# ARBEIT-TIMES CO.,LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第53期(2025/03/01－2026/02/28) (S100Y5RZ)
> Page: https://vizora.meequs.com/en/company/arbeit-times
> Retrieved: 2026-09-30T22:17:54.844Z

## Company

Arbeit-Times, founded in 1973, is a company in HR & Staffing listed on TSE Standard. It has 188 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ARBEIT-TIMES CO.,LTD. |
| Ticker | 2341 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2341.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区京橋二丁目6番13号 京橋ヨツギビル |
| Representative (per filing) | 代表取締役社長 堀田欣弘 |
| Founded | Oct 1973 |
| Share capital | ¥456M |
| Employees (consolidated) | 188 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | February |
| Website | www.atimes.co.jp (https://www.atimes.co.jp/) |
| Corporate number | 8010001084372 |
| EDINET | E05316 |
| Industries (Vizora) | HR & Staffing, Advertising |

> Profile source: annual securities report (S100Y5RZ, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.4 | 68 |
| Profitability | 23.3 | 88 |
| Cash conversion | 95.6 | 80 |
| Efficiency | 56.3 | 88 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 91% of Arbeit-Times's sales come from Sales recruitment Services, with Sales promotion support making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +13.4% from the prior year, operating profit +133.6%.

## Company structure

- Segment revenue mix: Sales recruitment Services 91.4%、Sales promotion support 8.6%
- Revenue → net income: ¥4719056000 → ¥189080000
- Net income → operating cash flow: ¥189080000 → ¥399810000（difference ¥210730000）
- Main uses of operating cash flow: CapEx ¥88033000 / dividends ¥98418000 / buybacks —
- Change in cash: ¥-266139000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.72B |  |
| Operating income | ¥160.1M | Margin 3.4% |
| Net income | ¥189.1M | Margin 4.0% |
| Free cash flow | ¥311.8M |  |
| Largest business | Sales recruitment Services | of segment revenue 91.4% |
| Employees (consolidated) | 188 |  |
| EPS | ¥14.06 |  |
| Book value per share | ¥122.57 |  |
| Equity ratio | 79.0% |  |
| Shares outstanding | 27,437,249 |  |
| Treasury shares | 7,688,700 |  |
| Shareholders | 6,596 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 47.4% | Cash ÷ revenue 36.3% |
| Vs. industry median margin | -5.2 pp | HR & Staffing |
| ROE | 6.7% | Derived from disclosed figures |
| ROA | 5.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, one segment accounts for 99% of positive segment profit
- FY2026, cash is 47% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3100566000 | ¥4719056000 | +52.2% |
| Operating income | ¥-545085000 | ¥160091000 | — |
| Operating margin | -17.6% | 3.4% | +21 pp |
| Employees | 184 people | 188 people | +2.2% |
| Cash and equivalents | ¥3488367000 | ¥1712963000 | -50.9% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 情報提供 → 事業再編・廃止 | 81.2% |
| 販促支援 → 販促支援 | 8.6% |
| 販促支援 → 事業再編・廃止 | 10.3% |
| 新設・再編 → 人材サービス事業 | 91.4% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,719 | 100.0% | S100Y5RZ |
| Cost of revenue | 1,557 | 33.0% | S100Y5RZ |
| Gross profit | 3,162 | 67.0% | S100Y5RZ |
| SG&A | 3,002 | 63.6% | S100Y5RZ |
| Operating income | 160 | 3.4% | S100Y5RZ |
| Ordinary income | 169 | 3.6% | S100Y5RZ |
| Pretax income | 169 | 3.6% | S100Y5RZ |
| Income tax | -20 | -0.4% | S100Y5RZ |
| Net income | 189 | 4.0% | S100Y5RZ |
| Net income attributable to owners | 189 | 4.0% | S100Y5RZ |

## Per ¥100 of revenue（FY ending Feb 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 33 |
| SG&A | 64 |
| Operating income | 3 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 67.0% → Operating margin 3.4% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.4%; Core profit growth: +133.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.95×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,161 | 4,719 | 558 | +13.4% |
| Gross profit | 2,898 | 3,162 | 264 | +9.1% |
| Operating income | 69 | 160 | 92 | +133.6% |
| Net income attributable to owners | -468 | 189 | 657 | — |
| Operating cash flow | 98 | 400 | 302 | +308.2% |
| Free cash flow | -63 | 312 | 375 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 4,550 | 190 | 4.2% | 175 | 44 | 4 | S100LDTZ |
| FY ending Feb 2021 | 3,101 | -545 | -17.6% | -501 | -438 | -503 | S100O4DB |
| FY ending Feb 2022 | 3,623 | 0 | 0.0% | 40 | 124 | -103 | S100QTJA |
| FY ending Feb 2023 | 4,044 | 55 | 1.4% | 44 | 24 | -156 | S100THZK |
| FY ending Feb 2024 | 4,318 | 108 | 2.5% | -33 | 168 | 74 | S100VTU0 |
| FY ending Feb 2025 | 4,161 | 69 | 1.6% | -468 | 98 | -63 | S100Y5RZ |
| FY ending Feb 2026 | 4,719 | 160 | 3.4% | 189 | 400 | 312 | S100Y5RZ |

## People and productivity（FY ending Feb 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.1M |
| Operating income per employee (consolidated) | ¥851.5K |
| Net income per employee (consolidated) | ¥1M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 179 | 190 | 196 | 187 | 188 |
| Average salary (parent company) | ¥5.3M | ¥5.1M | ¥5.2M | ¥5.2M | ¥5.4M |
| Average age (parent company) | 39.9 years | 39.2 years | 39.4 years | 40.0 years | 40.8 years |
| Average tenure (parent company) | 10.8 years | 10.5 years | 10.7 years | 11.1 years | 11.5 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) +13.4%

## Segments（FY ending Feb 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Sales recruitment Services | 4,315 | 91.4% | 934 | 21.6% |
| Sales promotion support | 404 | 8.6% | 12 | 2.9% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Sales recruitment Services | 91.4% | 98.8% | 7.3 | 21.6% |
| Sales promotion support | 8.6% | 1.2% | -7.3 | 2.9% |

Segment → industry: Sales recruitment Services → HR & Staffing / Sales promotion support → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 400 | 8.5% | S100Y5RZ |
| Capital expenditure | 88 | 1.9% | S100Y5RZ |
| Free cash flow | 312 | 6.6% | 算出 |
| Investing cash flow | -561 | -11.9% | S100Y5RZ |
| Financing cash flow | -106 | -2.3% | S100Y5RZ |
| Dividends paid | 98 | 2.1% | S100Y5RZ |
| Change in cash | -266 | -5.6% | S100Y5RZ |
| Cash and equivalents | 1,713 | 36.3% | S100Y5RZ |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,397 | 3,035 | 2,124 | 1,979 | 1,713 | S100THZK, S100VTU0, S100Y5RZ |
| Total assets | 5,003 | 4,810 | 3,984 | 3,318 | 3,614 | S100QTJA, S100THZK, S100VTU0, S100Y5RZ |
| Net assets | 4,365 | 4,213 | 3,331 | 2,770 | 2,856 | S100THZK, S100VTU0, S100Y5RZ |
| Share capital | 456 | 456 | 456 | 456 | 456 | S100QTJA, S100THZK, S100VTU0, S100Y5RZ |
| Property, plant and equipment | 567 | 563 | 561 | 553 | 541 | S100QTJA, S100THZK, S100VTU0, S100Y5RZ |
| Intangible assets excluding goodwill | 368 | 484 | 550 | 79 | 526 | S100QTJA, S100THZK, S100VTU0, S100Y5RZ |
| Goodwill | — | — | — | — | 410 | S100Y5RZ |
| Investment securities | 30 | 22 | 19 | 14 | 6 | S100QTJA, S100THZK, S100VTU0, S100Y5RZ |
| Current assets | 3,877 | 3,562 | 2,672 | 2,510 | 2,285 | S100QTJA, S100THZK, S100VTU0, S100Y5RZ |
| Current liabilities | 627 | 589 | 625 | 523 | 708 | S100QTJA, S100THZK, S100VTU0, S100Y5RZ |
| Total liabilities | 639 | 597 | 654 | 548 | 758 | S100QTJA, S100THZK, S100VTU0, S100Y5RZ |
| Equity attributable to owners of parent | 4,360 | 4,212 | 3,328 | 2,764 | 2,855 | S100QTJA, S100THZK, S100VTU0, S100Y5RZ |
| Retained earnings | 4,440 | 4,252 | 4,018 | 3,362 | 3,102 | S100QTJA, S100THZK, S100VTU0, S100Y5RZ |
| Treasury stock | -1,062 | -1,034 | -1,684 | -1,599 | -1,242 | S100QTJA, S100THZK, S100VTU0, S100Y5RZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100Y5RZ |
| Property, plant and equipment | 15% | S100Y5RZ |
| Intangibles and goodwill | 26% | S100Y5RZ |
| Investment securities | 0% | S100Y5RZ |
| Other assets | 12% | S100Y5RZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 21% | S100Y5RZ |
| Equity | 79% | S100Y5RZ |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,003 | 4,810 | 3,984 | 3,318 | 3,614 |
| Equity | 4,365 | 4,213 | 3,331 | 2,770 | 2,856 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,397 | 3,035 | 2,124 | 1,979 | 1,713 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 11.5% | S100Y5RZ |
| Fixed assets ÷ total assets | 15.0% | S100Y5RZ |
| Goodwill ÷ parent equity | 14.3% | S100Y5RZ |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 47.4% |
| Cash ÷ revenue | 36.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 249.7% |
| Cash vs. profit gap | 211 JPY mn (of net income 111.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 52.1% |
| Shareholder payments — dividends / FCF | 31.6% |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 140.2% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 1.1% | 0.72× | 0.8% | 1.15× | 0.9% | S100QTJA |
| 2023 | 1.1% | 0.82× | 0.9% | 1.14× | 1.0% | S100THZK |
| 2024 | — | —× | -0.7% | —× | — | S100VTU0 |
| 2025 | — | —× | -12.8% | —× | — | S100Y5RZ |
| 2026 | 4.0% | 1.36× | 5.5% | 1.23× | 6.7% | S100Y5RZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人就職支援財団 | Major shareholder | 10.1% | 2026-02-28 |
| 光通信KK投資事業有限責任組合無限責任組合員光通信株式会社 | Major shareholder | 8.1% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.4% | 2026-02-28 |
| UH Partners ２投資事業有限責任組合無限責任組合員株式会社UH Partners ２ | Major shareholder | 7.0% | 2026-02-28 |
| 株式会社EPARK | Major shareholder | 5.2% | 2026-02-28 |
| 金森 勉 | Major shareholder | 2.5% | 2026-02-28 |
| アルバイトタイムス従業員持株会 | Major shareholder | 2.3% | 2026-02-28 |
| 株式会社静岡銀行（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.2% | 2026-02-28 |
| 堀田 欣弘 | Major shareholder | 2.0% | 2026-02-28 |
| 垣内 康晴 | Major shareholder | 2.0% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第53期(2025/03/01－2026/02/28) | S100Y5RZ | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5RZ,, |
| 有価証券報告書－第52期(2024/03/01－2025/02/28) | S100VTU0 | 2025-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTU0,, |
| 有価証券報告書－第51期(2023/03/01－2024/02/29) | S100THZK | 2024-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THZK,, |
| 有価証券報告書－第50期(2022/03/01－2023/02/28) | S100QTJA | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTJA,, |
| 有価証券報告書－第49期(令和3年3月1日－令和4年2月28日) | S100O4DB | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4DB,, |
| 有価証券報告書－第48期(令和2年3月1日－令和3年2月28日) | S100LDTZ | 2021-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LDTZ,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).