# ARTNER CO.,LTD.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第64期(2025/02/01－2026/01/31) (S100Y062)
> Page: https://vizora.meequs.com/en/company/artner
> Retrieved: 2026-09-30T20:58:31.096Z

## Company

Artner, founded in 1953, is a company in HR & Staffing listed on TSE Prime. It has 1,623 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ARTNER CO., LTD. |
| Ticker | 2163 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2163.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区中之島三丁目2番18号 |
| Representative (per filing) | 代表取締役社長 関口 相三 |
| Founded | Aug 1953 |
| Share capital | ¥238.3M |
| Employees (consolidated) | 1,623 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | January |
| Website | www.artner.co.jp (https://www.artner.co.jp/) |
| Corporate number | 6140001047590 |
| EDINET | E05717 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100Y062, filed 2026-04-22). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 75.6 | 88 |
| Cash conversion | 29.4 | 80 |
| Efficiency | 54 | 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)

- Artner brought in ¥12B in revenue.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +8.3% from the prior year, operating profit +0.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥12046664000 → ¥1258741000
- Net income → operating cash flow: ¥1258741000 → ¥1415192000（difference ¥156451000）
- Main uses of operating cash flow: CapEx ¥87021000 / dividends ¥887697000 / buybacks ¥82000
- Change in cash: ¥136309000
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 | ¥12B |  |
| Operating income | ¥1.82B | Margin 15.1% |
| Net income | ¥1.26B | Margin 10.4% |
| Free cash flow | ¥1.33B |  |
| Employees (consolidated) | 1,623 |  |
| EPS | ¥131.61 |  |
| Book value per share | ¥490.7 |  |
| Equity ratio | 57.7% |  |
| Shares outstanding | 10,627,920 |  |
| Treasury shares | 2,500 |  |
| Shareholders | 13,552 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 52.2% | Cash ÷ revenue 39.2% |
| Vs. industry median margin | +6.5 pp | HR & Staffing |
| ROE | 24.8% | Derived from disclosed figures |
| ROA | 13.9% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 52% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7174725000 | ¥12046664000 | — |
| Operating income | ¥887075000 | ¥1821714000 | — |
| Operating margin | 12.4% | 15.1% | +2.8 pp |
| Employees | 1,079 people | 1,623 people | — |
| Cash and equivalents | ¥3019657000 | ¥4725285000 | — |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,047 | 100.0% | S100Y062 |
| Cost of revenue | 7,473 | 62.0% | S100Y062 |
| Gross profit | 4,574 | 38.0% | S100Y062 |
| SG&A | 2,752 | 22.8% | S100Y062 |
| Operating income | 1,822 | 15.1% | S100Y062 |
| Ordinary income | 1,824 | 15.1% | S100Y062 |
| Pretax income | 1,821 | 15.1% | S100Y062 |
| Income tax | 562 | 4.7% | S100Y062 |
| Net income | 1,259 | 10.4% | S100Y062 |
| Net income attributable to owners | 1,259 | 10.4% | S100Y062 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 23 |
| Operating income | 15 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 38.0% → Operating margin 15.1% → Net margin 10.4%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,126 | 12,047 | 921 | +8.3% |
| Gross profit | 4,113 | 4,574 | 461 | +11.2% |
| Operating income | 1,810 | 1,822 | 12 | +0.6% |
| Operating cash flow | 1,180 | 1,415 | 235 | +19.9% |
| Free cash flow | 1,127 | 1,328 | 201 | +17.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 7,002 | 886 | 12.7% | 613 | 591 | 562 | S100L7KU |
| FY ending Jan 2021 | 7,175 | 887 | 12.4% | 629 | 899 | 851 | S100NXHQ |
| FY ending Jan 2022 | 8,103 | 1,010 | 12.5% | 729 | 771 | 761 | S100QNQV |
| FY ending Jan 2023 | 9,242 | 1,194 | 12.9% | 895 | 873 | 858 | S100TBJ1 |
| FY ending Jan 2024 | 10,111 | 1,523 | 15.1% | 1,052 | 1,126 | 1,111 | S100VNVU |
| FY ending Jan 2025 | 11,126 | 1,810 | 16.3% | 1,261 | 1,180 | 1,127 | S100VNVU |
| FY ending Jan 2026 | 12,047 | 1,822 | 15.1% | 1,259 | 1,415 | 1,328 | S100Y062 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥7.4M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥775.6K |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,180 | 1,276 | 1,321 | 1,397 | 1,623 |
| Average salary (parent company) | ¥4.3M | ¥4.5M | ¥4.6M | ¥4.6M | ¥4.6M |
| Average age (parent company) | 30.2 years | 30.3 years | 30.4 years | 30.6 years | 30.7 years |
| Average tenure (parent company) | 6.3 years | 6.5 years | 6.6 years | 6.7 years | 6.8 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,415 | 11.7% | S100Y062 |
| Capital expenditure | 87 | 0.7% | S100Y062 |
| Free cash flow | 1,328 | 11.0% | 算出 |
| Investing cash flow | -1,389 | -11.5% | S100Y062 |
| Financing cash flow | 110 | 0.9% | S100Y062 |
| Dividends paid | 888 | 7.4% | S100Y062 |
| Share buyback | 0 | 0.0% | S100Y062 |
| Change in cash | 136 | 1.1% | S100Y062 |
| Cash and equivalents | 4,725 | 39.2% | S100Y062 |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,554 | 3,976 | 4,278 | 4,589 | 4,725 | S100TBJ1, S100VNVU, S100Y062 |
| Total assets | 5,089 | 5,673 | 6,114 | 6,688 | 9,058 | S100QNQV, S100TBJ1, S100VNVU, S100Y062 |
| Net assets | 3,582 | 4,048 | 4,271 | 4,708 | 5,223 | S100TBJ1, S100VNVU, S100Y062 |
| Share capital | 238 | 238 | 238 | 238 | 238 | S100QNQV, S100TBJ1, S100VNVU, S100Y062 |
| Property, plant and equipment | 82 | 80 | 70 | 79 | 94 | S100QNQV, S100TBJ1, S100VNVU, S100Y062 |
| Intangible assets excluding goodwill | 37 | 27 | 25 | 21 | 1,643 | S100QNQV, S100TBJ1, S100VNVU, S100Y062 |
| Goodwill | — | — | — | — | 1,519 | S100Y062 |
| Investment securities | 9 | 10 | 2 | 1 | 62 | S100QNQV, S100TBJ1, S100VNVU, S100Y062 |
| Current assets | 4,616 | 5,161 | 5,600 | 6,131 | 6,655 | S100QNQV, S100TBJ1, S100VNVU, S100Y062 |
| Current liabilities | 927 | 954 | 1,151 | 1,263 | 1,874 | S100QNQV, S100TBJ1, S100VNVU, S100Y062 |
| Long-term borrowings | — | — | — | — | 928 | S100Y062 |
| Total liabilities | 1,507 | 1,625 | 1,843 | 1,980 | 3,835 | S100QNQV, S100TBJ1, S100VNVU, S100Y062 |
| Equity attributable to owners of parent | 3,577 | 4,042 | 4,270 | 4,707 | 5,073 | S100QNQV, S100TBJ1, S100VNVU, S100Y062 |
| Retained earnings | 3,171 | 3,636 | 3,865 | 4,302 | 4,668 | S100QNQV, S100TBJ1, S100VNVU, S100Y062 |
| Treasury stock | -1 | -1 | -1 | -1 | -1 | S100QNQV, S100TBJ1, S100VNVU, S100Y062 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 52% | S100Y062 |
| Property, plant and equipment | 1% | S100Y062 |
| Intangibles and goodwill | 35% | S100Y062 |
| Investment securities | 1% | S100Y062 |
| Other assets | 11% | S100Y062 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100Y062 |
| Equity | 58% | S100Y062 |
| Other liabilities | 0% | S100Y062 |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,089 | 5,673 | 6,114 | 6,688 | 9,058 |
| Equity | 3,582 | 4,048 | 4,271 | 4,708 | 5,223 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,554 | 3,976 | 4,278 | 4,589 | 4,725 |

## 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) | 0.8% | S100Y062 |
| Fixed assets ÷ total assets | 1.0% | S100Y062 |
| Goodwill ÷ parent equity | 29.9% | S100Y062 |

### 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) | 52.2% |
| Cash ÷ revenue | 39.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.7% |
| Cash vs. profit gap | 156 JPY mn (of net income 12.4%) |
| Shareholder returns / net income | 70.5% |
| Shareholder returns / FCF | 66.8% |
| Shareholder payments — dividends / net income | 70.5% |
| Shareholder payments — dividends / FCF | 66.8% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 98.2% |

## 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 | 9.0% | 1.59× | 14.3% | 1.42× | 20.4% | S100QNQV |
| 2023 | 9.7% | 1.72× | 16.6% | 1.41× | 23.5% | S100TBJ1 |
| 2024 | 10.4% | 1.72× | 17.8% | 1.42× | 25.3% | S100VNVU |
| 2025 | 11.3% | 1.74× | 19.7% | 1.43× | 28.1% | S100VNVU |
| 2026 | 10.4% | 1.33× | 13.9% | 1.79× | 24.8% | S100Y062 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社関口興業社 | Major shareholder | 20.0% | 2026-01-31 |
| アルトナー従業員持株会 | Major shareholder | 7.7% | 2026-01-31 |
| 大阪中小企業投資育成株式会社 | Major shareholder | 4.5% | 2026-01-31 |
| THE NOMURA TRUST AND BANKING CO.,LTD. AS THE TRUSTEE OF REPURCHASE AG FUND 2024-09 （LIMITED OT FINANC IN RESALE RSTRCT） （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.9% | 2026-01-31 |
| 上田八木短資株式会社 | Major shareholder | 1.8% | 2026-01-31 |
| STATE STREET BANK AND TRUST COMPANY 505044 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-01-31 |
| 張替 朋則 | Major shareholder | 1.3% | 2026-01-31 |
| 奥坂 一也 | Major shareholder | 1.1% | 2026-01-31 |
| 出雲 宏行 | Major shareholder | 0.9% | 2026-01-31 |
| 日本証券金融株式会社 | Major shareholder | 0.7% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2025/02/01－2026/01/31) | S100Y062 | 2026-04-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y062,, |
| 有価証券報告書－第63期(2024/02/01－2025/01/31) | S100VNVU | 2025-04-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VNVU,, |
| 有価証券報告書－第62期(2023/02/01－2024/01/31) | S100TBJ1 | 2024-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TBJ1,, |
| 有価証券報告書－第61期(2022/02/01－2023/01/31) | S100QNQV | 2023-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QNQV,, |
| 有価証券報告書－第60期(令和3年2月1日－令和4年1月31日) | S100NXHQ | 2022-04-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NXHQ,, |
| 有価証券報告書－第59期(令和2年2月1日－令和3年1月31日) | S100L7KU | 2021-04-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L7KU,, |

## 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).