Financials

JAC Recruitment: FYE Dec 2025 and ten years of results (45 metrics)

FYE Dec 2025 · Revenue¥46bnYoY +17.7%
FYE Dec 2025 · Operating profit¥12bnYoY +28.5%
FYE Dec 2025 · Net profit¥8.4bnYoY +49.7%
FYE Dec 2025 · Equity ratio72.3%YoY +2.8pp
FYE Dec 2025 · Group employees2,398YoY +335
Fiscal yearRevenueYoYOperating profitYoYMarginNet profitChief executiveThat year
FYE Dec 2016Consolidated¥14bnn/a¥4.7bnn/a34.1%¥3.3bnMatsuzono Ken
FYE Dec 2017Consolidated¥16bn+15.9%¥5.3bn+12.4%33.1%¥3.7bnMatsuzono KenThird straight year of 30%+ growth; operating margin 33.1%
FYE Dec 2018Consolidated¥23bn+43.8%¥5.5bn+4.2%24.0%¥3.9bnMatsuzono KenAcquires JAC Recruitment Asia; sales up 44%, margin down to 24.0%
FYE Dec 2019Consolidated¥24bn+4.8%¥6.1bn+10.1%25.2%¥4.4bnMatsuzono Ken
FYE Dec 2020Consolidated¥22bn−10.6%¥5.1bn−15.6%23.8%¥1.8bnMatsuzono KenAcquires Vantage Point; pandemic cuts net profit 57%
FYE Dec 2021Consolidated¥25bn+15.0%¥5.8bn+13.3%23.4%¥3.9bnMatsuzono Ken<a class="en-history_person" href="/tse/2124/executives/ceo/tazaki-hiromi/" hreflang="ja">Tazaki Hiromi</a> returns as chairman and president
FYE Dec 2022Consolidated¥30bn+22.5%¥7.0bn+21.0%23.1%¥5.0bnMatsuzono KenMoves to the TSE Prime Market; US entity established
FYE Dec 2023Consolidated¥34bn+13.3%¥8.2bn+16.6%23.8%¥6.0bnTazaki HiromiShanghai and Hong Kong entities dissolved
FYE Dec 2024Consolidated¥39bn+13.6%¥9.1bn+10.7%23.2%¥5.6bnTazaki Hiromi
FYE Dec 2025Consolidated¥46bn+17.7%¥12bn+28.5%25.3%¥8.4bnTazaki HiromiVantage Point wound down; operating margin back to 25.4%

How it compares

Recruit Holdings¥3.70tnFY2025Operating margin 17.1%Persol Holdings¥1.56tnFY2025Operating margin 4.3%
Goodwill Group, Inc.Delisted 2009
Pasona Group¥308bnFY2026Operating margin −0.4%
TechnoPro HoldingsDelisted 2025
Yutigurupu¥195bnFY2024Operating margin 4.1%
Open Up Group¥167bnFY2026Operating margin 10.0%Meitec Group Holdings¥138bnFY2025Operating margin 14.5%Visional¥80bnFY2025Operating margin 26.7%
Furukyasutohorudingusu¥77bnFY2025Operating margin 10.2%
JAC Recruitment¥46bnFY2025Operating margin 25.3%

Income statement Revenue, costs, each level of profit and the margins they leave

Where the revenue goes

¥ bn
Cost of sales SG&A Operating profit

Margins

%
Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥46bn
CAGR · 10 yrs +14.3%
Fiscal year Revenue ¥ bn YoY Basis
FYE Dec 2016 13.8 n/a Cons. · Japanese GAAP
FYE Dec 2017 16.0 +15.9% Cons. · Japanese GAAP
FYE Dec 2018 23.1 +43.8% Cons. · Japanese GAAP
FYE Dec 2019 24.2 +4.8% Cons. · Japanese GAAP
FYE Dec 2020 21.6 −10.6% Cons. · Japanese GAAP
FYE Dec 2021 24.9 +15.0% Cons. · Japanese GAAP
FYE Dec 2022 30.4 +22.5% Cons. · Japanese GAAP
FYE Dec 2023 34.5 +13.3% Cons. · Japanese GAAP
FYE Dec 2024 39.2 +13.6% Cons. · Japanese GAAP
FYE Dec 2025 46.1 +17.7% Cons. · Japanese GAAP
Definition
Everything the company took in from its own business
Formula
Revenue line of the income statement
Source
Securities report (XBRL)

Cost of sales

FYE Dec 2025 ¥3.4bn
CAGR · 10 yrs +21.2%
Fiscal year Cost of sales ¥ bn YoY Basis
FYE Dec 2016 0.6 n/a Cons. · Japanese GAAP
FYE Dec 2017 0.7 +25.3% Cons. · Japanese GAAP
FYE Dec 2018 2.3 +202.4% Cons. · Japanese GAAP
FYE Dec 2019 1.7 −24.1% Cons. · Japanese GAAP
FYE Dec 2020 1.5 −10.9% Cons. · Japanese GAAP
FYE Dec 2021 1.8 +20.9% Cons. · Japanese GAAP
FYE Dec 2022 2.4 +29.4% Cons. · Japanese GAAP
FYE Dec 2023 2.7 +11.0% Cons. · Japanese GAAP
FYE Dec 2024 2.9 +9.5% Cons. · Japanese GAAP
FYE Dec 2025 3.4 +15.9% Cons. · Japanese GAAP
Definition
The cost of what was sold
Formula
Cost of sales line of the income statement
Source
Securities report (XBRL)

Gross profit

FYE Dec 2025 ¥43bn
CAGR · 10 yrs +13.9%
Fiscal year Gross profit ¥ bn YoY Basis
FYE Dec 2016 13.2 n/a Cons. · Japanese GAAP
FYE Dec 2017 15.3 +15.5% Cons. · Japanese GAAP
FYE Dec 2018 20.8 +36.0% Cons. · Japanese GAAP
FYE Dec 2019 22.5 +7.9% Cons. · Japanese GAAP
FYE Dec 2020 20.1 −10.6% Cons. · Japanese GAAP
FYE Dec 2021 23.0 +14.5% Cons. · Japanese GAAP
FYE Dec 2022 28.0 +21.9% Cons. · Japanese GAAP
FYE Dec 2023 31.8 +13.5% Cons. · Japanese GAAP
FYE Dec 2024 36.2 +13.9% Cons. · Japanese GAAP
FYE Dec 2025 42.7 +17.9% Cons. · Japanese GAAP
Definition
What the product or service itself earns
Formula
Revenue − cost of sales
Source
Securities report (XBRL)

SG&A selling, general and administrative expenses

FYE Dec 2025 ¥31bn
CAGR · 10 yrs +15.5%
Fiscal year SG&A ¥ bn YoY Basis
FYE Dec 2016 8.5 n/a Cons. · Japanese GAAP
FYE Dec 2017 10.0 +17.3% Cons. · Japanese GAAP
FYE Dec 2018 15.3 +52.9% Cons. · Japanese GAAP
FYE Dec 2019 16.4 +7.2% Cons. · Japanese GAAP
FYE Dec 2020 14.9 −8.7% Cons. · Japanese GAAP
FYE Dec 2021 17.2 +15.0% Cons. · Japanese GAAP
FYE Dec 2022 21.0 +22.2% Cons. · Japanese GAAP
FYE Dec 2023 23.6 +12.4% Cons. · Japanese GAAP
FYE Dec 2024 27.2 +15.0% Cons. · Japanese GAAP
FYE Dec 2025 31.0 +14.3% Cons. · Japanese GAAP
Definition
The cost of selling and of running the company
Formula
SG&A line of the income statement
Source
Securities report (XBRL)

Operating profit

FYE Dec 2025 ¥12bn
CAGR · 10 yrs +10.6%
Fiscal year Operating profit ¥ bn YoY Basis
FYE Dec 2016 4.7 n/a Cons. · Japanese GAAP
FYE Dec 2017 5.3 +12.4% Cons. · Japanese GAAP
FYE Dec 2018 5.5 +4.2% Cons. · Japanese GAAP
FYE Dec 2019 6.1 +10.1% Cons. · Japanese GAAP
FYE Dec 2020 5.1 −15.6% Cons. · Japanese GAAP
FYE Dec 2021 5.8 +13.3% Cons. · Japanese GAAP
FYE Dec 2022 7.0 +21.0% Cons. · Japanese GAAP
FYE Dec 2023 8.2 +16.6% Cons. · Japanese GAAP
FYE Dec 2024 9.1 +10.7% Cons. · Japanese GAAP
FYE Dec 2025 11.7 +28.5% Cons. · Japanese GAAP
Definition
What the core business earns
Formula
Gross profit − SG&A
Source
Securities report (XBRL)

Non-operating income

FYE Dec 2025 ¥48.0m
CAGR · 10 yrs +28.6%
Fiscal year Non-operating income ¥ m YoY Basis
FYE Dec 2016 5.0 n/a Cons. · Japanese GAAP
FYE Dec 2017 13.0 +160.0% Cons. · Japanese GAAP
FYE Dec 2018 38.0 +192.3% Cons. · Japanese GAAP
FYE Dec 2019 32.0 −15.8% Cons. · Japanese GAAP
FYE Dec 2020 85.0 +165.6% Cons. · Japanese GAAP
FYE Dec 2021 15.0 −82.4% Cons. · Japanese GAAP
FYE Dec 2022 39.0 +160.0% Cons. · Japanese GAAP
FYE Dec 2023 41.0 +5.1% Cons. · Japanese GAAP
FYE Dec 2024 56.0 +36.6% Cons. · Japanese GAAP
FYE Dec 2025 48.0 −14.3% Cons. · Japanese GAAP
Definition
Income from outside the core business
Formula
Non-operating income line of the income statement
Source
Securities report (XBRL)

Non-operating expenses

FYE Dec 2025 ¥22.0m
Average · 10 yrs ¥20.2m
Fiscal year Non-operating expenses ¥ m YoY Basis
FYE Dec 2016 0.0 n/a Cons. · Japanese GAAP
FYE Dec 2017 0.0 n/a Cons. · Japanese GAAP
FYE Dec 2018 0.0 n/a Cons. · Japanese GAAP
FYE Dec 2019 29.0 n/a Cons. · Japanese GAAP
FYE Dec 2020 27.0 −6.9% Cons. · Japanese GAAP
FYE Dec 2021 23.0 −14.8% Cons. · Japanese GAAP
FYE Dec 2022 30.0 +30.4% Cons. · Japanese GAAP
FYE Dec 2023 46.0 +53.3% Cons. · Japanese GAAP
FYE Dec 2024 25.0 −45.7% Cons. · Japanese GAAP
FYE Dec 2025 22.0 −12.0% Cons. · Japanese GAAP
Definition
Costs arising outside the core business
Formula
Non-operating expenses line of the income statement
Source
Securities report (XBRL)

Ordinary profit keijo rieki

FYE Dec 2025 ¥12bn
CAGR · 10 yrs +10.6%
Fiscal year Ordinary profit ¥ bn YoY Basis
FYE Dec 2016 4.7 n/a Cons. · Japanese GAAP
FYE Dec 2017 5.3 +12.5% Cons. · Japanese GAAP
FYE Dec 2018 5.6 +4.6% Cons. · Japanese GAAP
FYE Dec 2019 6.1 +9.4% Cons. · Japanese GAAP
FYE Dec 2020 5.2 −14.7% Cons. · Japanese GAAP
FYE Dec 2021 5.8 +11.9% Cons. · Japanese GAAP
FYE Dec 2022 7.1 +21.3% Cons. · Japanese GAAP
FYE Dec 2023 8.2 +16.4% Cons. · Japanese GAAP
FYE Dec 2024 9.1 +11.1% Cons. · Japanese GAAP
FYE Dec 2025 11.7 +28.4% Cons. · Japanese GAAP
Definition
A level of profit that exists only under Japanese GAAP
Formula
Operating profit + non-operating income − non-operating expenses
Source
Securities report (XBRL)

Extraordinary loss

FYE Dec 2025 n/a
CAGR · 4 yrs −37.0%
Fiscal year Extraordinary loss ¥ m YoY Basis
FYE Dec 2016 4.0 n/a Cons. · Japanese GAAP
FYE Dec 2017 n/a n/a Cons. · Japanese GAAP
FYE Dec 2018 1.0 n/a Cons. · Japanese GAAP
FYE Dec 2019 23.0 +2200.0% Cons. · Japanese GAAP
FYE Dec 2020 n/a n/a Cons. · Japanese GAAP
FYE Dec 2021 n/a n/a Cons. · Japanese GAAP
FYE Dec 2022 n/a n/a Cons. · Japanese GAAP
FYE Dec 2023 1.0 n/a Cons. · Japanese GAAP
FYE Dec 2024 n/a n/a Cons. · Japanese GAAP
FYE Dec 2025 n/a n/a Cons. · Japanese GAAP
Definition
One-off losses, such as an impairment or a restructuring charge
Formula
Extraordinary loss line of the income statement
Source
Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Dec 2025 ¥8.4bn
CAGR · 10 yrs +11.1%
Fiscal year Net profit ¥ bn YoY Basis
FYE Dec 2016 3.3 n/a Cons. · Japanese GAAP
FYE Dec 2017 3.7 +12.7% Cons. · Japanese GAAP
FYE Dec 2018 3.9 +6.1% Cons. · Japanese GAAP
FYE Dec 2019 4.4 +11.4% Cons. · Japanese GAAP
FYE Dec 2020 1.8 −57.9% Cons. · Japanese GAAP
FYE Dec 2021 3.9 +111.7% Cons. · Japanese GAAP
FYE Dec 2022 5.0 +29.5% Cons. · Japanese GAAP
FYE Dec 2023 6.0 +18.9% Cons. · Japanese GAAP
FYE Dec 2024 5.6 −6.1% Cons. · Japanese GAAP
FYE Dec 2025 8.4 +49.7% Cons. · Japanese GAAP
Definition
What is left after tax
Formula
Pre-tax profit − income taxes
Source
Securities report (XBRL)

Gross margin

FYE Dec 2025 92.7%
Average · 10 yrs 92.9%
Fiscal year Gross margin % YoY Basis
FYE Dec 2016 95.7 n/a Cons. · Japanese GAAP
FYE Dec 2017 95.3 −0.3pp Cons. · Japanese GAAP
FYE Dec 2018 90.2 −5.1pp Cons. · Japanese GAAP
FYE Dec 2019 92.9 +2.7pp Cons. · Japanese GAAP
FYE Dec 2020 92.9 −0.0pp Cons. · Japanese GAAP
FYE Dec 2021 92.6 −0.4pp Cons. · Japanese GAAP
FYE Dec 2022 92.1 −0.4pp Cons. · Japanese GAAP
FYE Dec 2023 92.3 +0.2pp Cons. · Japanese GAAP
FYE Dec 2024 92.6 +0.3pp Cons. · Japanese GAAP
FYE Dec 2025 92.7 +0.1pp Cons. · Japanese GAAP
Definition
The share of revenue left after the cost of sales
Formula
Gross profit ÷ revenue
Source
Securities report (XBRL)

Operating margin

FYE Dec 2025 25.3%
Average · 10 yrs 25.9%
Fiscal year Operating margin % YoY Basis
FYE Dec 2016 34.1 n/a Cons. · Japanese GAAP
FYE Dec 2017 33.1 −1.1pp Cons. · Japanese GAAP
FYE Dec 2018 24.0 −9.1pp Cons. · Japanese GAAP
FYE Dec 2019 25.2 +1.2pp Cons. · Japanese GAAP
FYE Dec 2020 23.8 −1.4pp Cons. · Japanese GAAP
FYE Dec 2021 23.4 −0.3pp Cons. · Japanese GAAP
FYE Dec 2022 23.1 −0.3pp Cons. · Japanese GAAP
FYE Dec 2023 23.8 +0.7pp Cons. · Japanese GAAP
FYE Dec 2024 23.2 −0.6pp Cons. · Japanese GAAP
FYE Dec 2025 25.3 +2.1pp Cons. · Japanese GAAP
Definition
The share of revenue the core business keeps
Formula
Operating profit ÷ revenue
Source
Securities report (XBRL)

Ordinary margin

FYE Dec 2025 25.4%
Average · 10 yrs 26.0%
Fiscal year Ordinary margin % YoY Basis
FYE Dec 2016 34.2 n/a Cons. · Japanese GAAP
FYE Dec 2017 33.2 −1.0pp Cons. · Japanese GAAP
FYE Dec 2018 24.1 −9.0pp Cons. · Japanese GAAP
FYE Dec 2019 25.2 +1.1pp Cons. · Japanese GAAP
FYE Dec 2020 24.0 −1.2pp Cons. · Japanese GAAP
FYE Dec 2021 23.4 −0.6pp Cons. · Japanese GAAP
FYE Dec 2022 23.2 −0.2pp Cons. · Japanese GAAP
FYE Dec 2023 23.8 +0.6pp Cons. · Japanese GAAP
FYE Dec 2024 23.3 −0.5pp Cons. · Japanese GAAP
FYE Dec 2025 25.4 +2.1pp Cons. · Japanese GAAP
Definition
The share of revenue left at the ordinary-profit line
Formula
Ordinary profit ÷ revenue
Source
Securities report (XBRL)

Net margin

FYE Dec 2025 18.2%
Average · 10 yrs 17.2%
Fiscal year Net margin % YoY Basis
FYE Dec 2016 23.6 n/a Cons. · Japanese GAAP
FYE Dec 2017 23.0 −0.7pp Cons. · Japanese GAAP
FYE Dec 2018 16.9 −6.0pp Cons. · Japanese GAAP
FYE Dec 2019 18.0 +1.1pp Cons. · Japanese GAAP
FYE Dec 2020 8.5 −9.5pp Cons. · Japanese GAAP
FYE Dec 2021 15.6 +7.1pp Cons. · Japanese GAAP
FYE Dec 2022 16.5 +0.9pp Cons. · Japanese GAAP
FYE Dec 2023 17.3 +0.8pp Cons. · Japanese GAAP
FYE Dec 2024 14.3 −3.0pp Cons. · Japanese GAAP
FYE Dec 2025 18.2 +3.9pp Cons. · Japanese GAAP
Definition
The share of revenue left after everything
Formula
Net profit ÷ revenue
Source
Securities report (XBRL)

Cost-of-sales ratio

FYE Dec 2025 7.3%
Average · 10 yrs 7.1%
Fiscal year Cost-of-sales ratio % YoY Basis
FYE Dec 2016 4.3 n/a Cons. · Japanese GAAP
FYE Dec 2017 4.7 +0.3pp Cons. · Japanese GAAP
FYE Dec 2018 9.8 +5.1pp Cons. · Japanese GAAP
FYE Dec 2019 7.1 −2.7pp Cons. · Japanese GAAP
FYE Dec 2020 7.1 −0.0pp Cons. · Japanese GAAP
FYE Dec 2021 7.4 +0.4pp Cons. · Japanese GAAP
FYE Dec 2022 7.9 +0.4pp Cons. · Japanese GAAP
FYE Dec 2023 7.7 −0.2pp Cons. · Japanese GAAP
FYE Dec 2024 7.4 −0.3pp Cons. · Japanese GAAP
FYE Dec 2025 7.3 −0.1pp Cons. · Japanese GAAP
Definition
The share of revenue taken by the cost of sales
Formula
Cost of sales ÷ revenue
Source
Securities report (XBRL)

SG&A ratio

FYE Dec 2025 67.3%
Average · 10 yrs 67.0%
Fiscal year SG&A ratio % YoY Basis
FYE Dec 2016 61.5 n/a Cons. · Japanese GAAP
FYE Dec 2017 62.2 +0.7pp Cons. · Japanese GAAP
FYE Dec 2018 66.2 +4.0pp Cons. · Japanese GAAP
FYE Dec 2019 67.7 +1.5pp Cons. · Japanese GAAP
FYE Dec 2020 69.1 +1.4pp Cons. · Japanese GAAP
FYE Dec 2021 69.1 −0.0pp Cons. · Japanese GAAP
FYE Dec 2022 69.0 −0.1pp Cons. · Japanese GAAP
FYE Dec 2023 68.5 −0.5pp Cons. · Japanese GAAP
FYE Dec 2024 69.4 +0.9pp Cons. · Japanese GAAP
FYE Dec 2025 67.3 −2.0pp Cons. · Japanese GAAP
Definition
The share of revenue taken by selling and administrative costs
Formula
SG&A ÷ revenue
Source
Securities report (XBRL)

Balance sheet Assets, debt and equity, and what they say about financial strength

What the balance sheet is made of

¥ bn
Equity Liabilities and non-controlling interests

Financial strength

%
Equity ratio

Total assets

FYE Dec 2025 ¥31bn
CAGR · 10 yrs +10.7%
Fiscal year Total assets ¥ bn YoY Basis
FYE Dec 2016 12.3 n/a Cons. · Japanese GAAP
FYE Dec 2017 15.1 +22.7% Cons. · Japanese GAAP
FYE Dec 2018 18.7 +23.7% Cons. · Japanese GAAP
FYE Dec 2019 20.1 +7.3% Cons. · Japanese GAAP
FYE Dec 2020 18.6 −7.3% Cons. · Japanese GAAP
FYE Dec 2021 18.9 +1.7% Cons. · Japanese GAAP
FYE Dec 2022 22.1 +16.6% Cons. · Japanese GAAP
FYE Dec 2023 23.5 +6.5% Cons. · Japanese GAAP
FYE Dec 2024 26.0 +10.6% Cons. · Japanese GAAP
FYE Dec 2025 30.9 +18.8% Cons. · Japanese GAAP
Definition
Everything the company holds
Formula
Total assets line of the balance sheet
Source
Securities report (XBRL)

Equity net assets, shareholders' equity

FYE Dec 2025 ¥22bn
CAGR · 10 yrs +10.3%
Fiscal year Equity ¥ bn YoY Basis
FYE Dec 2016 9.3 n/a Cons. · Japanese GAAP
FYE Dec 2017 11.9 +28.1% Cons. · Japanese GAAP
FYE Dec 2018 13.9 +17.3% Cons. · Japanese GAAP
FYE Dec 2019 15.8 +13.6% Cons. · Japanese GAAP
FYE Dec 2020 14.3 −9.6% Cons. · Japanese GAAP
FYE Dec 2021 13.4 −6.7% Cons. · Japanese GAAP
FYE Dec 2022 15.6 +16.6% Cons. · Japanese GAAP
FYE Dec 2023 17.2 +10.5% Cons. · Japanese GAAP
FYE Dec 2024 18.1 +5.1% Cons. · Japanese GAAP
FYE Dec 2025 22.3 +23.5% Cons. · Japanese GAAP
Definition
The part of the funding that never has to be repaid
Formula
Net assets line of the balance sheet
Source
Securities report (XBRL)

Intangible assets

FYE Dec 2025 ¥0.8bn
CAGR · 10 yrs +12.8%
Fiscal year Intangible assets ¥ bn YoY Basis
FYE Dec 2016 0.3 n/a Cons. · Japanese GAAP
FYE Dec 2017 0.4 +50.6% Cons. · Japanese GAAP
FYE Dec 2018 2.7 +602.3% Cons. · Japanese GAAP
FYE Dec 2019 2.6 −4.4% Cons. · Japanese GAAP
FYE Dec 2020 1.7 −32.4% Cons. · Japanese GAAP
FYE Dec 2021 1.6 −7.1% Cons. · Japanese GAAP
FYE Dec 2022 1.5 −5.3% Cons. · Japanese GAAP
FYE Dec 2023 1.4 −6.9% Cons. · Japanese GAAP
FYE Dec 2024 0.8 −41.5% Cons. · Japanese GAAP
FYE Dec 2025 0.8 −9.4% Cons. · Japanese GAAP
Definition
Assets with no physical form
Formula
Intangible assets line of the balance sheet
Source
Securities report (XBRL)

Goodwill

FYE Dec 2025 n/a
CAGR · 9 yrs −1.4%
Fiscal year Goodwill ¥ bn YoY Basis
FYE Dec 2016 0.1 n/a Cons. · Japanese GAAP
FYE Dec 2017 0.0 −81.7% Cons. · Japanese GAAP
FYE Dec 2018 2.0 +8743.5% Cons. · Japanese GAAP
FYE Dec 2019 1.8 −9.1% Cons. · Japanese GAAP
FYE Dec 2020 1.0 −46.4% Cons. · Japanese GAAP
FYE Dec 2021 0.9 −10.4% Cons. · Japanese GAAP
FYE Dec 2022 0.8 −8.2% Cons. · Japanese GAAP
FYE Dec 2023 0.7 −11.4% Cons. · Japanese GAAP
FYE Dec 2024 0.1 −84.3% Cons. · Japanese GAAP
FYE Dec 2025 n/a n/a Cons. · Japanese GAAP
Definition
What an acquisition cost above the net assets it brought
Formula
Goodwill line of the balance sheet
Source
Securities report (XBRL)

Equity ratio

FYE Dec 2025 72.3%
Average · 10 yrs 74.0%
Fiscal year Equity ratio % YoY Basis
FYE Dec 2016 75.2 n/a Cons. · Japanese GAAP
FYE Dec 2017 78.5 +3.3pp Cons. · Japanese GAAP
FYE Dec 2018 74.5 −4.1pp Cons. · Japanese GAAP
FYE Dec 2019 78.8 +4.4pp Cons. · Japanese GAAP
FYE Dec 2020 76.9 −1.9pp Cons. · Japanese GAAP
FYE Dec 2021 70.6 −6.3pp Cons. · Japanese GAAP
FYE Dec 2022 70.6 −0.0pp Cons. · Japanese GAAP
FYE Dec 2023 73.2 +2.6pp Cons. · Japanese GAAP
FYE Dec 2024 69.6 −3.6pp Cons. · Japanese GAAP
FYE Dec 2025 72.3 +2.8pp Cons. · Japanese GAAP
Definition
How much of the balance sheet is funded without debt
Formula
Equity ÷ total assets
Source
Securities report (XBRL)

ROE return on equity

FYE Dec 2025 37.6%
Average · 10 yrs 29.9%
Fiscal year ROE % YoY Basis
FYE Dec 2016 35.2 n/a Cons. · Japanese GAAP
FYE Dec 2017 31.0 −4.2pp Cons. · Japanese GAAP
FYE Dec 2018 28.0 −3.0pp Cons. · Japanese GAAP
FYE Dec 2019 27.5 −0.5pp Cons. · Japanese GAAP
FYE Dec 2020 12.8 −14.7pp Cons. · Japanese GAAP
FYE Dec 2021 29.0 +16.2pp Cons. · Japanese GAAP
FYE Dec 2022 32.3 +3.2pp Cons. · Japanese GAAP
FYE Dec 2023 34.7 +2.5pp Cons. · Japanese GAAP
FYE Dec 2024 31.0 −3.7pp Cons. · Japanese GAAP
FYE Dec 2025 37.6 +6.6pp Cons. · Japanese GAAP
Definition
What the shareholders' capital earns
Formula
Net profit ÷ equity
Source
Securities report (XBRL)

ROA return on assets

FYE Dec 2025 27.2%
Average · 10 yrs 22.1%
Fiscal year ROA % YoY Basis
FYE Dec 2016 26.5 n/a Cons. · Japanese GAAP
FYE Dec 2017 24.3 −2.2pp Cons. · Japanese GAAP
FYE Dec 2018 20.9 −3.5pp Cons. · Japanese GAAP
FYE Dec 2019 21.7 +0.8pp Cons. · Japanese GAAP
FYE Dec 2020 9.8 −11.8pp Cons. · Japanese GAAP
FYE Dec 2021 20.5 +10.7pp Cons. · Japanese GAAP
FYE Dec 2022 22.8 +2.3pp Cons. · Japanese GAAP
FYE Dec 2023 25.4 +2.6pp Cons. · Japanese GAAP
FYE Dec 2024 21.6 −3.8pp Cons. · Japanese GAAP
FYE Dec 2025 27.2 +5.6pp Cons. · Japanese GAAP
Definition
What the whole balance sheet earns
Formula
Net profit ÷ total assets
Source
Securities report (XBRL)

Asset turnover

FYE Dec 2025 1.49×
CAGR · 10 yrs +3.2%
Fiscal year Asset turnover × YoY Basis
FYE Dec 2016 1.12 n/a Cons. · Japanese GAAP
FYE Dec 2017 1.06 −5.5% Cons. · Japanese GAAP
FYE Dec 2018 1.23 +16.3% Cons. · Japanese GAAP
FYE Dec 2019 1.20 −2.3% Cons. · Japanese GAAP
FYE Dec 2020 1.16 −3.5% Cons. · Japanese GAAP
FYE Dec 2021 1.31 +13.1% Cons. · Japanese GAAP
FYE Dec 2022 1.38 +5.0% Cons. · Japanese GAAP
FYE Dec 2023 1.47 +6.4% Cons. · Japanese GAAP
FYE Dec 2024 1.51 +2.7% Cons. · Japanese GAAP
FYE Dec 2025 1.49 −0.9% Cons. · Japanese GAAP
Definition
How much revenue each yen of assets produces
Formula
Revenue ÷ total assets
Source
Securities report (XBRL)

Cash flow statement Cash from operations, investment and financing, and what is left on hand

The three cash flows

¥ bn
Operating CF Investing CF Financing CF

Cash against debt

¥ bn
Cash and equivalents

Operating cash flow

FYE Dec 2025 ¥9.6bn
CAGR · 10 yrs +11.2%
Fiscal year Operating cash flow ¥ bn YoY Basis
FYE Dec 2016 3.7 n/a Cons. · Japanese GAAP
FYE Dec 2017 3.9 +6.9% Cons. · Japanese GAAP
FYE Dec 2018 5.1 +28.3% Cons. · Japanese GAAP
FYE Dec 2019 4.7 −7.3% Cons. · Japanese GAAP
FYE Dec 2020 4.5 −3.4% Cons. · Japanese GAAP
FYE Dec 2021 5.1 +12.3% Cons. · Japanese GAAP
FYE Dec 2022 5.9 +16.1% Cons. · Japanese GAAP
FYE Dec 2023 7.1 +19.9% Cons. · Japanese GAAP
FYE Dec 2024 8.1 +14.6% Cons. · Japanese GAAP
FYE Dec 2025 9.6 +17.8% Cons. · Japanese GAAP
Definition
Cash the business itself generated
Formula
Cash flow from operating activities
Source
Securities report (XBRL)

Investing cash flow

FYE Dec 2025 -¥8.8bn
Average · 10 yrs -¥1.6bn
Fiscal year Investing cash flow ¥ bn YoY Basis
FYE Dec 2016 -0.3 n/a Cons. · Japanese GAAP
FYE Dec 2017 -3.6 n/a Cons. · Japanese GAAP
FYE Dec 2018 -2.6 n/a Cons. · Japanese GAAP
FYE Dec 2019 -0.0 n/a Cons. · Japanese GAAP
FYE Dec 2020 1.3 n/a Cons. · Japanese GAAP
FYE Dec 2021 -0.4 −133.2% Cons. · Japanese GAAP
FYE Dec 2022 -0.9 n/a Cons. · Japanese GAAP
FYE Dec 2023 -0.5 n/a Cons. · Japanese GAAP
FYE Dec 2024 -0.6 n/a Cons. · Japanese GAAP
FYE Dec 2025 -8.8 n/a Cons. · Japanese GAAP
Definition
Cash spent on, or released by, investment
Formula
Cash flow from investing activities
Source
Securities report (XBRL)

Financing cash flow

FYE Dec 2025 -¥4.6bn
Average · 10 yrs -¥3.4bn
Fiscal year Financing cash flow ¥ bn YoY Basis
FYE Dec 2016 -0.8 n/a Cons. · Japanese GAAP
FYE Dec 2017 -1.2 n/a Cons. · Japanese GAAP
FYE Dec 2018 -2.1 n/a Cons. · Japanese GAAP
FYE Dec 2019 -2.9 n/a Cons. · Japanese GAAP
FYE Dec 2020 -3.6 n/a Cons. · Japanese GAAP
FYE Dec 2021 -5.4 n/a Cons. · Japanese GAAP
FYE Dec 2022 -3.2 n/a Cons. · Japanese GAAP
FYE Dec 2023 -4.8 n/a Cons. · Japanese GAAP
FYE Dec 2024 -5.3 n/a Cons. · Japanese GAAP
FYE Dec 2025 -4.6 n/a Cons. · Japanese GAAP
Definition
Cash raised from, or returned to, lenders and shareholders
Formula
Cash flow from financing activities
Source
Securities report (XBRL)

Cash and equivalents

FYE Dec 2025 ¥15bn
CAGR · 10 yrs +4.7%
Fiscal year Cash and equivalents ¥ bn YoY Basis
FYE Dec 2016 10.1 n/a Cons. · Japanese GAAP
FYE Dec 2017 9.3 −8.4% Cons. · Japanese GAAP
FYE Dec 2018 9.6 +3.4% Cons. · Japanese GAAP
FYE Dec 2019 11.4 +18.9% Cons. · Japanese GAAP
FYE Dec 2020 13.6 +19.2% Cons. · Japanese GAAP
FYE Dec 2021 12.9 −4.8% Cons. · Japanese GAAP
FYE Dec 2022 14.9 +15.1% Cons. · Japanese GAAP
FYE Dec 2023 16.8 +12.7% Cons. · Japanese GAAP
FYE Dec 2024 19.1 +13.6% Cons. · Japanese GAAP
FYE Dec 2025 15.3 −19.6% Cons. · Japanese GAAP
Definition
Cash on hand at the year end
Formula
Closing balance in the cash flow statement
Source
Securities report (XBRL)

Free cash flow

FYE Dec 2025 ¥0.8bn
CAGR · 10 yrs −15.0%
Fiscal year FCF ¥ bn YoY Basis
FYE Dec 2016 3.4 n/a Cons. · Japanese GAAP
FYE Dec 2017 0.4 −88.5% Cons. · Japanese GAAP
FYE Dec 2018 2.4 +519.0% Cons. · Japanese GAAP
FYE Dec 2019 4.7 +93.9% Cons. · Japanese GAAP
FYE Dec 2020 5.8 +24.8% Cons. · Japanese GAAP
FYE Dec 2021 4.7 −20.3% Cons. · Japanese GAAP
FYE Dec 2022 5.0 +6.7% Cons. · Japanese GAAP
FYE Dec 2023 6.6 +33.3% Cons. · Japanese GAAP
FYE Dec 2024 7.5 +13.4% Cons. · Japanese GAAP
FYE Dec 2025 0.8 −89.5% Cons. · Japanese GAAP
Definition
What is left once the business has paid for its own investment
Formula
Operating cash flow + investing cash flow
Source
Securities report (XBRL)

Operating cash flow margin

FYE Dec 2025 20.8%
Average · 10 yrs 21.6%
Fiscal year OCF margin % YoY Basis
FYE Dec 2016 26.7 n/a Cons. · Japanese GAAP
FYE Dec 2017 24.6 −2.1pp Cons. · Japanese GAAP
FYE Dec 2018 21.9 −2.7pp Cons. · Japanese GAAP
FYE Dec 2019 19.4 −2.5pp Cons. · Japanese GAAP
FYE Dec 2020 21.0 +1.6pp Cons. · Japanese GAAP
FYE Dec 2021 20.5 −0.5pp Cons. · Japanese GAAP
FYE Dec 2022 19.4 −1.1pp Cons. · Japanese GAAP
FYE Dec 2023 20.6 +1.1pp Cons. · Japanese GAAP
FYE Dec 2024 20.7 +0.2pp Cons. · Japanese GAAP
FYE Dec 2025 20.8 −0.0pp Cons. · Japanese GAAP
Definition
How much of the revenue turned into cash
Formula
Operating cash flow ÷ revenue
Source
Securities report (XBRL)

Shares and share price Shares outstanding, price, market capitalisation and the valuation multiples

Market capitalisation

FYE Dec 2025 ¥176bn
Change · 10 yrs +¥122bn
Fiscal year Market capitalisation ¥ bn Basis
FYE Dec 2016 54.5 n/a
FYE Dec 2017 90.3 n/a
FYE Dec 2018 77.1 n/a
FYE Dec 2019 80.2 n/a
FYE Dec 2020 78.1 n/a
FYE Dec 2021 86.2 n/a
FYE Dec 2022 101 n/a
FYE Dec 2023 108 n/a
FYE Dec 2024 117 n/a
FYE Dec 2025 176 n/a
Definition
What the market says the company is worth
Formula
Year-end share price × shares outstanding
Source
Securities report (XBRL)

Share price year-end close

FYE Dec 2025 1,065¥
Change · 10 yrs −256¥
Fiscal year Share price ¥ Basis
FYE Dec 2016 1,321 n/a
FYE Dec 2017 2,186 n/a
FYE Dec 2018 1,866 n/a
FYE Dec 2019 1,941 n/a
FYE Dec 2020 1,892 n/a
FYE Dec 2021 2,084 n/a
FYE Dec 2022 2,429 n/a
FYE Dec 2023 2,604 n/a
FYE Dec 2024 704 n/a
FYE Dec 2025 1,065 n/a
Definition
The closing price on the last day of the fiscal year
Formula
Year-end closing price
Source
Securities report (XBRL)

Shares outstanding

FYE Dec 2025 165,557,200shares
Change · 10 yrs +124,265,200 shares
Fiscal year Shares outstanding shares Basis
FYE Dec 2016 41,292,000 Parent
FYE Dec 2017 41,292,000 Parent
FYE Dec 2018 41,292,000 Parent
FYE Dec 2019 41,292,000 Parent
FYE Dec 2020 41,292,000 Parent
FYE Dec 2021 41,389,300 Parent
FYE Dec 2022 41,389,300 Parent
FYE Dec 2023 41,389,300 Parent
FYE Dec 2024 165,557,200 Parent
FYE Dec 2025 165,557,200 Parent
Definition
How many shares exist
Formula
Shares issued, from the key figures of the filing
Source
Securities report (XBRL)

EPS earnings per share

FYE Dec 2025 52.98¥
Change · 10 yrs −28.04¥
Fiscal year EPS ¥ Basis
FYE Dec 2016 81.02 Cons.
FYE Dec 2017 91.09 Cons.
FYE Dec 2018 96.20 Cons.
FYE Dec 2019 106.67 Cons.
FYE Dec 2020 44.73 Cons.
FYE Dec 2021 96.02 Cons.
FYE Dec 2022 31.14 Cons.
FYE Dec 2023 37.42 Cons.
FYE Dec 2024 35.22 Cons.
FYE Dec 2025 52.98 Cons.
Definition
Net profit for each share
Formula
Net profit ÷ average shares outstanding
Source
Securities report (XBRL)

BPS book value per share

FYE Dec 2025 134.97¥
Change · 10 yrs −89.85¥
Fiscal year BPS ¥ Basis
FYE Dec 2016 224.81 Cons. · Japanese GAAP
FYE Dec 2017 287.93 Cons. · Japanese GAAP
FYE Dec 2018 337.64 Cons. · Japanese GAAP
FYE Dec 2019 383.61 Cons. · Japanese GAAP
FYE Dec 2020 346.94 Cons. · Japanese GAAP
FYE Dec 2021 322.91 Cons. · Japanese GAAP
FYE Dec 2022 376.55 Cons. · Japanese GAAP
FYE Dec 2023 415.98 Cons. · Japanese GAAP
FYE Dec 2024 109.30 Cons. · Japanese GAAP
FYE Dec 2025 134.97 Cons. · Japanese GAAP
Definition
Equity behind each share
Formula
Equity ÷ shares outstanding
Source
Securities report (XBRL)

PER price-to-earnings ratio

FYE Dec 2025 20.10×
Average · 10 yrs 21.89×
Fiscal year PER × Basis
FYE Dec 2016 16.30 Cons.
FYE Dec 2017 24.00 Cons.
FYE Dec 2018 19.40 Cons.
FYE Dec 2019 18.20 Cons.
FYE Dec 2020 42.30 Cons.
FYE Dec 2021 21.70 Cons.
FYE Dec 2022 19.50 Cons.
FYE Dec 2023 17.40 Cons.
FYE Dec 2024 20.00 Cons.
FYE Dec 2025 20.10 Cons.
Definition
How many years of earnings the price stands for
Formula
Year-end price ÷ EPS
Source
Securities report (XBRL)

PBR price-to-book ratio

FYE Dec 2025 7.55×
Average · 10 yrs 6.15×
Fiscal year PBR × Basis
FYE Dec 2016 5.74 Cons.
FYE Dec 2017 7.47 Cons.
FYE Dec 2018 5.47 Cons.
FYE Dec 2019 5.04 Cons.
FYE Dec 2020 5.46 Cons.
FYE Dec 2021 6.29 Cons.
FYE Dec 2022 6.29 Cons.
FYE Dec 2023 6.03 Cons.
FYE Dec 2024 6.16 Cons.
FYE Dec 2025 7.55 Cons.
Definition
The price measured against the book value behind it
Formula
Year-end price ÷ BPS
Source
Securities report (XBRL)

Workforce and productivity Headcount, pay and what each employee accounts for

Group employees

FYE Dec 2025 2,398people
Change · 10 yrs +1,714 people
Fiscal year Group employees people YoY Basis
FYE Dec 2016 684 n/a Cons.
FYE Dec 2017 811 +18.6% Cons.
FYE Dec 2018 1,389 +71.3% Cons.
FYE Dec 2019 1,433 +3.2% Cons.
FYE Dec 2020 1,350 −5.8% Cons.
FYE Dec 2021 1,440 +6.7% Cons.
FYE Dec 2022 1,641 +14.0% Cons.
FYE Dec 2023 1,818 +10.8% Cons.
FYE Dec 2024 2,063 +13.5% Cons.
FYE Dec 2025 2,398 +16.2% Cons.
Definition
Everyone employed across the group
Formula
Consolidated headcount, from the employee section of the filing
Source
Securities report (XBRL)

Parent-company employees

FYE Dec 2025 2,002people
Change · 10 yrs +1,356 people
Fiscal year Parent-company employees people YoY Basis
FYE Dec 2016 646 n/a Parent
FYE Dec 2017 757 +17.2% Parent
FYE Dec 2018 886 +17.0% Parent
FYE Dec 2019 953 +7.6% Parent
FYE Dec 2020 918 −3.7% Parent
FYE Dec 2021 1,007 +9.7% Parent
FYE Dec 2022 1,195 +18.7% Parent
FYE Dec 2023 1,404 +17.5% Parent
FYE Dec 2024 1,666 +18.7% Parent
FYE Dec 2025 2,002 +20.2% Parent
Definition
Employees of the filing company itself
Formula
Parent-only headcount, from the employee section of the filing
Source
Securities report (XBRL)

Average annual pay parent company

FYE Dec 2025 816万円
Change · 7 yrs −21万円
Fiscal year Average annual pay 万円 YoY Basis
FYE Dec 2016 n/a n/a Parent
FYE Dec 2017 n/a n/a Parent
FYE Dec 2018 n/a n/a Parent
FYE Dec 2019 837 n/a Parent
FYE Dec 2020 834 −0.3% Parent
FYE Dec 2021 800 −4.1% Parent
FYE Dec 2022 847 +5.8% Parent
FYE Dec 2023 843 −0.4% Parent
FYE Dec 2024 789 −6.5% Parent
FYE Dec 2025 816 +3.4% Parent
Definition
Average total annual compensation, bonuses included
Formula
Average annual pay, from the employee section of the filing
Source
Securities report (XBRL)

Average age

FYE Dec 2025 35.0years
Change · 7 yrs +0.9 years
Fiscal year Average age years YoY Basis
FYE Dec 2016 n/a n/a Parent
FYE Dec 2017 n/a n/a Parent
FYE Dec 2018 n/a n/a Parent
FYE Dec 2019 34.1 n/a Parent
FYE Dec 2020 35.0 +2.6% Parent
FYE Dec 2021 35.5 +1.4% Parent
FYE Dec 2022 35.6 +0.3% Parent
FYE Dec 2023 35.4 −0.6% Parent
FYE Dec 2024 35.5 +0.3% Parent
FYE Dec 2025 35.0 −1.4% Parent
Definition
Average age of the parent company's employees
Formula
Average age, from the employee section of the filing
Source
Securities report (XBRL)

Average length of service

FYE Dec 2025 3.9years
Change · 7 yrs −0.2 years
Fiscal year Average length of service years YoY Basis
FYE Dec 2016 n/a n/a Parent
FYE Dec 2017 n/a n/a Parent
FYE Dec 2018 n/a n/a Parent
FYE Dec 2019 4.1 n/a Parent
FYE Dec 2020 4.7 +14.6% Parent
FYE Dec 2021 4.5 −4.3% Parent
FYE Dec 2022 4.1 −8.9% Parent
FYE Dec 2023 3.9 −4.9% Parent
FYE Dec 2024 4.2 +7.7% Parent
FYE Dec 2025 3.9 −7.1% Parent
Definition
How long the average employee has been with the company
Formula
Average years of service, from the employee section of the filing
Source
Securities report (XBRL)

Temporary employees

FYE Dec 2025 323people
Change · 10 yrs +247 people
Fiscal year Temporary employees people YoY Basis
FYE Dec 2016 76 n/a n/a
FYE Dec 2017 91 +19.7% n/a
FYE Dec 2018 725 +696.7% n/a
FYE Dec 2019 448 −38.2% n/a
FYE Dec 2020 237 −47.1% n/a
FYE Dec 2021 198 −16.5% n/a
FYE Dec 2022 260 +31.3% n/a
FYE Dec 2023 274 +5.4% n/a
FYE Dec 2024 309 +12.8% n/a
FYE Dec 2025 323 +4.5% n/a
Definition
Average number of temporary and part-time staff over the year
Formula
Average temporary headcount, from the employee section of the filing
Source
Securities report (XBRL)

Revenue per employee

FYE Dec 2025 ¥19.2m
Change · 10 yrs −¥1.0m
Fiscal year Revenue per employee ¥ m YoY Basis
FYE Dec 2016 20.2 n/a Cons.
FYE Dec 2017 19.8 −2.2% Cons.
FYE Dec 2018 16.6 −16.1% Cons.
FYE Dec 2019 16.9 +1.6% Cons.
FYE Dec 2020 16.0 −5.1% Cons.
FYE Dec 2021 17.3 +7.8% Cons.
FYE Dec 2022 18.5 +7.5% Cons.
FYE Dec 2023 19.0 +2.2% Cons.
FYE Dec 2024 19.0 +0.1% Cons.
FYE Dec 2025 19.2 +1.3% Cons.
Definition
What each employee accounts for in revenue
Formula
Revenue ÷ group employees
Source
Securities report (XBRL)

Operating profit per employee

FYE Dec 2025 ¥4.9m
Change · 10 yrs −¥2.0m
Fiscal year OP per employee ¥ m YoY Basis
FYE Dec 2016 6.9 n/a Cons.
FYE Dec 2017 6.5 −5.2% Cons.
FYE Dec 2018 4.0 −39.2% Cons.
FYE Dec 2019 4.2 +6.7% Cons.
FYE Dec 2020 3.8 −10.4% Cons.
FYE Dec 2021 4.0 +6.2% Cons.
FYE Dec 2022 4.3 +6.2% Cons.
FYE Dec 2023 4.5 +5.3% Cons.
FYE Dec 2024 4.4 −2.5% Cons.
FYE Dec 2025 4.9 +10.6% Cons.
Definition
What each employee accounts for in operating profit
Formula
Operating profit ÷ group employees
Source
Securities report (XBRL)

Disclaimer

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Data API

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/api/2124/company.json ·/api/2124/history.json ·/api/2124/ceo.json ·/api/2124/financials.json ·/api/2124/financials/segment.json ·/api/2124/financials/pl.json ·/api/2124/financials/cf.json ·/api/2124/financials/bs.json ·/api/2124/financials/employee.json ·/api/2124/financials/stock.json ·/api/2124/financials.csv ·/api/2124/financials_history.csv

/api/companies.json ·/api/decisions.json ·/api/api-manifest.json