# Human Holdings Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第24期(2025/04/01－2026/03/31) (S100YIDK)
> Page: https://vizora.meequs.com/en/company/human-holdings
> Retrieved: 2026-09-30T20:27:49.059Z

## Company

Human Holdings, founded in 1985, is a company in HR & Staffing listed on TSE Standard. It has 4,740 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Human Holdings Co., Ltd. |
| Ticker | 2415 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2415.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区西新宿七丁目5番25号 |
| Representative (per filing) | 代表取締役社長 佐藤 朋也 |
| Founded | Apr 1985 |
| Share capital | ¥1.3B |
| Employees (consolidated) | 4,740 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.athuman.com (https://www.athuman.com/) |
| Corporate number | 2011101033968 |
| EDINET | E05428 |
| Industries (Vizora) | HR & Staffing, Nursing Care, Education, Beauty Salons |

> Profile source: annual securities report (S100YIDK, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 11 | 68 |
| Profitability | 24.4 | 88 |
| Cash conversion | 46.9 | 80 |
| Efficiency | 77.8 | 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 59% of Human Holdings's sales come from Human resources, with Education and Care making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +2.2% from the prior year, operating profit +6.1%.

## Company structure

- Segment revenue mix: Human resources 59.2%、Education 25.7%、Care 12.6%、Other 2.5%
- Revenue → net income: ¥102539304000 → ¥2216695000
- Net income → operating cash flow: ¥2216695000 → ¥3282582000（difference ¥1065887000）
- Main uses of operating cash flow: CapEx ¥1004534000 / dividends ¥783536000 / buybacks —
- Change in cash: ¥1294851000
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 | ¥102.5B |  |
| Operating income | ¥3.61B | Margin 3.5% |
| Net income | ¥2.22B | Margin 2.2% |
| Free cash flow | ¥2.28B |  |
| Largest business | Human resources | of segment revenue 59.2% |
| Employees (consolidated) | 4,740 |  |
| EPS | ¥118.51 |  |
| Book value per share | ¥878.32 |  |
| Equity ratio | 37.5% |  |
| Shares outstanding | 10,377,999 |  |
| Shareholders | 3,087 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 55.9% | Cash ÷ revenue 28.4% |
| Vs. industry median margin | -5.1 pp | HR & Staffing |
| ROE | 11.8% | Derived from disclosed figures |
| ROA | 4.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 71% of positive segment profit
- FY2026, cash is 56% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥85811424000 | ¥102539304000 | +19.5% |
| Operating income | ¥2702667000 | ¥3614109000 | +33.7% |
| Operating margin | 3.1% | 3.5% | +0.4 pp |
| Employees | 4,132 people | 4,740 people | +14.7% |
| Cash and equivalents | ¥22848737000 | ¥29131791000 | +27.5% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 人材関連事業 → 人材関連事業 | 57.5% |
| 教育事業 → 教育事業 | 25.7% |
| 教育事業 → 事業再編・廃止 | 1.8% |
| 介護事業 → 介護事業 | 12.2% |
| その他 → その他 | 2.5% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 人材関連事業 | 1.7% |
| 新設・再編 → 介護事業 | 0.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Human resources | 5 years | +4.2% | ¥60658171000 | 4.3% | 2 |
| Education | 5 years | +2.2% | ¥26359211000 | 2.0% | 2 |
| Care | 5 years | +4.4% | ¥12940539000 | 2.4% | 2 |
| Other | 5 years | +1.1% | ¥2572429000 | 9.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 102,539 | 100.0% | S100YIDK |
| Cost of revenue | 76,189 | 74.3% | S100YIDK |
| Gross profit | 26,350 | 25.7% | S100YIDK |
| SG&A | 22,736 | 22.2% | S100YIDK |
| Operating income | 3,614 | 3.5% | S100YIDK |
| Ordinary income | 3,888 | 3.8% | S100YIDK |
| Pretax income | 3,497 | 3.4% | S100YIDK |
| Income tax | 1,281 | 1.2% | S100YIDK |
| Net income | 2,217 | 2.2% | S100YIDK |
| Net income attributable to owners | 2,217 | 2.2% | S100YIDK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 22 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 25.7% → Operating margin 3.5% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.2%; Core profit growth: +6.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.79×
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 | 100,329 | 102,539 | 2,211 | +2.2% |
| Gross profit | 25,782 | 26,350 | 568 | +2.2% |
| Operating income | 3,405 | 3,614 | 209 | +6.1% |
| Net income attributable to owners | 2,607 | 2,217 | -390 | -15.0% |
| Operating cash flow | 1,523 | 3,283 | 1,759 | +115.5% |
| Free cash flow | 42 | 2,278 | 2,236 | +5289.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 85,990 | 2,003 | 2.3% | 848 | 1,401 | 267 | S100LUR4 |
| FY ending Mar 2021 | 85,811 | 2,703 | 3.1% | 1,440 | 2,046 | 955 | S100OLMU |
| FY ending Mar 2022 | 86,293 | 2,474 | 2.9% | 1,647 | 1,827 | 685 | S100RA12 |
| FY ending Mar 2023 | 91,575 | 2,254 | 2.5% | 1,452 | 2,527 | 1,319 | S100TRGL |
| FY ending Mar 2024 | 95,896 | 3,149 | 3.3% | 2,158 | 4,622 | 3,216 | S100W5U5 |
| FY ending Mar 2025 | 100,329 | 3,405 | 3.4% | 2,607 | 1,523 | 42 | S100YIDK |
| FY ending Mar 2026 | 102,539 | 3,614 | 3.5% | 2,217 | 3,283 | 2,278 | S100YIDK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.6M |
| Operating income per employee (consolidated) | ¥762.5K |
| Net income per employee (consolidated) | ¥467.7K |

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) | 4,052 | 4,290 | 4,480 | 4,681 | 4,740 |
| Average salary (parent company) | ¥5.8M | ¥5.8M | ¥5.9M | ¥6.1M | ¥6.2M |
| Average age (parent company) | 44.2 years | 44.8 years | 45.2 years | 46.1 years | 46.4 years |
| Average tenure (parent company) | 10.4 years | 11.2 years | 11.6 years | 12.4 years | 13.4 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +2.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Human resources | 60,658 | 59.2% | 2,616 | 4.3% |
| Education | 26,359 | 25.7% | 538 | 2.0% |
| Care | 12,941 | 12.6% | 317 | 2.4% |
| Other | 2,572 | 2.5% | 231 | 9.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Human resources | 59.2% | 70.7% | 11.5 | 4.3% |
| Education | 25.7% | 14.5% | -11.2 | 2.0% |
| Care | 12.6% | 8.6% | -4.1 | 2.4% |
| Other | 2.5% | 6.2% | 3.7 | 9.0% |

Segment → industry: Human resources → HR & Staffing / Care → Nursing Care / Education → Education / Other → Beauty Salons

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,283 | 3.2% | S100YIDK |
| Capital expenditure | 1,005 | 1.0% | S100YIDK |
| Free cash flow | 2,278 | 2.2% | 算出 |
| Investing cash flow | -765 | -0.7% | S100YIDK |
| Financing cash flow | -1,232 | -1.2% | S100YIDK |
| Dividends paid | 784 | 0.8% | S100YIDK |
| Change in cash | 1,295 | 1.3% | S100YIDK |
| Cash and equivalents | 29,132 | 28.4% | S100YIDK |

## 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 | 25,496 | 27,170 | 29,148 | 27,837 | 29,132 | S100TRGL, S100W5U5, S100YIDK |
| Total assets | 46,321 | 48,695 | 51,184 | 50,744 | 52,146 | S100RA12, S100TRGL, S100W5U5, S100YIDK |
| Net assets | 13,626 | 14,716 | 16,133 | 18,096 | 19,532 | S100TRGL, S100W5U5, S100YIDK |
| Share capital | 1,300 | 1,300 | 1,300 | 1,300 | 1,300 | S100RA12, S100TRGL, S100W5U5, S100YIDK |
| Property, plant and equipment | 3,226 | 3,009 | 3,048 | 3,185 | 3,058 | S100RA12, S100TRGL, S100W5U5, S100YIDK |
| Intangible assets excluding goodwill | 1,184 | 1,347 | 1,555 | 1,739 | 1,406 | S100RA12, S100TRGL, S100W5U5, S100YIDK |
| Goodwill | 9 | 53 | 30 | 52 | 45 | S100RA12, S100TRGL, S100W5U5, S100YIDK |
| Investment securities | 479 | 309 | 489 | 409 | 188 | S100RA12, S100TRGL, S100W5U5, S100YIDK |
| Current assets | 37,744 | 40,491 | 42,428 | 41,590 | 43,532 | S100RA12, S100TRGL, S100W5U5, S100YIDK |
| Current liabilities | 23,808 | 24,647 | 26,379 | 24,419 | 24,481 | S100RA12, S100TRGL, S100W5U5, S100YIDK |
| Long-term borrowings | 7,632 | 7,938 | 7,234 | 6,731 | 6,496 | S100RA12, S100TRGL, S100W5U5, S100YIDK |
| Total liabilities | 32,695 | 33,979 | 35,051 | 32,648 | 32,614 | S100RA12, S100TRGL, S100W5U5, S100YIDK |
| Equity attributable to owners of parent | 13,653 | 14,712 | 16,119 | 18,077 | 19,511 | S100RA12, S100TRGL, S100W5U5, S100YIDK |
| Retained earnings | 11,620 | 12,744 | 14,084 | 16,043 | 17,476 | S100RA12, S100TRGL, S100W5U5, S100YIDK |
| Treasury stock | -67 | -67 | — | -0 | -0 | S100RA12, S100TRGL, S100YIDK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 56% | S100YIDK |
| Property, plant and equipment | 6% | S100YIDK |
| Intangibles and goodwill | 3% | S100YIDK |
| Investment securities | 0% | S100YIDK |
| Other assets | 35% | S100YIDK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 63% | S100YIDK |
| Equity | 37% | S100YIDK |
| Other liabilities | 0% | S100YIDK |

### 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 | 46,321 | 48,695 | 51,184 | 50,744 | 52,146 |
| Equity | 13,626 | 14,716 | 16,133 | 18,096 | 19,532 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 25,496 | 27,170 | 29,148 | 27,837 | 29,132 |

## 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) | 3.0% | S100YIDK |
| Fixed assets ÷ total assets | 5.9% | S100YIDK |
| Goodwill ÷ parent equity | 0.2% | S100YIDK |

Goodwill over 4 years: 9 → 45 JPY; total investing cash flow: -5,678 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) | 55.9% |
| Cash ÷ revenue | 28.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 90.8% |
| Cash vs. profit gap | 1,066 JPY mn (of net income 48.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 35.3% |
| Shareholder payments — dividends / FCF | 34.4% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 23.3% |

## 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 | 1.9% | 1.86× | 3.6% | 3.39× | 12.1% | S100RA12 |
| 2023 | 1.6% | 1.93× | 3.1% | 3.35× | 10.2% | S100TRGL |
| 2024 | 2.2% | 1.92× | 4.3% | 3.24× | 14.0% | S100W5U5 |
| 2025 | 2.6% | 1.97× | 5.1% | 2.98× | 15.2% | S100YIDK |
| 2026 | 2.2% | 1.99× | 4.3% | 2.74× | 11.8% | S100YIDK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社ペアレンツ | Major shareholder | 22.3% | 2026-03-31 |
| 佐藤新悟 | Major shareholder | 9.6% | 2026-03-31 |
| 佐藤朋也 | Major shareholder | 8.3% | 2026-03-31 |
| 佐藤耕一 | Major shareholder | 5.0% | 2026-03-31 |
| オフィスあぐり株式会社 | Major shareholder | 4.1% | 2026-03-31 |
| ヒューマンホールディングス 従業員持株会 | Major shareholder | 3.8% | 2026-03-31 |
| 野村愛 | Major shareholder | 3.1% | 2026-03-31 |
| 有限会社ＪＰＳＫＮ | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社Ｋｏｂｅｅ | Major shareholder | 2.6% | 2026-03-31 |
| 有限会社ハーヴェスト | Major shareholder | 2.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/04/01－2026/03/31) | S100YIDK | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIDK,, |
| 有価証券報告書－第23期(2024/04/01－2025/03/31) | S100W5U5 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5U5,, |
| 有価証券報告書－第22期(2023/04/01－2024/03/31) | S100TRGL | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRGL,, |
| 有価証券報告書－第21期(2022/04/01－2023/03/31) | S100RA12 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA12,, |
| 有価証券報告書－第20期(令和3年4月1日－令和4年3月31日) | S100OLMU | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLMU,, |
| 有価証券報告書－第19期(令和2年4月1日－令和3年3月31日) | S100LUR4 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUR4,, |

## 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).