# YAMADA Consulting Group  CO.,LTD.: 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37期(2025/04/01－2026/03/31) (S100YF7Q)
> Page: https://vizora.meequs.com/en/company/yamada-consulting-group
> Retrieved: 2026-09-30T22:47:32.373Z

## Company

YAMADA Consulting Group, founded in 1989, is a company in Investment Funds listed on TSE Prime. It has 1,089 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAMADA Consulting Group Co.,Ltd. |
| Ticker | 4792 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4792.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 |
| Representative (per filing) | 代表取締役社長 増田 慶作 |
| Founded | Jul 1989 |
| Share capital | ¥1.6B |
| Employees (consolidated) | 1,089 |
| Average salary (parent only) | ¥9.8M |
| Fiscal year end | March |
| Website | www.yamada-cg.co.jp (https://www.yamada-cg.co.jp/) |
| Corporate number | 8010001136859 |
| EDINET | E05135 |
| Industries (Vizora) | Investment Funds, Consulting, M&A Advisory |

> Profile source: annual securities report (S100YF7Q, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 41.7 | 6 |
| Profitability | 38.9 | 9 |
| Cash conversion | 7.1 | 7 |
| Efficiency | 72.2 | 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 79% of YAMADA Consulting Group's sales come from Consulting for Business, with Investment making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +17.4% from the prior year, operating profit -9.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥26.7B |  |
| Operating income | ¥3.74B | Margin 14.0% |
| Net income | ¥2.9B | Margin 10.8% |
| Free cash flow | -¥2.4B |  |
| Largest business | Consulting for Business | of segment revenue 79.2% |
| Employees (consolidated) | 1,089 |  |
| EPS | ¥103.17 |  |
| Diluted EPS | ¥103.15 |  |
| Book value per share | ¥778.83 |  |
| Equity ratio | 59.7% |  |
| Shares outstanding | 19,896,000 |  |
| Treasury shares | 691,100 |  |
| Shareholders | 8,358 |  |
| Average salary (parent only) | ¥9.8M | Filing company only |
| Cash ratio | 30.8% | Cash ÷ revenue 38.4% |
| Vs. industry median margin | +4.5 pp | Consulting |
| ROE | 15.6% | Derived from disclosed figures |
| ROA | 10.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 69% of positive segment profit
- FY2026, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15315397000 | ¥26711875000 | +74.4% |
| Operating income | ¥2252144000 | ¥3740759000 | +66.1% |
| Operating margin | 14.7% | 14.0% | -0.7 pp |
| Employees | 811 people | 1,089 people | +34.3% |
| Cash and equivalents | ¥10195034000 | ¥10249052000 | +0.5% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| コンサルティング事業 → コンサルティング事業 | 73.8% |
| 不動産コンサルティング事業 → 事業再編・廃止 | 5.5% |
| 教育研修・ＦＰ関連事業 → 事業再編・廃止 | 3.6% |
| 投資・ファンド事業 → 事業再編・廃止 | 17.1% |
| 新設・再編 → コンサルティング事業 | 5.4% |
| 新設・再編 → 投資事業 | 20.8% |

Segment revenue source references: 6 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 26,712 | 100.0% | S100YF7Q |
| Cost of revenue | 6,211 | 23.3% | S100YF7Q |
| Gross profit | 20,501 | 76.7% | S100YF7Q |
| SG&A | 16,760 | 62.7% | S100YF7Q |
| Operating income | 3,741 | 14.0% | S100YF7Q |
| Ordinary income | 3,712 | 13.9% | S100YF7Q |
| Pretax income | 3,811 | 14.3% | S100YF7Q |
| Income tax | 901 | 3.4% | S100YF7Q |
| Net income | 2,910 | 10.9% | S100YF7Q |
| Net income attributable to owners | 2,895 | 10.8% | S100YF7Q |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 23 |
| SG&A | 63 |
| Operating income | 14 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 76.7% → Operating margin 14.0% → Net margin 10.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +17.4%; Core profit growth: -9.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.55×
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 | 22,761 | 26,712 | 3,951 | +17.4% |
| Gross profit | 19,424 | 20,501 | 1,077 | +5.5% |
| Operating income | 4,133 | 3,741 | -392 | -9.5% |
| Net income attributable to owners | 2,882 | 2,895 | 13 | +0.4% |
| Operating cash flow | -165 | -2,100 | -1,934 | — |
| Free cash flow | -276 | -2,396 | -2,120 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 13,576 | 2,209 | 16.3% | 1,233 | -1,163 | -1,365 | S100LR32 |
| FY ending Mar 2021 | 15,315 | 2,252 | 14.7% | 1,394 | 3,315 | 3,207 | S100OFKH |
| FY ending Mar 2022 | 14,645 | 2,502 | 17.1% | 1,716 | 217 | 106 | S100R9LL |
| FY ending Mar 2023 | 16,451 | 2,872 | 17.5% | 2,114 | 200 | 24 | S100TXUL |
| FY ending Mar 2024 | 22,178 | 3,663 | 16.5% | 2,862 | 3,808 | 3,649 | S100W1KY |
| FY ending Mar 2025 | 22,761 | 4,133 | 18.2% | 2,882 | -165 | -276 | S100YF7Q |
| FY ending Mar 2026 | 26,712 | 3,741 | 14.0% | 2,895 | -2,100 | -2,396 | S100YF7Q |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.5M |
| Operating income per employee (consolidated) | ¥3.4M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 827 | 874 | 957 | 1,017 | 1,089 |
| Average salary (parent company) | ¥8.3M | ¥8.7M | ¥9.1M | ¥9.5M | ¥9.8M |
| Average age (parent company) | 37.3 years | 37.8 years | 38.2 years | 38.2 years | 38.1 years |
| Average tenure (parent company) | 5.8 years | 6.3 years | 6.8 years | 7.0 years | 7.2 years |

Year over year: Employees (consolidated) +7.1% · Revenue (consolidated) +17.4%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Consulting for Business | 21,161 | 79.2% | 2,584 | 12.2% |
| Investment | 5,551 | 20.8% | 1,159 | 20.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Consulting for Business | 79.2% | 69.0% | -10.2 | 12.2% |
| Investment | 20.8% | 31.0% | 10.2 | 20.9% |

Segment → industry: Investment → Investment Funds / Consulting for Business → Consulting / Consulting for Business → M&A Advisory

## 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 | -2,100 | -7.9% | S100YF7Q |
| Capital expenditure | 297 | 1.1% | S100YF7Q |
| Free cash flow | -2,396 | -9.0% | 算出 |
| Investing cash flow | -2,060 | -7.7% | S100YF7Q |
| Financing cash flow | 5,221 | 19.5% | S100YF7Q |
| Dividends paid | 1,472 | 5.5% | S100YF7Q |
| Change in cash | 1,311 | 4.9% | S100YF7Q |
| Cash and equivalents | 10,249 | 38.4% | S100YF7Q |

## 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 | 9,663 | 9,151 | 9,688 | 8,870 | 10,249 | S100TXUL, S100W1KY, S100YF7Q |
| Total assets | 18,419 | 20,201 | 20,758 | 23,471 | 33,230 | S100R9LL, S100TXUL, S100W1KY, S100YF7Q |
| Net assets | 13,834 | 15,013 | 17,059 | 18,580 | 23,920 | S100TXUL, S100W1KY, S100YF7Q |
| Share capital | 1,600 | 1,600 | 1,600 | 1,600 | 1,600 | S100R9LL, S100TXUL, S100W1KY, S100YF7Q |
| Property, plant and equipment | 472 | 487 | 549 | 528 | 747 | S100R9LL, S100TXUL, S100W1KY, S100YF7Q |
| Intangible assets excluding goodwill | 118 | 87 | 112 | 663 | 643 | S100R9LL, S100TXUL, S100W1KY, S100YF7Q |
| Goodwill | 0 | 0 | 52 | 634 | 625 | S100R9LL, S100TXUL, S100W1KY, S100YF7Q |
| Investment securities | 110 | 813 | 854 | 563 | 855 | S100R9LL, S100TXUL, S100W1KY, S100YF7Q |
| Current assets | 16,320 | 17,291 | 17,946 | 20,148 | 29,040 | S100R9LL, S100TXUL, S100W1KY, S100YF7Q |
| Current liabilities | 4,500 | 5,086 | 3,590 | 4,774 | 8,420 | S100R9LL, S100TXUL, S100W1KY, S100YF7Q |
| Trade payables | 272 | 275 | 364 | — | — | S100R9LL, S100TXUL |
| Short-term borrowings | 2,000 | 2,501 | — | 1,600 | 4,896 | S100R9LL, S100TXUL, S100YF7Q |
| Total liabilities | 4,585 | 5,188 | 3,699 | 4,891 | 9,310 | S100R9LL, S100TXUL, S100W1KY, S100YF7Q |
| Non-controlling interests | 169 | 158 | 419 | 540 | 4,042 | S100R9LL, S100TXUL, S100W1KY, S100YF7Q |
| Equity attributable to owners of parent | 13,531 | 14,661 | 16,295 | 17,700 | 19,308 | S100R9LL, S100TXUL, S100W1KY, S100YF7Q |
| Retained earnings | 10,900 | 12,046 | 13,641 | 14,978 | 16,402 | S100R9LL, S100TXUL, S100W1KY, S100YF7Q |
| Treasury stock | -511 | -502 | -489 | -466 | -404 | S100R9LL, S100TXUL, S100W1KY, S100YF7Q |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YF7Q |
| Property, plant and equipment | 2% | S100YF7Q |
| Intangibles and goodwill | 4% | S100YF7Q |
| Investment securities | 3% | S100YF7Q |
| Other assets | 60% | S100YF7Q |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100YF7Q |
| Equity | 72% | S100YF7Q |

### 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 | 18,419 | 20,201 | 20,758 | 23,471 | 33,230 |
| Equity | 13,834 | 15,013 | 17,059 | 18,580 | 23,920 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,663 | 9,151 | 9,688 | 8,870 | 10,249 |

## 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) | 2.8% | S100YF7Q |
| Fixed assets ÷ total assets | 2.2% | S100YF7Q |
| Goodwill ÷ parent equity | 3.2% | S100YF7Q |

Goodwill over 4 years: 0 → 625 JPY; total investing cash flow: -2,890 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) | 30.8% |
| Cash ÷ revenue | 38.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -56.1% |
| Cash vs. profit gap | -4,995 JPY mn (of net income -172.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 50.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | — |

## 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 | 11.7% | 0.80× | 9.3% | 1.36× | 12.7% | S100R9LL |
| 2023 | 12.9% | 0.85× | 10.9% | 1.37× | 15.0% | S100TXUL |
| 2024 | 12.9% | 1.08× | 14.0% | 1.32× | 18.5% | S100W1KY |
| 2025 | 12.7% | 1.03× | 13.0% | 1.30× | 17.0% | S100YF7Q |
| 2026 | 10.8% | 0.94× | 10.2% | 1.53× | 15.6% | S100YF7Q |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社日本マネジメント・アドバイザリー・カンパニー | Major shareholder | 36.7% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 6.5% | 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 | 5.6% | 2026-03-31 |
| UHPartners2投資事業有限責任組合 | Major shareholder | 5.1% | 2026-03-31 |
| 宮崎 信次 | Major shareholder | 2.4% | 2026-03-31 |
| 山田コンサル社員持株会 | Major shareholder | 2.4% | 2026-03-31 |
| 和田 成史 | Major shareholder | 1.9% | 2026-03-31 |
| PERSHING-DIV.OF.DLJ SECS.CORP. | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社ユニバーサルエッジ | Major shareholder | 1.4% | 2026-03-31 |
| 山田ＣＧ役員持株合同会社 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第37期(2025/04/01－2026/03/31) | S100YF7Q | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF7Q,, |
| 有価証券報告書－第36期(2024/04/01－2025/03/31) | S100W1KY | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1KY,, |
| 有価証券報告書－第35期(2023/04/01－2024/03/31) | S100TXUL | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXUL,, |
| 有価証券報告書－第34期(2022/04/01－2023/03/31) | S100R9LL | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9LL,, |
| 有価証券報告書－第33期(令和3年4月1日－令和4年3月31日) | S100OFKH | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFKH,, |
| 有価証券報告書－第32期(令和2年4月1日－令和3年3月31日) | S100LR32 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR32,, |

## 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).