Financials

Visional: FYE Jul 2025 and ten years of results (51 metrics)

FYE Jul 2025 · Revenue¥80bnYoY +21.2%

FYE Jul 2025 · Operating profit¥21bnYoY +20.2%

FYE Jul 2025 · Net profit¥16bnYoY +22.8%

FYE Jul 2025 · Equity ratio70.7%YoY +2.1pp

FYE Jul 2025 · Group employees2,175YoY +470

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Jul 2020Consolidated	¥26bn	n/a	¥2.2bn	n/a	8.4%	¥4.7bn	Minami Soichiro	Visional, Inc. established as holding company
FYE Jul 2021Consolidated	¥29bn	+10.9%	¥2.4bn	+8.3%	8.3%	¥1.4bn	Minami Soichiro	IPO on TSE Mothers — about <span class="en-history_money" data-yen="249100000000" data-year="2021">$2.3B (¥249bn)</span> at debut
FYE Jul 2022Consolidated	¥44bn	+53.2%	¥8.3bn	+249.7%	18.8%	¥5.9bn	Minami Soichiro	Tada Yosuke, president of BizReach, dies at 40
FYE Jul 2023Consolidated	¥56bn	+28.0%	¥13bn	+59.7%	23.5%	¥9.9bn	Minami Soichiro	BizHint divested; moves to the TSE Prime market
FYE Jul 2024Consolidated	¥66bn	+17.5%	¥18bn	+34.9%	27.0%	¥13bn	Minami Soichiro	InterRace acquired; HRMOS payroll launched
FYE Jul 2025Consolidated	¥80bn	+21.2%	¥21bn	+20.2%	26.7%	¥16bn	Minami Soichiro	—

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

Open Up Group¥167bnFY2026Operating margin 10.0%Meitec Group Holdings¥138bnFY2025Operating margin 14.5%

Visional¥80bnFY2025Operating margin 26.7%

SMS Co., Ltd.¥65bnFY2025Operating margin 10.5%

Dip¥55bnFY2025Operating margin 16.6%

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 Jul 2025 ¥80bn

CAGR · 6 yrs +25.4%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Jul 2020	25.9	n/a	Cons. · Japanese GAAP
FYE Jul 2021	28.7	+10.9%	Cons. · Japanese GAAP
FYE Jul 2022	44.0	+53.2%	Cons. · Japanese GAAP
FYE Jul 2023	56.3	+28.0%	Cons. · Japanese GAAP
FYE Jul 2024	66.1	+17.5%	Cons. · Japanese GAAP
FYE Jul 2025	80.2	+21.2%	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 Jul 2025 ¥7.3bn

CAGR · 6 yrs +12.1%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Jul 2020	4.1	n/a	Cons. · Japanese GAAP
FYE Jul 2021	4.0	−2.6%	Cons. · Japanese GAAP
FYE Jul 2022	5.8	+45.1%	Cons. · Japanese GAAP
FYE Jul 2023	5.8	+0.2%	Cons. · Japanese GAAP
FYE Jul 2024	5.7	−1.7%	Cons. · Japanese GAAP
FYE Jul 2025	7.3	+27.0%	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 Jul 2025 ¥73bn

CAGR · 6 yrs +27.3%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Jul 2020	21.8	n/a	Cons. · Japanese GAAP
FYE Jul 2021	24.7	+13.4%	Cons. · Japanese GAAP
FYE Jul 2022	38.2	+54.5%	Cons. · Japanese GAAP
FYE Jul 2023	50.5	+32.3%	Cons. · Japanese GAAP
FYE Jul 2024	60.4	+19.8%	Cons. · Japanese GAAP
FYE Jul 2025	72.9	+20.6%	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 Jul 2025 ¥51bn

CAGR · 6 yrs +21.3%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Jul 2020	19.6	n/a	Cons. · Japanese GAAP
FYE Jul 2021	22.3	+14.0%	Cons. · Japanese GAAP
FYE Jul 2022	29.9	+33.8%	Cons. · Japanese GAAP
FYE Jul 2023	37.2	+24.6%	Cons. · Japanese GAAP
FYE Jul 2024	42.6	+14.4%	Cons. · Japanese GAAP
FYE Jul 2025	51.5	+20.8%	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 Jul 2025 ¥21bn

CAGR · 6 yrs +57.9%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Jul 2020	2.2	n/a	Cons. · Japanese GAAP
FYE Jul 2021	2.4	+8.3%	Cons. · Japanese GAAP
FYE Jul 2022	8.3	+249.7%	Cons. · Japanese GAAP
FYE Jul 2023	13.2	+59.7%	Cons. · Japanese GAAP
FYE Jul 2024	17.8	+34.9%	Cons. · Japanese GAAP
FYE Jul 2025	21.4	+20.2%	Cons. · Japanese GAAP

Definition: What the core business earns
Formula: Gross profit − SG&A
Source: Securities report (XBRL)

Non-operating income

FYE Jul 2025 ¥1.3bn

CAGR · 6 yrs +74.9%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Jul 2020	0.1	n/a	Cons. · Japanese GAAP
FYE Jul 2021	0.3	+323.8%	Cons. · Japanese GAAP
FYE Jul 2022	0.5	+33.0%	Cons. · Japanese GAAP
FYE Jul 2023	1.2	+156.5%	Cons. · Japanese GAAP
FYE Jul 2024	0.7	−43.2%	Cons. · Japanese GAAP
FYE Jul 2025	1.3	+99.5%	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 Jul 2025 ¥38.0m

CAGR · 6 yrs +28.1%

Fiscal year	Non-operating expenses ¥ m	YoY	Basis
FYE Jul 2020	11.0	n/a	Cons. · Japanese GAAP
FYE Jul 2021	433	+3836.4%	Cons. · Japanese GAAP
FYE Jul 2022	21.0	−95.2%	Cons. · Japanese GAAP
FYE Jul 2023	9.0	−57.1%	Cons. · Japanese GAAP
FYE Jul 2024	18.0	+100.0%	Cons. · Japanese GAAP
FYE Jul 2025	38.0	+111.1%	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 Jul 2025 ¥23bn

CAGR · 6 yrs +58.7%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Jul 2020	2.3	n/a	Cons. · Japanese GAAP
FYE Jul 2021	2.3	+0.9%	Cons. · Japanese GAAP
FYE Jul 2022	8.7	+283.2%	Cons. · Japanese GAAP
FYE Jul 2023	14.4	+65.0%	Cons. · Japanese GAAP
FYE Jul 2024	18.5	+28.5%	Cons. · Japanese GAAP
FYE Jul 2025	22.7	+22.9%	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 income

FYE Jul 2025 ¥0.0bn

CAGR · 6 yrs −66.6%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Jul 2020	4.8	n/a	Cons. · Japanese GAAP
FYE Jul 2021	0.0	−99.7%	Cons. · Japanese GAAP
FYE Jul 2022	0.0	−81.2%	Cons. · Japanese GAAP
FYE Jul 2023	0.0	+100.0%	Cons. · Japanese GAAP
FYE Jul 2024	0.5	+8000.0%	Cons. · Japanese GAAP
FYE Jul 2025	0.0	−95.9%	Cons. · Japanese GAAP

Definition: One-off gains, such as an asset sale
Formula: Extraordinary income line of the income statement
Source: Securities report (XBRL)

Extraordinary loss

FYE Jul 2025 ¥36.0m

Average · 4 yrs ¥18.3m

Fiscal year	Extraordinary loss ¥ m	YoY	Basis
FYE Jul 2020	n/a	n/a	Cons. · Japanese GAAP
FYE Jul 2021	0.0	n/a	Cons. · Japanese GAAP
FYE Jul 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Jul 2023	3.0	n/a	Cons. · Japanese GAAP
FYE Jul 2024	34.0	+1033.3%	Cons. · Japanese GAAP
FYE Jul 2025	36.0	+5.9%	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 Jul 2025 ¥16bn

CAGR · 6 yrs +27.9%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Jul 2020	4.7	n/a	Cons. · Japanese GAAP
FYE Jul 2021	1.4	−69.5%	Cons. · Japanese GAAP
FYE Jul 2022	5.9	+312.1%	Cons. · Japanese GAAP
FYE Jul 2023	9.9	+69.7%	Cons. · Japanese GAAP
FYE Jul 2024	13.0	+30.8%	Cons. · Japanese GAAP
FYE Jul 2025	16.0	+22.8%	Cons. · Japanese GAAP

Definition: What is left after tax
Formula: Pre-tax profit − income taxes
Source: Securities report (XBRL)

Gross margin

FYE Jul 2025 90.9%

Average · 6 yrs 88.2%

Fiscal year	Gross margin %	YoY	Basis
FYE Jul 2020	84.1	n/a	Cons. · Japanese GAAP
FYE Jul 2021	86.1	+1.9pp	Cons. · Japanese GAAP
FYE Jul 2022	86.8	+0.7pp	Cons. · Japanese GAAP
FYE Jul 2023	89.7	+2.9pp	Cons. · Japanese GAAP
FYE Jul 2024	91.4	+1.7pp	Cons. · Japanese GAAP
FYE Jul 2025	90.9	−0.4pp	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 Jul 2025 26.7%

Average · 6 yrs 18.8%

Fiscal year	Operating margin %	YoY	Basis
FYE Jul 2020	8.4	n/a	Cons. · Japanese GAAP
FYE Jul 2021	8.3	−0.2pp	Cons. · Japanese GAAP
FYE Jul 2022	18.8	+10.6pp	Cons. · Japanese GAAP
FYE Jul 2023	23.5	+4.7pp	Cons. · Japanese GAAP
FYE Jul 2024	27.0	+3.5pp	Cons. · Japanese GAAP
FYE Jul 2025	26.7	−0.2pp	Cons. · Japanese GAAP

Definition: The share of revenue the core business keeps
Formula: Operating profit ÷ revenue
Source: Securities report (XBRL)

Ordinary margin

FYE Jul 2025 28.3%

Average · 6 yrs 19.7%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Jul 2020	8.7	n/a	Cons. · Japanese GAAP
FYE Jul 2021	7.9	−0.8pp	Cons. · Japanese GAAP
FYE Jul 2022	19.8	+11.9pp	Cons. · Japanese GAAP
FYE Jul 2023	25.5	+5.7pp	Cons. · Japanese GAAP
FYE Jul 2024	27.9	+2.4pp	Cons. · Japanese GAAP
FYE Jul 2025	28.3	+0.4pp	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 Jul 2025 19.9%

Average · 6 yrs 15.6%

Fiscal year	Net margin %	YoY	Basis
FYE Jul 2020	18.0	n/a	Cons. · Japanese GAAP
FYE Jul 2021	4.9	−13.1pp	Cons. · Japanese GAAP
FYE Jul 2022	13.3	+8.4pp	Cons. · Japanese GAAP
FYE Jul 2023	17.6	+4.3pp	Cons. · Japanese GAAP
FYE Jul 2024	19.6	+2.0pp	Cons. · Japanese GAAP
FYE Jul 2025	19.9	+0.3pp	Cons. · Japanese GAAP

Definition: The share of revenue left after everything
Formula: Net profit ÷ revenue
Source: Securities report (XBRL)

Cost-of-sales ratio

FYE Jul 2025 9.1%

Average · 6 yrs 11.8%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Jul 2020	15.9	n/a	Cons. · Japanese GAAP
FYE Jul 2021	13.9	−1.9pp	Cons. · Japanese GAAP
FYE Jul 2022	13.2	−0.7pp	Cons. · Japanese GAAP
FYE Jul 2023	10.3	−2.9pp	Cons. · Japanese GAAP
FYE Jul 2024	8.6	−1.7pp	Cons. · Japanese GAAP
FYE Jul 2025	9.1	+0.4pp	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 Jul 2025 64.2%

Average · 6 yrs 69.4%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Jul 2020	75.7	n/a	Cons. · Japanese GAAP
FYE Jul 2021	77.8	+2.1pp	Cons. · Japanese GAAP
FYE Jul 2022	68.0	−9.9pp	Cons. · Japanese GAAP
FYE Jul 2023	66.2	−1.8pp	Cons. · Japanese GAAP
FYE Jul 2024	64.4	−1.8pp	Cons. · Japanese GAAP
FYE Jul 2025	64.2	−0.2pp	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 Debt-to-equity

Total assets

FYE Jul 2025 ¥95bn

CAGR · 6 yrs +40.0%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Jul 2020	17.7	n/a	Cons. · Japanese GAAP
FYE Jul 2021	35.1	+97.9%	Cons. · Japanese GAAP
FYE Jul 2022	46.0	+31.0%	Cons. · Japanese GAAP
FYE Jul 2023	57.9	+25.9%	Cons. · Japanese GAAP
FYE Jul 2024	76.3	+31.9%	Cons. · Japanese GAAP
FYE Jul 2025	95.4	+25.0%	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 Jul 2025 ¥67bn

CAGR · 6 yrs +48.9%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Jul 2020	9.2	n/a	Cons. · Japanese GAAP
FYE Jul 2021	22.5	+144.8%	Cons. · Japanese GAAP
FYE Jul 2022	28.8	+27.7%	Cons. · Japanese GAAP
FYE Jul 2023	39.1	+36.0%	Cons. · Japanese GAAP
FYE Jul 2024	52.3	+33.7%	Cons. · Japanese GAAP
FYE Jul 2025	67.5	+28.9%	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)

Interest-bearing debt

FYE Jul 2025 ¥119m

Average · 6 yrs ¥275m

Fiscal year	Interest-bearing debt ¥ m	YoY	Basis
FYE Jul 2020	0.0	n/a	Cons. · Japanese GAAP
FYE Jul 2021	800	n/a	Cons. · Japanese GAAP
FYE Jul 2022	645	−19.4%	Cons. · Japanese GAAP
FYE Jul 2023	39.0	−94.0%	Cons. · Japanese GAAP
FYE Jul 2024	46.0	+17.9%	Cons. · Japanese GAAP
FYE Jul 2025	119	+158.7%	Cons. · Japanese GAAP

Definition: Borrowings the company pays interest on
Formula: Loans + bonds + lease obligations
Source: Securities report (XBRL)

Short-term borrowings

FYE Jul 2025 ¥39.0m

CAGR · 5 yrs −33.5%

Fiscal year	Short-term borrowings ¥ m	YoY	Basis
FYE Jul 2020	n/a	n/a	Cons. · Japanese GAAP
FYE Jul 2021	200	n/a	Cons. · Japanese GAAP
FYE Jul 2022	205	+2.5%	Cons. · Japanese GAAP
FYE Jul 2023	7.0	−96.6%	Cons. · Japanese GAAP
FYE Jul 2024	9.0	+28.6%	Cons. · Japanese GAAP
FYE Jul 2025	39.0	+333.3%	Cons. · Japanese GAAP

Definition: Borrowings repayable within a year
Formula: Short-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Long-term borrowings

FYE Jul 2025 ¥80.0m

CAGR · 5 yrs −39.6%

Fiscal year	Long-term borrowings ¥ m	YoY	Basis
FYE Jul 2020	n/a	n/a	Cons. · Japanese GAAP
FYE Jul 2021	600	n/a	Cons. · Japanese GAAP
FYE Jul 2022	440	−26.7%	Cons. · Japanese GAAP
FYE Jul 2023	32.0	−92.7%	Cons. · Japanese GAAP
FYE Jul 2024	37.0	+15.6%	Cons. · Japanese GAAP
FYE Jul 2025	80.0	+116.2%	Cons. · Japanese GAAP

Definition: Borrowings repayable in more than a year
Formula: Long-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Jul 2025 ¥5.3bn

CAGR · 6 yrs +16.4%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Jul 2020	2.5	n/a	Cons. · Japanese GAAP
FYE Jul 2021	2.5	−1.2%	Cons. · Japanese GAAP
FYE Jul 2022	5.3	+115.2%	Cons. · Japanese GAAP
FYE Jul 2023	4.5	−15.7%	Cons. · Japanese GAAP
FYE Jul 2024	3.9	−13.5%	Cons. · Japanese GAAP
FYE Jul 2025	5.3	+38.2%	Cons. · Japanese GAAP

Definition: Assets with no physical form
Formula: Intangible assets line of the balance sheet
Source: Securities report (XBRL)

Goodwill

FYE Jul 2025 ¥3.7bn

CAGR · 6 yrs +25.8%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Jul 2020	1.2	n/a	Cons. · Japanese GAAP
FYE Jul 2021	1.3	+9.3%	Cons. · Japanese GAAP
FYE Jul 2022	3.3	+154.6%	Cons. · Japanese GAAP
FYE Jul 2023	2.8	−15.2%	Cons. · Japanese GAAP
FYE Jul 2024	2.5	−9.9%	Cons. · Japanese GAAP
FYE Jul 2025	3.7	+48.3%	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 Jul 2025 70.7%

Average · 6 yrs 64.3%

Fiscal year	Equity ratio %	YoY	Basis
FYE Jul 2020	51.9	n/a	Cons. · Japanese GAAP
FYE Jul 2021	64.2	+12.3pp	Cons. · Japanese GAAP
FYE Jul 2022	62.6	−1.6pp	Cons. · Japanese GAAP
FYE Jul 2023	67.6	+5.0pp	Cons. · Japanese GAAP
FYE Jul 2024	68.6	+1.0pp	Cons. · Japanese GAAP
FYE Jul 2025	70.7	+2.1pp	Cons. · Japanese GAAP

Definition: How much of the balance sheet is funded without debt
Formula: Equity ÷ total assets
Source: Securities report (XBRL)

Debt-to-equity ratio D/E ratio

FYE Jul 2025 0.2%

Average · 6 yrs 1.0%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Jul 2020	0.0	n/a	Cons. · Japanese GAAP
FYE Jul 2021	3.5	+3.5pp	Cons. · Japanese GAAP
FYE Jul 2022	2.2	−1.3pp	Cons. · Japanese GAAP
FYE Jul 2023	0.1	−2.1pp	Cons. · Japanese GAAP
FYE Jul 2024	0.1	−0.0pp	Cons. · Japanese GAAP
FYE Jul 2025	0.2	+0.1pp	Cons. · Japanese GAAP

Definition: Borrowings measured against the company's own capital
Formula: Interest-bearing debt ÷ equity
Source: Securities report (XBRL)

ROE return on equity

FYE Jul 2025 23.6%

Average · 6 yrs 25.2%

Fiscal year	ROE %	YoY	Basis
FYE Jul 2020	50.6	n/a	Cons. · Japanese GAAP
FYE Jul 2021	6.3	−44.3pp	Cons. · Japanese GAAP
FYE Jul 2022	20.3	+14.0pp	Cons. · Japanese GAAP
FYE Jul 2023	25.4	+5.0pp	Cons. · Japanese GAAP
FYE Jul 2024	24.8	−0.5pp	Cons. · Japanese GAAP
FYE Jul 2025	23.6	−1.2pp	Cons. · Japanese GAAP

Definition: What the shareholders' capital earns
Formula: Net profit ÷ equity
Source: Securities report (XBRL)

ROA return on assets

FYE Jul 2025 16.7%

Average · 6 yrs 15.7%

Fiscal year	ROA %	YoY	Basis
FYE Jul 2020	26.3	n/a	Cons. · Japanese GAAP
FYE Jul 2021	4.0	−22.2pp	Cons. · Japanese GAAP
FYE Jul 2022	12.7	+8.7pp	Cons. · Japanese GAAP
FYE Jul 2023	17.2	+4.4pp	Cons. · Japanese GAAP
FYE Jul 2024	17.0	−0.1pp	Cons. · Japanese GAAP
FYE Jul 2025	16.7	−0.3pp	Cons. · Japanese GAAP

Definition: What the whole balance sheet earns
Formula: Net profit ÷ total assets
Source: Securities report (XBRL)

Asset turnover

FYE Jul 2025 0.84×

CAGR · 6 yrs −10.5%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Jul 2020	1.46	n/a	Cons. · Japanese GAAP
FYE Jul 2021	0.82	−44.0%	Cons. · Japanese GAAP
FYE Jul 2022	0.96	+16.9%	Cons. · Japanese GAAP
FYE Jul 2023	0.97	+1.7%	Cons. · Japanese GAAP
FYE Jul 2024	0.87	−10.9%	Cons. · Japanese GAAP
FYE Jul 2025	0.84	−3.1%	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 Interest-bearing debt Net cash

Operating cash flow

FYE Jul 2025 ¥20bn

Average · 6 yrs ¥10bn

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Jul 2020	-0.2	n/a	Cons. · Japanese GAAP
FYE Jul 2021	4.3	n/a	Cons. · Japanese GAAP
FYE Jul 2022	9.6	+122.7%	Cons. · Japanese GAAP
FYE Jul 2023	11.0	+14.7%	Cons. · Japanese GAAP
FYE Jul 2024	18.4	+66.6%	Cons. · Japanese GAAP
FYE Jul 2025	19.6	+6.6%	Cons. · Japanese GAAP

Definition: Cash the business itself generated
Formula: Cash flow from operating activities
Source: Securities report (XBRL)

Investing cash flow

FYE Jul 2025 -¥3.7bn

Average · 6 yrs -¥0.9bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Jul 2020	4.8	n/a	Cons. · Japanese GAAP
FYE Jul 2021	-0.0	−100.7%	Cons. · Japanese GAAP
FYE Jul 2022	-4.0	n/a	Cons. · Japanese GAAP
FYE Jul 2023	-0.9	n/a	Cons. · Japanese GAAP
FYE Jul 2024	-1.7	n/a	Cons. · Japanese GAAP
FYE Jul 2025	-3.7	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 Jul 2025 -¥1.2bn

Average · 6 yrs ¥1.8bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Jul 2020	-0.0	n/a	Cons. · Japanese GAAP
FYE Jul 2021	12.2	n/a	Cons. · Japanese GAAP
FYE Jul 2022	0.1	−99.4%	Cons. · Japanese GAAP
FYE Jul 2023	-0.3	−549.4%	Cons. · Japanese GAAP
FYE Jul 2024	0.3	n/a	Cons. · Japanese GAAP
FYE Jul 2025	-1.2	−547.0%	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 Jul 2025 ¥73bn

CAGR · 6 yrs +51.5%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Jul 2020	9.1	n/a	Cons. · Japanese GAAP
FYE Jul 2021	25.6	+181.2%	Cons. · Japanese GAAP
FYE Jul 2022	31.4	+22.4%	Cons. · Japanese GAAP
FYE Jul 2023	41.2	+31.3%	Cons. · Japanese GAAP
FYE Jul 2024	58.1	+41.1%	Cons. · Japanese GAAP
FYE Jul 2025	72.8	+25.2%	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 Jul 2025 ¥16bn

CAGR · 6 yrs +28.4%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Jul 2020	4.6	n/a	Cons. · Japanese GAAP
FYE Jul 2021	4.3	−6.2%	Cons. · Japanese GAAP
FYE Jul 2022	5.7	+32.0%	Cons. · Japanese GAAP
FYE Jul 2023	10.2	+79.6%	Cons. · Japanese GAAP
FYE Jul 2024	16.7	+64.0%	Cons. · Japanese GAAP
FYE Jul 2025	15.9	−4.4%	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 Jul 2025 24.4%

Average · 6 yrs 18.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Jul 2020	-0.9	n/a	Cons. · Japanese GAAP
FYE Jul 2021	15.0	+15.9pp	Cons. · Japanese GAAP
FYE Jul 2022	21.9	+6.8pp	Cons. · Japanese GAAP
FYE Jul 2023	19.6	−2.3pp	Cons. · Japanese GAAP
FYE Jul 2024	27.8	+8.2pp	Cons. · Japanese GAAP
FYE Jul 2025	24.4	−3.3pp	Cons. · Japanese GAAP

Definition: How much of the revenue turned into cash
Formula: Operating cash flow ÷ revenue
Source: Securities report (XBRL)

Net cash

FYE Jul 2025 ¥73bn

CAGR · 6 yrs +51.5%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Jul 2020	9.1	n/a	Cons. · Japanese GAAP
FYE Jul 2021	24.8	+172.4%	Cons. · Japanese GAAP
FYE Jul 2022	30.7	+23.7%	Cons. · Japanese GAAP
FYE Jul 2023	41.1	+33.9%	Cons. · Japanese GAAP
FYE Jul 2024	58.1	+41.2%	Cons. · Japanese GAAP
FYE Jul 2025	72.7	+25.1%	Cons. · Japanese GAAP

Definition: Cash on hand once the borrowings are paid off
Formula: Cash and equivalents − interest-bearing debt
Source: Securities report (XBRL)

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

Market capitalisation

FYE Jul 2025 ¥476bn

Change · 5 yrs +¥277bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Jul 2020	n/a	n/a
FYE Jul 2021	199	n/a
FYE Jul 2022	277	n/a
FYE Jul 2023	305	n/a
FYE Jul 2024	312	n/a
FYE Jul 2025	476	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 Jul 2025 11,863¥

Change · 5 yrs +6,324¥

Fiscal year	Share price ¥	Basis
FYE Jul 2020	n/a	n/a
FYE Jul 2021	5,538	n/a
FYE Jul 2022	7,234	n/a
FYE Jul 2023	7,806	n/a
FYE Jul 2024	7,871	n/a
FYE Jul 2025	11,863	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 Jul 2025 40,097,400shares

Change · 6 yrs +39,865,047 shares

Fiscal year	Shares outstanding shares	Basis
FYE Jul 2020	232,353	Parent
FYE Jul 2021	35,858,000	Parent
FYE Jul 2022	38,346,700	Parent
FYE Jul 2023	39,096,200	Parent
FYE Jul 2024	39,642,100	Parent
FYE Jul 2025	40,097,400	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 Jul 2025 400.76¥

Change · 6 yrs +237.68¥

Fiscal year	EPS ¥	Basis
FYE Jul 2020	163.08	Cons.
FYE Jul 2021	43.37	Cons.
FYE Jul 2022	160.76	Cons.
FYE Jul 2023	256.78	Cons.
FYE Jul 2024	330.71	Cons.
FYE Jul 2025	400.76	Cons.

Definition: Net profit for each share
Formula: Net profit ÷ average shares outstanding
Source: Securities report (XBRL)

BPS book value per share

FYE Jul 2025 1,682.18¥

Change · 6 yrs −37,934.27¥

Fiscal year	BPS ¥	Basis
FYE Jul 2020	39,616.45	Cons. · Japanese GAAP
FYE Jul 2021	628.48	Cons. · Japanese GAAP
FYE Jul 2022	750.31	Cons. · Japanese GAAP
FYE Jul 2023	1,000.84	Cons. · Japanese GAAP
FYE Jul 2024	1,320.06	Cons. · Japanese GAAP
FYE Jul 2025	1,682.18	Cons. · Japanese GAAP

Definition: Equity behind each share
Formula: Equity ÷ shares outstanding
Source: Securities report (XBRL)

PER price-to-earnings ratio

FYE Jul 2025 29.60×

Average · 5 yrs 51.30×

Fiscal year	PER ×	Basis
FYE Jul 2020	n/a	Cons.
FYE Jul 2021	127.70	Cons.
FYE Jul 2022	45.00	Cons.
FYE Jul 2023	30.40	Cons.
FYE Jul 2024	23.80	Cons.
FYE Jul 2025	29.60	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 Jul 2025 7.08×

Average · 5 yrs 7.87×

Fiscal year	PBR ×	Basis
FYE Jul 2020	n/a	Cons.
FYE Jul 2021	8.81	Cons.
FYE Jul 2022	9.66	Cons.
FYE Jul 2023	7.83	Cons.
FYE Jul 2024	5.98	Cons.
FYE Jul 2025	7.08	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 Jul 2025 2,175people

Change · 6 yrs +989 people

Fiscal year	Group employees people	YoY	Basis
FYE Jul 2020	1,186	n/a	Cons.
FYE Jul 2021	1,271	+7.2%	Cons.
FYE Jul 2022	1,528	+20.2%	Cons.
FYE Jul 2023	1,550	+1.4%	Cons.
FYE Jul 2024	1,705	+10.0%	Cons.
FYE Jul 2025	2,175	+27.6%	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 Jul 2025 116people

Change · 6 yrs +87 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Jul 2020	29	n/a	Parent
FYE Jul 2021	30	+3.4%	Parent
FYE Jul 2022	130	+333.3%	Parent
FYE Jul 2023	102	−21.5%	Parent
FYE Jul 2024	116	+13.7%	Parent
FYE Jul 2025	116	−0.0%	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 Jul 2025 ¥8.6m

Change · 5 yrs −¥2.6m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Jul 2020	n/a	n/a	Parent
FYE Jul 2021	11.2	n/a	Parent
FYE Jul 2022	8.8	−21.3%	Parent
FYE Jul 2023	8.7	−1.7%	Parent
FYE Jul 2024	8.5	−1.5%	Parent
FYE Jul 2025	8.6	+0.8%	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 Jul 2025 38.6years

Change · 5 yrs −1.2 years

Fiscal year	Average age years	YoY	Basis
FYE Jul 2020	n/a	n/a	Parent
FYE Jul 2021	39.8	n/a	Parent
FYE Jul 2022	37.0	−7.0%	Parent
FYE Jul 2023	38.3	+3.5%	Parent
FYE Jul 2024	38.5	+0.5%	Parent
FYE Jul 2025	38.6	+0.3%	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 Jul 2025 5.2years

Change · 5 yrs +1.3 years

Fiscal year	Average length of service years	YoY	Basis
FYE Jul 2020	n/a	n/a	Parent
FYE Jul 2021	3.9	n/a	Parent
FYE Jul 2022	3.5	−10.3%	Parent
FYE Jul 2023	3.8	+8.6%	Parent
FYE Jul 2024	4.7	+23.7%	Parent
FYE Jul 2025	5.2	+10.6%	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 Jul 2025 565people

Change · 6 yrs +325 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Jul 2020	240	n/a	n/a
FYE Jul 2021	195	−18.7%	n/a
FYE Jul 2022	277	+42.1%	n/a
FYE Jul 2023	348	+25.6%	n/a
FYE Jul 2024	432	+24.1%	n/a
FYE Jul 2025	565	+30.8%	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 Jul 2025 ¥36.9m

Change · 6 yrs +¥15.0m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Jul 2020	21.8	n/a	Cons.
FYE Jul 2021	22.6	+3.5%	Cons.
FYE Jul 2022	28.8	+27.4%	Cons.
FYE Jul 2023	36.3	+26.2%	Cons.
FYE Jul 2024	38.8	+6.9%	Cons.
FYE Jul 2025	36.9	−5.0%	Cons.

Definition: What each employee accounts for in revenue
Formula: Revenue ÷ group employees
Source: Securities report (XBRL)

Operating profit per employee

FYE Jul 2025 ¥9.9m

Change · 6 yrs +¥8.0m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Jul 2020	1.8	n/a	Cons.
FYE Jul 2021	1.9	+1.1%	Cons.
FYE Jul 2022	5.4	+190.9%	Cons.
FYE Jul 2023	8.5	+57.4%	Cons.
FYE Jul 2024	10.5	+22.6%	Cons.
FYE Jul 2025	9.9	−5.8%	Cons.

Definition: What each employee accounts for in operating profit
Formula: Operating profit ÷ group employees
Source: Securities report (XBRL)

Disclaimer

Figures are reproduced as filed and are not restated: a change of accounting standard or of consolidation basis moves the series without anything happening to the business. Where that happened, the table says so in place of the year-on-year figure.
Ratios and per-employee figures are computed from the filed lines rather than taken from the filing, and use year-end balances rather than averages.

Accuracy, liability, reuse and privacy — the full disclaimer →

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