.35× | 24.6% | S100YGWF |
| 2026 | 24.8% | 0.79× | 19.5% | 1.34× | 26.2% | S100YGWF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 18.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 9.0% | 2026-03-31 |
| 三宅 卓 | Major shareholder | 6.6% | 2026-03-31 |
| 分林 保弘 | Major shareholder | 2.7% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.3% | 2026-03-31 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ ＭＥＬＬＯＮ １４００４２(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.1% | 2026-03-31 |
| ＨＳＢＣ－ＦＵＮＤ ＳＥＲＶＩＣＥＳ ＣＬＩＥＮＴＳ Ａ／Ｃ ５００ ＨＫＭＰＦ １０ＰＣＴ ＰＯＯＬ(常任代理人 香港上海銀行東京支店) | Major shareholder | 1.7% | 2026-03-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ Ｕ．Ｓ． ＴＡＸ ＥＸＥＭＰＴＥＤ ＰＥＮＳＩＯＮ ＦＵＮＤＳ ＳＥＣ ＬＥＮＤＩＮＧ(常任代理人 香港上海銀行東京支店) | Major shareholder | 1.5% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（年金信託口） | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2025/04/01－2026/03/31) | S100YGWF | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGWF,, |
| 有価証券報告書－第34期(2024/04/01－2025/03/31) | S100W1KQ | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1KQ,, |
| 有価証券報告書－第33期(2023/04/01－2024/03/31) | S100TPZP | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPZP,, |
| 有価証券報告書－第32期(2022/04/01－2023/03/31) | S100R1V7 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1V7,, |
| 有価証券報告書－第31期(令和3年4月1日－令和4年3月31日) | S100OCV5 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCV5,, |
| 訂正有価証券報告書－第30期(令和2年4月1日－令和3年3月31日) | S100NH97 | 2022-02-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NH97,, |

## 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).