MS&Consulting Co., Ltd.
6555・Standard Market・Services
Business
MS&Consulting Co., Ltd. is a management consulting firm that supports the realization of Service Profit Chain (SPC) management, with its core service being the customer satisfaction mystery survey "Mystery Shopping Research (MSR)." The company primarily serves B2C service industries such as restaurants, retail, automotive, beauty, and leisure, and in addition to mystery surveys leveraging a domestic monitor base of 590,000 people, it provides an employee satisfaction survey called "tenpoket Team Survey," Consulting & Training (the HERB Program), and the "tenpoket" suite of SaaS services. The company expanded overseas to Thailand and Taiwan in 2016, and conducts over 200,000 surveys annually both domestically and internationally. It listed on the TSE Mothers market in 2017, moved to the TSE First Section in 2019, and is currently listed on the Standard Market.
Business Model
With MSR based on continuing contracts (stock-type) with client companies as its revenue core, the company provides survey design, monitor assignment, report delivery, and consulting as a one-stop service. In terms of sales composition, MSR (99.3%) accounts for the vast majority, and the existing customer ratio is high (restaurant industry 93.1%, retail 92.5%, etc.). Monitor honoraria, report-checking outsourcing costs, and labor costs are the main cost items, and the company is working to restore profit margins through cost reduction via AI utilization and LINE integration, as well as unit price increases through price pass-through negotiations.
Company Strengths
As of the end of FY2025 (ended February 2025), the number of registered domestic monitors reached 594,249, with total annual surveys of 201,132. The number of surveys has expanded approximately 1.6x over five years, and the large-scale monitor base—covering a wide range of areas, including remote islands nationwide, and diverse attributes—forms a barrier to entry.
The ratio of sales to existing customers in major industries is extremely high, at 93.1% for restaurants, 92.5% for retail, and 98.0% for leisure. The order backlog at the end of FY2025 (ended February 2025) reached ¥703 million (up 16.0% year on year), demonstrating the stability of a stock-type business model with high visibility into next-period sales.
Since 2015, the company has continued joint research with the National Institute of Advanced Industrial Science and Technology (AIST) on "advancing SPC through service benchmarking." The provision of industry average values and comparative data leveraging cumulative team survey and customer satisfaction data from over 2.87 million respondents serves as a key differentiating factor from competitors.
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive fiscal years, rising from ¥1,934 million in FY2022 to ¥2,585 million in FY2026. In FY2025, the company posted a substantial loss, with an operating loss of ¥238 million and a net loss of ¥276 million, due to goodwill impairment. However, FY2026 saw a return to profitability, with operating profit of ¥252 million and net profit of ¥173 million. In Q1 FY2027 (June–August 2026), revenue was ¥515 million (up 3.8% year on year), the operating loss was ¥31 million (a substantial improvement from a loss of ¥72 million in the same period of the prior year), and gross profit was ¥134 million (up 39.7% year on year), indicating continued improvement in profitability. Regarding the external environment, uncertainty over the outlook for domestic-demand-oriented service industries remains, but high growth in the consulting domain and cost reductions through AI utilization are driving the improvement in business performance. The full-year forecast remains unchanged, with revenue of ¥2,757 million (up 6.7% year on year) and operating profit of ¥355 million (up 40.7% year on year).
Growth Strategy
Rebuilding the earnings base through dual expansion of CX and Consulting, AI-driven productivity gains, overseas expansion, and conversion of LBO into a recurring revenue business
Expanding high-gross-margin services such as regular consulting, subsidy/grant consulting, and recruitment, aiming to reduce dependence on MSR. In Q1 FY2027, revenue from the Consulting domain continued its strong growth, up 49.8% year on year, and the leading indicator of direct-profit order intake also rose 15.5%, a favorable sign.
Continuing to strengthen productivity improvements per report through AI utilization, raising the MSR gross margin from 42.6% in the same period of the previous year to 45.5% in the current period. Through the entrenchment of company-wide profitability improvement measures, the company is achieving ongoing reductions in the cost-of-sales ratio and SG&A ratio, and is building a foundation to maintain profit margins even during future phases of increased investment.
Promoting the conversion of the Store Customer Acquisition Support LBO (Elbo) service into a recurring revenue business. In Q1 FY2027, it showed strong growth of 228.0% year on year, and although the absolute amount remains small, it is being cultivated as a future stable revenue source.
MSR overseas-related surveys expanded 22.6% year on year. The company is proceeding to build monitor infrastructure and operations in overseas areas where new inquiries are emerging, promoting geographic diversification in preparation for the maturation of the domestic market.
Last updated: July 17, 2026