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

• Market Cap: ¥41.06B
• Dividend Yield: 0.45%
• Average Volume (3M): 273.35K
• Price to Earnings (P/E): 17.0
• Beta (1Y): 1.43
• Revenue Growth: 0.32%
• EPS Growth: -48.88%
• Country: JP
• Employees: 690
• Sector: Financial
• Sector Strength: 70
• Industry: Investment - Banking & Investment Services
• EPS (TTM): 12.74
• 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): 14.63
• 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): 62.76
• Revenue Forecast (FY): ¥21.28B

• Rating: 63 Neutral
• Price Target: ¥828.00 ▼(-25.20% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is driven by strong financial performance (growth, low leverage, and solid cash generation), partially offset by very weak technical momentum (price below all major moving averages and deeply oversold indicators). Valuation is neutral-to-slightly unattractive due to a moderate P/E and low dividend yield.

Positive Factors

Very low leverage / strong balance sheet

An extremely low debt-to-equity ratio (0.006) signals minimal financial leverage and low bankruptcy risk. For an M&A advisory firm, this balance sheet strength provides durable capacity to fund working capital for deal processes, withstand cyclical slowdowns, and pursue selective inorganic growth without refinancing strain.

Strong cash generation

A high free cash flow to net income ratio (86.83%) indicates efficient conversion of earnings into cash over time. Durable cash generation supports steady reinvestment in client sourcing, retention programs, and potential strategic hires, while reducing dependence on external funding during periods of irregular deal closings.

Healthy growth and margins

Consistent revenue growth (~8%) combined with high gross (60.96%) and net (17.43%) margins reflects a scalable, fee-based advisory model with pricing leverage. These durable profitability characteristics and efficient use of equity (ROE noted as 54.40%) support long-term cash flows and reinvestment capacity even if deal volumes fluctuate.

Negative Factors

Declining margins and cash conversion

Reported declines in margins and weakening cash conversion suggest structural pressures such as rising costs, increased competition, or less favorable fee mixes. Over a multi-month horizon this can erode free cash flow cushions and compress profitability unless management restores pricing power or cost discipline.

Falling equity ratio

A decreasing equity ratio implies assets have grown faster than shareholder equity, which can reduce capitalization buffers. For an advisory firm that needs to finance deal-related activities and reputational capital, a declining equity ratio raises the need for careful capital management and could limit flexibility for strategic investments.

Earnings volatility / falling EPS

A large negative EPS growth (~-44.45%) points to volatility in reported earnings, likely tied to irregular deal closings or one-off items. Persistent EPS declines reduce predictability of profits and can strain long-term planning for hiring, technology investment, and shareholder returns unless deal flow normalizes or margins recover.

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

Company Description

Quants Research Institute Holdings, 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

Strong fundamentals overall: solid revenue growth (7.98%), healthy profitability (gross margin 60.96%, net margin 17.43%), very low leverage (debt-to-equity 0.006), and good cash generation (FCF to net income 86.83%). The score is tempered by declining margins and weakening cash conversion trends.

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	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	17.10B	16.60B	16.55B	8.64B	3.91B	1.33B
Gross Profit	10.00B	10.03B	12.02B	6.62B	3.11B	1.03B
EBITDA	4.62B	5.31B	8.46B	4.51B	2.10B	563.14M
Net Income	2.49B	2.75B	5.79B	2.65B	1.33B	368.16M
Balance Sheet
Total Assets	14.25B	8.12B	12.00B	8.33B	4.23B	1.35B
Cash, Cash Equivalents and Short-Term Investments	6.28B	4.12B	10.17B	7.43B	3.98B	1.18B
Total Debt	6.12B	939.06M	58.76M	101.71M	136.30M	150.06M
Total Liabilities	8.72B	3.02B	2.98B	2.73B	1.30B	575.81M
Stockholders Equity	5.53B	5.10B	9.02B	5.60B	2.93B	777.77M
Cash Flow
Free Cash Flow	-1.92B	847.97M	5.32B	3.90B	2.06B	653.47M
Operating Cash Flow	3.30B	976.60M	5.48B	3.96B	2.08B	678.97M
Investing Cash Flow	-5.44B	-251.20M	-308.34M	-400.20M	-79.29M	-57.29M
Financing Cash Flow	-1.67B	-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: Positive
• 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 above the 20-day moving average (MA) of 935.15, above the 50-day MA of 1077.54, and below the 200-day MA of 1234.71, indicating a bearish trend. The MACD of -109.73 indicates Positive momentum. The RSI at 21.33 is Positive, neither overbought nor oversold. The STOCH value of 13.05 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	¥87.38B	17.15	―	4.32%	11.99%	-4.74%
2127	76 Outperform	¥239.16B	16.18	26.65%	4.00%	10.37%	18.68%
6080	75 Outperform	¥118.78B	24.27	―	1.54%	17.13%	23.53%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
9552	63 Neutral	¥41.06B	17.02	―	0.45%	0.32%	-48.88%

M&A Research Institute Holdings Inc. Corporate Events

Quants Research Institute Raises Profit Growth Rates in Corrected FY2026 Forecast

Quants Research Institute Holdings, Inc. has issued a correction to previously released consolidated financial results for the fiscal year ended September 2025 under IFRS. The company said an error was found in its earlier disclosure, prompting it to update its guidance for key profit metrics in the fiscal year ending September 30, 2026.

While the revenue forecast remains unchanged at ¥22,184 million with year-on-year growth of 33.6%, the company revised upward the projected growth rates for operating profit, profit before tax, and profit attributable to owners of the parent. These profit growth rates are now expected to be 25.4%, 23.4%, and 28.6%, respectively, compared with lower percentages previously disclosed, suggesting a more robust profitability outlook for shareholders without altering the absolute forecast figures or earnings per share.

The most recent analyst rating on (JP:9552) stock is a Hold with a Yen1366.00 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.

Quants Research Institute Outlines FY2026 Q1 Results and Growth Strategy

Quants Research Institute Holdings released its financial results presentation for the first quarter of fiscal year 2026/9, outlining recent earnings performance and management’s view on the current business environment. The disclosure is aimed at updating investors on the company’s operating trends and financial standing at the start of the fiscal year.

The presentation also sets out the full-year earnings forecast, along with a medium- to long-term growth strategy designed to strengthen its market position in quantitative research services. By framing these plans alongside a business overview and competitive advantages, the company signals its intention to pursue sustained growth and reinforce its standing with stakeholders.

The most recent analyst rating on (JP:9552) stock is a Hold with a Yen1366.00 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.

Quants Research Institute Posts Profit Decline but Keeps Strong Growth Outlook for FY2026

Quants Research Institute Holdings reported revenue of ¥4.67 billion for the quarter ended December 31, 2025, up 11.8% year on year, but operating profit dropped 31.2% to ¥1.14 billion as quarterly profit attributable to owners fell 35.7% to ¥688 million, reflecting margin pressure despite top-line growth. Total assets rose sharply to ¥14.25 billion from ¥8.12 billion, while the equity ratio declined from 62.8% to 38.8%, and the company maintained its full-year forecast for strong double-digit growth in revenue and profit, signaling confidence in its outlook even as it projects no dividends for the current fiscal year.

The company plans full-year revenue of ¥22.18 billion, a 33.6% increase, and profit attributable to owners of ¥3.53 billion, up 28.6%, implying a recovery in profitability over the remainder of the fiscal year. The decision to forecast zero dividends, after paying ¥5 per share in the prior year, suggests a strategic emphasis on retaining capital to support expansion or balance sheet needs, which may affect income-focused shareholders but could underpin longer-term growth and competitiveness in its niche financial research market.

The most recent analyst rating on (JP:9552) stock is a Hold with a Yen1366.00 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.

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.