# ICHISHIN HOLDINGS CO., LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第52期(2025/03/01－2026/02/28) (S100Y6LI)
> Page: https://vizora.meequs.com/en/company/ichishin-holdings
> Retrieved: 2026-09-30T20:34:00.406Z

## Company

Ichishin Holdings, founded in 1975, is a company in Nursing Care listed on TSE Standard. It has 924 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ICHISHIN HOLDINGS CO.,LTD. |
| Ticker | 4645 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4645.T) |
| Listing | TSE Standard |
| Head office | 千葉県市川市八幡二丁目3番11号 |
| Representative (per filing) | 代表取締役社長 福住 一彦 |
| Founded | Jun 1975 |
| Share capital | ¥1.48B |
| Employees (consolidated) | 924 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | February |
| Corporate number | 2040001025619 |
| EDINET | E04958 |
| Industries (Vizora) | Nursing Care, Education |

> Profile source: annual securities report (S100Y6LI, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Education (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25 | 26 |
| Profitability | 28.3 | 30 |
| Cash conversion | 69.6 | 28 |
| Efficiency | 68.3 | 30 |

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 84% of Ichishin Holdings's sales come from Education related, with Nursing care public welfare services making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +1.1% from the prior year, operating profit -2.1%.

## Company structure

- Segment revenue mix: Education related 83.7%、Nursing care public welfare services 16.3%
- Revenue → net income: ¥18653429000 → ¥636670000
- Net income → operating cash flow: ¥636670000 → ¥1365164000（difference ¥728494000）
- Main uses of operating cash flow: CapEx ¥354679000 / dividends ¥81286000 / buybacks ¥90466000
- Change in cash: ¥720656000
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 | ¥18.7B |  |
| Operating income | ¥899.2M | Margin 4.8% |
| Net income | ¥628.6M | Margin 3.4% |
| Free cash flow | ¥1.01B |  |
| Largest business | Education related | of segment revenue 83.7% |
| Employees (consolidated) | 924 |  |
| EPS | ¥29.21 |  |
| Book value per share | ¥290.3 |  |
| Equity ratio | 18.4% |  |
| Shares outstanding | 10,604,888 |  |
| Treasury shares | 2,563,700 |  |
| Shareholders | 2,817 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 30.8% | Cash ÷ revenue 22.1% |
| Vs. industry median margin | -2.5 pp | Education |
| ROE | 31.3% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, buybacks were 1.1× dividends
- FY2026, one segment accounts for 72% of positive segment profit

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16007559000 | ¥18653429000 | +16.5% |
| Operating income | ¥543125000 | ¥899161000 | +65.6% |
| Operating margin | 3.4% | 4.8% | +1.4 pp |
| Employees | 891 people | 924 people | +3.7% |
| Cash and equivalents | ¥2786624000 | ¥4127234000 | +48.1% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 教育サービス → 教育サービス | 83.7% |
| 教育サービス → 事業再編・廃止 | 7.1% |
| 介護福祉サービス → 介護福祉サービス | 9.2% |
| 新設・再編 → 介護福祉サービス | 7.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,653 | 100.0% | S100Y6LI |
| Cost of revenue | 15,570 | 83.5% | S100Y6LI |
| Gross profit | 3,083 | 16.5% | S100Y6LI |
| SG&A | 2,184 | 11.7% | S100Y6LI |
| Operating income | 899 | 4.8% | S100Y6LI |
| Ordinary income | 752 | 4.0% | S100Y6LI |
| Pretax income | 946 | 5.1% | S100Y6LI |
| Income tax | 309 | 1.7% | S100Y6LI |
| Net income | 637 | 3.4% | S100Y6LI |
| Net income attributable to owners | 629 | 3.4% | S100Y6LI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 12 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 16.5% → Operating margin 4.8% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.1%; Core profit growth: -2.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.98×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 18,459 | 18,653 | 194 | +1.1% |
| Gross profit | 3,078 | 3,083 | 6 | +0.2% |
| Operating income | 918 | 899 | -19 | -2.1% |
| Net income attributable to owners | 317 | 629 | 311 | +98.1% |
| Operating cash flow | 1,189 | 1,365 | 176 | +14.8% |
| Free cash flow | 815 | 1,010 | 196 | +24.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 16,463 | 309 | 1.9% | 11 | 711 | 325 | S100LFGV |
| FY ending Feb 2021 | 16,008 | 543 | 3.4% | -401 | 526 | 97 | S100O48J |
| FY ending Feb 2022 | 17,318 | 830 | 4.8% | 422 | 1,610 | 1,291 | S100QTCY |
| FY ending Feb 2023 | 17,292 | 894 | 5.2% | 366 | 856 | 472 | S100TIO3 |
| FY ending Feb 2024 | 17,948 | 942 | 5.2% | 363 | 658 | 300 | S100VUAH |
| FY ending Feb 2025 | 18,459 | 918 | 5.0% | 317 | 1,189 | 815 | S100Y6LI |
| FY ending Feb 2026 | 18,653 | 899 | 4.8% | 629 | 1,365 | 1,010 | S100Y6LI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.2M |
| Operating income per employee (consolidated) | ¥973.1K |
| Net income per employee (consolidated) | ¥680.3K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 899 | 928 | 949 | 942 | 924 |
| Average salary (parent company) | ¥5.1M | ¥5.1M | ¥5.4M | ¥5.6M | ¥5.5M |
| Average age (parent company) | 42.2 years | 42.4 years | 43.0 years | 44.0 years | 45.0 years |
| Average tenure (parent company) | 16.1 years | 16.1 years | 16.7 years | 17.8 years | 18.7 years |

Year over year: Employees (consolidated) -1.9% · Revenue (consolidated) +1.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Education related | 15,614 | 83.7% | 644 | 4.1% |
| Nursing care public welfare services | 3,039 | 16.3% | 255 | 8.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Education related | 83.7% | 71.6% | -12.1 | 4.1% |
| Nursing care public welfare services | 16.3% | 28.4% | 12.1 | 8.4% |

Segment → industry: Nursing care public welfare services → Nursing Care / Education related → Education

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,365 | 7.3% | S100Y6LI |
| Capital expenditure | 355 | 1.9% | S100Y6LI |
| Free cash flow | 1,010 | 5.4% | 算出 |
| Investing cash flow | 280 | 1.5% | S100Y6LI |
| Financing cash flow | -927 | -5.0% | S100Y6LI |
| Dividends paid | 81 | 0.4% | S100Y6LI |
| Share buyback | 90 | 0.5% | S100Y6LI |
| Change in cash | 721 | 3.9% | S100Y6LI |
| Cash and equivalents | 4,127 | 22.1% | S100Y6LI |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,640 | 3,165 | 3,338 | 3,407 | 4,127 | S100TIO3, S100VUAH, S100Y6LI |
| Total assets | 12,706 | 12,418 | 13,010 | 13,648 | 13,403 | S100QTCY, S100TIO3, S100VUAH, S100Y6LI |
| Net assets | 2,069 | 2,298 | 2,736 | 2,197 | 2,522 | S100TIO3, S100VUAH, S100Y6LI |
| Share capital | 1,476 | 1,476 | 1,476 | 1,476 | 1,476 | S100QTCY, S100TIO3, S100VUAH, S100Y6LI |
| Trade receivables | 359 | — | — | — | — | S100QTCY |
| Property, plant and equipment | 2,757 | 2,690 | 2,765 | 2,909 | 2,680 | S100QTCY, S100TIO3, S100VUAH, S100Y6LI |
| Intangible assets excluding goodwill | 665 | 677 | 659 | 675 | 577 | S100QTCY, S100TIO3, S100VUAH, S100Y6LI |
| Goodwill | 249 | 242 | 254 | 308 | 159 | S100QTCY, S100TIO3, S100VUAH, S100Y6LI |
| Investment securities | 400 | 473 | 649 | 907 | 356 | S100QTCY, S100TIO3, S100VUAH, S100Y6LI |
| Current assets | 6,083 | 5,745 | 6,188 | 6,424 | 7,008 | S100QTCY, S100TIO3, S100VUAH, S100Y6LI |
| Current liabilities | 3,880 | 3,298 | 3,520 | 4,176 | 4,484 | S100QTCY, S100TIO3, S100VUAH, S100Y6LI |
| Short-term borrowings | 503 | — | — | — | — | S100QTCY |
| Long-term borrowings | 4,230 | 4,447 | 4,648 | 5,239 | 4,626 | S100QTCY, S100TIO3, S100VUAH, S100Y6LI |
| Total liabilities | 10,637 | 10,120 | 10,274 | 11,450 | 10,881 | S100QTCY, S100TIO3, S100VUAH, S100Y6LI |
| Non-controlling interests | 15 | 23 | 37 | 49 | 57 | S100QTCY, S100TIO3, S100VUAH, S100Y6LI |
| Equity attributable to owners of parent | 1,987 | 2,174 | 2,430 | 1,757 | 2,255 | S100QTCY, S100TIO3, S100VUAH, S100Y6LI |
| Retained earnings | -564 | -299 | -36 | 182 | 729 | S100QTCY, S100TIO3, S100VUAH, S100Y6LI |
| Treasury stock | -154 | -240 | -255 | -1,146 | -1,191 | S100QTCY, S100TIO3, S100VUAH, S100Y6LI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100Y6LI |
| Property, plant and equipment | 20% | S100Y6LI |
| Intangibles and goodwill | 5% | S100Y6LI |
| Investment securities | 3% | S100Y6LI |
| Other assets | 41% | S100Y6LI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 81% | S100Y6LI |
| Equity | 19% | S100Y6LI |
| Other liabilities | 0% | S100Y6LI |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 12,706 | 12,418 | 13,010 | 13,648 | 13,403 |
| Equity | 2,069 | 2,298 | 2,736 | 2,197 | 2,522 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,640 | 3,165 | 3,338 | 3,407 | 4,127 |

## 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) | 14.4% | S100Y6LI |
| Fixed assets ÷ total assets | 20.0% | S100Y6LI |
| Goodwill ÷ parent equity | 7.1% | S100Y6LI |

Goodwill over 4 years: 249 → 159 JPY; total investing cash flow: -1,952 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) | 30.8% |
| Cash ÷ revenue | 22.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 151.8% |
| Cash vs. profit gap | 737 JPY mn (of net income 117.2%) |
| Shareholder returns / net income | 27.3% |
| Shareholder returns / FCF | 17.0% |
| Shareholder payments — dividends / net income | 12.9% |
| Shareholder payments — dividends / FCF | 8.0% |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 20.5% |

## 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 | 2.4% | 1.36× | 3.3% | 6.39× | 21.2% | S100QTCY |
| 2023 | 2.1% | 1.38× | 2.9% | 6.04× | 17.6% | S100TIO3 |
| 2024 | 2.0% | 1.41× | 2.9% | 5.52× | 15.8% | S100VUAH |
| 2025 | 1.7% | 1.38× | 2.4% | 6.37× | 15.2% | S100Y6LI |
| 2026 | 3.4% | 1.38× | 4.6% | 6.74× | 31.3% | S100Y6LI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社学研ホールディングス | Major shareholder | 49.7% | 2026-02-28 |
| 梅田 威男 | Major shareholder | 4.5% | 2026-02-28 |
| 市進グループ社員持株会 | Major shareholder | 2.9% | 2026-02-28 |
| 株式会社ブルースカイ | Major shareholder | 2.5% | 2026-02-28 |
| 株式会社千葉銀行 | Major shareholder | 1.8% | 2026-02-28 |
| 田代 英壽 | Major shareholder | 1.2% | 2026-02-28 |
| 下屋 俊裕 | Major shareholder | 1.0% | 2026-02-28 |
| 横田 浩二 | Major shareholder | 0.7% | 2026-02-28 |
| 朝賀 万紀 | Major shareholder | 0.7% | 2026-02-28 |
| 東方地所株式会社 | Major shareholder | 0.7% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第52期(2025/03/01－2026/02/28) | S100Y6LI | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6LI,, |
| 有価証券報告書－第51期(2024/03/01－2025/02/28) | S100VUAH | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUAH,, |
| 有価証券報告書－第50期(2023/03/01－2024/02/29) | S100TIO3 | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIO3,, |
| 有価証券報告書－第49期(2022/03/01－2023/02/28) | S100QTCY | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTCY,, |
| 有価証券報告書－第48期(令和3年3月1日－令和4年2月28日) | S100O48J | 2022-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O48J,, |
| 有価証券報告書－第47期(令和2年3月1日－令和3年2月28日) | S100LFGV | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LFGV,, |

## 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).