# Pasona Group Inc.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2025/06/01－2026/05/31) (S100YW7F)
> Page: https://vizora.meequs.com/en/company/pasona-group
> Retrieved: 2026-09-30T20:25:44.252Z

## Company

Pasona Group, founded in 1976, is a company in Business Process Outsourcing listed on TSE Prime. It has 9,028 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Pasona Group Inc. |
| Ticker | 2168 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2168.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内一丁目5番1号 |
| Representative (per filing) | 代表取締役会長CEO 若本 博隆 |
| Founded | Feb 1976 |
| Share capital | ¥5B |
| Employees (consolidated) | 9,028 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | May |
| Website | www.pasonagroup.co.jp (https://www.pasonagroup.co.jp/) |
| Corporate number | 6010001114024 |
| EDINET | E05729 |
| Industries (Vizora) | Business Process Outsourcing, HR & Staffing, Childcare, Home & Lifestyle Services, Theme Parks & Leisure Facilities, Hotels & Inns |

> Profile source: annual securities report (S100YW7F, filed 2026-08-14). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 5.1 | 68 |
| Profitability | 7.4 | 88 |
| Efficiency | 43.8 | 88 |
| Financial strength | 70 | 5 |

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 86% of Pasona Group's sales come from BPO Solution,Expert Solution, with Career Solutions and Grobal Solution making up much of the rest.
- Operating profit was close to zero, a slight loss per ¥100 of sales.
- Revenue changed -0.2% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥308.5B |  |
| Operating income | -¥1.15B | Margin -0.4% |
| Net income | -¥3.39B | Margin -1.1% |
| Free cash flow | -¥18.9B |  |
| Largest business | BPO Solution,Expert Solution | of segment revenue 86.3% |
| Employees (consolidated) | 9,028 |  |
| EPS | ¥-181.32 |  |
| Book value per share | ¥2380.84 |  |
| Equity ratio | 53.9% |  |
| Shares outstanding | 40,190,300 |  |
| Treasury shares | 1,918,900 |  |
| Shareholders | 15,316 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 23.2% | Net cash ¥16.3B · Cash ÷ revenue 17.7% |
| Vs. industry median margin | -4.3 pp | Business Process Outsourcing |
| ROA | -1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 67% of positive segment profit
- FY2026, segment profit share differs by 24 points

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥334540000000 | ¥308496000000 | -7.8% |
| Operating income | ¥19940000000 | ¥-1149000000 | -105.8% |
| Operating margin | 6.0% | -0.4% | -6.3 pp |
| Employees | 9,498 people | 9,028 people | -4.9% |
| Cash and equivalents | ¥52298000000 | ¥54577000000 | +4.4% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| エキスパートサービス、ＢＰＯサービス他 → 事業再編・廃止 | 82.2% |
| キャリアソリューション → キャリアソリューション | 4.1% |
| ライフソリューション → ライフソリューション | 1.9% |
| 地方創生ソリューション → 事業再編・廃止 | 0.8% |
| アウトソーシング → 事業再編・廃止 | 11.0% |
| 新設・再編 → BPOソリューション、エキスパートソリューション | 86.3% |
| 新設・再編 → キャリアソリューション | 0.4% |
| 新設・再編 → グローバルソリューション | 3.8% |
| 新設・再編 → ライフソリューション | 1.1% |
| 新設・再編 → 地方創生・観光ソリューション | 2.4% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| BPO Solution,Expert Solution | 2 years | -2.8% | ¥266211000000 | 3.8% | 2 |
| Career Solutions | 5 years | +0.3% | ¥14010000000 | 30.3% | 2 |
| Grobal Solution | 2 years | +4.2% | ¥11717000000 | 2.3% | 2 |
| Life solution | 5 years | +8.0% | ¥9195000000 | 5.2% | 2 |
| Regional Revitalization Sightseeing solution | 2 years | +13.8% | ¥7362000000 | -20.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 308,496 | 100.0% | S100YW7F |
| Cost of revenue | 238,217 | 77.2% | S100YW7F |
| Gross profit | 70,278 | 22.8% | S100YW7F |
| SG&A | 71,428 | 23.2% | S100YW7F |
| Operating income | -1,149 | -0.4% | S100YW7F |
| Ordinary income | 138 | 0.0% | S100YW7F |
| Pretax income | -1,006 | -0.3% | S100YW7F |
| Income tax | 2,321 | 0.8% | S100YW7F |
| Net income | -3,328 | -1.1% | S100YW7F |
| Net income attributable to owners | -3,388 | -1.1% | S100YW7F |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 23 |
| Operating income | 0 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 22.8% → Operating margin -0.4% → Net margin -1.1%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 309,240 | 308,496 | -744 | -0.2% |
| Gross profit | 67,958 | 70,278 | 2,320 | +3.4% |
| Operating income | -1,237 | -1,149 | 88 | — |
| Net income attributable to owners | -8,658 | -3,388 | 5,270 | — |
| Operating cash flow | 4,327 | 2,897 | -1,430 | -33.0% |
| Free cash flow | -14,003 | -18,871 | -4,868 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 324,984 | 10,577 | 3.3% | 594 | 11,424 | 4,720 | S100MB9N |
| FY ending May 2021 | 334,540 | 19,940 | 6.0% | 6,784 | 18,868 | 10,116 | S100P22Z |
| FY ending May 2022 | 366,096 | 22,083 | 6.0% | 8,621 | 10,115 | -6,200 | S100RQYK |
| FY ending May 2023 | 372,579 | 14,377 | 3.9% | 6,099 | 5,961 | -7,659 | S100U9HI |
| FY ending May 2024 | 356,733 | 6,794 | 1.9% | 95,891 | 7,397 | -12,752 | S100WJZQ |
| FY ending May 2025 | 309,240 | -1,237 | -0.4% | -8,658 | 4,327 | -14,003 | S100YW7F |
| FY ending May 2026 | 308,496 | -1,149 | -0.4% | -3,388 | 2,897 | -18,871 | S100YW7F |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.2M |
| Operating income per employee (consolidated) | -¥127.3K |
| Net income per employee (consolidated) | -¥375.3K |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 10,364 | 9,786 | 10,001 | 8,894 | 9,028 |
| Average salary (parent company) | ¥6.2M | ¥6.2M | ¥6.3M | ¥6.3M | ¥6.5M |
| Average age (parent company) | 36.8 years | 36.3 years | 36.2 years | 34.9 years | 35.9 years |
| Average tenure (parent company) | 8.2 years | 7.9 years | 8.1 years | 7.7 years | 9.2 years |

Year over year: Employees (consolidated) +1.5% · Revenue (consolidated) -0.2%

## Segments（FY ending May 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| BPO Solution,Expert Solution | 266,211 | 86.3% | 9,990 | 3.8% |
| Career Solutions | 14,010 | 4.5% | 4,244 | 30.3% |
| Grobal Solution | 11,717 | 3.8% | 266 | 2.3% |
| Life solution | 9,195 | 3.0% | 475 | 5.2% |
| Regional Revitalization Sightseeing solution | 7,362 | 2.4% | -1,491 | -20.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| BPO Solution,Expert Solution | 86.3% | 66.7% | -19.6 | 3.8% |
| Career Solutions | 4.5% | 28.3% | 23.8 | 30.3% |
| Grobal Solution | 3.8% | 1.8% | -2.0 | 2.3% |
| Life solution | 3.0% | 3.2% | 0.2 | 5.2% |
| Regional Revitalization Sightseeing solution | 2.4% | — | — | -20.3% |

Loss-making segment (excluded from profit shares): Regional Revitalization Sightseeing solution -1,491 JPY mn

Segment → industry: BPO Solution,Expert Solution → Business Process Outsourcing / BPO Solution,Expert Solution → HR & Staffing / Career Solutions → HR & Staffing / Grobal Solution → HR & Staffing / Life solution → Childcare / Life solution → Home & Lifestyle Services / Regional Revitalization Sightseeing solution → Theme Parks & Leisure Facilities / Regional Revitalization Sightseeing solution → Hotels & Inns

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,897 | 0.9% | S100YW7F |
| Capital expenditure | 21,768 | 7.1% | S100YW7F |
| Free cash flow | -18,871 | -6.1% | 算出 |
| Investing cash flow | -27,285 | -8.8% | S100YW7F |
| Financing cash flow | 101 | 0.0% | S100YW7F |
| Dividends paid | 2,955 | 1.0% | S100YW7F |
| Share buyback | 2,467 | 0.8% | S100YW7F |
| Change in cash | -24,087 | -7.8% | S100YW7F |
| Cash and equivalents | 54,577 | 17.7% | S100YW7F |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 56,578 | 47,919 | 137,047 | 78,664 | 54,577 | S100U9HI, S100WJZQ, S100YW7F |
| Total assets | 203,746 | 275,504 | 301,090 | 265,038 | 235,482 | S100RQYK, S100U9HI, S100WJZQ, S100YW7F |
| Net assets | 67,146 | 71,624 | 154,677 | 141,134 | 132,929 | S100U9HI, S100WJZQ, S100YW7F |
| Share capital | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | S100RQYK, S100U9HI, S100WJZQ, S100YW7F |
| Inventories | 3,560 | 3,365 | 1,781 | 2,352 | 2,360 | S100RQYK, S100U9HI, S100WJZQ, S100YW7F |
| Property, plant and equipment | 27,336 | 33,725 | 35,467 | 47,145 | 62,487 | S100RQYK, S100U9HI, S100WJZQ, S100YW7F |
| Intangible assets excluding goodwill | 23,195 | 26,582 | 5,011 | 7,617 | 11,169 | S100RQYK, S100U9HI, S100WJZQ, S100YW7F |
| Goodwill | 6,833 | 7,353 | 842 | 815 | 1,292 | S100RQYK, S100U9HI, S100WJZQ, S100YW7F |
| Investment securities | 6,938 | 6,586 | 3,288 | 7,655 | 8,127 | S100RQYK, S100U9HI, S100WJZQ, S100YW7F |
| Current assets | 131,123 | 194,275 | 243,637 | 188,948 | 139,248 | S100RQYK, S100U9HI, S100WJZQ, S100YW7F |
| Current liabilities | 83,555 | 144,783 | 103,889 | 87,728 | 60,177 | S100RQYK, S100U9HI, S100WJZQ, S100YW7F |
| Short-term borrowings | 9,611 | 10,296 | 9,263 | 6,043 | 5,739 | S100RQYK, S100U9HI, S100WJZQ, S100YW7F |
| Long-term borrowings | 38,779 | 43,505 | 29,427 | 23,671 | 30,952 | S100RQYK, S100U9HI, S100WJZQ, S100YW7F |
| Bonds | 3,810 | 3,224 | 2,630 | 2,100 | 1,570 | S100RQYK, S100U9HI, S100WJZQ, S100YW7F |
| Interest-bearing debt | 52,200 | 57,025 | 41,320 | 31,814 | 38,261 | 算出 |
| Total liabilities | 136,599 | 203,880 | 146,412 | 123,904 | 102,552 | S100RQYK, S100U9HI, S100WJZQ, S100YW7F |
| Non-controlling interests | 17,155 | 17,622 | 6,171 | 6,196 | 6,041 | S100RQYK, S100U9HI, S100WJZQ, S100YW7F |
| Equity attributable to owners of parent | 48,646 | 52,658 | 147,276 | 134,174 | 125,647 | S100RQYK, S100U9HI, S100WJZQ, S100YW7F |
| Retained earnings | 28,238 | 32,941 | 127,465 | 115,788 | 109,443 | S100RQYK, S100U9HI, S100WJZQ, S100YW7F |
| Treasury stock | -2,378 | -2,378 | -2,685 | -2,577 | -4,842 | S100RQYK, S100U9HI, S100WJZQ, S100YW7F |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YW7F |
| Inventories | 1% | S100YW7F |
| Property, plant and equipment | 27% | S100YW7F |
| Intangibles and goodwill | 5% | S100YW7F |
| Investment securities | 3% | S100YW7F |
| Other assets | 41% | S100YW7F |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 16% | 算出 |
| Other liabilities | 27% | S100YW7F |
| Equity | 57% | S100YW7F |
| Other liabilities | 0% | S100YW7F |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 203,746 | 275,504 | 301,090 | 265,038 | 235,482 |
| Equity | 67,146 | 71,624 | 154,677 | 141,134 | 132,929 |
| Interest-bearing debt | 52,200 | 57,025 | 41,320 | 31,814 | 38,261 |
| Cash | 56,578 | 47,919 | 137,047 | 78,664 | 54,577 |

## 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) | 20.3% | S100YW7F |
| Fixed assets ÷ total assets | 26.5% | S100YW7F |
| Goodwill ÷ parent equity | 1.0% | S100YW7F |

Goodwill over 4 years: 6,833 → 1,292 JPY; total investing cash flow: -22,759 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) | 23.2% |
| Cash ÷ revenue | 17.7% |
| Net cash (cash − interest-bearing debt) | ¥16.3B |
| Net debt ÷ operating cash flow | -5.63× |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 6,285 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.1% |
| Investing CF relative to operating CF | 941.8% |

## 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 | 2.4% | 1.80× | 4.2% | 4.19× | 17.7% | S100RQYK |
| 2023 | 1.6% | 1.55× | 2.5% | 4.73× | 12.0% | S100U9HI |
| 2024 | 26.9% | 1.24× | 33.3% | 2.88× | 95.9% | S100WJZQ |
| 2025 | — | —× | -3.1% | —× | — | S100YW7F |
| 2026 | — | —× | -1.4% | —× | — | S100YW7F |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 南部 靖之 | Major shareholder | 38.9% | 2026-05-31 |
| 株式会社南部エンタープライズ | Major shareholder | 8.8% | 2026-05-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 7.3% | 2026-05-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.7% | 2026-05-31 |
| 株式会社日本カストディ銀行(信託E口) | Major shareholder | 2.4% | 2026-05-31 |
| 株式会社メディカル・コンシェルジュ | Major shareholder | 1.7% | 2026-05-31 |
| 株式会社グラティツード | Major shareholder | 1.6% | 2026-05-31 |
| パソナグループ従業員持株会 | Major shareholder | 1.4% | 2026-05-31 |
| 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 | 1.1% | 2026-05-31 |
| 株式会社日本カストディ銀行(信託口４) | Major shareholder | 1.0% | 2026-05-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending May 2026 was ¥308.5B, almost unchanged from ¥309.2B (-0.2%).
- Gross profit rose 3.4% to ¥70.3B, but higher SG&A kept the company in the red at the operating level: -¥1.15B versus -¥1.24B a year earlier.
- The net loss attributable to owners shrank to -¥3.39B from -¥8.66B.
- Operating cash flow fell 33.0% to ¥2.9B, and free cash flow slipped further to -¥18.9B from -¥14B.

### Drivers

- Sales were held back as large public-sector outsourcing contracts passed their peak, and job placement lost sales efficiency during a system replacement and staff turnover
- A shift toward higher-value specialist outsourcing lifted gross margin, which covered higher retirement benefit costs and higher fees for group IT infrastructure
- More visitors at Nijigen no Mori and growth in childcare and housekeeping improved results in the tourism and life-support businesses

### Risks

- Some government contracts have preset caps on size and duration, so results can swing a lot from year to year
- If clients automate or bring work in-house with AI, demand and prices for staffing and outsourcing could fall
- The tourism facilities need heavy investment, and weak visitor numbers could lead to impairment losses

Cited: Annual Securities Report, 19th fiscal period (Jun 2025 – May 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 19th fiscal period (Jun 2025 – May 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/06/01－2026/05/31) | S100YW7F | 2026-08-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YW7F,, |
| 有価証券報告書－第18期(2024/06/01－2025/05/31) | S100WJZQ | 2025-08-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WJZQ,, |
| 有価証券報告書－第17期(2023/06/01－2024/05/31) | S100U9HI | 2024-08-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U9HI,, |
| 有価証券報告書－第16期(2022/06/01－2023/05/31) | S100RQYK | 2023-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RQYK,, |
| 有価証券報告書－第15期(令和3年6月1日－令和4年5月31日) | S100P22Z | 2022-08-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P22Z,, |
| 有価証券報告書－第14期(令和2年6月1日－令和3年5月31日) | S100MB9N | 2021-08-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MB9N,, |

## 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).