# GAKUJO CO.,Ltd.: business model and financials

> Latest period: FY ending Oct 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第48期(2024/11/01－2025/10/31) (S100XGG2)
> Page: https://vizora.meequs.com/en/company/gakujo
> Retrieved: 2026-09-30T22:40:42.047Z

## Company

Gakujo, founded in 1977, is a company in HR & Staffing listed on TSE Prime. It has 392 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GAKUJO CO.,Ltd. |
| Ticker | 2301 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2301.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区銀座六丁目10番1号 |
| Representative (per filing) | 代表取締役社長 中井 大志 |
| Founded | Nov 1977 |
| Share capital | ¥1.5B |
| Employees (consolidated) | 392 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | October |
| Website | company.gakujo.ne.jp (https://company.gakujo.ne.jp/) |
| Corporate number | 3120001047728 |
| EDINET | E05286 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100XGG2, filed 2026-01-22). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.6 | 68 |
| Profitability | 85.8 | 88 |
| Cash conversion | 35.6 | 80 |
| Efficiency | 7.4 | 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)

- Gakujo brought in ¥11B in revenue.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +2.7% from the prior year, operating profit -12.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥11019177000 → ¥1892164000
- Net income → operating cash flow: ¥1892164000 → ¥1898587000（difference ¥6423000）
- Main uses of operating cash flow: CapEx ¥471026000 / dividends ¥975458000 / buybacks ¥535713000
- Change in cash: ¥755866000
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 | ¥11B |  |
| Operating income | ¥2.33B | Margin 21.2% |
| Net income | ¥1.89B | Margin 17.2% |
| Free cash flow | ¥1.43B |  |
| Employees (consolidated) | 392 |  |
| EPS | ¥139.97 |  |
| Diluted EPS | ¥139.76 |  |
| Book value per share | ¥1107.33 |  |
| Equity ratio | 86.9% |  |
| Shares outstanding | 15,560,000 |  |
| Treasury shares | 2,139,100 |  |
| Shareholders | 8,284 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 27.4% | Cash ÷ revenue 42.5% |
| Vs. industry median margin | +12.6 pp | HR & Staffing |
| ROE | 12.9% | Derived from disclosed figures |
| ROA | 11.2% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5720004000 | ¥11019177000 | +92.6% |
| Operating income | ¥1188411000 | ¥2332961000 | +96.3% |
| Operating margin | 20.8% | 21.2% | +0.4 pp |
| Employees | 266 people | 392 people | +47.4% |
| Cash and equivalents | ¥2589478000 | ¥4685197000 | +80.9% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,019 | 100.0% | S100XGG2 |
| Cost of revenue | 3,835 | 34.8% | S100XGG2 |
| Gross profit | 7,184 | 65.2% | S100XGG2 |
| SG&A | 4,851 | 44.0% | S100XGG2 |
| Operating income | 2,333 | 21.2% | S100XGG2 |
| Ordinary income | 2,654 | 24.1% | S100XGG2 |
| Pretax income | 2,654 | 24.1% | S100XGG2 |
| Income tax | 762 | 6.9% | S100XGG2 |
| Net income | 1,892 | 17.2% | S100XGG2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 35 |
| SG&A | 44 |
| Operating income | 21 |
| (Ref.) Net income | 17 |

### Margin funnel

Gross margin 65.2% → Operating margin 21.2% → Net margin 17.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.7%; Core profit growth: -12.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -4.53×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,731 | 11,019 | 288 | +2.7% |
| Gross profit | 7,124 | 7,184 | 60 | +0.8% |
| Operating income | 2,657 | 2,333 | -324 | -12.2% |
| Operating cash flow | 1,634 | 1,899 | 265 | +16.2% |
| Free cash flow | 939 | 1,428 | 489 | +52.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 7,028 | 1,938 | 27.6% | 1,403 | 1,389 | 1,251 | S100KK7A |
| FY ending Oct 2020 | 5,720 | 1,188 | 20.8% | 927 | 706 | 585 | S100NAOT |
| FY ending Oct 2021 | 6,222 | 1,819 | 29.2% | 1,383 | 1,688 | 1,568 | S100Q1PM |
| FY ending Oct 2022 | 6,773 | 1,622 | 23.9% | 1,397 | 1,487 | 1,359 | S100SQTA |
| FY ending Oct 2023 | 8,785 | 2,310 | 26.3% | 1,753 | 2,277 | 2,037 | S100V5KQ |
| FY ending Oct 2024 | 10,731 | 2,657 | 24.8% | 2,230 | 1,634 | 939 | S100XGG2 |
| FY ending Oct 2025 | 11,019 | 2,333 | 21.2% | 1,892 | 1,899 | 1,428 | S100XGG2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.1M |
| Operating income per employee (consolidated) | ¥6M |
| Net income per employee (consolidated) | ¥4.8M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 249 | 276 | 324 | 350 | 392 |
| Average salary (parent company) | ¥5.2M | ¥5.4M | ¥5.4M | ¥5.6M | ¥5.9M |
| Average age (parent company) | 32.0 years | 31.0 years | 30.0 years | 31.0 years | 30.0 years |
| Average tenure (parent company) | 8.0 years | 7.0 years | 6.0 years | 6.0 years | 6.0 years |

Year over year: Employees (consolidated) +12.0% · Revenue (consolidated) +2.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,899 | 17.2% | S100XGG2 |
| Capital expenditure | 471 | 4.3% | S100XGG2 |
| Free cash flow | 1,428 | 13.0% | 算出 |
| Investing cash flow | 368 | 3.3% | S100XGG2 |
| Financing cash flow | -1,511 | -13.7% | S100XGG2 |
| Dividends paid | 975 | 8.9% | S100XGG2 |
| Share buyback | 536 | 4.9% | S100XGG2 |
| Change in cash | 756 | 6.9% | S100XGG2 |
| Cash and equivalents | 4,685 | 42.5% | S100XGG2 |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,194 | 2,463 | 3,383 | 3,929 | 4,685 | S100SQTA, S100V5KQ, S100XGG2 |
| Total assets | 13,434 | 13,811 | 15,606 | 16,740 | 17,106 | S100Q1PM, S100SQTA, S100V5KQ, S100XGG2 |
| Net assets | 11,913 | 12,232 | 13,265 | 14,478 | 14,879 | S100SQTA, S100V5KQ, S100XGG2 |
| Share capital | 1,500 | 1,500 | 1,500 | 1,500 | 1,500 | S100Q1PM, S100SQTA, S100V5KQ, S100XGG2 |
| Property, plant and equipment | 846 | 840 | 848 | 1,051 | 1,089 | S100Q1PM, S100SQTA, S100V5KQ, S100XGG2 |
| Intangible assets excluding goodwill | 291 | 314 | 486 | 713 | 1,018 | S100Q1PM, S100SQTA, S100V5KQ, S100XGG2 |
| Investment securities | 4,294 | 5,902 | 5,927 | 4,790 | 4,632 | S100Q1PM, S100SQTA, S100V5KQ, S100XGG2 |
| Current assets | 7,592 | 6,217 | 6,627 | 8,534 | 8,668 | S100Q1PM, S100SQTA, S100V5KQ, S100XGG2 |
| Current liabilities | 1,285 | 1,342 | 2,104 | 2,030 | 1,966 | S100Q1PM, S100SQTA, S100V5KQ, S100XGG2 |
| Total liabilities | 1,521 | 1,578 | 2,341 | 2,262 | 2,227 | S100Q1PM, S100SQTA, S100V5KQ, S100XGG2 |
| Equity attributable to owners of parent | 11,687 | 12,305 | 13,428 | 14,439 | 14,887 | S100Q1PM, S100SQTA, S100V5KQ, S100XGG2 |
| Retained earnings | 8,443 | 9,290 | 10,360 | 11,854 | 12,770 | S100Q1PM, S100SQTA, S100V5KQ, S100XGG2 |
| Treasury stock | -1,611 | -1,838 | -1,795 | -2,294 | -2,783 | S100Q1PM, S100SQTA, S100V5KQ, S100XGG2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100XGG2 |
| Property, plant and equipment | 6% | S100XGG2 |
| Intangibles and goodwill | 6% | S100XGG2 |
| Investment securities | 27% | S100XGG2 |
| Other assets | 33% | S100XGG2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 13% | S100XGG2 |
| Equity | 87% | S100XGG2 |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 13,434 | 13,811 | 15,606 | 16,740 | 17,106 |
| Equity | 11,913 | 12,232 | 13,265 | 14,478 | 14,879 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,194 | 2,463 | 3,383 | 3,929 | 4,685 |

## 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) | 9.9% | S100XGG2 |
| Fixed assets ÷ total assets | 6.4% | S100XGG2 |
| Goodwill ÷ parent equity | — | —, S100XGG2 |

### 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) | 27.4% |
| Cash ÷ revenue | 42.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 81.4% |
| Cash vs. profit gap | 6 JPY mn (of net income 0.3%) |
| Shareholder returns / net income | 79.9% |
| Shareholder returns / FCF | 105.9% |
| Shareholder payments — dividends / net income | 51.6% |
| Shareholder payments — dividends / FCF | 68.3% |
| CapEx intensity (capex ÷ revenue) | 4.3% |
| Investing CF relative to operating CF | 19.4% |

## 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 | 22.2% | 0.46× | 10.3% | 1.15× | 11.8% | S100Q1PM |
| 2022 | 20.6% | 0.50× | 10.3% | 1.14× | 11.6% | S100SQTA |
| 2023 | 20.0% | 0.60× | 11.9% | 1.14× | 13.6% | S100V5KQ |
| 2024 | 20.8% | 0.66× | 13.8% | 1.16× | 16.0% | S100XGG2 |
| 2025 | 17.2% | 0.65× | 11.2% | 1.15× | 12.9% | S100XGG2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社アンビシャス | Major shareholder | 16.8% | 2025-10-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.6% | 2025-10-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.0% | 2025-10-31 |
| 株式会社朝日新聞社 | Major shareholder | 5.8% | 2025-10-31 |
| 株式会社朝日学生新聞社 | Major shareholder | 5.8% | 2025-10-31 |
| 中井 大志 | Major shareholder | 3.3% | 2025-10-31 |
| 学情社員持株会 | Major shareholder | 3.2% | 2025-10-31 |
| ＧＯＬＤＭＡＮ，ＳＡＣＨＳ ＆ ＣＯ．ＲＥＧ （常任代理人ゴールドマン・サックス証券株式会社） | Major shareholder | 2.7% | 2025-10-31 |
| ＪＰＬＬＣ ＣＬＩＥＮＴ ＡＳＳＥＴ Ｓ－ＳＫ Ｊ （常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.2% | 2025-10-31 |
| ＣＡＣＥＩＳ ＢＡＮＫ， ＬＵＸＥＭＢＯＵＲＧ ＢＲＡＮＣＨ／ ＵＣＩＴＳ － ＦＵＬＬ ＴＡＸ （常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.9% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第48期(2024/11/01－2025/10/31) | S100XGG2 | 2026-01-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XGG2,, |
| 有価証券報告書－第47期(2023/11/01－2024/10/31) | S100V5KQ | 2025-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5KQ,, |
| 訂正有価証券報告書－第46期(2022/11/01－2023/10/31) | S100SQTA | 2024-02-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SQTA,, |
| 有価証券報告書－第45期(2021/11/01－2022/10/31) | S100Q1PM | 2023-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q1PM,, |
| 有価証券報告書－第44期(令和2年11月1日－令和3年10月31日) | S100NAOT | 2022-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NAOT,, |
| 有価証券報告書－第43期(令和1年11月1日－令和2年10月31日) | S100KK7A | 2021-01-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KK7A,, |

## 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).