MRSO, Inc. (5619) AI Stock Analysis

• Market Cap: ¥3.22B
• Dividend Yield: N/A
• Average Volume (3M): 3.21K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.16
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: JP
• Employees: 21
• Sector: Healthcare
• Sector Strength: 45
• Industry: Software - Application
• EPS (TTM): 4.09
• Shares Outstanding: 3,552,750
• 10 Day Avg. Volume: 5,480
• 30 Day Avg. Volume: 3,213
• PEG Ratio: 1.09
• Price to Book (P/B): 1.58
• Price to Sales (P/S): 2.85
• P/FCF Ratio: -120.10
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: ¥859.00 ▼(-12.35% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is held back primarily by deteriorating operating performance (revenue declines and a 2025 loss) and negative cash generation in 2024–2025. A very strong, low-debt balance sheet provides resilience, but technicals remain weak with the price below key moving averages and valuation is constrained by negative earnings.

Positive Factors

Balance sheet strength

Very low debt and a strong equity base give MRSO durable financial resilience. With minimal leverage, the company can fund short-term deficits, absorb shocks, and preserve optionality for strategic investments or M&A over the next several months without immediate refinancing risk.

High gross margins

Sustained gross margins around 76–80% reflect a scalable software/services cost structure and pricing power. This margin profile underpins ability to achieve operating leverage as revenue stabilizes, enabling faster recovery to profitability if SG&A is managed.

Recurring subscription revenue

Subscription-based licensing and platform fees create predictable, recurring cash flow and higher customer lifetime value. This business model supports steady top-line visibility, retention-driven growth and efficient reinvestment in product development over a multi-month horizon.

Negative Factors

Multi-year revenue decline

Sustained revenue declines erode operating leverage and indicate weakening demand or competitive displacement. Falling sales reduce ability to cover fixed costs and hinder scale economics, making recovery and margin restoration a multi-month strategic challenge.

Negative cash generation

Recent negative operating and free cash flow materially reduce internal funding for operations and growth. Continued cash deficits may force use of reserves, slower investment, or external financing, constraining strategic flexibility and execution over the coming months.

Small scale / limited resources

A very small employee base limits sales, delivery and R&D capacity versus larger competitors. This scale constraint raises execution risk on enterprise deals, slows product development and complicates simultaneous client projects, hindering growth recovery.

MRSO, Inc. Business Overview & Revenue Model

Company Description

MRSO, Inc. operates a platform that manages reservations for medical check-ups. It offers Health Care Plat Form (HCPF), DX, and Large-scale vaccination services. HCPF service offers medical checkup and medical checkup online reservation service by MRSO.jp. DX service handles web reservation service using the homepage-based medical checkup and medical examination web reservation system (MRS). Large-scale vaccination service provides web reservation for vaccination of new type of coronavirus. The company was founded by Tsunegoro Nishino on February 6, 2015 and is headquartered in Tokyo, Japan.

How the Company Makes Money

MRSO, Inc. generates revenue primarily through the sale of its medical devices and software solutions to healthcare providers, hospitals, and clinics. The company employs a direct sales model complemented by partnerships with distributors to expand its market reach. Key revenue streams include product sales, recurring revenue from software subscriptions and service contracts, and consulting services for healthcare systems. Additionally, MRSO, Inc. benefits from strategic partnerships with other technology firms and healthcare organizations, which enhance its product offerings and market position, contributing significantly to its earnings.

MRSO, Inc. Financial Statement Overview

Summary

Financials are pressured by multi-year revenue contraction and a swing from healthy profits (2021–2024) to a net loss in 2025, alongside negative operating profit. The balance sheet is a major offset with minimal debt and strong equity, but cash flow has weakened materially with negative operating and free cash flow in 2024–2025.

Income Statement

Profitability has deteriorated sharply: the company moved from solid profits in 2021–2024 (net margins peaking around ~37% in 2021 and ~29% in 2022) to a net loss in 2025 (net margin ~-2%) with negative operating profit. Revenue has also been contracting for multiple years (down ~19% in 2025 after additional declines in 2024 and 2023), which raises concerns about demand/competitive pressure despite consistently strong gross margins (~76–80%).

Balance Sheet

The balance sheet is a clear strength: debt is minimal to none (debt-to-equity near zero, and total debt at 0 in 2025), and equity remains large relative to the asset base. The main weakness is returns trending down with the profitability swing—return on equity moved from strong positive levels in 2021–2024 to slightly negative in 2025, reflecting weaker earnings rather than financial leverage risk.

Cash Flow

Cash generation has weakened materially. Operating cash flow and free cash flow are negative in 2024 and 2025, following very strong positive cash flow in 2021–2022 and modestly positive in 2023. While the 2025 free-cash-flow deficit is smaller than 2024 (showing improvement), the current pattern indicates reduced cash conversion and potential reliance on the balance sheet if negative cash flow persists.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.08B	1.33B	1.81B	2.25B	1.74B
Gross Profit	823.72M	1.03B	1.45B	1.79B	1.35B
EBITDA	-30.03M	163.77M	612.32M	1.01B	914.67M
Net Income	-23.00M	101.00M	387.55M	653.83M	650.88M
Balance Sheet
Total Assets	2.12B	2.26B	2.25B	2.08B	1.70B
Cash, Cash Equivalents and Short-Term Investments	1.68B	1.81B	1.93B	1.74B	1.42B
Total Debt	0.00	7.37M	15.36M	23.35M	31.34M
Total Liabilities	167.50M	234.45M	373.01M	744.00M	655.32M
Stockholders Equity	1.95B	2.02B	1.88B	1.34B	1.04B
Cash Flow
Free Cash Flow	-25.59M	-77.63M	43.06M	695.05M	1.10B
Operating Cash Flow	-25.35M	-77.63M	48.28M	696.31M	1.11B
Investing Cash Flow	-50.23M	-59.69M	-8.31M	-1.43M	-12.95M
Financing Cash Flow	-56.67M	22.89M	144.36M	-367.99M	-7.99M

MRSO, Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 980.00
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:5619, the sentiment is Positive. The current price of 980 is above the 20-day moving average (MA) of 891.60, above the 50-day MA of 886.06, and above the 200-day MA of 978.29, indicating a neutral trend. The MACD of -0.84 indicates Negative momentum. The RSI at 58.06 is Neutral, neither overbought nor oversold. The STOCH value of 75.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:5619.

MRSO, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
4060	74 Outperform	¥6.87B	25.18	―	0.57%	21.03%	32.29%
4477	73 Outperform	¥37.49B	20.04	―	―	27.97%	-5.25%
4397	68 Neutral	¥7.04B	17.46	―	―	11.32%	―
4448	58 Neutral	¥13.02B	60.03	―	―	14.63%	-760.87%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
3681	48 Neutral	¥3.55B	-2.05	-282.36%	―	-8.32%	71.98%
5619	44 Neutral	¥3.22B	-139.27	―	―	―	―