# Ishin 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21期(2025/04/01－2026/03/31) (S100YHBL)
> Page: https://vizora.meequs.com/en/company/ishin
> Retrieved: 2026-09-30T22:08:16.446Z

## Company

Ishin, founded in 2005, is a company in HR & Staffing listed on TSE Growth. It has 90 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Ishin Co., Ltd. |
| Ticker | 143A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/143A.T) |
| Listing | TSE Growth |
| Head office | 東京都港区港南一丁目6番41号 |
| Representative (per filing) | 代表取締役社長 西中 大史 |
| Founded | Apr 2005 |
| Share capital | ¥165.3M |
| Employees (consolidated) | 90 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | March |
| Website | ishin1853.co.jp (https://ishin1853.co.jp/) |
| Corporate number | 6011101062914 |
| EDINET | E39406 |
| Industries (Vizora) | HR & Staffing, PR & IR Services, Consulting |

> Profile source: annual securities report (S100YHBL, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Consulting (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30.6 | 31 |
| Profitability | 12.5 | 44 |
| Cash conversion | 3.4 | 44 |
| Efficiency | 10.2 | 44 |

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 39% of Ishin's sales come from Public-private co-creation business, with Global innovation business and Media PR business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +2.5% from the prior year, operating profit -79.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.43B |  |
| Operating income | ¥50.1M | Margin 3.5% |
| Net income | ¥4.7M | Margin 0.3% |
| Free cash flow | -¥127M |  |
| Largest business | Public-private co-creation business | of segment revenue 38.7% |
| Employees (consolidated) | 90 |  |
| EPS | ¥-0.71 |  |
| Diluted EPS | ¥2.4 |  |
| Book value per share | ¥571.02 |  |
| Equity ratio | 57.7% |  |
| Shares outstanding | 1,932,700 |  |
| Shareholders | 1,011 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 60.1% | Cash ÷ revenue 88.7% |
| Vs. industry median margin | -6 pp | Consulting |
| ROE | 0.4% | Derived from disclosed figures |
| ROA | 0.2% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 60% of total assets

## What changed in 3 years

| Metric | FY ending Mar 2023 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1148005000 | ¥1428880000 | +24.5% |
| Operating income | ¥95388000 | ¥50072000 | -47.5% |
| Operating margin | 8.3% | 3.5% | -4.8 pp |
| Employees | 85 people | 90 people | +5.9% |
| Cash and equivalents | ¥880085000 | ¥1266800000 | +43.9% |

### Change in segment revenue mix

Span: FY ending Mar 2023 → 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 |
| --- | ---: |
| 公民共創事業 → 公民共創事業 | 36.3% |
| グローバルイノベーション事業 → グローバルイノベーション事業 | 26.7% |
| グローバルイノベーション事業 → 事業再編・廃止 | 2.5% |
| メディアPR事業 → メディアPR事業 | 25.8% |
| メディアPR事業 → 事業再編・廃止 | 8.6% |
| 新設・再編 → 公民共創事業 | 2.3% |
| 新設・再編 → HR事業 | 8.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Public-private co-creation business | 3 years | +9.8% | ¥552389000 | 29.6% | 1 |
| Global innovation business | 3 years | +4.4% | ¥381454000 | 30.5% | 1 |
| Media PR business | 3 years | -2.3% | ¥369283000 | 62.2% | 1 |
| HR business | — | — | ¥125752000 | -57.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,429 | 100.0% | S100YHBL |
| Cost of revenue | 383 | 26.8% | S100YHBL |
| Gross profit | 1,046 | 73.2% | S100YHBL |
| SG&A | 996 | 69.7% | S100YHBL |
| Operating income | 50 | 3.5% | S100YHBL |
| Ordinary income | 26 | 1.8% | S100YHBL |
| Pretax income | 3 | 0.2% | S100YHBL |
| Income tax | 32 | 2.2% | S100YHBL |
| Net income | -29 | -2.0% | S100YHBL |
| Net income attributable to owners | 5 | 0.3% | S100YHBL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 27 |
| SG&A | 70 |
| Operating income | 3 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 73.2% → Operating margin 3.5% → Net margin 0.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.5%; Core profit growth: -79.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -31.30×
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 | 1,393 | 1,429 | 35 | +2.5% |
| Gross profit | 1,063 | 1,046 | -17 | -1.6% |
| Operating income | 245 | 50 | -195 | -79.6% |
| Net income attributable to owners | 177 | 5 | -172 | -97.4% |
| Operating cash flow | 102 | -83 | -186 | -181.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 1,148 | 95 | 8.3% | 84 | 106 | — | S100TWXR |
| FY ending Mar 2024 | 1,280 | 201 | 15.7% | 126 | 226 | 223 | S100X3JB |
| FY ending Mar 2025 | 1,393 | 245 | 17.6% | 177 | 102 | — | S100YHBL |
| FY ending Mar 2026 | 1,429 | 50 | 3.5% | 5 | -83 | -127 | S100YHBL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.9M |
| Operating income per employee (consolidated) | ¥556.4K |
| Net income per employee (consolidated) | ¥51.7K |

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

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 85 | 89 | 84 | 90 |
| Average salary (parent company) | — | ¥5.2M | ¥5.2M | ¥5.3M |
| Average age (parent company) | — | 34.7 years | 34.4 years | 34.8 years |
| Average tenure (parent company) | — | 3.7 years | 3.9 years | 3.9 years |

Year over year: Employees (consolidated) +7.1% · Revenue (consolidated) +2.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Public-private co-creation business | 552 | 38.7% | 164 | 29.6% |
| Global innovation business | 381 | 26.7% | 116 | 30.5% |
| Media PR business | 369 | 25.8% | 230 | 62.2% |
| HR business | 126 | 8.8% | -72 | -57.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Public-private co-creation business | 38.7% | 32.1% | -6.6 | 29.6% |
| Global innovation business | 26.7% | 22.8% | -3.9 | 30.5% |
| Media PR business | 25.8% | 45.1% | 19.3 | 62.2% |
| HR business | 8.8% | — | — | -57.1% |

Loss-making segment (excluded from profit shares): HR business -72 JPY mn

Segment → industry: HR business → HR & Staffing / Media PR business → PR & IR Services / Global innovation business → Consulting / Public-private co-creation business → Consulting

## 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 | -83 | -5.8% | S100YHBL |
| Capital expenditure | 44 | 3.1% | S100YHBL |
| Free cash flow | -127 | -8.9% | 算出 |
| Investing cash flow | -47 | -3.3% | S100YHBL |
| Financing cash flow | -13 | -0.9% | S100YHBL |
| Change in cash | -132 | -9.3% | S100YHBL |
| Cash and equivalents | 1,267 | 88.7% | S100YHBL |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 880 | 1,324 | 1,399 | 1,267 | S100X3JB, S100YHBL |
| Total assets | 1,613 | 1,997 | 2,177 | 2,109 | S100TWXR, S100X3JB, S100YHBL |
| Net assets | 1,158 | 1,484 | 1,658 | 1,678 | S100X3JB, S100YHBL |
| Share capital | 8 | 127 | 164 | 165 | S100TWXR, S100X3JB, S100YHBL |
| Property, plant and equipment | — | 10 | 11 | 68 | S100X3JB, S100YHBL |
| Intangible assets excluding goodwill | — | 17 | 10 | 52 | S100X3JB, S100YHBL |
| Goodwill | — | — | — | 47 | S100YHBL |
| Investment securities | — | 404 | 369 | 378 | S100X3JB, S100YHBL |
| Current assets | — | 1,515 | 1,734 | 1,533 | S100X3JB, S100YHBL |
| Current liabilities | — | 509 | 518 | 403 | S100X3JB, S100YHBL |
| Total liabilities | — | 513 | 519 | 431 | S100X3JB, S100YHBL |
| Non-controlling interests | — | 538 | 457 | 454 | S100X3JB, S100YHBL |
| Equity attributable to owners of parent | — | 919 | 1,170 | 1,177 | S100X3JB, S100YHBL |
| Retained earnings | — | 673 | 850 | 855 | S100X3JB, S100YHBL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 60% | S100YHBL |
| Property, plant and equipment | 3% | S100YHBL |
| Intangibles and goodwill | 5% | S100YHBL |
| Investment securities | 18% | S100YHBL |
| Other assets | 14% | S100YHBL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 20% | S100YHBL |
| Equity | 80% | S100YHBL |
| Other liabilities | 0% | S100YHBL |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 1,613 | 1,997 | 2,177 | 2,109 |
| Equity | 1,158 | 1,484 | 1,658 | 1,678 |
| Interest-bearing debt | — | — | — | — |
| Cash | 880 | 1,324 | 1,399 | 1,267 |

## 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) | 4.7% | S100YHBL |
| Fixed assets ÷ total assets | 3.2% | S100YHBL |
| Goodwill ÷ parent equity | 4.0% | S100YHBL |

### 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) | 60.1% |
| Cash ÷ revenue | 88.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -166.4% |
| Cash vs. profit gap | -88 JPY mn (of net income -1889.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 7.3% | 0.71× | 5.2% | 1.39× | 7.2% | S100TWXR, S100X3JB |
| 2024 | 9.9% | 0.71× | 7.0% | 1.96× | 13.7% | S100X3JB |
| 2025 | 12.7% | 0.67× | 8.5% | 2.00× | 17.0% | S100YHBL |
| 2026 | 0.3% | 0.67× | 0.2% | 1.83× | 0.4% | S100YHBL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Ｂｒｉｇｈｔ Ｓｔｏｎｅ | Major shareholder | 39.3% | 2026-03-31 |
| 明石 智義 | Major shareholder | 22.4% | 2026-03-31 |
| 株式会社Ｅｎｊｉｎ | Major shareholder | 3.1% | 2026-03-31 |
| 村口 和孝 | Major shareholder | 2.9% | 2026-03-31 |
| 岡田 賢次 | Major shareholder | 2.9% | 2026-03-31 |
| 片岡 聡 | Major shareholder | 1.7% | 2026-03-31 |
| 新江 学 | Major shareholder | 1.4% | 2026-03-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 山本 一翔 | Major shareholder | 1.2% | 2026-03-31 |
| 松本 大 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/04/01－2026/03/31) | S100YHBL | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHBL,, |
| 訂正有価証券報告書－第20期(2024/04/01－2025/03/31) | S100X3JB | 2025-11-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X3JB,, |
| 有価証券報告書－第19期(2023/04/01－2024/03/31) | S100TWXR | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWXR,, |

## 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).