# EduLab, Inc.: 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11期(2024/10/01－2025/09/30) (S100XCYG)
> Page: https://vizora.meequs.com/en/company/edulab
> Retrieved: 2026-09-30T20:58:29.374Z

## Company

EduLab, founded in 2015, is a company in Software & SaaS listed on TSE Growth. It has 232 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | EduLab, Inc. |
| Ticker | 4427 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4427.T) |
| Listing | TSE Growth |
| Head office | 東京都港区港南一丁目8番15号 Wビル13階 |
| Representative (per filing) | 代表取締役社長兼CEO 廣實 学 |
| Founded | Mar 2015 |
| Share capital | ¥90M |
| Employees (consolidated) | 232 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | September |
| Website | www.edulab-inc.com (https://www.edulab-inc.com/) |
| Corporate number | 6010401117444 |
| EDINET | E34544 |
| Industries (Vizora) | Software & SaaS, Business Process Outsourcing, Education |

> Profile source: annual securities report (S100XCYG, filed 2025-12-24). As of filing

## Five-axis industry profile

Primary industry: Education (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 1.9 | 26 |
| Profitability | 41.7 | 30 |
| Cash conversion | 5.4 | 28 |
| Efficiency | 98.3 | 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 56% of EduLab's sales come from TestCenter, with Exam operation and subcontracting businesses and TestLicensing making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -12.8% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: TestCenter 56.2%、Exam operation and subcontracting businesses 26.0%、TestLicensing 11.4%、AI 6.4%
- Revenue → net income: ¥6229675000 → ¥65392000
- Net income → operating cash flow: ¥65392000 → ¥98987000（difference ¥33595000）
- Main uses of operating cash flow: CapEx ¥249085000 / dividends — / buybacks —
- Change in cash: ¥-334520000
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 | ¥6.23B |  |
| Operating income | ¥391.6M | Margin 6.3% |
| Net income | ¥16.4M | Margin 0.3% |
| Free cash flow | -¥150.1M |  |
| Largest business | TestCenter | of segment revenue 56.2% |
| Employees (consolidated) | 232 |  |
| EPS | ¥13.2 |  |
| Book value per share | ¥160.62 |  |
| Equity ratio | 37.6% |  |
| Shares outstanding | 10,228,470 |  |
| Treasury shares | 8,500 |  |
| Shareholders | 3,844 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 34.3% | Cash ÷ revenue 19.9% |
| Vs. industry median margin | -1.1 pp | Education |
| ROE | 1.1% | Derived from disclosed figures |
| ROA | 0.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 6.0× net income
- FY2025, segment profit share differs by -21 points
- FY2025, cash is 34% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7890301000 | ¥6229675000 | -21.0% |
| Operating income | ¥689018000 | ¥391647000 | -43.2% |
| Operating margin | 8.7% | 6.3% | -2.4 pp |
| Employees | 387 people | 232 people | -40.1% |
| Cash and equivalents | ¥7524054000 | ¥1236914000 | -83.6% |

### 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 |
| --- | ---: |
| e-Testing／e-Learning事業 → 事業再編・廃止 | 39.2% |
| テスト等ライセンス事業 → テスト等ライセンス事業 | 8.0% |
| テスト運営・受託事業 → 事業再編・廃止 | 11.3% |
| 教育プラットフォーム事業 → 事業再編・廃止 | 15.1% |
| AI事業 → AI事業 | 3.6% |
| テスト運営・受託事業 → テスト運営・受託事業 | 12.3% |
| テストセンター事業 → テストセンター事業 | 10.7% |
| 新設・再編 → テスト等ライセンス事業 | 3.5% |
| 新設・再編 → AI事業 | 2.8% |
| 新設・再編 → テスト運営・受託事業 | 13.7% |
| 新設・再編 → テストセンター事業 | 45.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| TestCenter | 5 years | +14.1% | ¥3282893000 | 12.1% | 2 |
| Exam operation and subcontracting businesses | 5 years | -4.9% | ¥1519179000 | 24.8% | 2 |
| TestLicensing | 5 years | -12.0% | ¥668033000 | 26.2% | 2 |
| AI | 5 years | -8.0% | ¥374432000 | 49.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,230 | 100.0% | S100XCYG |
| Cost of revenue | 4,175 | 67.0% | S100XCYG |
| Gross profit | 2,055 | 33.0% | S100XCYG |
| SG&A | 1,664 | 26.7% | S100XCYG |
| Operating income | 392 | 6.3% | S100XCYG |
| Ordinary income | 450 | 7.2% | S100XCYG |
| Pretax income | 161 | 2.6% | S100XCYG |
| Income tax | 96 | 1.5% | S100XCYG |
| Net income | 65 | 1.0% | S100XCYG |
| Net income attributable to owners | 16 | 0.3% | S100XCYG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 27 |
| Operating income | 6 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 33.0% → Operating margin 6.3% → Net margin 0.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 7,142 | 6,230 | -912 | -12.8% |
| Gross profit | 1,719 | 2,055 | 336 | +19.6% |
| Operating income | -326 | 392 | 717 | — |
| Net income attributable to owners | -1,274 | 16 | 1,290 | — |
| Operating cash flow | -1,227 | 99 | 1,326 | — |
| Free cash flow | -1,527 | -150 | 1,376 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 5,898 | 1,018 | 17.3% | 390 | 680 | -519 | S100MM8L |
| FY ending Sep 2020 | 7,890 | 689 | 8.7% | 378 | 1,330 | -49 | S100NL5L |
| FY ending Sep 2021 | 10,091 | -426 | -4.2% | -5,255 | -665 | -3,373 | S100PVAP |
| FY ending Sep 2022 | 9,758 | -234 | -2.4% | -819 | -581 | -1,689 | S100U039 |
| FY ending Sep 2023 | 7,061 | -540 | -7.7% | -3,105 | 337 | -26 | S100V0M8 |
| FY ending Sep 2024 | 7,142 | -326 | -4.6% | -1,274 | -1,227 | -1,527 | S100XCYG |
| FY ending Sep 2025 | 6,230 | 392 | 6.3% | 16 | 99 | -150 | S100XCYG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.9M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥70.7K |

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) | 383 | 360 | 282 | 256 | 232 |
| Average salary (parent company) | ¥8.5M | ¥8M | ¥7.8M | ¥8M | ¥8M |
| Average age (parent company) | 41.5 years | 44.2 years | 43.8 years | 44.9 years | 45.2 years |
| Average tenure (parent company) | 2.9 years | 4.5 years | 3.9 years | 6.1 years | 6.7 years |

Year over year: Employees (consolidated) -9.4% · Revenue (consolidated) -12.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| TestLicensing | 668 | 11.4% | 175 | 26.2% |
| AI | 374 | 6.4% | 184 | 49.2% |
| Exam operation and subcontracting businesses | 1,519 | 26.0% | 377 | 24.8% |
| TestCenter | 3,283 | 56.2% | 396 | 12.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| TestLicensing | 11.4% | 15.5% | 4.0 | 26.2% |
| AI | 6.4% | 16.3% | 9.9 | 49.2% |
| Exam operation and subcontracting businesses | 26.0% | 33.3% | 7.3 | 24.8% |
| TestCenter | 56.2% | 35.0% | -21.2 | 12.1% |

Segment → industry: AI → Software & SaaS / Exam operation and subcontracting businesses → Business Process Outsourcing / TestCenter → Education / Exam operation and subcontracting businesses → Education / TestLicensing → Education

## 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 | 99 | 1.6% | S100XCYG |
| Capital expenditure | 249 | 4.0% | S100XCYG |
| Free cash flow | -150 | -2.4% | 算出 |
| Investing cash flow | -322 | -5.2% | S100XCYG |
| Financing cash flow | -120 | -1.9% | S100XCYG |
| Change in cash | -335 | -5.4% | S100XCYG |
| Cash and equivalents | 1,237 | 19.9% | S100XCYG |

## 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 | 10,698 | 3,442 | 2,622 | 1,571 | 1,237 | S100U039, S100V0M8, S100XCYG |
| Total assets | 18,973 | 12,438 | 6,022 | 3,644 | 3,608 | S100PVAP, S100U039, S100V0M8, S100XCYG |
| Net assets | 6,171 | 5,035 | 1,885 | 1,767 | 1,831 | S100U039, S100V0M8, S100XCYG |
| Share capital | 5,271 | 5,279 | 5,309 | 90 | 90 | S100PVAP, S100U039, S100V0M8, S100XCYG |
| Trade receivables | 1,578 | — | — | — | — | S100PVAP |
| Property, plant and equipment | 158 | 136 | 0 | 141 | 107 | S100PVAP, S100U039, S100V0M8, S100XCYG |
| Intangible assets excluding goodwill | 2,566 | 1,963 | 0 | 19 | 232 | S100PVAP, S100U039, S100V0M8, S100XCYG |
| Goodwill | 83 | 64 | — | — | — | S100PVAP, S100U039 |
| Investment securities | 658 | 477 | 179 | 128 | 131 | S100PVAP, S100U039, S100V0M8, S100XCYG |
| Current assets | 14,833 | 9,091 | 5,294 | 2,982 | 2,818 | S100PVAP, S100U039, S100V0M8, S100XCYG |
| Current liabilities | 8,655 | 5,418 | 3,660 | 1,662 | 1,645 | S100PVAP, S100U039, S100V0M8, S100XCYG |
| Short-term borrowings | 1,939 | 1,538 | 603 | 100 | 300 | S100PVAP, S100U039, S100V0M8, S100XCYG |
| Long-term borrowings | 3,756 | 1,787 | 376 | 210 | 129 | S100PVAP, S100U039, S100V0M8, S100XCYG |
| Bonds | 267 | 107 | 36 | — | — | S100PVAP, S100U039, S100V0M8 |
| Interest-bearing debt | 5,962 | 3,433 | 1,014 | — | — | 算出 |
| Total liabilities | 12,801 | 7,403 | 4,137 | 1,877 | 1,777 | S100PVAP, S100U039, S100V0M8, S100XCYG |
| Non-controlling interests | 199 | 136 | 53 | 407 | 476 | S100PVAP, S100U039, S100V0M8, S100XCYG |
| Equity attributable to owners of parent | 6,045 | 5,259 | 2,214 | 1,543 | 1,560 | S100PVAP, S100U039, S100V0M8, S100XCYG |
| Retained earnings | -4,830 | -5,632 | -8,738 | -117 | -100 | S100PVAP, S100U039, S100V0M8, S100XCYG |
| Treasury stock | -20 | -20 | -20 | -20 | -20 | S100PVAP, S100U039, S100V0M8, S100XCYG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100XCYG |
| Property, plant and equipment | 3% | S100XCYG |
| Intangibles and goodwill | 6% | S100XCYG |
| Investment securities | 4% | S100XCYG |
| Other assets | 53% | S100XCYG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 49% | S100XCYG |
| Equity | 51% | S100XCYG |

### 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 | 18,973 | 12,438 | 6,022 | 3,644 | 3,608 |
| Equity | 6,171 | 5,035 | 1,885 | 1,767 | 1,831 |
| Interest-bearing debt | 5,962 | 3,433 | 1,014 | — | — |
| Cash | 10,698 | 3,442 | 2,622 | 1,571 | 1,237 |

## 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) | 1.7% | S100XCYG |
| Fixed assets ÷ total assets | 3.0% | S100XCYG |
| Goodwill ÷ parent equity | — | —, S100XCYG |

### 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) | 34.3% |
| Cash ÷ revenue | 19.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 25.3% |
| Cash vs. profit gap | 83 JPY mn (of net income 503.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 325.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -27.7% | —× | — | S100PVAP |
| 2022 | — | —× | -5.2% | —× | — | S100U039 |
| 2023 | — | —× | -33.6% | —× | — | S100V0M8 |
| 2024 | — | —× | -26.4% | —× | — | S100XCYG |
| 2025 | 0.3% | 1.72× | 0.5% | 2.34× | 1.1% | S100XCYG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ZE1 | Major shareholder | 29.4% | 2025-09-30 |
| 株式会社旺文社 | Major shareholder | 5.2% | 2025-09-30 |
| 髙村 淳一 | Major shareholder | 4.7% | 2025-09-30 |
| 松田 浩史 | Major shareholder | 4.7% | 2025-09-30 |
| NTTドコモビジネス株式会社 | Major shareholder | 3.4% | 2025-09-30 |
| 関 伸彦 | Major shareholder | 3.2% | 2025-09-30 |
| 株式会社増進会ホールディングス | Major shareholder | 3.0% | 2025-09-30 |
| 株式会社旺文社キャピタル | Major shareholder | 2.6% | 2025-09-30 |
| 林 規生 | Major shareholder | 2.3% | 2025-09-30 |
| 曽我 晋 | Major shareholder | 1.9% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2024/10/01－2025/09/30) | S100XCYG | 2025-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCYG,, |
| 有価証券報告書－第10期(2023/10/01－2024/09/30) | S100V0M8 | 2024-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0M8,, |
| 訂正有価証券報告書－第9期(2022/10/01－2023/09/30) | S100U039 | 2024-07-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U039,, |
| 有価証券報告書－第8期(令和3年10月1日－令和4年9月30日) | S100PVAP | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVAP,, |
| 有価証券報告書－第7期(令和2年10月1日－令和3年9月30日) | S100NL5L | 2022-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NL5L,, |
| 訂正有価証券報告書－第6期(令和1年10月1日－令和2年9月30日) | S100MM8L | 2021-10-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MM8L,, |
| 訂正有価証券報告書－第6期(令和1年10月1日－令和2年9月30日) | S100KGO3 | 2020-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KGO3,, |

## 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).