# Manabi-aid Co.,Ltd.: business model and financials

> Latest period: FY ending Apr 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2025/05/01－2026/04/30) (S100YSR5)
> Page: https://vizora.meequs.com/en/company/manabi-aid
> Retrieved: 2026-09-30T21:01:49.454Z

## Company

Manabi-aid, founded in 2015, is a company in Education listed on TSE Growth. It has 30 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Manabi-aid Co.,Ltd. |
| Ticker | 184A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/184A.T) |
| Listing | TSE Growth |
| Head office | 東京都文京区向丘二丁目3番10号 |
| Representative (per filing) | 代表取締役社長 廣政 愁一 |
| Founded | May 2015 |
| Share capital | ¥492.2M |
| Employees (consolidated) | 30 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | April |
| Website | corp.manabi-aid.jp (https://corp.manabi-aid.jp/) |
| Corporate number | 4010001167800 |
| EDINET | E39653 |
| Industries (Vizora) | Education |

> Profile source: annual securities report (S100YSR5, filed 2026-07-29). As of filing

## Key points (generated from figures)

- Manabi-aid brought in ¥366.1M in revenue.
- It lost about ¥47 for every ¥100 of sales at the operating level.
- Revenue changed +26.3% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥366.1M |  |
| Operating income | -¥171.7M | Margin -46.9% |
| Net income | -¥179.1M | Margin -48.9% |
| Free cash flow | -¥120.2M |  |
| Employees (consolidated) | 30 |  |
| EPS | ¥-54.81 |  |
| Book value per share | ¥157.16 |  |
| Equity ratio | 86.7% |  |
| Shares outstanding | 3,413,500 |  |
| Shareholders | 1,018 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 74.3% | Cash ÷ revenue 125.6% |
| Vs. industry median margin | -54.3 pp | Education |
| ROA | -42.7% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 74% of total assets
- FY2026, operating loss is 47 per ¥100 of revenue

## What changed in 3 years

| Metric | FY ending Apr 2023 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥501333000 | ¥366074000 | -27.0% |
| Operating income | ¥111424000 | ¥-171739000 | -254.1% |
| Operating margin | 22.2% | -46.9% | -69.1 pp |
| Employees | 29 people | 30 people | +3.4% |
| Cash and equivalents | ¥123376000 | ¥459872000 | +272.7% |

### Change in segment revenue mix

Span: FY ending Apr 2023 → FY ending Apr 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 366 | 100.0% | S100YSR5 |
| Cost of revenue | 208 | 56.9% | S100YSR5 |
| Gross profit | 158 | 43.1% | S100YSR5 |
| SG&A | 329 | 90.0% | S100YSR5 |
| Operating income | -172 | -46.9% | S100YSR5 |
| Ordinary income | -179 | -48.8% | S100YSR5 |
| Pretax income | -179 | -48.8% | S100YSR5 |
| Income tax | 0 | 0.1% | S100YSR5 |
| Net income | -179 | -48.9% | S100YSR5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 90 |
| Operating income | -47 |
| (Ref.) Net income | -49 |

### Margin funnel

Gross margin 43.1% → Operating margin -46.9% → Net margin -48.9%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 290 | 366 | 76 | +26.3% |
| Gross profit | 94 | 158 | 64 | +67.7% |
| Operating income | -297 | -172 | 125 | — |
| Operating cash flow | -218 | -108 | 110 | — |
| Free cash flow | -231 | -120 | 111 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2023 | 501 | 111 | 22.2% | 93 | 24 | 20 | S100U46L |
| FY ending Apr 2024 | 629 | 146 | 23.3% | 118 | 64 | 59 | S100WFAH |
| FY ending Apr 2025 | 290 | -297 | -102.5% | -318 | -218 | -231 | S100YSR5 |
| FY ending Apr 2026 | 366 | -172 | -46.9% | -179 | -108 | -120 | S100YSR5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.2M |
| Operating income per employee (consolidated) | -¥5.7M |
| Net income per employee (consolidated) | -¥6M |

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

| History | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 29 | 31 | 33 | 30 |
| Average salary (parent company) | — | ¥5.1M | ¥4.9M | ¥4.6M |
| Average age (parent company) | — | 42.3 years | 40.7 years | 41.4 years |
| Average tenure (parent company) | — | 2.8 years | 3.5 years | 3.8 years |

Year over year: Employees (consolidated) -9.1% · Revenue (consolidated) +26.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -108 | -29.5% | S100YSR5 |
| Capital expenditure | 12 | 3.3% | S100YSR5 |
| Free cash flow | -120 | -32.8% | 算出 |
| Investing cash flow | -12 | -3.3% | S100YSR5 |
| Financing cash flow | 550 | 150.2% | S100YSR5 |
| Change in cash | 430 | 117.4% | S100YSR5 |
| Cash and equivalents | 460 | 125.6% | S100YSR5 |

## 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 Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 123 | 142 | 30 | 460 | S100WFAH, S100YSR5 |
| Total assets | 370 | 452 | 220 | 619 | S100U46L, S100WFAH, S100YSR5 |
| Net assets | 171 | 289 | 135 | 536 | S100WFAH, S100YSR5 |
| Share capital | 120 | 120 | 202 | 492 | S100U46L, S100WFAH, S100YSR5 |
| Property, plant and equipment | 51 | 49 | 57 | 52 | S100U46L, S100WFAH, S100YSR5 |
| Intangible assets excluding goodwill | 0 | 0 | 0 | 9 | S100U46L, S100WFAH, S100YSR5 |
| Current assets | 314 | 392 | 151 | 549 | S100U46L, S100WFAH, S100YSR5 |
| Current liabilities | 124 | 116 | 53 | 68 | S100U46L, S100WFAH, S100YSR5 |
| Long-term borrowings | 65 | 38 | 18 | 2 | S100U46L, S100WFAH, S100YSR5 |
| Total liabilities | 199 | 163 | 84 | 83 | S100U46L, S100WFAH, S100YSR5 |
| Equity attributable to owners of parent | 171 | 289 | 135 | 536 | S100U46L, S100WFAH, S100YSR5 |
| Retained earnings | -59 | 59 | -259 | -438 | S100U46L, S100WFAH, S100YSR5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 74% | S100YSR5 |
| Property, plant and equipment | 8% | S100YSR5 |
| Intangibles and goodwill | 2% | S100YSR5 |
| Other assets | 16% | S100YSR5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 13% | S100YSR5 |
| Equity | 87% | S100YSR5 |

### Balance sheet history

| Metric | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 370 | 452 | 220 | 619 |
| Equity | 171 | 289 | 135 | 536 |
| Interest-bearing debt | — | — | — | — |
| Cash | 123 | 142 | 30 | 460 |

## 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) | 14.1% | S100YSR5 |
| Fixed assets ÷ total assets | 8.4% | S100YSR5 |
| Goodwill ÷ parent equity | — | —, S100YSR5 |

### 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) | 74.3% |
| Cash ÷ revenue | 125.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 71 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| 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 | 18.6% | 1.36× | 25.2% | 2.16× | 54.5% | S100U46L |
| 2024 | 18.8% | 1.53× | 28.8% | 1.79× | 51.4% | S100WFAH |
| 2025 | — | —× | -94.7% | —× | — | S100YSR5 |
| 2026 | — | —× | -42.7% | —× | — | S100YSR5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| いなよしキャピタルパートナーズ株式会社 | Major shareholder | 33.4% | 2026-04-30 |
| 廣政 愁一 | Major shareholder | 23.7% | 2026-04-30 |
| Ｋ＆Ｐパートナーズ２号投資事業有限責任組合 | Major shareholder | 11.9% | 2026-04-30 |
| Ｋ＆Ｐパートナーズ３号投資事業有限責任組合 | Major shareholder | 4.0% | 2026-04-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.6% | 2026-04-30 |
| 株式会社ＨＲ | Major shareholder | 2.2% | 2026-04-30 |
| 共同印刷株式会社 | Major shareholder | 2.1% | 2026-04-30 |
| J.P.MORGAN SECURITIES PLC(ＪＰモルガン証券株式会社) | Major shareholder | 1.8% | 2026-04-30 |
| 楽天証券株式会社 | Major shareholder | 1.7% | 2026-04-30 |
| 星野 惠美子 | Major shareholder | 1.4% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/05/01－2026/04/30) | S100YSR5 | 2026-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YSR5,, |
| 有価証券報告書－第11期(2024/05/01－2025/04/30) | S100WFAH | 2025-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WFAH,, |
| 有価証券報告書－第10期(2023/05/01－2024/04/30) | S100U46L | 2024-07-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U46L,, |

## 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).