# Quants Research Institute Holdings, Inc.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第7期(2024/10/01－2025/09/30) (S100XDNQ)
> Page: https://vizora.meequs.com/en/company/quants-research-institute-holdings
> Retrieved: 2026-09-30T19:20:02.044Z

## Company

Quants Research Institute Holdings, founded in 2018, is a company in IT Services & System Integration listed on TSE Prime. It has 690 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Quants Research Institute Holdings, Inc. (旧英訳名 M&A Research Institute Holdings Inc. (注)2025年12月23日開催の定時株主総会の決議により、2026年1月1日から会社名及び英訳名を上記のとおり変更いたしました。 |
| Ticker | 9552 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9552.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内一丁目8番1号 丸の内トラストタワーN館18階 |
| Representative (per filing) | 代表取締役社長 佐上 峻作 |
| Founded | Oct 2018 |
| Share capital | ¥50M |
| Employees (consolidated) | 690 |
| Fiscal year end | September |
| Website | masouken.com (https://masouken.com/) |
| Corporate number | 3011001124759 |
| EDINET | E37733 |
| Industries (Vizora) | IT Services & System Integration, Leasing, Consulting, M&A Advisory |

> Profile source: annual securities report (S100XDNQ, filed 2026-01-05). As of filing

## Five-axis industry profile

Primary industry: M&A Advisory (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 61.1 | 9 |
| Cash conversion | 21.4 | 7 |
| Efficiency | 83.3 | 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)

- About 91% of Quants Research Institute Holdings's sales come from M and A brokerage, with Consulting and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥29 is left as operating profit.
- Revenue changed +0.3% from the prior year, operating profit -42.1%.

## Company structure

- Segment revenue mix: M and A brokerage 91.2%、Consulting 8.7%、Other 0.0%
- Revenue → net income: ¥16602585000 → ¥2747339000
- Net income → operating cash flow: ¥2747339000 → ¥1302778000（difference ¥-1444561000）
- Main uses of operating cash flow: CapEx ¥128623000 / dividends — / buybacks ¥6711380000
- Change in cash: ¥-6055931000
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 | ¥16.6B |  |
| Operating income | ¥4.78B | Margin 28.8% |
| Net income | ¥2.75B | Margin 16.5% |
| Free cash flow | ¥1.17B |  |
| Largest business | M and A brokerage | of segment revenue 91.2% |
| Employees (consolidated) | 690 |  |
| EPS | ¥47.97 |  |
| Diluted EPS | ¥46.6 |  |
| Book value per share | ¥25.1 |  |
| Equity ratio | 62.8% | Derived from disclosed figures |
| Shares outstanding | 54,101,335 |  |
| Treasury shares | 50,600 |  |
| Shareholders | 15,287 |  |
| Cash ratio | 50.7% | Cash ÷ revenue 24.8% |
| Vs. industry median margin | +10.6 pp | M&A Advisory |
| ROE | 39.2% | Derived from disclosed figures |
| ROA | 26.6% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 51% of total assets
- FY2025, operating income keeps 29 per ¥100 of revenue

## What changed in 4 years

Accounting standard changed in FY2023; percentage changes are omitted.

| Metric | FY ending Sep 2021 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1328039000 | ¥16602585000 | — |
| Operating income | ¥563071000 | ¥4778240000 | — |
| Operating margin | 42.4% | 28.8% | -13.6 pp |
| Employees | 49 people | 690 people | — |
| Cash and equivalents | ¥1177305000 | ¥4118742000 | — |

### Change in segment revenue mix

Span: FY ending Sep 2021 → 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 |
| --- | ---: |
| M＆A仲介 → M＆A仲介 | 91.2% |
| M＆A仲介 → 事業再編・廃止 | 4.3% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 4.4% |
| 新設・再編 → コンサルティング | 8.7% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| M and A brokerage | — | — | ¥15146556000 | 38.0% | 2 |
| Consulting | — | — | ¥1451529000 | -54.2% | 2 |
| Other | — | — | ¥4500000 | -2966.1% | 2 |

## Income statement（FY ending Sep 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,603 | 100.0% | S100XDNQ |
| Cost of revenue | 6,572 | 39.6% | S100XDNQ |
| Gross profit | 10,030 | 60.4% | S100XDNQ |
| SG&A | 5,228 | 31.5% | S100XDNQ |
| Operating income | 4,778 | 28.8% | S100XDNQ |
| Pretax income | 4,773 | 28.7% | S100XDNQ |
| Income tax | 2,026 | 12.2% | S100XDNQ |
| Net income | 2,747 | 16.5% | S100XDNQ |
| Net income attributable to owners | 2,747 | 16.5% | S100XDNQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 40 |
| SG&A | 31 |
| Operating income | 29 |
| (Ref.) Net income | 17 |

### Margin funnel

Gross margin 60.4% → Operating margin 28.8% → Net margin 16.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.3%; Core profit growth: -42.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -131.55×
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 | 16,550 | 16,603 | 53 | +0.3% |
| Gross profit | 11,957 | 10,030 | -1,927 | -16.1% |
| Operating income | 8,254 | 4,778 | -3,476 | -42.1% |
| Net income attributable to owners | 5,658 | 2,747 | -2,911 | -51.4% |
| Operating cash flow | 5,718 | 1,303 | -4,415 | -77.2% |
| Free cash flow | 5,562 | 1,174 | -4,388 | -78.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2021 | 1,328 | 563 | 42.4% | 368 | 679 | 653 | S100PUVV |
| FY ending Sep 2022 | 3,912 | 2,104 | 53.8% | 1,327 | 2,078 | 2,062 | S100PUVV |
| FY ending Sep 2023 | 8,643 | 4,579 | 53.0% | 2,647 | 3,960 | 3,897 | S100UZNC |
| FY ending Sep 2024 | 16,550 | 8,254 | 49.9% | 5,658 | 5,718 | 5,562 | S100XDNQ |
| FY ending Sep 2025 | 16,603 | 4,778 | 28.8% | 2,747 | 1,303 | 1,174 | S100XDNQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.1M |
| Operating income per employee (consolidated) | ¥6.9M |
| Net income per employee (consolidated) | ¥4M |

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) | 49 | 110 | 258 | 456 | 690 |
| Average salary (parent company) | — | ¥7.9M | — | — | — |
| Average age (parent company) | — | 29.7 years | — | — | — |
| Average tenure (parent company) | — | 1.1 years | — | — | — |

Year over year: Employees (consolidated) +51.3% · Revenue (consolidated) +0.3%

## Segments（FY ending Sep 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| M and A brokerage | 15,147 | 91.2% | 5,748 | 38.0% |
| Consulting | 1,452 | 8.7% | -786 | -54.2% |
| Other | 5 | 0.0% | -133 | -2966.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| M and A brokerage | 91.2% | 100.0% | 8.8 | 38.0% |
| Consulting | 8.7% | — | — | -54.2% |
| Other | 0.0% | — | — | -2966.1% |

Loss-making segment (excluded from profit shares): Consulting -786 JPY mn

Loss-making segment (excluded from profit shares): Other -133 JPY mn

Segment → industry: Consulting → IT Services & System Integration / Other → Leasing / Consulting → Consulting / M and A brokerage → M&A Advisory

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,303 | 7.8% | S100XDNQ |
| Capital expenditure | 129 | 0.8% | S100XDNQ |
| Free cash flow | 1,174 | 7.1% | 算出 |
| Investing cash flow | -351 | -2.1% | S100XDNQ |
| Financing cash flow | -7,009 | -42.2% | S100XDNQ |
| Share buyback | 6,711 | 40.4% | S100XDNQ |
| Change in cash | -6,056 | -36.5% | S100XDNQ |
| Cash and equivalents | 4,119 | 24.8% | S100XDNQ |

## 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 | 1,177 | 3,981 | 7,430 | 10,175 | 4,119 | S100PUVV, S100XDNQ |
| Total assets | 1,354 | 4,229 | 8,556 | 12,524 | 8,123 | S100PUVV, S100XDNQ |
| Net assets | 778 | 2,930 | 5,545 | 8,913 | 5,105 | S100PUVV, S100XDNQ |
| Share capital | 206 | 618 | 630 | 81 | 50 | S100PUVV, S100XDNQ |
| Property, plant and equipment | 25 | 28 | 60 | 165 | 188 | S100PUVV, S100XDNQ |
| Intangible assets excluding goodwill | 8 | 6 | 8 | 9 | — | S100PUVV, S100UZNC |
| Current assets | 1,245 | 4,034 | 7,656 | 11,021 | 6,258 | S100PUVV, S100XDNQ |
| Current liabilities | 440 | 1,205 | 2,673 | 2,959 | — | S100PUVV, S100UZNC |
| Long-term borrowings | 132 | 90 | 48 | 15 | — | S100PUVV, S100UZNC |
| Total liabilities | 576 | 1,299 | 3,012 | 3,611 | 3,019 | S100PUVV, S100XDNQ |
| Equity attributable to owners of parent | 778 | 2,929 | 5,545 | 8,913 | 5,105 | S100PUVV, S100XDNQ |
| Retained earnings | 367 | 1,693 | 3,987 | 9,646 | 3,968 | S100PUVV, S100XDNQ |
| Treasury stock | — | — | -1 | -2,501 | -75 | S100XDNQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 51% | S100XDNQ |
| Property, plant and equipment | 2% | S100XDNQ |
| Other assets | 47% | S100XDNQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100XDNQ |
| Equity | 63% | S100XDNQ |

### 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 | 1,354 | 4,229 | 8,556 | 12,524 | 8,123 |
| Equity | 778 | 2,930 | 5,545 | 8,913 | 5,105 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,177 | 3,981 | 7,430 | 10,175 | 4,119 |

## 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% | S100XDNQ |
| Fixed assets ÷ total assets | 2.3% | S100XDNQ |
| Goodwill ÷ parent equity | — | —, S100XDNQ |

### 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) | 50.7% |
| Cash ÷ revenue | 24.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 27.3% |
| Cash vs. profit gap | -1,445 JPY mn (of net income -52.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 27.0% |

## 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 | 27.7% | 0.98× | 27.2% | 1.74× | 47.3% | S100PUVV |
| 2022 | 33.9% | 1.40× | 47.5% | 1.51× | 71.6% | S100PUVV |
| 2023 | 30.6% | 1.01× | 30.9% | 1.54× | 47.7% | S100UZNC, S100XDNQ |
| 2024 | 34.2% | 1.57× | 53.7% | 1.46× | 78.3% | S100XDNQ |
| 2025 | 16.5% | 1.61× | 26.6% | 1.47× | 39.2% | S100XDNQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 佐上 峻作 | Major shareholder | 58.0% | 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 | 4.3% | 2025-09-30 |
| BROWN BROTHERS HARRIMAN (LUXEMBOURG) SCA CUSTODIAN FOR ARCUS FUND SICAV - ARCUS JAPAN FUND(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 3.7% | 2025-09-30 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT(常任代理人 シティバンク、エヌ・エイ東京) | Major shareholder | 3.0% | 2025-09-30 |
| INTERACTIVE BROKERS LLC(常任代理人 インタラクティブ・ブローカーズ証券株式会社) | Major shareholder | 2.4% | 2025-09-30 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC)(常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 1.1% | 2025-09-30 |
| 塚本 勲 | Major shareholder | 0.9% | 2025-09-30 |
| 三菱UFJモルガン・スタンレー証券株式会社 | Major shareholder | 0.9% | 2025-09-30 |
| BBH CO FOR ARCUS JAPAN VALUE FUND(常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 0.9% | 2025-09-30 |
| 上田八木短資株式会社 | Major shareholder | 0.9% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第7期(2024/10/01－2025/09/30) | S100XDNQ | 2026-01-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XDNQ,, |
| 有価証券報告書－第6期(2023/10/01－2024/09/30) | S100UZNC | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZNC,, |
| 有価証券報告書－第5期(2022/10/01－2023/09/30) | S100SJ0Q | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJ0Q,, |
| 有価証券報告書－第4期(令和3年10月1日－令和4年9月30日) | S100PUVV | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUVV,, |

## 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).