| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| 売上高 | ¥106.9B | ¥93.7B | +14.1% |
| 営業利益 | ¥14.9B | ¥12.2B | +21.9% |
| 税引前利益 | ¥15.1B | ¥12.6B | +20.1% |
| 純利益 | ¥10.3B | ¥8.6B | +20.9% |
| ROE | 6.5% | 5.1% | - |
FY2026 Q1 resulted in Revenue of ¥106.9B (YoY +¥13.2B +14.1%), Operating Income of ¥14.9B (YoY +¥2.7B +21.9%), Ordinary Income of ¥15.1B (YoY +¥2.5B +20.1%), and Net Income attributable to owners of the parent for the quarter of ¥8.7B (YoY +¥1.2B +16.2%), delivering top-line and bottom-line growth. Operating margin improved to 13.9% (prior 13.0%) by +0.9pt, and gross margin rose to 56.3% (prior 54.0%) by +2.3pt. The profit increase was mainly driven by robust revenue expansion in the core Organizational Development Division (+20.5%) and the Matching Division (+16.0%), and margin improvement from product/service mix. Conversely, the Individual Development Division declined -7.4%, weighing on company-wide growth. SG&A rose to ¥45.2B (as a percentage of revenue 42.3%, prior 40.5%), increasing more than revenue and limiting operating leverage. Operating Cash Flow (OCF) was ¥2.7B, only 26.6% of Net Income ¥10.3B, as a decrease in accounts payable of -¥8.9B and corporate tax payments of -¥10.7B pressured working capital. Free Cash Flow was slightly negative at -¥0.6B, and shareholder returns totaling ¥20.4B (dividends -¥4.5B and share buybacks -¥15.9B) significantly exceeded OCF for the period. Equity Ratio was 31.2%, interest-bearing debt approximately ¥139B, and interest coverage about 27x, indicating maintained financial soundness; however, goodwill of ¥120.1B (75.4% of equity) increases sensitivity to future impairment risk. Progress versus Full Year guidance stands at Revenue 22.9%, Operating Income 23.6%, Net Income 25.0%, generally on track with the plan.
【売上高】Revenue was ¥106.9B (prior ¥93.7B, +14.1%), achieving double-digit growth. By segment, the Matching Division remained largest with Revenue of ¥51.0B (prior ¥44.0B, +16.0%), accounting for 47.7% of company revenue. The Organizational Development Division showed the highest growth at ¥42.5B (prior ¥35.3B, +20.5%), leading company growth. Conversely, the Individual Development Division declined to ¥13.3B (prior ¥14.4B, -7.4%), revealing intra-portfolio divergence. Other businesses outside reporting segments (restaurant business) contracted to ¥0.0B (prior ¥0.0B, -75.0%). Company-wide revenue growth was mainly due to capturing demand in BPO/DX areas and maintained contract volumes and unit prices in the Matching business. Cost of sales was ¥46.7B (as a percentage of revenue 43.7%), yielding Gross Profit of ¥60.1B (Gross Margin 56.3%), a YoY improvement of +2.3pt.
【損益】Operating Income was ¥14.9B (prior ¥12.2B, +21.9%), supported by revenue growth and gross margin expansion. SG&A was ¥45.2B (as a percentage of revenue 42.3%, prior 40.5%), up +1.8pt, increasing 19.2% which exceeded revenue growth of +14.1%. Increases in personnel and promotion expenses were the main drivers, limiting operating leverage. Non-operating items included financial income ¥0.1B and equity-method investment gains ¥0.6B as positive contributions, offset by financial expenses ¥0.6B and other expenses ¥0.1B, resulting in Ordinary Income of ¥15.1B (prior ¥12.6B, +20.1%). No extraordinary gains or losses were recorded; after deducting corporate taxes of ¥4.8B (effective tax rate 31.7%), Quarterly Net Income was ¥10.3B (prior ¥8.6B, +20.9%). Net Income attributable to owners of the parent for the quarter was ¥8.7B (prior ¥7.5B, +16.2%), with ¥1.7B attributable to non-controlling interests, yielding a Net Income margin of 8.1% (prior 8.0%) showing slight improvement. In conclusion, revenue and profit growth were maintained, but the rise in SG&A ratio constrained the improvement in operating margin.
The Organizational Development Division recorded External Customer Revenue of ¥42.5B (+20.5%) and Segment Profit of ¥29.5B (Segment Margin 69.4%), showing the highest margin and growth. The Matching Division expanded steadily with External Customer Revenue of ¥51.0B (+16.0%) and Segment Profit of ¥25.9B (Segment Margin 50.8%). The Individual Development Division turned to decline with External Customer Revenue ¥13.3B (-7.4%) and Segment Profit ¥5.9B (Segment Margin 44.2%), representing a weakness in the portfolio. Improvement in company gross margin was contributed by higher share of the high-margin Organizational Development Division and mix improvement from the Matching business.
【収益性】Operating margin was 13.9% (prior 13.0%, +0.9pt), Net Income margin was 8.1% (prior 8.0%, +0.1pt). Gross margin improved to 56.3% (prior 54.0%, +2.3pt) due to a higher proportion of high-value-added projects, but the rise in SG&A ratio to 42.3% (prior 40.5%, +1.8pt) limited the operating margin improvement. ROE was 6.5%, decomposed as Net Income margin 8.1% × Total Asset Turnover 0.267 × Financial leverage 2.52x. 【キャッシュ品質】OCF/Net Income was low at 0.266x, indicating issues in receivables collection and working capital management. Days Sales Outstanding about 157 days shows elongation, and cash conversion efficiency may lag peers. Accrual ratio was 1.5% on the books, but the absolute shortfall of OCF relative to Net Income raises concerns over earnings quality. 【投資効率】Total Asset Turnover was low at 0.267x (Revenue ¥106.9B ÷ Total Assets ¥400.6B), and the high proportion of intangible assets including goodwill ¥120.1B constrains structure. 【財務健全性】Equity Ratio was 31.2% (prior 33.1%, -1.9pt), interest-bearing debt approximately ¥139B (current ¥71.6B・non-current ¥67.5B), and Interest Coverage about 27x (Operating Income ¥14.9B ÷ Financial Expenses ¥0.6B), maintaining a healthy level. On the other hand, Goodwill ¥120.1B equals 75.4% of equity ¥159.2B, implying low impairment resilience and high balance sheet sensitivity.
OCF was ¥2.7B (prior -¥1.6B), turning positive, but only 26.6% of Quarterly Net Income ¥10.3B, resulting in a large decline in cash conversion ratio. The main causes were a decrease in accounts payable of -¥8.9B (prior -¥7.3B) and corporate tax payments of -¥10.7B (prior -¥12.1B), highlighting working capital headwinds. OCF subtotal (before working capital changes) was healthy at ¥13.8B (prior ¥10.8B), but delayed receivables collection and reduced payables significantly pressured cash generation. Investing Cash Flow was -¥3.3B (prior -¥1.2B), with major outflows including intangible asset acquisitions -¥2.0B and tangible fixed asset acquisitions -¥0.2B. Free Cash Flow was slightly negative at -¥0.6B (OCF ¥2.7B − Investing CF ¥3.3B), and shareholder returns totaling ¥20.4B (dividends -¥4.5B and share buybacks -¥15.9B) far exceeded OCF for the period. Financing Cash Flow was -¥8.2B (prior +¥3.6B), with net short-term borrowings +¥19.0B and long-term borrowings +¥3.0B as funding sources, and dividends, share buybacks, and long-term borrowings repayments -¥5.8B as major uses. Cash and cash equivalents declined materially to ¥75.0B (prior ¥113.7B, -34.0%), signaling reduced liquidity. Normalization of working capital and improved receivables collection will be key to restoring cash generation.
Earnings this period were centered on core Operating Income of ¥14.9B, with net non-operating income negligible at +¥0.0B (Financial income ¥0.1B + equity-method gains ¥0.6B − Financial expenses ¥0.6B − Other expenses ¥0.1B), so Ordinary Income ¥15.1B was nearly in line with Operating Income. No extraordinary items were recorded, so temporary factors were minimal. After corporate taxes of ¥4.8B (effective tax rate 31.7%), Net Income of ¥10.3B was compressed by a tax burden factor of 0.573. Non-operating income represented only 0.6% of revenue, indicating a business model centered on core operations. However, OCF being only 26.6% of Net Income ¥10.3B raises accrual-based quality concerns, with receivables buildup and reduced payables hindering cash conversion. Comprehensive income was ¥11.2B (Net Income ¥10.3B + Other Comprehensive Income ¥0.9B), where Other Comprehensive Income was mainly ¥0.9B from fair value changes of financial assets measured through OCI, so divergence from Net Income was limited. Earnings quality is structurally solid and focused on core operations, but delays in cash realization are a qualitative concern.
Full Year guidance is Revenue ¥467.0B, Operating Income ¥63.1B (YoY +50.1%), and Net Income attributable to owners of the parent ¥34.7B (YoY +114.0%). Q1 progress rates versus the full year are Revenue 22.9% (standard 25% -2.1pt), Operating Income 23.6% (standard -1.4pt), and Net Income attributable to owners of the parent 25.0% (standard ±0pt), generally on plan. Revenue and Operating Income are a slightly slow start but within acceptable range, and Net Income is on plan. Because the rise in SG&A ratio (42.3%) is suppressing Operating Income progress, improvement in cost efficiency and continued capture of high-margin projects from Q2 onward are key to achieving full-year targets. No revisions to forecasts have been made; management maintains that the initial plan remains achievable.
The Q1 dividend was ¥4.10 per share, with total payout approximately ¥4.5B. Payout Ratio relative to Quarterly Net Income attributable to owners of the parent ¥8.7B was about 52%, within an appropriate range. Meanwhile, share repurchases totaled ¥15.9B, making combined shareholder returns approximately ¥20.4B. Total Return Ratio was about 235%, far exceeding current Net Income and Free Cash Flow of -¥0.6B. Cash and cash equivalents fell to ¥75.0B from ¥113.7B a year earlier (-34.0%), so continuation of high shareholder returns depends on recovery of OCF over the full year. Dividend policy targets stable dividends, but the pace of share buybacks requires rebalancing against liquidity.
Prolonged decline in the Individual Development Division: The Individual Development Division declined -7.4% YoY, dragging on company growth. If market conditions worsen or competition intensifies causing prolonged decline, company top-line growth could slow and fixed SG&A burdens could pressure margins.
Deterioration in working capital management and stagnation of cash generation: Days Sales Outstanding 157 days and a large decrease in accounts payable of -¥8.9B have left OCF/Net Income at a low 0.266x. Continued delays in receivables collection or changes to payment terms could entrench negative FCF trends and reduce sustainability of high shareholder returns.
Goodwill impairment risk: Goodwill ¥120.1B represents 75.4% of equity ¥159.2B. If business conditions deteriorate or acquired businesses underperform, impairment losses could materialize and significantly erode equity. Changes to impairment test assumptions (discount rates, growth rates) could raise impairment risk.
収益性・リターン
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 営業利益率 | 13.9% | 6.2% (4.2%–17.2%) | +7.7pt |
| 純利益率 | 9.7% | 2.8% (0.6%–11.9%) | +6.9pt |
Profitability substantially exceeds the industry median, positioning the company as a high-margin business within the sector on both Operating Income margin and Net Income margin.
成長性・資本効率
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 売上高成長率（前年比） | 14.1% | 20.9% (12.5%–25.8%) | -6.9pt |
Revenue growth rate is below the industry median, representing a moderate growth pace within the sector.
※Source: Company compilation
Divergence between high profitability and weak OCF: Operating margin 13.9% and Net Income margin 8.1% indicate top-tier profitability in the industry, while OCF/Net Income 0.266x and Days Sales Outstanding 157 days point to weak cash conversion. The structural issue of high profitability not translating into cash generation has emerged, making working capital improvements a prerequisite for sustainable growth.
Allocation challenge between shareholder returns and liquidity: With Total Return Ratio 235% and Free Cash Flow -¥0.6B, Cash and cash equivalents declined to ¥75.0B (-34.0%). Continued high shareholder returns require recovery in OCF and normalization of working capital over the full year. Balance in capital policy and monitoring of liquidity will be focal points going forward.
Goodwill at 75.4% of equity and impairment resilience: Goodwill accumulated through M&A of ¥120.1B equals 75.4% of equity, raising B/S sensitivity. Performance trends of acquired businesses and the precision of impairment test assumptions (discount rate, growth rate) will determine equity stability.
This report is an automatically generated financial analysis document produced by AI analyzing XBRL financial statement data. It is not a recommendation to invest in any particular security. Industry benchmarks are reference information compiled by the Company from public financial statements. Investment decisions are your own responsibility; consult a professional advisor as needed.