# HIRAYAMA HOLDINGS Co.,Ltd.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第60期(2025/07/01－2026/06/30) (S100Z44N)
> Page: https://vizora.meequs.com/en/company/hirayama-holdings
> Retrieved: 2026-09-30T19:14:50.707Z

## Company

Hirayama Holdings, founded in 1967, is a company in HR & Staffing listed on TSE Standard. It has 3,529 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HIRAYAMA HOLDINGS Co.,Ltd. |
| Ticker | 7781 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7781.T) |
| Listing | TSE Standard |
| Head office | 東京都港区港南一丁目8番40号 A-PLACE品川6階 |
| Representative (per filing) | 代表取締役社長 平山 善一 |
| Founded | May 1967 |
| Share capital | ¥571.9M |
| Employees (consolidated) | 3,529 |
| Average salary (parent only) | ¥10M |
| Fiscal year end | June |
| Website | www.hirayamastaff.co.jp (https://www.hirayamastaff.co.jp/) |
| Corporate number | 8010401098518 |
| EDINET | E31602 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100Z44N, filed 2026-09-25). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 46.3 | 68 |
| Profitability | 33.5 | 88 |
| Cash conversion | 25.6 | 80 |
| Efficiency | 90.3 | 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)

- About 81% of Hirayama Holdings's sales come from Insourcing Business, with Technology field and Overseas business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +4.4% from the prior year, operating profit +51.8%.

## Company structure

- Segment revenue mix: Insourcing Business 81.4%、Technology field 8.4%、Overseas business 6.5%、Other 3.7%
- Revenue → net income: ¥37815385000 → ¥1271214000
- Net income → operating cash flow: ¥1271214000 → ¥1468800000（difference ¥197586000）
- Main uses of operating cash flow: CapEx ¥35189000 / dividends ¥398224000 / buybacks —
- Change in cash: ¥612440000
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 | ¥37.8B |  |
| Operating income | ¥1.93B | Margin 5.1% |
| Net income | ¥1.26B | Margin 3.3% |
| Free cash flow | ¥1.43B |  |
| Largest business | Insourcing Business | of segment revenue 81.4% |
| Employees (consolidated) | 3,529 |  |
| EPS | ¥32.3 |  |
| Diluted EPS | ¥32.28 |  |
| Book value per share | ¥209.58 |  |
| Equity ratio | 44.4% |  |
| Shares outstanding | 8,156,400 |  |
| Treasury shares | 492,700 |  |
| Shareholders | 3,667 |  |
| Average salary (parent only) | ¥10M | Filing company only |
| Cash ratio | 50.3% | Cash ÷ revenue 17.6% |
| Vs. industry median margin | -3.5 pp | HR & Staffing |
| ROE | 23.2% | Derived from disclosed figures |
| ROA | 9.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 82% of positive segment profit
- FY2026, cash is 50% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥23043217000 | ¥37815385000 | +64.1% |
| Operating income | ¥532243000 | ¥1928044000 | +262.2% |
| Operating margin | 2.3% | 5.1% | +2.8 pp |
| Employees | 2,461 people | 3,529 people | +43.4% |
| Cash and equivalents | ¥3848058000 | ¥6665702000 | +73.2% |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| インソーシング・派遣事業 → 事業再編・廃止 | 82.6% |
| 技術者派遣事業 → 事業再編・廃止 | 7.7% |
| 海外事業 → 事業再編・廃止 | 6.9% |
| その他 → その他 | 2.8% |
| 新設・再編 → インソーシング・派遣事業 | 81.4% |
| 新設・再編 → 技術者派遣事業 | 8.4% |
| 新設・再編 → 海外事業 | 6.5% |
| 新設・再編 → その他 | 0.9% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Insourcing Business | — | — | ¥30766313000 | 8.3% | 2 |
| Technology field | — | — | ¥3173344000 | 2.6% | 2 |
| Overseas business | — | — | ¥2464871000 | 2.3% | 2 |
| Other | 5 years | +17.1% | ¥1410855000 | 30.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 37,815 | 100.0% | S100Z44N |
| Cost of revenue | 30,260 | 80.0% | S100Z44N |
| Gross profit | 7,556 | 20.0% | S100Z44N |
| SG&A | 5,628 | 14.9% | S100Z44N |
| Operating income | 1,928 | 5.1% | S100Z44N |
| Ordinary income | 1,985 | 5.2% | S100Z44N |
| Pretax income | 1,938 | 5.1% | S100Z44N |
| Income tax | 667 | 1.8% | S100Z44N |
| Net income | 1,271 | 3.4% | S100Z44N |
| Net income attributable to owners | 1,259 | 3.3% | S100Z44N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 15 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 20.0% → Operating margin 5.1% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.4%; Core profit growth: +51.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 11.75×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2025 → FY ending Jun 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 36,220 | 37,815 | 1,595 | +4.4% |
| Gross profit | 6,574 | 7,556 | 982 | +14.9% |
| Operating income | 1,270 | 1,928 | 658 | +51.8% |
| Net income attributable to owners | 858 | 1,259 | 400 | +46.7% |
| Operating cash flow | 989 | 1,469 | 480 | +48.5% |
| Free cash flow | 892 | 1,434 | 542 | +60.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 22,970 | 380 | 1.7% | 294 | 499 | 467 | S100O2IA |
| FY ending Jun 2021 | 23,043 | 532 | 2.3% | 413 | 893 | 847 | S100P96Z |
| FY ending Jun 2022 | 27,978 | 692 | 2.5% | 409 | 245 | 64 | S100RXQ4 |
| FY ending Jun 2023 | 31,674 | 893 | 2.8% | 549 | 561 | 505 | S100UG8U |
| FY ending Jun 2024 | 35,292 | 1,119 | 3.2% | 757 | 1,003 | 883 | S100WR5J |
| FY ending Jun 2025 | 36,220 | 1,270 | 3.5% | 858 | 989 | 892 | S100Z44N |
| FY ending Jun 2026 | 37,815 | 1,928 | 5.1% | 1,259 | 1,469 | 1,434 | S100Z44N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10.7M |
| Operating income per employee (consolidated) | ¥546.3K |
| Net income per employee (consolidated) | ¥356.6K |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,826 | 2,967 | 3,096 | 3,379 | 3,529 |
| Average salary (parent company) | ¥8.5M | ¥9.5M | ¥11M | ¥10M | ¥10M |
| Average age (parent company) | 48.9 years | 49.8 years | 50.3 years | 51.9 years | 52.8 years |
| Average tenure (parent company) | 2.8 years | 3.5 years | 3.8 years | 3.8 years | 5.3 years |

Year over year: Employees (consolidated) +4.4% · Revenue (consolidated) +4.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Insourcing Business | 30,766 | 81.4% | 2,544 | 8.3% |
| Technology field | 3,173 | 8.4% | 83 | 2.6% |
| Overseas business | 2,465 | 6.5% | 57 | 2.3% |
| Other | 1,411 | 3.7% | 424 | 30.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Insourcing Business | 81.4% | 81.8% | 0.5 | 8.3% |
| Technology field | 8.4% | 2.7% | -5.7 | 2.6% |
| Overseas business | 6.5% | 1.8% | -4.7 | 2.3% |
| Other | 3.7% | 13.7% | 9.9 | 30.1% |

Segment → industry: Overseas business → HR & Staffing / Technology field → HR & Staffing / Insourcing Business → HR & Staffing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,469 | 3.9% | S100Z44N |
| Capital expenditure | 35 | 0.1% | S100Z44N |
| Free cash flow | 1,434 | 3.8% | 算出 |
| Investing cash flow | -41 | -0.1% | S100Z44N |
| Financing cash flow | -843 | -2.2% | S100Z44N |
| Dividends paid | 398 | 1.1% | S100Z44N |
| Change in cash | 612 | 1.6% | S100Z44N |
| Cash and equivalents | 6,666 | 17.6% | S100Z44N |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,379 | 4,300 | 5,915 | 6,053 | 6,666 | S100UG8U, S100WR5J, S100Z44N |
| Total assets | 8,715 | 10,114 | 12,294 | 12,358 | 13,240 | S100RXQ4, S100UG8U, S100WR5J, S100Z44N |
| Net assets | 3,584 | 3,987 | 4,466 | 5,007 | 5,905 | S100UG8U, S100WR5J, S100Z44N |
| Share capital | 518 | 534 | 558 | 571 | 572 | S100RXQ4, S100UG8U, S100WR5J, S100Z44N |
| Trade receivables | 3,360 | 3,532 | 3,897 | 3,929 | 4,245 | S100RXQ4, S100UG8U, S100WR5J, S100Z44N |
| Property, plant and equipment | 410 | 411 | 460 | 543 | 521 | S100RXQ4, S100UG8U, S100WR5J, S100Z44N |
| Intangible assets excluding goodwill | 52 | 59 | 60 | 73 | 51 | S100RXQ4, S100UG8U, S100WR5J, S100Z44N |
| Goodwill | 20 | 10 | 0 | 1 | — | S100RXQ4, S100UG8U, S100WR5J, S100Z44N |
| Investment securities | 159 | 169 | 146 | 145 | 146 | S100RXQ4, S100UG8U, S100WR5J, S100Z44N |
| Current assets | 7,389 | 8,640 | 10,685 | 10,580 | 11,543 | S100RXQ4, S100UG8U, S100WR5J, S100Z44N |
| Current liabilities | 3,931 | 4,217 | 5,001 | 4,689 | 5,014 | S100RXQ4, S100UG8U, S100WR5J, S100Z44N |
| Short-term borrowings | — | — | 80 | 50 | — | S100WR5J, S100Z44N |
| Long-term borrowings | 65 | 630 | 1,187 | 805 | 440 | S100RXQ4, S100UG8U, S100WR5J, S100Z44N |
| Total liabilities | 5,130 | 6,127 | 7,828 | 7,352 | 7,335 | S100RXQ4, S100UG8U, S100WR5J, S100Z44N |
| Non-controlling interests | 0 | 1 | 3 | 7 | 21 | S100RXQ4, S100UG8U, S100WR5J, S100Z44N |
| Equity attributable to owners of parent | 3,584 | 3,990 | 4,466 | 4,999 | 5,861 | S100RXQ4, S100UG8U, S100WR5J, S100Z44N |
| Retained earnings | 2,824 | 3,197 | 3,680 | 4,189 | 5,050 | S100RXQ4, S100UG8U, S100WR5J, S100Z44N |
| Treasury stock | -195 | -195 | -250 | -250 | -250 | S100RXQ4, S100UG8U, S100WR5J, S100Z44N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100Z44N |
| Receivables | 32% | S100Z44N |
| Property, plant and equipment | 4% | S100Z44N |
| Intangibles and goodwill | 1% | S100Z44N |
| Investment securities | 1% | S100Z44N |
| Other assets | 12% | S100Z44N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100Z44N |
| Equity | 45% | S100Z44N |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,715 | 10,114 | 12,294 | 12,358 | 13,240 |
| Equity | 3,584 | 3,987 | 4,466 | 5,007 | 5,905 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,379 | 4,300 | 5,915 | 6,053 | 6,666 |

## 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) | 1.4% | S100Z44N |
| Fixed assets ÷ total assets | 3.9% | S100Z44N |
| Goodwill ÷ parent equity | — | —, S100Z44N |

### 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) | 50.3% |
| Cash ÷ revenue | 17.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 76.2% |
| Cash vs. profit gap | 210 JPY mn (of net income 16.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 31.6% |
| Shareholder payments — dividends / FCF | 27.8% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 2.8% |

## 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 | 1.5% | 3.21× | 4.7% | 2.43× | 11.4% | S100RXQ4 |
| 2023 | 1.7% | 3.36× | 5.8% | 2.49× | 14.5% | S100UG8U |
| 2024 | 2.1% | 3.15× | 6.8% | 2.65× | 17.9% | S100WR5J |
| 2025 | 2.4% | 2.94× | 7.0% | 2.60× | 18.1% | S100Z44N |
| 2026 | 3.3% | 2.95× | 9.8% | 2.36× | 23.2% | S100Z44N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＳＵＮＢＡＳＥ | Major shareholder | 19.6% | 2026-06-30 |
| 平山 惠一 | Major shareholder | 12.4% | 2026-06-30 |
| 平山 善一 | Major shareholder | 11.9% | 2026-06-30 |
| 合同会社スリーアローズ | Major shareholder | 9.8% | 2026-06-30 |
| ハクトコーポレーション株式会社 | Major shareholder | 6.3% | 2026-06-30 |
| 株式会社平寛堂 | Major shareholder | 3.4% | 2026-06-30 |
| 谷口 久志 | Major shareholder | 2.9% | 2026-06-30 |
| 平山従業員持株会 | Major shareholder | 1.7% | 2026-06-30 |
| 殿岡 賢治 | Major shareholder | 1.4% | 2026-06-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.1% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第60期(2025/07/01－2026/06/30) | S100Z44N | 2026-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z44N,, |
| 有価証券報告書－第59期(2024/07/01－2025/06/30) | S100WR5J | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WR5J,, |
| 有価証券報告書－第58期(2023/07/01－2024/06/30) | S100UG8U | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UG8U,, |
| 有価証券報告書－第57期(2022/07/01－2023/06/30) | S100RXQ4 | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXQ4,, |
| 有価証券報告書－第56期(令和3年7月1日－令和4年6月30日) | S100P96Z | 2022-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P96Z,, |
| 訂正有価証券報告書－第55期(令和2年7月1日－令和3年6月30日) | S100O2IA | 2022-05-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O2IA,, |

## 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).