F&M Co. (4771) Q4 2025 earnings summary

Executive summary

• Revenue increased 14.8% year-over-year to ¥17,066 million, with all major segments showing solid growth and operating profit up 27.7%.

• Membership growth and service expansion in accounting, consulting, and business solutions supported recurring revenue.

• AI-driven efficiency, cost controls, and expanded partnerships contributed to top-line and margin improvements.

• All major business segments reported sales and profit growth, except for minor declines in real estate and system development operating profit.

Financial highlights

• Revenue: ¥17,066 million (+14.8% YoY); Operating profit: ¥2,716 million (+27.7% YoY); Net income: ¥1,814 million (+12.7% YoY).

• EBITDA: ¥4,348 million (+27.0% YoY); EBITDA margin: 25.5%.

• Gross margin improved to 67.9% from 65.9% year-over-year.

• Dividend per share increased to ¥40 (from ¥38), payout ratio 32.4%.

• Cash and equivalents at year-end: ¥5,834 million, up ¥612 million from prior year.

Outlook and guidance

• FY2026 revenue forecast: ¥20,867 million (+22.3% YoY); operating profit: ¥3,132 million (+15.3% YoY); net income: ¥2,088 million (+15.1% YoY).

• Continued investment in system development, security, and new features for Office Station.

• Growth expected to continue, led by user expansion in core segments and new product launches.

• Downward seasonality expected in H1, with stronger H2 due to product launches and increased demand.