M&A Research Institute Holdings Inc. (9552) AI Stock Analysis

• Market Cap: ¥62.16B
• Dividend Yield: 0.45%
• Average Volume (3M): 273.35K
• Price to Earnings (P/E): 24.0
• Beta (1Y): 1.60
• Revenue Growth: 0.32%
• EPS Growth: -48.88%
• Country: JP
• Employees: 456
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 17.64
• Shares Outstanding: 54,101,334
• 10 Day Avg. Volume: 273,450
• 30 Day Avg. Volume: 273,353
• PEG Ratio: -0.53
• Price to Book (P/B): 14.04
• Price to Sales (P/S): 4.50
• P/FCF Ratio: 88.07
• 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: 68 Neutral
• Price Target: ¥1,366.00 ▲(23.40% Upside)

M&A Research Institute Holdings Inc. has a strong financial foundation with consistent growth and low leverage. However, technical indicators suggest a bearish trend, and valuation metrics indicate limited upside. Attention to declining margins and cash conversion is necessary for sustained growth.

Positive Factors

Low leverage / strong balance sheet

An extremely low debt-to-equity ratio (0.006) signals minimal financial leverage and high solvency. This durable strength provides flexibility to fund growth, absorb cyclical shocks, or pursue strategic investments without stressing interest coverage or refinancing risk over the next several quarters.

High return on equity

ROE of 54.4% indicates the firm converts equity into profits very effectively, reflecting strong operating efficiency and profitable fee-based business. Sustained high ROE supports reinvestment capacity and suggests competitive service economics in M&A advisory to SMEs over the medium term.

Strong revenue growth and healthy margins

Consistent revenue expansion and high gross (60.96%) and net (17.43%) margins point to a scalable advisory model with high value-add services. For a professional services firm focused on SME M&A, these structural margins enable durable profitability even as the company expands its client base over 2-6 months and beyond.

Negative Factors

Declining margins and cash conversion

A drop in margins alongside weaker operating cash conversion signals potential pressure on core profitability and cash generation. For a fee-reliant advisory business, sustained deterioration could reduce free cash flow reliability and constrain investments or shareholder returns over the medium term.

Decreasing equity ratio

A falling equity ratio reduces the equity cushion against asset declines or unexpected losses, increasing balance sheet vulnerability. If asset expansion outpaces equity growth, the firm may face higher financial risk or limited flexibility to pursue opportunistic deals without raising capital, affecting stability.

Negative EPS growth

Nearly 49% negative EPS growth despite revenue gains suggests margin compression, one-off charges, or operational inefficiencies affecting earnings power. Persistent EPS declines can undermine reinvestment capacity and limit strategic initiatives, weakening long-term earnings visibility for investors.

M&A Research Institute Holdings Inc. Business Overview & Revenue Model

Company Description

M&A Research Institute Inc. engages in the M&A brokerage and media business in Japan. It offers M&A advisory services; and operates an M&A research institute portal and magazine. The company serves small and medium-sized enterprises in various sectors, such as construction/architecture, human resources, IT/communication/system development, transportation, real estate, medical/welfare/long-term care, finance/insurance, travel, food and drink, education, retail, service, manufacturing, leisure facilities, and environment/bio. M&A Research Institute Inc. was incorporated in 2018 and is based in Tokyo, Japan.

How the Company Makes Money

M&A Research Institute Holdings Inc. generates revenue through various streams related to its research and consultancy services. Key revenue sources include fees for bespoke research projects, subscriptions to market analysis reports, and advisory fees for consulting on M&A transactions. The firm may also earn income from partnerships with financial institutions and corporate clients who leverage its expertise for strategic insights. Additionally, the company may engage in training programs and workshops, further diversifying its revenue model. The strength of its brand and reputation in the M&A research space also plays a significant role in attracting clients and sustaining its financial performance.

M&A Research Institute Holdings Inc. Financial Statement Overview

Summary

M&A Research Institute Holdings Inc. shows strong financial performance with consistent revenue growth and profitability. The company maintains low leverage, enhancing financial stability. However, declining margins and cash conversion efficiency need attention.

Income Statement

M&A Research Institute Holdings Inc. has demonstrated strong revenue growth over the years, with a notable increase of 7.98% in the latest period. The company maintains healthy profit margins, with a gross profit margin of 60.96% and a net profit margin of 17.43% for the most recent year. However, there has been a decline in these margins compared to previous years, indicating potential cost pressures or competitive challenges.

Balance Sheet

The company exhibits a strong balance sheet with a low debt-to-equity ratio of 0.006, indicating minimal leverage and financial risk. The return on equity is robust at 54.40%, showcasing effective use of equity to generate profits. However, the equity ratio has decreased over time, suggesting a need for careful management of asset growth relative to equity.

Cash Flow

Cash flow performance is solid, with a strong free cash flow to net income ratio of 86.83%, indicating efficient cash generation relative to profits. However, the operating cash flow to net income ratio has decreased, suggesting potential challenges in converting net income into cash flow.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	15.38B	16.60B	16.55B	8.64B	3.91B	1.33B
Gross Profit	9.43B	10.12B	12.02B	6.62B	3.11B	1.03B
EBITDA	4.70B	5.04B	8.46B	4.51B	2.10B	563.14M
Net Income	3.20B	2.89B	5.79B	2.65B	1.33B	368.16M
Balance Sheet
Total Assets	8.49B	7.29B	12.00B	8.33B	4.23B	1.35B
Cash, Cash Equivalents and Short-Term Investments	4.95B	4.22B	10.17B	7.43B	3.98B	1.18B
Total Debt	34.19M	32.34M	58.76M	101.71M	136.30M	150.06M
Total Liabilities	1.40B	1.97B	2.98B	2.73B	1.30B	575.81M
Stockholders Equity	7.09B	5.32B	9.02B	5.60B	2.93B	777.77M
Cash Flow
Free Cash Flow	0.00	847.97M	5.32B	3.90B	2.06B	653.47M
Operating Cash Flow	0.00	976.60M	5.48B	3.96B	2.08B	678.97M
Investing Cash Flow	0.00	-251.20M	-308.34M	-400.20M	-79.29M	-57.29M
Financing Cash Flow	0.00	-6.68B	-2.43B	-110.48M	804.89M	-347.00K

M&A Research Institute Holdings Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1107.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9552, the sentiment is Negative. The current price of 1107 is below the 20-day moving average (MA) of 1194.60, below the 50-day MA of 1169.88, and below the 200-day MA of 1265.77, indicating a bearish trend. The MACD of -2.82 indicates Positive momentum. The RSI at 40.99 is Neutral, neither overbought nor oversold. The STOCH value of 13.62 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:9552.

M&A Research Institute Holdings Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
6196	82 Outperform	¥79.98B	15.70	―	4.32%	11.99%	-4.74%
2127	76 Outperform	¥234.66B	15.88	26.65%	4.00%	10.37%	18.68%
6080	75 Outperform	¥99.88B	20.41	―	1.54%	17.13%	23.53%
9552	68 Neutral	¥62.16B	23.95	―	0.45%	0.32%	-48.88%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%

M&A Research Institute Holdings Inc. Corporate Events

Quants Research Institute Profit Halves but Group Bets on Earnings Rebound in 2026

Quants Research Institute Holdings reported flat revenue of ¥16.6 billion for the fiscal year ended September 2025, but operating profit fell 42.1% and profit attributable to owners of the parent dropped 51.4% to ¥2.75 billion, reflecting a sharp deterioration in profitability and a decline in total assets and equity. The company nonetheless initiated a ¥5 per share year-end dividend, bought back and retired a significant number of shares, and added two new subsidiaries—M&A Research Institute Singapore and Souken Leasing—to its consolidation scope, while forecasting a strong rebound in FY2026 with revenue expected to rise 33.6% and profit attributable to owners up 22.1%, signaling confidence in earnings recovery and continued business expansion.

The most recent analyst rating on (JP:9552) stock is a Hold with a Yen1268.00 price target. To see the full list of analyst forecasts on M&A Research Institute Holdings Inc. stock, see the JP:9552 Stock Forecast page.

M&A Research Institute Discloses Controlling Shareholder Structure and Minority Protection Policy

M&A Research Institute Holdings Inc. disclosed that its Representative Director and CEO, Shunsaku Sagami, is a controlling shareholder holding 58.01% of the company’s voting rights, underscoring his significant influence over corporate governance. The company reported there are currently no transactions with the controlling shareholder that require disclosure, and emphasized that any future dealings with controlling shareholders will be reviewed by the Board of Directors to ensure fair terms and compliance with laws, with the stated aim of preventing disadvantages to the company and protecting minority shareholders’ interests.

The most recent analyst rating on (JP:9552) stock is a Hold with a Yen1268.00 price target. To see the full list of analyst forecasts on M&A Research Institute Holdings Inc. stock, see the JP:9552 Stock Forecast page.

M&A Research Institute Holdings to Book ¥3.6 Billion Dividend from Core Subsidiary

M&A Research Institute Holdings Inc. has announced that it will receive a 3.6 billion yen dividend from its consolidated subsidiary, M&A Research Institute Inc., with the payment scheduled for December 25, 2025. The dividend will be recognized as revenue in the parent company’s non-consolidated financial statements for the fiscal year ending September 2026, but will not affect its consolidated financial results, underscoring that the transaction is an internal capital transfer with limited impact on the group’s overall earnings profile.

The most recent analyst rating on (JP:9552) stock is a Hold with a Yen1268.00 price target. To see the full list of analyst forecasts on M&A Research Institute Holdings Inc. stock, see the JP:9552 Stock Forecast page.

M&A Research Institute Holdings Inc. Announces Name Change to Reflect Strategic Growth

M&A Research Institute Holdings Inc. announced a proposed change of its trade name to Quants Research Institute Holdings, Inc., reflecting its strategic shift towards diversified business domains and a commitment to data-driven growth. This change, pending shareholder approval, signifies the company’s long-term vision of enhancing corporate and social value through innovative approaches.

The most recent analyst rating on (JP:9552) stock is a Buy with a Yen1419.00 price target. To see the full list of analyst forecasts on M&A Research Institute Holdings Inc. stock, see the JP:9552 Stock Forecast page.

M&A Research Institute Holdings Inc. Announces New Loan Agreements

M&A Research Institute Holdings Inc. has announced its decision to enter into a loan agreement to optimize cash allocation for its subsidiary, Souken Leasing Inc., and to support the acquisition of treasury shares. The company has also resolved to execute a loan agreement with financial covenants to refinance existing borrowings, ensuring financial stability by maintaining net assets and avoiding consecutive fiscal losses. This move is not expected to impact the company’s earnings forecast for the fiscal year ending September 30, 2026.

The most recent analyst rating on (JP:9552) stock is a Buy with a Yen1419.00 price target. To see the full list of analyst forecasts on M&A Research Institute Holdings Inc. stock, see the JP:9552 Stock Forecast page.

M&A Research Institute Holdings Inc. Reports Fiscal Year 2025 Results and Positive Outlook

M&A Research Institute Holdings Inc. reported a challenging fiscal year ending September 2025, with a slight increase in net sales but significant declines in operating and ordinary profits, as well as profit attributable to owners of the parent. Despite these setbacks, the company has revised its year-end dividend per share from 0.00 yen to 5.00 yen, indicating a commitment to shareholder returns. The company is also forecasting a positive outlook for the next fiscal year with expected growth in net sales and profits, driven by strategic expansions and new inclusions in its operations.

The most recent analyst rating on (JP:9552) stock is a Hold with a Yen1184.00 price target. To see the full list of analyst forecasts on M&A Research Institute Holdings Inc. stock, see the JP:9552 Stock Forecast page.

M&A Research Institute Reports Extraordinary Losses Amid Strategic Investments

M&A Research Institute Holdings Inc. has reported extraordinary losses in its non-consolidated financial results for the fiscal year ending September 2025, due to a provision for allowance for doubtful accounts and a loss on valuation of shares of its affiliate, Quants Consulting, Inc. Despite these accounting losses, the company emphasizes that there is no material impact on the affiliate’s operations and continues to prioritize strategic investments for future growth, maintaining a focus on enhancing corporate value and sustainable profit growth over the medium to long term.

The most recent analyst rating on (JP:9552) stock is a Hold with a Yen1184.00 price target. To see the full list of analyst forecasts on M&A Research Institute Holdings Inc. stock, see the JP:9552 Stock Forecast page.

M&A Research Institute Holdings Inc. Adopts IFRS for Enhanced Financial Transparency

M&A Research Institute Holdings Inc. has announced its decision to voluntarily adopt the International Financial Reporting Standards (IFRS) for its consolidated financial statements, replacing the current Japanese GAAP. This strategic move aims to enhance the international comparability of its financial information, potentially improving its global market positioning and offering greater transparency for stakeholders.

The most recent analyst rating on (JP:9552) stock is a Hold with a Yen1184.00 price target. To see the full list of analyst forecasts on M&A Research Institute Holdings Inc. stock, see the JP:9552 Stock Forecast page.

M&A Research Institute Announces First Dividend Distribution

M&A Research Institute Holdings Inc. has announced its first-ever dividend distribution from retained earnings, marking a significant shift in its financial strategy. This decision reflects the company’s strengthened financial base and stable cash flow, aiming to enhance stock value and shareholder stability while balancing growth investments and shareholder returns.

The most recent analyst rating on (JP:9552) stock is a Hold with a Yen1184.00 price target. To see the full list of analyst forecasts on M&A Research Institute Holdings Inc. stock, see the JP:9552 Stock Forecast page.