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Overview

Services

F&M CO.,LTD.

F&M Co., Ltd. provides back-office consulting services to small and medium-sized enterprises (SMEs), covering general affairs, accounting, HR/labor administration, subsidy application support, and ISO/Privacy Mark certification. The company also operates 'Office Station,' a cloud-based HR and labor management software that has achieved the No. 1 market share in Japan's labor management cloud market for six consecutive years. Additionally, F&M supports certified tax accountant and CPA firms through its management innovation support organization network, and offers accounting outsourcing services to sole proprietors and micro-businesses.

Market Cap

US$279M

¥44.6B

US$234M

¥37.4B

StockUS$18.88(¥3,015)▼-1.47%

US$1 = ¥159.70 (2026-11-12)

LTM EV/EBITDA

5.3

LTM EV/EBIT

7.6

LTM PER

12.5

LTM PBR

2.7

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+3.5%pt

Nov 13, 25 – Nov 13, 26StockTOPIX

1Jan 30, 26Q3 FY2026/03 earnings announced

2Jul 31, 26Q1 FY2027/03 earnings announced

MC → EV Bridge

AI Briefing

F&M runs back-office outsourcing and HR/labor cloud software for SMEs, anchored by 'Office Station,' Japan's No.1 labor management cloud for six straight years. FY26/3 revenue reached US$130B (¥20,800B) with OP US$24.4B (¥3,900B) (18.5% margin), continuing a multi-year growth and margin recovery trend. Ownership is concentrated, with Morinaka Holdings holding 43.60% and insiders/affiliates among the top shareholders, a structure relevant to any capital allocation or governance read.

Open F&M CO., LTD. in the demo →Comps, DCF and WACC for this company. Free, no time limit.

Performance & Balance

Revenue 5Y (US$)

EBITDA 5Y (US$)

Net Income 5Y (US$)

Capital Structure

100%

EquityD/E 0.00xDebt

Liquidity vs Debt 5Y (US$)▲ Net Cash

CashInv. Sec.Debt

Business Segments

2026/03 · US$ (¥B)

Consulting income

Revenue

US$51.3M(¥8.20B)

Segment profit

US$16.2M(¥2.59B)31.6%

Business solution income

Revenue

US$40.9M(¥6.53B)

Segment profit

US$5.31M(¥0.85B)13.0%

Accounting service income

Revenue

US$34.5M(¥5.50B)

Segment profit

US$11.7M(¥1.87B)34.0%

System development income

Revenue

US$30.9M(¥4.93B)

Segment profit

-US$0.00M(¥-0.00B)-0.0%

Real estate lease income

Revenue

US$0.74M(¥0.12B)

Segment profit

US$0.17M(¥0.03B)23.6%

Other

Revenue

US$0.41M(¥0.06B)

Segment profit

US$0.04M(¥0.01B)9.4%

Adjustments

Revenue

-US$28.4M(¥-4.53B)

Segment profit

-US$9.32M(¥-1.49B)

Shareholders

Top 10 hold 73.9%

as of 2026-03-31 · Source: Annual Securities Report

Morinaka Holdings Co., Ltd.

43.60%

UH Partners 2 Investment Limited Partnership

7.50%

F&M CO.,LTD. Employee Stock Ownership Association

4.81%

Custody Bank of Japan, Ltd. (Trust Account)

3.95%

Hikari Tsushin Inc. Investment Limited Partnership

3.16%

HIKARI TSUSHIN,INC.

2.38%

Tomohiro YOSHIDA

2.37%

Yayoi Co., Ltd.

2.37%

Ichiro MORINAKA

2.05%

Mikie OKUMURA

1.66%

Management

11 officers

Ichiro MORINAKA

Representative Director, President

Jul 1990: Established the Company; assumed office as Representative Director, President (current) Sep 2000: Assumed office as Director, F&M Net Co., Ltd. (current) Nov 2009: Assumed office as Representative Member, Morinaka Holdings LLC Mar 2024: Representative Director, Morinaka Holdings Co., Ltd. (current)

1961-02-13

Mikie OKUMURA

Managing Director, in charge of Corporate Governance

Jul 1990: Joined the Company Jun 1991: Assumed office as Director of the Company May 2001: General Manager, Internal Audit Office Apr 2005: In charge of Outsourcing Business Division (currently Accounting Services Business) Jun 2006: Assumed office as Managing Director Aug 2008: General Manager, Financial Institutions Planning Division Jun 2009: Assumed office as Full-time Audit & Supervisory Board Member Jun 2011: Assumed office as Director Apr 2012: In charge of Administration Division Apr 2023: Assumed office as Managing Director (current) Apr 2025: In charge of Corporate Governance (current)

1964-01-30

Toshio TANABE

Director

Dec 1992: Joined the Company Apr 1999: General Manager, Outsourcing Business Division Jun 1999: Assumed office as Director Apr 2000: General Manager, Outsourcing Business Division May 2001: In charge of Outsourcing Business Division Apr 2003: General Manager, Outsourcing Business Division and Nagoya Branch Manager Apr 2005: General Manager, Administration Division Jun 2007: Assumed office as Full-time Audit & Supervisory Board Member Jun 2009: Assumed office as Director (current) Jun 2009: General Manager, Administration Division Apr 2016: In charge of Accounting Services Business (current)

1960-12-07

Hiromi HARADA

Director

Sep 2000: Joined F&M Net Co., Ltd. May 2001: Joined the Company Apr 2003: Assumed office as Director, F&M Net Co., Ltd. Apr 2003: General Manager, Administration Division Apr 2005: General Manager, Outsourcing Business Division Apr 2006: General Manager, Marketing Headquarters Jun 2006: Assumed office as Director (current) Apr 2007: In charge of Tax House Business Division Apr 2010: In charge of F&M Club Business (currently Consulting Business) Apr 2025: General Manager, Business School Business Division (current)

1970-08-28

Hideharu KOBASHI

Director

Apr 1996: Joined the Company; assigned to Outsourcing Business Apr 2000: General Manager, F&M Club Business Division Apr 2005: Deputy General Manager, Corporate Planning Department, Administration Division Aug 2008: General Manager, Business Development Division Apr 2018: General Manager, Management Support Business Division (current) Jun 2022: Assumed office as Director (current)

1973-11-14

Yasuhiro KAMIEDA

Director

Apr 1998: Joined the Company; assigned to Outsourcing Business Apr 2006: General Manager, Outsourcing Business Division Apr 2010: General Manager, General Affairs Consulting Business Headquarters Apr 2012: General Manager, SR Station Business Division Jun 2015: Assumed office as Representative Director, President, F&M Net Co., Ltd. (current) Apr 2022: General Manager, Office Station Business Division (Labor) Jun 2024: Assumed office as Director (current)

1975-07-18

Maki MATSUO

Director

Apr 1999: Joined the Company; assigned to Outsourcing Business Oct 2006: Assigned to Recruitment and Personnel Group, Administration Division Apr 2007: General Manager, General Affairs Department, Administration Division Apr 2012: General Manager, Personnel and Corporate Planning Department, Administration Division; concurrently in charge of F&M Club Business Apr 2014: Deputy General Manager, Administration Division Apr 2024: General Manager, Administration Division (current)

Shinji MOTOHASHI

Director (Audit and Supervisory Committee Member)

Sep 2000: Joined F&M Net Co., Ltd. Apr 2003: Assumed office as Representative Director, President, F&M Net Co., Ltd. Jun 2011: Assumed office as Director of the Company Jun 2018: Assumed office as Chairman of the Board, F&M Net Co., Ltd. Jun 2020: Assumed office as Director of the Company Jun 2023: Assumed office as Director (Audit and Supervisory Committee Member) (current)

1959-07-16

Chohachi OHNO

Director (Audit and Supervisory Committee Member)

Aug 1986: Assumed office as Director, Venture Link Co., Ltd. Apr 2000: Representative, Ohno Associates (current) Aug 2006: Assumed office as Outside Director, Gaiax Co., Ltd. Jun 2007: Assumed office as Outside Audit & Supervisory Board Member of the Company Jun 2015: Assumed office as Director (Audit and Supervisory Committee Member) (current)

1948-12-27

Katsumasa MUNEYOSHI

Director (Audit and Supervisory Committee Member)

Apr 1968: Joined Osaka Regional Taxation Bureau Jul 2002: Director, Toyooka Tax Office Jul 2008: Director-General, Takamatsu Regional Taxation Bureau Sep 2009: Head, Katsumasa Muneyoshi Certified Tax Accountant Office (current) Jun 2010: Assumed office as Outside Audit & Supervisory Board Member, Kamigumi Co., Ltd. (current) Jun 2015: Assumed office as Director (Audit and Supervisory Committee Member) (current)

1949-10-13

Koji YAMAMOTO

Director (Audit and Supervisory Committee Member)

Apr 1983: Lecturer, Kagawa University Junior College of Commerce Jan 1996: Professor, Faculty of Economics, Osaka Prefecture University Nov 2013: Chairman, Osaka Prefecture Bid Monitoring Committee Jun 2014: Outside Audit & Supervisory Board Member, Teika Co., Ltd. Nov 2014: Chairman, Osaka Prefecture Designated Investment Corporation Evaluation Council Jul 2015: Member, Osaka Prefectural Audit Committee Mar 2017: Retired from Osaka Prefecture University; Professor Emeritus Apr 2017: Professor, Faculty of Business Administration, Osaka Gakuin University (current) Jun 2019: Outside Director (Audit and Supervisory Committee Member), Teika Co., Ltd. (current) Oct 2021: Dean, Graduate School of Commerce, Osaka Gakuin University Jun 2022: Assumed office as Director (Audit and Supervisory Committee Member) (current) Oct 2022: Dean, Faculty of Business Administration, Osaka Gakuin University (current)

1954-12-28

Large Shareholding Reports

Morinaka Holdings Co., Ltd.

2026-11-09

41.05%→41.05%

Annual report (as of 2026-03-31): 43.60%

UH Partners 2 Co., Ltd.

2026-09-08

7.06%→7.06%

UH Partners 2 Co., Ltd.

2026-06-11

7.06%→7.06%

UH Partners 2 Co., Ltd.

2025-12-17

7.06%→7.06%

fundnote Co., Ltd.

2025-11-10

5.80%→0.00%

fundnote Co., Ltd.

2025-10-22

5.80%

UH Partners 2 Co., Ltd.

2025-09-26

7.06%→7.06%

UH Partners 2 Co., Ltd.

2025-08-07

6.11%→7.06%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-11-13

Semi-Annual Securities Report

Period: Apr 2026 – Mar 2027

F&M CO.,LTD.

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