Overview
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MEEQ Inc.

MEEQ Inc. provides the IoT/DX platform 'MEEQ,' a SaaS-based IoT platform utilizing SIM technology that enables enterprises to purchase, manage, and deploy IoT connectivity from a single line without custom system development. The company also operates as an MVNE (Mobile Virtual Network Enabler), offering network infrastructure, operational systems, and business support to MVNO operators across all three major Japanese carriers (NTT Docomo, KDDI, and SoftBank) via L2 connectivity. Its competitive strengths include multi-carrier closed network (private network) capabilities, global SIM coverage across approximately 180 countries, and a predominantly recurring revenue model.

Market Cap
US$72.6M
¥11.6B
EV
US$44.2M
¥7.06B
StockUS$6.32(¥1,010)▲+0.10%
US$1 = ¥159.70 (2026-11-12)
LTM EV/EBITDA
4.4
x
LTM EV/EBIT
5.2
x
LTM PER
12.7
x
LTM PBR
2.0
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+2.1%pt
100
Nov 13, 25 – Nov 13, 26StockTOPIX
MC → EV Bridge
US$72.6M¥11.6BMarket CapUS$0.53M¥0.08B+ DebtUS$29.0M¥4.63B− CashUS$0.00M¥0.00B− Inv. Sec.US$44.2M¥7.06BEV
AI Briefing
MEEQ runs Japan's tri-carrier MVNE infrastructure plus its own SaaS IoT/DX platform, with SIM reach across ~180 countries. FY26/3 revenue US$45.1M (¥7.2B), OP US$8.14M (¥1.3B) (18.1% margin), scaling up from FY25/3's US$37.6M (¥6.0B)/US$5.64M (¥0.9B) on a recurring-revenue model. Ownership is concentrated in strategic/corporate hands, led by Sony Network Communications (29.12%) and Sony Semiconductor Solutions (11.13%), alongside Tokyo Century and FamilyMart stakes tied to its partnership base.
Performance & Balance
Revenue 5Y (US$)
US$43.1M¥6.88B'22/3US$37.4M¥5.98B'23/3US$33.7M¥5.38B'24/3US$37.4M¥5.97B'25/3US$44.8M¥7.15B'26/3
EBITDA 5Y (US$)
US$6.94M¥1.11B'25/3US$9.53M¥1.52B'26/3
Net Income 5Y (US$)
US$2.97M¥0.47B'22/3US$3.35M¥0.54B'23/3US$3.40M¥0.54B'24/3US$3.96M¥0.63B'25/3US$5.50M¥0.88B'26/3
Capital Structure
99%
EquityD/E 0.01xDebt
Liquidity vs Debt 5Y (US$)▲ Net Cash
CashInv. Sec.Debt
'22/3'23/3'24/3US$25.2M¥4.03BUS$0.64M¥0.10B'25/3US$30.7M¥4.90BUS$0.58M¥0.09B'26/3
Shareholders
Top 10 hold 68.0%
1
Sony Network Communications Inc.
29.12%
2
Sony Semiconductor Solutions Corporation
11.13%
3
Tokyo Century Corporation
6.77%
4
FamilyMart Co.,Ltd.
5.82%
5
MSIP CLIENT SECURITIES (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)
3.44%
6
OSAKA GAS CO.,LTD.
3.12%
7
KAGA ELECTRONICS CO.,LTD.
2.61%
8
SBI SECURITIES Co., Ltd.
2.11%
9
TIS Inc.
1.94%
10
Nippon Life Insurance Company (Standing Proxy: The Master Trust Bank of Japan, Ltd.)
1.94%
Management
8 officers
Ryuta MINEMURA
Representative Director, Executive Officer, President
Apr 2006 Joined Media Inc. (now Alteria Network Inc.) May 2011 Joined Sonet Entertainment Inc. (now Sony Network Communications Inc.) Dec 2013 Appointed Director, Telecom Force Inc. (now Life Elements Inc.) Mar 2019 Appointed Representative Director, President, the Company Sep 2021 Appointed Representative Director, Executive Officer, President, the Company (current) Aug 2025 Appointed Director, Meek Mobile Inc. (current)
1981-02-16
Tomoaki KOBAYAKAWA
Director, Senior Managing Executive Officer
Apr 1997 Joined Nippon Telegraph and Telephone Corporation (now NTT, Inc.) Sep 2007 Joined Bain & Company Jan 2009 Joined Nippon VeriSign K.K. (now DigiCert Japan G.K.) Jan 2013 Joined Sony Corporation Aug 2017 Appointed Representative Director, Rocro Inc. Jan 2021 Joined the Company; Head of Technology & Operations Division and General Manager of Business Development Division Sep 2022 Appointed Executive Officer, the Company; Head of Technology & Operations Division Oct 2022 Executive Officer, the Company; Head of Technology & Operations Headquarters Sep 2023 Appointed Executive Officer, the Company Jun 2025 Appointed Director, Senior Managing Executive Officer, the Company (current)
1972-07-19
Jun WATANABE
Director
Apr 2011 Joined Sonet Entertainment Inc. (now Sony Network Communications Inc.) Feb 2016 Appointed Vice President, Sony Mobile Communications Inc. Apr 2017 Appointed Executive Officer and SVP, Sony Network Communications Inc. Mar 2019 Appointed Director, the Company (current) Oct 2020 Appointed Representative Director, President, Sony Wireless Communications Inc. Apr 2021 Appointed Representative Director, Executive Officer, President, Sony Network Communications Inc. Apr 2024 Appointed Head of Business Exploration Division, Advanced Infrastructure Business, Business Development Platform, Sony Group Corporation
1972-12-14
Taihei KOBAYASHI
Director
Apr 2010 Joined Interprism Ltd. Oct 2012 Appointed COO, Framgia Vietnam Co., Ltd. (now Sun Asterisk Vietnam Co., Ltd.) Dec 2013 Joined Framgia Japan Inc. (now Sun Asterisk Inc.) Sep 2015 Appointed Representative Director, Framgia Vietnam Co., Ltd. (now Sun Asterisk Vietnam Co., Ltd.) (current) Dec 2017 Appointed Representative Director, Framgia Japan Inc. (now Sun Asterisk Inc.) (current) Dec 2018 Appointed Director, Groove Gear Inc. (now Sun terras Inc.) Sep 2021 Appointed Director, Trys Inc. (now Global Gear Inc.) Jan 2022 Appointed Representative Director, Trys Inc. (now Global Gear Inc.) Apr 2022 Appointed Director, Sony Network Communications Singapore Pte. Ltd. (now Sony Block Solutions Singapore Pte. Ltd.) (current) Jun 2024 Appointed Director, the Company (current) Mar 2025 Director, NEWh Inc. (current) Mar 2025 Director, Sun terras Inc. (current) Jul 2025 Appointed Director, Global Gear Inc. (current) Jan 2026 Appointed Representative Director, Trys Inc. (current)
1983-11-17
Harumichi YUASA
Director
Apr 2002 Appointed Lecturer, Faculty of Law, Keio University Apr 2004 Appointed Lecturer, Faculty of Law, Kyushu International University Apr 2005 Appointed Associate Professor, Faculty of Law, Kyushu International University Apr 2008 Appointed Professor, Faculty of Law, Kyushu International University Sep 2008 Appointed Vice President, Kyushu International University Apr 2011 Appointed Professor, Graduate School of Information Security, Institute of Information Security Apr 2020 Appointed Vice President, Institute of Information Security Apr 2021 Appointed Assistant to the Chief Information Officer, Japan Student Services Organization (current) Apr 2022 Appointed Program Chair, Graduate School of Global Governance, Meiji University (current) Apr 2023 Appointed Program Director, Social Technology Research and Development Center, Japan Science and Technology Agency (current) Feb 2024 Appointed Director, the Company (current) Apr 2024 Appointed Advisor, Office of the President, Meiji University Apr 2026 Appointed Dean, Graduate School of Governance, Meiji University Professional Graduate School (current)
1970-01-16
Chise KUWAYAMA
Full-time Audit & Supervisory Board Member
Apr 1995 Joined Dai-ichi Life Insurance Company, Limited (now The Dai-ichi Life Insurance Company, Limited) Nov 2004 Joined Tohmatsu Audit Corporation (now Deloitte Touche Tohmatsu LLC) Mar 2015 Appointed Principal, Kuwayama CPA Office (current) Mar 2015 Appointed Full-time Outside Audit & Supervisory Board Member, Ceres Inc. Mar 2021 Appointed Outside Director (Full-time Audit and Supervisory Committee Member), Ceres Inc. Jun 2021 Appointed Outside Director (Audit and Supervisory Committee Member), Digital Arts Inc. (current) Jun 2022 Appointed Full-time Audit & Supervisory Board Member, the Company (current)
1971-05-02
Tsuneko AOKI
Audit & Supervisory Board Member
Apr 1982 Joined Mitsui Bank, Ltd. (now Sumitomo Mitsui Banking Corporation) Apr 1991 Joined KPMG Peat Marwick (now KPMG AZSA LLC) Sep 1991 Joined Yahagi Consultant Co., Ltd. Jun 1996 Joined Yahagi Management Research Institute Co., Ltd. Oct 1998 Joined Next Generation Communications Research Institute Co., Ltd. Feb 2001 Joined Diamond Capital Co., Ltd. (now MUFG Capital Co., Ltd.) Oct 2005 Appointed Outside Director, NeoJapan Inc. Apr 2019 Appointed Outside Director, NeoJapan Inc. Apr 2021 Appointed Director, NeoJapan Inc. Jun 2024 Appointed Audit & Supervisory Board Member, the Company (current) Nov 2024 Appointed Outside Audit & Supervisory Board Member, Mobilus Corporation (current) Aug 2025 Appointed Outside Director, Ozu Sangyo Co., Ltd. (current)
1959-08-06
Aya HIRAI
Audit & Supervisory Board Member
Oct 2003 Registered as an attorney-at-law Oct 2003 Joined Anderson Mori & Tomotsune Jan 2013 Joined SoftBank Mobile Corp. (now SoftBank Corp.) Aug 2014 Joined Keiei Kyodo Kiban Inc. Apr 2016 Joined Civil Aviation Bureau, Ministry of Land, Infrastructure, Transport and Tourism Jul 2018 Appointed Partner, Kotobuki Law Office Apr 2021 Appointed Partner, Miura Law Office (current) Dec 2021 Appointed Outside Audit & Supervisory Board Member, Technisco Ltd. (current) Jan 2023 Appointed Outside Director (Audit and Supervisory Committee Member), ADK Holdings Inc. (current) Feb 2024 Appointed Audit & Supervisory Board Member, the Company (current)
1976-04-05
Large Shareholding Reports
Koutsushin Co., Ltd.
2026-09-17
5.03%
Ryuta MINEMURA
2026-08-31
8.15%→8.09%
Sony Network Communications Inc.
2026-08-14
29.35%→29.12%
Annual report (as of 2026-03-31): 29.12%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-11-13
Semi-Annual Securities Report
Period: Apr 2026 – Mar 2027
TDnet
2026-11-13
Q2 Earnings Flash
FY ending Mar 2027
EDINET
2026-09-17
Large Shareholding Report
EDINET
2026-08-31
Large Shareholding Report
EDINET
2026-08-14
Large Shareholding Report
TDnet
2026-08-12
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-25
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-05-13
Full-Year Earnings Flash
FY ending Mar 2026
TDnet
2026-02-13
Q3 Earnings Flash
FY ending Mar 2026
TDnet
2025-11-13
業績予想の修正
FY ending Mar 2026
EDINET
2025-11-13
Semi-Annual Securities Report
Period: Apr 2025 – Sep 2025
TDnet
2025-08-12
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-27
Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINETAmended
2025-03-12
Amended Securities Registration Statement
EDINETAmended
2025-03-04
Amended Securities Registration Statement
EDINET
2025-02-14
Securities Registration Statement
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