# Human Creation Holdings, Inc.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第9期(2024/10/01－2025/09/30) (S100XB82)
> Page: https://vizora.meequs.com/en/company/hch-ja
> Retrieved: 2026-09-30T21:00:23.853Z

## Company

Human Creation Holdings, founded in 2016, is a company in HR & Staffing listed on TSE Growth. It has 914 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Human Creation Holdings, Inc. |
| Ticker | 7361 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7361.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区霞が関三丁目2番1号 |
| Representative (per filing) | 代表取締役社長 富永 邦昭 |
| Founded | Oct 2016 |
| Share capital | ¥193.7M |
| Employees (consolidated) | 914 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | September |
| Website | hch-ja.co.jp (https://hch-ja.co.jp/) |
| Corporate number | 8010001178760 |
| EDINET | E36420 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100XB82, filed 2025-12-18). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62.5 | 68 |
| Profitability | 51.7 | 88 |
| Cash conversion | 79.4 | 80 |
| Efficiency | 81.3 | 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)

- Human Creation Holdings brought in ¥8.95B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +24.8% from the prior year, operating profit +23.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥8945582000 → ¥398482000
- Net income → operating cash flow: ¥398482000 → ¥1029615000（difference ¥631133000）
- Main uses of operating cash flow: CapEx ¥63487000 / dividends ¥84562000 / buybacks ¥220013000
- Change in cash: ¥414776000
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 | ¥8.95B |  |
| Operating income | ¥781.9M | Margin 8.7% |
| Net income | ¥398.5M | Margin 4.5% |
| Free cash flow | ¥966.1M |  |
| Employees (consolidated) | 914 |  |
| EPS | ¥94.55 |  |
| Diluted EPS | ¥94.51 |  |
| Book value per share | ¥230.66 |  |
| Equity ratio | 33.5% |  |
| Shares outstanding | 3,573,100 |  |
| Treasury shares | 479,900 |  |
| Shareholders | 1,832 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 31.5% | Cash ÷ revenue 15.8% |
| Vs. industry median margin | +0.1 pp | HR & Staffing |
| ROE | 27.8% | Derived from disclosed figures |
| ROA | 10.6% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 2.6× dividends
- FY2025, operating cash flow is 2.6× net income
- FY2025, cash is 32% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4565004000 | ¥8945582000 | +96.0% |
| Operating income | ¥303720000 | ¥781935000 | +157.5% |
| Operating margin | 6.7% | 8.7% | +2.1 pp |
| Employees | 764 people | 914 people | +19.6% |
| Cash and equivalents | ¥586016000 | ¥1417293000 | +141.9% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,946 | 100.0% | S100XB82 |
| Cost of revenue | 6,228 | 69.6% | S100XB82 |
| Gross profit | 2,717 | 30.4% | S100XB82 |
| SG&A | 1,935 | 21.6% | S100XB82 |
| Operating income | 782 | 8.7% | S100XB82 |
| Ordinary income | 773 | 8.6% | S100XB82 |
| Pretax income | 684 | 7.6% | S100XB82 |
| Income tax | 286 | 3.2% | S100XB82 |
| Net income | 398 | 4.5% | S100XB82 |
| Net income attributable to owners | 398 | 4.5% | S100XB82 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 22 |
| Operating income | 9 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 30.4% → Operating margin 8.7% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +24.8%; Core profit growth: +23.9%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.96×
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 | 7,166 | 8,946 | 1,780 | +24.8% |
| Gross profit | 2,079 | 2,717 | 639 | +30.7% |
| Operating income | 631 | 782 | 151 | +23.9% |
| Net income attributable to owners | 404 | 398 | -5 | -1.4% |
| Operating cash flow | 481 | 1,030 | 548 | +113.9% |
| Free cash flow | 474 | 966 | 492 | +103.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2020 | 4,565 | 304 | 6.7% | 210 | 339 | 320 | S100N2MB |
| FY ending Sep 2021 | 5,035 | 478 | 9.5% | 276 | 268 | 257 | S100PSV6 |
| FY ending Sep 2022 | 5,803 | 545 | 9.4% | 343 | 373 | 370 | S100SGYP |
| FY ending Sep 2023 | 6,487 | 698 | 10.8% | 438 | 723 | 705 | S100UYSM |
| FY ending Sep 2024 | 7,166 | 631 | 8.8% | 404 | 481 | 474 | S100XB82 |
| FY ending Sep 2025 | 8,946 | 782 | 8.7% | 398 | 1,030 | 966 | S100XB82 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥9.8M |
| Operating income per employee (consolidated) | ¥855.5K |
| Net income per employee (consolidated) | ¥436K |

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) | 777 | 805 | 815 | 854 | 914 |
| Average salary (parent company) | ¥6M | ¥5.2M | ¥5.7M | ¥5.2M | ¥6.5M |
| Average age (parent company) | 37.4 years | 39.0 years | 42.4 years | 43.3 years | 45.2 years |
| Average tenure (parent company) | 3.5 years | 4.7 years | 4.2 years | 3.9 years | 4.0 years |

Year over year: Employees (consolidated) +7.0% · Revenue (consolidated) +24.8%

## 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 | 1,030 | 11.5% | S100XB82 |
| Capital expenditure | 63 | 0.7% | S100XB82 |
| Free cash flow | 966 | 10.8% | 算出 |
| Investing cash flow | -896 | -10.0% | S100XB82 |
| Financing cash flow | 282 | 3.1% | S100XB82 |
| Dividends paid | 85 | 0.9% | S100XB82 |
| Share buyback | 220 | 2.5% | S100XB82 |
| Change in cash | 415 | 4.6% | S100XB82 |
| Cash and equivalents | 1,417 | 15.8% | S100XB82 |

## 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 | 846 | 673 | 1,020 | 1,003 | 1,417 | S100SGYP, S100UYSM, S100XB82 |
| Total assets | 2,192 | 2,536 | 2,963 | 3,043 | 4,496 | S100PSV6, S100SGYP, S100UYSM, S100XB82 |
| Net assets | 1,064 | 916 | 1,062 | 1,353 | 1,530 | S100SGYP, S100UYSM, S100XB82 |
| Share capital | 194 | 194 | 194 | 194 | 194 | S100PSV6, S100SGYP, S100UYSM, S100XB82 |
| Property, plant and equipment | 68 | 58 | 51 | 68 | 106 | S100PSV6, S100SGYP, S100UYSM, S100XB82 |
| Intangible assets excluding goodwill | 428 | 651 | 552 | 537 | 1,340 | S100PSV6, S100SGYP, S100UYSM, S100XB82 |
| Goodwill | 424 | 641 | 541 | 527 | 1,283 | S100PSV6, S100SGYP, S100UYSM, S100XB82 |
| Investment securities | — | — | 124 | 95 | 90 | S100UYSM, S100XB82 |
| Current assets | 1,501 | 1,588 | 1,968 | 1,992 | 2,527 | S100PSV6, S100SGYP, S100UYSM, S100XB82 |
| Current liabilities | 818 | 1,126 | 1,271 | 1,148 | 1,848 | S100PSV6, S100SGYP, S100UYSM, S100XB82 |
| Short-term borrowings | — | 100 | — | 25 | — | S100SGYP, S100XB82 |
| Long-term borrowings | 173 | 311 | 424 | 253 | 790 | S100PSV6, S100SGYP, S100UYSM, S100XB82 |
| Total liabilities | 1,128 | 1,620 | 1,901 | 1,690 | 2,965 | S100PSV6, S100SGYP, S100UYSM, S100XB82 |
| Equity attributable to owners of parent | 1,064 | 908 | 1,072 | 1,373 | 1,495 | S100PSV6, S100SGYP, S100UYSM, S100XB82 |
| Retained earnings | 767 | 1,016 | 1,368 | 1,689 | 1,718 | S100PSV6, S100SGYP, S100UYSM, S100XB82 |
| Treasury stock | -0 | -406 | -592 | -617 | -520 | S100PSV6, S100SGYP, S100UYSM, S100XB82 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100XB82 |
| Property, plant and equipment | 2% | S100XB82 |
| Intangibles and goodwill | 58% | S100XB82 |
| Investment securities | 2% | S100XB82 |
| Other assets | 6% | S100XB82 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 66% | S100XB82 |
| Equity | 34% | S100XB82 |
| Other liabilities | 0% | S100XB82 |

### 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 | 2,192 | 2,536 | 2,963 | 3,043 | 4,496 |
| Equity | 1,064 | 916 | 1,062 | 1,353 | 1,530 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 846 | 673 | 1,020 | 1,003 | 1,417 |

## 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) | 1.2% | S100XB82 |
| Fixed assets ÷ total assets | 2.4% | S100XB82 |
| Goodwill ÷ parent equity | 85.8% | S100XB82 |

Goodwill over 4 years: 424 → 1,283 JPY; total investing cash flow: -1,455 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) | 31.5% |
| Cash ÷ revenue | 15.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 131.7% |
| Cash vs. profit gap | 631 JPY mn (of net income 158.4%) |
| Shareholder returns / net income | 76.4% |
| Shareholder returns / FCF | 31.5% |
| Shareholder payments — dividends / net income | 21.2% |
| Shareholder payments — dividends / FCF | 8.8% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 87.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 5.5% | 2.30× | 12.6% | 2.06× | 25.9% | S100PSV6 |
| 2022 | 5.9% | 2.45× | 14.5% | 2.40× | 34.8% | S100SGYP |
| 2023 | 6.8% | 2.36× | 15.9% | 2.78× | 44.3% | S100UYSM |
| 2024 | 5.6% | 2.39× | 13.5% | 2.46× | 33.1% | S100XB82 |
| 2025 | 4.5% | 2.37× | 10.6% | 2.63× | 27.8% | S100XB82 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＨＣＨグループ従業員持株会 | Major shareholder | 8.0% | 2025-09-30 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.2% | 2025-09-30 |
| 日鉄ソリューションズ株式会社 | Major shareholder | 5.1% | 2025-09-30 |
| 富永 邦昭 | Major shareholder | 3.8% | 2025-09-30 |
| 株式会社アドバンスト・メディア | Major shareholder | 3.6% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.8% | 2025-09-30 |
| 川井 英明 | Major shareholder | 2.1% | 2025-09-30 |
| ＧＬＯＢＡＬ ＥＳＧ ＳＴＲＡＴＥＧＹ （常任代理人 立花証券株式会社） | Major shareholder | 1.9% | 2025-09-30 |
| 加藤 幹正 | Major shareholder | 1.8% | 2025-09-30 |
| ヨシダ トモヒロ | Major shareholder | 1.4% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第9期(2024/10/01－2025/09/30) | S100XB82 | 2025-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XB82,, |
| 有価証券報告書－第8期(2023/10/01－2024/09/30) | S100UYSM | 2024-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UYSM,, |
| 有価証券報告書－第7期(2022/10/01－2023/09/30) | S100SGYP | 2023-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SGYP,, |
| 有価証券報告書－第6期(令和3年10月1日－令和4年9月30日) | S100PSV6 | 2022-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PSV6,, |
| 有価証券報告書－第5期(令和2年10月1日－令和3年9月30日) | S100N2MB | 2021-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2MB,, |

## 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).