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Mitsubishi Research Institute
(3636)
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Rating:77Outperform
Price Target:
¥5,039.00
▲(3.68% Upside)
Action:Reiterated
Date:02/07/26
The score is driven primarily by strong financial performance (profitability and a very low-leverage balance sheet) and an attractive valuation (low P/E with a solid dividend). Technicals are supportive but less decisive due to mixed momentum signals, and declining free cash flow trends temper the otherwise solid fundamentals.
Positive Factors
Diversified fee-based business model
Mitsubishi Research Institute’s mix of consulting, research and IT solutions creates recurring, fee-based revenue from multi-year public sector and large-corporate engagements. This diversification anchors revenue predictability, supports cross-selling, and reduces reliance on single-project cycles over the medium term.
Negative Factors
Declining free cash flow conversion
A notable drop in free cash flow growth despite stable operating cash flow signals weaker conversion into investable cash, possibly due to higher capex or working capital. Persisting FCF weakness limits the firm’s ability to self-fund technology investments, dividends or M&A over several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified fee-based business model
Mitsubishi Research Institute’s mix of consulting, research and IT solutions creates recurring, fee-based revenue from multi-year public sector and large-corporate engagements. This diversification anchors revenue predictability, supports cross-selling, and reduces reliance on single-project cycles over the medium term.
Read all positive factors
Mitsubishi Research Institute (3636) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥70.29B
Dividend Yield3.28%
Average Volume (3M)24.01K
Price to Earnings (P/E)7.0
Beta (1Y)0.83
Revenue Growth12.54%
EPS Growth171.52%
CountryJP
Employees4,573
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)405.58
Shares Outstanding16,044,000
10 Day Avg. Volume20,130
30 Day Avg. Volume24,010
Financial Highlights & Ratios
PEG Ratio0.45
Price to Book (P/B)1.13
Price to Sales (P/S)0.67
P/FCF Ratio29.06
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)398.05
Revenue Forecast (FY)¥125.11B
Mitsubishi Research Institute Business Overview & Revenue Model
Company Description
Mitsubishi Research Institute, Inc. (MRI) is a Japanese firm that delivers a wide array of strategic advisory, information technology, and research services. It caters to a diverse client base within Japan, encompassing governmental entities, fina...
How the Company Makes Money
Mitsubishi Research Institute primarily makes money by delivering fee-based professional services and project work across two broad areas: (1) consulting/research and (2) IT solutions. On the consulting and research side, it earns revenue from com...
Mitsubishi Research Institute Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
72
Positive
| Breakdown | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 121.46B | 115.36B | 122.13B | 116.62B | 103.03B |
| Gross Profit | 30.26B | 27.13B | 27.72B | 28.07B | 24.50B |
| EBITDA | 13.72B | 11.74B | 13.40B | 15.80B | 11.48B |
| Net Income | 6.39B | 5.00B | 6.29B | 7.71B | 5.01B |
Balance Sheet | |||||
| Total Assets | 131.00B | 121.90B | 120.27B | 116.44B | 101.57B |
| Cash, Cash Equivalents and Short-Term Investments | 30.31B | 30.93B | 25.23B | 33.16B | 29.40B |
| Total Debt | 1.04B | 1.11B | 2.09B | 3.53B | 4.93B |
| Total Liabilities | 49.65B | 45.52B | 45.88B | 45.28B | 37.73B |
| Stockholders Equity | 71.92B | 67.63B | 65.80B | 63.05B | 56.28B |
Cash Flow | |||||
| Free Cash Flow | 2.81B | 12.18B | 3.09B | 7.94B | 2.30B |
| Operating Cash Flow | 6.42B | 13.54B | 5.70B | 9.26B | 3.25B |
| Investing Cash Flow | -4.00B | -2.91B | -2.41B | -6.65B | -1.97B |
| Financing Cash Flow | -3.01B | -4.94B | -6.20B | -3.85B | -4.62B |
Mitsubishi Research Institute Technical Analysis
Negative
4860.00
Price Trends
4588.10
Negative
4681.81
Negative
4776.21
Negative
Market Momentum
-58.01
Positive
40.87
Neutral
20.20
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3636, the sentiment is Negative. The current price of 4860 is above the 20-day moving average (MA) of 4522.25, above the 50-day MA of 4588.10, and above the 200-day MA of 4776.21, indicating a bearish trend. The MACD of -58.01 indicates Positive momentum. The RSI at 40.87 is Neutral, neither overbought nor oversold. The STOCH value of 20.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3636.
Mitsubishi Research Institute Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ¥70.29B | 7.01 | ― | 3.28% | 12.54% | 171.52% | |
71 Outperform | ¥143.51B | 12.51 | ― | 2.30% | 12.89% | 36.13% | |
68 Neutral | ¥158.95B | 13.71 | 18.89% | 2.78% | 7.39% | 14.96% | |
68 Neutral | ¥134.72B | 10.30 | 11.52% | 2.76% | 4.79% | 15.28% | |
65 Neutral | ¥29.46B | 8.30 | 10.34% | 4.82% | -2.76% | 36.33% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
JP:3636
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Mitsubishi Research Institute Corporate Events
Mitsubishi Research Institute Posts Strong First-Half Profit Surge and Confirms Dividend Outlook
Apr 27, 2026
Mitsubishi Research Institute reported consolidated net sales of ¥72.6 billion for the six months ended March 31, 2026, up 10.9% year on year, with operating profit surging 36.3% to ¥9.3 billion and profit attributable to owners of paren...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.