Overview
Information & Communication

Mitsubishi Research Institute,Inc.

Mitsubishi Research Institute (MRI) operates as a comprehensive think tank and consulting firm, providing policy research, social issue analysis, and management/strategy consulting services to government agencies and private enterprises across areas such as infrastructure, healthcare, energy, science & technology policy, and sustainability. The company also delivers IT services through its subsidiary Mitsubishi Research Institute DCS Co., Ltd., including software development, IT outsourcing, BPO services (notably the PROSRV payroll/HR platform), and system integration across financial, manufacturing, distribution, and public sectors. MRI's competitive strength lies in its integrated model combining deep policy expertise cultivated since its founding as a Mitsubishi Group anniversary institution with advanced ICT capabilities, serving clients from strategy formulation through implementation.

Market Cap
¥86.2B
US$550M
EV
¥34.0B
US$217M
Stock¥5,470▲+0.92%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
2.7
x
LTM EV/EBIT
2.8
x
LTM PER
10.4
x
LTM PBR
1.1
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-13.0%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
86.2BUS$550MMarket Cap1.19BUS$7.57M+ Debt29.9BUS$191M− Cash32.7BUS$208M− Inv. Sec.9.16BUS$58.4M+ NCI34.0BUS$217MEV
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Performance & Balance
Revenue 5Y (¥B)
103US$657M'21/9117US$744M'22/9122US$779M'23/9115US$736M'24/9121US$775M'25/9
EBITDA 5Y (¥B)
10.5US$66.8M'21/912.8US$81.5M'22/912.4US$79.3M'23/910.8US$68.9M'24/911.5US$73.2M'25/9
Net Income 5Y (¥B)
5.01US$31.9M'21/97.71US$49.2M'22/96.29US$40.1M'23/95.00US$31.9M'24/96.39US$40.7M'25/9
Capital Structure
98%
EquityD/E 0.02xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
45.1US$288M4.93US$31.4M'21/944.5US$284M3.53US$22.5M'22/945.1US$287M2.09US$13.3M'23/949.1US$313M1.11US$7.09M'24/949.4US$315M1.04US$6.61M'25/9
Shareholders
Top 10 hold 46.5%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
7.77%
2
Mitsubishi Corporation
6.07%
3
Mitsubishi Heavy Industries,Ltd.
6.07%
4
Mitsubishi Electric Corporation
5.62%
5
Mitsubishi Research Institute,Inc. Employee Stock Ownership Association
4.97%
6
Mitsubishi Chemical Corporation
3.88%
7
Mitsubishi Materials Corporation
3.45%
8
MUFG Bank, Ltd.
3.14%
9
AGC Inc.
2.78%
10
Mitsubishi Estate Company,Limited
2.78%
Management
13 officers
Takashi MORISAKI
Chairman of the Board, Director
Apr 1978 Joined The Mitsubishi Bank, Ltd. Apr 2008 Managing Executive Officer, Mitsubishi UFJ Financial Group, Inc.; Managing Executive Officer, MUFG Bank, Ltd. May 2010 Managing Executive Officer, Head of Asia Division, MUFG Bank, Ltd. May 2012 Senior Managing Executive Officer, Head of Markets Division, MUFG Bank, Ltd. Jun 2012 Senior Managing Director, Head of Markets Division, MUFG Bank, Ltd. Jul 2012 Managing Executive Officer, Head of Global Markets Business Division, Mitsubishi UFJ Financial Group, Inc. May 2014 Deputy President, MUFG Bank, Ltd. Jun 2016 Advisor, MUFG Bank, Ltd. Sep 2016 Full-time Advisor, MRI Oct 2016 Executive Vice President and Executive Officer, MRI Dec 2016 Representative Director, President, MRI Dec 2021 Chairman of the Board, Director, MRI (current)
1955-01-01
Kenji YABUTA
Representative Director, President and Executive Officer, in charge of Internal Audit Department
Apr 1983 Joined The Mitsubishi Bank, Ltd. Apr 2007 General Manager, Public Relations Department, MUFG Bank, Ltd. Jun 2009 Executive Officer, General Manager, Public Relations Department, MUFG Bank, Ltd. May 2010 Executive Officer, Head of Kyoto Branch, MUFG Bank, Ltd. May 2012 Executive Officer, General Manager, Corporate Planning Department, MUFG Bank, Ltd. May 2013 Managing Executive Officer, Head of Nagoya Business Division, MUFG Bank, Ltd. May 2016 Managing Executive Officer, Head of Business Division No. 1, MUFG Bank, Ltd. Jun 2017 Senior Managing Executive Officer, Head of Business Division No. 1, MUFG Bank, Ltd. Jun 2018 Director, Deputy President and Executive Officer, in charge of General Business Management and Head of Corporate Division, MUFG Bank, Ltd. Jul 2019 Director, Deputy President and Executive Officer, in charge of General Business Management, concurrently Head of Corporate Banking Division and Head of Research & Advisory Division, MUFG Bank, Ltd. Jun 2021 Advisor, MUFG Bank, Ltd. Sep 2021 Full-time Advisor, MRI Oct 2021 Executive Vice President and Executive Officer, MRI Dec 2021 Representative Director, President, MRI Dec 2025 Representative Director, President and Executive Officer, MRI (current)
1960-04-27
Yasumitsu HIRAI
Representative Director, Executive Vice President and Executive Officer, in charge of Think Tank and Business Strategy
Apr 1984 Joined Mitsubishi Corporation Apr 2014 Executive Officer, Assistant to Regional Head for East Asia; President, Mitsubishi Corporation (Shanghai) Co., Ltd.; Head of Shanghai Office, Mitsubishi Corporation Apr 2017 Executive Officer, Regional Head for East Asia; President, Mitsubishi Corporation (China) Co., Ltd.; Head of Beijing Branch, Mitsubishi Corporation Oct 2018 Executive Officer, Regional Head for East Asia; President, Mitsubishi Corporation (China) Co., Ltd.; Head of Beijing Branch; President, Mitsubishi Corporation (Guangzhou) Co., Ltd., Mitsubishi Corporation Apr 2019 Executive Officer; President, Mitsubishi Corporation (China) Co., Ltd.; Head of Beijing Branch, Mitsubishi Corporation Apr 2020 Managing Executive Officer; President, Mitsubishi Corporation (China) Co., Ltd.; Head of Beijing Branch, Mitsubishi Corporation Apr 2021 Managing Executive Officer, Corporate Officer (Regional Strategy), Chief Compliance Officer, Head of Emergency Crisis Management Headquarters, Mitsubishi Corporation Jun 2021 Director, Managing Executive Officer, Corporate Officer (Regional Strategy), Chief Compliance Officer, Head of Emergency Crisis Management Headquarters, Mitsubishi Corporation Apr 2023 Director, Mitsubishi Corporation Jun 2023 Advisor, Mitsubishi Corporation Sep 2023 Full-time Advisor, MRI Oct 2023 Executive Vice President and Executive Officer, Head of Corporate Division, MRI Dec 2023 Representative Director, Executive Vice President, Head of Corporate Division, MRI Oct 2025 Representative Director, Executive Vice President, MRI Dec 2025 Representative Director, Executive Vice President and Executive Officer, MRI (current)
1961-09-28
Yoshihiko ITO
Director, Senior Managing Executive Officer, in charge of Consulting Services; concurrently Overall Supervisor, VCP
Apr 1992 Joined MRI Oct 2013 Head of Social ICT Solutions Division, MRI Apr 2016 Head of Social ICT Business Division, MRI Apr 2018 Head of Social ICT Innovation Division, MRI Dec 2018 Executive Officer, Head of Social ICT Innovation Division, MRI Apr 2019 Executive Officer, Deputy Head of Consulting Division, MRI Oct 2020 Executive Officer, Head of Digital Transformation Division, MRI Dec 2022 Managing Executive Officer, Head of Digital Transformation Division, MRI Oct 2023 Managing Executive Officer, Head of Digital Innovation Division, MRI Dec 2023 Managing Director, Head of Digital Innovation Division, MRI Oct 2024 Senior Managing Director, Head of Digital Innovation Division, MRI Oct 2025 Senior Managing Director, MRI Dec 2025 Director, Senior Managing Executive Officer, MRI (current)
1965-07-09
Mariko BANDO
Director
Jul 1969 Joined the Prime Minister's Office Oct 1985 Assistant Secretary, Cabinet Secretariat Jul 1989 Director, Consumer Statistics Division, Statistics Bureau, Management and Coordination Agency Jul 1994 Director, Office for Gender Equality, Cabinet Secretariat Apr 1995 Vice Governor, Saitama Prefecture Jun 1998 Consul-General of Japan in Brisbane, Australia Jan 2001 Director-General, Gender Equality Bureau, Cabinet Office Oct 2003 Trustee, Showa Women's University Apr 2007 President, Showa Women's University Apr 2014 Chairman of the Board of Trustees, Showa Women's University Jul 2016 Chancellor, Showa Women's University (current) Dec 2019 Director, MRI (current)
1946-08-17
Nobuyuki HIRANO
Director
Apr 1974 Joined The Mitsubishi Bank, Ltd. Apr 2012 President, MUFG Bank, Ltd. Apr 2013 President, Mitsubishi UFJ Financial Group, Inc. Apr 2016 Chairman, Director, MUFG Bank, Ltd. Apr 2019 Chairman of the Board and Executive Officer, Director, Mitsubishi UFJ Financial Group, Inc. Apr 2021 Special Advisor, MUFG Bank, Ltd. (current) Dec 2021 Director, MRI (current)
1951-10-23
Seiji IZUMISAWA
Director
Apr 1981 Joined Mitsubishi Heavy Industries, Ltd. Apr 2016 Executive Officer, Head of Technology Strategy Promotion Office, Mitsubishi Heavy Industries, Ltd. Jun 2017 Director, Full-time Audit and Supervisory Committee Member, Mitsubishi Heavy Industries, Ltd. Jun 2018 Director, Managing Executive Officer, Chief Strategy Officer (CSO), Mitsubishi Heavy Industries, Ltd. Apr 2019 Director, President, Chief Executive Officer (CEO) and CSO, Mitsubishi Heavy Industries, Ltd. Apr 2020 Director, President and CEO, Mitsubishi Heavy Industries, Ltd. Dec 2022 Director, MRI (current) Apr 2025 Chairman of the Board, Director, Mitsubishi Heavy Industries, Ltd. (current)
1957-09-03
Toshiyuki OGAWA
Full-time Audit & Supervisory Board Member
Apr 1986 Joined MRI Apr 2002 Head of ITS Business Division, MRI Oct 2003 Head of Public Solutions Business Division, MRI Oct 2006 Head of Business Planning Office, Solutions Division Headquarters, MRI Oct 2010 Head of Social Systems Research Division, MRI Oct 2013 Head of Social and Public Sector Management Office, concurrently Head of Science and Technology Management Office, MRI Oct 2014 Head of Policy and Public Sector Management Office, MRI Dec 2014 Executive Officer, Head of Policy and Public Sector Management Office, MRI Oct 2015 Executive Officer, Head of Corporate Planning Division, MRI Oct 2017 Executive Officer, President, MRI Research Associates Co., Ltd. Oct 2020 Executive Officer, Head of Policy Consulting Division, MRI Dec 2021 Managing Executive Officer, Head of Policy Consulting Division, MRI Oct 2022 Managing Executive Officer, MRI Dec 2022 Audit & Supervisory Board Member, MRI (current)
1961-06-04
Kazumichi ITO
Full-time Audit & Supervisory Board Member
Apr 1987 Joined MRI Oct 2008 Head of Environment and Energy Research Division, MRI Oct 2013 Head of Corporate Planning Division, MRI Oct 2015 Head of Human Resources Division, MRI Oct 2016 Head of Research Management Office, MRI Oct 2017 Head of Quality and Risk Management Division, MRI Oct 2020 Head of Risk Management and Compliance Division, MRI Oct 2021 Head of Advanced Technology Center, MRI Oct 2022 Research Fellow, Head of Advanced Technology Center, MRI Oct 2023 Executive Officer, Research Fellow, Head of Advanced Technology Center, MRI Dec 2024 Executive Officer, Research Fellow, MRI Dec 2024 Audit & Supervisory Board Member, MRI (current)
1963-02-19
Yutaka KAWAKAMI
Audit & Supervisory Board Member
Feb 1976 Joined Tohmatsu & Aoki Audit Corporation (now Deloitte Tohmatsu LLC) Mar 1980 Registered as Certified Public Accountant Jul 1984 Assigned to New York Office, Tohmatsu & Aoki Audit Corporation Jun 1990 Partner, Audit Corporation Tohmatsu (now Deloitte Tohmatsu LLC) Jun 2007 Member of Management Committee and Head of Human Resources, Audit Corporation Tohmatsu Sep 2016 Retired from Deloitte Tohmatsu LLC Dec 2020 Audit & Supervisory Board Member, MRI (current)
1952-06-13
Satoko SHISAI
Director
Apr 1986 Joined IBM Japan, Ltd. Apr 2009 Executive Officer, Public Sector Business, IBM Japan, Ltd. Oct 2015 Executive Officer, General Manager, Security Business Division, IBM Japan, Ltd. Jan 2018 Executive Officer, General Manager, Government Systems Business Division, Enterprise Business Unit, IBM Japan, Ltd. May 2019 Executive Officer, Head of IT Division, Chugai Pharmaceutical Co., Ltd. Oct 2019 Executive Officer, Head of Digital and IT Division, Chugai Pharmaceutical Co., Ltd. Apr 2022 Senior Executive Officer, Head of Digital Transformation Unit, Chugai Pharmaceutical Co., Ltd. Dec 2023 Director, MRI (current) Apr 2024 Representative, ISIS Consulting LLC (current)
1963-11-11
Naomi KOSHI
Audit & Supervisory Board Member
Oct 2002 Registered as Attorney-at-Law Oct 2002 Attorney, Nishimura Sogo Law Office (now Nishimura & Asahi) Jun 2009 Completed Harvard Law School Oct 2009 Attorney, Debevoise & Plimpton LLP Jan 2010 Registered as Attorney in New York State Sep 2010 Visiting Research Fellow, Japan Center for Economic Research, Columbia Business School Jan 2012 Mayor of Otsu City Sep 2020 Partner Attorney, Miura Law Office (current) Jan 2021 Registered as Attorney in California State Feb 2021 Representative Director, Chief Executive Officer (CEO), OnBoard Co., Ltd. (current) Dec 2023 Audit & Supervisory Board Member, MRI (current)
1975-07-05
Shinichi HIROSE
Audit & Supervisory Board Member
Apr 1982 Joined Tokio Marine & Fire Insurance Co., Ltd. Jun 2013 Managing Director, Tokio Marine & Nichido Anshin Life Insurance Co., Ltd. Apr 2014 President, Tokio Marine & Nichido Anshin Life Insurance Co., Ltd. Jun 2014 Director, Tokio Marine Holdings, Inc. Apr 2017 Managing Director, Tokio Marine Holdings, Inc. Jun 2017 Managing Executive Officer, Tokio Marine Holdings, Inc. Apr 2018 Senior Managing Executive Officer, Tokio Marine Holdings, Inc. Apr 2019 President, Tokio Marine & Nichido Fire Insurance Co., Ltd. Jun 2019 Director, Tokio Marine Holdings, Inc. Apr 2024 Chairman of the Board, Director, Tokio Marine & Nichido Fire Insurance Co., Ltd. (current) Dec 2025 Audit & Supervisory Board Member, MRI
1959-12-07
Large Shareholding Reports
MUFG Bank, Ltd.
2026-03-02
3.08%→3.15%
Annual report (as of 2026-03-31): 3.14%
Disclosures
Executive Change
2026-09-29
Primary Source Filings
TDnet
2026-09-29
Executive Change
TDnet
2026-07-29
Q3 Earnings Flash
FY ending Sep 2026
EDINET
2026-04-27
Semi-Annual Securities Report
Period: Oct 2025 – Sep 2026
EDINET
2026-03-02
Large Shareholding Report
TDnet
2026-02-05
Q1 Earnings Flash
FY ending Sep 2026
EDINET
2025-12-10
Annual Securities Report
Period: Oct 2024 – Sep 2025
TDnet
2025-07-30
Q3 Earnings Flash
FY ending Sep 2025
EDINET
2025-04-25
Semi-Annual Securities Report
Period: Oct 2024 – Sep 2025
TDnet
2025-02-05
Q1 Earnings Flash
FY ending Sep 2025
EDINET
2024-12-11
Annual Securities Report
Period: Oct 2023 – Sep 2024
EDINET
2024-04-26
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-02-06
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-12-19
Annual Securities Report
Period: Oct 2022 – Sep 2023
EDINET
2023-08-02
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-04-28
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
EDINET
2023-02-07
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-12-21
Annual Securities Report
EDINET
2022-08-02
Quarterly Securities Report
EDINET
2022-05-02
Quarterly Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-12-17
Annual Securities Report
EDINETAmended
2021-12-14
Amended Annual Securities Report
EDINET
2021-08-03
Quarterly Securities Report
EDINET
2021-04-30
Quarterly Securities Report
EDINET
2021-02-05
Quarterly Securities Report
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