# PERSOL HOLDINGS CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第18期(2025/04/01－2026/03/31) (S100YGCS)
> Page: https://vizora.meequs.com/en/company/persol-holdings
> Retrieved: 2026-09-30T21:09:31.913Z

## Company

Persol Holdings, founded in 2008, is a company in IT Services & System Integration listed on TSE Prime. It has 74,926 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PERSOL HOLDINGS CO.,LTD. |
| Ticker | 2181 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2181.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区代々木二丁目1番1号 (注)2026年6月23日から本店は下記に移転する予定であります。 東京都港区南青山一丁目15番5号 |
| Representative (per filing) | 代表取締役社長 CEO 和田 孝雄 |
| Founded | Oct 2008 |
| Share capital | ¥17.5B |
| Employees (consolidated) | 74,926 |
| Average salary (parent only) | ¥8.8M |
| Fiscal year end | March |
| Corporate number | 8011001058176 |
| EDINET | E21261 |
| Industries (Vizora) | IT Services & System Integration, HR & Staffing, Business Process Outsourcing |

> Profile source: annual securities report (S100YGCS, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 29 | 88 |
| Cash conversion | 70.6 | 80 |
| Efficiency | 86.9 | 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 39% of Persol Holdings's sales come from Staffing, with Asia Pacific and Career making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +7.2% from the prior year, operating profit +15.8%.

## Company structure

- Segment revenue mix: Staffing 38.5%、Asia Pacific 31.9%、Career 9.7%、BPO 8.7%、Technology 7.3%
- Revenue → net income: ¥1555833000000 → ¥44800000000
- Net income → operating cash flow: ¥44800000000 → ¥77440000000（difference ¥32640000000）
- Main uses of operating cash flow: CapEx ¥16924000000 / dividends ¥23361000000 / buybacks ¥0
- Change in cash: ¥2200000000
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 | ¥1.56T |  |
| Operating income | ¥66.5B | Margin 4.3% |
| Net income | ¥42.7B | Margin 2.7% |
| Free cash flow | ¥60.5B |  |
| Largest business | Staffing | of segment revenue 38.5% |
| Employees (consolidated) | 74,926 |  |
| EPS | ¥19.42 |  |
| Diluted EPS | ¥19.17 |  |
| Book value per share | ¥75.5 |  |
| Equity ratio | 35.4% | Derived from disclosed figures |
| Shares outstanding | 2,278,437,000 |  |
| Treasury shares | 26,397,700 |  |
| Shareholders | 61,368 |  |
| Average salary (parent only) | ¥8.8M | Filing company only |
| Cash ratio | 13.7% | Cash ÷ revenue 5.5% |
| Vs. industry median margin | -4.3 pp | HR & Staffing |
| ROE | 20.9% | Derived from disclosed figures |
| ROA | 7.4% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 25 points
- FY2026, parent-company salary changed +21% over five years

## What changed in 5 years

Accounting standard changed in FY2022; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥950722000000 | ¥1555833000000 | — |
| Operating income | ¥25724000000 | ¥66512000000 | — |
| Operating margin | 2.7% | 4.3% | +1.6 pp |
| Employees | 49,434 people | 74,926 people | — |
| Cash and equivalents | ¥82991000000 | ¥85018000000 | — |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| Staffing → Staffing | 38.5% |
| Staffing → 事業再編・廃止 | 16.9% |
| Professional Outsourcing → 事業再編・廃止 | 10.8% |
| Career → Career | 6.2% |
| Solution → 事業再編・廃止 | 0.5% |
| AsiaPacific → AsiaPacific | 26.4% |
| その他 → その他 | 0.6% |
| 新設・再編 → BPO | 8.7% |
| 新設・再編 → Technology | 7.3% |
| 新設・再編 → Career | 3.5% |
| 新設・再編 → AsiaPacific | 5.5% |
| 新設・再編 → その他 | 3.3% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Staffing | — | — | ¥599592000000 | 5.8% | 2 |
| Asia Pacific | — | — | ¥496354000000 | 2.1% | 2 |
| Career | — | — | ¥150495000000 | 23.2% | 2 |
| BPO | 3 years | +7.2% | ¥135391000000 | 7.6% | 2 |
| Technology | 3 years | +10.6% | ¥113632000000 | 8.9% | 2 |
| Other | — | — | ¥60363000000 | -1.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,555,833 | 100.0% | S100YGCS |
| Cost of revenue | 1,200,362 | 77.2% | S100YGCS |
| Gross profit | 355,471 | 22.8% | S100YGCS |
| SG&A | 289,900 | 18.6% | S100YGCS |
| Operating income | 66,512 | 4.3% | S100YGCS |
| Pretax income | 64,935 | 4.2% | S100YGCS |
| Income tax | 20,135 | 1.3% | S100YGCS |
| Net income | 44,800 | 2.9% | S100YGCS |
| Net income attributable to owners | 42,688 | 2.7% | S100YGCS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 19 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 22.8% → Operating margin 4.3% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.2%; Core profit growth: +15.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.20×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,451,238 | 1,555,833 | 104,595 | +7.2% |
| Gross profit | 332,128 | 355,471 | 23,343 | +7.0% |
| Operating income | 57,426 | 66,512 | 9,086 | +15.8% |
| Net income attributable to owners | 35,871 | 42,688 | 6,817 | +19.0% |
| Operating cash flow | 68,854 | 77,440 | 8,586 | +12.5% |
| Free cash flow | 50,431 | 60,516 | 10,085 | +20.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 970,572 | 39,085 | 4.0% | 7,612 | 28,592 | 15,177 | S100LN19 |
| FY ending Mar 2021 | 950,722 | 25,724 | 2.7% | 15,341 | 36,805 | 25,404 | S100OCLM |
| FY ending Mar 2022 | 1,060,893 | 48,143 | 4.5% | 31,906 | 50,692 | 39,705 | S100SN9B |
| FY ending Mar 2023 | 1,242,611 | 42,754 | 3.4% | 22,761 | 68,980 | 56,283 | S100UP2R |
| FY ending Mar 2024 | 1,327,123 | 52,065 | 3.9% | 29,971 | 77,753 | 62,267 | S100W59Y |
| FY ending Mar 2025 | 1,451,238 | 57,426 | 4.0% | 35,871 | 68,854 | 50,431 | S100YGCS |
| FY ending Mar 2026 | 1,555,833 | 66,512 | 4.3% | 42,688 | 77,440 | 60,516 | S100YGCS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.8M |
| Operating income per employee (consolidated) | ¥887.7K |
| Net income per employee (consolidated) | ¥569.7K |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 54,458 | 60,540 | 65,730 | 71,570 | 74,926 |
| Average salary (parent company) | ¥7.3M | ¥7.3M | ¥8.1M | ¥8.2M | ¥8.8M |
| Average age (parent company) | 39.5 years | 39.8 years | 40.4 years | 40.9 years | 40.9 years |
| Average tenure (parent company) | 6.8 years | 6.8 years | 6.6 years | 6.2 years | 6.3 years |

Year over year: Employees (consolidated) +4.7% · Revenue (consolidated) +7.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Staffing | 599,592 | 38.5% | 34,804 | 5.8% |
| BPO | 135,391 | 8.7% | 10,329 | 7.6% |
| Technology | 113,632 | 7.3% | 10,136 | 8.9% |
| Career | 150,495 | 9.7% | 34,932 | 23.2% |
| Asia Pacific | 496,354 | 31.9% | 10,511 | 2.1% |
| Other | 60,363 | 3.9% | -983 | -1.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Staffing | 38.5% | 34.6% | -4.0 | 5.8% |
| BPO | 8.7% | 10.3% | 1.6 | 7.6% |
| Technology | 7.3% | 10.1% | 2.8 | 8.9% |
| Career | 9.7% | 34.7% | 25.0 | 23.2% |
| Asia Pacific | 31.9% | 10.4% | -21.5 | 2.1% |
| Other | 3.9% | — | — | -1.6% |

Loss-making segment (excluded from profit shares): Other -983 JPY mn

Segment → industry: Technology → IT Services & System Integration / Asia Pacific → HR & Staffing / Career → HR & Staffing / Staffing → HR & Staffing / BPO → Business Process Outsourcing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 77,440 | 5.0% | S100YGCS |
| Capital expenditure | 16,924 | 1.1% | S100YGCS |
| Free cash flow | 60,516 | 3.9% | 算出 |
| Investing cash flow | -34,316 | -2.2% | S100YGCS |
| Financing cash flow | -44,817 | -2.9% | S100YGCS |
| Dividends paid | 23,361 | 1.5% | S100YGCS |
| Share buyback | 0 | 0.0% | S100YGCS |
| Change in cash | 2,200 | 0.1% | S100YGCS |
| Cash and equivalents | 85,018 | 5.5% | S100YGCS |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 95,933 | 101,233 | 108,369 | 82,818 | 85,018 | S100UP2R, S100W59Y, S100YGCS |
| Total assets | 468,251 | 488,728 | 518,730 | 539,746 | 620,535 | S100UP2R, S100W59Y, S100YGCS |
| Net assets | 177,474 | 183,529 | 208,317 | 206,382 | 238,788 | S100UP2R, S100W59Y, S100YGCS |
| Share capital | 17,479 | 17,479 | 17,479 | 17,479 | 17,479 | S100UP2R, S100W59Y, S100YGCS |
| Property, plant and equipment | 9,989 | 9,229 | 9,575 | 10,714 | 11,561 | S100UP2R, S100W59Y, S100YGCS |
| Intangible assets excluding goodwill | 95,129 | 86,320 | — | — | — | S100SN9B |
| Goodwill | 63,941 | 58,465 | 59,019 | 70,065 | 94,019 | S100UP2R, S100W59Y, S100YGCS |
| Investment securities | 8,664 | 12,058 | — | — | — | S100SN9B |
| Current assets | 281,995 | 301,445 | 312,690 | 299,974 | 335,364 | S100UP2R, S100W59Y, S100YGCS |
| Current liabilities | 167,893 | 195,421 | — | — | — | S100SN9B |
| Short-term borrowings | 162 | 11,361 | — | — | — | S100SN9B |
| Long-term borrowings | 30,000 | 30,116 | — | — | — | S100SN9B |
| Bonds | 10,000 | — | — | — | — | S100SN9B |
| Interest-bearing debt | 40,162 | — | — | — | — | 算出 |
| Total liabilities | 290,777 | 305,199 | 310,412 | 333,363 | 381,746 | S100UP2R, S100W59Y, S100YGCS |
| Non-controlling interests | 21,317 | 15,214 | — | — | — | S100SN9B |
| Equity attributable to owners of parent | 165,409 | 169,670 | 192,349 | 189,633 | 219,499 | S100UP2R, S100W59Y, S100YGCS |
| Retained earnings | 141,880 | 154,926 | 165,979 | 185,466 | 206,372 | S100UP2R, S100W59Y, S100YGCS |
| Treasury stock | -10,351 | -19,459 | -9,584 | -13,448 | -10,261 | S100UP2R, S100W59Y, S100YGCS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YGCS |
| Property, plant and equipment | 2% | S100YGCS |
| Intangibles and goodwill | 15% | — |
| Other assets | 69% | S100YGCS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 62% | S100YGCS |
| Equity | 38% | S100YGCS |
| Other liabilities | 0% | S100YGCS |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 468,251 | 488,728 | 518,730 | 539,746 | 620,535 |
| Equity | 177,474 | 183,529 | 208,317 | 206,382 | 238,788 |
| Interest-bearing debt | 40,162 | — | — | — | — |
| Cash | 95,933 | 101,233 | 108,369 | 82,818 | 85,018 |

## 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) | 0.7% | S100YGCS |
| Fixed assets ÷ total assets | 1.9% | S100YGCS |
| Goodwill ÷ parent equity | 42.8% | S100YGCS |

Goodwill over 4 years: 63,941 → 94,019 JPY; total investing cash flow: -112,925 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) | 13.7% |
| Cash ÷ revenue | 5.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 116.4% |
| Cash vs. profit gap | 34,752 JPY mn (of net income 81.4%) |
| Shareholder returns / net income | 54.7% |
| Shareholder returns / FCF | 38.6% |
| Shareholder payments — dividends / net income | 54.7% |
| Shareholder payments — dividends / FCF | 38.6% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 44.3% |

## 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 | 3.0% | 2.27× | 6.8% | 2.83× | 19.3% | S100SN9B, S100UP2R |
| 2023 | 1.8% | 2.60× | 4.8% | 2.86× | 13.6% | S100UP2R |
| 2024 | 2.3% | 2.63× | 5.9% | 2.78× | 16.6% | S100W59Y |
| 2025 | 2.5% | 2.74× | 6.8% | 2.77× | 18.8% | S100YGCS |
| 2026 | 2.7% | 2.68× | 7.4% | 2.84× | 20.9% | S100YGCS |

## 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 | 13.9% | 2026-03-31 |
| 篠原 欣子 | Major shareholder | 11.7% | 2026-03-31 |
| 一般財団法人篠原欣子記念財団 | Major shareholder | 7.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.8% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１ 常任代理人 株式会社みずほ銀行決済営業部 | Major shareholder | 3.5% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５６４２ 常任代理人 株式会社みずほ銀行決済営業部 | Major shareholder | 2.8% | 2026-03-31 |
| ＣＥＰ ＬＵＸ－ＯＲＢＩＳ ＳＩＣＡＶ 常任代理人 シティバンク、エヌ・エイ東京支店 | Major shareholder | 2.1% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ ＭＥＬＬＯＮ １４００４４ 常任代理人 株式会社みずほ銀行決済営業部 | Major shareholder | 1.6% | 2026-03-31 |
| パーソルホールディングス従業員持株会 | Major shareholder | 1.4% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥1.56T, up 7.2% from ¥1.45T the year before.
- Operating income rose 15.8%, from ¥57.4B to ¥66.5B, outpacing sales.
- Net income attributable to owners reached ¥42.7B, up 19.0%, and free cash flow climbed 20.0% to ¥60.5B.

### Drivers

- With labor shortages continuing in Japan, hiring demand held up and every business unit grew its revenue.
- In staffing, both the number of placed workers and billing rates went up; better productivity and growth in the higher-margin recruiting business lifted profit further.
- BPO grew sharply after adding revenue from an acquired company, formerly Fujitsu Communication Services.
- Asia Pacific was the only unit with lower profit, due to one-off factors such as a smaller subsidy than last year and system upgrade costs.

### Risks

- A personal data leak or system outage could hurt trust, bring damage claims, and weigh heavily on results.
- If acquired companies earn less than planned, goodwill impairments could follow; the company notes that under IFRS goodwill is not amortized, so impairments tend to come in larger, one-time hits.
- In a downturn, the company expects recruiting and job ads to fall first, with staffing and outsourced work feeling the impact later.

Cited: Annual Securities Report, 18th term (Apr 2025 - Mar 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, 18th term (Apr 2025 - Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/04/01－2026/03/31) | S100YGCS | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGCS,, |
| 有価証券報告書－第17期(2024/04/01－2025/03/31) | S100W59Y | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W59Y,, |
| 訂正有価証券報告書－第16期(2023/04/01－2024/03/31) | S100UP2R | 2024-11-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UP2R,, |
| 訂正有価証券報告書－第15期(2022/04/01－2023/03/31) | S100SN9B | 2024-01-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SN9B,, |
| 有価証券報告書－第14期(令和3年4月1日－令和4年3月31日) | S100OCLM | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCLM,, |
| 有価証券報告書－第13期(令和2年4月1日－令和3年3月31日) | S100LN19 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN19,, |

## 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).