M3, Inc.

エムスリー株式会社

Services

← Companies

Price

¥1,424

Market Cap

¥966.9B

Ent. Value

¥843.9B

Net Cash

¥123.0B

Shares Out.

679.0M

P / E

19.6×

EV / EBIT

11.5×

P / Book

2.34×

P / NCAV

11.75×

Div. Yield

—

Financials

Metric	FY 2025 TDnet	FY 2024 TDnet	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥351.4B	¥351.4B	¥238.9B	¥230.8B	¥208.2B
Cost of Sales	¥175.5B	¥175.5B	¥98.4B	¥95.6B	¥84.9B
Gross Profit	¥175.8B	¥175.8B	¥140.5B	¥135.2B	¥123.3B
SG&A	¥105.7B	¥105.7B	¥75.0B	¥64.8B	¥56.1B
Operating Income	¥73.5B	¥73.5B	¥64.4B	¥72.0B	¥95.1B
Non-Operating Income	—	¥2.5B	¥4.8B	¥2.4B	¥1.1B
Interest Income	—	¥2.5B	¥1.7B	¥1.1B	¥584M
Non-Operating Expenses	—	¥717M	¥391M	¥69M	¥52M
Ordinary Income	¥76.3B	¥64.8B	—	—	—
Pre-tax Income	¥76.3B	¥76.3B	¥68.8B	¥74.3B	¥96.2B
Net Income (owners)	¥49.1B	¥49.1B	¥45.3B	¥49.0B	¥63.8B
Minority Interest	—	¥3.9B	¥3.3B	¥3.0B	¥2.3B
Comprehensive Income	—	¥41.7B	¥64.1B	¥62.9B	¥70.8B
EBITDA	¥90.8B	¥90.8B	¥73.3B	¥79.4B	¥101.4B
EPS	¥72.53	¥72.53	¥66.68	¥72.22	¥94.06
Shares Outstanding	—	679.0M	679.0M	678.9M	678.9M
Shares Issued (total)	—	679.1M	679.1M	679.0M	678.9M
Treasury Shares	—	0.0M	0.0M	0.0M	0.0M

Metric	FY 2025 TDnet	FY 2024 TDnet	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥637.4B	¥637.4B	¥490.8B	¥400.6B	¥346.0B
Current Assets	¥273.0B	¥273.0B	¥240.7B	¥203.5B	¥198.9B
Cash & Deposits	¥156.2B	¥156.2B	¥149.7B	¥118.3B	¥104.3B
Non-Current Assets	¥364.4B	¥364.4B	¥250.0B	¥197.2B	¥147.1B
PP&E	¥55.1B	¥55.1B	¥26.4B	¥19.0B	¥12.5B
Goodwill	—	¥111.6B	¥95.5B	¥71.3B	¥57.8B
Intangible Assets	—	¥94.9B	¥51.6B	¥40.7B	¥25.1B
Deferred Tax Assets	—	¥7.8B	¥5.5B	¥2.4B	¥2.1B
Total Liabilities	¥190.7B	¥190.7B	¥124.1B	¥91.1B	¥82.0B
Current Liabilities	¥100.0B	¥100.0B	¥67.2B	¥59.6B	¥57.2B
ST Debt	¥4.2B	¥4.2B	¥2.0B	—	—
Non-Current Liabilities	¥90.7B	¥90.7B	¥56.9B	¥31.5B	¥24.8B
Total LT Borrowings	¥29.0B	¥29.0B	¥16.5B	—	—
Deferred Tax Liab.	—	¥35.1B	¥20.3B	¥16.8B	¥13.5B
Total Equity	¥446.6B	¥446.6B	¥366.7B	¥309.5B	¥264.0B
Capital Surplus	—	¥28.8B	¥26.6B	¥25.1B	¥29.7B
Retained Earnings	¥324.8B	¥324.8B	¥263.6B	¥231.2B	¥192.9B
Treasury Stock	—	¥-37M	¥-37M	¥-37M	¥-36M
AOCI	—	¥30.5B	¥32.4B	¥17.2B	¥6.1B
Equity (owners)	¥408.2B	¥408.2B	¥351.9B	¥302.6B	¥257.8B
Minority Interests	—	¥34.4B	¥14.8B	¥6.9B	¥6.1B

Total Interest-Bearing Debt ⓘ	¥33.1B	¥33.1B	¥18.5B	—	—
Net Cash ⓘ	¥123.0B	¥123.0B	¥131.1B	¥118.3B	¥104.3B
NCAV ⓘ	¥82.3B	¥82.3B	¥116.7B	¥112.3B	¥116.8B
NCAV/Share	—	¥121	¥172	¥165	¥172
BV/Share	—	¥601	¥518	¥446	¥380

Metric	FY 2025 TDnet	FY 2024 TDnet	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥70.3B	¥70.3B	¥58.3B	¥57.1B	¥52.1B
D&A	¥17.2B	¥17.2B	¥8.9B	¥7.4B	¥6.3B
Investing CF	¥-15.9B	¥-15.9B	¥-39.5B	¥-21.9B	¥-23.4B
CapEx	¥7.7B	¥7.7B	¥5.4B	¥5.9B	¥1.7B
Financing CF	¥-35.5B	¥-35.5B	¥9.4B	¥-22.8B	¥-16.4B
Free Cash Flow	¥62.6B	¥62.6B	¥52.9B	¥51.2B	¥50.4B
Net Change in Cash	—	¥-14.7B	¥31.3B	¥14.1B	¥15.1B

Metric	FY 2025 TDnet	FY 2024 TDnet	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	11.0%	12.1%	13.4%	17.1%	24.2%
ROA	7.7%	8.7%	10.2%	13.1%	18.5%
EPS	¥72.53	¥72.53	¥66.68	¥72.22	¥94.06
DPS	¥0.00	¥0.00	¥21.00	¥19.00	¥16.00
BPS	¥608.98	¥608.98	—	—	—
FCF/Share	—	¥92	¥78	¥75	¥74
NCAV/Share	—	¥121	¥172	¥165	¥172
Payout Ratio	0.0%	0.0%	31.5%	26.3%	17.0%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 11

Date	Activist	Stake	Event	Flag	Demands
2026-05-22	BlackRock Japan Co., Ltd.	4.65% -0.61%	change	Passive	—
2026-05-11	Nomura Securities Co.,Ltd.	6.25% +0.13%	change	Passive	—
2026-04-06	Nomura Securities Co.,Ltd.	6.12% +0.42%	change	Passive	—
2026-02-19	Nomura Securities Co.,Ltd.	5.7% +0.13%	change	Passive	—
2025-11-07	Nomura Securities Co.,Ltd.	5.57% +0.12%	change	Passive	—
2025-05-20	BlackRock Japan Co., Ltd.	5.26%	initial_5pct	Passive	—
2025-04-03	Nomura Securities Co.,Ltd.	5.45%	change	Passive	—
2024-08-06	Baillie Gifford & Co	4.13% -1.6%	change	Passive	—
2024-07-03	Baillie Gifford & Co	5.73% -1.15%	change	Passive	—
2023-12-05	Baillie Gifford & Co	6.88%	change	Passive	—
2023-07-21	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	4.72%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-01 15:30	Buyback	¥20.0B 3.0%	M3 Inc. (2413, TSE Prime) announced a board resolution on 2026-05-01 to repurchase up to 20 million shares (3.0% of outs…
Summary M3 Inc. (2413, TSE Prime) announced a board resolution on 2026-05-01 to repurchase up to 20 million shares (3.0% of outstanding shares) for a maximum of ¥20 billion through open market purchases from 2026-05-02 to 2027-04-30. The buyback is intended to enhance shareholder returns alongside dividends while strengthening the financial base and preparing for new business expansion, following TSE guidance on capital cost-conscious management. Deadline: 2027-04-30 % of Shares: 3.0% Shares: 20,000,000 Source (JP) 取得し得る株式の総数：2,000万株(上限)、株式の取得価額の総額：200億円(上限)、取得期間：2026年５月２日～2027年４月30日自己株式取得に係る事項の決定(会社法第459条第1項の規定による定款の定めに基づく自己株式の取得)に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	ソニーグループ株式会社	230,458	33.90%
2	The Master Trust Bank of Japan, Ltd. (Trust Account) 日本マスタートラスト信託銀行株式会社	94,365	13.90%
3	Custody Bank of Japan, Ltd. (Trust Account) 株式会社日本カストディ銀行	56,744	8.40%
4	株式会社NTTドコモ	20,200	3.00%
5	谷村格	19,474	2.90%
6	State Street Bank and Trust Company STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人株式会社みずほ銀行）	13,545	2.00%
7	State Street Bank and Trust Company STATE STREET BANK AND TRUST COMPANY 505025 （常任代理人株式会社みずほ銀行）	11,924	1.80%
8	State Street Bank and Trust Company STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人株式会社みずほ銀行）	10,003	1.50%
9	State Street Bank and Trust Company STATE STREET BANK WEST CLIENT - TREATY 505234 （常任代理人株式会社みずほ銀行）	8,585	1.30%
10	OASIS JAPAN STRATEGIC FUND Y LTD. （常任代理人シティバンク）	8,463	1.20%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

22.3%

+0.2% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

6.6%

-2.8% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

41.0%

+1.2% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
ソニーグループ		33.90%	33.90%	33.90%
日本マスタートラスト信託銀行		15.40%	14.50%	13.90% -0.60%
日本カストディ銀行		8.20%	7.60%	8.40% +0.80%
State Street		2.50%	4.30%	6.60% +2.30%
式会社NTTドコモ		3.00%	3.00%	3.00%
谷村格		2.90%	2.90%	2.90%
OASIS JAPAN STRATEGIC FUND Y LTD. NEW ENTRY	—	—	—	1.20% NEW
BNY Mellon last seen 2024	Exited Top 10	5.10%	4.20%	—
JP Morgan last seen 2024	Exited Top 10	1.10%	0.90%	—
Concentration (HHI) ⓘ		1504	1472	1475

3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved

Portfolio Book Value ¥2,294M +18% since 2023

Holdings 10 +3 new 2 exited

Trend 1 unwinding vs 2023

Held Company	FY2025 ¥2,294M total		FY2023 ¥1,944M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
HONYAKU Center Inc. (株)翻訳センター	1,258	663,000	1,075	663,000
EcoNaviSta, Inc. エコナビスタ（株）	504	NEW New 230,700	—
Human Metabolome Technologies, Inc. ヒューマン・メタボローム・テクノロジーズ(株)	148	217,100	151	217,100
RAKSUL INC. ラクスル(株)	129	128,000	176	128,000
for Startups, Inc. フォースタートアップス（株）	80	NEW New 73,000	—
(株)オルツ普通株式	71	NEW New 137,600	—
Kringle Pharma,Inc. クリングルファーマ(株)	58	66,660	65	66,660
StemRIM Inc. (株)ステムリム	45	-66.8% ↓ 142,900	446	429,800
CareNet,Inc. (株)ケアネット	1	800	1	800	M
（株）Veritas In Silico	—		—
SMS CO.,LTD (株)エス・エム・エス	—	−100% Exit —	1	200
Perseus Proteomics Inc. (株)ペルセウスプロテオミクス	—	−100% Exit —	29	96,400
Portfolio total	2,294		1,944

Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding