# CHIeru Co.,Ltd.: 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29期(2025/04/01－2026/03/31) (S100YNS5)
> Page: https://vizora.meequs.com/en/company/chieru
> Retrieved: 2026-09-30T19:42:05.059Z

## Company

CHIeru, founded in 2006, is a company in Software & SaaS listed on TSE Standard. It has 329 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CHIeru Co.,Ltd. |
| Ticker | 3933 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3933.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区東品川二丁目2番24号 |
| Representative (per filing) | 代表取締役 川居 睦 |
| Founded | Oct 2006 |
| Share capital | ¥336.6M |
| Employees (consolidated) | 329 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.chieru.co.jp (https://www.chieru.co.jp/) |
| Corporate number | 7011101025151 |
| EDINET | E32161 |
| Industries (Vizora) | Software & SaaS, Education |

> Profile source: annual securities report (S100YNS5, filed 2026-06-30). As of filing

## Five-axis industry profile

Primary industry: Education (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.8 | 26 |
| Profitability | 68.3 | 30 |
| Cash conversion | 87.5 | 28 |
| Efficiency | 28.3 | 30 |
| Financial strength | 83.3 | 3 |

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 39% of CHIeru's sales come from Enterprise, with Elementary and Junior high school and High school and Higher education making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +48.3% from the prior year, operating profit +57.7%.

## Company structure

- Segment revenue mix: Enterprise 38.5%、Elementary and Junior high school 31.6%、High school and Higher education 29.9%
- Revenue → net income: ¥10226074000 → ¥703744000
- Net income → operating cash flow: ¥703744000 → ¥2326373000（difference ¥1622629000）
- Main uses of operating cash flow: CapEx ¥116515000 / dividends ¥89360000 / buybacks —
- Change in cash: ¥365002000
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 | ¥10.2B |  |
| Operating income | ¥1.07B | Margin 10.5% |
| Net income | ¥658.1M | Margin 6.4% |
| Free cash flow | ¥2.21B |  |
| Largest business | Enterprise | of segment revenue 38.5% |
| Employees (consolidated) | 329 |  |
| EPS | ¥52.04 |  |
| Diluted EPS | ¥51.94 |  |
| Book value per share | ¥347.65 |  |
| Equity ratio | 27.6% |  |
| Shares outstanding | 7,872,000 |  |
| Treasury shares | 401,700 |  |
| Shareholders | 3,132 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 28.6% | Net cash ¥1.49B · Cash ÷ revenue 34.1% |
| Vs. industry median margin | -2 pp | Software & SaaS |
| ROE | 20.6% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.5× net income
- FY2026, revenue is 2.5× its level five years ago
- FY2026, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4082713000 | ¥10226074000 | +150.5% |
| Operating income | ¥513193000 | ¥1069189000 | +108.3% |
| Operating margin | 12.6% | 10.5% | -2.1 pp |
| Employees | 166 people | 329 people | +98.2% |
| Cash and equivalents | ¥3370140000 | ¥3490855000 | +3.6% |

### 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 |
| --- | ---: |
| 学習部門 → 事業再編・廃止 | 28.9% |
| 進路部門 → 事業再編・廃止 | 25.9% |
| 情報基盤部門 → 事業再編・廃止 | 45.2% |
| 新設・再編 → 小学校・中学校部門 | 31.6% |
| 新設・再編 → 高等学校・大学部門 | 29.9% |
| 新設・再編 → 企業・官公庁部門 | 38.5% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Enterprise | — | — | ¥3941876000 | 5.2% | 2 |
| Elementary and Junior high school | 2 years | +39.4% | ¥3230329000 | 14.9% | 2 |
| High school and Higher education | 2 years | +12.2% | ¥3053869000 | 12.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,226 | 100.0% | S100YNS5 |
| Cost of revenue | 5,705 | 55.8% | S100YNS5 |
| Gross profit | 4,521 | 44.2% | S100YNS5 |
| SG&A | 3,452 | 33.8% | S100YNS5 |
| Operating income | 1,069 | 10.5% | S100YNS5 |
| Ordinary income | 1,054 | 10.3% | S100YNS5 |
| Pretax income | 1,090 | 10.7% | S100YNS5 |
| Income tax | 386 | 3.8% | S100YNS5 |
| Net income | 704 | 6.9% | S100YNS5 |
| Net income attributable to owners | 658 | 6.4% | S100YNS5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 34 |
| Operating income | 10 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 44.2% → Operating margin 10.5% → Net margin 6.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +48.3%; Core profit growth: +57.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.20×
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 | 6,897 | 10,226 | 3,329 | +48.3% |
| Gross profit | 3,224 | 4,521 | 1,297 | +40.2% |
| Operating income | 678 | 1,069 | 391 | +57.7% |
| Net income attributable to owners | 424 | 658 | 234 | +55.3% |
| Operating cash flow | -194 | 2,326 | 2,521 | — |
| Free cash flow | -411 | 2,210 | 2,621 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,187 | 242 | 7.6% | 154 | 508 | 369 | S100LSPM |
| FY ending Mar 2021 | 4,083 | 513 | 12.6% | 361 | 2,568 | 2,382 | S100OLT0 |
| FY ending Mar 2022 | 4,095 | 593 | 14.5% | 473 | 1,549 | 1,449 | S100R7IA |
| FY ending Mar 2023 | 3,867 | 619 | 16.0% | 423 | 147 | -63 | S100TWM0 |
| FY ending Mar 2024 | 4,622 | 592 | 12.8% | 349 | -25 | -374 | S100W90R |
| FY ending Mar 2025 | 6,897 | 678 | 9.8% | 424 | -194 | -411 | S100YNS5 |
| FY ending Mar 2026 | 10,226 | 1,069 | 10.5% | 658 | 2,326 | 2,210 | S100YNS5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.1M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2M |

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) | 173 | 210 | 189 | 311 | 329 |
| Average salary (parent company) | ¥6.3M | ¥6.4M | ¥6M | ¥6.1M | ¥6.2M |
| Average age (parent company) | 37.6 years | 37.1 years | 38.2 years | 39.6 years | 38.9 years |
| Average tenure (parent company) | 5.0 years | 5.4 years | 6.1 years | 6.9 years | 6.6 years |

Year over year: Employees (consolidated) +5.8% · Revenue (consolidated) +48.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Elementary and Junior high school | 3,230 | 31.6% | 482 | 14.9% |
| High school and Higher education | 3,054 | 29.9% | 383 | 12.5% |
| Enterprise | 3,942 | 38.5% | 204 | 5.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Elementary and Junior high school | 31.6% | 45.1% | 13.5 | 14.9% |
| High school and Higher education | 29.9% | 35.8% | 5.9 | 12.5% |
| Enterprise | 38.5% | 19.1% | -19.5 | 5.2% |

Segment → industry: Enterprise → Software & SaaS / Enterprise → Education / High school and Higher education → Education / Elementary and Junior high school → 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 | 2,326 | 22.7% | S100YNS5 |
| Capital expenditure | 117 | 1.1% | S100YNS5 |
| Free cash flow | 2,210 | 21.6% | 算出 |
| Investing cash flow | -465 | -4.5% | S100YNS5 |
| Financing cash flow | -1,497 | -14.6% | S100YNS5 |
| Dividends paid | 89 | 0.9% | S100YNS5 |
| Change in cash | 365 | 3.6% | S100YNS5 |
| Cash and equivalents | 3,491 | 34.1% | S100YNS5 |

## 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 | 4,105 | 3,857 | 3,252 | 3,126 | 3,491 | S100TWM0, S100W90R, S100YNS5 |
| Total assets | 6,384 | 6,702 | 6,119 | 10,704 | 12,199 | S100R7IA, S100TWM0, S100W90R, S100YNS5 |
| Net assets | 2,142 | 2,526 | 2,712 | 3,930 | 3,378 | S100TWM0, S100W90R, S100YNS5 |
| Share capital | 336 | 336 | 336 | 337 | 337 | S100R7IA, S100TWM0, S100W90R, S100YNS5 |
| Property, plant and equipment | 62 | 53 | 174 | 1,620 | 1,606 | S100R7IA, S100TWM0, S100W90R, S100YNS5 |
| Intangible assets excluding goodwill | 223 | 424 | 492 | 1,285 | 1,052 | S100R7IA, S100TWM0, S100W90R, S100YNS5 |
| Goodwill | 92 | 214 | 210 | 1,015 | 863 | S100R7IA, S100TWM0, S100W90R, S100YNS5 |
| Investment securities | 250 | 281 | 252 | 629 | 802 | S100R7IA, S100TWM0, S100W90R, S100YNS5 |
| Current assets | 5,302 | 5,329 | 4,433 | 6,222 | 7,402 | S100R7IA, S100TWM0, S100W90R, S100YNS5 |
| Current liabilities | 3,963 | 3,795 | 3,147 | 4,202 | 6,093 | S100R7IA, S100TWM0, S100W90R, S100YNS5 |
| Short-term borrowings | — | 28 | 17 | 392 | 524 | S100TWM0, S100W90R, S100YNS5 |
| Long-term borrowings | — | 79 | 43 | 1,416 | 1,442 | S100TWM0, S100W90R, S100YNS5 |
| Bonds | — | — | — | 80 | 40 | S100YNS5 |
| Interest-bearing debt | — | — | — | 1,888 | 2,006 | 算出 |
| Total liabilities | 4,242 | 4,176 | 3,407 | 6,774 | 8,821 | S100R7IA, S100TWM0, S100W90R, S100YNS5 |
| Non-controlling interests | — | 3 | — | 809 | — | S100TWM0, S100YNS5 |
| Equity attributable to owners of parent | 2,108 | 2,509 | 2,698 | 3,084 | 3,317 | S100R7IA, S100TWM0, S100W90R, S100YNS5 |
| Retained earnings | 2,044 | 2,445 | 2,703 | 3,075 | 3,342 | S100R7IA, S100TWM0, S100W90R, S100YNS5 |
| Treasury stock | -398 | -395 | -438 | -413 | -398 | S100R7IA, S100TWM0, S100W90R, S100YNS5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100YNS5 |
| Property, plant and equipment | 13% | S100YNS5 |
| Intangibles and goodwill | 16% | S100YNS5 |
| Investment securities | 6% | S100YNS5 |
| Other assets | 36% | S100YNS5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 16% | 算出 |
| Other liabilities | 56% | S100YNS5 |
| Equity | 28% | S100YNS5 |
| Other liabilities | 0% | S100YNS5 |

### 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 | 6,384 | 6,702 | 6,119 | 10,704 | 12,199 |
| Equity | 2,142 | 2,526 | 2,712 | 3,930 | 3,378 |
| Interest-bearing debt | — | — | — | 1,888 | 2,006 |
| Cash | 4,105 | 3,857 | 3,252 | 3,126 | 3,491 |

## 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) | 15.7% | S100YNS5 |
| Fixed assets ÷ total assets | 13.2% | S100YNS5 |
| Goodwill ÷ parent equity | 26.0% | S100YNS5 |

Goodwill over 4 years: 92 → 863 JPY; total investing cash flow: -2,588 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) | 28.6% |
| Cash ÷ revenue | 34.1% |
| Net cash (cash − interest-bearing debt) | ¥1.49B |
| Net debt ÷ operating cash flow | -0.64× |
| Cash conversion (operating CF ÷ operating income) | 217.6% |
| Cash vs. profit gap | 1,668 JPY mn (of net income 253.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 13.6% |
| Shareholder payments — dividends / FCF | 4.0% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 20.0% |

## 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 | 11.5% | 0.64× | 7.4% | 3.03× | 22.4% | S100R7IA |
| 2023 | 10.9% | 0.59× | 6.5% | 2.83× | 18.3% | S100TWM0 |
| 2024 | 7.6% | 0.72× | 5.4% | 2.46× | 13.4% | S100W90R |
| 2025 | 6.1% | 0.82× | 5.0% | 2.91× | 14.7% | S100YNS5 |
| 2026 | 6.4% | 0.89× | 5.7% | 3.58× | 20.6% | S100YNS5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 川居 睦 | Major shareholder | 27.3% | 2026-03-31 |
| 株式会社旺文社 | Major shareholder | 9.6% | 2026-03-31 |
| アルプスシステムインテグレーション株式会社 | Major shareholder | 9.6% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 4.3% | 2026-03-31 |
| キヤノンＩＴソリューションズ株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社旺文社キャピタルマネジメント | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社ダイヤ書房 | Major shareholder | 1.6% | 2026-03-31 |
| 森 達也 | Major shareholder | 1.3% | 2026-03-31 |
| 大賀 昭雄 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社センター・オブ・エクセレンス・グループ | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2025/04/01－2026/03/31) | S100YNS5 | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YNS5,, |
| 有価証券報告書－第28期(2024/04/01－2025/03/31) | S100W90R | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W90R,, |
| 有価証券報告書－第27期(2023/04/01－2024/03/31) | S100TWM0 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWM0,, |
| 有価証券報告書－第26期(2022/04/01－2023/03/31) | S100R7IA | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7IA,, |
| 有価証券報告書－第25期(令和3年4月1日－令和4年3月31日) | S100OLT0 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLT0,, |
| 有価証券報告書－第24期(令和2年4月1日－令和3年3月31日) | S100LSPM | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSPM,, |

## 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).