3636
Mitsubishi Research Institute, Inc.
株式会社三菱総合研究所
Information & Communication
Mitsubishi Research Institute, Inc. provides research, consulting, and ICT solutions to the public and private sectors in Japan. It offers consulting services for management, digital transformation, energy, sustainability, food and agriculture, information and communication technology, regions, communities, mobility, healthcare, human resources, disaster prevention and risk management, and global strategy. The company was incorporated in 1970 and is headquartered in Tokyo, Japan.
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Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥121.5B
¥115.4B
¥122.1B
¥116.6B
¥103.0B
Cost of Sales
¥92.7B
¥89.9B
¥96.1B
¥90.0B
¥79.6B
Gross Profit
¥28.7B
¥25.4B
¥26.0B
¥26.6B
¥23.4B
SG&A
¥20.7B
¥18.4B
¥17.3B
¥17.4B
¥16.6B
Operating Income
¥8.0B
¥7.1B
¥8.7B
¥9.2B
¥6.9B
Non-Operating Income
¥1.8B
¥1.1B
¥1.4B
¥1.4B
¥797M
Dividend Income
¥219M
¥223M
¥216M
¥169M
¥166M
Interest Income
¥23M
¥11M
¥2M
¥8M
¥7M
Non-Operating Expenses
¥35M
¥41M
¥94M
¥75M
¥82M
Interest Expense
¥11M
¥14M
¥23M
¥34M
¥40M
Ordinary Income
¥9.7B
¥8.1B
¥10.0B
¥10.5B
¥7.6B
Pre-tax Income
¥10.2B
¥8.0B
¥9.6B
¥12.2B
¥7.8B
Income Taxes
¥3.0B
¥2.4B
¥2.5B
¥3.5B
¥2.2B
Current Tax
¥3.4B
¥2.5B
¥2.5B
¥4.4B
¥2.3B
Deferred Tax
¥-340M
¥-39M
¥-58M
¥-874M
¥-43M
Net Income (owners)
¥6.4B
¥5.0B
¥6.3B
¥7.7B
¥5.0B
Minority Interest
¥839M
¥557M
¥850M
¥904M
¥591M
Comprehensive Income
¥7.7B
¥5.7B
¥7.8B
¥8.2B
¥5.4B
EBITDA
¥11.5B
¥10.8B
¥12.4B
¥12.8B
¥10.5B
EPS
¥405.55
¥316.44
¥392.27
¥474.67
¥308.60
Shares Outstanding
16.0M
16.0M
16.0M
16.4M
16.4M
Shares Issued (total)
16.0M
16.4M
16.4M
16.4M
16.4M
Treasury Shares
0.0M
0.4M
0.4M
0.0M
0.0M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥128.1B
¥119.7B
¥118.0B
¥114.7B
¥99.7B
Current Assets
¥79.5B
¥74.3B
¥71.2B
¥73.9B
¥59.1B
Cash & Deposits
¥30.3B
¥30.9B
¥25.2B
¥28.2B
¥29.4B
Trade Receivables
¥25.5B
¥26.6B
¥26.1B
¥23.5B
—
Non-Current Assets
¥48.6B
¥45.4B
¥46.9B
¥40.7B
¥40.6B
PP&E
¥12.8B
¥10.9B
¥12.1B
¥10.7B
¥11.3B
Intangible Assets
¥7.1B
¥6.8B
¥6.3B
¥5.5B
¥5.7B
Investment Securities
¥19.1B
¥18.1B
¥19.8B
¥16.3B
¥15.7B
Deferred Tax Assets
¥4.5B
¥4.5B
¥4.4B
¥4.7B
¥4.3B
Total Liabilities
¥46.8B
¥43.4B
¥43.6B
¥43.5B
¥35.9B
Current Liabilities
¥34.1B
¥31.1B
¥30.8B
¥30.2B
¥20.6B
ST Debt
—
—
¥500M
¥400M
¥400M
Taxes Payable
¥2.4B
¥1.7B
¥584M
¥3.5B
¥588M
Non-Current Liabilities
¥12.7B
¥12.2B
¥12.8B
¥13.3B
¥15.2B
Total LT Borrowings
—
—
—
¥500M
¥900M
Pension Obligations
¥9.7B
¥9.7B
¥9.8B
¥9.3B
¥9.9B
Total Equity
¥81.3B
¥76.4B
¥74.4B
¥71.2B
¥63.8B
Capital Stock
¥6.3B
¥6.3B
¥6.3B
¥6.3B
¥6.3B
Capital Surplus
¥4.9B
¥4.9B
¥4.9B
¥4.8B
¥4.8B
Retained Earnings
¥59.0B
¥57.0B
¥54.5B
¥50.7B
¥43.7B
Treasury Stock
¥-1.3B
¥-3.3B
¥-2.4B
¥-622M
¥-762M
AOCI
¥3.0B
¥2.6B
¥2.4B
¥1.8B
¥2.2B
Equity (owners)
¥68.9B
¥65.0B
¥63.4B
¥61.2B
¥54.1B
Minority Interests
¥9.4B
¥8.7B
¥8.6B
¥8.1B
¥7.6B
Total Interest-Bearing Debt ⓘ
—
—
¥500M
¥900M
¥1.3B
Net Cash ⓘ
¥30.3B
¥30.9B
¥24.7B
¥27.3B
¥28.1B
NCAV ⓘ
¥32.7B
¥30.9B
¥27.5B
¥30.4B
¥23.3B
NCAV/Share
¥2,040
¥1,927
¥1,716
¥1,852
¥1,417
BV/Share
¥4,293
¥4,053
¥3,950
¥3,728
¥3,295
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥6.4B
¥13.5B
¥5.7B
¥9.3B
¥3.3B
Interest Paid
¥-11M
¥-13M
¥-23M
¥-34M
¥-40M
Interest Received
¥726M
¥632M
¥672M
¥432M
¥372M
D&A
¥3.5B
¥3.7B
¥3.8B
¥3.6B
¥3.6B
Investing CF
¥-4.0B
¥-2.9B
¥-2.4B
¥-6.7B
¥-2.0B
CapEx
¥3.6B
¥1.4B
¥2.6B
¥1.3B
¥951M
Purchase Investments
¥-110M
¥-167M
¥-2.1B
¥-602M
¥-491M
Proceeds from Invest.
¥2.4B
¥351M
¥165M
¥1.4B
¥1.0B
Financing CF
¥-3.0B
¥-4.9B
¥-6.2B
¥-3.9B
¥-4.6B
Dividends Paid
¥-2.6B
¥-2.5B
¥-2.5B
¥-2.0B
¥-2.3B
Share Buybacks
¥0M
¥-1.0B
¥-1.9B
¥0M
¥-334M
LT Debt Repaid
—
¥-500M
¥-400M
¥-400M
¥-400M
Free Cash Flow
¥2.8B
¥12.2B
¥3.1B
¥7.9B
¥2.3B
Net Change in Cash
¥-617M
¥5.7B
¥-2.9B
¥-1.2B
¥-3.3B
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
9.2%
7.5%
9.8%
12.8%
9.1%
ROA
5.2%
4.2%
5.4%
7.2%
5.0%
EPS
¥405.55
¥316.44
¥392.27
¥474.67
¥308.60
DPS
¥165.00
¥160.00
¥150.00
¥140.00
¥115.00
BPS
¥4,566.65
¥4,296.49
¥4,137.76
¥3,880.03
¥3,471.53
FCF/Share
¥175
¥759
¥193
¥484
¥140
NCAV/Share
¥2,040
¥1,927
¥1,716
¥1,852
¥1,417
Payout Ratio
40.7%
50.6%
38.2%
29.5%
37.3%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 6
Date Activist Stake Event Flag Demands Source
2026-03-02
Mitsubishi UFJ Financial Group Inc.
6.11%
-1.0%
change
Passive
—
2024-07-29
Mitsubishi UFJ Financial Group Inc.
7.11%
change
Passive
—
2024-05-21
Schroder Investment Management(Japan)Limited
3.77%
-1.28%
change
Passive
—
2024-02-21
Schroder Investment Management(Japan)Limited
5.05%
-1.21%
change
Passive
—
2023-12-21
Schroder Investment Management(Japan)Limited
6.26%
-1.35%
change
Passive
—
2023-07-20
Schroder Investment Management(Japan)Limited
7.61%
change
Passive
—
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 7
#
Shareholder
Shares (thou.)
% of Total
1
Japan Master Trust Bank
日本マスタートラスト信託銀行株式会社(信託口)
1,387,400
8.64%
2
Mitsubishi Corporation
三菱商事株式会社
975,076
6.07%
3
Mitsubishi Heavy Industries,Ltd.
三菱重工業株式会社
975,000
6.07%
4
Mitsubishi Electric Corporation
三菱電機株式会社
902,200
5.62%
5
Employee Stock Ownership Plan
三菱総合研究所グループ従業員持株会
794,380
4.95%
6
Mitsubishi Chemical Corporation
三菱ケミカル株式会社
624,000
3.88%
7
MITSUBISHI MATERIALS CORPORATION
三菱マテリアル株式会社
554,600
3.45%
8
MUFG Bank
株式会社三菱UFJ銀行
505,074
3.14%
9
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
453,000
2.82%
10
AGC
AGC株式会社
447,500
2.78%
Domestic Nominees
11.5%
-2.2% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
0.0%
+0.0% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
36.0%
-0.1% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
Japan Master Trust Bank
日本マスタートラスト信託銀行
11.64%
10.68%
8.64%
-2.04%
Mitsubishi Corporation
三菱商事
6.07%
6.07%
6.07%
Mitsubishi Heavy Industries,Ltd.
三菱重工業
6.07%
6.07%
6.07%
Mitsubishi Electric Corporation
三菱電機
5.62%
5.62%
5.62%
Employee Stock Ownership Plan
三菱総合研究所グループ従業員持株会
4.93%
5.08%
4.95%
-0.13%
Mitsubishi Chemical Corporation
三菱ケミカル
3.88%
3.88%
3.88%
MITSUBISHI MATERIALS CORPORATION
三菱マテリアル
3.45%
3.45%
3.45%
MUFG Bank
式会社三菱UFJ銀行
3.14%
3.14%
3.14%
Japan Custody Bank
日本カストディ銀行
3.15%
3.01%
2.82%
-0.19%
AGC
AGC
—
2.78%
2.78%
AGC
last seen 2023
Exited Top 10
2.78%
—
—
Concentration (HHI)
ⓘ
320
299
257
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥1,889M
+28% since 2023
Holdings
7
+1 new
3 exited
Trend
2 building
vs 2023
Held Company
FY2025
¥1,889M total
FY2023
¥1,473M total
Book Val ¥M
Shares
Book Val ¥M
Shares
Nippon Care Supply Co.,Ltd.
(株)日本ケアサプライ
1,176
544,000
916
544,000
Mitsubishi UFJ Financial Group, Inc.
(株)三菱UFJフィナンシャル・グループ
303
126,920
160
126,920
M
Ryoyu Systems Co., Ltd.
(株)菱友システムズ (注2)
220
NEW
New
66,000
—
Mitsubishi Corporation
三菱商事(株)
105
+200.0%
↑
30,000
71
10,000
M
Mitsubishi Heavy Industries,Ltd.
三菱重工業(株)
38
+900.0%
↑
10,000
8
1,000
M
Mitsubishi Electric Corporation
三菱電機(株)
38
10,000
18
10,000
M
Institution for a Global Society㈱
9
26,000
12
26,000
PCI Holdings, Inc.
PCIホールディングス(株)
—
−100%
Exit
—
202
192,000
Ryoyu Systems Co., Ltd.
(株)菱友システムズ
—
−100%
Exit
—
84
33,000
(株)ピーエス三菱
—
−100%
Exit
—
2
3,000
M
Portfolio total
1,889
1,473
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding