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

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第80期(2024/10/01－2025/09/30) (S100XKOH)
> Page: https://vizora.meequs.com/en/company/gakken-holdings
> Retrieved: 2026-09-30T21:11:12.184Z

## Company

Gakken Holdings, founded in 1947, is a company in Publishing & Bookstores listed on TSE Prime. It has 10,120 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GAKKEN HOLDINGS CO., LTD. |
| Ticker | 9470 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9470.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区西五反田二丁目11番8号 |
| Representative (per filing) | 代表取締役社長 宮原博昭 |
| Founded | Mar 1947 |
| Share capital | ¥19.8B |
| Employees (consolidated) | 10,120 |
| Average salary (parent only) | ¥9.6M |
| Fiscal year end | September |
| Website | www.gakken.co.jp (https://www.gakken.co.jp/) |
| Corporate number | 7010701021114 |
| EDINET | E00707 |
| Industries (Vizora) | Publishing & Bookstores, Nursing Care, Education, Childcare |

> Profile source: annual securities report (S100XKOH, filed 2026-02-13). As of filing

## Five-axis industry profile

Primary industry: Education (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 51.9 | 26 |
| Profitability | 21.7 | 30 |
| Cash conversion | 44.6 | 28 |
| Efficiency | 78.3 | 30 |
| Financial strength | 16.7 | 3 |

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 48% of Gakken Holdings's sales come from Education, with Medical welfare and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +7.3% from the prior year, operating profit +19.7%.

## Company structure

- Segment revenue mix: Education 47.9%、Medical welfare 47.8%、Other 4.3%
- Revenue → net income: ¥199119000000 → ¥4736000000
- Net income → operating cash flow: ¥4736000000 → ¥7817000000（difference ¥3081000000）
- Main uses of operating cash flow: CapEx ¥3608000000 / dividends ¥1066000000 / buybacks ¥1006000000
- Change in cash: ¥2225000000
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 | ¥199.1B |  |
| Operating income | ¥8.24B | Margin 4.1% |
| Net income | ¥3.58B | Margin 1.8% |
| Free cash flow | ¥4.21B |  |
| Largest business | Education | of segment revenue 47.9% |
| Employees (consolidated) | 10,120 |  |
| EPS | ¥60.66 |  |
| Diluted EPS | ¥60.29 |  |
| Book value per share | ¥915.22 |  |
| Equity ratio | 36.9% |  |
| Shares outstanding | 44,633,232 |  |
| Treasury shares | 3,217,100 |  |
| Shareholders | 29,756 |  |
| Average salary (parent only) | ¥9.6M | Filing company only |
| Cash ratio | 15.1% | Net cash -¥7.81B · Cash ÷ revenue 10.5% |
| Vs. industry median margin | -1.3 pp | Publishing & Bookstores |
| ROE | 7.3% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.2× net income

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥143564000000 | ¥199119000000 | +38.7% |
| Operating income | ¥5075000000 | ¥8237000000 | +62.3% |
| Operating margin | 3.5% | 4.1% | +0.6 pp |
| Employees | 7,690 people | 10,120 people | +31.6% |
| Cash and equivalents | ¥24765000000 | ¥20994000000 | -15.2% |

### 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 |
| --- | ---: |
| 教育分野 → 教育分野 | 27.3% |
| 教育サービス事業 → 事業再編・廃止 | 11.6% |
| 医療福祉分野 → 医療福祉分野 | 21.5% |
| 教育コンテンツ事業 → 事業再編・廃止 | 9.4% |
| その他 → その他 | 1.9% |
| 教育ソリューション事業 → 事業再編・廃止 | 6.7% |
| 医療福祉サービス事業 → 事業再編・廃止 | 21.5% |
| 新設・再編 → 教育分野 | 20.6% |
| 新設・再編 → 医療福祉分野 | 26.3% |
| 新設・再編 → その他 | 2.4% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Education | 5 years | +4.3% | ¥95390000000 | 5.2% | 2 |
| Medical welfare | 5 years | +9.4% | ¥95088000000 | 4.5% | 2 |
| Other | 5 years | +9.9% | ¥8639000000 | 13.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 199,119 | 100.0% | S100XKOH |
| Cost of revenue | 144,166 | 72.4% | S100XKOH |
| Gross profit | 54,953 | 27.6% | S100XKOH |
| SG&A | 46,715 | 23.5% | S100XKOH |
| Operating income | 8,237 | 4.1% | S100XKOH |
| Ordinary income | 7,810 | 3.9% | S100XKOH |
| Pretax income | 8,784 | 4.4% | S100XKOH |
| Income tax | 4,047 | 2.0% | S100XKOH |
| Net income | 4,736 | 2.4% | S100XKOH |
| Net income attributable to owners | 3,578 | 1.8% | S100XKOH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 24 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 27.6% → Operating margin 4.1% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.3%; Core profit growth: +19.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.70×
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 | 185,566 | 199,119 | 13,553 | +7.3% |
| Gross profit | 49,897 | 54,953 | 5,056 | +10.1% |
| Operating income | 6,880 | 8,237 | 1,357 | +19.7% |
| Net income attributable to owners | 2,260 | 3,578 | 1,318 | +58.3% |
| Operating cash flow | 7,158 | 7,817 | 659 | +9.2% |
| Free cash flow | 3,203 | 4,209 | 1,006 | +31.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 140,559 | 4,523 | 3.2% | 1,940 | 5,353 | 1,964 | S100KVTQ |
| FY ending Sep 2020 | 143,564 | 5,075 | 3.5% | 2,321 | 5,971 | 2,467 | S100N4R0 |
| FY ending Sep 2021 | 150,288 | 6,239 | 4.2% | 2,617 | 4,441 | -281 | S100PV86 |
| FY ending Sep 2022 | 156,032 | 6,427 | 4.1% | 3,440 | 5,167 | 1,854 | S100SIWK |
| FY ending Sep 2023 | 164,116 | 6,170 | 3.8% | 3,194 | 5,459 | 3,262 | S100V9KF |
| FY ending Sep 2024 | 185,566 | 6,880 | 3.7% | 2,260 | 7,158 | 3,203 | S100XKOH |
| FY ending Sep 2025 | 199,119 | 8,237 | 4.1% | 3,578 | 7,817 | 4,209 | S100XKOH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.7M |
| Operating income per employee (consolidated) | ¥813.9K |
| Net income per employee (consolidated) | ¥353.6K |

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) | 7,995 | 8,341 | 9,490 | 9,593 | 10,120 |
| Average salary (parent company) | ¥8.2M | ¥9M | ¥9M | ¥9.6M | ¥9.6M |
| Average age (parent company) | 48.2 years | 47.8 years | 49.2 years | 50.6 years | 44.3 years |
| Average tenure (parent company) | 14.5 years | 16.4 years | 16.3 years | 15.4 years | 11.7 years |

Year over year: Employees (consolidated) +5.5% · Revenue (consolidated) +7.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Education | 95,390 | 47.9% | 4,958 | 5.2% |
| Medical welfare | 95,088 | 47.8% | 4,275 | 4.5% |
| Other | 8,639 | 4.3% | 1,200 | 13.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Education | 47.9% | 47.5% | -0.4 | 5.2% |
| Medical welfare | 47.8% | 41.0% | -6.8 | 4.5% |
| Other | 4.3% | 11.5% | 7.2 | 13.9% |

Segment → industry: Education → Publishing & Bookstores / Medical welfare → Nursing Care / Education → Education / Medical welfare → Childcare

## 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 | 7,817 | 3.9% | S100XKOH |
| Capital expenditure | 3,608 | 1.8% | S100XKOH |
| Free cash flow | 4,209 | 2.1% | 算出 |
| Investing cash flow | 392 | 0.2% | S100XKOH |
| Financing cash flow | -5,604 | -2.8% | S100XKOH |
| Dividends paid | 1,066 | 0.5% | S100XKOH |
| Share buyback | 1,006 | 0.5% | S100XKOH |
| Change in cash | 2,225 | 1.1% | S100XKOH |
| Cash and equivalents | 20,994 | 10.5% | S100XKOH |

## 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 | 18,920 | 21,672 | 19,093 | 18,768 | 20,994 | S100SIWK, S100V9KF, S100XKOH |
| Total assets | 116,900 | 123,682 | 136,328 | 130,714 | 139,194 | S100PV86, S100SIWK, S100V9KF, S100XKOH |
| Net assets | 47,413 | 48,888 | 55,034 | 53,653 | 59,471 | S100SIWK, S100V9KF, S100XKOH |
| Share capital | 19,817 | 19,817 | 19,817 | 19,817 | 19,817 | S100PV86, S100SIWK, S100V9KF, S100XKOH |
| Trade receivables | 19,895 | — | — | — | — | S100PV86 |
| Property, plant and equipment | 17,312 | 18,300 | 19,189 | 19,953 | 16,918 | S100PV86, S100SIWK, S100V9KF, S100XKOH |
| Intangible assets excluding goodwill | 10,132 | 8,910 | 10,943 | 13,314 | 19,738 | S100PV86, S100SIWK, S100V9KF, S100XKOH |
| Goodwill | 6,806 | 6,185 | 7,754 | 9,792 | 9,628 | S100PV86, S100SIWK, S100V9KF, S100XKOH |
| Investment securities | 21,204 | 23,115 | 27,640 | 17,574 | 15,410 | S100PV86, S100SIWK, S100V9KF, S100XKOH |
| Current assets | 56,554 | 61,700 | 62,620 | 63,112 | 70,038 | S100PV86, S100SIWK, S100V9KF, S100XKOH |
| Current liabilities | 39,177 | 39,838 | 44,550 | 43,187 | 40,384 | S100PV86, S100SIWK, S100V9KF, S100XKOH |
| Trade payables | 7,392 | 7,103 | 6,834 | 6,623 | 7,080 | S100PV86, S100SIWK, S100V9KF, S100XKOH |
| Short-term borrowings | 14,380 | 12,247 | 6,956 | 4,447 | 2,750 | S100PV86, S100SIWK, S100V9KF, S100XKOH |
| Long-term borrowings | 15,721 | 19,548 | 19,052 | 21,644 | 19,050 | S100PV86, S100SIWK, S100V9KF, S100XKOH |
| Bonds | 6,000 | 6,000 | 6,000 | — | 7,000 | S100PV86, S100SIWK, S100V9KF, S100XKOH |
| Interest-bearing debt | 36,101 | 37,795 | 32,008 | — | 28,800 | 算出 |
| Total liabilities | 69,486 | 74,793 | 81,294 | 77,061 | 79,722 | S100PV86, S100SIWK, S100V9KF, S100XKOH |
| Non-controlling interests | 176 | 193 | 2,056 | 1,980 | 7,880 | S100PV86, S100SIWK, S100V9KF, S100XKOH |
| Equity attributable to owners of parent | 44,238 | 47,025 | 49,306 | 48,348 | 49,273 | S100PV86, S100SIWK, S100V9KF, S100XKOH |
| Retained earnings | 13,033 | 15,313 | 17,433 | 18,615 | 21,127 | S100PV86, S100SIWK, S100V9KF, S100XKOH |
| Treasury stock | -920 | -439 | -315 | -2,187 | -3,029 | S100PV86, S100SIWK, S100V9KF, S100XKOH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100XKOH |
| Property, plant and equipment | 12% | S100XKOH |
| Intangibles and goodwill | 21% | S100XKOH |
| Investment securities | 11% | S100XKOH |
| Other assets | 41% | S100XKOH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100XKOH |
| Interest-bearing debt | 21% | 算出 |
| Other liabilities | 31% | S100XKOH |
| Equity | 43% | S100XKOH |
| Other liabilities | 0% | S100XKOH |

### 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 | 116,900 | 123,682 | 136,328 | 130,714 | 139,194 |
| Equity | 47,413 | 48,888 | 55,034 | 53,653 | 59,471 |
| Interest-bearing debt | 36,101 | 37,795 | 32,008 | — | 28,800 |
| Cash | 18,920 | 21,672 | 19,093 | 18,768 | 20,994 |

## 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) | 8.5% | S100XKOH |
| Fixed assets ÷ total assets | 12.2% | S100XKOH |
| Goodwill ÷ parent equity | 19.5% | S100XKOH |

Goodwill over 4 years: 6,806 → 9,628 JPY; total investing cash flow: -26,436 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) | 15.1% |
| Cash ÷ revenue | 10.5% |
| Net cash (cash − interest-bearing debt) | -¥7.81B |
| Net debt ÷ operating cash flow | 1.00× |
| Cash conversion (operating CF ÷ operating income) | 94.9% |
| Cash vs. profit gap | 4,239 JPY mn (of net income 118.5%) |
| Shareholder returns / net income | 57.9% |
| Shareholder returns / FCF | 49.2% |
| Shareholder payments — dividends / net income | 29.8% |
| Shareholder payments — dividends / FCF | 25.3% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 5.0% |

## 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 | 1.7% | 1.29× | 2.2% | 2.64× | 5.9% | S100PV86 |
| 2022 | 2.2% | 1.30× | 2.9% | 2.64× | 7.5% | S100SIWK |
| 2023 | 1.9% | 1.26× | 2.5% | 2.70× | 6.6% | S100V9KF |
| 2024 | 1.2% | 1.39× | 1.7% | 2.73× | 4.6% | S100XKOH |
| 2025 | 1.8% | 1.48× | 2.7% | 2.76× | 7.3% | S100XKOH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人古岡奨学会 | Major shareholder | 13.4% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.0% | 2025-09-30 |
| 学研従業員持株会 | Major shareholder | 2.9% | 2025-09-30 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/JANUS HENDERSON HORIZON FUND（常任代理人 香港上海銀行東京支店） | Major shareholder | 2.9% | 2025-09-30 |
| 株式会社三井住友銀行 | Major shareholder | 2.9% | 2025-09-30 |
| 株式会社河合楽器製作所 | Major shareholder | 2.4% | 2025-09-30 |
| 株式会社日本政策投資銀行 | Major shareholder | 2.3% | 2025-09-30 |
| 学研ビジネスパートナー持株会 | Major shareholder | 2.2% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2025-09-30 |
| 株式会社広済堂ホールディングス | Major shareholder | 1.7% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第80期(2024/10/01－2025/09/30) | S100XKOH | 2026-02-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XKOH,, |
| 訂正有価証券報告書－第79期(2023/10/01－2024/09/30) | S100V9KF | 2025-02-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V9KF,, |
| 有価証券報告書－第78期(2022/10/01－2023/09/30) | S100SIWK | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIWK,, |
| 有価証券報告書－第77期(令和3年10月1日－令和4年9月30日) | S100PV86 | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PV86,, |
| 有価証券報告書－第76期(令和2年10月1日－令和3年9月30日) | S100N4R0 | 2021-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4R0,, |
| 訂正有価証券報告書－第75期(令和1年10月1日－令和2年9月30日) | S100KVTQ | 2021-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KVTQ,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 河合楽器製作所 | Alliance | 業務提携（教室事業・シニア向け事業など。2026年2月に資本提携は解消し業務提携のみ継続） | S100YG4C |

## 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).