Japan M&A Solution Incorporated (9236) AI Stock Analysis

• Market Cap: ¥1.48B
• Dividend Yield: N/A
• Average Volume (3M): 2.07K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.76
• Revenue Growth: 8.62%
• EPS Growth: -658.96%
• Country: JP
• Employees: 39
• Sector: Industrials
• Sector Strength: 72
• Industry: Consulting Services
• EPS (TTM): -22.82
• Shares Outstanding: 1,519,300
• 10 Day Avg. Volume: 2,990
• 30 Day Avg. Volume: 2,073
• PEG Ratio: -0.03
• Price to Book (P/B): 2.58
• Price to Sales (P/S): 2.31
• P/FCF Ratio: 275.07
• 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: 46 Neutral
• Price Target: ¥1,015.00 ▼(-1.93% Downside)
• Action: Reiterated Date: 12/30/25
• Date: Action: Reiterated 12/30/25

The score is weighed down primarily by weakening profitability and highly volatile operating/free cash flow, despite a debt-free balance sheet. Technicals are mixed with modest near-term support but negative MACD and longer-term downtrend signals, while valuation is constrained by negative earnings and no dividend yield data.

Positive Factors

Revenue Growth

The significant revenue growth in 2025 indicates strong market demand and potential for future expansion, enhancing the company's market position.

Debt-Free Balance Sheet

A debt-free balance sheet reduces financial risk and provides the company with greater flexibility to invest in growth opportunities.

Free Cash Flow Improvement

Returning to positive free cash flow in 2025 suggests improved cash management and operational efficiency, supporting long-term sustainability.

Negative Factors

Profitability Deterioration

The sharp decline in profitability indicates challenges in cost management and pricing power, which could hinder long-term financial health.

Volatile Cash Flow

Volatile cash flow reflects instability in financial operations, posing risks to liquidity and the ability to fund future growth initiatives.

Widening Losses

Increasing losses highlight ongoing operational challenges and could impact investor confidence and the company's ability to attract capital.

Japan M&A Solution Incorporated Business Overview & Revenue Model

Company Description

Japan M&A Solution Incorporated (9236) is a company specializing in mergers and acquisitions (M&A) advisory services. Operating primarily within the finance and consulting sectors, the company offers a range of services that include strategic planning, deal origination, due diligence, negotiation support, and post-merger integration. Its clientele consists of corporations seeking to expand their business operations, streamline their portfolios, or enhance their competitive position through strategic acquisitions and divestitures.

How the Company Makes Money

Japan M&A Solution Incorporated generates revenue primarily through advisory fees charged for its M&A services. These fees are typically structured as a combination of retainer fees, success fees, and consulting fees, depending on the nature and complexity of each transaction. The company may also earn income through strategic partnerships with financial institutions, investment banks, and legal firms, who may refer clients or collaborate on deals. Additionally, the company's expertise in navigating the regulatory and financial landscape in Japan positions it as a valuable partner for both domestic and international clients looking to execute M&A transactions in the region.

Japan M&A Solution Incorporated Financial Statement Overview

Summary

Overall fundamentals are pressured by a sharp profitability deterioration and volatile cash generation. Despite strong 2025 revenue growth (+70% YoY), margins compressed significantly (gross margin ~27.6%) and losses widened (2025 net margin ~-13%). The balance sheet is a key offset with zero debt, but operating cash flow/FCF swung from strong in 2023 to deeply negative in 2024 and only modestly positive in 2025.

Income Statement

Results have become meaningfully weaker after a strong 2023. Revenue rebounded in 2025 (+70% year over year), but profitability deteriorated sharply: gross margin fell to ~27.6% (from ~46.7% in 2023) and the company moved deeper into losses (2025 net margin ~-13.0% vs. ~-1.9% in 2024 and +16.6% in 2023). The mix of high top-line volatility (down ~20% in 2024, then up strongly in 2025) and negative operating profit in the last two years is the key concern, despite solid profitability in 2021–2023.

Balance Sheet

The balance sheet is conservatively positioned with zero debt across all periods shown and a debt-to-equity ratio of 0.0, which reduces financial risk and provides flexibility. However, shareholder returns have swung with earnings: return on equity was strong in 2022–2023 (~17%–21%) but turned negative in 2024–2025 (about -1.6% and -14.6%), and equity declined from 2024 to 2025—consistent with ongoing losses.

Cash Flow

Cash generation is inconsistent and has weakened alongside earnings. Operating cash flow was robust in 2023 (~200.8M) but turned deeply negative in 2024 (~-118.1M) and only modestly positive in 2025 (~7.8M). Free cash flow followed the same pattern (strongly positive in 2023, sharply negative in 2024, small positive in 2025). While 2025 free cash flow is positive and free cash flow is about 70% of net loss (indicating losses were not fully matched by cash burn), the overall volatility and the 2024 cash outflow are notable risks.

Breakdown	Oct 2025	Oct 2024	Oct 2023	Oct 2022	Oct 2021
Income Statement
Total Revenue	654.21M	602.29M	752.87M	434.30M	342.08M
Gross Profit	180.25M	184.76M	351.81M	219.31M	165.81M
EBITDA	-62.17M	-13.02M	177.51M	62.22M	39.66M
Net Income	-85.06M	-11.52M	125.02M	43.31M	31.98M
Balance Sheet
Total Assets	668.19M	770.75M	752.39M	316.71M	285.22M
Cash, Cash Equivalents and Short-Term Investments	604.15M	649.88M	656.33M	221.83M	241.55M
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	83.96M	67.99M	154.44M	65.69M	77.51M
Stockholders Equity	584.23M	702.76M	597.95M	251.02M	207.71M
Cash Flow
Free Cash Flow	5.49M	-119.64M	198.36M	21.51M	78.56M
Operating Cash Flow	7.84M	-118.13M	200.81M	31.80M	79.25M
Investing Cash Flow	-6.35M	-1.51M	11.78M	-51.52M	1.09M
Financing Cash Flow	-47.22M	113.20M	221.90M	0.00	25.00M

Japan M&A Solution Incorporated Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1035.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9236, the sentiment is Negative. The current price of 1035 is above the 20-day moving average (MA) of 1005.85, above the 50-day MA of 1011.64, and below the 200-day MA of 1158.16, indicating a bearish trend. The MACD of -3.83 indicates Positive momentum. The RSI at 46.53 is Neutral, neither overbought nor oversold. The STOCH value of 33.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:9236.

Japan M&A Solution Incorporated Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
7034	71 Outperform	¥5.17B	25.09	―	―	283.85%	-35.61%
9168	68 Neutral	¥12.54B	8.54	―	1.04%	23.25%	14.29%
4792	64 Neutral	¥32.30B	14.32	―	4.39%	2.46%	-31.77%
5867	64 Neutral	¥3.83B	16.83	―	3.54%	13.81%	64.18%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
9237	60 Neutral	¥3.52B	39.17	―	―	43.89%	-50.27%
9236	46 Neutral	¥1.48B	-17.58	―	―	8.62%	-658.96%