# HIP CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第31期(2025/04/01－2026/03/31) (S100YEJ2)
> Page: https://vizora.meequs.com/en/company/hip
> Retrieved: 2026-09-30T21:06:49.661Z

## Company

HIP is a company in HR & Staffing listed on TSE Standard. It has 855 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HIP CORPORATION |
| Ticker | 2136 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2136.T) |
| Listing | TSE Standard |
| Head office | 神奈川県横浜市西区楠町8番地8 |
| Representative (per filing) | 代表取締役社長 田中 伸明 |
| Share capital | ¥377.5M |
| Employees (consolidated) | 855 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | March |
| Website | www.hip-pro.co.jp (https://www.hip-pro.co.jp/) |
| Corporate number | 9020001015813 |
| EDINET | E05657 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100YEJ2, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 18.4 | 68 |
| Profitability | 55.1 | 88 |
| Cash conversion | 39.4 | 80 |
| Efficiency | 29 | 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)

- HIP brought in ¥6.19B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +3.8% from the prior year, operating profit +1.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥6193609000 → ¥432752000
- Net income → operating cash flow: ¥432752000 → ¥483352000（difference ¥50600000）
- Main uses of operating cash flow: CapEx ¥3825000 / dividends ¥209136000 / buybacks ¥126639000
- Change in cash: ¥-856249000
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 | ¥6.19B |  |
| Operating income | ¥572.9M | Margin 9.3% |
| Net income | ¥432.8M | Margin 7.0% |
| Free cash flow | ¥479.5M |  |
| Employees (consolidated) | 855 |  |
| EPS | ¥112.03 |  |
| Book value per share | ¥1071.41 |  |
| Equity ratio | 71.5% |  |
| Shares outstanding | 3,975,300 |  |
| Treasury shares | 170,100 |  |
| Shareholders | 2,799 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 45.2% | Cash ÷ revenue 41.6% |
| Vs. industry median margin | +0.6 pp | HR & Staffing |
| ROE | 10.7% | Derived from disclosed figures |
| ROA | 7.5% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 45% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5006217000 | ¥6193609000 | +23.7% |
| Operating income | ¥258082000 | ¥572918000 | +122.0% |
| Operating margin | 5.2% | 9.3% | +4.1 pp |
| Employees | 825 people | 855 people | +3.6% |
| Cash and equivalents | ¥2816854000 | ¥2576749000 | -8.5% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,194 | 100.0% | S100YEJ2 |
| Cost of revenue | 4,823 | 77.9% | S100YEJ2 |
| Gross profit | 1,371 | 22.1% | S100YEJ2 |
| SG&A | 798 | 12.9% | S100YEJ2 |
| Operating income | 573 | 9.3% | S100YEJ2 |
| Ordinary income | 580 | 9.4% | S100YEJ2 |
| Pretax income | 580 | 9.4% | S100YEJ2 |
| Income tax | 147 | 2.4% | S100YEJ2 |
| Net income | 433 | 7.0% | S100YEJ2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 13 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 22.1% → Operating margin 9.3% → Net margin 7.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.8%; Core profit growth: +1.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.36×
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 | 5,969 | 6,194 | 224 | +3.8% |
| Gross profit | 1,335 | 1,371 | 36 | +2.7% |
| Operating income | 565 | 573 | 8 | +1.4% |
| Operating cash flow | 218 | 483 | 266 | +122.2% |
| Free cash flow | 172 | 480 | 307 | +178.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,438 | 560 | 10.3% | 380 | 368 | 364 | S100LUXJ |
| FY ending Mar 2021 | 5,006 | 258 | 5.2% | 364 | 367 | 320 | S100OL9N |
| FY ending Mar 2022 | 5,189 | 454 | 8.7% | 404 | 560 | 551 | S100R9N0 |
| FY ending Mar 2023 | 5,475 | 578 | 10.6% | 402 | 345 | 340 | S100TV2D |
| FY ending Mar 2024 | 5,660 | 554 | 9.8% | 389 | 549 | 543 | S100W5IJ |
| FY ending Mar 2025 | 5,969 | 565 | 9.5% | 414 | 218 | 172 | S100YEJ2 |
| FY ending Mar 2026 | 6,194 | 573 | 9.3% | 433 | 483 | 480 | S100YEJ2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥7.2M |
| Operating income per employee (consolidated) | ¥670.1K |
| Net income per employee (consolidated) | ¥506.1K |

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) | 798 | 804 | 819 | 844 | 855 |
| Average salary (parent company) | ¥4.6M | ¥4.7M | ¥4.7M | ¥4.9M | ¥5.1M |
| Average age (parent company) | 38.0 years | 38.3 years | 38.3 years | 38.1 years | 38.4 years |
| Average tenure (parent company) | 10.6 years | 10.8 years | 10.9 years | 10.9 years | 11.2 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +3.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 483 | 7.8% | S100YEJ2 |
| Capital expenditure | 4 | 0.1% | S100YEJ2 |
| Free cash flow | 480 | 7.7% | 算出 |
| Investing cash flow | -604 | -9.7% | S100YEJ2 |
| Financing cash flow | -736 | -11.9% | S100YEJ2 |
| Dividends paid | 209 | 3.4% | S100YEJ2 |
| Share buyback | 127 | 2.0% | S100YEJ2 |
| Change in cash | -856 | -13.8% | S100YEJ2 |
| Cash and equivalents | 2,577 | 41.6% | S100YEJ2 |

## 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 | 3,249 | 3,419 | 3,756 | 3,433 | 2,577 | S100TV2D, S100W5IJ, S100YEJ2 |
| Total assets | 5,586 | 5,768 | 6,144 | 5,905 | 5,701 | S100R9N0, S100TV2D, S100W5IJ, S100YEJ2 |
| Net assets | 3,353 | 3,635 | 3,811 | 3,980 | 4,077 | S100TV2D, S100W5IJ, S100YEJ2 |
| Share capital | 378 | 378 | 378 | 378 | 378 | S100R9N0, S100TV2D, S100W5IJ, S100YEJ2 |
| Property, plant and equipment | 1,253 | 1,242 | 1,237 | 1,256 | 1,240 | S100R9N0, S100TV2D, S100W5IJ, S100YEJ2 |
| Intangible assets excluding goodwill | 26 | 19 | 13 | 6 | 2 | S100R9N0, S100TV2D, S100W5IJ, S100YEJ2 |
| Investment securities | 7 | 4 | — | — | 100 | S100R9N0, S100TV2D, S100YEJ2 |
| Current assets | 4,036 | 4,234 | 4,541 | 4,261 | 3,966 | S100R9N0, S100TV2D, S100W5IJ, S100YEJ2 |
| Current liabilities | 1,620 | 1,501 | 1,636 | 1,436 | 1,126 | S100R9N0, S100TV2D, S100W5IJ, S100YEJ2 |
| Short-term borrowings | 650 | 600 | 600 | 400 | — | S100R9N0, S100TV2D, S100W5IJ, S100YEJ2 |
| Total liabilities | 2,233 | 2,133 | 2,333 | 1,925 | 1,624 | S100R9N0, S100TV2D, S100W5IJ, S100YEJ2 |
| Equity attributable to owners of parent | 3,353 | 3,635 | 3,811 | 3,980 | 4,077 | S100R9N0, S100TV2D, S100W5IJ, S100YEJ2 |
| Retained earnings | 2,638 | 2,920 | 3,150 | 3,367 | 3,590 | S100R9N0, S100TV2D, S100W5IJ, S100YEJ2 |
| Treasury stock | -0 | -0 | -54 | -102 | -228 | S100R9N0, S100TV2D, S100W5IJ, S100YEJ2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100YEJ2 |
| Property, plant and equipment | 22% | S100YEJ2 |
| Intangibles and goodwill | 0% | S100YEJ2 |
| Investment securities | 2% | S100YEJ2 |
| Other assets | 31% | S100YEJ2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100YEJ2 |
| Equity | 72% | S100YEJ2 |

### 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 | 5,586 | 5,768 | 6,144 | 5,905 | 5,701 |
| Equity | 3,353 | 3,635 | 3,811 | 3,980 | 4,077 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,249 | 3,419 | 3,756 | 3,433 | 2,577 |

## 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) | 20.0% | S100YEJ2 |
| Fixed assets ÷ total assets | 21.7% | S100YEJ2 |
| Goodwill ÷ parent equity | — | —, S100YEJ2 |

### 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) | 45.2% |
| Cash ÷ revenue | 41.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 84.4% |
| Cash vs. profit gap | 51 JPY mn (of net income 11.7%) |
| Shareholder returns / net income | 77.6% |
| Shareholder returns / FCF | 70.0% |
| Shareholder payments — dividends / net income | 48.3% |
| Shareholder payments — dividends / FCF | 43.6% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 124.9% |

## 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 | 7.8% | 0.93× | 7.2% | 1.67× | 12.0% | S100R9N0 |
| 2023 | 7.3% | 0.96× | 7.1% | 1.62× | 11.5% | S100TV2D |
| 2024 | 6.9% | 0.95× | 6.5% | 1.60× | 10.4% | S100W5IJ |
| 2025 | 6.9% | 0.99× | 6.9% | 1.55× | 10.6% | S100YEJ2 |
| 2026 | 7.0% | 1.07× | 7.5% | 1.44× | 10.7% | S100YEJ2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ベストプランニング | Major shareholder | 35.6% | 2026-03-31 |
| ヒップ従業員持株会 | Major shareholder | 8.5% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社横浜銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.2% | 2026-03-31 |
| 田中 伸明 | Major shareholder | 1.2% | 2026-03-31 |
| 光通信株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ ＭＥＬＬＯＮ １４００４２ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2026-03-31 |
| 亀山 弓子 | Major shareholder | 1.0% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 0.9% | 2026-03-31 |
| 光１号配当特化投資事業有限責任組合 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第31期(2025/04/01－2026/03/31) | S100YEJ2 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEJ2,, |
| 有価証券報告書－第30期(2024/04/01－2025/03/31) | S100W5IJ | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5IJ,, |
| 有価証券報告書－第29期(2023/04/01－2024/03/31) | S100TV2D | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV2D,, |
| 有価証券報告書－第28期(2022/04/01－2023/03/31) | S100R9N0 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9N0,, |
| 有価証券報告書－第27期(令和3年4月1日－令和4年3月31日) | S100OL9N | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL9N,, |
| 有価証券報告書－第26期(令和2年4月1日－令和3年3月31日) | S100LUXJ | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUXJ,, |

## 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).