# MEIKO NETWORK JAPAN CO.,LTD.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第41期(2024/09/01－2025/08/31) (S100X5JB)
> Page: https://vizora.meequs.com/en/company/meiko-network-japan
> Retrieved: 2026-09-30T20:31:36.729Z

## Company

Meiko Network Japan, founded in 1984, is a company in Education listed on TSE Prime. It has 1,208 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MEIKO NETWORK JAPAN CO.,LTD. |
| Ticker | 4668 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4668.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西新宿七丁目20番1号 |
| Representative (per filing) | 代表取締役社長 岡本光太郎 |
| Founded | Sep 1984 |
| Share capital | ¥972M |
| Employees (consolidated) | 1,208 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | August |
| Website | www.meikonet.co.jp (https://www.meikonet.co.jp/) |
| Corporate number | 5011101055381 |
| EDINET | E04981 |
| Industries (Vizora) | Education |

> Profile source: annual securities report (S100X5JB, filed 2025-11-20). As of filing

## Five-axis industry profile

Primary industry: Education (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 48.1 | 26 |
| Profitability | 48.3 | 30 |
| Cash conversion | 48.2 | 28 |
| Efficiency | 71.7 | 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)

- About 58% of Meiko Network Japan's sales come from Meikogijuku managed directly, with Other and Meikogijuku franchise making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +10.0% from the prior year, operating profit +67.4%.

## Company structure

- Segment revenue mix: Meikogijuku managed directly 58.4%、Other 18.8%、Meikogijuku franchise 16.8%、Japanese language schools 6.0%
- Revenue → net income: ¥24827000000 → ¥1727000000
- Net income → operating cash flow: ¥1727000000 → ¥1734000000（difference ¥7000000）
- Main uses of operating cash flow: CapEx ¥413000000 / dividends ¥631000000 / buybacks —
- Change in cash: ¥1248000000
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 | ¥24.8B |  |
| Operating income | ¥1.69B | Margin 6.8% |
| Net income | ¥1.73B | Margin 7.0% |
| Free cash flow | ¥1.32B |  |
| Largest business | Meikogijuku managed directly | of segment revenue 58.4% |
| Employees (consolidated) | 1,208 |  |
| EPS | ¥77.35 |  |
| Book value per share | ¥512.73 |  |
| Equity ratio | 65.7% |  |
| Shares outstanding | 27,803,600 |  |
| Treasury shares | 2,416,700 |  |
| Shareholders | 85,634 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 46.6% | Cash ÷ revenue 36.0% |
| Vs. industry median margin | -0.5 pp | Education |
| ROE | 16.5% | Derived from disclosed figures |
| ROA | 9.8% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 47% of total assets

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18218000000 | ¥24827000000 | +36.3% |
| Operating income | ¥214000000 | ¥1691000000 | +690.2% |
| Operating margin | 1.2% | 6.8% | +5.6 pp |
| Employees | 939 people | 1,208 people | +28.6% |
| Cash and equivalents | ¥6765000000 | ¥8926000000 | +31.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 明光義塾直営事業 → 明光義塾直営事業 | 56.5% |
| 明光義塾フランチャイズ事業 → 明光義塾フランチャイズ事業 | 16.8% |
| 明光義塾フランチャイズ事業 → 事業再編・廃止 | 7.1% |
| 日本語学校事業 → 日本語学校事業 | 6.0% |
| 日本語学校事業 → 事業再編・廃止 | 0.4% |
| その他 → その他 | 13.3% |
| 新設・再編 → 明光義塾直営事業 | 1.9% |
| 新設・再編 → その他 | 5.5% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Meikogijuku managed directly | 5 years | +7.1% | ¥14504000000 | 12.5% | 2 |
| Other | 5 years | +14.1% | ¥4662000000 | 10.0% | 2 |
| Meikogijuku franchise | 5 years | -0.8% | ¥4173000000 | 26.6% | 2 |
| Japanese language schools | 5 years | +5.2% | ¥1486000000 | 11.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 24,827 | 100.0% | S100X5JB |
| Cost of revenue | 18,540 | 74.7% | S100X5JB |
| Gross profit | 6,287 | 25.3% | S100X5JB |
| SG&A | 4,595 | 18.5% | S100X5JB |
| Operating income | 1,691 | 6.8% | S100X5JB |
| Ordinary income | 1,868 | 7.5% | S100X5JB |
| Pretax income | 2,588 | 10.4% | S100X5JB |
| Income tax | 861 | 3.5% | S100X5JB |
| Net income | 1,727 | 7.0% | S100X5JB |
| Net income attributable to owners | 1,727 | 7.0% | S100X5JB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 18 |
| Operating income | 7 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 25.3% → Operating margin 6.8% → Net margin 7.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.0%; Core profit growth: +67.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.77×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 22,579 | 24,827 | 2,248 | +10.0% |
| Gross profit | 5,265 | 6,287 | 1,022 | +19.4% |
| Operating income | 1,010 | 1,691 | 681 | +67.4% |
| Net income attributable to owners | 489 | 1,727 | 1,238 | +253.2% |
| Operating cash flow | 742 | 1,734 | 992 | +133.7% |
| Free cash flow | 347 | 1,321 | 974 | +280.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 19,967 | 1,775 | 8.9% | 958 | 2,505 | 2,211 | S100K8Y7 |
| FY ending Aug 2020 | 18,218 | 214 | 1.2% | -2,232 | 140 | -177 | S100MXEX |
| FY ending Aug 2021 | 19,039 | 969 | 5.1% | 1,140 | 742 | 553 | S100PNSM |
| FY ending Aug 2022 | 19,674 | 1,168 | 5.9% | 974 | 489 | 285 | S100SBCR |
| FY ending Aug 2023 | 20,871 | 1,064 | 5.1% | 809 | 608 | 356 | S100USJE |
| FY ending Aug 2024 | 22,579 | 1,010 | 4.5% | 489 | 742 | 347 | S100X5JB |
| FY ending Aug 2025 | 24,827 | 1,691 | 6.8% | 1,727 | 1,734 | 1,321 | S100X5JB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.6M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥1.4M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 920 | 1,027 | 1,040 | 1,197 | 1,208 |
| Average salary (parent company) | ¥5M | ¥5.1M | ¥5.4M | ¥5.4M | ¥5.5M |
| Average age (parent company) | 36.7 years | 36.8 years | 36.6 years | 36.5 years | 36.9 years |
| Average tenure (parent company) | 7.9 years | 7.8 years | 7.3 years | 7.4 years | 7.7 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) +10.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Meikogijuku managed directly | 14,504 | 58.4% | 1,819 | 12.5% |
| Meikogijuku franchise | 4,173 | 16.8% | 1,111 | 26.6% |
| Japanese language schools | 1,486 | 6.0% | 168 | 11.3% |
| Other | 4,662 | 18.8% | 468 | 10.0% |

### 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 | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Meikogijuku managed directly | 58.4% | 51.0% | -7.4 | 12.5% |
| Meikogijuku franchise | 16.8% | 31.2% | 14.3 | 26.6% |
| Japanese language schools | 6.0% | 4.7% | -1.3 | 11.3% |
| Other | 18.8% | 13.1% | -5.7 | 10.0% |

Segment → industry: Japanese language schools → Education / Meikogijuku franchise → Education / Meikogijuku managed directly → Education

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,734 | 7.0% | S100X5JB |
| Capital expenditure | 413 | 1.7% | S100X5JB |
| Free cash flow | 1,321 | 5.3% | 算出 |
| Investing cash flow | 151 | 0.6% | S100X5JB |
| Financing cash flow | -636 | -2.6% | S100X5JB |
| Dividends paid | 631 | 2.5% | S100X5JB |
| Change in cash | 1,248 | 5.0% | S100X5JB |
| Cash and equivalents | 8,926 | 36.0% | S100X5JB |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,577 | 8,563 | 8,285 | 7,677 | 8,926 | S100SBCR, S100USJE, S100X5JB |
| Total assets | 14,649 | 15,439 | 15,811 | 16,240 | 19,150 | S100PNSM, S100SBCR, S100USJE, S100X5JB |
| Net assets | 10,025 | 10,606 | 11,203 | 10,884 | 12,585 | S100SBCR, S100USJE, S100X5JB |
| Share capital | 972 | 972 | 972 | 972 | 972 | S100PNSM, S100SBCR, S100USJE, S100X5JB |
| Property, plant and equipment | 531 | 624 | 693 | 849 | 1,022 | S100PNSM, S100SBCR, S100USJE, S100X5JB |
| Intangible assets excluding goodwill | 402 | 607 | 482 | 561 | 530 | S100PNSM, S100SBCR, S100USJE, S100X5JB |
| Goodwill | 203 | 422 | 292 | 344 | 305 | S100PNSM, S100SBCR, S100USJE, S100X5JB |
| Investment securities | 2,022 | 2,452 | 2,809 | 2,891 | 3,787 | S100PNSM, S100SBCR, S100USJE, S100X5JB |
| Current assets | 10,441 | 10,405 | 10,421 | 10,536 | 12,210 | S100PNSM, S100SBCR, S100USJE, S100X5JB |
| Current liabilities | 3,876 | 4,019 | 3,759 | 4,480 | 5,512 | S100PNSM, S100SBCR, S100USJE, S100X5JB |
| Total liabilities | 4,624 | 4,833 | 4,607 | 5,355 | 6,564 | S100PNSM, S100SBCR, S100USJE, S100X5JB |
| Equity attributable to owners of parent | 9,632 | 10,062 | 10,358 | 9,931 | 11,060 | S100PNSM, S100SBCR, S100USJE, S100X5JB |
| Retained earnings | 10,529 | 10,959 | 11,184 | 10,752 | 11,830 | S100PNSM, S100SBCR, S100USJE, S100X5JB |
| Treasury stock | -2,779 | -2,779 | -2,707 | -2,700 | -2,652 | S100PNSM, S100SBCR, S100USJE, S100X5JB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100X5JB |
| Property, plant and equipment | 5% | S100X5JB |
| Intangibles and goodwill | 4% | S100X5JB |
| Investment securities | 20% | S100X5JB |
| Other assets | 24% | S100X5JB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 34% | S100X5JB |
| Equity | 66% | S100X5JB |
| Other liabilities | 0% | S100X5JB |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 14,649 | 15,439 | 15,811 | 16,240 | 19,150 |
| Equity | 10,025 | 10,606 | 11,203 | 10,884 | 12,585 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,577 | 8,563 | 8,285 | 7,677 | 8,926 |

## 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) | 4.1% | S100X5JB |
| Fixed assets ÷ total assets | 5.3% | S100X5JB |
| Goodwill ÷ parent equity | 2.8% | S100X5JB |

Goodwill over 4 years: 203 → 305 JPY; total investing cash flow: 1,096 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) | 46.6% |
| Cash ÷ revenue | 36.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 102.5% |
| Cash vs. profit gap | 7 JPY mn (of net income 0.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 36.5% |
| Shareholder payments — dividends / FCF | 47.8% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 8.7% |

## 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 | 6.0% | 1.30× | 7.8% | 1.52× | 11.8% | S100PNSM |
| 2022 | 5.0% | 1.31× | 6.5% | 1.53× | 9.9% | S100SBCR |
| 2023 | 3.9% | 1.34× | 5.2% | 1.53× | 7.9% | S100USJE |
| 2024 | 2.2% | 1.41× | 3.1% | 1.58× | 4.8% | S100X5JB |
| 2025 | 7.0% | 1.40× | 9.8% | 1.69× | 16.5% | S100X5JB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.1% | 2025-08-31 |
| 渡邉 弘毅 | Major shareholder | 8.0% | 2025-08-31 |
| 公益財団法人明光教育研究所 | Major shareholder | 7.9% | 2025-08-31 |
| 奥井 世志子 | Major shareholder | 3.1% | 2025-08-31 |
| ステート ストリート バンク アンド トラスト カンパニー505223 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.8% | 2025-08-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.4% | 2025-08-31 |
| 株式会社早稲田アカデミー | Major shareholder | 1.4% | 2025-08-31 |
| 奥井 雅人 | Major shareholder | 0.8% | 2025-08-31 |
| ザ バンク オブ ニューヨーク メロン 140044 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.5% | 2025-08-31 |
| 大和証券株式会社 | Major shareholder | 0.4% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第41期(2024/09/01－2025/08/31) | S100X5JB | 2025-11-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X5JB,, |
| 有価証券報告書－第40期(2023/09/01－2024/08/31) | S100USJE | 2024-11-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100USJE,, |
| 有価証券報告書－第39期(2022/09/01－2023/08/31) | S100SBCR | 2023-11-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SBCR,, |
| 有価証券報告書－第38期(令和3年9月1日－令和4年8月31日) | S100PNSM | 2022-11-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PNSM,, |
| 有価証券報告書－第37期(令和2年9月1日－令和3年8月31日) | S100MXEX | 2021-11-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MXEX,, |
| 有価証券報告書－第36期(令和1年9月1日－令和2年8月31日) | S100K8Y7 | 2020-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K8Y7,, |

## 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).