# CELM,Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第10期(2025/04/01－2026/03/31) (S100YL5T)
> Page: https://vizora.meequs.com/en/company/celm
> Retrieved: 2026-09-30T19:48:36.447Z

## Company

Celm, founded in 2016, is a company in Venture Capital listed on TSE Standard. It has 245 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CELM,Inc. |
| Ticker | 7367 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7367.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区恵比寿一丁目19番19号 |
| Representative (per filing) | 代表取締役社長 加島禎二 |
| Founded | Aug 2016 |
| Share capital | ¥1.03B |
| Employees (consolidated) | 245 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.celm.co.jp (https://www.celm.co.jp/) |
| Corporate number | 8011001112552 |
| EDINET | E35610 |
| Industries (Vizora) | Venture Capital, Consulting, Education |

> Profile source: annual securities report (S100YL5T, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Education (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75 | 26 |
| Profitability | 75 | 30 |
| Cash conversion | 33.9 | 28 |
| Efficiency | 75 | 30 |

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 76% of Celm's sales come from Organizational and Talent Development Segment, with Stakeholder Relations Segment making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +25.9% from the prior year, operating profit +8.1%.

## Company structure

- Segment revenue mix: Organizational and Talent Development Segment 76.2%、Stakeholder Relations Segment 23.8%
- Revenue → net income: ¥10308214000 → ¥581024000
- Net income → operating cash flow: ¥581024000 → ¥1025874000（difference ¥444850000）
- Main uses of operating cash flow: CapEx ¥16610000 / dividends ¥344357000 / buybacks —
- Change in cash: ¥138139000
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 | ¥10.3B |  |
| Operating income | ¥1.16B | Margin 11.3% |
| Net income | ¥581.3M | Margin 5.6% |
| Free cash flow | ¥1.01B |  |
| Largest business | Organizational and Talent Development Segment | of segment revenue 76.2% |
| Employees (consolidated) | 245 |  |
| EPS | ¥27.02 |  |
| Diluted EPS | ¥26.57 |  |
| Book value per share | ¥135.24 |  |
| Equity ratio | 42.0% |  |
| Shares outstanding | 23,138,000 |  |
| Treasury shares | 1,454,000 |  |
| Shareholders | 1,820 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 24.2% | Cash ÷ revenue 16.6% |
| Vs. industry median margin | +1.8 pp | Consulting |
| ROE | 20.9% | Derived from disclosed figures |
| ROA | 8.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 92% of positive segment profit
- FY2026, employees -2% while operating income rose 8%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4603441000 | ¥10308214000 | +123.9% |
| Operating income | ¥329283000 | ¥1162039000 | +252.9% |
| Operating margin | 7.2% | 11.3% | +4.1 pp |
| Employees | 167 people | 245 people | +46.7% |
| Cash and equivalents | ¥927618000 | ¥1709081000 | +84.2% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 組織・人材開発事業 | 76.2% |
| 新設・再編 → ステークホルダーリレーション事業 | 23.8% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,308 | 100.0% | S100YL5T |
| Cost of revenue | 5,168 | 50.1% | S100YL5T |
| Gross profit | 5,140 | 49.9% | S100YL5T |
| SG&A | 3,978 | 38.6% | S100YL5T |
| Operating income | 1,162 | 11.3% | S100YL5T |
| Ordinary income | 1,033 | 10.0% | S100YL5T |
| Pretax income | 1,033 | 10.0% | S100YL5T |
| Income tax | 452 | 4.4% | S100YL5T |
| Net income | 581 | 5.6% | S100YL5T |
| Net income attributable to owners | 581 | 5.6% | S100YL5T |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 50 |
| SG&A | 39 |
| Operating income | 11 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 49.9% → Operating margin 11.3% → Net margin 5.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +25.9%; Core profit growth: +8.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.31×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,185 | 10,308 | 2,124 | +25.9% |
| Gross profit | 4,227 | 5,140 | 914 | +21.6% |
| Operating income | 1,075 | 1,162 | 87 | +8.1% |
| Net income attributable to owners | 553 | 581 | 29 | +5.2% |
| Operating cash flow | 1,059 | 1,026 | -33 | -3.1% |
| Free cash flow | 989 | 1,009 | 21 | +2.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,299 | 603 | 11.4% | 337 | 382 | 325 | S100LOJI |
| FY ending Mar 2021 | 4,603 | 329 | 7.2% | 148 | 360 | 357 | S100OIK3 |
| FY ending Mar 2022 | 6,472 | 729 | 11.3% | 374 | 1,107 | 1,106 | S100R8WY |
| FY ending Mar 2023 | 7,266 | 936 | 12.9% | 543 | 700 | 658 | S100TVJO |
| FY ending Mar 2024 | 7,505 | 1,038 | 13.8% | 634 | 711 | 605 | S100W3UL |
| FY ending Mar 2025 | 8,185 | 1,075 | 13.1% | 553 | 1,059 | 989 | S100YL5T |
| FY ending Mar 2026 | 10,308 | 1,162 | 11.3% | 581 | 1,026 | 1,009 | S100YL5T |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.1M |
| Operating income per employee (consolidated) | ¥4.7M |
| Net income per employee (consolidated) | ¥2.4M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 177 | 174 | 187 | 249 | 245 |
| Average salary (parent company) | ¥7.4M | ¥7M | ¥6.8M | ¥6.2M | ¥7M |
| Average age (parent company) | 37.7 years | 37.7 years | 37.5 years | 38.3 years | 38.1 years |
| Average tenure (parent company) | 6.9 years | 6.7 years | 5.9 years | 6.5 years | 7.0 years |

Year over year: Employees (consolidated) -1.6% · Revenue (consolidated) +25.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Organizational and Talent Development Segment | 7,851 | 76.2% | 1,578 | 20.1% |
| Stakeholder Relations Segment | 2,457 | 23.8% | 135 | 5.5% |
| Other | — | 0.0% | -12 | — |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| Organizational and Talent Development Segment | 92.1% | 20.1% |
| Stakeholder Relations Segment | 7.9% | 5.5% |
| Other | — | — |

Loss-making segment (excluded from profit shares): Other -12 JPY mn

Segment → industry: Other → Venture Capital / Organizational and Talent Development Segment → Consulting / Organizational and Talent Development Segment → Education

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,026 | 10.0% | S100YL5T |
| Capital expenditure | 17 | 0.2% | S100YL5T |
| Free cash flow | 1,009 | 9.8% | 算出 |
| Investing cash flow | -15 | -0.1% | S100YL5T |
| Financing cash flow | -878 | -8.5% | S100YL5T |
| Dividends paid | 344 | 3.3% | S100YL5T |
| Change in cash | 138 | 1.3% | S100YL5T |
| Cash and equivalents | 1,709 | 16.6% | S100YL5T |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,933 | 1,699 | 1,841 | 1,571 | 1,709 | S100TVJO, S100W3UL, S100YL5T |
| Total assets | 6,005 | 5,001 | 4,872 | 7,283 | 7,057 | S100R8WY, S100TVJO, S100W3UL, S100YL5T |
| Net assets | 3,936 | 3,308 | 3,123 | 2,807 | 3,117 | S100TVJO, S100W3UL, S100YL5T |
| Share capital | 1,001 | 1,015 | 1,027 | 1,027 | 1,034 | S100R8WY, S100TVJO, S100W3UL, S100YL5T |
| Property, plant and equipment | 128 | 63 | 61 | 141 | 138 | S100R8WY, S100TVJO, S100W3UL, S100YL5T |
| Intangible assets excluding goodwill | 1,801 | 1,608 | 1,726 | 3,801 | 3,390 | S100R8WY, S100TVJO, S100W3UL, S100YL5T |
| Goodwill | 1,788 | 1,600 | 1,489 | 3,524 | 3,144 | S100R8WY, S100TVJO, S100W3UL, S100YL5T |
| Investment securities | 142 | 142 | 130 | 110 | 33 | S100R8WY, S100TVJO, S100W3UL, S100YL5T |
| Current assets | 3,617 | 2,880 | 2,692 | 2,866 | 3,076 | S100R8WY, S100TVJO, S100W3UL, S100YL5T |
| Current liabilities | 1,706 | 1,608 | 1,725 | 1,948 | 1,913 | S100R8WY, S100TVJO, S100W3UL, S100YL5T |
| Short-term borrowings | — | — | 500 | — | — | S100W3UL |
| Long-term borrowings | 303 | 61 | — | 2,446 | 1,912 | S100R8WY, S100TVJO, S100YL5T |
| Total liabilities | 2,069 | 1,693 | 1,749 | 4,477 | 3,940 | S100R8WY, S100TVJO, S100W3UL, S100YL5T |
| Non-controlling interests | 1 | 1 | 0 | 0 | 0 | S100R8WY, S100TVJO, S100W3UL, S100YL5T |
| Equity attributable to owners of parent | 3,931 | 3,256 | 3,010 | 2,650 | 2,918 | S100R8WY, S100TVJO, S100W3UL, S100YL5T |
| Retained earnings | 1,661 | 2,009 | 2,034 | 2,352 | 1,438 | S100R8WY, S100TVJO, S100W3UL, S100YL5T |
| Treasury stock | — | -1,051 | -1,066 | -1,746 | -577 | S100TVJO, S100W3UL, S100YL5T |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 6,005 | 5,001 | 4,872 | 7,283 | 7,057 |
| Equity | 3,936 | 3,308 | 3,123 | 2,807 | 3,117 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,933 | 1,699 | 1,841 | 1,571 | 1,709 |

## 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) | 1.3% | S100YL5T |
| Fixed assets ÷ total assets | 1.9% | S100YL5T |
| Goodwill ÷ parent equity | 107.7% | S100YL5T |

Goodwill over 4 years: 1,788 → 3,144 JPY; total investing cash flow: -2,936 JPY. This does not imply causation.

### 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) | 24.2% |
| Cash ÷ revenue | 16.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 88.3% |
| Cash vs. profit gap | 445 JPY mn (of net income 76.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 59.2% |
| Shareholder payments — dividends / FCF | 34.1% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 1.5% |

## 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 | 5.8% | 1.08× | 6.2% | 1.53× | 9.5% | S100R8WY |
| 2023 | 7.5% | 1.32× | 9.9% | 1.53× | 15.1% | S100TVJO |
| 2024 | 8.4% | 1.52× | 12.8% | 1.58× | 20.2% | S100W3UL |
| 2025 | 6.8% | 1.35× | 9.1% | 2.15× | 19.5% | S100YL5T |
| 2026 | 5.6% | 1.44× | 8.1% | 2.58× | 20.9% | S100YL5T |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社アイランドプラス | Major shareholder | 17.0% | 2026-03-31 |
| 加島 禎二 | Major shareholder | 14.9% | 2026-03-31 |
| 株式会社PINE RIVER | Major shareholder | 7.4% | 2026-03-31 |
| 加藤 友希 | Major shareholder | 7.4% | 2026-03-31 |
| 株式会社アイズ | Major shareholder | 6.5% | 2026-03-31 |
| 若鍋 孝司 | Major shareholder | 6.5% | 2026-03-31 |
| 田口 佳子 | Major shareholder | 6.2% | 2026-03-31 |
| 山崎 教世 | Major shareholder | 4.2% | 2026-03-31 |
| 小林 剛 | Major shareholder | 3.0% | 2026-03-31 |
| 吉冨 敏雄 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2025/04/01－2026/03/31) | S100YL5T | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL5T,, |
| 有価証券報告書－第9期(2024/04/01－2025/03/31) | S100W3UL | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3UL,, |
| 有価証券報告書－第8期(2023/04/01－2024/03/31) | S100TVJO | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVJO,, |
| 有価証券報告書－第7期(2022/04/01－2023/03/31) | S100R8WY | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8WY,, |
| 有価証券報告書－第6期(令和3年4月1日－令和4年3月31日) | S100OIK3 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIK3,, |
| 有価証券報告書－第5期(令和2年4月1日－令和3年3月31日) | S100LOJI | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOJI,, |

## 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).