Overview
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QPS Holdings Inc.

QPS Holdings is a holding company whose core subsidiary, QPS Institute Co., Ltd., develops, manufactures, and operates small SAR (Synthetic Aperture Radar) satellites capable of Earth observation from anywhere at any time. The group pursues world-class satellite data services, providing imagery and data solutions derived from its growing constellation of small SAR satellites. Target markets include government agencies, infrastructure operators, and commercial data service providers requiring high-frequency, all-weather Earth observation capabilities.

Market Cap
¥78.1B
US$498M
EV
¥65.4B
US$417M
Stock¥1,395▼-2.17%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
77.4
x
LTM EV/EBIT
NM
LTM PER
67.8
x
LTM PBR
2.4
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-38.6%pt
100
Dec 1, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
78.1BUS$498MMarket Cap6.30BUS$40.2M+ Debt19.0BUS$121M− Cash0.00BUS$0.00M− Inv. Sec.65.4BUS$417MEV
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Performance & Balance
Revenue 5Y (¥B)
0.02US$0.11M'22/50.37US$2.37M'23/51.65US$10.5M'24/52.68US$17.1M'25/53.80US$24.3M'26/5
Net Income 5Y (¥B)
-0.39-US$2.47M'22/5-1.11-US$7.05M'23/5-0.43-US$2.72M'24/5-1.85-US$11.8M'25/51.15US$7.35M'26/5
Capital Structure
84%
EquityD/E 0.20xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
'22/5'23/5'24/511.8US$75.5M'25/521.2US$136M6.30US$40.2M'26/5
Shareholders
Top 10 hold 43.4%
1
SKY Perfect JSAT Corporation
13.17%
2
Shunsuke ONISHI
7.16%
3
US BANK NATIONAL ASSOCIATION JP ACCTS TS (Standing Proxy: MUFG Bank, Ltd.)
4.34%
4
Tetsuo YASAKA
3.81%
5
STATE STREET BANK AND TRUST COMPANY 505019 (Standing Proxy: Mizuho Bank, Ltd.)
2.92%
6
JP JPMSE LUX RE UBSAG LONDON BRANCH EQCO (Standing Proxy: MUFG Bank, Ltd.)
2.65%
7
Mitsui Sumitomo Insurance Company, Limited
2.50%
8
Mitsuuroko Group Holdings Co.,Ltd.
2.50%
9
Custody Bank of Japan, Ltd. (Trust Account)
2.36%
10
Nippon Koei Co., Ltd.
2.04%
Management
8 officers
Shunsuke ONISHI
Representative Director, President & CEO
Oct 2013: Joined QPS Research Institute Co., Ltd. (formerly Yugen Kaisha QPS Kenkyusho) Apr 2014: Representative Director, President & CEO, QPS Research Institute Co., Ltd. (current) Apr 2019: Secretary, Western Japan Branch, The Japan Society for Aeronautical and Space Sciences (current) Aug 2023: Secretary, Kyushu Aerospace Development Promotion Council (current) Dec 2025: Representative Director, President & CEO, the Company (current)
1986-03-07
Takayoshi MATSUMOTO
Director
Apr 1990: Joined Nissho Iwai Corporation (now Sojitz Corporation) Apr 2000: Joined ITX Corporation Apr 2002: Joined JSAT Corporation (now SKY Perfect JSAT Corporation) Oct 2008: General Manager, Corporate Business Division No. 2, 1st Sales Division, Satellite Business Unit, JSAT Corporation Jan 2010: General Manager, Corporate Business Division, Satellite Business Unit, JSAT Corporation Feb 2010: Director, Satellite Network Co., Ltd. Apr 2010: General Manager, Corporate Business Division, Satellite Business Unit, SKY Perfect JSAT Corporation Apr 2011: General Manager, Corporate Business Division, Space & Satellite Business Unit, SKY Perfect JSAT Corporation Jul 2013: General Manager, Government Business Division, Space & Satellite Business Unit, SKY Perfect JSAT Corporation Jun 2015: President, Satellite Network Co., Ltd. Jun 2015: General Manager, Government Business Division, SKY Perfect JSAT Corporation Jul 2016: Director, En-Route Co., Ltd. Jun 2019: Executive Officer, General Manager, Space & Satellite Business Unit, SKY Perfect JSAT Corporation; President, D.S.N. Co., Ltd. Sep 2021: Officer, Media Technology Division, Media Business Unit, SKY Perfect JSAT Corporation; Acting General Manager Nov 2021: Officer, SKY Perfect JSAT Corporation Nov 2021: Director, QPS Research Institute Co., Ltd. (current) Dec 2025: Director, the Company (current)
1965-10-04
Yonosuke MIWA
Director, CFO
Apr 1989: Joined Mitsui & Co., Ltd., assigned to Aerospace Division Aug 1997: Seconded to Tombo Aviation, Inc. (U.S.) Aug 2005: Seconded to Mitsui Rail Capital Europe B.V. (Netherlands) as CFO Jul 2010: Seconded to Mitsui Bussan Denryoku Jigyo Co., Ltd. as CFO Jun 2020: Seconded to Spaceflight, Inc. (U.S.) as CFO Apr 2025: Joined QPS Research Institute Co., Ltd. as General Manager, Office of the President Jun 2025: Executive Officer, General Manager, Corporate Management Division, and CFO, QPS Research Institute Co., Ltd. Aug 2025: Director, CFO, QPS Research Institute Co., Ltd. (current) Dec 2025: Director, CFO, the Company (current)
1965-05-15
Tatsuhiko NISHIMURA
Outside Director
Apr 2003: Joined Sony Ericsson Mobile Communications Co., Ltd. (now Sony Corporation) Jun 2013: Joined Innovation Network Corporation of Japan (now INCJ, Ltd.); Managing Director, Venture Growth Investment Group Feb 2014: Outside Audit & Supervisory Board Member, Trigence Semiconductor Inc. Oct 2017: Outside Director, QPS Research Institute Co., Ltd. Dec 2017: Outside Director, ispace, inc. Jun 2018: Outside Director, UMITRON PTE. LTD. Mar 2019: Outside Director, Ridge-i Inc. (current) Mar 2024: President, Frontier Innovations Inc. (current) Dec 2025: Outside Director, the Company (current)
1979-01-03
Yoshiaki NAGASHIMA
Director
Apr 1986: Joined Itochu Corporation Aug 2005: Head, Overseas Power Office, Utility Solutions Department Apr 2007: Head, Business Promotion Office 1, Plant & Project Business Promotion Department Oct 2009: Head, North America Office, Plant & Project Division 1 Apr 2014: General Manager, Power Project Department Apr 2018: Acting General Manager, Plant, Ship & Aircraft Division Apr 2019: Chairman, Tyr Energy, Inc. Sep 2023: Assistant General Manager, Space Business Division, SKY Perfect JSAT Corporation Jan 2026: Director, TriSat Constellation Inc. (current) Apr 2026: Acting General Manager, Space Business Division, SKY Perfect JSAT Corporation (current)
1963-07-13
Seiji SAKATA
Director, Full-time Audit and Supervisory Committee Member
Apr 1989: Joined The Fukuoka Bank, Ltd. Apr 2012: Branch Manager, Hiigawa Branch, The Fukuoka Bank, Ltd. Apr 2015: Chief Examiner, Internal Audit Department, Fukuoka Financial Group, Inc. Apr 2023: Senior Specialist, Internal Audit Department, Fukuoka Financial Group, Inc. Jul 2025: Advisor, QPS Research Institute Co., Ltd. Aug 2025: Director, Full-time Audit and Supervisory Committee Member, QPS Research Institute Co., Ltd. Dec 2025: Director, Full-time Audit and Supervisory Committee Member, the Company (current) Dec 2025: Audit & Supervisory Board Member, QPS Research Institute Co., Ltd. (current)
1964-12-22
Kazunori NAKAHARA
Director, Audit and Supervisory Committee Member
Apr 1997: Joined Fukuoka City Government Oct 2001: Joined Deloitte Touche Tohmatsu LLC Aug 2007: Joined Ernst & Young TAS Co., Ltd. Apr 2010: Joined Dogan Advisors Inc. (now Dogan Inc.) Dec 2013: Vice President, Dogan Advisors Inc. Dec 2018: Opened Kazunori Nakahara CPA Office (current) Jan 2019: Established TOC Advisory Co., Ltd.; Representative Director (current) May 2019: Member, Selection and Evaluation Committee for Fukuoka City Health Care Facility Designated Administrators (current) Jun 2020: Member, Selection and Evaluation Committee for Fukuoka City Health Promotion Support Center Designated Administrators (current) Aug 2021: Director, Audit and Supervisory Committee Member, QPS Research Institute Co., Ltd. Apr 2022: Outside Audit & Supervisory Board Member, Archibase Co., Ltd. Jul 2023: Member, Investment Committee, NCB Kyushu Revitalization No. 3 Investment Limited Partnership (current) Dec 2025: Director, Audit and Supervisory Committee Member, the Company (current)
1974-01-01
Michinari HASHIMOTO
Director, Audit and Supervisory Committee Member
Dec 2007: Joined Kitahama Law Office Apr 2012: Seconded to Mizuho Investors Securities Co., Ltd. (now Mizuho Securities Co., Ltd.) Apr 2015: Seconded to Mitsui & Co., Ltd. Jan 2017: Established Josui Law Office; Representative (current) Jun 2020: Outside Audit & Supervisory Board Member, Trial Holdings, Inc. (current) Nov 2020: Outside Director, SENTAN Pharma, Inc. Dec 2020: Outside Audit & Supervisory Board Member, Nippon Insure Co., Ltd. (current) May 2021: Outside Audit & Supervisory Board Member, CAM Inc. (current) Aug 2021: Director, Audit and Supervisory Committee Member, QPS Research Institute Co., Ltd. Dec 2025: Director, Audit and Supervisory Committee Member, the Company (current) Jun 2026: Outside Audit & Supervisory Board Member, Delta-Fly Pharma, Inc. (current)
1978-04-02
Large Shareholding Reports
SKY Perfect JSAT Holdings Inc.
2026-04-06
13.20%
Annual report (as of 2026-05-31): 13.17%
SKY Perfect JSAT Holdings Inc.
2026-04-06
13.21%→0.00%
Annual report (as of 2026-05-31): 13.17%
SKY Perfect JSAT Holdings Inc.
2026-03-25
5.93%→13.21%
Annual report (as of 2026-05-31): 13.17%
Shunsuke ONISHI
2025-12-05
8.49%
Annual report (as of 2026-05-31): 7.16%
Shunsuke ONISHI
2025-12-05
8.49%→8.48%
Annual report (as of 2026-05-31): 7.16%
SKY Perfect JSAT Holdings Inc.
2025-12-03
5.93%
Annual report (as of 2026-05-31): 13.17%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-10-14
Q1 Earnings Flash
FY ending May 2027
EDINETAmended
2026-09-18
Amended Annual Securities Report
Period: Dec 2025 – May 2026
EDINET
2026-08-26
Annual Securities Report
Period: Dec 2025 – May 2026
TDnet
2026-04-13
Q3 Earnings Flash
FY ending May 2026
EDINET
2026-04-06
Large Shareholding Report
EDINET
2026-04-06
Large Shareholding Report
EDINET
2026-03-25
Large Shareholding Report
EDINET
2026-03-06
Securities Registration Statement
EDINETAmended
2025-12-05
Change Report
EDINET
2025-12-05
Large Shareholding Report
EDINET
2025-12-03
Large Shareholding Report
EDINETAmended
2025-08-29
Amended Securities Registration Statement
EDINET
2025-08-07
Securities Registration Statement
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