# IKK Holdings Inc.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第30期(2024/11/01－2025/10/31) (S100XH65)
> Page: https://vizora.meequs.com/en/company/ikk-holdings
> Retrieved: 2026-09-30T22:12:25.119Z

## Company

IKK Holdings, founded in 1995, is a company in HR & Staffing listed on TSE Prime. It has 1,033 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IKK Holdings Inc. |
| Ticker | 2198 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2198.T) |
| Listing | TSE Prime |
| Head office | 佐賀県伊万里市新天町722番地5 (上記は登記上の本店所在地であり、実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役会長兼社長CEO 金子 和斗志 |
| Founded | Nov 1995 |
| Share capital | ¥351.7M |
| Employees (consolidated) | 1,033 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | October |
| Website | www.ikk-grp.jp (https://www.ikk-grp.jp/) |
| Corporate number | 5300001005459 |
| EDINET | E24550 |
| Industries (Vizora) | HR & Staffing, Processed Foods, Nursing Care, Weddings |

> Profile source: annual securities report (S100XH65, filed 2026-01-26). As of filing

## Five-axis industry profile

Primary industry: Weddings (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 64.3 | 7 |
| Profitability | 50 | 9 |
| Cash conversion | 27.8 | 9 |
| Efficiency | 72.2 | 9 |

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 93% of IKK Holdings's sales come from Wedding business, with Photo Business and Nursing care business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -3.5% from the prior year, operating profit -26.9%.

## Company structure

- Segment revenue mix: Wedding business 92.5%、Photo Business 4.0%、Nursing care business 3.0%、Food Business 0.5%
- Revenue → net income: ¥22455222000 → ¥1972246000
- Net income → operating cash flow: ¥1972246000 → ¥1985819000（difference ¥13573000）
- Main uses of operating cash flow: CapEx ¥797830000 / dividends ¥703061000 / buybacks ¥1000
- Change in cash: ¥-1333721000
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 | ¥22.5B |  |
| Operating income | ¥1.82B | Margin 8.1% |
| Net income | ¥1.96B | Margin 8.7% |
| Free cash flow | ¥1.19B |  |
| Largest business | Wedding business | of segment revenue 92.5% |
| Employees (consolidated) | 1,033 |  |
| EPS | ¥71.95 |  |
| Book value per share | ¥360.37 |  |
| Equity ratio | 58.4% |  |
| Shares outstanding | 29,956,800 |  |
| Treasury shares | 372,800 |  |
| Shareholders | 74,403 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 25.5% | Cash ÷ revenue 23.6% |
| Vs. industry median margin | 0 pp | Weddings |
| ROE | 17.4% | Derived from disclosed figures |
| ROA | 9.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 89% of positive segment profit
- FY2025, parent-company salary changed +41% over five years
- FY2025, cash is 25% of total assets

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8746260000 | ¥22455222000 | +156.7% |
| Operating income | ¥-3981192000 | ¥1820634000 | — |
| Operating margin | -45.5% | 8.1% | +53.6 pp |
| Employees | 948 people | 1,033 people | +9.0% |
| Cash and equivalents | ¥1873191000 | ¥5302019000 | +183.0% |

### Change in segment revenue mix

Span: FY ending Oct 2020 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 婚礼事業 | 92.5% |
| 新設・再編 → 介護事業 | 3.0% |
| 新設・再編 → 食品事業 | 0.5% |
| 新設・再編 → フォト事業 | 4.0% |

Segment revenue source references: 4 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Wedding business | — | — | ¥20771399000 | 8.0% | 2 |
| Photo Business | — | — | ¥904096000 | 21.7% | 2 |
| Nursing care business | — | — | ¥663952000 | 0.6% | 2 |
| Food Business | — | — | ¥115774000 | -34.7% | 2 |

## Income statement（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 22,455 | 100.0% | S100XH65 |
| Cost of revenue | 8,882 | 39.6% | S100XH65 |
| Gross profit | 13,573 | 60.4% | S100XH65 |
| SG&A | 11,752 | 52.3% | S100XH65 |
| Operating income | 1,821 | 8.1% | S100XH65 |
| Ordinary income | 1,891 | 8.4% | S100XH65 |
| Pretax income | 1,740 | 7.7% | S100XH65 |
| Income tax | -232 | -1.0% | S100XH65 |
| Net income | 1,972 | 8.8% | S100XH65 |
| Net income attributable to owners | 1,964 | 8.7% | S100XH65 |

## Per ¥100 of revenue（FY ending Oct 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 40 |
| SG&A | 52 |
| Operating income | 8 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 60.4% → Operating margin 8.1% → Net margin 8.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.5%; Core profit growth: -26.9%
Operating leverage (core profit growth ÷ revenue growth): 7.75×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Oct 2024 → FY ending Oct 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 23,264 | 22,455 | -808 | -3.5% |
| Gross profit | 14,025 | 13,573 | -452 | -3.2% |
| Operating income | 2,491 | 1,821 | -670 | -26.9% |
| Net income attributable to owners | 1,702 | 1,964 | 262 | +15.4% |
| Operating cash flow | 3,950 | 1,986 | -1,964 | -49.7% |
| Free cash flow | 3,377 | 1,188 | -2,189 | -64.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 20,190 | 1,932 | 9.6% | 1,350 | 2,050 | 712 | S100KL81 |
| FY ending Oct 2020 | 8,746 | -3,981 | -45.5% | -4,236 | -4,356 | -4,915 | S100N9I4 |
| FY ending Oct 2021 | 11,530 | -1,600 | -13.9% | -411 | 2,625 | 2,386 | S100Q0B1 |
| FY ending Oct 2022 | 19,057 | 1,809 | 9.5% | 1,399 | 3,497 | 2,758 | S100SOGH |
| FY ending Oct 2023 | 21,990 | 1,955 | 8.9% | 1,340 | 1,666 | -176 | S100V4WZ |
| FY ending Oct 2024 | 23,264 | 2,491 | 10.7% | 1,702 | 3,950 | 3,377 | S100XH65 |
| FY ending Oct 2025 | 22,455 | 1,821 | 8.1% | 1,964 | 1,986 | 1,188 | S100XH65 |

## People and productivity（FY ending Oct 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.7M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.9M |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 939 | 896 | 999 | 1,026 | 1,033 |
| Average salary (parent company) | ¥3.5M | ¥4.9M | ¥4.8M | ¥5M | ¥5M |
| Average age (parent company) | 29.0 years | 34.7 years | 34.6 years | 34.6 years | 34.3 years |
| Average tenure (parent company) | 6.0 years | 10.1 years | 9.4 years | 9.4 years | 9.3 years |

Year over year: Employees (consolidated) +0.7% · Revenue (consolidated) -3.5%

## Segments（FY ending Oct 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Wedding business | 20,771 | 92.5% | 1,654 | 8.0% |
| Nursing care business | 664 | 3.0% | 4 | 0.6% |
| Food Business | 116 | 0.5% | -40 | -34.7% |
| Photo Business | 904 | 4.0% | 196 | 21.7% |
| Other | — | 0.0% | -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 | Profit share | Margin |
| --- | ---: | ---: |
| Wedding business | 89.2% | 8.0% |
| Nursing care business | 0.2% | 0.6% |
| Food Business | — | -34.7% |
| Photo Business | 10.6% | 21.7% |
| Other | — | — |

Loss-making segment (excluded from profit shares): Food Business -40 JPY mn

Loss-making segment (excluded from profit shares): Other -0 JPY mn

Segment → industry: Other → HR & Staffing / Food Business → Processed Foods / Nursing care business → Nursing Care / Photo Business → Weddings / Wedding business → Weddings

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,986 | 8.8% | S100XH65 |
| Capital expenditure | 798 | 3.6% | S100XH65 |
| Free cash flow | 1,188 | 5.3% | 算出 |
| Investing cash flow | -1,722 | -7.7% | S100XH65 |
| Financing cash flow | -1,590 | -7.1% | S100XH65 |
| Dividends paid | 703 | 3.1% | S100XH65 |
| Share buyback | 0 | 0.0% | S100XH65 |
| Change in cash | -1,334 | -5.9% | S100XH65 |
| Cash and equivalents | 5,302 | 23.6% | S100XH65 |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,433 | 5,801 | 4,917 | 6,636 | 5,302 | S100SOGH, S100V4WZ, S100XH65 |
| Total assets | 17,603 | 20,252 | 20,012 | 20,699 | 20,802 | S100Q0B1, S100SOGH, S100V4WZ, S100XH65 |
| Net assets | 7,605 | 9,170 | 10,050 | 10,618 | 12,203 | S100SOGH, S100V4WZ, S100XH65 |
| Share capital | 352 | 352 | 352 | 352 | 352 | S100Q0B1, S100SOGH, S100V4WZ, S100XH65 |
| Property, plant and equipment | 10,537 | 10,283 | 11,110 | 10,652 | 10,158 | S100Q0B1, S100SOGH, S100V4WZ, S100XH65 |
| Intangible assets excluding goodwill | 155 | 160 | 164 | 153 | 136 | S100Q0B1, S100SOGH, S100V4WZ, S100XH65 |
| Investment securities | — | — | — | 18 | 1,017 | S100XH65 |
| Current assets | 4,441 | 7,204 | 6,377 | 7,797 | 6,728 | S100Q0B1, S100SOGH, S100V4WZ, S100XH65 |
| Current liabilities | 5,979 | 7,605 | 5,104 | 5,819 | 5,156 | S100Q0B1, S100SOGH, S100V4WZ, S100XH65 |
| Short-term borrowings | 2,100 | 2,150 | 150 | — | — | S100Q0B1, S100SOGH, S100V4WZ |
| Long-term borrowings | 2,409 | 1,877 | 3,133 | 2,424 | 1,577 | S100Q0B1, S100SOGH, S100V4WZ, S100XH65 |
| Total liabilities | 9,999 | 11,081 | 9,962 | 10,081 | 8,599 | S100Q0B1, S100SOGH, S100V4WZ, S100XH65 |
| Non-controlling interests | 26 | 31 | 35 | 45 | 56 | S100Q0B1, S100SOGH, S100V4WZ, S100XH65 |
| Equity attributable to owners of parent | 7,593 | 9,077 | 9,949 | 10,521 | 12,089 | S100Q0B1, S100SOGH, S100V4WZ, S100XH65 |
| Retained earnings | 7,230 | 8,630 | 9,671 | 10,670 | 11,930 | S100Q0B1, S100SOGH, S100V4WZ, S100XH65 |
| Treasury stock | -340 | -252 | -423 | -848 | -575 | S100Q0B1, S100SOGH, S100V4WZ, S100XH65 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100XH65 |
| Property, plant and equipment | 49% | S100XH65 |
| Intangibles and goodwill | 1% | S100XH65 |
| Investment securities | 5% | S100XH65 |
| Other assets | 20% | S100XH65 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 41% | S100XH65 |
| Equity | 59% | S100XH65 |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 17,603 | 20,252 | 20,012 | 20,699 | 20,802 |
| Equity | 7,605 | 9,170 | 10,050 | 10,618 | 12,203 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,433 | 5,801 | 4,917 | 6,636 | 5,302 |

## 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) | 45.2% | S100XH65 |
| Fixed assets ÷ total assets | 48.8% | S100XH65 |
| Goodwill ÷ parent equity | — | —, S100XH65 |

### 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) | 25.5% |
| Cash ÷ revenue | 23.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 109.1% |
| Cash vs. profit gap | 22 JPY mn (of net income 1.1%) |
| Shareholder returns / net income | 35.8% |
| Shareholder returns / FCF | 59.2% |
| Shareholder payments — dividends / net income | 35.8% |
| Shareholder payments — dividends / FCF | 59.2% |
| CapEx intensity (capex ÷ revenue) | 3.6% |
| Investing CF relative to operating CF | 86.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -2.3% | —× | — | S100Q0B1 |
| 2022 | 7.3% | 1.01× | 7.4% | 2.27× | 16.8% | S100SOGH |
| 2023 | 6.1% | 1.09× | 6.7% | 2.12× | 14.1% | S100V4WZ |
| 2024 | 7.3% | 1.14× | 8.4% | 1.99× | 16.6% | S100XH65 |
| 2025 | 8.7% | 1.08× | 9.5% | 1.84× | 17.4% | S100XH65 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エム・ケイ・パートナーズ | Major shareholder | 33.8% | 2025-10-31 |
| 金子 和斗志 | Major shareholder | 10.5% | 2025-10-31 |
| アイ・ケイ・ケイホールディングス従業員持株会 | Major shareholder | 3.7% | 2025-10-31 |
| アイ・ケイ・ケイホールディングス取引先持株会 | Major shareholder | 3.1% | 2025-10-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.8% | 2025-10-31 |
| 野村信託銀行株式会社（アイ・ケイ・ケイホールディングス従業員持株会専用信託口） | Major shareholder | 1.7% | 2025-10-31 |
| 金子 晴美 | Major shareholder | 1.7% | 2025-10-31 |
| 株式会社佐賀銀行 | Major shareholder | 0.5% | 2025-10-31 |
| 松本 正紀 | Major shareholder | 0.4% | 2025-10-31 |
| 寺澤 大輔 | Major shareholder | 0.4% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第30期(2024/11/01－2025/10/31) | S100XH65 | 2026-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XH65,, |
| 有価証券報告書－第29期(2023/11/01－2024/10/31) | S100V4WZ | 2025-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V4WZ,, |
| 有価証券報告書－第28期(2022/11/01－2023/10/31) | S100SOGH | 2024-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOGH,, |
| 有価証券報告書－第27期(2021/11/01－2022/10/31) | S100Q0B1 | 2023-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q0B1,, |
| 有価証券報告書－第26期(令和2年11月1日－令和3年10月31日) | S100N9I4 | 2022-01-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N9I4,, |
| 有価証券報告書－第25期(令和1年11月1日－令和2年10月31日) | S100KL81 | 2021-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KL81,, |

## 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).