# CRG HOLDINGS CO.,LTD.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2024/10/01－2025/09/30) (S100XCNC)
> Page: https://vizora.meequs.com/en/company/crg-holdings
> Retrieved: 2026-09-30T18:26:14.956Z

## Company

CRG Holdings, founded in 2013, is a company in HR & Staffing listed on TSE Growth. It has 510 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CRG HOLDINGS CO.,LTD. |
| Ticker | 7041 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7041.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区西新宿二丁目1番1号 |
| Representative (per filing) | 代表取締役社長 小田 康浩 |
| Founded | Oct 2013 |
| Share capital | ¥452.9M |
| Employees (consolidated) | 510 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | September |
| Website | www.crgh.co.jp (https://www.crgh.co.jp/) |
| Corporate number | 7011101067961 |
| EDINET | E34352 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100XCNC, filed 2025-12-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.2 | 68 |
| Profitability | 14.2 | 88 |
| Cash conversion | 4.4 | 80 |
| Efficiency | 60.8 | 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)

- About 96% of CRG Holdings's sales come from Human resource related business, with Financial business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -3.9% from the prior year, operating profit +210.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥16.4B |  |
| Operating income | ¥279.4M | Margin 1.7% |
| Net income | ¥153.3M | Margin 0.9% |
| Free cash flow | -¥278.6M |  |
| Largest business | Human resource related business | of segment revenue 96.4% |
| Employees (consolidated) | 510 |  |
| EPS | ¥38.32 |  |
| Diluted EPS | ¥38.19 |  |
| Book value per share | ¥409.39 |  |
| Equity ratio | 32.2% |  |
| Shares outstanding | 5,557,200 |  |
| Treasury shares | 100 |  |
| Shareholders | 1,261 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 38.8% | Cash ÷ revenue 21.4% |
| Vs. industry median margin | -6.9 pp | HR & Staffing |
| ROE | 5.4% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2025, segment profit share differs by -48 points
- FY2025, parent-company salary changed +27% over five years
- FY2025, cash is 39% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥20148500000 | ¥16420175000 | -18.5% |
| Operating income | ¥416284000 | ¥279393000 | -32.9% |
| Operating margin | 2.1% | 1.7% | -0.4 pp |
| Employees | 429 people | 510 people | +18.9% |
| Cash and equivalents | ¥2113073000 | ¥3511826000 | +66.2% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → 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 |
| --- | ---: |
| 新設・再編 → HR関連事業 | 96.4% |
| 新設・再編 → フィナンシャル事業 | 3.6% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,420 | 100.0% | S100XCNC |
| Cost of revenue | 12,315 | 75.0% | S100XCNC |
| Gross profit | 4,105 | 25.0% | S100XCNC |
| SG&A | 3,826 | 23.3% | S100XCNC |
| Operating income | 279 | 1.7% | S100XCNC |
| Ordinary income | 211 | 1.3% | S100XCNC |
| Pretax income | 238 | 1.5% | S100XCNC |
| Income tax | 85 | 0.5% | S100XCNC |
| Net income | 153 | 0.9% | S100XCNC |
| Net income attributable to owners | 153 | 0.9% | S100XCNC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 23 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 25.0% → Operating margin 1.7% → Net margin 0.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -3.9%; Core profit growth: +210.0%
Operating leverage (core profit growth ÷ revenue growth): -53.57×
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 | 17,090 | 16,420 | -670 | -3.9% |
| Gross profit | 3,828 | 4,105 | 278 | +7.3% |
| Operating income | 90 | 279 | 189 | +210.0% |
| Net income attributable to owners | -369 | 153 | 523 | — |
| Operating cash flow | -1,763 | -14 | 1,750 | — |
| Free cash flow | -2,533 | -279 | 2,254 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 22,189 | 455 | 2.1% | 265 | -125 | -241 | S100KFGJ |
| FY ending Sep 2020 | 20,149 | 416 | 2.1% | 215 | 672 | 616 | S100N4EI |
| FY ending Sep 2021 | 19,475 | 377 | 1.9% | 308 | 245 | 194 | S100PUML |
| FY ending Sep 2022 | 21,381 | 484 | 2.3% | 288 | 652 | 581 | S100SJ0J |
| FY ending Sep 2023 | 20,816 | 113 | 0.5% | 44 | 436 | -177 | S100V0UJ |
| FY ending Sep 2024 | 17,090 | 90 | 0.5% | -369 | -1,763 | -2,533 | S100XCNC |
| FY ending Sep 2025 | 16,420 | 279 | 1.7% | 153 | -14 | -279 | S100XCNC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.2M |
| Operating income per employee (consolidated) | ¥547.8K |
| Net income per employee (consolidated) | ¥300.6K |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 394 | 441 | 495 | 477 | 510 |
| Average salary (parent company) | ¥5.4M | ¥5.6M | ¥5.7M | ¥6.1M | ¥6.8M |
| Average age (parent company) | 40.3 years | 40.5 years | 40.2 years | 40.9 years | 40.4 years |
| Average tenure (parent company) | 5.0 years | 5.5 years | 6.4 years | 7.6 years | 8.5 years |

Year over year: Employees (consolidated) +6.9% · Revenue (consolidated) -3.9%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Human resource related business | 15,822 | 96.4% | 191 | 1.2% |
| Financial business | 598 | 3.6% | 205 | 34.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Human resource related business | 96.4% | 48.2% | -48.2 | 1.2% |
| Financial business | 3.6% | 51.8% | 48.2 | 34.3% |

Segment → industry: Human resource related business → HR & Staffing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -14 | -0.1% | S100XCNC |
| Capital expenditure | 265 | 1.6% | S100XCNC |
| Free cash flow | -279 | -1.7% | 算出 |
| Investing cash flow | 1,925 | 11.7% | S100XCNC |
| Financing cash flow | -862 | -5.2% | S100XCNC |
| Change in cash | 1,050 | 6.4% | S100XCNC |
| Cash and equivalents | 3,512 | 21.4% | S100XCNC |

## 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 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,999 | 2,015 | 2,625 | 2,462 | 3,512 | S100SJ0J, S100V0UJ, S100XCNC |
| Total assets | 5,144 | 5,812 | 7,229 | 13,253 | 9,062 | S100PUML, S100SJ0J, S100V0UJ, S100XCNC |
| Net assets | 2,782 | 3,071 | 3,116 | 2,766 | 2,921 | S100SJ0J, S100V0UJ, S100XCNC |
| Share capital | 441 | 442 | 442 | 449 | 453 | S100PUML, S100SJ0J, S100V0UJ, S100XCNC |
| Trade receivables | 2,276 | — | — | — | — | S100PUML |
| Property, plant and equipment | 156 | 193 | 769 | 1,522 | 1,632 | S100PUML, S100SJ0J, S100V0UJ, S100XCNC |
| Intangible assets excluding goodwill | 110 | 88 | 639 | 787 | 489 | S100PUML, S100SJ0J, S100V0UJ, S100XCNC |
| Goodwill | — | — | 481 | 600 | 389 | S100V0UJ, S100XCNC |
| Investment securities | 201 | 804 | 692 | 592 | 1,118 | S100PUML, S100SJ0J, S100V0UJ, S100XCNC |
| Current assets | 4,408 | 4,467 | 4,819 | 10,079 | 5,519 | S100PUML, S100SJ0J, S100V0UJ, S100XCNC |
| Current liabilities | 2,343 | 2,725 | 4,046 | 9,187 | 5,634 | S100PUML, S100SJ0J, S100V0UJ, S100XCNC |
| Short-term borrowings | 250 | 500 | 1,800 | 6,566 | 3,744 | S100PUML, S100SJ0J, S100V0UJ, S100XCNC |
| Long-term borrowings | 10 | — | 40 | 1,215 | 487 | S100PUML, S100V0UJ, S100XCNC |
| Total liabilities | 2,363 | 2,741 | 4,113 | 10,488 | 6,141 | S100PUML, S100SJ0J, S100V0UJ, S100XCNC |
| Non-controlling interests | 1 | 1 | — | 10 | — | S100PUML, S100SJ0J, S100XCNC |
| Equity attributable to owners of parent | 2,781 | 3,070 | 3,116 | 2,759 | 2,921 | S100PUML, S100SJ0J, S100V0UJ, S100XCNC |
| Retained earnings | 1,669 | 1,957 | 2,001 | 1,632 | 1,785 | S100PUML, S100SJ0J, S100V0UJ, S100XCNC |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100PUML, S100SJ0J, S100V0UJ, S100XCNC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 39% | S100XCNC |
| Property, plant and equipment | 18% | S100XCNC |
| Intangibles and goodwill | 10% | S100XCNC |
| Investment securities | 12% | S100XCNC |
| Other assets | 21% | S100XCNC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 68% | S100XCNC |
| Equity | 32% | S100XCNC |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,144 | 5,812 | 7,229 | 13,253 | 9,062 |
| Equity | 2,782 | 3,071 | 3,116 | 2,766 | 2,921 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,999 | 2,015 | 2,625 | 2,462 | 3,512 |

## 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) | 9.9% | S100XCNC |
| Fixed assets ÷ total assets | 18.0% | S100XCNC |
| Goodwill ÷ parent equity | 13.3% | S100XCNC |

### 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) | 38.8% |
| Cash ÷ revenue | 21.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -4.8% |
| Cash vs. profit gap | -167 JPY mn (of net income -108.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 1.6% | 3.79× | 6.0% | 1.85× | 11.1% | S100PUML |
| 2022 | 1.3% | 3.90× | 5.3% | 1.87× | 9.8% | S100SJ0J |
| 2023 | 0.2% | 3.19× | 0.7% | 2.11× | 1.4% | S100V0UJ |
| 2024 | — | —× | -3.6% | —× | — | S100XCNC |
| 2025 | 0.9% | 1.47× | 1.4% | 3.93× | 5.4% | S100XCNC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 井上 弘 | Major shareholder | 27.7% | 2025-09-30 |
| レッドロック株式会社 | Major shareholder | 27.0% | 2025-09-30 |
| 古澤 孝 | Major shareholder | 11.5% | 2025-09-30 |
| 株式会社ＴＲＭ | Major shareholder | 3.6% | 2025-09-30 |
| 水元 公仁 | Major shareholder | 2.9% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.8% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 1.5% | 2025-09-30 |
| 小田 康浩 | Major shareholder | 0.8% | 2025-09-30 |
| 加畑 雅之 | Major shareholder | 0.8% | 2025-09-30 |
| 鈴木 愛美 | Major shareholder | 0.6% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2024/10/01－2025/09/30) | S100XCNC | 2025-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCNC,, |
| 有価証券報告書－第11期(2023/10/01－2024/09/30) | S100V0UJ | 2024-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0UJ,, |
| 有価証券報告書－第10期(2022/10/01－2023/09/30) | S100SJ0J | 2023-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJ0J,, |
| 有価証券報告書－第9期(令和3年10月1日－令和4年9月30日) | S100PUML | 2022-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUML,, |
| 有価証券報告書－第8期(令和2年10月1日－令和3年9月30日) | S100N4EI | 2021-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4EI,, |
| 有価証券報告書－第7期(令和1年10月1日－令和2年9月30日) | S100KFGJ | 2020-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFGJ,, |

## 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).