Overview
Services

Quants Research Institute Holdings,Inc.

M&A Research Institute Holdings operates a technology-driven M&A intermediary business in Japan, leveraging AI-powered matching algorithms and proprietary in-house systems to accelerate deal sourcing and execution for SMEs. The company offers a fully success-fee-based advisory model with no upfront or interim fees, providing a competitive advantage over traditional intermediaries. Beyond M&A intermediation, the group also provides strategy, IT, and DX consulting services, as well as asset management consulting and operating lease businesses.

Market Cap
¥54.9B
US$350M
EV
¥56.2B
US$359M
Stock¥1,082▲+2.37%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
7.9
x
LTM EV/EBIT
9.2
x
LTM PER
15.3
x
LTM PBR
14.6
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-26.1%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
54.9BUS$350MMarket Cap5.60BUS$35.7M+ Debt4.23BUS$27.0M− Cash0.00BUS$0.00M− Inv. Sec.56.2BUS$359MEV
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Performance & Balance
Revenue 5Y (¥B)
1.33US$8.47M'21/93.91US$24.9M'22/98.64US$55.1M'23/916.5US$106M'24/916.6US$106M'25/9
EBITDA 5Y (¥B)
0.57US$3.62M'21/92.12US$13.5M'22/94.60US$29.4M'23/98.60US$54.9M'24/95.29US$33.8M'25/9
Net Income 5Y (¥B)
1.33US$8.46M'22/92.65US$16.9M'23/95.79US$36.9M'24/92.75US$17.5M'25/9
Capital Structure
40%
60%
EquityD/E 1.49xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
1.18US$7.51M0.15US$0.96M'21/93.98US$25.4M'22/97.43US$47.4M0.10US$0.65M'23/910.2US$64.9M0.46US$2.91M'24/94.12US$26.3M0.72US$4.58M'25/9
Shareholders
Top 10 hold 74.6%
1
SAGAMI Shunsaku
57.95%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
3.64%
3
UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT (Standing Proxy: Citibank, N.A., Tokyo Branch)
2.89%
4
BROWN BROTHERS HARRIMAN (LUXEMBOURG) SCA CUSTODIAN FOR ARCUS FUND SICAV - ARCUS JAPAN FUND (Standing Proxy: MUFG Bank, Ltd.)
2.52%
5
INTERACTIVE BROKERS LLC (Standing Proxy: Interactive Brokers Securities Japan Inc.)
1.86%
6
Isao TSUKAMOTO
1.47%
7
SBI SECURITIES Co., Ltd.
1.22%
8
STATE STREET BANK AND TRUST COMPANY 505019 (Standing Proxy: Mizuho Bank, Ltd.)
1.15%
9
GOVERNMENT OF NORWAY - CFD (Standing Proxy: Citibank, N.A., Tokyo Branch)
1.00%
10
BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE (Standing Proxy: MUFG Bank, Ltd.)
0.93%
Management
9 officers
Shunsaku SAGAMI
Representative Director, President
Sep 2013 Joined MicroAd, Inc. Nov 2015 Established Alpaca Co., Ltd. (current name: Smart Media Co., Ltd.); assumed position of Representative Director Oct 2018 Established the Company Jan 2019 Assumed position of Representative Director of the Company (current) Mar 2023 Assumed position of Representative Director, President, M&A Research Institute Holdings Inc. (current)
1991-02-25
Akihiro YABUKI
Director
Apr 2010 Joined Keyence Corporation Jul 2015 Joined M&A Capital Partners Co., Ltd. Jul 2019 Joined the Company; General Manager, Sales Division Apr 2020 Assumed position of Director of the Company (current) Mar 2023 Assumed position of Director, General Manager, Sales Division, M&A Research Institute Holdings Inc. (current)
1986-12-22
Hiroki KAGAMI
Director, CFO
Apr 2006 Joined The Chukyo Bank, Ltd. (now Aichi Bank, Ltd.) Oct 2016 Joined Strike Co., Ltd. Apr 2024 Assumed position of Executive Officer, M&A Research Institute Holdings Inc. Apr 2025 Assumed position of Director, M&A Research Institute Holdings Inc. (current) Oct 2025 Assumed position of Executive Officer and CFO of the Company Dec 2025 Assumed position of Director and CFO of the Company (current)
1993-12-24
Ryo MIZUTANI
Outside Director
Apr 2007 Joined Daiwa SMBC Securities Co., Ltd. (now Daiwa Securities Co., Ltd.) Nov 2014 Assumed position of Director, and factory Co., Ltd. Dec 2019 Assumed position of Representative Director, Beyond X Co., Ltd. (current) Jan 2020 Assumed position of Director, AIQ Co., Ltd. (current) Feb 2020 Assumed position of Representative Director, three Co., Ltd. (current) Apr 2020 Assumed position of Outside Director of the Company (current) Mar 2023 Assumed position of Outside Director, M&A Research Institute Holdings Inc. (current)
1983-04-04
Toru KAMIYAMA
Outside Director (Audit and Supervisory Committee Member)
Apr 2000 Joined Nomura Securities Co., Ltd. Aug 2017 Established Kakeru Partners; assumed position of Managing Partner (current) Nov 2017 Assumed position of Director (Audit and Supervisory Committee Member), HEROZ, Inc. (current) Jun 2020 Assumed position of Director (Audit and Supervisory Committee Member), Itsumo Co., Ltd. (current) Dec 2022 Assumed position of Outside Director of the Company (current) Mar 2023 Assumed position of Outside Director, M&A Research Institute Holdings Inc. (current) Aug 2025 Assumed position of Outside Director, G-DEP Advance Co., Ltd. (current)
1977-10-11
Mika AOKI
Outside Director
Apr 2004 Joined USEN Corporation Apr 2007 Worked as a freelance announcer on news programs and other broadcasts (to 2015) Dec 2016 Registered as attorney-at-law; joined Yamazaki, Akiyama & Yamashita Law Office Jun 2019 Part-time Public Relations Officer, Second Tokyo Bar Association (current) Apr 2021 Vice Chair, Public Relations Committee, Kanto Federation of Bar Associations Oct 2023 Civil Mediation Officer (part-time judge), Tokyo Summary Court (current) Dec 2023 Assumed position of Outside Director of the Company (current) Dec 2023 Assumed position of Outside Director, M&A Research Institute Holdings Inc. (current) Dec 2024 Partner, Uga Kokusai Law Office (current) May 2025 Assumed position of Outside Audit & Supervisory Board Member, Vitalbridge Japan Co., Ltd. (current) Jul 2025 Part-time Public Relations Officer, Japan Federation of Bar Associations (current)
1981-03-28
Naoki OKAMOTO
Full-time Audit & Supervisory Board Member
Oct 1999 Joined Asahi & Co. (now Azsa LLC) Jul 2020 Opened Naoki Okamoto CPA Office (current) Jul 2020 Assumed position of Audit & Supervisory Board Member of the Company (current) Mar 2023 Assumed position of Audit & Supervisory Board Member, M&A Research Institute Holdings Inc. (current)
1973-02-27
Yosuke HIGASHI
Outside Audit & Supervisory Board Member
Dec 2006 Joined Tohmatsu & Co. (now Deloitte Tohmatsu LLC) Dec 2011 Joined CyberAgent, Inc. Aug 2013 Opened Yosuke Higashi CPA Office (current) Jul 2015 Joined GameWith, Inc. Sep 2015 Assumed position of General Manager, Administration Department, GameWith, Inc. Feb 2016 Assumed position of Director and General Manager, Administration Department, GameWith, Inc. Aug 2018 Assumed position of Executive Officer, GameWith, Inc. Aug 2019 Assumed position of General Manager, Internal Audit Office, GameWith, Inc. Dec 2019 Assumed position of Outside Audit & Supervisory Board Member, PROGRIT Inc. (current) Apr 2020 Assumed position of Outside Audit & Supervisory Board Member of the Company (current) Mar 2021 Assumed position of Outside Audit & Supervisory Board Member, ABCash Technologies (current) Feb 2023 Assumed position of Outside Audit & Supervisory Board Member, Ashall Design Co., Ltd. (current) Mar 2023 Assumed position of Outside Audit & Supervisory Board Member, M&A Research Institute Holdings Inc. (current) Jul 2023 Assumed position of Outside Audit & Supervisory Board Member, Anotherworks Inc. (current) Jan 2025 Joined Stack Inc.
1979-05-08
Makoto KUMAZAWA
Outside Audit & Supervisory Board Member
Sep 2007 Joined Mori Hamada & Matsumoto Jul 2011 Opened Kumazawa Makoto Law Office as Representative Aug 2012 Assumed position of Co-Representative, Shinko Sogo Law Office (current) Jun 2013 Assumed position of Outside Director, Japan M&A Management Co., Ltd. (current) Mar 2014 Assumed position of Outside Audit & Supervisory Board Member, Renovareru Inc. Sep 2016 Assumed position of Outside Audit & Supervisory Board Member, Life is Tech Inc. (current) Mar 2019 Assumed position of Outside Audit & Supervisory Board Member, Aidis Co., Ltd. (current) Jul 2019 Assumed position of Outside Audit & Supervisory Board Member, One Media Inc. Nov 2019 Assumed position of Outside Audit & Supervisory Board Member, Independence Incubator Inc. (current) Dec 2020 Assumed position of Outside Audit & Supervisory Board Member of the Company (current) Aug 2021 Assumed position of Outside Audit & Supervisory Board Member, RY Corporation (current) Mar 2023 Assumed position of Outside Audit & Supervisory Board Member, M&A Research Institute Holdings Inc. (current)
1981-08-10
Large Shareholding Reports
Morgan Stanley & Co. International plc
2026-10-21
4.70%
Arcus Investment Limited
2026-06-09
5.01%→3.99%
Shunsaku SAGAMI
2026-04-15
52.82%→57.91%
Annual report (as of 2026-03-31): 57.95%
Shunsaku SAGAMI
2026-04-15
52.82%→57.91%
Annual report (as of 2026-03-31): 57.95%
Morgan Stanley & Co. LLC
2026-03-19
1.09%→1.38%
Shunsaku SAGAMI
2026-02-27
52.82%→57.91%
Annual report (as of 2026-03-31): 57.95%
Morgan Stanley MUFG Securities Co., Ltd.
2026-02-19
2.69%→2.78%
Morgan Stanley MUFG Securities Co., Ltd.
2026-02-05
1.36%→2.69%
Morgan Stanley & Co. International plc
2026-01-21
2.66%→3.19%
Arcus Investment Limited
2026-01-16
5.01%
Morgan Stanley & Co. International plc
2026-01-08
3.00%→2.66%
Morgan Stanley & Co. International plc
2025-12-19
3.00%
Morgan Stanley & Co. International plc
2025-12-04
1.70%→2.21%
Morgan Stanley MUFG Securities Co., Ltd.
2025-11-20
1.59%→2.73%
Morgan Stanley & Co. International plc
2025-11-07
1.35%→2.98%
Morgan Stanley MUFG Securities Co., Ltd.
2025-10-06
1.95%→2.92%
Morgan Stanley & Co. International plc
2025-09-19
2.55%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-21
Large Shareholding Report
TDnet
2026-08-14
Q3 Earnings Flash
FY ending Sep 2026
EDINET
2026-06-09
Large Shareholding Report
EDINET
2026-05-15
Semi-Annual Securities Report
Period: Oct 2025 – Sep 2026
EDINET
2026-04-15
Large Shareholding Report
EDINETAmended
2026-04-15
Change Report
EDINET
2026-03-19
Large Shareholding Report
EDINET
2026-02-27
Large Shareholding Report
EDINET
2026-02-19
Large Shareholding Report
TDnet
2026-02-13
Q1 Earnings Flash
FY ending Sep 2026
EDINET
2026-02-05
Large Shareholding Report
EDINET
2026-01-21
Large Shareholding Report
EDINET
2026-01-16
Large Shareholding Report
EDINET
2026-01-08
Large Shareholding Report
EDINET
2026-01-05
Annual Securities Report
Period: Oct 2024 – Sep 2025
TDnet
2026-01-05
Full-Year Earnings Flash
FY ending Sep 2025
EDINET
2025-12-19
Large Shareholding Report
EDINET
2025-12-04
Large Shareholding Report
EDINET
2025-11-20
Large Shareholding Report
EDINET
2025-11-07
Large Shareholding Report
EDINET
2025-10-06
Large Shareholding Report
EDINET
2025-09-19
Large Shareholding Report
TDnet
2025-07-30
Q3 Earnings Flash
FY ending Sep 2025
EDINET
2025-05-12
Semi-Annual Securities Report
Period: Oct 2024 – Sep 2025
TDnet
2025-01-30
Q1 Earnings Flash
FY ending Sep 2025
EDINET
2024-12-20
Annual Securities Report
Period: Oct 2023 – Sep 2024
EDINET
2024-05-13
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-02-13
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-12-22
Annual Securities Report
Period: Oct 2022 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
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