# Strike Group Co., Ltd.: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第29期(2024/10/01－2025/09/30) (S100XAN1)
> Page: https://vizora.meequs.com/en/company/strike-group
> Retrieved: 2026-09-30T19:42:05.211Z

## Company

Strike Group, founded in 1997, is a company in M&A Advisory listed on TSE Prime. It has 452 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Strike Company,Limited |
| Ticker | 6196 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6196.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町一丁目2番1号 |
| Representative (per filing) | 代表取締役社長 荒井 邦彦 |
| Founded | Jul 1997 |
| Share capital | ¥823.7M |
| Employees (consolidated) | 452 |
| Average salary (parent only) | ¥15.2M |
| Fiscal year end | September |
| Website | www.strike.co.jp (https://www.strike.co.jp/) |
| Corporate number | 7010001079968 |
| EDINET | E32380 |
| Industries (Vizora) | M&A Advisory |

> Profile source: annual securities report (S100XAN1, filed 2025-12-17). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75 | 6 |
| Profitability | 72.2 | 9 |
| Cash conversion | 35.7 | 7 |
| Efficiency | 61.1 | 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)

- Strike Group brought in ¥20.3B in revenue.
- Out of every ¥100 of sales, about ¥31 is left as operating profit.
- Revenue changed +12.0% from the prior year, operating profit -6.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥20314153000 → ¥4719993000
- Net income → operating cash flow: ¥4719993000 → ¥3847407000（difference ¥-872586000）
- Main uses of operating cash flow: CapEx ¥246844000 / dividends ¥1742680000 / buybacks ¥103000
- Change in cash: ¥1790320000
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 | ¥20.3B |  |
| Operating income | ¥6.33B | Margin 31.2% |
| Net income | ¥4.72B | Margin 23.2% |
| Free cash flow | ¥3.6B |  |
| Employees (consolidated) | 452 |  |
| EPS | ¥245.8 |  |
| Book value per share | ¥1118.3 |  |
| Equity ratio | 86.7% |  |
| Shares outstanding | 19,203,000 |  |
| Treasury shares | 200 |  |
| Shareholders | 6,158 |  |
| Average salary (parent only) | ¥15.2M | Filing company only |
| Cash ratio | 81.4% | Cash ÷ revenue 99.2% |
| Vs. industry median margin | +13 pp | M&A Advisory |
| ROE | 23.6% | Derived from disclosed figures |
| ROA | 19.9% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.2× its level five years ago
- FY2025, cash is 81% of total assets
- FY2025, operating income keeps 31 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6916705000 | ¥20314153000 | +193.7% |
| Operating income | ¥2981421000 | ¥6332319000 | +112.4% |
| Operating margin | 43.1% | 31.2% | -11.9 pp |
| Employees | 140 people | 452 people | +222.9% |
| Cash and equivalents | ¥7871870000 | ¥20149284000 | +156.0% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,314 | 100.0% | S100XAN1 |
| Cost of revenue | 8,396 | 41.3% | S100XAN1 |
| Gross profit | 11,919 | 58.7% | S100XAN1 |
| SG&A | 5,586 | 27.5% | S100XAN1 |
| Operating income | 6,332 | 31.2% | S100XAN1 |
| Ordinary income | 6,342 | 31.2% | S100XAN1 |
| Pretax income | 6,369 | 31.4% | S100XAN1 |
| Income tax | 1,649 | 8.1% | S100XAN1 |
| Net income | 4,720 | 23.2% | S100XAN1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 41 |
| SG&A | 28 |
| Operating income | 31 |
| (Ref.) Net income | 23 |

### Margin funnel

Gross margin 58.7% → Operating margin 31.2% → Net margin 23.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +12.0%; Core profit growth: -6.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.54×
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 | 18,138 | 20,314 | 2,176 | +12.0% |
| Gross profit | 11,611 | 11,919 | 308 | +2.7% |
| Operating income | 6,772 | 6,332 | -440 | -6.5% |
| Operating cash flow | 6,281 | 3,847 | -2,433 | -38.7% |
| Free cash flow | 5,620 | 3,601 | -2,019 | -35.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2020 | 6,917 | 2,981 | 43.1% | 2,203 | 2,889 | 2,827 | S100N48A |
| FY ending Sep 2021 | 9,035 | 3,451 | 38.2% | 2,396 | 1,500 | 1,221 | S100PUQ2 |
| FY ending Sep 2022 | 10,727 | 4,224 | 39.4% | 2,962 | 1,702 | 1,602 | S100SJ55 |
| FY ending Sep 2023 | 13,826 | 5,202 | 37.6% | 3,867 | 6,810 | 6,424 | S100V00S |
| FY ending Sep 2024 | 18,138 | 6,772 | 37.3% | 4,955 | 6,281 | 5,620 | S100XAN1 |
| FY ending Sep 2025 | 20,314 | 6,332 | 31.2% | 4,720 | 3,847 | 3,601 | S100XAN1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.9M |
| Operating income per employee (consolidated) | ¥14M |
| Net income per employee (consolidated) | ¥10.4M |

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) | 191 | 220 | 278 | 368 | 452 |
| Average salary (parent company) | ¥14.3M | ¥14.4M | ¥15.1M | ¥16.1M | ¥15.2M |
| Average age (parent company) | 35.3 years | 35.8 years | 34.9 years | 33.8 years | 33.2 years |
| Average tenure (parent company) | 2.5 years | 2.7 years | 2.5 years | 2.4 years | 2.5 years |

Year over year: Employees (consolidated) +22.8% · Revenue (consolidated) +12.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,847 | 18.9% | S100XAN1 |
| Capital expenditure | 247 | 1.2% | S100XAN1 |
| Free cash flow | 3,601 | 17.7% | 算出 |
| Investing cash flow | -314 | -1.5% | S100XAN1 |
| Financing cash flow | -1,743 | -8.6% | S100XAN1 |
| Dividends paid | 1,743 | 8.6% | S100XAN1 |
| Share buyback | 0 | 0.0% | S100XAN1 |
| Change in cash | 1,790 | 8.8% | S100XAN1 |
| Cash and equivalents | 20,149 | 99.2% | S100XAN1 |

## 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 | 8,567 | 8,542 | 14,103 | 18,359 | 20,149 | S100SJ55, S100V00S, S100XAN1 |
| Total assets | 10,959 | 12,809 | 18,285 | 22,690 | 24,763 | S100PUQ2, S100SJ55, S100V00S, S100XAN1 |
| Net assets | 9,077 | 11,249 | 14,503 | 18,470 | 21,475 | S100SJ55, S100V00S, S100XAN1 |
| Share capital | 824 | 824 | 824 | 824 | 824 | S100PUQ2, S100SJ55, S100V00S, S100XAN1 |
| Property, plant and equipment | 335 | 374 | 1,083 | 1,146 | 1,214 | S100PUQ2, S100SJ55, S100V00S, S100XAN1 |
| Intangible assets excluding goodwill | 4 | 6 | 12 | 9 | 6 | S100PUQ2, S100SJ55, S100V00S, S100XAN1 |
| Investment securities | 89 | 329 | 456 | 809 | 827 | S100PUQ2, S100SJ55, S100V00S, S100XAN1 |
| Current assets | 9,982 | 10,857 | 15,224 | 19,228 | 21,150 | S100PUQ2, S100SJ55, S100V00S, S100XAN1 |
| Current liabilities | 1,882 | 1,561 | 3,592 | 3,924 | 3,036 | S100PUQ2, S100SJ55, S100V00S, S100XAN1 |
| Total liabilities | 1,882 | 1,561 | 3,782 | 4,220 | 3,289 | S100PUQ2, S100SJ55, S100V00S, S100XAN1 |
| Equity attributable to owners of parent | 9,072 | 11,246 | 14,501 | 18,476 | 21,449 | S100PUQ2, S100SJ55, S100V00S, S100XAN1 |
| Retained earnings | 7,911 | 10,233 | 13,310 | 17,286 | 19,824 | S100PUQ2, S100SJ55, S100V00S, S100XAN1 |
| Treasury stock | -473 | -612 | -434 | -435 | -1 | S100PUQ2, S100SJ55, S100V00S, S100XAN1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 82% | S100XAN1 |
| Property, plant and equipment | 5% | S100XAN1 |
| Intangibles and goodwill | 0% | S100XAN1 |
| Investment securities | 3% | S100XAN1 |
| Other assets | 10% | S100XAN1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 13% | S100XAN1 |
| Equity | 87% | S100XAN1 |
| Other liabilities | 0% | S100XAN1 |

### 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 | 10,959 | 12,809 | 18,285 | 22,690 | 24,763 |
| Equity | 9,077 | 11,249 | 14,503 | 18,470 | 21,475 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,567 | 8,542 | 14,103 | 18,359 | 20,149 |

## 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) | 6.0% | S100XAN1 |
| Fixed assets ÷ total assets | 4.9% | S100XAN1 |
| Goodwill ÷ parent equity | — | —, S100XAN1 |

### 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) | 81.4% |
| Cash ÷ revenue | 99.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 60.8% |
| Cash vs. profit gap | -873 JPY mn (of net income -18.5%) |
| Shareholder returns / net income | 36.9% |
| Shareholder returns / FCF | 48.4% |
| Shareholder payments — dividends / net income | 36.9% |
| Shareholder payments — dividends / FCF | 48.4% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 8.2% |

## 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 | 26.5% | 0.82× | 21.9% | 1.21× | 26.4% | S100PUQ2 |
| 2022 | 27.6% | 0.90× | 24.9% | 1.17× | 29.2% | S100SJ55 |
| 2023 | 28.0% | 0.89× | 24.9% | 1.21× | 30.0% | S100V00S |
| 2024 | 27.3% | 0.89× | 24.2% | 1.24× | 30.1% | S100XAN1 |
| 2025 | 23.2% | 0.86× | 19.9% | 1.19× | 23.6% | S100XAN1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Ｋ＆Ｃｏｍｐａｎｙ | Major shareholder | 27.3% | 2025-09-30 |
| 荒井 邦彦 | Major shareholder | 12.9% | 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 | 8.3% | 2025-09-30 |
| 株式会社日本カストディ銀行(信託口） | Major shareholder | 4.1% | 2025-09-30 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ(常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 2.1% | 2025-09-30 |
| 鈴木 伸雄 | Major shareholder | 2.0% | 2025-09-30 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５６３２(常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.0% | 2025-09-30 |
| 金田 和也 | Major shareholder | 1.9% | 2025-09-30 |
| 大同生命保険株式会社(常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.8% | 2025-09-30 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ５０５０４４(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.3% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2024/10/01－2025/09/30) | S100XAN1 | 2025-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAN1,, |
| 有価証券報告書－第28期(2023/10/01－2024/09/30) | S100V00S | 2024-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V00S,, |
| 有価証券報告書－第27期(2022/10/01－2023/09/30) | S100SJ55 | 2023-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJ55,, |
| 有価証券報告書－第26期(令和3年10月1日－令和4年9月30日) | S100PUQ2 | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUQ2,, |
| 有価証券報告書－第25期(令和2年9月1日－令和3年9月30日) | S100N48A | 2021-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N48A,, |

## 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).