# KIYO Learning Co.,Ltd: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第16期(2025/01/01－2025/12/31) (S100XSRQ)
> Page: https://vizora.meequs.com/en/company/kiyo-learning
> Retrieved: 2026-09-30T19:36:22.749Z

## Company

KIYO Learning, founded in 2010, is a company in Education listed on TSE Growth. It has 118 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KIYO Learning Co.,Ltd. |
| Ticker | 7353 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7353.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区永田町2丁目10番1号 |
| Representative (per filing) | 代表取締役社長 綾部 貴淑 |
| Founded | Jan 2010 |
| Share capital | ¥810.4M |
| Employees (consolidated) | 118 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | December |
| Website | www.kiyo-learning.com (https://www.kiyo-learning.com/) |
| Corporate number | 2011001066077 |
| EDINET | E35790 |
| Industries (Vizora) | Education |

> Profile source: annual securities report (S100XSRQ, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Education (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90.4 | 26 |
| Profitability | 35 | 30 |
| Cash conversion | 91.1 | 28 |
| Efficiency | 41.7 | 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)

- KIYO Learning brought in ¥5.03B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +12.6% from the prior year, operating profit +42.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥5031211000 → ¥294136000
- Net income → operating cash flow: ¥294136000 → ¥726187000（difference ¥432051000）
- Main uses of operating cash flow: CapEx ¥104258000 / dividends — / buybacks ¥39000
- Change in cash: ¥611042000
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 | ¥5.03B |  |
| Operating income | ¥304M | Margin 6.0% |
| Net income | ¥294.1M | Margin 5.8% |
| Free cash flow | ¥621.9M |  |
| Employees (consolidated) | 118 |  |
| EPS | ¥42.96 |  |
| Diluted EPS | ¥42.75 |  |
| Book value per share | ¥233.25 |  |
| Equity ratio | 32.1% |  |
| Shares outstanding | 6,866,500 |  |
| Treasury shares | 500 |  |
| Shareholders | 2,306 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 82.0% | Cash ÷ revenue 81.2% |
| Vs. industry median margin | -1.3 pp | Education |
| ROE | 20.3% | Derived from disclosed figures |
| ROA | 6.3% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.5× net income
- FY2025, revenue is 2.2× its level five years ago
- FY2025, cash is 82% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1522588000 | ¥5031211000 | +230.4% |
| Operating income | ¥172473000 | ¥304035000 | +76.3% |
| Operating margin | 11.3% | 6.0% | -5.3 pp |
| Employees | 30 people | 118 people | +293.3% |
| Cash and equivalents | ¥1830191000 | ¥4087310000 | +123.3% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,031 | 100.0% | S100XSRQ |
| Cost of revenue | 832 | 16.5% | S100XSRQ |
| Gross profit | 4,199 | 83.5% | S100XSRQ |
| SG&A | 3,895 | 77.4% | S100XSRQ |
| Operating income | 304 | 6.0% | S100XSRQ |
| Ordinary income | 304 | 6.0% | S100XSRQ |
| Pretax income | 304 | 6.0% | S100XSRQ |
| Income tax | 10 | 0.2% | S100XSRQ |
| Net income | 294 | 5.8% | S100XSRQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 17 |
| SG&A | 77 |
| Operating income | 6 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 83.5% → Operating margin 6.0% → Net margin 5.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.6%; Core profit growth: +42.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.40×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,468 | 5,031 | 563 | +12.6% |
| Gross profit | 3,836 | 4,199 | 364 | +9.5% |
| Operating income | 213 | 304 | 91 | +42.9% |
| Operating cash flow | 433 | 726 | 293 | +67.7% |
| Free cash flow | 301 | 622 | 321 | +106.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 835 | -150 | -17.9% | -151 | 86 | 45 | S100L0K9 |
| FY ending Dec 2020 | 1,523 | 172 | 11.3% | 166 | 725 | 666 | S100NPTC |
| FY ending Dec 2021 | 2,263 | 148 | 6.6% | 125 | 440 | 318 | S100QG73 |
| FY ending Dec 2022 | 2,849 | -183 | -6.4% | -221 | 314 | 215 | S100T4Q7 |
| FY ending Dec 2023 | 3,799 | 136 | 3.6% | 112 | 601 | 493 | S100VGMG |
| FY ending Dec 2024 | 4,468 | 213 | 4.8% | 210 | 433 | 301 | S100XSRQ |
| FY ending Dec 2025 | 5,031 | 304 | 6.0% | 294 | 726 | 622 | S100XSRQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.6M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥2.5M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 41 | 59 | 83 | 104 | 118 |
| Average salary (parent company) | ¥5.2M | ¥6.2M | ¥6.5M | ¥6.9M | ¥7.5M |
| Average age (parent company) | 36.0 years | 38.0 years | 38.0 years | 39.0 years | 39.0 years |
| Average tenure (parent company) | 2.5 years | 2.5 years | 2.4 years | 2.5 years | 3.0 years |

Year over year: Employees (consolidated) +13.5% · Revenue (consolidated) +12.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 726 | 14.4% | S100XSRQ |
| Capital expenditure | 104 | 2.1% | S100XSRQ |
| Free cash flow | 622 | 12.4% | 算出 |
| Investing cash flow | -115 | -2.3% | S100XSRQ |
| Financing cash flow | 0 | 0.0% | S100XSRQ |
| Share buyback | 0 | 0.0% | S100XSRQ |
| Change in cash | 611 | 12.1% | S100XSRQ |
| Cash and equivalents | 4,087 | 81.2% | S100XSRQ |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,274 | 2,787 | 3,194 | 3,476 | 4,087 | S100T4Q7, S100VGMG, S100XSRQ |
| Total assets | 2,771 | 3,407 | 3,957 | 4,361 | 4,982 | S100QG73, S100T4Q7, S100VGMG, S100XSRQ |
| Net assets | 1,183 | 966 | 1,084 | 1,298 | 1,602 | S100T4Q7, S100VGMG, S100XSRQ |
| Share capital | 799 | 801 | 804 | 806 | 810 | S100QG73, S100T4Q7, S100VGMG, S100XSRQ |
| Property, plant and equipment | 73 | 69 | 73 | 64 | 57 | S100QG73, S100T4Q7, S100VGMG, S100XSRQ |
| Intangible assets excluding goodwill | 124 | 182 | 234 | 279 | 292 | S100QG73, S100T4Q7, S100VGMG, S100XSRQ |
| Investment securities | — | 50 | 37 | 28 | 26 | S100T4Q7, S100VGMG, S100XSRQ |
| Current assets | 2,456 | 3,036 | 3,490 | 3,837 | 4,419 | S100QG73, S100T4Q7, S100VGMG, S100XSRQ |
| Current liabilities | 1,510 | 2,409 | 2,864 | 3,059 | 3,380 | S100QG73, S100T4Q7, S100VGMG, S100XSRQ |
| Short-term borrowings | 50 | 450 | 450 | 450 | 450 | S100QG73, S100T4Q7, S100VGMG, S100XSRQ |
| Long-term borrowings | 67 | 19 | — | — | — | S100QG73, S100T4Q7 |
| Total liabilities | 1,587 | 2,441 | 2,872 | 3,063 | 3,381 | S100QG73, S100T4Q7, S100VGMG, S100XSRQ |
| Equity attributable to owners of parent | 1,183 | 966 | 1,084 | 1,298 | 1,602 | S100QG73, S100T4Q7, S100VGMG, S100XSRQ |
| Retained earnings | -405 | -626 | -514 | -304 | -10 | S100QG73, S100T4Q7, S100VGMG, S100XSRQ |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QG73, S100T4Q7, S100VGMG, S100XSRQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 82% | S100XSRQ |
| Property, plant and equipment | 1% | S100XSRQ |
| Intangibles and goodwill | 6% | S100XSRQ |
| Investment securities | 1% | S100XSRQ |
| Other assets | 10% | S100XSRQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 68% | S100XSRQ |
| Equity | 32% | S100XSRQ |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,771 | 3,407 | 3,957 | 4,361 | 4,982 |
| Equity | 1,183 | 966 | 1,084 | 1,298 | 1,602 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,274 | 2,787 | 3,194 | 3,476 | 4,087 |

## 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) | 1.1% | S100XSRQ |
| Fixed assets ÷ total assets | 1.1% | S100XSRQ |
| Goodwill ÷ parent equity | — | —, S100XSRQ |

### 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) | 82.0% |
| Cash ÷ revenue | 81.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 238.8% |
| Cash vs. profit gap | 432 JPY mn (of net income 146.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 15.9% |

## 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 | 5.5% | 0.82× | 4.5% | 2.34× | 10.5% | S100QG73 |
| 2022 | — | —× | -7.2% | —× | — | S100T4Q7 |
| 2023 | 3.0% | 1.03× | 3.0% | 3.59× | 11.0% | S100VGMG |
| 2024 | 4.7% | 1.07× | 5.0% | 3.49× | 17.6% | S100XSRQ |
| 2025 | 5.8% | 1.08× | 6.3% | 3.22× | 20.3% | S100XSRQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 綾部 貴淑 | Major shareholder | 40.1% | 2025-12-31 |
| ビジョナル株式会社 | Major shareholder | 5.9% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.3% | 2025-12-31 |
| 西村 裕二 | Major shareholder | 2.9% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 2.5% | 2025-12-31 |
| 株式会社ＭＳ－Ｊａｐａｎ | Major shareholder | 2.4% | 2025-12-31 |
| 株式会社マイナビ | Major shareholder | 2.1% | 2025-12-31 |
| 渡部 和幸 | Major shareholder | 1.8% | 2025-12-31 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ（常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 1.8% | 2025-12-31 |
| ＧＯＬＤＭＡＮ ＳＡＣＨＳ ＩＮＴＥＲＮＡＴＩＯＮＡＬ（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 1.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2025/01/01－2025/12/31) | S100XSRQ | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSRQ,, |
| 有価証券報告書－第15期(2024/01/01－2024/12/31) | S100VGMG | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGMG,, |
| 有価証券報告書－第14期(2023/01/01－2023/12/31) | S100T4Q7 | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4Q7,, |
| 有価証券報告書－第13期(2022/01/01－2022/12/31) | S100QG73 | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG73,, |
| 有価証券報告書－第12期(令和3年1月1日－令和3年12月31日) | S100NPTC | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPTC,, |
| 有価証券報告書－第11期(令和2年1月1日－令和2年12月31日) | S100L0K9 | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0K9,, |

## 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).