M 
Mitsubishi Research Institute 3636.T · JPY
Information Technology · Tokyo Stock Exchange · 🇯🇵 Japan
4,965
+1.95%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥121.46bn
FY2016FY2025
Net income
¥6.39bn
FY2016FY2025
Free cash flow
¥2.81bn
FY2016FY2025
Shareholders' equity
¥71.92bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥121.46bn | ¥115.36bn | ¥122.13bn | ¥116.62bn | ¥103.03bn | ¥92.02bn | ¥90.03bn | ¥90.25bn | ¥89.47bn | ¥86.90bn |
| Gross profit | ¥30.26bn | ¥27.13bn | ¥27.72bn | ¥28.07bn | ¥24.50bn | ¥22.28bn | ¥20.70bn | ¥20.11bn | ¥20.90bn | ¥19.55bn |
| Research and development | ¥1.52bn | ¥1.71bn | ¥1.74bn | ¥1.49bn | ¥1.05bn | ¥1.04bn | ¥801.0m | ¥831.0m | ¥930.0m | ¥565.0m |
| Operating income | ¥8.01bn | ¥7.07bn | ¥8.71bn | ¥9.17bn | ¥6.89bn | ¥6.23bn | ¥5.13bn | ¥4.96bn | ¥5.73bn | ¥5.50bn |
| Net income | ¥6.39bn | ¥5.00bn | ¥6.29bn | ¥7.71bn | ¥5.01bn | ¥7.10bn | ¥3.60bn | ¥3.40bn | ¥3.83bn | ¥3.42bn |
| Diluted earnings per share | 405.45 | 317.89 | 395.37 | 474.25 | 308.95 | 436.52 | 221.59 | 209.48 | 236.01 | 208.55 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥131.00bn | ¥121.90bn | ¥120.27bn | ¥116.44bn | ¥101.57bn | ¥98.13bn | ¥84.57bn | ¥78.60bn | ¥75.65bn | ¥71.78bn |
| Cash and short-term investments | ¥30.31bn | ¥30.93bn | ¥25.23bn | ¥33.16bn | ¥29.40bn | ¥32.74bn | ¥25.96bn | ¥22.36bn | ¥23.30bn | ¥21.55bn |
| Total liabilities | ¥49.65bn | ¥45.52bn | ¥45.88bn | ¥45.28bn | ¥37.73bn | ¥36.59bn | ¥29.72bn | ¥25.31bn | ¥25.26bn | ¥24.87bn |
| Debt | ¥1.04bn | ¥1.11bn | ¥2.09bn | ¥3.53bn | ¥4.93bn | ¥4.89bn | ¥3.44bn | ¥553.0m | ¥349.0m | ¥574.0m |
| Shareholders' equity | ¥71.92bn | ¥67.63bn | ¥65.80bn | ¥63.05bn | ¥56.28bn | ¥53.86bn | ¥47.94bn | ¥46.46bn | ¥43.74bn | ¥40.87bn |
| Shares outstanding | 16m | 16m | 16m | 16m | 16m | 16m | 16m | 16m | 16m | 16m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥6.42bn | ¥13.54bn | ¥5.70bn | ¥9.26bn | ¥3.25bn | ¥8.64bn | ¥8.73bn | ¥7.01bn | ¥6.58bn | ¥5.05bn |
| Capital spending | −¥3.62bn | −¥1.36bn | −¥2.60bn | −¥1.31bn | −¥951.0m | −¥851.0m | −¥1.05bn | −¥837.0m | −¥1.07bn | −¥1.16bn |
| Free cash flow | ¥2.81bn | ¥12.18bn | ¥3.09bn | ¥7.94bn | ¥2.30bn | ¥7.79bn | ¥7.68bn | ¥6.18bn | ¥5.51bn | ¥3.90bn |
| Dividends paid | −¥2.56bn | −¥2.48bn | −¥2.52bn | −¥1.97bn | −¥2.30bn | −¥1.64bn | −¥1.48bn | −¥1.31bn | −¥1.15bn | −¥985.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥25.66bn | ¥41.67bn | ¥30.90bn | ¥29.84bn | ¥26.19bn | ¥37.73bn | ¥27.71bn | ¥25.11bn |
| Gross profit | ¥3.77bn | ¥10.84bn | ¥8.43bn | ¥6.76bn | ¥5.54bn | ¥10.01bn | ¥6.43bn | ¥4.75bn |
| Operating income | −¥1.70bn | ¥5.84bn | ¥3.46bn | ¥1.38bn | −¥186.0m | ¥5.34bn | ¥1.48bn | ¥2.0m |
| Net income | −¥1.59bn | ¥5.84bn | ¥2.63bn | ¥1.40bn | ¥106.0m | ¥3.89bn | ¥992.0m | ¥154.0m |
| Diluted earnings per share | -100.83 | 370.32 | 167.23 | 88.82 | 6.73 | 246.92 | 63.02 | 9.78 |
| Cash from operations | — | — | — | ¥6.42bn | — | — | — | — |
| Capital spending | — | — | — | −¥3.62bn | — | — | — | — |
| Free cash flow | — | — | — | ¥2.81bn | — | — | — | — |
| Total assets | ¥129.10bn | ¥140.41bn | ¥124.19bn | ¥131.00bn | ¥122.96bn | ¥128.27bn | ¥117.90bn | ¥121.90bn |
| Cash and short-term investments | ¥41.91bn | ¥16.17bn | ¥20.41bn | ¥30.31bn | ¥34.59bn | ¥15.42bn | ¥21.31bn | ¥30.93bn |
| Debt | — | — | — | ¥205.0m | — | — | — | ¥212.0m |
| Shareholders' equity | ¥77.22bn | ¥79.21bn | ¥73.32bn | ¥71.92bn | ¥70.34bn | ¥71.46bn | ¥67.38bn | ¥67.63bn |
Financial ratios
Data as of 12 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 24.9% | 23.5% | 22.7% | 24.1% | 23.8% | 24.2% |
| Operating margin | 6.6% | 6.1% | 7.1% | 7.9% | 6.7% | 6.8% |
| Net margin | 5.3% | 4.3% | 5.1% | 6.6% | 4.9% | 7.7% |
| Return on equity | 8.9% | 7.4% | 9.6% | 12.2% | 8.9% | 13.2% |
| Return on assets | 4.9% | 4.1% | 5.2% | 6.6% | 4.9% | 7.2% |
| Free cash flow yield | 13.3% | 19.8% | 10.9% | 13.6% | 5.4% | 12.2% |
| Revenue growth | 5.3% | -5.5% | 4.7% | 13.2% | 12.0% | 2.2% |
| Earnings growth | 27.6% | -20.4% | -18.4% | 53.9% | -29.4% | 97.1% |
| Current ratio | 2.33x | 2.39x | 2.31x | 2.44x | 2.87x | 2.91x |
| Debt to equity | 0.00x | 0.00x | 0.01x | 0.03x | 0.04x | 0.05x |
| Equity ratio | 54.9% | 55.5% | 54.7% | 54.2% | 55.4% | 54.9% |
| Interest coverage | 728.36x | 504.64x | 378.70x | 269.59x | 172.20x | 144.95x |
| R&D as a share of sales | 1.2% | 1.5% | 1.4% | 1.3% | 1.0% | 1.1% |
| Buybacks as a share of market value | -0.1% | 1.0% | 2.1% | -0.2% | 0.3% | -0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.4% | 5.7% | 3.6% |
| Operating income | -4.4% | 5.1% | 3.7% |
| Net income | -6.1% | -2.1% | 5.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 24.2% | 23.8% | 23.9% | 23.4% |
| Operating margin | 6.4% | 6.9% | 6.9% | 6.6% |
| Net margin | 4.8% | 5.3% | 5.6% | 5.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 12.3 | 15.3 | 11.7 | 10.3 | 13.1 | 9.8 | 19.5 | 15.1 | 16.7 | 15.8 |
| Price to sales | 0.7 | 0.7 | 0.6 | 0.7 | 0.6 | 0.8 | 0.8 | 0.6 | 0.7 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 17 years. Last went ex-dividend on 29 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 250.00 | 160.00 | 155.00 | 155.00 | 120.00 | 110.00 | 100.00 | 90.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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