Industry map/Finance & Business Services
M&A Advisory industry map
Who earns the money in M&A Advisory, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 19 companies · ¥155.3B
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥155.3B
- Companies
- 19
- Avg. salary（parent only）
- ¥7.7M
- Industry weather
- Cloudy
YoY +7.4%
Avg. age 36.3
Operating income -5.0%
Nihon M&A Center Holdings[2127]
- Revenue
- ¥50.3B▲14.0%
- Operating income
- ¥18.8B▲12.2%
Margin 37.3%
Batonz[554A]
- Revenue
- ¥2B▲45.3%
- Operating income
- ¥363.6M▲600.4%
Margin 18.1%
Avg. salary ¥6.9M · 34.6（parent only）
- Nihon M&A Center Holdings owns 32.5%
M&A Capital Partners[6080]
- Revenue
- ¥22.4B▲17.1%
- Operating income
- ¥7.13B▲9.7%
Margin 31.7%
Avg. salary ¥22.7M · 32.4（parent only）
Frontier Management[7038]
Consulting / Advisory segment
- Revenue
- ¥8.47B▼7.6%
- Operating income
- -¥147.9M
Margin -1.7%
Whole company: Revenue ¥13.5B · Net income -¥1.11B
Avg. salary ¥11.7M · 37.2（parent only）
- M&A Capital Partners owns 19.4%
YAMADA Consulting Group[4792]
Consulting for Business
- Revenue
- ¥21.2B▲4.0%
- Operating income
- ¥2.58B▼18.7%
Margin 12.2%
Whole company: Revenue ¥26.7B · Net income ¥2.9B
Avg. salary ¥9.8M · 38.1（parent only）
Strike Group[6196]
- Revenue
- ¥20.3B▲12.0%
- Operating income
- ¥6.33B▼6.5%
Margin 31.2%
Avg. salary ¥15.2M · 33.2（parent only）
Quants Research Institute Holdings[9552]
M and A brokerage
- Revenue
- ¥15.1B▼7.1%
- Operating income
- ¥5.75B▼32.8%
Margin 38.0%
Whole company: Revenue ¥16.6B · Net income ¥2.75B
Excite Holdings[5571]
Platform
- Revenue
- ¥3.4B▼2.5%
- Operating income
- ¥549.6M▲1.5%
Margin 16.2%
Whole company: Revenue ¥10.8B · Net income ¥253.3M
Avg. salary ¥7.1M · 39.9（parent only）
Boutiques[9272]
Company mergers and acquisitions
- Revenue
- ¥2.26B
- Operating income
- ¥999.8M
Margin 44.3%
Whole company: Revenue ¥5.47B · Net income ¥619.5M
Avg. salary ¥6.4M · 32.6（parent only）
JALCO Holdings[6625]
M and A Consulting Buisiness
- Revenue
- ¥2.01B
- Operating income
- ¥1.71B
Margin 85.2%
Whole company: Revenue ¥17B · Net income ¥1.8B
Avg. salary ¥10.9M · 45.5（parent only）
Integroup[192A]
- Revenue
- ¥1.89B▼13.9%
- Operating income
- ¥497.3M▼49.5%
Margin 26.3%
Avg. salary ¥14.8M · 31.9（parent only）
TWOSTONE&Sons[7352]
Consul / Advisoryservice
- Revenue
- ¥1.86B▲80.3%
- Operating income
- ¥487.5M▲72.2%
Margin 26.1%
Whole company: Revenue ¥18.1B · Net income ¥494.3M
Avg. salary ¥5.5M · 32.4（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: meinan M&A · Ondeck · Japan M&A Solution · Financial Partners Group · Japan Data Science Consortium · Synchro Food · Fuva Brain
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Industry takeaways
AI summary (figures come from filings)
- Nihon M&A Center Holdings took in ¥50.3B. The runner-up, M&A Capital Partners, is well behind at ¥22.4B.
- The money is in pure brokerage. Quants Research Institute Holdings ran a 38.0% operating margin and Nihon M&A Center 37.3%. Frontier Management, which reports deal work together with consulting, lost money at -1.7%.
- M&A Capital Partners (+17.1%) and Nihon M&A Center (+14.0%) grew; Quants shrank -7.1%.
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1 | Nihon M&A Center Holdings | ¥50.3B | 32.4% | 37.3% | +5.6% | ¥15.2B |
| 2▲1 | M&A Capital Partners | ¥22.4B | 14.5% | 31.8% | — | ¥9.45B |
| 3▼1 | YAMADA Consulting GroupConsulting for Business | ¥21.2B | 13.6% | 12.2% | +10.9% | -¥2.4B |
| 4 | Strike Group | ¥20.3B | 13.1% | 31.2% | +22.4% | ¥3.6B |
| 5 | Quants Research Institute HoldingsM and A brokerage | ¥15.1B | 9.8% | 38.0% | — | ¥1.17B |
| 6 | Frontier ManagementConsulting / Advisory segment | ¥8.47B | 5.5% | -1.8% | — | -¥2.07B |
| 7 | Excite HoldingsPlatform | ¥3.4B | 2.2% | 16.2% | +4.0% | -¥237.3M |
| 8new | BoutiquesCompany mergers and acquisitions | ¥2.26B | 1.5% | 44.3% | +8.4% | ¥1.31B |
| 9new | JALCO HoldingsM and A Consulting Buisiness | ¥2.01B | 1.3% | 85.2% | — | -¥8.65B |
| 10▲1 | Batonz | ¥2B | 1.3% | 18.1% | +45.3% | ¥466.9M |
| 11▼3 | Integroup | ¥1.89B | 1.2% | 26.3% | +21.9% | — |
| 12 | TWOSTONE&SonsConsul / Advisoryservice | ¥1.86B | 1.2% | 26.1% | — | ¥684.4M |
| 13▼4 | meinan M&A | ¥1.49B | 1.0% | -1.5% | — | -¥385.5M |
| 14▼4 | Ondeck | ¥864.4M | 0.6% | -25.6% | — | — |
| 15▼1 | Japan M&A Solution | ¥654.2M | 0.4% | -8.7% | +14.6% | ¥5.5M |
| 16▼3 | Financial Partners GroupOther | ¥417M | 0.3% | — | -16.0% | ¥108B |
| 17▼1 | Japan Data Science ConsortiumFinancial Advisory | ¥351.9M | 0.2% | 34.4% | — | ¥883.4M |
| 18▼3 | Synchro FoodM and A Services | ¥277.2M | 0.2% | 24.3% | +18.3% | — |
| 19▼2 | Fuva BrainInvestment Business | ¥9.6M | 0.0% | -50.6% | — | ¥214.8M |
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- SG&A
- Other
- Operating profit
- Nihon M&A Center Holdings402337
- M&A Capital Partners372732
- Strike Group412831
- Quants Research Institute Holdings403129
- JALCO Holdings64729
- Boutiques155728
- Integroup452926
- Financial Partners Group72820
- Batonz156718
- YAMADA Consulting Group236314
- Synchro Food375112
- TWOSTONE&Sons6926
- Excite Holdings4254
- Fuva Brain7224
- Japan Data Science Consortium908
- meinan M&A6735loss ¥2
- Frontier Management6340loss ¥3
- Japan M&A Solution7237loss ¥9
- Ondeck6363loss ¥26
Ownership links
From the major-shareholder section of annual securities reports.
- Nihon M&A Center HoldingsIn industry
- AffiliateBatonz32.5%
- M&A Capital PartnersIn industry
- StakeFrontier Management19.4%
- ソフトバンク株式会社Outside
- StakeJapan Data Science Consortium10.1%
- ユナイテッド㈱Outside
- StakeExcite Holdings9.9%
- 株式会社ディア・ライフOutside
- StakeJapan M&A Solution7.8%
- AZ-COM丸和ホールディングス株式会社Outside
- StakeJapan Data Science Consortium3.7%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.
Compare the leaders side by side
- Nihon M&A Center Holdings vs M&A Capital Partners
- Nihon M&A Center Holdings vs Strike Group
- Nihon M&A Center Holdings vs Quants Research Institute Holdings
- M&A Capital Partners vs Strike Group
- M&A Capital Partners vs Quants Research Institute Holdings
- Strike Group vs Quants Research Institute Holdings
- Nihon M&A Center Holdings vs M&A Capital Partners vs Strike Group vs Quants Research Institute Holdings
All companies in M&A Advisory (by revenue)
All 19 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- Nihon M&A Center Holdings¥50.3B · 37.3%
- M&A Capital Partners¥22.4B · 31.8%
- YAMADA Consulting Group¥21.2B · 12.2%
- Strike Group¥20.3B · 31.2%
- Quants Research Institute Holdings¥15.1B · 38.0%
- Frontier Management¥8.47B · -1.8%
- Excite Holdings¥3.4B · 16.2%
- Boutiques¥2.26B · 44.3%
- JALCO Holdings¥2.01B · 85.2%
- Batonz¥2B · 18.1%
- TWOSTONE&Sons¥1.86B · 26.1%
- Integroup¥1.56B · 7.7%
- meinan M&A¥1.49B · -1.5%
- Ondeck¥864.4M · -25.6%
- Japan M&A Solution¥654.2M · -8.7%
- Financial Partners Group¥417M
- Japan Data Science Consortium¥394.7M · 26.2%
- Synchro Food¥277.2M · 24.3%
- Fuva Brain¥9.6M · -50.6%
Revenue · Op. margin
Related industries
- Major Banks
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- Cashless Payments
- Consumer Finance
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- Crypto & Blockchain
- Investment Funds
- Venture Capital
- Consulting
- HR & Staffing
- Business Process Outsourcing
- PR & IR Services
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