# Open Up Group Inc.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第22期(2025/07/01－2026/06/30) (S100Z35K)
> Page: https://vizora.meequs.com/en/company/open-up-group
> Retrieved: 2026-09-30T21:35:21.385Z

## Company

Open Up Group, founded in 1997, is a company in HR & Staffing listed on TSE Prime. It has 26,862 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Open Up Group Inc. |
| Ticker | 2154 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2154.T) |
| Listing | TSE Prime |
| Head office | 東京都港区虎ノ門一丁目3番1号 |
| Representative (per filing) | 代表取締役会長兼社長CEO 西田 穣 |
| Founded | Aug 1997 |
| Share capital | ¥4.82B |
| Employees (consolidated) | 26,862 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | June |
| Website | www.openupgroup.co.jp (https://www.openupgroup.co.jp/) |
| Corporate number | 5010401078571 |
| EDINET | E05695 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100Z35K, filed 2026-09-18). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 59.7 | 88 |
| Cash conversion | 64.4 | 80 |
| Efficiency | 51.7 | 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)

- About 40% of Open Up Group's sales come from Mechanical electricity field, with Construction field and IT field making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed -10.9% from the prior year, operating profit +2.8%.

## Company structure

- Segment revenue mix: Mechanical electricity field 39.8%、Construction field 34.4%、IT field 24.4%、Other 0.9%、Overseas field 0.4%
- Revenue → net income: ¥167483000000 → ¥11847000000
- Net income → operating cash flow: ¥11847000000 → ¥17878000000（difference ¥6031000000）
- Main uses of operating cash flow: CapEx ¥596000000 / dividends ¥6889000000 / buybacks ¥3983000000
- Change in cash: ¥2838000000
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 | ¥167.5B |  |
| Operating income | ¥16.7B | Margin 10.0% |
| Net income | ¥11.8B | Margin 7.1% |
| Free cash flow | ¥17.3B |  |
| Largest business | Mechanical electricity field | of segment revenue 39.8% |
| Employees (consolidated) | 26,862 |  |
| EPS | ¥138.91 |  |
| Diluted EPS | ¥138.8 |  |
| Book value per share | ¥1254.57 |  |
| Equity ratio | 62.0% | Derived from disclosed figures |
| Shares outstanding | 90,822,812 |  |
| Treasury shares | 5,743,000 |  |
| Shareholders | 15,116 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 17.9% | Cash ÷ revenue 13.8% |
| Vs. industry median margin | +1.4 pp | HR & Staffing |
| ROE | 14.9% | Derived from disclosed figures |
| ROA | 9.4% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +54% over five years
- FY2026, employees 0% while operating income rose 3%

## What changed in 6 years

| Metric | FY ending Jun 2020 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥81755000000 | ¥167483000000 | +104.9% |
| Operating income | ¥4666000000 | ¥16695000000 | +257.8% |
| Operating margin | 5.7% | 10.0% | +4.3 pp |
| Employees | 18,125 people | 26,862 people | +48.2% |
| Cash and equivalents | ¥10835000000 | ¥23191000000 | +114.0% |

### Change in segment revenue mix

Span: FY ending Jun 2020 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 機電・IT領域 → 事業再編・廃止 | 53.7% |
| 製造領域 → 事業再編・廃止 | 11.0% |
| 海外領域 → 事業再編・廃止 | 35.3% |
| その他 → その他 | 0.0% |
| 新設・再編 → 機電領域 | 39.8% |
| 新設・再編 → IT領域 | 24.4% |
| 新設・再編 → 建設領域 | 34.4% |
| 新設・再編 → 海外領域 | 0.4% |
| 新設・再編 → その他 | 0.9% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Mechanical electricity field | — | — | ¥66731000000 | 12.5% | 2 |
| Construction field | 4 years | +11.8% | ¥57599000000 | 12.1% | 2 |
| IT field | — | — | ¥40901000000 | 10.0% | 2 |
| Other | 6 years | +238.5% | ¥1505000000 | -6.3% | 2 |
| Overseas field | 4 years | -60.3% | ¥745000000 | 35.6% | 2 |

## Income statement（FY ending Jun 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 167,483 | 100.0% | S100Z35K |
| Cost of revenue | 121,244 | 72.4% | S100Z35K |
| Gross profit | 46,239 | 27.6% | S100Z35K |
| SG&A | 29,848 | 17.8% | S100Z35K |
| Operating income | 16,695 | 10.0% | S100Z35K |
| Pretax income | 16,847 | 10.1% | S100Z35K |
| Income tax | 5,000 | 3.0% | S100Z35K |
| Net income | 11,847 | 7.1% | S100Z35K |
| Net income attributable to owners | 11,829 | 7.1% | S100Z35K |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 18 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 27.6% → Operating margin 10.0% → Net margin 7.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -10.9%; Core profit growth: +2.8%
Operating leverage (core profit growth ÷ revenue growth): -0.25×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 187,954 | 167,483 | -20,471 | -10.9% |
| Gross profit | 47,405 | 46,239 | -1,166 | -2.5% |
| Operating income | 16,244 | 16,695 | 451 | +2.8% |
| Net income attributable to owners | 12,559 | 11,829 | -730 | -5.8% |
| Operating cash flow | 14,159 | 17,878 | 3,719 | +26.3% |
| Free cash flow | 13,123 | 17,282 | 4,159 | +31.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 81,755 | 4,666 | 5.7% | 1,335 | 4,819 | 4,455 | S100MIC4 |
| FY ending Jun 2022 | 148,573 | 10,103 | 6.8% | 6,975 | 15,501 | 14,936 | S100RWY3 |
| FY ending Jun 2023 | 150,697 | 12,164 | 8.1% | 9,533 | 15,598 | 14,871 | S100UFFE |
| FY ending Jun 2024 | 173,225 | 14,293 | 8.3% | 11,768 | 19,177 | 18,447 | S100WQCA |
| FY ending Jun 2025 | 187,954 | 16,244 | 8.6% | 12,559 | 14,159 | 13,123 | S100Z35K |
| FY ending Jun 2026 | 167,483 | 16,695 | 10.0% | 11,829 | 17,878 | 17,282 | S100Z35K |

## People and productivity（FY ending Jun 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥6.2M |
| Operating income per employee (consolidated) | ¥621.5K |
| Net income per employee (consolidated) | ¥440.4K |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 29,084 | 31,172 | 32,739 | 26,978 | 26,862 |
| Average salary (parent company) | ¥5.6M | ¥5.9M | ¥6.6M | ¥7.5M | ¥8.6M |
| Average age (parent company) | 40.8 years | 41.6 years | 43.9 years | 44.4 years | 45.1 years |
| Average tenure (parent company) | 4.3 years | 4.3 years | 4.6 years | 5.8 years | 5.3 years |

Year over year: Employees (consolidated) -0.4% · Revenue (consolidated) -10.9%

## Segments（FY ending Jun 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mechanical electricity field | 66,731 | 39.8% | 8,364 | 12.5% |
| IT field | 40,901 | 24.4% | 4,099 | 10.0% |
| Construction field | 57,599 | 34.4% | 6,968 | 12.1% |
| Overseas field | 745 | 0.4% | 265 | 35.6% |
| Other | 1,505 | 0.9% | -95 | -6.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Mechanical electricity field | 39.8% | 42.5% | 2.6 | 12.5% |
| IT field | 24.4% | 20.8% | -3.6 | 10.0% |
| Construction field | 34.4% | 35.4% | 1.0 | 12.1% |
| Overseas field | 0.4% | 1.3% | 0.9 | 35.6% |
| Other | 0.9% | — | — | -6.3% |

Loss-making segment (excluded from profit shares): Other -95 JPY mn

Segment → industry: Overseas field → HR & Staffing / Construction field → HR & Staffing / IT field → HR & Staffing / Mechanical electricity field → HR & Staffing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 17,878 | 10.7% | S100Z35K |
| Capital expenditure | 596 | 0.4% | S100Z35K |
| Free cash flow | 17,282 | 10.3% | 算出 |
| Investing cash flow | -2,810 | -1.7% | S100Z35K |
| Financing cash flow | -12,276 | -7.3% | S100Z35K |
| Dividends paid | 6,889 | 4.1% | S100Z35K |
| Share buyback | 3,983 | 2.4% | S100Z35K |
| Change in cash | 2,838 | 1.7% | S100Z35K |
| Cash and equivalents | 23,191 | 13.8% | S100Z35K |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 12,404 | 16,077 | 21,506 | 20,353 | 23,191 | S100UFFE, S100WQCA, S100Z35K |
| Total assets | 96,521 | 101,491 | 116,566 | 122,702 | 129,401 | S100RWY3, S100UFFE, S100WQCA, S100Z35K |
| Net assets | 63,345 | 65,016 | 73,347 | 78,867 | 80,293 | S100UFFE, S100WQCA, S100Z35K |
| Share capital | 4,561 | 4,695 | 4,795 | 4,815 | 4,821 | S100RWY3, S100UFFE, S100WQCA, S100Z35K |
| Property, plant and equipment | 1,624 | 1,687 | 1,730 | 1,965 | 2,007 | S100RWY3, S100UFFE, S100WQCA, S100Z35K |
| Goodwill | 45,362 | 45,253 | 51,075 | 58,156 | 59,368 | S100RWY3, S100UFFE, S100WQCA, S100Z35K |
| Current assets | 36,609 | 43,338 | 50,780 | 47,339 | 49,980 | S100RWY3, S100UFFE, S100WQCA, S100Z35K |
| Total liabilities | 33,176 | 36,475 | 43,218 | 43,834 | 49,107 | S100RWY3, S100UFFE, S100WQCA, S100Z35K |
| Equity attributable to owners of parent | 63,309 | 64,956 | 73,198 | 78,835 | 80,233 | S100RWY3, S100UFFE, S100WQCA, S100Z35K |
| Retained earnings | -19,933 | -13,967 | -7,004 | -613 | 4,384 | S100RWY3, S100UFFE, S100WQCA, S100Z35K |
| Treasury stock | -4,306 | -8,269 | -8,176 | -8,073 | -10,208 | S100RWY3, S100UFFE, S100WQCA, S100Z35K |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100Z35K |
| Property, plant and equipment | 1% | S100Z35K |
| Intangibles and goodwill | 46% | — |
| Other assets | 35% | S100Z35K |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100Z35K |
| Equity | 62% | S100Z35K |
| Other liabilities | 0% | S100Z35K |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 96,521 | 101,491 | 116,566 | 122,702 | 129,401 |
| Equity | 63,345 | 65,016 | 73,347 | 78,867 | 80,293 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,404 | 16,077 | 21,506 | 20,353 | 23,191 |

## 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) | 1.2% | S100Z35K |
| Fixed assets ÷ total assets | 1.6% | S100Z35K |
| Goodwill ÷ parent equity | 74.0% | S100Z35K |

Goodwill over 4 years: 45,362 → 59,368 JPY; total investing cash flow: -14,947 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) | 17.9% |
| Cash ÷ revenue | 13.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 107.1% |
| Cash vs. profit gap | 6,049 JPY mn (of net income 51.1%) |
| Shareholder returns / net income | 91.9% |
| Shareholder returns / FCF | 62.9% |
| Shareholder payments — dividends / net income | 58.2% |
| Shareholder payments — dividends / FCF | 39.9% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 15.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 4.7% | 1.54× | 7.2% | 1.52× | 11.0% | S100RWY3 |
| 2023 | 6.3% | 1.52× | 9.6% | 1.54× | 14.9% | S100UFFE |
| 2024 | 6.8% | 1.59× | 10.8% | 1.58× | 17.0% | S100WQCA |
| 2025 | 6.7% | 1.57× | 10.5% | 1.57× | 16.5% | S100Z35K |
| 2026 | 7.1% | 1.33× | 9.4% | 1.58× | 14.9% | S100Z35K |

## 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 | 12.4% | 2026-06-30 |
| 中山 隼雄 | Major shareholder | 9.8% | 2026-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 8.5% | 2026-06-30 |
| 株式会社アミューズキャピタル | Major shareholder | 7.3% | 2026-06-30 |
| STATE STREET BANK AND TRUST COMPANY 505301 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 5.2% | 2026-06-30 |
| BNP PARIBAS LONDON BRANCH FOR PRIME BROKERAGE CLEARANCE ACC FOR THIRD PARTY （常任代理人 香港上海銀行東京支店） | Major shareholder | 3.2% | 2026-06-30 |
| 株式会社アミューズキャピタルインベストメント | Major shareholder | 2.8% | 2026-06-30 |
| HSCB HONG KONG-TREASURYSERVICES A/C ASIAN EQUITIES DERIVATIVES （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.1% | 2026-06-30 |
| 有限会社志 | Major shareholder | 2.1% | 2026-06-30 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG（FE-AC） （常任代理人 株式会社三菱UFJ銀行決済事業部） | Major shareholder | 1.8% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/07/01－2026/06/30) | S100Z35K | 2026-09-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z35K,, |
| 有価証券報告書－第21期(2024/07/01－2025/06/30) | S100WQCA | 2025-09-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQCA,, |
| 有価証券報告書－第20期(2023/07/01－2024/06/30) | S100UFFE | 2024-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFFE,, |
| 有価証券報告書－第19期(2022/07/01－2023/06/30) | S100RWY3 | 2023-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWY3,, |
| 訂正有価証券報告書－第18期(令和3年7月1日－令和4年6月30日) | S100PCND | 2022-10-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PCND,, |
| 有価証券報告書－第17期(令和2年7月1日－令和3年6月30日) | S100MIC4 | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MIC4,, |

## 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).