M&A Research Institute Holdings Inc. (MAARF)

MAARF Income Statement

Financials in millions JPY. Fiscal year is October - September.

Fiscal Year	TTM	FY 2024	FY 2023
Period Ending	Dec 31, 2024	Sep 30, 2024	Sep 30, 2023
Revenue	15,827	16,549	8,642
Revenue Growth (YoY)	83.15%	91.50%	-
Cost of Revenue	5,128	4,532	2,025
Gross Profit	10,700	12,017	6,617
Selling, General & Admin	3,960	3,608	2,038
Operating Expenses	3,960	3,608	2,038
Operating Income	6,740	8,409	4,579
Interest Expense	-1.14	-1	-
Interest & Investment Income	1.25	1	-
Other Non Operating Income (Expenses)	2.71	-5	-96
EBT Excluding Unusual Items	6,742	8,404	4,483
Asset Writedown	-	-1	-
Pretax Income	6,736	8,403	4,483
Income Tax Expense	2,031	2,615	1,837
Net Income	4,706	5,788	2,646
Net Income to Common	4,706	5,788	2,646
Net Income Growth	77.85%	118.74%	-
Shares Outstanding (Basic)	59	59	58
Shares Outstanding (Diluted)	64	64	64
Shares Change (YoY)	-0.56%	-0.16%	-
EPS (Basic)	80.31	98.81	45.88
EPS (Diluted)	73.82	90.44	41.29
EPS Growth	78.78%	119.04%	-
Free Cash Flow	-	5,323	3,897
Free Cash Flow Per Share	-	83.17	60.79
Gross Margin	67.60%	72.61%	76.57%
Operating Margin	42.58%	50.81%	52.99%
Profit Margin	29.73%	34.98%	30.62%
Free Cash Flow Margin	-	32.16%	45.09%
EBITDA	6,805	8,466	4,604
EBITDA Margin	42.99%	51.16%	53.27%
D&A For EBITDA	65.13	57	25
EBIT	6,740	8,409	4,579
EBIT Margin	42.58%	50.81%	52.99%
Effective Tax Rate	30.14%	31.12%	40.98%
Advertising Expenses	-	851	522

Updated Jan 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.