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

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第33期(2025/01/01－2025/12/31) (S100XTTU)
> Page: https://vizora.meequs.com/en/company/fullcast-holdings
> Retrieved: 2026-09-30T22:18:09.327Z

## Company

Fullcast Holdings, founded in 1990, is a company in HR & Staffing listed on TSE Prime. It has 1,515 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FULLCAST HOLDINGS CO., LTD. |
| Ticker | 4848 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4848.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区西五反田八丁目9番5号 |
| Representative (per filing) | 代表取締役社長CEO 平野岳史 |
| Founded | Sep 1990 |
| Share capital | ¥2.78B |
| Employees (consolidated) | 1,515 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | December |
| Website | www.fullcastholdings.co.jp (https://www.fullcastholdings.co.jp/) |
| Corporate number | 7010701024604 |
| EDINET | E05182 |
| Industries (Vizora) | HR & Staffing, Business Process Outsourcing, Restaurants & Pubs, Security Services |

> Profile source: annual securities report (S100XTTU, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 53.7 | 68 |
| Profitability | 61.9 | 88 |
| Cash conversion | 5.6 | 80 |
| Efficiency | 68.8 | 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 79% of Fullcast Holdings's sales come from Short-term operation support business, with Restaurant business and Sales support business making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +12.6% from the prior year, operating profit +10.9%.

## Company structure

- Segment revenue mix: Short-term operation support business 79.1%、Restaurant business 9.6%、Sales support business 6.5%、Security business and other 4.7%
- Revenue → net income: ¥77227000000 → ¥4881000000
- Net income → operating cash flow: ¥4881000000 → ¥1356000000（difference ¥-3525000000）
- Main uses of operating cash flow: CapEx ¥733000000 / dividends ¥2172000000 / buybacks ¥566000000
- Change in cash: ¥1490000000
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 | ¥77.2B |  |
| Operating income | ¥7.92B | Margin 10.2% |
| Net income | ¥4.78B | Margin 6.2% |
| Free cash flow | ¥623M |  |
| Largest business | Short-term operation support business | of segment revenue 79.1% |
| Employees (consolidated) | 1,515 |  |
| EPS | ¥234.23 |  |
| Diluted EPS | ¥233.09 |  |
| Book value per share | ¥766.75 |  |
| Equity ratio | 53.0% |  |
| Shares outstanding | 35,215,449 |  |
| Treasury shares | 294,000 |  |
| Shareholders | 19,779 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 36.4% | Cash ÷ revenue 27.2% |
| Vs. industry median margin | +1.6 pp | HR & Staffing |
| ROE | 16.4% | Derived from disclosed figures |
| ROA | 9.6% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 87% of positive segment profit
- FY2025, cash is 36% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥43226000000 | ¥77227000000 | +78.7% |
| Operating income | ¥6131000000 | ¥7915000000 | +29.1% |
| Operating margin | 14.2% | 10.2% | -3.9 pp |
| Employees | 1,174 people | 1,515 people | +29.0% |
| Cash and equivalents | ¥13309000000 | ¥21029000000 | +58.0% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 短期業務支援事業 → 短期業務支援事業 | 79.1% |
| 短期業務支援事業 → 事業再編・廃止 | 5.8% |
| 営業支援事業 → 営業支援事業 | 6.5% |
| 営業支援事業 → 事業再編・廃止 | 3.6% |
| 警備・その他事業 → 警備・その他事業 | 4.7% |
| 警備・その他事業 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 飲食事業 | 9.6% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Short-term operation support business | 5 years | +10.7% | ¥61097000000 | 13.9% | 2 |
| Restaurant business | 2 years | +29.0% | ¥7442000000 | 6.1% | 2 |
| Sales support business | 5 years | +2.9% | ¥5050000000 | 4.9% | 2 |
| Security business and other | 5 years | +11.1% | ¥3639000000 | 14.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 77,227 | 100.0% | S100XTTU |
| Cost of revenue | 50,783 | 65.8% | S100XTTU |
| Gross profit | 26,445 | 34.2% | S100XTTU |
| SG&A | 18,530 | 24.0% | S100XTTU |
| Operating income | 7,915 | 10.2% | S100XTTU |
| Ordinary income | 7,778 | 10.1% | S100XTTU |
| Pretax income | 7,883 | 10.2% | S100XTTU |
| Income tax | 3,002 | 3.9% | S100XTTU |
| Net income | 4,881 | 6.3% | S100XTTU |
| Net income attributable to owners | 4,784 | 6.2% | S100XTTU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 24 |
| Operating income | 10 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 34.2% → Operating margin 10.2% → Net margin 6.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.6%; Core profit growth: +10.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.86×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 68,556 | 77,227 | 8,671 | +12.6% |
| Gross profit | 24,517 | 26,445 | 1,928 | +7.9% |
| Operating income | 7,140 | 7,915 | 775 | +10.9% |
| Net income attributable to owners | 5,493 | 4,784 | -709 | -12.9% |
| Operating cash flow | 5,758 | 1,356 | -4,402 | -76.5% |
| Free cash flow | 5,078 | 623 | -4,455 | -87.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 44,479 | 7,224 | 16.2% | 4,644 | 5,408 | 4,974 | S100KZBV |
| FY ending Dec 2020 | 43,226 | 6,131 | 14.2% | 4,113 | 3,979 | 3,700 | S100NQ05 |
| FY ending Dec 2021 | 52,366 | 7,592 | 14.5% | 5,012 | 6,368 | 6,189 | S100QER1 |
| FY ending Dec 2022 | 64,645 | 9,823 | 15.2% | 6,622 | 6,796 | 6,512 | S100T2WC |
| FY ending Dec 2023 | 68,974 | 8,658 | 12.6% | 5,889 | 5,163 | 4,864 | S100VF8I |
| FY ending Dec 2024 | 68,556 | 7,140 | 10.4% | 5,493 | 5,758 | 5,078 | S100XTTU |
| FY ending Dec 2025 | 77,227 | 7,915 | 10.2% | 4,784 | 1,356 | 623 | S100XTTU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥51M |
| Operating income per employee (consolidated) | ¥5.2M |
| 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,244 | 1,279 | 1,568 | 1,178 | 1,515 |
| Average salary (parent company) | ¥5M | ¥5.2M | ¥5.3M | ¥5.5M | ¥5.7M |
| Average age (parent company) | 38.0 years | 38.7 years | 39.1 years | 39.9 years | 40.1 years |
| Average tenure (parent company) | 10.0 years | 10.0 years | 11.0 years | 11.0 years | 12.0 years |

Year over year: Employees (consolidated) +28.6% · Revenue (consolidated) +12.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Short-term operation support business | 61,097 | 79.1% | 8,469 | 13.9% |
| Sales support business | 5,050 | 6.5% | 247 | 4.9% |
| Restaurant business | 7,442 | 9.6% | 456 | 6.1% |
| Security business and other | 3,639 | 4.7% | 530 | 14.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Short-term operation support business | 79.1% | 87.3% | 8.2 | 13.9% |
| Sales support business | 6.5% | 2.5% | -4.0 | 4.9% |
| Restaurant business | 9.6% | 4.7% | -4.9 | 6.1% |
| Security business and other | 4.7% | 5.5% | 0.8 | 14.6% |

Segment → industry: Short-term operation support business → HR & Staffing / Sales support business → Business Process Outsourcing / Restaurant business → Restaurants & Pubs / Security business and other → Security Services

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,356 | 1.8% | S100XTTU |
| Capital expenditure | 733 | 0.9% | S100XTTU |
| Free cash flow | 623 | 0.8% | 算出 |
| Investing cash flow | -6,037 | -7.8% | S100XTTU |
| Financing cash flow | 6,159 | 8.0% | S100XTTU |
| Dividends paid | 2,172 | 2.8% | S100XTTU |
| Share buyback | 566 | 0.7% | S100XTTU |
| Change in cash | 1,490 | 1.9% | S100XTTU |
| Cash and equivalents | 21,029 | 27.2% | S100XTTU |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 17,410 | 20,626 | 14,468 | 17,531 | 21,029 | S100T2WC, S100VF8I, S100XTTU |
| Total assets | 29,484 | 35,604 | 38,977 | 41,468 | 57,830 | S100QER1, S100T2WC, S100VF8I, S100XTTU |
| Net assets | 20,579 | 24,928 | 26,785 | 28,869 | 32,654 | S100T2WC, S100VF8I, S100XTTU |
| Share capital | 2,780 | 2,780 | 2,780 | 2,780 | 2,780 | S100QER1, S100T2WC, S100VF8I, S100XTTU |
| Trade receivables | 7,090 | 8,986 | 8,416 | 7,657 | 10,094 | S100QER1, S100T2WC, S100VF8I, S100XTTU |
| Property, plant and equipment | 632 | 617 | 2,042 | 2,080 | 6,646 | S100QER1, S100T2WC, S100VF8I, S100XTTU |
| Intangible assets excluding goodwill | 940 | 1,699 | 7,950 | 7,436 | 10,212 | S100QER1, S100T2WC, S100VF8I, S100XTTU |
| Goodwill | 607 | 1,305 | 5,829 | 5,223 | 8,041 | S100QER1, S100T2WC, S100VF8I, S100XTTU |
| Investment securities | 2,014 | 2,111 | 2,324 | 2,740 | 2,777 | S100QER1, S100T2WC, S100VF8I, S100XTTU |
| Current assets | 24,815 | 29,967 | 24,849 | 27,468 | 34,806 | S100QER1, S100T2WC, S100VF8I, S100XTTU |
| Current liabilities | 7,961 | 9,659 | 9,793 | 10,191 | 21,703 | S100QER1, S100T2WC, S100VF8I, S100XTTU |
| Trade payables | 22 | 52 | 537 | 582 | 683 | S100QER1, S100T2WC, S100VF8I, S100XTTU |
| Short-term borrowings | 1,000 | 1,000 | 1,000 | 1,000 | 10,500 | S100QER1, S100T2WC, S100VF8I, S100XTTU |
| Long-term borrowings | — | — | — | — | 1,357 | S100XTTU |
| Total liabilities | 8,905 | 10,676 | 12,192 | 12,599 | 25,176 | S100QER1, S100T2WC, S100VF8I, S100XTTU |
| Non-controlling interests | 919 | 1,044 | 1,181 | — | 1,795 | S100QER1, S100T2WC, S100VF8I, S100XTTU |
| Equity attributable to owners of parent | 19,334 | 23,409 | 25,007 | 28,167 | 30,287 | S100QER1, S100T2WC, S100VF8I, S100XTTU |
| Retained earnings | 16,369 | 21,286 | 24,868 | 28,137 | 26,102 | S100QER1, S100T2WC, S100VF8I, S100XTTU |
| Treasury stock | -1,821 | -2,664 | -4,647 | -4,638 | -482 | S100QER1, S100T2WC, S100VF8I, S100XTTU |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 29,484 | 35,604 | 38,977 | 41,468 | 57,830 |
| Equity | 20,579 | 24,928 | 26,785 | 28,869 | 32,654 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 17,410 | 20,626 | 14,468 | 17,531 | 21,029 |

## 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) | 8.6% | S100XTTU |
| Fixed assets ÷ total assets | 11.5% | S100XTTU |
| Goodwill ÷ parent equity | 26.5% | S100XTTU |

Goodwill over 4 years: 607 → 8,041 JPY; total investing cash flow: -13,285 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) | 36.4% |
| Cash ÷ revenue | 27.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 17.1% |
| Cash vs. profit gap | -3,428 JPY mn (of net income -71.7%) |
| Shareholder returns / net income | 57.2% |
| Shareholder returns / FCF | 439.5% |
| Shareholder payments — dividends / net income | 45.4% |
| Shareholder payments — dividends / FCF | 348.6% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 445.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 9.6% | 1.78× | 17.0% | 1.52× | 25.9% | S100QER1 |
| 2022 | 10.2% | 1.99× | 20.3% | 1.52× | 31.0% | S100T2WC |
| 2023 | 8.5% | 1.85× | 15.8% | 1.54× | 24.3% | S100VF8I |
| 2024 | 8.0% | 1.70× | 13.7% | 1.51× | 20.7% | S100XTTU |
| 2025 | 6.2% | 1.56× | 9.6% | 1.70× | 16.4% | S100XTTU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ヒラノ・アソシエイツ | Major shareholder | 37.6% | 2025-12-31 |
| ＵＨ Ｐａｒｔｎｅｒｓ ２投資事業有限責任組合 | Major shareholder | 7.6% | 2025-12-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.9% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.0% | 2025-12-31 |
| ＵＨ Ｐａｒｔｎｅｒｓ ３投資事業有限責任組合 | Major shareholder | 2.6% | 2025-12-31 |
| 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 | 2.6% | 2025-12-31 |
| エスアイエル投資事業有限責任組合 | Major shareholder | 2.3% | 2025-12-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 1.2% | 2025-12-31 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ（常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 1.2% | 2025-12-31 |
| 大和証券株式会社 | Major shareholder | 1.2% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第33期(2025/01/01－2025/12/31) | S100XTTU | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTTU,, |
| 有価証券報告書－第32期(2024/01/01－2024/12/31) | S100VF8I | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VF8I,, |
| 有価証券報告書－第31期(2023/01/01－2023/12/31) | S100T2WC | 2024-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T2WC,, |
| 有価証券報告書－第30期(2022/01/01－2022/12/31) | S100QER1 | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QER1,, |
| 有価証券報告書－第29期(令和3年1月1日－令和3年12月31日) | S100NQ05 | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQ05,, |
| 有価証券報告書－第28期(令和2年1月1日－令和2年12月31日) | S100KZBV | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZBV,, |

## 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).