# for Startups, Inc.: 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10期(2025/04/01－2026/03/31) (S100YIA4)
> Page: https://vizora.meequs.com/en/company/for-startups
> Retrieved: 2026-09-30T20:23:47.947Z

## Company

for Startups, founded in 2016, is a company in Venture Capital listed on TSE Growth. It has 252 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | for Startups, Inc. |
| Ticker | 7089 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7089.T) |
| Listing | TSE Growth |
| Head office | 東京都港区麻布台一丁目3番1号 |
| Representative (per filing) | 代表取締役 CEO 志水 雄一郎 |
| Founded | Sep 2016 |
| Share capital | ¥239.5M |
| Employees (consolidated) | 252 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | forstartups.com (https://forstartups.com/) |
| Corporate number | 1011201019356 |
| EDINET | E35483 |
| Industries (Vizora) | Venture Capital, HR & Staffing, Consulting |

> Profile source: annual securities report (S100YIA4, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 86.9 | 88 |
| Cash conversion | 43.1 | 80 |
| Efficiency | 41.5 | 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 85% of for Startups's sales come from Human Capital, with Open Innovation making up much of the rest.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +42.6% from the prior year, operating profit +147.3%.

## Company structure

- Segment revenue mix: Human Capital 85.0%、Open Innovation 15.0%
- Revenue → net income: ¥5268605000 → ¥716633000
- Net income → operating cash flow: ¥716633000 → ¥965436000（difference ¥248803000）
- Main uses of operating cash flow: CapEx ¥2052000 / dividends — / buybacks ¥233457000
- Change in cash: ¥254441000
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 | ¥5.27B |  |
| Operating income | ¥1.12B | Margin 21.3% |
| Net income | ¥817.1M | Margin 15.5% |
| Free cash flow | ¥963.4M |  |
| Largest business | Human Capital | of segment revenue 85.0% |
| Employees (consolidated) | 252 |  |
| EPS | ¥136.01 |  |
| Diluted EPS | ¥135.71 |  |
| Book value per share | ¥434.96 |  |
| Equity ratio | 55.5% |  |
| Shares outstanding | 6,613,200 |  |
| Treasury shares | 160,400 |  |
| Shareholders | 1,322 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 43.6% | Cash ÷ revenue 41.1% |
| Vs. industry median margin | +12.7 pp | HR & Staffing |
| ROE | 33.2% | Derived from disclosed figures |
| ROA | 18.9% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.2× its level five years ago
- FY2026, one segment accounts for 89% of positive segment profit
- FY2026, cash is 44% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1273285000 | ¥5268605000 | — |
| Operating income | ¥158089000 | ¥1120349000 | — |
| Operating margin | 12.4% | 21.3% | +8.8 pp |
| Employees | 87 people | 252 people | — |
| Cash and equivalents | ¥1042949000 | ¥2162898000 | — |

### 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 |
| --- | ---: |
| 新設・再編 → ヒューマンキャピタル事業 | 85.0% |
| 新設・再編 → オープンイノベーション事業 | 15.0% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,269 | 100.0% | S100YIA4 |
| Cost of revenue | 1,066 | 20.2% | S100YIA4 |
| Gross profit | 4,202 | 79.8% | S100YIA4 |
| SG&A | 3,082 | 58.5% | S100YIA4 |
| Operating income | 1,120 | 21.3% | S100YIA4 |
| Ordinary income | 1,054 | 20.0% | S100YIA4 |
| Pretax income | 1,055 | 20.0% | S100YIA4 |
| Income tax | 338 | 6.4% | S100YIA4 |
| Net income | 717 | 13.6% | S100YIA4 |
| Net income attributable to owners | 817 | 15.5% | S100YIA4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 20 |
| SG&A | 59 |
| Operating income | 21 |
| (Ref.) Net income | 16 |

### Margin funnel

Gross margin 79.8% → Operating margin 21.3% → Net margin 15.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +42.6%; Core profit growth: +147.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.46×
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 | 3,694 | 5,269 | 1,575 | +42.6% |
| Gross profit | 3,086 | 4,202 | 1,116 | +36.2% |
| Operating income | 453 | 1,120 | 667 | +147.3% |
| Net income attributable to owners | 354 | 817 | 463 | +131.0% |
| Operating cash flow | 356 | 965 | 610 | +171.4% |
| Free cash flow | -11 | 963 | 975 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,263 | 309 | 24.5% | 203 | 210 | 201 | S100LKIF |
| FY ending Mar 2021 | 1,273 | 158 | 12.4% | 95 | 28 | 21 | S100LKIF |
| FY ending Mar 2022 | 2,349 | 489 | 20.8% | 383 | 606 | 557 | S100QZ7A |
| FY ending Mar 2023 | 2,999 | 585 | 19.5% | 442 | -35 | -119 | S100TR50 |
| FY ending Mar 2024 | 3,416 | 423 | 12.4% | 386 | 179 | 179 | S100W265 |
| FY ending Mar 2025 | 3,694 | 453 | 12.3% | 354 | 356 | -11 | S100YIA4 |
| FY ending Mar 2026 | 5,269 | 1,120 | 21.3% | 817 | 965 | 963 | S100YIA4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.9M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 115 | 166 | 194 | 230 | 252 |
| Average salary (parent company) | ¥6.4M | ¥6.5M | ¥6.3M | ¥6.1M | ¥6.9M |
| Average age (parent company) | 30.6 years | 30.0 years | 29.8 years | 30.4 years | 30.6 years |
| Average tenure (parent company) | 1.8 years | 1.9 years | 2.1 years | 2.4 years | 2.6 years |

Year over year: Employees (consolidated) +9.6% · Revenue (consolidated) +42.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Human Capital | 4,476 | 85.0% | 2,014 | 45.0% |
| Open Innovation | 793 | 15.0% | 238 | 30.0% |
| Venture capital | — | 0.0% | -101 | — |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| Human Capital | 89.4% | 45.0% |
| Open Innovation | 10.6% | 30.0% |
| Venture capital | — | — |

Loss-making segment (excluded from profit shares): Venture capital -101 JPY mn

Segment → industry: Venture capital → Venture Capital / Human Capital → HR & Staffing / Open Innovation → Consulting

## 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 | 965 | 18.3% | S100YIA4 |
| Capital expenditure | 2 | 0.0% | S100YIA4 |
| Free cash flow | 963 | 18.3% | 算出 |
| Investing cash flow | -553 | -10.5% | S100YIA4 |
| Financing cash flow | -158 | -3.0% | S100YIA4 |
| Share buyback | 233 | 4.4% | S100YIA4 |
| Change in cash | 254 | 4.8% | S100YIA4 |
| Cash and equivalents | 2,163 | 41.1% | S100YIA4 |

## 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 | 1,718 | 1,745 | 1,656 | 1,908 | 2,163 | S100TR50, S100W265, S100YIA4 |
| Total assets | 2,569 | 2,970 | 3,241 | 3,666 | 4,961 | S100QZ7A, S100TR50, S100W265, S100YIA4 |
| Net assets | 1,486 | 2,190 | 2,545 | 2,479 | 3,152 | S100TR50, S100W265, S100YIA4 |
| Share capital | 224 | 226 | 238 | 238 | 239 | S100QZ7A, S100TR50, S100W265, S100YIA4 |
| Property, plant and equipment | 136 | 123 | 68 | 348 | 307 | S100QZ7A, S100TR50, S100W265, S100YIA4 |
| Intangible assets excluding goodwill | 3 | 0 | 0 | — | — | S100QZ7A, S100TR50, S100W265 |
| Investment securities | 56 | 68 | 62 | 89 | 567 | S100QZ7A, S100TR50, S100W265, S100YIA4 |
| Current assets | 2,167 | 2,568 | 2,582 | 2,813 | 3,616 | S100QZ7A, S100TR50, S100W265, S100YIA4 |
| Current liabilities | 1,017 | 779 | 696 | 788 | 1,525 | S100QZ7A, S100TR50, S100W265, S100YIA4 |
| Long-term borrowings | 67 | — | — | 399 | 285 | S100QZ7A, S100YIA4 |
| Total liabilities | 1,083 | 779 | 696 | 1,187 | 1,810 | S100QZ7A, S100TR50, S100W265, S100YIA4 |
| Non-controlling interests | 165 | 405 | 338 | 313 | 400 | S100QZ7A, S100TR50, S100W265, S100YIA4 |
| Equity attributable to owners of parent | 1,318 | 1,764 | 2,174 | 2,164 | 2,752 | S100QZ7A, S100TR50, S100W265, S100YIA4 |
| Retained earnings | 869 | 1,312 | 1,698 | 2,052 | 2,472 | S100QZ7A, S100TR50, S100W265, S100YIA4 |
| Treasury stock | -0 | -1 | -1 | -364 | -200 | S100QZ7A, S100TR50, S100W265, S100YIA4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 44% | S100YIA4 |
| Property, plant and equipment | 6% | S100YIA4 |
| Investment securities | 11% | S100YIA4 |
| Other assets | 39% | S100YIA4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100YIA4 |
| Equity | 64% | S100YIA4 |
| Other liabilities | 0% | S100YIA4 |

### 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 | 2,569 | 2,970 | 3,241 | 3,666 | 4,961 |
| Equity | 1,486 | 2,190 | 2,545 | 2,479 | 3,152 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,718 | 1,745 | 1,656 | 1,908 | 2,163 |

## 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) | 5.8% | S100YIA4 |
| Fixed assets ÷ total assets | 6.2% | S100YIA4 |
| Goodwill ÷ parent equity | — | —, S100YIA4 |

### 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) | 43.6% |
| Cash ÷ revenue | 41.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 86.2% |
| Cash vs. profit gap | 148 JPY mn (of net income 18.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 57.2% |

## 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 | 16.3% | 0.91× | 14.9% | 1.95× | 29.0% | S100QZ7A |
| 2023 | 14.8% | 1.08× | 16.0% | 1.80× | 28.7% | S100TR50 |
| 2024 | 11.3% | 1.10× | 12.4% | 1.58× | 19.6% | S100W265 |
| 2025 | 9.6% | 1.07× | 10.2% | 1.59× | 16.3% | S100YIA4 |
| 2026 | 15.5% | 1.22× | 18.9% | 1.76× | 33.2% | S100YIA4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 志水 雄一郎 | Major shareholder | 9.8% | 2026-03-31 |
| 日本交通株式会社 | Major shareholder | 7.7% | 2026-03-31 |
| ベル投資事業有限責任組合１ | Major shareholder | 5.5% | 2026-03-31 |
| 吉川 徹 | Major shareholder | 5.1% | 2026-03-31 |
| スパークス・グループ株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 福岡地所株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| エムスリー株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 2.2% | 2026-03-31 |
| 松井証券株式会社 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2025/04/01－2026/03/31) | S100YIA4 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIA4,, |
| 有価証券報告書－第9期(2024/04/01－2025/03/31) | S100W265 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W265,, |
| 有価証券報告書－第8期(2023/04/01－2024/03/31) | S100TR50 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR50,, |
| 有価証券報告書－第7期(2022/04/01－2023/03/31) | S100QZ7A | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ7A,, |
| 訂正有価証券報告書－第6期(2021/04/01－2022/03/31) | S100Q8MR | 2023-02-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q8MR,, |
| 有価証券報告書－第5期(令和2年4月1日－令和3年3月31日) | S100LKIF | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKIF,, |

## 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).