# CORREC HOLDINGS Inc.: 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16期(2025/03/01－2026/02/28) (S100Y78X)
> Page: https://vizora.meequs.com/en/company/correc-holdings
> Retrieved: 2026-09-30T22:16:55.523Z

## Company

Correc Holdings, founded in 2010, is a company in Internet Services & Apps listed on TSE Standard. It has 358 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CORREC HOLDINGS Inc. |
| Ticker | 6578 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6578.T) |
| Listing | TSE Standard |
| Head office | 東京都豊島区南池袋二丁目32番4号 |
| Representative (per filing) | 代表取締役社長 栗林 憲介 |
| Founded | Mar 2010 |
| Share capital | ¥54M |
| Employees (consolidated) | 358 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | February |
| Website | www.correc.co.jp (https://www.correc.co.jp/) |
| Corporate number | 2013301031289 |
| EDINET | E33928 |
| Industries (Vizora) | Internet Services & Apps, Business Process Outsourcing, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100Y78X, filed 2026-05-28). As of filing

## Five-axis industry profile

Primary industry: Business Process Outsourcing (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63.9 | 18 |
| Profitability | 26.2 | 21 |
| Cash conversion | 73.5 | 17 |
| Efficiency | 78.6 | 21 |

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 47% of Correc Holdings's sales come from outsourcing business, with media platform and energy making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit -71.4%.

## Company structure

- Segment revenue mix: outsourcing business 46.9%、media platform 28.6%、energy 23.9%、Other 0.6%
- Revenue → net income: ¥6685077000 → ¥40250000
- Net income → operating cash flow: ¥40250000 → ¥88970000（difference ¥48720000）
- Main uses of operating cash flow: CapEx ¥9712000 / dividends ¥58241000 / buybacks —
- Change in cash: ¥-102843000
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 | ¥6.69B |  |
| Operating income | ¥63.1M | Margin 0.9% |
| Net income | ¥40.3M | Margin 0.6% |
| Free cash flow | ¥79.3M |  |
| Largest business | outsourcing business | of segment revenue 46.9% |
| Employees (consolidated) | 358 |  |
| EPS | ¥-10.91 |  |
| Diluted EPS | ¥5.4 |  |
| Book value per share | ¥115.02 |  |
| Equity ratio | 34.4% |  |
| Shares outstanding | 7,348,900 |  |
| Shareholders | 8,252 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 47.5% | Cash ÷ revenue 21.8% |
| Vs. industry median margin | -3 pp | Business Process Outsourcing |
| ROE | 3.8% | Derived from disclosed figures |
| ROA | 1.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, one segment accounts for 63% of positive segment profit
- FY2026, parent-company salary changed +40% over five years

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4047363000 | ¥6685077000 | +65.2% |
| Operating income | ¥-1273041000 | ¥63104000 | — |
| Operating margin | -31.5% | 0.9% | +32.4 pp |
| Employees | 791 people | 358 people | -54.7% |
| Cash and equivalents | ¥1579876000 | ¥1460042000 | -7.6% |

### 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 |
| --- | ---: |
| 営業代行事業 → 事業再編・廃止 | 50.6% |
| イエプラ → 事業再編・廃止 | 8.7% |
| メディア事業 → 事業再編・廃止 | 24.6% |
| アルテマ → 事業再編・廃止 | 15.9% |
| アプリ開発・運営事業 → 事業再編・廃止 | 0.1% |
| その他 → その他 | 0.1% |
| 新設・再編 → エネルギー | 23.9% |
| 新設・再編 → アウトソーシング | 46.9% |
| 新設・再編 → メディアプラットフォーム | 28.6% |
| 新設・再編 → その他 | 0.5% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| outsourcing business | 2 years | +61.9% | ¥3132375000 | 7.7% | 2 |
| media platform | 2 years | -2.5% | ¥1915242000 | 21.5% | 2 |
| energy | 2 years | +50.3% | ¥1595054000 | -18.5% | 2 |
| Other | 5 years | +43.9% | ¥42406000 | -59.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,685 | 100.0% | S100Y78X |
| Cost of revenue | 1,336 | 20.0% | S100Y78X |
| Gross profit | 5,349 | 80.0% | S100Y78X |
| SG&A | 5,286 | 79.1% | S100Y78X |
| Operating income | 63 | 0.9% | S100Y78X |
| Ordinary income | 70 | 1.0% | S100Y78X |
| Pretax income | 25 | 0.4% | S100Y78X |
| Income tax | -15 | -0.2% | S100Y78X |
| Net income | 40 | 0.6% | S100Y78X |
| Net income attributable to owners | 40 | 0.6% | S100Y78X |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 20 |
| SG&A | 79 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 80.0% → Operating margin 0.9% → Net margin 0.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.4%; Core profit growth: -71.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -21.28×
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 | 6,468 | 6,685 | 217 | +3.4% |
| Gross profit | 4,469 | 5,349 | 879 | +19.7% |
| Operating income | 221 | 63 | -158 | -71.4% |
| Net income attributable to owners | 20 | 40 | 20 | +101.8% |
| Operating cash flow | 175 | 89 | -86 | -49.0% |
| Free cash flow | 161 | 79 | -82 | -50.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 4,777 | -167 | -3.5% | -183 | -229 | -259 | S100LEVR |
| FY ending Feb 2021 | 4,047 | -1,273 | -31.5% | 109 | 704 | 661 | S100O4XZ |
| FY ending Feb 2022 | 4,825 | -173 | -3.6% | -371 | -645 | -647 | S100QUTT |
| FY ending Feb 2023 | 4,118 | 269 | 6.5% | 202 | -41 | -42 | S100TIVP |
| FY ending Feb 2024 | 3,939 | 120 | 3.0% | 89 | 175 | 142 | S100WLPO |
| FY ending Feb 2025 | 6,468 | 221 | 3.4% | 20 | 175 | 161 | S100Y78X |
| FY ending Feb 2026 | 6,685 | 63 | 0.9% | 40 | 89 | 79 | S100Y78X |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.7M |
| Operating income per employee (consolidated) | ¥176.3K |
| Net income per employee (consolidated) | ¥112.4K |

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) | 598 | 341 | 366 | 410 | 358 |
| Average salary (parent company) | ¥3.9M | ¥4.2M | ¥4.4M | ¥5.2M | ¥5.4M |
| Average age (parent company) | 29.0 years | 30.0 years | 31.0 years | 31.0 years | 33.0 years |
| Average tenure (parent company) | 3.0 years | 4.0 years | 4.0 years | 4.0 years | 6.0 years |

Year over year: Employees (consolidated) -12.7% · Revenue (consolidated) +3.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| energy | 1,595 | 23.9% | -295 | -18.5% |
| outsourcing business | 3,132 | 46.9% | 240 | 7.7% |
| media platform | 1,915 | 28.6% | 411 | 21.5% |
| Other | 42 | 0.6% | -25 | -59.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| energy | 23.9% | — | — | -18.5% |
| outsourcing business | 46.9% | 36.9% | -10.0 | 7.7% |
| media platform | 28.6% | 63.1% | 34.5 | 21.5% |
| Other | 0.6% | — | — | -59.4% |

Loss-making segment (excluded from profit shares): energy -295 JPY mn

Loss-making segment (excluded from profit shares): Other -25 JPY mn

Segment → industry: media platform → Internet Services & Apps / outsourcing business → Business Process Outsourcing / energy → Housing Equipment & Building Materials

## 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 | 89 | 1.3% | S100Y78X |
| Capital expenditure | 10 | 0.1% | S100Y78X |
| Free cash flow | 79 | 1.2% | 算出 |
| Investing cash flow | -93 | -1.4% | S100Y78X |
| Financing cash flow | -99 | -1.5% | S100Y78X |
| Dividends paid | 58 | 0.9% | S100Y78X |
| Change in cash | -103 | -1.5% | S100Y78X |
| Cash and equivalents | 1,460 | 21.8% | S100Y78X |

## 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 | 991 | 949 | 1,414 | 1,563 | 1,460 | S100TIVP, S100WLPO, S100Y78X |
| Total assets | 1,926 | 1,817 | 2,378 | 2,944 | 3,075 | S100QUTT, S100TIVP, S100WLPO, S100Y78X |
| Net assets | 877 | 1,010 | 1,103 | 1,083 | 1,073 | S100TIVP, S100WLPO, S100Y78X |
| Share capital | 326 | 326 | 326 | 52 | 54 | S100QUTT, S100TIVP, S100WLPO, S100Y78X |
| Property, plant and equipment | 29 | 15 | 21 | 11 | 11 | S100QUTT, S100TIVP, S100WLPO, S100Y78X |
| Intangible assets excluding goodwill | 118 | 55 | 160 | 127 | 87 | S100QUTT, S100TIVP, S100WLPO, S100Y78X |
| Goodwill | 118 | 55 | 139 | 102 | 53 | S100QUTT, S100TIVP, S100WLPO, S100Y78X |
| Investment securities | 61 | 1 | 1 | 1 | — | S100QUTT, S100TIVP, S100WLPO, S100Y78X |
| Current assets | 1,572 | 1,612 | 2,077 | 2,720 | 2,679 | S100QUTT, S100TIVP, S100WLPO, S100Y78X |
| Current liabilities | 1,050 | 807 | 1,128 | 1,702 | 1,855 | S100QUTT, S100TIVP, S100WLPO, S100Y78X |
| Short-term borrowings | 342 | 317 | 453 | 560 | 480 | S100QUTT, S100TIVP, S100WLPO, S100Y78X |
| Long-term borrowings | — | — | 147 | 159 | 147 | S100WLPO, S100Y78X |
| Total liabilities | 1,050 | 807 | 1,275 | 1,861 | 2,002 | S100QUTT, S100TIVP, S100WLPO, S100Y78X |
| Equity attributable to owners of parent | 877 | 1,009 | 1,098 | 1,071 | 1,056 | S100QUTT, S100TIVP, S100WLPO, S100Y78X |
| Retained earnings | 235 | 367 | 456 | 425 | 406 | S100QUTT, S100TIVP, S100WLPO, S100Y78X |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100Y78X |
| Property, plant and equipment | 0% | S100Y78X |
| Intangibles and goodwill | 5% | S100Y78X |
| Other assets | 48% | S100Y78X |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 65% | S100Y78X |
| Equity | 35% | S100Y78X |

### 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 | 1,926 | 1,817 | 2,378 | 2,944 | 3,075 |
| Equity | 877 | 1,010 | 1,103 | 1,083 | 1,073 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 991 | 949 | 1,414 | 1,563 | 1,460 |

## 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) | 0.2% | S100Y78X |
| Fixed assets ÷ total assets | 0.4% | S100Y78X |
| Goodwill ÷ parent equity | 5.1% | S100Y78X |

Goodwill over 4 years: 118 → 53 JPY; total investing cash flow: -299 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) | 47.5% |
| Cash ÷ revenue | 21.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 141.0% |
| Cash vs. profit gap | 49 JPY mn (of net income 121.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 144.7% |
| Shareholder payments — dividends / FCF | 73.5% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 104.7% |

## 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 | — | —× | -19.3% | —× | — | S100QUTT |
| 2023 | 4.9% | 2.20× | 10.8% | 1.99× | 21.4% | S100TIVP |
| 2024 | 2.3% | 1.88× | 4.2% | 1.99× | 8.4% | S100WLPO |
| 2025 | 0.3% | 2.43× | 0.7% | 2.45× | 1.8% | S100Y78X |
| 2026 | 0.6% | 2.22× | 1.3% | 2.83× | 3.8% | S100Y78X |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 栗林 憲介 | Major shareholder | 18.6% | 2026-02-28 |
| 株式会社ＫＫインベストメント | Major shareholder | 16.3% | 2026-02-28 |
| 栗林 圭介 | Major shareholder | 12.2% | 2026-02-28 |
| 株式会社ケイアンドケイ | Major shareholder | 8.2% | 2026-02-28 |
| 株式会社Ｗｉｚ | Major shareholder | 5.8% | 2026-02-28 |
| 近藤 雅介 | Major shareholder | 4.2% | 2026-02-28 |
| 前川 英人 | Major shareholder | 2.8% | 2026-02-28 |
| 株式会社Ｌ＆Ｅ Ｇｒｏｕｐ | Major shareholder | 2.7% | 2026-02-28 |
| 鹿内 一勝 | Major shareholder | 2.4% | 2026-02-28 |
| 花井 大地 | Major shareholder | 2.1% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2025/03/01－2026/02/28) | S100Y78X | 2026-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y78X,, |
| 有価証券報告書－第15期(2024/03/01－2025/02/28) | S100WLPO | 2025-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLPO,, |
| 有価証券報告書－第14期(2023/03/01－2024/02/29) | S100TIVP | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIVP,, |
| 有価証券報告書－第13期(2022/03/01－2023/02/28) | S100QUTT | 2023-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUTT,, |
| 有価証券報告書－第12期(令和3年3月1日－令和4年2月28日) | S100O4XZ | 2022-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4XZ,, |
| 有価証券報告書－第11期(令和2年3月1日－令和3年2月28日) | S100LEVR | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEVR,, |

## 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).