# HITO-TO-HITO Holdings Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第7期(2025/04/01－2026/03/31) (S100YM06)
> Page: https://vizora.meequs.com/en/company/hito-to-hito-holdings
> Retrieved: 2026-09-30T19:58:27.858Z

## Company

HITO-TO-HITO Holdings, founded in 2019, is a company in HR & Staffing listed on TSE Standard. It has 402 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HITO-TO-HITO Holdings Co.,Ltd. |
| Ticker | 549A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/549A.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区神宮前二丁目21番9号 |
| Representative (per filing) | 代表取締役社長 兼 グループCEO 松本 哲裕 |
| Founded | Jul 2019 |
| Share capital | ¥100M |
| Employees (consolidated) | 402 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | hitotohito-hd.co.jp (https://hitotohito-hd.co.jp/) |
| Corporate number | 1010401147041 |
| EDINET | E41452 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100YM06, filed 2026-06-29). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.6 | 68 |
| Profitability | 34.7 | 88 |
| Cash conversion | 80.6 | 80 |
| Efficiency | 74.4 | 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)

- HITO-TO-HITO Holdings brought in ¥20.1B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +19.6% from the prior year, operating profit +47.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥20094000000 → ¥639000000
- Net income → operating cash flow: ¥639000000 → ¥1370000000（difference ¥731000000）
- Main uses of operating cash flow: CapEx ¥27000000 / dividends — / buybacks —
- Change in cash: ¥-222000000
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 | ¥20.1B |  |
| Operating income | ¥1.04B | Margin 5.2% |
| Net income | ¥639M | Margin 3.2% |
| Free cash flow | ¥1.34B |  |
| Employees (consolidated) | 402 |  |
| EPS | ¥45.68 |  |
| Diluted EPS | ¥44.42 |  |
| Book value per share | ¥369.2 |  |
| Equity ratio | 26.5% | Derived from disclosed figures |
| Shares outstanding | 14,000,000 |  |
| Shareholders | 7 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 11.8% | Cash ÷ revenue 6.3% |
| Vs. industry median margin | -3.5 pp | HR & Staffing |
| ROE | 25.1% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income

## What changed in 2 years

| Metric | FY ending Mar 2024 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15606000000 | ¥20094000000 | +28.8% |
| Employees | 393 people | 402 people | +2.3% |
| Cash and equivalents | ¥1951000000 | ¥1273000000 | -34.8% |

### Change in segment revenue mix

Span: FY ending Mar 2024 → 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, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,094 | 100.0% | S100YM06 |
| Cost of revenue | 16,982 | 84.5% | S100YM06 |
| Gross profit | 3,112 | 15.5% | S100YM06 |
| SG&A | 2,105 | 10.5% | S100YM06 |
| Operating income | 1,036 | 5.2% | S100YM06 |
| Pretax income | 904 | 4.5% | S100YM06 |
| Income tax | 264 | 1.3% | S100YM06 |
| Net income | 639 | 3.2% | S100YM06 |
| Net income attributable to owners | 639 | 3.2% | S100YM06 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 10 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 15.5% → Operating margin 5.2% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.6%; Core profit growth: +47.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.40×
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 | 16,803 | 20,094 | 3,291 | +19.6% |
| Gross profit | 2,738 | 3,112 | 374 | +13.7% |
| Operating income | 705 | 1,036 | 331 | +47.0% |
| Net income attributable to owners | 342 | 639 | 297 | +86.8% |
| Operating cash flow | 336 | 1,370 | 1,034 | +307.7% |
| Free cash flow | 259 | 1,343 | 1,084 | +418.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2024 | 15,606 | — | — | 19 | 827 | — | S100YM06 |
| FY ending Mar 2025 | 16,803 | 705 | 4.2% | 342 | 336 | 259 | S100YM06 |
| FY ending Mar 2026 | 20,094 | 1,036 | 5.2% | 639 | 1,370 | 1,343 | S100YM06 |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥1.6M |

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

| History | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 393 | 375 | 402 |
| Average salary (parent company) | — | — | ¥6.4M |
| Average age (parent company) | — | — | 41.3 years |
| Average tenure (parent company) | — | — | 5.3 years |

Year over year: Employees (consolidated) +7.2% · Revenue (consolidated) +19.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,370 | 6.8% | S100YM06 |
| Capital expenditure | 27 | 0.1% | S100YM06 |
| Free cash flow | 1,343 | 6.7% | 算出 |
| Investing cash flow | -15 | -0.1% | S100YM06 |
| Financing cash flow | -1,577 | -7.8% | S100YM06 |
| Change in cash | -222 | -1.1% | S100YM06 |
| Cash and equivalents | 1,273 | 6.3% | S100YM06 |

## 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 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,951 | 1,495 | 1,273 | S100YM06 |
| Total assets | 11,712 | 11,180 | 10,814 | S100YM06 |
| Net assets | 1,879 | 2,223 | 2,871 | S100YM06 |
| Share capital | — | 100 | 100 | S100YM06 |
| Property, plant and equipment | — | 148 | 139 | S100YM06 |
| Goodwill | — | 5,951 | 5,951 | S100YM06 |
| Current assets | — | 3,439 | 3,258 | S100YM06 |
| Total liabilities | — | 8,956 | 7,942 | S100YM06 |
| Equity attributable to owners of parent | — | 2,223 | 2,871 | S100YM06 |
| Retained earnings | — | -543 | 103 | S100YM06 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YM06 |
| Property, plant and equipment | 1% | S100YM06 |
| Intangibles and goodwill | 55% | — |
| Other assets | 32% | S100YM06 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 73% | S100YM06 |
| Equity | 27% | S100YM06 |
| Other liabilities | 0% | S100YM06 |

### Balance sheet history

| Metric | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 11,712 | 11,180 | 10,814 |
| Equity | 1,879 | 2,223 | 2,871 |
| Interest-bearing debt | — | — | — |
| Cash | 1,951 | 1,495 | 1,273 |

## 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) | 0.7% | S100YM06 |
| Fixed assets ÷ total assets | 1.3% | S100YM06 |
| Goodwill ÷ parent equity | 207.3% | S100YM06 |

### 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) | 11.8% |
| Cash ÷ revenue | 6.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 132.2% |
| Cash vs. profit gap | 731 JPY mn (of net income 114.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 1.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 0.1% | 1.33× | 0.2% | 6.23× | 1.0% | S100YM06 |
| 2025 | 2.0% | 1.47× | 3.0% | 5.15× | 15.4% | S100YM06 |
| 2026 | 3.2% | 1.83× | 5.8% | 4.32× | 25.1% | S100YM06 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| J-GIA１号投資事業有限責任組合 | Major shareholder | 84.6% | 2026-03-31 |
| ㈱トリプルトレジャーズ | Major shareholder | 7.5% | 2026-03-31 |
| 三井不動産㈱ | Major shareholder | 3.1% | 2026-03-31 |
| 松本哲裕 | Major shareholder | 2.5% | 2026-03-31 |
| 東洋テック㈱ | Major shareholder | 1.0% | 2026-03-31 |
| カルチュア・コンビニエンス・クラブ㈱ | Major shareholder | 1.0% | 2026-03-31 |
| ㈱ヤクルト球団 | Major shareholder | 0.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第7期(2025/04/01－2026/03/31) | S100YM06 | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YM06,, |

## 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).