# PA Co., Ltd: 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40期(2025/01/01－2025/12/31) (S100XUYO)
> Page: https://vizora.meequs.com/en/company/pa
> Retrieved: 2026-09-30T19:42:05.467Z

## Company

PA is a company in HR & Staffing listed on TSE Standard. It has 159 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PA Co., Ltd. |
| Ticker | 4766 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4766.T) |
| Listing | TSE Standard |
| Head office | 福島県双葉郡楢葉町大字北田字上ノ原27‐95 (同所は登記上の本店所在地であり、実際の業務は、「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役会長兼社長 加藤博敏 |
| Share capital | ¥10M |
| Employees (consolidated) | 159 |
| Average salary (parent only) | ¥4.1M |
| Fiscal year end | December |
| Website | www.pa-co-ltd.co.jp (https://www.pa-co-ltd.co.jp/) |
| Corporate number | 4010001133026 |
| EDINET | E05098 |
| Industries (Vizora) | HR & Staffing, Childcare |

> Profile source: annual securities report (S100XUYO, filed 2026-03-27). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21.3 | 68 |
| Profitability | 39.2 | 88 |
| Cash conversion | 48.1 | 80 |
| Efficiency | 61.9 | 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 47% of PA's sales come from Human Resources Solutions business, with Child care business and Worker dispatch business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +7.7% from the prior year, operating profit +89.8%.

## Company structure

- Segment revenue mix: Human Resources Solutions business 47.0%、Child care business 30.0%、Worker dispatch business 18.3%、Commercial facility business 4.7%
- Revenue → net income: ¥2021104000 → ¥95665000
- Net income → operating cash flow: ¥95665000 → ¥116347000（difference ¥20682000）
- Main uses of operating cash flow: CapEx ¥62828000 / dividends ¥45071000 / buybacks ¥17000
- Change in cash: ¥-20639000
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 | ¥2.02B |  |
| Operating income | ¥127.5M | Margin 6.3% |
| Net income | ¥95.9M | Margin 4.7% |
| Free cash flow | ¥53.5M |  |
| Largest business | Human Resources Solutions business | of segment revenue 47.0% |
| Employees (consolidated) | 159 |  |
| EPS | ¥5.85 |  |
| Book value per share | ¥30.09 |  |
| Equity ratio | 37.2% |  |
| Shares outstanding | 11,229,800 |  |
| Treasury shares | 476,900 |  |
| Shareholders | 6,452 |  |
| Average salary (parent only) | ¥4.1M | Filing company only |
| Cash ratio | 57.5% | Cash ÷ revenue 39.8% |
| Vs. industry median margin | -2.3 pp | HR & Staffing |
| ROE | 19.3% | Derived from disclosed figures |
| ROA | 7.0% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 81% of positive segment profit
- FY2025, cash is 57% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1600628000 | ¥2021104000 | +26.3% |
| Operating income | ¥-205061000 | ¥127491000 | — |
| Operating margin | -12.8% | 6.3% | +19.1 pp |
| Employees | 142 people | 159 people | +12.0% |
| Cash and equivalents | ¥764218000 | ¥803665000 | +5.2% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 情報サービス事業 → 事業再編・廃止 | 56.6% |
| 人材派遣・人材紹介事業 → 人材派遣・人材紹介事業 | 18.1% |
| こどもケアサポート事業 → こどもケアサポート事業 | 20.3% |
| 地域力創造事業 → 地域力創造事業 | 4.0% |
| その他 → 事業再編・廃止 | 1.0% |
| 新設・再編 → 人材ソリューション事業 | 47.0% |
| 新設・再編 → 人材派遣・人材紹介事業 | 0.1% |
| 新設・再編 → こどもケアサポート事業 | 9.7% |
| 新設・再編 → 地域力創造事業 | 0.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Human Resources Solutions business | 2 years | -2.9% | ¥950162000 | 26.6% | 2 |
| Child care business | 5 years | +13.3% | ¥606554000 | 3.8% | 2 |
| Worker dispatch business | 5 years | +4.9% | ¥369331000 | 10.3% | 2 |
| Commercial facility business | 5 years | +8.4% | ¥95055000 | -14.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,021 | 100.0% | S100XUYO |
| Cost of revenue | 1,236 | 61.1% | S100XUYO |
| Gross profit | 785 | 38.9% | S100XUYO |
| SG&A | 658 | 32.5% | S100XUYO |
| Operating income | 127 | 6.3% | S100XUYO |
| Ordinary income | 143 | 7.1% | S100XUYO |
| Pretax income | 119 | 5.9% | S100XUYO |
| Income tax | 23 | 1.1% | S100XUYO |
| Net income | 96 | 4.7% | S100XUYO |
| Net income attributable to owners | 96 | 4.7% | S100XUYO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 33 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 38.9% → Operating margin 6.3% → Net margin 4.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.7%; Core profit growth: +89.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 11.72×
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 | 1,877 | 2,021 | 144 | +7.7% |
| Gross profit | 772 | 785 | 13 | +1.7% |
| Operating income | 67 | 127 | 60 | +89.8% |
| Net income attributable to owners | 73 | 96 | 22 | +30.6% |
| Operating cash flow | 22 | 116 | 95 | +432.9% |
| Free cash flow | 11 | 54 | 42 | +381.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 2,264 | -52 | -2.3% | -65 | -17 | -191 | S100L2HV |
| FY ending Dec 2020 | 1,601 | -205 | -12.8% | -104 | -71 | -250 | S100NRP3 |
| FY ending Dec 2021 | 1,582 | -60 | -3.8% | -281 | -93 | -121 | S100QLC2 |
| FY ending Dec 2022 | 1,666 | 41 | 2.5% | 49 | 58 | 12 | S100T5GC |
| FY ending Dec 2023 | 1,786 | 60 | 3.3% | 45 | 111 | 105 | S100VF1S |
| FY ending Dec 2024 | 1,877 | 67 | 3.6% | 73 | 22 | 11 | S100XUYO |
| FY ending Dec 2025 | 2,021 | 127 | 6.3% | 96 | 116 | 54 | S100XUYO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.7M |
| Operating income per employee (consolidated) | ¥801.8K |
| Net income per employee (consolidated) | ¥603K |

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) | 125 | 130 | 139 | 153 | 159 |
| Average salary (parent company) | ¥3.9M | ¥4.1M | ¥4M | ¥4.1M | ¥4.1M |
| Average age (parent company) | 37.4 years | 35.0 years | 35.9 years | 36.3 years | 38.2 years |
| Average tenure (parent company) | 4.4 years | 5.1 years | 5.1 years | 5.6 years | 7.8 years |

Year over year: Employees (consolidated) +3.9% · Revenue (consolidated) +7.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Human Resources Solutions business | 950 | 47.0% | 253 | 26.6% |
| Worker dispatch business | 369 | 18.3% | 38 | 10.3% |
| Child care business | 607 | 30.0% | 23 | 3.8% |
| Commercial facility business | 95 | 4.7% | -14 | -14.3% |
| Other | — | 0.0% | -2 | — |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| Human Resources Solutions business | 80.6% | 26.6% |
| Worker dispatch business | 12.1% | 10.3% |
| Child care business | 7.3% | 3.8% |
| Commercial facility business | — | -14.3% |
| Other | — | — |

Loss-making segment (excluded from profit shares): Commercial facility business -14 JPY mn

Loss-making segment (excluded from profit shares): Other -2 JPY mn

Segment → industry: Worker dispatch business → HR & Staffing / Human Resources Solutions business → HR & Staffing / Child care business → Childcare

## 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 | 116 | 5.8% | S100XUYO |
| Capital expenditure | 63 | 3.1% | S100XUYO |
| Free cash flow | 54 | 2.6% | 算出 |
| Investing cash flow | -77 | -3.8% | S100XUYO |
| Financing cash flow | -60 | -3.0% | S100XUYO |
| Dividends paid | 45 | 2.2% | S100XUYO |
| Share buyback | 0 | 0.0% | S100XUYO |
| Change in cash | -21 | -1.0% | S100XUYO |
| Cash and equivalents | 804 | 39.8% | S100XUYO |

## 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 | 853 | 822 | 878 | 824 | 804 | S100T5GC, S100VF1S, S100XUYO |
| Total assets | 1,400 | 1,332 | 1,356 | 1,337 | 1,398 | S100QLC2, S100T5GC, S100VF1S, S100XUYO |
| Net assets | 353 | 353 | 398 | 466 | 521 | S100T5GC, S100VF1S, S100XUYO |
| Share capital | 514 | 514 | 514 | 10 | 10 | S100QLC2, S100T5GC, S100VF1S, S100XUYO |
| Trade receivables | 199 | — | — | — | — | S100QLC2 |
| Inventories | 0 | 2 | 4 | 0 | 0 | S100QLC2, S100T5GC, S100VF1S, S100XUYO |
| Property, plant and equipment | 172 | 179 | 162 | 152 | 177 | S100QLC2, S100T5GC, S100VF1S, S100XUYO |
| Intangible assets excluding goodwill | 0 | 0 | 0 | 0 | 0 | S100QLC2, S100T5GC, S100VF1S, S100XUYO |
| Current assets | 1,153 | 1,079 | 1,115 | 1,095 | 1,098 | S100QLC2, S100T5GC, S100VF1S, S100XUYO |
| Current liabilities | 728 | 678 | 716 | 706 | 767 | S100QLC2, S100T5GC, S100VF1S, S100XUYO |
| Trade payables | 17 | 36 | 30 | 31 | 36 | S100QLC2, S100T5GC, S100VF1S, S100XUYO |
| Short-term borrowings | 495 | 450 | 450 | 450 | 490 | S100QLC2, S100T5GC, S100VF1S, S100XUYO |
| Long-term borrowings | 224 | 200 | 145 | 90 | 35 | S100QLC2, S100T5GC, S100VF1S, S100XUYO |
| Total liabilities | 1,047 | 979 | 958 | 872 | 877 | S100QLC2, S100T5GC, S100VF1S, S100XUYO |
| Non-controlling interests | 2 | 3 | 3 | 0 | 0 | S100QLC2, S100T5GC, S100VF1S, S100XUYO |
| Equity attributable to owners of parent | 343 | 352 | 397 | 471 | 521 | S100QLC2, S100T5GC, S100VF1S, S100XUYO |
| Retained earnings | -500 | -490 | -445 | 265 | 316 | S100QLC2, S100T5GC, S100VF1S, S100XUYO |
| Treasury stock | -71 | -71 | -71 | -71 | -71 | S100QLC2, S100T5GC, S100VF1S, S100XUYO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 57% | S100XUYO |
| Inventories | 0% | S100XUYO |
| Property, plant and equipment | 13% | S100XUYO |
| Intangibles and goodwill | 0% | S100XUYO |
| Other assets | 30% | S100XUYO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100XUYO |
| Other liabilities | 60% | S100XUYO |
| Equity | 37% | S100XUYO |
| Other liabilities | 0% | S100XUYO |

### 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 | 1,400 | 1,332 | 1,356 | 1,337 | 1,398 |
| Equity | 353 | 353 | 398 | 466 | 521 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 853 | 822 | 878 | 824 | 804 |

## 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) | 8.8% | S100XUYO |
| Fixed assets ÷ total assets | 12.7% | S100XUYO |
| Goodwill ÷ parent equity | — | —, S100XUYO |

### 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) | 57.5% |
| Cash ÷ revenue | 39.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 91.3% |
| Cash vs. profit gap | 20 JPY mn (of net income 21.4%) |
| Shareholder returns / net income | 47.0% |
| Shareholder returns / FCF | 84.2% |
| Shareholder payments — dividends / net income | 47.0% |
| Shareholder payments — dividends / FCF | 84.2% |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 66.0% |

## 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 | — | —× | -20.0% | —× | — | S100QLC2 |
| 2022 | 3.0% | 1.22× | 3.6% | 3.93× | 14.2% | S100T5GC |
| 2023 | 2.5% | 1.33× | 3.3% | 3.59× | 12.0% | S100VF1S |
| 2024 | 3.9% | 1.39× | 5.5% | 3.10× | 16.9% | S100XUYO |
| 2025 | 4.7% | 1.48× | 7.0% | 2.76× | 19.3% | S100XUYO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社PLEASANT | Major shareholder | 27.1% | 2025-12-31 |
| 加藤 博敏 | Major shareholder | 13.8% | 2025-12-31 |
| 加藤 郁子 | Major shareholder | 8.5% | 2025-12-31 |
| 加藤 一裕 | Major shareholder | 6.2% | 2025-12-31 |
| 金子 美由紀 | Major shareholder | 6.2% | 2025-12-31 |
| 増田 明彦 | Major shareholder | 0.6% | 2025-12-31 |
| 加藤 美恵子 | Major shareholder | 0.5% | 2025-12-31 |
| 佐伯 高史 | Major shareholder | 0.4% | 2025-12-31 |
| 中野 進 | Major shareholder | 0.2% | 2025-12-31 |
| 花房 太郎 | Major shareholder | 0.2% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第40期(2025/01/01－2025/12/31) | S100XUYO | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUYO,, |
| 有価証券報告書－第39期(2024/01/01－2024/12/31) | S100VF1S | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VF1S,, |
| 有価証券報告書－第38期(2023/01/01－2023/12/31) | S100T5GC | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5GC,, |
| 訂正有価証券報告書－第37期(2022/01/01－2022/12/31) | S100QLC2 | 2023-04-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QLC2,, |
| 有価証券報告書－第36期(令和3年1月1日－令和3年12月31日) | S100NRP3 | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRP3,, |
| 有価証券報告書－第35期(令和2年1月1日－令和2年12月31日) | S100L2HV | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2HV,, |

## 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).