# Atrae, Inc.: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第22期(2024/10/01－2025/09/30) (S100XAZ6)
> Page: https://vizora.meequs.com/en/company/atrae
> Retrieved: 2026-09-30T21:06:47.652Z

## Company

Atrae, founded in 2003, is a company in HR & Staffing listed on TSE Prime. It has 124 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Atrae, Inc. |
| Ticker | 6194 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6194.T) |
| Listing | TSE Prime |
| Head office | 東京都港区麻布十番一丁目10番10号 |
| Representative (per filing) | 代表取締役CEO 新居 佳英 |
| Founded | Oct 2003 |
| Share capital | ¥1.4B |
| Employees (consolidated) | 124 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | September |
| Website | atrae.co.jp (https://atrae.co.jp/) |
| Corporate number | 6010401060842 |
| EDINET | E32400 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100XAZ6, filed 2025-12-17). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 92.6 | 88 |
| Cash conversion | 56.9 | 80 |
| Efficiency | 27.8 | 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)

- Atrae brought in ¥7.63B in revenue.
- Out of every ¥100 of sales, about ¥24 is left as operating profit.
- Revenue changed -0.1% from the prior year, operating profit +11.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥7634032000 → ¥1171609000
- Net income → operating cash flow: ¥1171609000 → ¥1868794000（difference ¥697185000）
- Main uses of operating cash flow: CapEx ¥110729000 / dividends ¥504473000 / buybacks ¥1108616000
- Change in cash: ¥-201619000
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 | ¥7.63B |  |
| Operating income | ¥1.85B | Margin 24.3% |
| Net income | ¥1.17B | Margin 15.3% |
| Free cash flow | ¥1.76B |  |
| Employees (consolidated) | 124 |  |
| EPS | ¥49.34 |  |
| Diluted EPS | ¥49.34 |  |
| Book value per share | ¥190.61 |  |
| Equity ratio | 60.3% |  |
| Shares outstanding | 22,827,141 |  |
| Shareholders | 5,929 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 57.6% | Cash ÷ revenue 54.5% |
| Vs. industry median margin | +15.7 pp | HR & Staffing |
| ROE | 26.0% | Derived from disclosed figures |
| ROA | 16.2% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 2.2× dividends
- FY2025, cash is 58% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Sep 2021 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4464211000 | ¥7634032000 | — |
| Operating income | ¥1010904000 | ¥1853356000 | — |
| Operating margin | 22.6% | 24.3% | +1.6 pp |
| Employees | 77 people | 124 people | — |
| Cash and equivalents | ¥4834986000 | ¥4160593000 | — |

### Change in segment revenue mix

Span: FY ending Sep 2021 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| People Tech事業 → 事業再編・廃止 | 99.4% |
| Sports Tech事業 → 事業再編・廃止 | 0.6% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Sep 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,634 | 100.0% | S100XAZ6 |
| Cost of revenue | 253 | 3.3% | S100XAZ6 |
| Gross profit | 7,381 | 96.7% | S100XAZ6 |
| SG&A | 5,527 | 72.4% | S100XAZ6 |
| Operating income | 1,853 | 24.3% | S100XAZ6 |
| Ordinary income | 1,813 | 23.7% | S100XAZ6 |
| Pretax income | 1,734 | 22.7% | S100XAZ6 |
| Income tax | 562 | 7.4% | S100XAZ6 |
| Net income | 1,172 | 15.3% | S100XAZ6 |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 3 |
| SG&A | 73 |
| Operating income | 24 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 96.7% → Operating margin 24.3% → Net margin 15.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.1%; Core profit growth: +11.7%
Operating leverage (core profit growth ÷ revenue growth): -113.19×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,642 | 7,634 | -8 | -0.1% |
| Gross profit | 7,554 | 7,381 | -174 | -2.3% |
| Operating income | 1,660 | 1,853 | 194 | +11.7% |
| Operating cash flow | 1,284 | 1,869 | 585 | +45.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 3,229 | 711 | 22.0% | 503 | 665 | 647 | S100KEPT |
| FY ending Sep 2020 | 3,431 | 732 | 21.3% | 434 | 401 | 162 | S100KEPT |
| FY ending Sep 2021 | 4,464 | 1,011 | 22.6% | 646 | 1,092 | 1,072 | S100PT37 |
| FY ending Sep 2022 | 6,588 | 1,061 | 16.1% | 650 | 705 | 680 | S100SGON |
| FY ending Sep 2023 | 7,758 | 953 | 12.3% | 335 | 944 | 934 | S100UZ0M |
| FY ending Sep 2024 | 8,599 | 1,529 | 17.8% | 734 | 1,284 | 1,274 | S100UZ0M |
| FY ending Sep 2024 | 7,642 | 1,660 | 21.7% | 734 | 1,284 | — | S100XAZ6 |
| FY ending Sep 2025 | 7,634 | 1,853 | 24.3% | 1,172 | 1,869 | 1,758 | S100XAZ6 |

## People and productivity（FY ending Sep 2025, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥61.6M |
| Operating income per employee (consolidated) | ¥14.9M |
| Net income per employee (consolidated) | ¥9.4M |

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

| History | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 98 | 104 | 109 | 109 | 124 |
| Average salary (parent company) | ¥7.7M | ¥7.4M | ¥7.7M | — | ¥7.1M |
| Average age (parent company) | 31.1 years | 31.9 years | 32.6 years | — | 33.0 years |
| Average tenure (parent company) | 4.0 years | 4.5 years | 4.4 years | — | 4.6 years |

Year over year: Employees (consolidated) +13.8% · Revenue (consolidated) -0.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,869 | 24.5% | S100XAZ6 |
| Capital expenditure | 111 | 1.5% | S100XAZ6 |
| Free cash flow | 1,758 | 23.0% | 算出 |
| Investing cash flow | -457 | -6.0% | S100XAZ6 |
| Financing cash flow | -1,613 | -21.1% | S100XAZ6 |
| Dividends paid | 504 | 6.6% | S100XAZ6 |
| Share buyback | 1,109 | 14.5% | S100XAZ6 |
| Change in cash | -202 | -2.6% | S100XAZ6 |
| Cash and equivalents | 4,161 | 54.5% | S100XAZ6 |

## 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 Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,950 | 4,725 | 4,362 | 4,362 | 4,161 | S100UZ0M, S100XAZ6 |
| Total assets | 7,400 | 7,150 | 7,219 | 7,235 | 7,218 | S100SGON, S100UZ0M, S100XAZ6 |
| Net assets | 5,927 | 5,552 | 5,309 | 5,326 | 5,197 | S100UZ0M, S100XAZ6 |
| Share capital | 1,231 | 1,268 | 1,331 | 1,331 | 1,397 | S100SGON, S100UZ0M, S100XAZ6 |
| Property, plant and equipment | 241 | 218 | 171 | 171 | 248 | S100SGON, S100UZ0M, S100XAZ6 |
| Intangible assets excluding goodwill | 2 | 0 | — | — | — | S100SGON, S100UZ0M |
| Investment securities | 868 | 661 | 1,072 | 907 | 1,101 | S100SGON, S100UZ0M, S100XAZ6 |
| Current assets | 5,793 | 5,721 | 5,304 | 5,304 | 5,034 | S100SGON, S100UZ0M, S100XAZ6 |
| Current liabilities | 1,450 | 1,574 | 1,909 | 1,909 | 2,021 | S100SGON, S100UZ0M, S100XAZ6 |
| Short-term borrowings | — | — | 500 | 500 | 500 | S100UZ0M, S100XAZ6 |
| Total liabilities | 1,473 | 1,598 | 1,909 | 1,909 | 2,021 | S100SGON, S100UZ0M, S100XAZ6 |
| Equity attributable to owners of parent | 5,678 | 5,086 | 4,643 | 4,660 | 4,352 | S100SGON, S100UZ0M, S100XAZ6 |
| Retained earnings | 3,230 | 3,565 | 1,995 | 2,011 | 1,572 | S100SGON, S100UZ0M, S100XAZ6 |
| Treasury stock | -1 | -1,001 | — | — | — | S100SGON, S100UZ0M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 58% | S100XAZ6 |
| Property, plant and equipment | 3% | S100XAZ6 |
| Investment securities | 15% | S100XAZ6 |
| Other assets | 24% | S100XAZ6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100XAZ6 |
| Equity | 72% | S100XAZ6 |
| Other liabilities | 0% | S100XAZ6 |

### Balance sheet history

| Metric | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,400 | 7,150 | 7,219 | 7,235 | 7,218 |
| Equity | 5,927 | 5,552 | 5,309 | 5,326 | 5,197 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,950 | 4,725 | 4,362 | 4,362 | 4,161 |

## 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) | 3.2% | S100XAZ6 |
| Fixed assets ÷ total assets | 3.4% | S100XAZ6 |
| Goodwill ÷ parent equity | — | —, S100XAZ6 |

### 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) | 57.6% |
| Cash ÷ revenue | 54.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 100.8% |
| Cash vs. profit gap | 697 JPY mn (of net income 59.5%) |
| Shareholder returns / net income | 137.7% |
| Shareholder returns / FCF | 91.8% |
| Shareholder payments — dividends / net income | 43.1% |
| Shareholder payments — dividends / FCF | 28.7% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 24.5% |

## 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 | 9.9% | 0.89× | 8.8% | 1.30× | 11.4% | S100SGON |
| 2023 | 4.3% | 1.07× | 4.6% | 1.35× | 6.2% | S100UZ0M |
| 2024 | 8.5% | 1.20× | 10.2% | 1.48× | 15.1% | S100UZ0M |
| 2024 | 9.6% | 1.06× | 10.1% | 1.55× | 15.7% | S100XAZ6 |
| 2025 | 15.3% | 1.06× | 16.2% | 1.60× | 26.0% | S100XAZ6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社ラウレア | Major shareholder | 30.0% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.8% | 2025-09-30 |
| 新居 佳英 | Major shareholder | 7.0% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.4% | 2025-09-30 |
| 鎌田 和彦 | Major shareholder | 1.9% | 2025-09-30 |
| 鈴木 秀和 | Major shareholder | 1.6% | 2025-09-30 |
| THE BANK OF NEW YORK MELLON 140040 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2025-09-30 |
| MORGAN STANLEY & CO. LLC （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 1.2% | 2025-09-30 |
| STATE STREET BANK AND TRUST COMPANY 510598 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2025-09-30 |
| BNP PARIBAS NEW YORK BRANCH – PRIME BROKERAGE CLEARANCE ACCOUNT （常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 1.0% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2024/10/01－2025/09/30) | S100XAZ6 | 2025-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAZ6,, |
| 有価証券報告書－第21期(2023/10/01－2024/09/30) | S100UZ0M | 2024-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZ0M,, |
| 有価証券報告書－第20期(2022/10/01－2023/09/30) | S100SGON | 2023-12-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SGON,, |
| 有価証券報告書－第19期(令和3年10月1日－令和4年9月30日) | S100PT37 | 2022-12-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PT37,, |
| 有価証券報告書－第18期(令和2年10月1日－令和3年9月30日) | S100N2K9 | 2021-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2K9,, |
| 有価証券報告書－第17期(令和1年10月1日－令和2年9月30日) | S100KEPT | 2020-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KEPT,, |

## 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).