# Plus Alpha Consulting Co., Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2024/10/01－2025/09/30) (S100XD0A)
> Page: https://vizora.meequs.com/en/company/plus-alpha-consulting
> Retrieved: 2026-09-30T19:49:01.012Z

## Company

Plus Alpha Consulting, founded in 2006, is a company in Software & SaaS listed on TSE Prime. It has 469 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Plus Alpha Consulting Co.,LTD. |
| Ticker | 4071 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4071.T) |
| Listing | TSE Prime |
| Head office | 東京都港区東新橋一丁目9番2号 汐留住友ビル25階 |
| Representative (per filing) | 代表取締役社長 三室 克哉 |
| Founded | Dec 2006 |
| Share capital | ¥557.8M |
| Employees (consolidated) | 469 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | September |
| Website | www.pa-consul.co.jp (https://www.pa-consul.co.jp/) |
| Corporate number | 9010401068115 |
| EDINET | E36635 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XD0A, filed 2025-12-25). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 92.8 | 145 |
| Cash conversion | 28.5 | 128 |
| Efficiency | 59 | 145 |

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 78% of Plus Alpha Consulting's sales come from Talent Palette business, with Mieruka-Engine business making up much of the rest.
- Out of every ¥100 of sales, about ¥37 is left as operating profit.
- Revenue changed +22.8% from the prior year, operating profit +40.8%.

## Company structure

- Segment revenue mix: Talent Palette business 77.5%、Mieruka-Engine business 22.5%
- Revenue → net income: ¥17084345000 → ¥3256510000
- Net income → operating cash flow: ¥3256510000 → ¥5154418000（difference ¥1897908000）
- Main uses of operating cash flow: CapEx ¥61638000 / dividends ¥676693000 / buybacks ¥3061882000
- Change in cash: ¥4374788000
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 | ¥17.1B |  |
| Operating income | ¥6.38B | Margin 37.3% |
| Net income | ¥3.26B | Margin 19.1% |
| Free cash flow | ¥5.09B |  |
| Largest business | Talent Palette business | of segment revenue 77.5% |
| Employees (consolidated) | 469 |  |
| EPS | ¥85.67 |  |
| Diluted EPS | ¥85.22 |  |
| Book value per share | ¥359.99 |  |
| Equity ratio | 79.4% |  |
| Shares outstanding | 42,842,600 |  |
| Treasury shares | 472,200 |  |
| Shareholders | 6,292 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 78.2% | Cash ÷ revenue 85.3% |
| Vs. industry median margin | +24.9 pp | Software & SaaS |
| ROE | 24.3% | Derived from disclosed figures |
| ROA | 19.1% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 4.5× dividends
- FY2025, one segment accounts for 78% of positive segment profit
- FY2025, cash is 78% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4726527000 | ¥17084345000 | — |
| Operating income | ¥1430573000 | ¥6378692000 | — |
| Operating margin | 30.3% | 37.3% | +7.1 pp |
| Employees | 173 people | 469 people | — |
| Cash and equivalents | ¥3251129000 | ¥14564506000 | — |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| マーケティングソリューション → マーケティングソリューション | 22.5% |
| マーケティングソリューション → 事業再編・廃止 | 12.0% |
| HRソリューション → HRソリューション | 39.7% |
| カスタマーリングス事業 → 事業再編・廃止 | 25.8% |
| 新設・再編 → HRソリューション | 37.8% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,084 | 100.0% | S100XD0A |
| Cost of revenue | 4,757 | 27.8% | S100XD0A |
| Gross profit | 12,327 | 72.2% | S100XD0A |
| SG&A | 5,949 | 34.8% | S100XD0A |
| Operating income | 6,379 | 37.3% | S100XD0A |
| Ordinary income | 6,320 | 37.0% | S100XD0A |
| Pretax income | 5,167 | 30.2% | S100XD0A |
| Income tax | 1,910 | 11.2% | S100XD0A |
| Net income | 3,257 | 19.1% | S100XD0A |
| Net income attributable to owners | 3,259 | 19.1% | S100XD0A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 28 |
| SG&A | 35 |
| Operating income | 37 |
| (Ref.) Net income | 19 |

### Margin funnel

Gross margin 72.2% → Operating margin 37.3% → Net margin 19.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +22.8%; Core profit growth: +40.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.79×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,914 | 17,084 | 3,170 | +22.8% |
| Gross profit | 10,149 | 12,327 | 2,178 | +21.5% |
| Operating income | 4,529 | 6,379 | 1,849 | +40.8% |
| Net income attributable to owners | 3,092 | 3,259 | 166 | +5.4% |
| Operating cash flow | 3,319 | 5,154 | 1,836 | +55.3% |
| Free cash flow | 3,169 | 5,093 | 1,923 | +60.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2020 | 4,727 | 1,431 | 30.3% | 1,026 | 1,018 | 993 | S100N2RN |
| FY ending Sep 2021 | 6,118 | 2,107 | 34.4% | 1,429 | 1,548 | 1,499 | S100PT8Y |
| FY ending Sep 2022 | 7,911 | 2,664 | 33.7% | 1,796 | 1,810 | 1,632 | S100PT8Y |
| FY ending Sep 2023 | 11,172 | 3,711 | 33.2% | 2,621 | 3,308 | 3,278 | S100V0OA |
| FY ending Sep 2024 | 13,914 | 4,529 | 32.6% | 3,092 | 3,319 | 3,169 | S100XD0A |
| FY ending Sep 2025 | 17,084 | 6,379 | 37.3% | 3,259 | 5,154 | 5,093 | S100XD0A |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.4M |
| Operating income per employee (consolidated) | ¥13.6M |
| Net income per employee (consolidated) | ¥6.9M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 187 | 223 | 305 | 429 | 469 |
| Average salary (parent company) | ¥6.2M | ¥6.1M | ¥6.4M | ¥6.8M | ¥7M |
| Average age (parent company) | 32.8 years | 31.9 years | 31.7 years | 31.8 years | 31.6 years |
| Average tenure (parent company) | 3.6 years | 3.9 years | 4.1 years | 4.1 years | 4.2 years |

Year over year: Employees (consolidated) +9.3% · Revenue (consolidated) +22.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mieruka-Engine business | 3,840 | 22.5% | 1,710 | 44.5% |
| Talent Palette business | 13,245 | 77.5% | 5,931 | 44.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Mieruka-Engine business | 22.5% | 22.4% | -0.1 | 44.5% |
| Talent Palette business | 77.5% | 77.6% | 0.1 | 44.8% |

Segment → industry: Talent Palette business → Software & SaaS / Mieruka-Engine business → Software & SaaS

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,154 | 30.2% | S100XD0A |
| Capital expenditure | 62 | 0.4% | S100XD0A |
| Free cash flow | 5,093 | 29.8% | 算出 |
| Investing cash flow | -164 | -1.0% | S100XD0A |
| Financing cash flow | -616 | -3.6% | S100XD0A |
| Dividends paid | 677 | 4.0% | S100XD0A |
| Share buyback | 3,062 | 17.9% | S100XD0A |
| Change in cash | 4,375 | 25.6% | S100XD0A |
| Cash and equivalents | 14,565 | 85.3% | S100XD0A |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,615 | 5,479 | 8,278 | 10,190 | 14,565 | S100PT8Y, S100XD0A |
| Total assets | 6,135 | 7,945 | 12,016 | 15,411 | 18,629 | S100PT8Y, S100V0OA, S100XD0A |
| Net assets | 4,907 | 6,464 | 9,446 | 12,100 | 14,809 | S100PT8Y, S100XD0A |
| Share capital | 63 | 88 | 448 | 495 | 558 | S100PT8Y, S100V0OA, S100XD0A |
| Trade receivables | — | — | 1,232 | 1,602 | — | S100V0OA, S100XD0A |
| Property, plant and equipment | 114 | 174 | 161 | 271 | 284 | S100PT8Y, S100V0OA, S100XD0A |
| Intangible assets excluding goodwill | 2 | 16 | 1,492 | 2,392 | 849 | S100PT8Y, S100V0OA, S100XD0A |
| Goodwill | — | — | 1,167 | 1,536 | 347 | S100V0OA, S100XD0A |
| Investment securities | 200 | 200 | 200 | 0 | — | S100PT8Y, S100V0OA |
| Current assets | 5,499 | 6,599 | 9,702 | 12,077 | 16,866 | S100PT8Y, S100V0OA, S100XD0A |
| Current liabilities | 1,228 | 1,481 | 2,464 | 2,968 | 3,658 | S100PT8Y, S100V0OA, S100XD0A |
| Total liabilities | 1,228 | 1,481 | 2,570 | 3,311 | 3,820 | S100PT8Y, S100V0OA, S100XD0A |
| Non-controlling interests | — | — | — | 21 | 19 | S100XD0A |
| Equity attributable to owners of parent | 4,896 | 6,453 | 9,444 | 12,077 | 14,790 | S100PT8Y, S100V0OA, S100XD0A |
| Retained earnings | 4,779 | 6,287 | 8,559 | 11,097 | 13,676 | S100PT8Y, S100V0OA, S100XD0A |
| Treasury stock | — | -0 | -0 | -0 | -811 | S100PT8Y, S100V0OA, S100XD0A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 78% | S100XD0A |
| Property, plant and equipment | 2% | S100XD0A |
| Intangibles and goodwill | 6% | S100XD0A |
| Other assets | 14% | S100XD0A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 21% | S100XD0A |
| Equity | 79% | S100XD0A |
| Other liabilities | 0% | S100XD0A |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 6,135 | 7,945 | 12,016 | 15,411 | 18,629 |
| Equity | 4,907 | 6,464 | 9,446 | 12,100 | 14,809 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,615 | 5,479 | 8,278 | 10,190 | 14,565 |

## 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) | 1.7% | S100XD0A |
| Fixed assets ÷ total assets | 1.5% | S100XD0A |
| Goodwill ÷ parent equity | 2.3% | S100XD0A |

### 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) | 78.2% |
| Cash ÷ revenue | 85.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 80.8% |
| Cash vs. profit gap | 1,896 JPY mn (of net income 58.2%) |
| Shareholder returns / net income | 114.7% |
| Shareholder returns / FCF | 73.4% |
| Shareholder payments — dividends / net income | 20.8% |
| Shareholder payments — dividends / FCF | 13.3% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 3.2% |

## 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 | 23.4% | 1.00× | 23.3% | 1.25× | 29.2% | S100PT8Y |
| 2022 | 22.7% | 1.12× | 25.5% | 1.24× | 31.7% | S100PT8Y |
| 2023 | 23.5% | 0.93× | 21.8% | 1.27× | 27.8% | S100V0OA |
| 2024 | 22.2% | 1.01× | 22.5% | 1.27× | 28.7% | S100XD0A |
| 2025 | 19.1% | 1.00× | 19.1% | 1.27× | 24.3% | S100XD0A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三室 克哉 | Major shareholder | 15.4% | 2025-09-30 |
| 鈴村 賢治 | Major shareholder | 10.5% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.8% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.7% | 2025-09-30 |
| 合同会社アルファスタイル | Major shareholder | 5.6% | 2025-09-30 |
| プラスエナジー合同会社 | Major shareholder | 5.3% | 2025-09-30 |
| STATE STREET BANK AND TRUST COMPANY 505025 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.9% | 2025-09-30 |
| 株式会社マイナビ | Major shareholder | 3.0% | 2025-09-30 |
| 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 | 1.9% | 2025-09-30 |
| 木下 圭一郎 | Major shareholder | 1.9% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2024/10/01－2025/09/30) | S100XD0A | 2025-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XD0A,, |
| 有価証券報告書－第18期(2023/10/01－2024/09/30) | S100V0OA | 2024-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0OA,, |
| 有価証券報告書－第17期(2022/10/01－2023/09/30) | S100SIM1 | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIM1,, |
| 有価証券報告書－第16期(令和3年10月1日－令和4年9月30日) | S100PT8Y | 2022-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PT8Y,, |
| 有価証券報告書－第15期(令和2年10月1日－令和3年9月30日) | S100N2RN | 2021-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2RN,, |

## 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).