# GAKKYUSHA CO.,LTD.: 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51期(2025/04/01－2026/03/31) (S100YKPV)
> Page: https://vizora.meequs.com/en/company/gakkyusha
> Retrieved: 2026-09-30T18:31:20.896Z

## Company

Gakkyusha, founded in 1972, is a company in Internet Services & Apps listed on TSE Prime. It has 462 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GAKKYUSHA CO.,LTD. |
| Ticker | 9769 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9769.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区代々木一丁目12番8号 |
| Representative (per filing) | 取締役兼代表執行役社長COO 栗﨑篤史 |
| Founded | Sep 1972 |
| Share capital | ¥1.22B |
| Employees (consolidated) | 462 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | March |
| Website | www.gakkyusha.com (https://www.gakkyusha.com/) |
| Corporate number | 6012401003599 |
| EDINET | E04796 |
| Industries (Vizora) | Internet Services & Apps, Real Estate Development & Leasing, Education |

> Profile source: annual securities report (S100YKPV, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Education (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21.2 | 26 |
| Profitability | 91.7 | 30 |
| Cash conversion | 26.8 | 28 |
| Efficiency | 38.3 | 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 95% of Gakkyusha's sales come from Education, with Other and Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥22 is left as operating profit.
- Revenue changed -1.7% from the prior year, operating profit +10.8%.

## Company structure

- Segment revenue mix: Education 95.0%、Other 4.4%、Real estate business 0.6%
- Revenue → net income: ¥13069103000 → ¥1848568000
- Net income → operating cash flow: ¥1848568000 → ¥2448834000（difference ¥600266000）
- Main uses of operating cash flow: CapEx ¥239303000 / dividends ¥1029141000 / buybacks —
- Change in cash: ¥274563000
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 | ¥13.1B |  |
| Operating income | ¥2.9B | Margin 22.2% |
| Net income | ¥1.85B | Margin 14.1% |
| Free cash flow | ¥2.21B |  |
| Largest business | Education | of segment revenue 95.0% |
| Employees (consolidated) | 462 |  |
| EPS | ¥169.27 |  |
| Book value per share | ¥746.83 |  |
| Equity ratio | 65.0% |  |
| Shares outstanding | 10,968,356 |  |
| Treasury shares | 100,100 |  |
| Shareholders | 17,153 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 27.2% | Cash ÷ revenue 26.2% |
| Vs. industry median margin | +14.9 pp | Education |
| ROE | 23.8% | Derived from disclosed figures |
| ROA | 15.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 95% of positive segment profit
- FY2026, employees -7% while operating income rose 11%
- FY2026, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11289573000 | ¥13069103000 | +15.8% |
| Operating income | ¥1861545000 | ¥2904030000 | +56.0% |
| Operating margin | 16.5% | 22.2% | +5.7 pp |
| Employees | 550 people | 462 people | -16.0% |
| Cash and equivalents | ¥1982034000 | ¥3417825000 | +72.4% |

### 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 |
| --- | ---: |
| 教育事業 → 教育事業 | 95.0% |
| 教育事業 → 事業再編・廃止 | 0.2% |
| 不動産事業 → 不動産事業 | 0.6% |
| 不動産事業 → 事業再編・廃止 | 0.2% |
| その他 → その他 | 4.0% |
| 新設・再編 → その他 | 0.4% |

Segment revenue source references: 6 (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 | +2.9% | ¥12414319000 | 22.1% | 2 |
| Other | 5 years | +5.0% | ¥580451000 | 12.7% | 2 |
| Real estate business | 5 years | -3.3% | ¥74331000 | 107.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,069 | 100.0% | S100YKPV |
| Cost of revenue | 8,045 | 61.6% | S100YKPV |
| Gross profit | 5,024 | 38.4% | S100YKPV |
| SG&A | 2,120 | 16.2% | S100YKPV |
| Operating income | 2,904 | 22.2% | S100YKPV |
| Ordinary income | 3,005 | 23.0% | S100YKPV |
| Pretax income | 2,716 | 20.8% | S100YKPV |
| Income tax | 867 | 6.6% | S100YKPV |
| Net income | 1,849 | 14.1% | S100YKPV |
| Net income attributable to owners | 1,849 | 14.1% | S100YKPV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 16 |
| Operating income | 22 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 38.4% → Operating margin 22.2% → Net margin 14.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.7%; Core profit growth: +10.8%
Operating leverage (core profit growth ÷ revenue growth): -6.49×
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 | 13,290 | 13,069 | -221 | -1.7% |
| Gross profit | 4,737 | 5,024 | 287 | +6.1% |
| Operating income | 2,621 | 2,904 | 283 | +10.8% |
| Net income attributable to owners | 1,863 | 1,849 | -14 | -0.8% |
| Operating cash flow | 2,246 | 2,449 | 203 | +9.0% |
| Free cash flow | 1,679 | 2,210 | 531 | +31.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 10,921 | 1,486 | 13.6% | 937 | 1,333 | 100 | S100LUT3 |
| FY ending Mar 2021 | 11,290 | 1,862 | 16.5% | 1,109 | 1,906 | 1,211 | S100OLB2 |
| FY ending Mar 2022 | 12,378 | 2,326 | 18.8% | 1,510 | 1,929 | 1,315 | S100R8K4 |
| FY ending Mar 2023 | 12,986 | 2,761 | 21.3% | 1,881 | 2,606 | 1,759 | S100TVBO |
| FY ending Mar 2024 | 13,198 | 2,695 | 20.4% | 1,828 | 2,199 | 1,897 | S100W7ZY |
| FY ending Mar 2025 | 13,290 | 2,621 | 19.7% | 1,863 | 2,246 | 1,679 | S100YKPV |
| FY ending Mar 2026 | 13,069 | 2,904 | 22.2% | 1,849 | 2,449 | 2,210 | S100YKPV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.3M |
| Operating income per employee (consolidated) | ¥6.3M |
| Net income per employee (consolidated) | ¥4M |

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) | 550 | 542 | 535 | 499 | 462 |
| Average salary (parent company) | ¥4.8M | ¥4.9M | ¥5.1M | ¥5M | ¥4.9M |
| Average age (parent company) | 38.0 years | 39.0 years | 38.7 years | 37.5 years | 36.4 years |
| Average tenure (parent company) | 8.0 years | 8.0 years | 8.9 years | 8.6 years | 8.0 years |

Year over year: Employees (consolidated) -7.4% · Revenue (consolidated) -1.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Education | 12,414 | 95.0% | 2,747 | 22.1% |
| Real estate business | 74 | 0.6% | 80 | 107.4% |
| Other | 580 | 4.4% | 74 | 12.7% |

### 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 | 95.0% | 94.7% | -0.3 | 22.1% |
| Real estate business | 0.6% | 2.8% | 2.2 | 107.4% |
| Other | 4.4% | 2.5% | -1.9 | 12.7% |

Segment → industry: Other → Internet Services & Apps / Real estate business → Real Estate Development & Leasing / Education → Education

## 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 | 2,449 | 18.7% | S100YKPV |
| Capital expenditure | 239 | 1.8% | S100YKPV |
| Free cash flow | 2,210 | 16.9% | 算出 |
| Investing cash flow | -909 | -7.0% | S100YKPV |
| Financing cash flow | -1,304 | -10.0% | S100YKPV |
| Dividends paid | 1,029 | 7.9% | S100YKPV |
| Change in cash | 275 | 2.1% | S100YKPV |
| Cash and equivalents | 3,418 | 26.2% | S100YKPV |

## 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 | 1,988 | 1,929 | 2,251 | 3,143 | 3,418 | S100TVBO, S100W7ZY, S100YKPV |
| Total assets | 9,891 | 10,679 | 10,909 | 12,157 | 12,566 | S100R8K4, S100TVBO, S100W7ZY, S100YKPV |
| Net assets | 4,936 | 5,796 | 6,491 | 7,338 | 8,174 | S100TVBO, S100W7ZY, S100YKPV |
| Share capital | 1,216 | 1,216 | 1,216 | 1,216 | 1,216 | S100R8K4, S100TVBO, S100W7ZY, S100YKPV |
| Property, plant and equipment | 5,330 | 6,121 | 6,002 | 6,510 | 6,069 | S100R8K4, S100TVBO, S100W7ZY, S100YKPV |
| Intangible assets excluding goodwill | 114 | 101 | 88 | 89 | 82 | S100R8K4, S100TVBO, S100W7ZY, S100YKPV |
| Goodwill | 67 | 41 | 30 | 20 | 10 | S100R8K4, S100TVBO, S100W7ZY, S100YKPV |
| Investment securities | — | — | — | 493 | 1,104 | S100YKPV |
| Current assets | 2,342 | 2,310 | 2,640 | 3,518 | 3,787 | S100R8K4, S100TVBO, S100W7ZY, S100YKPV |
| Current liabilities | 3,149 | 3,044 | 2,874 | 2,845 | 2,674 | S100R8K4, S100TVBO, S100W7ZY, S100YKPV |
| Short-term borrowings | 500 | — | — | — | — | S100R8K4 |
| Long-term borrowings | 1,673 | 1,459 | 1,310 | 1,162 | 1,013 | S100R8K4, S100TVBO, S100W7ZY, S100YKPV |
| Total liabilities | 4,955 | 4,883 | 4,418 | 4,819 | 4,392 | S100R8K4, S100TVBO, S100W7ZY, S100YKPV |
| Non-controlling interests | — | 3 | 3 | 3 | 3 | S100TVBO, S100W7ZY, S100YKPV |
| Equity attributable to owners of parent | 4,939 | 5,785 | 6,437 | 7,354 | 8,170 | S100R8K4, S100TVBO, S100W7ZY, S100YKPV |
| Retained earnings | 3,312 | 4,158 | 5,036 | 5,953 | 6,769 | S100R8K4, S100TVBO, S100W7ZY, S100YKPV |
| Treasury stock | — | — | -226 | -226 | -226 | S100W7ZY, S100YKPV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100YKPV |
| Property, plant and equipment | 48% | S100YKPV |
| Intangibles and goodwill | 1% | S100YKPV |
| Investment securities | 9% | S100YKPV |
| Other assets | 15% | S100YKPV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100YKPV |
| Equity | 65% | S100YKPV |

### 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 | 9,891 | 10,679 | 10,909 | 12,157 | 12,566 |
| Equity | 4,936 | 5,796 | 6,491 | 7,338 | 8,174 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,988 | 1,929 | 2,251 | 3,143 | 3,418 |

## 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) | 46.4% | S100YKPV |
| Fixed assets ÷ total assets | 48.3% | S100YKPV |
| Goodwill ÷ parent equity | 0.1% | S100YKPV |

Goodwill over 4 years: 67 → 10 JPY; total investing cash flow: -2,858 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) | 27.2% |
| Cash ÷ revenue | 26.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 84.3% |
| Cash vs. profit gap | 600 JPY mn (of net income 32.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 55.7% |
| Shareholder payments — dividends / FCF | 46.6% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 37.1% |

## 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 | 12.2% | 1.25× | 15.3% | 2.00× | 30.6% | S100R8K4 |
| 2023 | 14.5% | 1.26× | 18.3% | 1.92× | 35.1% | S100TVBO |
| 2024 | 13.8% | 1.22× | 16.9% | 1.77× | 29.9% | S100W7ZY |
| 2025 | 14.0% | 1.15× | 16.2% | 1.67× | 27.0% | S100YKPV |
| 2026 | 14.1% | 1.06× | 15.0% | 1.59× | 23.8% | S100YKPV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ケイエスケイケイ株式会社 | Major shareholder | 36.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行 株式会社(信託口) | Major shareholder | 8.6% | 2026-03-31 |
| 河端 真一 | Major shareholder | 1.9% | 2026-03-31 |
| BBH FOR FIDELITY LOW-PRICED STOCK FUND (PRINCIPAL ALL SECTOR SUBPORTFOLIO) （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.6% | 2026-03-31 |
| ヨシダ トモヒロ | Major shareholder | 1.5% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.0% | 2026-03-31 |
| SMBC日興証券株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505044（常任代理人 株式会社みずほ銀行） | Major shareholder | 0.7% | 2026-03-31 |
| 学究社役員持株会 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第51期(2025/04/01－2026/03/31) | S100YKPV | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKPV,, |
| 有価証券報告書－第50期(2024/04/01－2025/03/31) | S100W7ZY | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7ZY,, |
| 有価証券報告書－第49期(2023/04/01－2024/03/31) | S100TVBO | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVBO,, |
| 有価証券報告書－第48期(2022/04/01－2023/03/31) | S100R8K4 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8K4,, |
| 有価証券報告書－第47期(令和3年4月1日－令和4年3月31日) | S100OLB2 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLB2,, |
| 有価証券報告書－第46期(令和2年4月1日－令和3年3月31日) | S100LUT3 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUT3,, |

## 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).