# ONE CAREER Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第11期(2025/01/01－2025/12/31) (S100XUP3)
> Page: https://vizora.meequs.com/en/company/onecareer
> Retrieved: 2026-09-30T21:00:50.156Z

## Company

ONE Career, founded in 2015, is a company in HR & Staffing listed on TSE Growth. It has 295 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ONE CAREER Inc. |
| Ticker | 4377 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4377.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区桜丘町20番1号 |
| Representative (per filing) | 代表取締役社長執行役員CEO 宮下 尚之 |
| Founded | Aug 2015 |
| Share capital | ¥54.2M |
| Employees (consolidated) | 295 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | December |
| Website | onecareer.co.jp (https://onecareer.co.jp/) |
| Corporate number | 8011001106991 |
| EDINET | E36944 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100XUP3, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 97.2 | 88 |
| Cash conversion | 65.6 | 80 |
| Efficiency | 18.8 | 88 |

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)

- ONE Career brought in ¥7.58B in revenue.
- Out of every ¥100 of sales, about ¥28 is left as operating profit.
- Revenue changed +40.3% from the prior year, operating profit +64.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥7576830000 → ¥1500577000
- Net income → operating cash flow: ¥1500577000 → ¥2281810000（difference ¥781233000）
- Main uses of operating cash flow: CapEx ¥244082000 / dividends ¥178245000 / buybacks —
- Change in cash: ¥1814785000
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 | ¥7.58B |  |
| Operating income | ¥2.13B | Margin 28.1% |
| Net income | ¥1.5B | Margin 19.8% |
| Free cash flow | ¥2.04B |  |
| Employees (consolidated) | 295 |  |
| EPS | ¥84.13 |  |
| Diluted EPS | ¥81.87 |  |
| Book value per share | ¥301.52 |  |
| Equity ratio | 69.1% |  |
| Shares outstanding | 18,351,510 |  |
| Treasury shares | 5,800 |  |
| Shareholders | 2,046 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 76.7% | Cash ÷ revenue 80.8% |
| Vs. industry median margin | +19.5 pp | HR & Staffing |
| ROE | 27.2% | Derived from disclosed figures |
| ROA | 18.8% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 77% of total assets
- FY2025, operating income keeps 28 per ¥100 of revenue

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1330928000 | ¥7576830000 | — |
| Operating income | ¥80539000 | ¥2128207000 | — |
| Operating margin | 6.1% | 28.1% | +22 pp |
| Employees | 55 people | 295 people | — |
| Cash and equivalents | ¥845298000 | ¥6124446000 | — |

### 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,577 | 100.0% | S100XUP3 |
| Cost of revenue | 1,134 | 15.0% | S100XUP3 |
| Gross profit | 6,443 | 85.0% | S100XUP3 |
| SG&A | 4,315 | 56.9% | S100XUP3 |
| Operating income | 2,128 | 28.1% | S100XUP3 |
| Ordinary income | 2,140 | 28.2% | S100XUP3 |
| Pretax income | 2,118 | 28.0% | S100XUP3 |
| Income tax | 617 | 8.1% | S100XUP3 |
| Net income | 1,501 | 19.8% | S100XUP3 |
| Net income attributable to owners | 1,501 | 19.8% | S100XUP3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 15 |
| SG&A | 57 |
| Operating income | 28 |
| (Ref.) Net income | 20 |

### Margin funnel

Gross margin 85.0% → Operating margin 28.1% → Net margin 19.8%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,401 | 7,577 | 2,175 | +40.3% |
| Gross profit | 4,564 | 6,443 | 1,879 | +41.2% |
| Operating income | 1,296 | 2,128 | 832 | +64.2% |
| Operating cash flow | 1,453 | 2,282 | 829 | +57.1% |
| Free cash flow | 1,303 | 2,038 | 734 | +56.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 1,331 | 81 | 6.1% | 68 | 103 | -45 | S100O5PV |
| FY ending Dec 2021 | 1,952 | 422 | 21.6% | 268 | 561 | 482 | S100QHHH |
| FY ending Dec 2022 | 2,840 | 619 | 21.8% | 446 | 664 | 545 | S100T5FC |
| FY ending Dec 2023 | 3,970 | 996 | 25.1% | 695 | 917 | 694 | S100VGC8 |
| FY ending Dec 2024 | 5,401 | 1,296 | 24.0% | 923 | 1,453 | 1,303 | S100VGC8 |
| FY ending Dec 2025 | 7,577 | 2,128 | 28.1% | 1,501 | 2,282 | 2,038 | S100XUP3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.7M |
| Operating income per employee (consolidated) | ¥7.2M |
| Net income per employee (consolidated) | ¥5.1M |

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) | 77 | 120 | 155 | 245 | 295 |
| Average salary (parent company) | ¥6.1M | ¥6.4M | ¥6.3M | ¥6.2M | ¥6.7M |
| Average age (parent company) | 29.2 years | 29.2 years | 30.0 years | 30.3 years | 30.9 years |
| Average tenure (parent company) | 2.0 years | 1.9 years | 2.2 years | 2.0 years | 2.3 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,282 | 30.1% | S100XUP3 |
| Capital expenditure | 244 | 3.2% | S100XUP3 |
| Free cash flow | 2,038 | 26.9% | 算出 |
| Investing cash flow | -397 | -5.2% | S100XUP3 |
| Financing cash flow | -70 | -0.9% | S100XUP3 |
| Dividends paid | 178 | 2.4% | S100XUP3 |
| Change in cash | 1,815 | 24.0% | S100XUP3 |
| Cash and equivalents | 6,124 | 80.8% | S100XUP3 |

## 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 | 2,231 | 2,658 | 3,187 | 4,310 | 6,124 | S100T5FC, S100VGC8, S100XUP3 |
| Total assets | 2,746 | 3,316 | 4,190 | 5,733 | 7,986 | S100QHHH, S100T5FC, S100VGC8, S100XUP3 |
| Net assets | 1,849 | 2,295 | 3,056 | 4,044 | 5,517 | S100T5FC, S100VGC8, S100XUP3 |
| Share capital | 732 | 10 | 43 | 19 | 54 | S100QHHH, S100T5FC, S100VGC8, S100XUP3 |
| Inventories | 0 | 1 | 0 | 8 | 4 | S100QHHH, S100T5FC, S100VGC8, S100XUP3 |
| Property, plant and equipment | 87 | 89 | 160 | 202 | 271 | S100QHHH, S100T5FC, S100VGC8, S100XUP3 |
| Intangible assets excluding goodwill | 146 | 214 | 281 | 281 | 410 | S100QHHH, S100T5FC, S100VGC8, S100XUP3 |
| Goodwill | — | — | — | — | 64 | S100XUP3 |
| Investment securities | — | 9 | 68 | 186 | 167 | S100T5FC, S100VGC8, S100XUP3 |
| Current assets | 2,363 | 2,828 | 3,435 | 4,683 | 6,565 | S100QHHH, S100T5FC, S100VGC8, S100XUP3 |
| Current liabilities | 666 | 882 | 1,134 | 1,685 | 2,446 | S100QHHH, S100T5FC, S100VGC8, S100XUP3 |
| Trade payables | — | — | — | — | 66 | S100XUP3 |
| Short-term borrowings | — | — | 100 | 100 | 100 | S100VGC8, S100XUP3 |
| Long-term borrowings | 231 | 139 | — | — | — | S100QHHH, S100T5FC |
| Total liabilities | 897 | 1,021 | 1,134 | 1,689 | 2,469 | S100QHHH, S100T5FC, S100VGC8, S100XUP3 |
| Equity attributable to owners of parent | 1,849 | 2,295 | 3,056 | 4,044 | 5,517 | S100QHHH, S100T5FC, S100VGC8, S100XUP3 |
| Retained earnings | 386 | 832 | 1,526 | 2,450 | 3,772 | S100QHHH, S100T5FC, S100VGC8, S100XUP3 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QHHH, S100T5FC, S100VGC8, S100XUP3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 77% | S100XUP3 |
| Inventories | 0% | S100XUP3 |
| Property, plant and equipment | 3% | S100XUP3 |
| Intangibles and goodwill | 6% | S100XUP3 |
| Investment securities | 2% | S100XUP3 |
| Other assets | 12% | S100XUP3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100XUP3 |
| Other liabilities | 30% | S100XUP3 |
| Equity | 69% | S100XUP3 |
| Other liabilities | 0% | S100XUP3 |

### 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 | 2,746 | 3,316 | 4,190 | 5,733 | 7,986 |
| Equity | 1,849 | 2,295 | 3,056 | 4,044 | 5,517 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,231 | 2,658 | 3,187 | 4,310 | 6,124 |

## 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) | 3.6% | S100XUP3 |
| Fixed assets ÷ total assets | 3.4% | S100XUP3 |
| Goodwill ÷ parent equity | 1.2% | S100XUP3 |

### 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) | 76.7% |
| Cash ÷ revenue | 80.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 107.2% |
| Cash vs. profit gap | 781 JPY mn (of net income 52.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 11.9% |
| Shareholder payments — dividends / FCF | 8.7% |
| CapEx intensity (capex ÷ revenue) | 3.2% |
| Investing CF relative to operating CF | 17.4% |

## 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 | 13.7% | 0.71× | 9.8% | 1.48× | 14.5% | S100QHHH |
| 2022 | 15.7% | 0.94× | 14.7% | 1.46× | 21.5% | S100T5FC |
| 2023 | 17.5% | 1.06× | 18.5% | 1.40× | 26.0% | S100VGC8 |
| 2024 | 17.1% | 1.09× | 18.6% | 1.40× | 26.0% | S100VGC8 |
| 2025 | 19.8% | 0.95× | 18.8% | 1.45× | 27.2% | S100XUP3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 宮下 尚之 | Major shareholder | 56.1% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.3% | 2025-12-31 |
| 長澤 有紘 | Major shareholder | 4.6% | 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 | 4.5% | 2025-12-31 |
| 倉田 将志 | Major shareholder | 3.6% | 2025-12-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ） （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.7% | 2025-12-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ． （ＡＶＦＣ） ＲＥ ＮＯＮ ＴＲＥＡＴＹ ＣＬＩＥＮＴＳ ＡＣＣＯＵＮＴ （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.7% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 1.3% | 2025-12-31 |
| 北野 唯我 | Major shareholder | 1.0% | 2025-12-31 |
| ＵＢＶ ＦＵＮＤ－Ｉ投資事業有限責任組合 | Major shareholder | 0.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2025/01/01－2025/12/31) | S100XUP3 | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUP3,, |
| 有価証券報告書－第10期(2024/01/01－2024/12/31) | S100VGC8 | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGC8,, |
| 有価証券報告書－第9期(2023/01/01－2023/12/31) | S100T5FC | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5FC,, |
| 有価証券報告書－第8期(2022/01/01－2022/12/31) | S100QHHH | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHHH,, |
| 訂正有価証券報告書－第7期(令和3年1月1日－令和3年12月31日) | S100O5PV | 2022-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O5PV,, |

## 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).