# CREEK & RIVER Co.,Ltd.: 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36期(2025/03/01－2026/02/28) (S100Y6IG)
> Page: https://vizora.meequs.com/en/company/creek-and-river
> Retrieved: 2026-09-30T23:28:21.853Z

## Company

Creek & River, founded in 1990, is a company in HR & Staffing listed on TSE Prime. It has 2,858 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CREEK & RIVER Co.,Ltd. |
| Ticker | 4763 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4763.T) |
| Listing | TSE Prime |
| Head office | 東京都港区新橋四丁目1番1号 |
| Representative (per filing) | 代表取締役社長 黒崎 淳 |
| Founded | Mar 1990 |
| Share capital | ¥1.18B |
| Employees (consolidated) | 2,858 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | February |
| Website | www.cri.co.jp (https://www.cri.co.jp/) |
| Corporate number | 1010001101101 |
| EDINET | E05096 |
| Industries (Vizora) | HR & Staffing, Publishing & Bookstores |

> Profile source: annual securities report (S100Y6IG, filed 2026-05-26). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47.8 | 68 |
| Profitability | 46 | 88 |
| Cash conversion | 9.4 | 80 |
| Efficiency | 72.2 | 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)

- About 64% of Creek & River's sales come from Creative field (Japan), with CRES field and Medical field making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +22.1% from the prior year, operating profit +36.0%.

## Company structure

- Segment revenue mix: Creative field (Japan) 64.3%、CRES field 10.2%、Medical field 9.4%、Other 7.2%、Creative field (Korea) 5.1%
- Revenue → net income: ¥61393938000 → ¥4160265000
- Net income → operating cash flow: ¥4160265000 → ¥2089851000（difference ¥-2070414000）
- Main uses of operating cash flow: CapEx ¥614723000 / dividends ¥892215000 / buybacks —
- Change in cash: ¥3781900000
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 | ¥61.4B |  |
| Operating income | ¥4.91B | Margin 8.0% |
| Net income | ¥4.08B | Margin 6.6% |
| Free cash flow | ¥1.48B |  |
| Largest business | Creative field (Japan) | of segment revenue 64.3% |
| Employees (consolidated) | 2,858 |  |
| EPS | ¥87.72 |  |
| Diluted EPS | ¥87.58 |  |
| Book value per share | ¥525.1 |  |
| Equity ratio | 40.8% |  |
| Shares outstanding | 23,009,000 |  |
| Treasury shares | 1,230,000 |  |
| Shareholders | 7,467 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 27.3% | Cash ÷ revenue 20.9% |
| Vs. industry median margin | -0.6 pp | HR & Staffing |
| ROE | 23.6% | Derived from disclosed figures |
| ROA | 11.0% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥37314134000 | ¥61393938000 | +64.5% |
| Operating income | ¥2447620000 | ¥4914413000 | +100.8% |
| Operating margin | 6.6% | 8.0% | +1.4 pp |
| Employees | 1,771 people | 2,858 people | +61.4% |
| Cash and equivalents | ¥7498320000 | ¥12801020000 | +70.7% |

### 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 |
| --- | ---: |
| クリエイティブ分野（日本） → クリエイティブ分野（日本） | 64.3% |
| クリエイティブ分野（日本） → 事業再編・廃止 | 5.4% |
| クリエイティブ分野（韓国） → クリエイティブ分野（韓国） | 5.1% |
| クリエイティブ分野（韓国） → 事業再編・廃止 | 3.7% |
| 医療分野 → 医療分野 | 9.4% |
| 医療分野 → 事業再編・廃止 | 1.1% |
| 会計・法曹分野 → 会計・法曹分野 | 3.8% |
| 会計・法曹分野 → 事業再編・廃止 | 1.5% |
| その他 → その他 | 5.7% |
| 新設・再編 → CRES分野 | 10.2% |
| 新設・再編 → その他 | 1.6% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Creative field (Japan) | 5 years | +8.7% | ¥39500438000 | 7.3% | 2 |
| CRES field | — | — | ¥6231809000 | 10.3% | 2 |
| Medical field | 5 years | +8.1% | ¥5782514000 | 24.9% | 2 |
| Other | 5 years | +16.0% | ¥4436808000 | -2.4% | 2 |
| Creative field (Korea) | 5 years | -1.0% | ¥3106317000 | -1.3% | 2 |
| Accounting And Legal Field | 5 years | +3.3% | ¥2336050000 | 4.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 61,394 | 100.0% | S100Y6IG |
| Cost of revenue | 39,067 | 63.6% | S100Y6IG |
| Gross profit | 22,327 | 36.4% | S100Y6IG |
| SG&A | 17,412 | 28.4% | S100Y6IG |
| Operating income | 4,914 | 8.0% | S100Y6IG |
| Ordinary income | 4,802 | 7.8% | S100Y6IG |
| Pretax income | 5,337 | 8.7% | S100Y6IG |
| Income tax | 1,177 | 1.9% | S100Y6IG |
| Net income | 4,160 | 6.8% | S100Y6IG |
| Net income attributable to owners | 4,075 | 6.6% | S100Y6IG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 28 |
| Operating income | 8 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 36.4% → Operating margin 8.0% → Net margin 6.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +22.1%; Core profit growth: +36.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.63×
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 | 50,276 | 61,394 | 11,118 | +22.1% |
| Gross profit | 18,573 | 22,327 | 3,754 | +20.2% |
| Operating income | 3,615 | 4,914 | 1,300 | +36.0% |
| Net income attributable to owners | 2,251 | 4,075 | 1,824 | +81.0% |
| Operating cash flow | 2,958 | 2,090 | -868 | -29.4% |
| Free cash flow | 1,729 | 1,475 | -254 | -14.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 32,946 | 2,084 | 6.3% | 1,360 | 2,407 | 2,190 | S100LEVH |
| FY ending Feb 2021 | 37,314 | 2,448 | 6.6% | 1,648 | 1,956 | 1,655 | S100O4T9 |
| FY ending Feb 2022 | 41,800 | 3,412 | 8.2% | 2,224 | 2,521 | 2,015 | S100QTP4 |
| FY ending Feb 2023 | 44,121 | 3,956 | 9.0% | 2,900 | 2,261 | 1,817 | S100TIUZ |
| FY ending Feb 2024 | 49,800 | 4,104 | 8.2% | 2,658 | 3,251 | 2,751 | S100VUSG |
| FY ending Feb 2025 | 50,276 | 3,615 | 7.2% | 2,251 | 2,958 | 1,729 | S100Y6IG |
| FY ending Feb 2026 | 61,394 | 4,914 | 8.0% | 4,075 | 2,090 | 1,475 | S100Y6IG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.5M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 1,840 | 2,176 | 2,326 | 2,580 | 2,858 |
| Average salary (parent company) | ¥4.6M | ¥4.7M | ¥4.5M | ¥4.8M | ¥4.9M |
| Average age (parent company) | 33.8 years | 34.5 years | 33.5 years | 32.5 years | 32.9 years |
| Average tenure (parent company) | 5.9 years | 6.2 years | 5.6 years | 4.9 years | 5.9 years |

Year over year: Employees (consolidated) +10.8% · Revenue (consolidated) +22.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Creative field (Japan) | 39,500 | 64.3% | 2,891 | 7.3% |
| Creative field (Korea) | 3,106 | 5.1% | -39 | -1.3% |
| Medical field | 5,783 | 9.4% | 1,438 | 24.9% |
| Accounting And Legal Field | 2,336 | 3.8% | 100 | 4.3% |
| CRES field | 6,232 | 10.2% | 644 | 10.3% |
| Other | 4,437 | 7.2% | -106 | -2.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Creative field (Japan) | 64.3% | 57.0% | -7.3 | 7.3% |
| Creative field (Korea) | 5.1% | — | — | -1.3% |
| Medical field | 9.4% | 28.3% | 18.9 | 24.9% |
| Accounting And Legal Field | 3.8% | 2.0% | -1.8 | 4.3% |
| CRES field | 10.2% | 12.7% | 2.5 | 10.3% |
| Other | 7.2% | — | — | -2.4% |

Loss-making segment (excluded from profit shares): Creative field (Korea) -39 JPY mn

Loss-making segment (excluded from profit shares): Other -106 JPY mn

Segment → industry: Accounting And Legal Field → HR & Staffing / Medical field → HR & Staffing / Creative field (Korea) → HR & Staffing / Creative field (Japan) → HR & Staffing / CRES field → Publishing & Bookstores

## 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 | 2,090 | 3.4% | S100Y6IG |
| Capital expenditure | 615 | 1.0% | S100Y6IG |
| Free cash flow | 1,475 | 2.4% | 算出 |
| Investing cash flow | -38 | -0.1% | S100Y6IG |
| Financing cash flow | 1,730 | 2.8% | S100Y6IG |
| Dividends paid | 892 | 1.5% | S100Y6IG |
| Change in cash | 3,782 | 6.2% | S100Y6IG |
| Cash and equivalents | 12,801 | 20.9% | S100Y6IG |

## 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 | 8,295 | 9,034 | 8,181 | 9,019 | 12,801 | S100TIUZ, S100VUSG, S100Y6IG |
| Total assets | 19,930 | 22,753 | 25,419 | 27,079 | 46,806 | S100QTP4, S100TIUZ, S100VUSG, S100Y6IG |
| Net assets | 12,239 | 14,244 | 15,746 | 16,013 | 19,396 | S100TIUZ, S100VUSG, S100Y6IG |
| Share capital | 1,177 | 1,177 | 1,177 | 1,177 | 1,177 | S100QTP4, S100TIUZ, S100VUSG, S100Y6IG |
| Trade receivables | 5,434 | — | — | — | — | S100QTP4 |
| Property, plant and equipment | 643 | 644 | 647 | 1,260 | 2,518 | S100QTP4, S100TIUZ, S100VUSG, S100Y6IG |
| Intangible assets excluding goodwill | 717 | 1,366 | 1,368 | 1,301 | 1,450 | S100QTP4, S100TIUZ, S100VUSG, S100Y6IG |
| Goodwill | 157 | 665 | 497 | 294 | 654 | S100QTP4, S100TIUZ, S100VUSG, S100Y6IG |
| Investment securities | 912 | 1,388 | 996 | 1,257 | 2,327 | S100QTP4, S100TIUZ, S100VUSG, S100Y6IG |
| Current assets | 15,532 | 16,766 | 19,720 | 20,799 | 35,342 | S100QTP4, S100TIUZ, S100VUSG, S100Y6IG |
| Current liabilities | 6,639 | 7,917 | 9,161 | 10,284 | 26,431 | S100QTP4, S100TIUZ, S100VUSG, S100Y6IG |
| Short-term borrowings | 850 | 1,350 | 2,450 | 3,773 | 11,173 | S100QTP4, S100TIUZ, S100VUSG, S100Y6IG |
| Long-term borrowings | 646 | 95 | 84 | 372 | 274 | S100QTP4, S100TIUZ, S100VUSG, S100Y6IG |
| Total liabilities | 7,692 | 8,509 | 9,673 | 11,066 | 27,410 | S100QTP4, S100TIUZ, S100VUSG, S100Y6IG |
| Non-controlling interests | 182 | 199 | 193 | 134 | 276 | S100QTP4, S100TIUZ, S100VUSG, S100Y6IG |
| Equity attributable to owners of parent | 11,960 | 13,876 | 15,334 | 15,685 | 18,899 | S100QTP4, S100TIUZ, S100VUSG, S100Y6IG |
| Retained earnings | 9,009 | 11,451 | 13,407 | 14,739 | 17,922 | S100QTP4, S100TIUZ, S100VUSG, S100Y6IG |
| Treasury stock | -476 | -1,003 | -1,707 | -2,697 | -2,675 | S100QTP4, S100TIUZ, S100VUSG, S100Y6IG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100Y6IG |
| Property, plant and equipment | 5% | S100Y6IG |
| Intangibles and goodwill | 5% | S100Y6IG |
| Investment securities | 5% | S100Y6IG |
| Other assets | 58% | S100Y6IG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 59% | S100Y6IG |
| Equity | 41% | S100Y6IG |
| Other liabilities | 0% | S100Y6IG |

### 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 | 19,930 | 22,753 | 25,419 | 27,079 | 46,806 |
| Equity | 12,239 | 14,244 | 15,746 | 16,013 | 19,396 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,295 | 9,034 | 8,181 | 9,019 | 12,801 |

## 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) | 4.1% | S100Y6IG |
| Fixed assets ÷ total assets | 5.4% | S100Y6IG |
| Goodwill ÷ parent equity | 3.5% | S100Y6IG |

Goodwill over 4 years: 157 → 654 JPY; total investing cash flow: -7,455 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) | 27.3% |
| Cash ÷ revenue | 20.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 42.5% |
| Cash vs. profit gap | -1,986 JPY mn (of net income -48.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 21.9% |
| Shareholder payments — dividends / FCF | 60.5% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 1.8% |

## 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 | 5.3% | 2.10× | 11.2% | 1.67× | 18.6% | S100QTP4 |
| 2023 | 6.6% | 2.07× | 13.6% | 1.65× | 22.4% | S100TIUZ |
| 2024 | 5.3% | 2.07× | 11.0% | 1.65× | 18.2% | S100VUSG |
| 2025 | 4.5% | 1.92× | 8.6% | 1.69× | 14.5% | S100Y6IG |
| 2026 | 6.6% | 1.66× | 11.0% | 2.14× | 23.6% | S100Y6IG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社シー・アンド・アール | Major shareholder | 28.9% | 2026-02-28 |
| 井 川 幸 広 | Major shareholder | 8.9% | 2026-02-28 |
| 株式会社ソース・デザイン社 | Major shareholder | 8.7% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.3% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.3% | 2026-02-28 |
| 株式会社フリー | Major shareholder | 2.9% | 2026-02-28 |
| 澤 田 秀 雄 | Major shareholder | 1.9% | 2026-02-28 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.8% | 2026-02-28 |
| 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 | 1.8% | 2026-02-28 |
| クリーク・アンド・リバー社従業員持株会 | Major shareholder | 1.8% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2025/03/01－2026/02/28) | S100Y6IG | 2026-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6IG,, |
| 有価証券報告書－第35期(2024/03/01－2025/02/28) | S100VUSG | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUSG,, |
| 有価証券報告書－第34期(2023/03/01－2024/02/29) | S100TIUZ | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIUZ,, |
| 有価証券報告書－第33期(2022/03/01－2023/02/28) | S100QTP4 | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTP4,, |
| 有価証券報告書－第32期(令和3年3月1日－令和4年2月28日) | S100O4T9 | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4T9,, |
| 有価証券報告書－第31期(令和2年3月1日－令和3年2月28日) | S100LEVH | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEVH,, |

## 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).