Overview
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MFS,Inc.

MFS operates 'Mogecheck,' a web and smartphone-based platform that intermediates home mortgage loans for prospective homebuyers in Japan, leveraging proprietary technology and data analytics to assess borrowing capacity, estimate loan approval probabilities, and recommend optimal mortgage products. The company also operates 'INVASE,' an online service for real estate investment loans and investment property brokerage, through its consolidated subsidiary Condominium Asset Management Co., Ltd. MFS generates revenue primarily through advertising fees received from banks (via their contracted advertising agencies) upon users submitting mortgage applications through the platform.

Market Cap
¥3.18B
US$20.3M
EV
¥—B
Stock¥312▼-1.58%
US$1 = ¥156.80 (2026-10-23)
ROE
10.9%
* LTM NI / end-of-period equity
PBR
1.1
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-16.2%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
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Performance & Balance
Revenue 5Y (¥B)
0.84US$5.38M'22/61.61US$10.3M'23/61.89US$12.0M'24/62.92US$18.6M'25/68.32US$53.0M'26/6
EBITDA 5Y (¥B)
-0.09-US$0.55M'24/60.23US$1.44M'25/60.25US$1.60M'26/6
Net Income 5Y (¥B)
-0.56-US$3.55M'22/6-0.15-US$0.96M'23/6-0.12-US$0.77M'24/60.16US$1.02M'25/60.31US$1.96M'26/6
Capital Structure
76%
24%
EquityD/E 0.32xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
'22/6'23/61.98US$12.6M0.11US$0.69M'24/61.92US$12.2M'25/62.01US$12.8M0.91US$5.81M'26/6
Shareholders
Top 10 hold 62.6%
1
Akira NAKAYAMADA
16.35%
2
ZENKOKU HOSHO Co.,Ltd.
9.99%
3
Yui Long-Term Strategic Investment Limited Partnership
8.38%
4
JIC Venture Growth Fund No. 1 Investment Limited Partnership
7.96%
5
Takashi SHIOZAWA
6.03%
6
Rakuten Securities, Inc.
5.06%
7
Technology Ventures No. 5 Investment Limited Partnership
4.54%
8
INTERACTIVE BROKERS LLC (Standing Proxy: Interactive Brokers Securities Japan Inc.)
1.72%
9
Shinsei Venture Partners No. 1 Investment Limited Partnership
1.36%
10
CLEARSTREAM BANKING S.A. (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
1.22%
Management
9 officers
Akira NAKAYAMADA
Representative Director, CEO
Apr 1991 Joined Mitsui & Co., Ltd. Jun 1993 Joined Kidder Peabody Securities Co., Ltd. Nov 1994 Joined SBC Warburg Securities Ltd. Jul 1996 Joined Morgan Stanley Securities Co., Ltd. Aug 1998 Joined Bear Stearns Securities Co., Ltd. Aug 2000 Joined Shinsei Bank, Ltd. Aug 2011 Joined SBI Mortgage Co., Ltd. (now SBI ARUHI Co., Ltd.) Jun 2012 Director, SBI Mortgage Co., Ltd. Jun 2014 Representative Director, CEO, the Company (current) Feb 2022 Director, Condominium Asset Management Co., Ltd. Apr 2025 Representative Director, CEO, Condominium Asset Management Co., Ltd. (current)
1967-01-03
Takashi SHIOZAWA
Director, CMO
Apr 2006 Joined Morgan Stanley Securities Co., Ltd. Jan 2009 Joined Boston Consulting Group Aug 2015 Director, COO, the Company Oct 2024 Director, CMO, the Company (current) Oct 2025 Representative Director, SZ Capital Co., Ltd. (current)
1981-09-29
Ryo HIRAYAMA
Director, CFO
Apr 2007 Joined Nomura Securities Co., Ltd. Mar 2019 Director, BHI Co., Ltd. Mar 2020 Joined the Company Dec 2020 Director, CFO, the Company (current) Feb 2022 Director, Condominium Asset Management Co., Ltd. (current) May 2025 Outside Director, matsuri technologies Co., Ltd. (current)
1982-11-08
Masahito ITO
Director
Apr 1991 Joined The Mitsubishi Bank, Ltd. (now MUFG Bank, Ltd.) Apr 1998 Joined SoftBank Corp. (now SoftBank Group Corp.) Nov 2000 Representative Director, President, Good Loan Co., Ltd. (now ARUHI Corporation) Feb 2003 Representative Director, President, Finance All Co., Ltd. Jun 2005 Director, Executive Officer, Senior Managing Director, SBI Holdings, Inc. Nov 2010 Joined Cave Inc. Aug 2011 Representative Director, President and CEO, Cave Inc. Oct 2012 Joined Yahoo Japan Corporation (now LY Corporation) Jan 2013 Representative Director, President and CEO, WJ FX Co., Ltd. (now GMO Foreign Exchange Inc.) Sep 2020 Representative Director, President, Keiei Senryaku Center Co., Ltd. (current) Jun 2021 Outside Director, Audit and Supervisory Committee Member, Kyash Inc. (current) Jun 2022 Outside Director, Lawson Bank, Inc. (current) Jun 2022 Outside Director, Learning Edge Co., Ltd. (current) Aug 2022 Outside Director, Best Rehab Co., Ltd. (current) May 2023 Outside Director, the Company (current) Jan 2024 Outside Director, ElecONE Co., Ltd. (current) Oct 2025 Outside Audit & Supervisory Board Member, FUNDiT Inc. (current)
1967-09-20
Akira SHIBATA
Director
Sep 2007 Assistant Research Fellow, New York University Apr 2010 Joined Boston Consulting Group LLC Apr 2013 Co-founder and Representative Director, CEO, Shiro Yagi Corporation Nov 2015 Chief Executive Officer, DataRobot Japan K.K. Oct 2021 Chief Operating Officer, Qosmo, Inc. Oct 2021 Advisory Board Member, D Capital K.K. (current) Nov 2021 Director, S-Style Inc. (current) Feb 2023 Head of APAC and Country Manager for Japan and Korea, Weights & Biases, Inc. Sep 2025 Outside Director, the Company (current)
1981-05-31
Mikiko ARIAKE
Director
Apr 1987 Joined Nikko Securities Co., Ltd. (now SMBC Nikko Securities Inc.) Jul 2005 Joined Resona Bank, Limited (seconded to Resona Holdings, Inc.) Apr 2015 Executive Officer, Resona Holdings, Inc. Apr 2018 Managing Executive Officer, Resona Bank, Limited Apr 2020 Executive Officer, Resona Holdings, Inc. Apr 2022 Director, Resona Bank, Limited Apr 2022 Outside Director, Resona Asset Management Co., Ltd. Apr 2023 Senior Managing Director, Resona Business Service Co., Ltd. Oct 2025 Member, Osaka Prefectural Board of Education (current) Apr 2026 Adviser, Resona Business Service Co., Ltd. Jun 2026 Outside Director, NTT DATA Intra-Mart Corporation (current) Sep 2026 Outside Director, the Company (current)
1965-01-12
Yasuaki HONDA
Full-time Audit & Supervisory Board Member
Apr 1985 Joined Nomura Securities Co., Ltd. Apr 2009 Executive Officer, Nomura Securities Co., Ltd. Apr 2013 Managing Director, Asahi Fire & Marine Insurance Co., Ltd. Apr 2016 Senior Managing Director, Asahi Fire & Marine Insurance Co., Ltd. Jul 2018 Managing Executive Officer, Rakuten General Insurance Co., Ltd. Apr 2020 Full-time Audit & Supervisory Board Member, FIXER Inc. Sep 2026 Audit & Supervisory Board Member, the Company (current)
1962-07-18
Takuji ANADA
Audit & Supervisory Board Member
Apr 1988 Joined Tokai Bank, Ltd. (now MUFG Bank, Ltd.) Jan 1991 Registered as Certified Public Accountant Aug 2006 Joined Sato Law Offices May 2011 Director, SBI Mortgage Co., Ltd. (now SBI ARUHI Co., Ltd.) Jun 2013 Audit & Supervisory Board Member, SBI Mortgage Co., Ltd. (now SBI ARUHI Co., Ltd.) May 2015 Audit & Supervisory Board Member, ARUHI Group Co., Ltd. (now SBI ARUHI Co., Ltd.) Jan 2016 Management Member, Sato Law Offices (current) Apr 2017 Councillor, Tsuzuki Welfare Foundation (now Pry Me Kids Welfare Foundation) Jun 2017 Audit & Supervisory Board Member, Pola Pharma Inc. (now Sun Pharma Japan, Ltd.) Jul 2017 Audit & Supervisory Board Member, the Company (current) Nov 2017 External Member, Investment Committee, Tokyo Infrastructure Asset Management Co., Ltd. Oct 2018 Outside Director, JP Holdings, Inc. Dec 2020 Councillor, Kumagai Masatoshi Culture Foundation (now Public Interest Incorporated Foundation) (current) Jun 2021 Auditor, Pry Me Kids Welfare Foundation (current) Jul 2021 Councillor, Shimomura Foundation (now Public Interest Incorporated Foundation) (current) Feb 2022 Auditor, Kurihara Gakuen (current) Apr 2023 Auditor, Apollo Gakuen (current) Jul 2023 Auditor, Shinbikai Medical Corporation (current) Jun 2025 Director, Smile Ring General Incorporated Association (current) Dec 2025 Outside Director, Mapry Inc. (current) Mar 2026 Audit & Supervisory Board Member, Temix Green Co., Ltd. (current)
1965-06-06
Tatsushi TERADA
Audit & Supervisory Board Member
Apr 1984 Joined the Ministry of Finance Jul 1989 Tax Office Director, Kagoshima Tax Office, Kumamoto Regional Taxation Bureau Jul 2001 Visiting Research Fellow, Princeton University Jul 2014 Deputy Director-General, Planning and Coordination Bureau, Financial Services Agency Jun 2017 Director-General, Tokai Local Finance Bureau, Ministry of Finance Nov 2018 Managing Executive Officer, Japan Credit Information Reference Center Corp. Jun 2019 Director, Japan Credit Information Reference Center Corp. Mar 2021 Audit & Supervisory Board Member, the Company (current) May 2021 Auditor, Coinbase K.K. Nov 2021 Executive Officer, General Manager of Corporate Planning and Risk Management, Toyo Trusty Securities Co., Ltd. Jun 2024 Director, General Manager of Corporate Planning and Risk Management, Toyo Trusty Securities Co., Ltd. (current)
1961-10-16
Large Shareholding Reports
Rakuten Securities, Inc.
2026-08-07
6.27%→5.27%
Annual report (as of 2026-06-30): 5.06%
Zenkoku Hosho Co., Ltd.
2026-01-08
10.00%
Annual report (as of 2026-06-30): 9.99%
Musubi Capital Partners Co., Ltd.
2025-08-22
8.20%→9.43%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-09-25
Annual Securities Report
Period: Jul 2025 – Jun 2026
EDINET
2026-08-07
Large Shareholding Report
TDnet
2026-05-14
Q3 Earnings Flash
FY ending Jun 2026
EDINET
2026-02-13
Semi-Annual Securities Report
Period: Jul 2025 – Jun 2026
EDINET
2026-01-08
Large Shareholding Report
EDINET
2025-11-20
Securities Registration Statement
TDnet
2025-11-13
Q1 Earnings Flash
FY ending Jun 2026
EDINETAmended
2025-10-15
Amended Annual Securities Report
Period: Jul 2024 – Jun 2025
EDINET
2025-09-26
Annual Securities Report
Period: Jul 2024 – Jun 2025
EDINET
2025-08-22
Large Shareholding Report
TDnet
2025-05-13
Q3 Earnings Flash
FY ending Jun 2025
EDINET
2025-02-14
Semi-Annual Securities Report
Period: Jul 2024 – Dec 2024
TDnet
2024-11-14
Q1 Earnings Flash
FY ending Jun 2025
EDINET
2024-09-26
Annual Securities Report
Period: Jul 2023 – Jun 2024
EDINETAmended
2024-06-13
Amended Securities Registration Statement
EDINETAmended
2024-06-05
Amended Securities Registration Statement
EDINET
2024-05-17
Securities Registration Statement
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