# Poppins Corporation: 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10期(2025/01/01－2025/12/31) (S100XTK0)
> Page: https://vizora.meequs.com/en/company/poppins
> Retrieved: 2026-09-30T20:25:32.734Z

## Company

Poppins, founded in 1987, is a company in Consulting listed on TSE Standard. It has 3,222 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Poppins Corporation |
| Ticker | 7358 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7358.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区広尾五丁目6番6号 |
| Representative (per filing) | 代表取締役社長グループCEO 轟 麻衣子 |
| Founded | Mar 1987 |
| Share capital | ¥2.1B |
| Employees (consolidated) | 3,222 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | December |
| Website | www.poppins.co.jp (https://www.poppins.co.jp/) |
| Corporate number | 7011001113089 |
| EDINET | E35908 |
| Industries (Vizora) | Consulting, Home & Lifestyle Services, Childcare |

> Profile source: annual securities report (S100XTK0, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Childcare (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 45 | 10 |
| Profitability | 62.5 | 12 |
| Cash conversion | 20.8 | 12 |
| Efficiency | 87.5 | 12 |

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 73% of Poppins's sales come from Educare Business, with Family Care Business and Professional Business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +8.6% from the prior year, operating profit +16.9%.

## Company structure

- Segment revenue mix: Educare Business 73.5%、Family Care Business 23.4%、Professional Business 2.0%、Other 1.1%
- Revenue → net income: ¥34409000000 → ¥1142000000
- Net income → operating cash flow: ¥1142000000 → ¥1535000000（difference ¥393000000）
- Main uses of operating cash flow: CapEx ¥720000000 / dividends ¥389000000 / buybacks —
- Change in cash: ¥-767000000
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 | ¥34.4B |  |
| Operating income | ¥1.84B | Margin 5.3% |
| Net income | ¥1.14B | Margin 3.3% |
| Free cash flow | ¥815M |  |
| Largest business | Educare Business | of segment revenue 73.5% |
| Employees (consolidated) | 3,222 |  |
| EPS | ¥60.09 |  |
| Diluted EPS | ¥59.33 |  |
| Book value per share | ¥673.74 |  |
| Equity ratio | 56.1% |  |
| Shares outstanding | 10,177,300 |  |
| Treasury shares | 412,400 |  |
| Shareholders | 3,235 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 46.1% | Cash ÷ revenue 22.1% |
| Vs. industry median margin | +1.4 pp | Childcare |
| ROE | 12.9% | Derived from disclosed figures |
| ROA | 6.9% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 46% of total assets
- FY2025, segment profit share differs by -30 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥23045000000 | ¥34409000000 | +49.3% |
| Operating income | ¥1466000000 | ¥1840000000 | +25.5% |
| Operating margin | 6.4% | 5.3% | -1 pp |
| Employees | 2,826 people | 3,222 people | +14.0% |
| Cash and equivalents | ¥8123000000 | ¥7606000000 | -6.4% |

### 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 |
| --- | ---: |
| 在宅サービス事業 → 事業再編・廃止 | 11.7% |
| エデュケア事業 → エデュケア事業 | 73.5% |
| エデュケア事業 → 事業再編・廃止 | 10.5% |
| その他 → その他 | 1.1% |
| その他 → 事業再編・廃止 | 3.3% |
| 新設・再編 → ファミリーケア事業 | 23.4% |
| 新設・再編 → プロフェッショナル事業 | 2.0% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Educare Business | 5 years | +5.5% | ¥25283000000 | 5.9% | 2 |
| Family Care Business | 4 years | +26.0% | ¥8058000000 | 21.6% | 2 |
| Professional Business | 4 years | +2.8% | ¥693000000 | 28.1% | 2 |
| Other | 5 years | -18.0% | ¥373000000 | 1.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 34,409 | 100.0% | S100XTK0 |
| Cost of revenue | 26,921 | 78.2% | S100XTK0 |
| Gross profit | 7,488 | 21.8% | S100XTK0 |
| SG&A | 5,647 | 16.4% | S100XTK0 |
| Operating income | 1,840 | 5.3% | S100XTK0 |
| Ordinary income | 1,812 | 5.3% | S100XTK0 |
| Pretax income | 1,760 | 5.1% | S100XTK0 |
| Income tax | 617 | 1.8% | S100XTK0 |
| Net income | 1,142 | 3.3% | S100XTK0 |
| Net income attributable to owners | 1,142 | 3.3% | S100XTK0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 17 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 21.8% → Operating margin 5.3% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.6%; Core profit growth: +16.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.97×
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 | 31,690 | 34,409 | 2,719 | +8.6% |
| Gross profit | 6,583 | 7,488 | 905 | +13.7% |
| Operating income | 1,574 | 1,840 | 266 | +16.9% |
| Net income attributable to owners | 776 | 1,142 | 366 | +47.2% |
| Operating cash flow | 1,840 | 1,535 | -305 | -16.6% |
| Free cash flow | 1,164 | 815 | -349 | -30.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 21,548 | 1,401 | 6.5% | 900 | 1,295 | 467 | S100L2IT |
| FY ending Dec 2020 | 23,045 | 1,466 | 6.4% | 1,051 | 1,082 | 151 | S100NS3P |
| FY ending Dec 2021 | 24,749 | 1,519 | 6.1% | 966 | 1,276 | 453 | S100QHZ2 |
| FY ending Dec 2022 | 26,258 | 1,305 | 5.0% | 824 | 304 | -1,462 | S100T6CT |
| FY ending Dec 2023 | 28,893 | 1,162 | 4.0% | 677 | 771 | -869 | S100VI82 |
| FY ending Dec 2024 | 31,690 | 1,574 | 5.0% | 776 | 1,840 | 1,164 | S100XTK0 |
| FY ending Dec 2025 | 34,409 | 1,840 | 5.3% | 1,142 | 1,535 | 815 | S100XTK0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10.7M |
| Operating income per employee (consolidated) | ¥571.1K |
| Net income per employee (consolidated) | ¥354.4K |

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) | 2,923 | 3,021 | 3,217 | 3,204 | 3,222 |
| Average salary (parent company) | ¥6.7M | ¥6.8M | ¥7.6M | ¥7.4M | ¥8.1M |
| Average age (parent company) | 45.1 years | 45.8 years | 46.1 years | 45.0 years | 45.7 years |
| Average tenure (parent company) | 2.6 years | 2.9 years | 4.0 years | 3.8 years | 4.3 years |

Year over year: Employees (consolidated) +0.6% · Revenue (consolidated) +8.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Family Care Business | 8,058 | 23.4% | 1,744 | 21.6% |
| Educare Business | 25,283 | 73.5% | 1,495 | 5.9% |
| Professional Business | 693 | 2.0% | 195 | 28.1% |
| Other | 373 | 1.1% | 6 | 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 |
| --- | ---: | ---: | ---: | ---: |
| Family Care Business | 23.4% | 50.7% | 27.3 | 21.6% |
| Educare Business | 73.5% | 43.5% | -30.0 | 5.9% |
| Professional Business | 2.0% | 5.7% | 3.7 | 28.1% |
| Other | 1.1% | 0.2% | -0.9 | 1.6% |

Segment → industry: Professional Business → Consulting / Family Care Business → Home & Lifestyle Services / Educare Business → Childcare / Family 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 | 1,535 | 4.5% | S100XTK0 |
| Capital expenditure | 720 | 2.1% | S100XTK0 |
| Free cash flow | 815 | 2.4% | 算出 |
| Investing cash flow | -366 | -1.1% | S100XTK0 |
| Financing cash flow | -1,935 | -5.6% | S100XTK0 |
| Dividends paid | 389 | 1.1% | S100XTK0 |
| Change in cash | -767 | -2.2% | S100XTK0 |
| Cash and equivalents | 7,606 | 22.1% | S100XTK0 |

## 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 | 6,350 | 4,240 | 5,000 | 8,373 | 7,606 | S100T6CT, S100VI82, S100XTK0 |
| Total assets | 13,133 | 12,549 | 14,622 | 16,714 | 16,500 | S100QHZ2, S100T6CT, S100VI82, S100XTK0 |
| Net assets | 7,386 | 7,823 | 8,116 | 8,506 | 9,261 | S100T6CT, S100VI82, S100XTK0 |
| Share capital | 2,095 | 2,095 | 2,095 | 2,095 | 2,095 | S100QHZ2, S100T6CT, S100VI82, S100XTK0 |
| Trade receivables | 2,552 | — | — | — | — | S100QHZ2 |
| Property, plant and equipment | 1,666 | 2,277 | 2,815 | 1,682 | 1,759 | S100QHZ2, S100T6CT, S100VI82, S100XTK0 |
| Intangible assets excluding goodwill | 311 | 336 | 257 | 170 | 152 | S100QHZ2, S100T6CT, S100VI82, S100XTK0 |
| Goodwill | 51 | 28 | 5 | — | — | S100QHZ2, S100T6CT, S100VI82 |
| Current assets | 9,373 | 7,914 | 9,305 | 12,515 | 12,106 | S100QHZ2, S100T6CT, S100VI82, S100XTK0 |
| Current liabilities | 3,583 | 2,999 | 4,222 | 5,467 | 5,125 | S100QHZ2, S100T6CT, S100VI82, S100XTK0 |
| Short-term borrowings | — | — | 600 | 1,200 | 600 | S100VI82, S100XTK0 |
| Long-term borrowings | 1,450 | 915 | 1,413 | 1,835 | 1,177 | S100QHZ2, S100T6CT, S100VI82, S100XTK0 |
| Total liabilities | 5,747 | 4,726 | 6,506 | 8,208 | 7,239 | S100QHZ2, S100T6CT, S100VI82, S100XTK0 |
| Equity attributable to owners of parent | 7,386 | 7,823 | 8,116 | 8,506 | 9,261 | S100QHZ2, S100T6CT, S100VI82, S100XTK0 |
| Retained earnings | 3,369 | 3,806 | 4,096 | 4,484 | 5,236 | S100QHZ2, S100T6CT, S100VI82, S100XTK0 |
| Treasury stock | -84 | -84 | -80 | -76 | -73 | S100QHZ2, S100T6CT, S100VI82, S100XTK0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 46% | S100XTK0 |
| Property, plant and equipment | 11% | S100XTK0 |
| Intangibles and goodwill | 1% | S100XTK0 |
| Other assets | 42% | S100XTK0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 44% | S100XTK0 |
| Equity | 56% | S100XTK0 |

### 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 | 13,133 | 12,549 | 14,622 | 16,714 | 16,500 |
| Equity | 7,386 | 7,823 | 8,116 | 8,506 | 9,261 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,350 | 4,240 | 5,000 | 8,373 | 7,606 |

## 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) | 5.1% | S100XTK0 |
| Fixed assets ÷ total assets | 10.7% | S100XTK0 |
| Goodwill ÷ parent equity | — | —, S100XTK0 |

### 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) | 46.1% |
| Cash ÷ revenue | 22.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 83.4% |
| Cash vs. profit gap | 393 JPY mn (of net income 34.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 34.1% |
| Shareholder payments — dividends / FCF | 47.7% |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 23.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.9% | 1.88× | 7.4% | 1.78× | 13.1% | S100QHZ2 |
| 2022 | 3.1% | 2.04× | 6.4% | 1.69× | 10.8% | S100T6CT |
| 2023 | 2.3% | 2.13× | 5.0% | 1.70× | 8.5% | S100VI82 |
| 2024 | 2.4% | 2.02× | 5.0% | 1.89× | 9.3% | S100XTK0 |
| 2025 | 3.3% | 2.07× | 6.9% | 1.87× | 12.9% | S100XTK0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社スピネカ | Major shareholder | 40.6% | 2025-12-31 |
| 轟 麻衣子 | Major shareholder | 13.5% | 2025-12-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 5.0% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.1% | 2025-12-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 3.5% | 2025-12-31 |
| 清板 大亮 | Major shareholder | 2.6% | 2025-12-31 |
| みずほ信託銀行株式会社有価証券管理信託０７３００ ６４号 | Major shareholder | 2.3% | 2025-12-31 |
| みずほ信託銀行株式会社有価証券管理信託０７３００ ６５号 | Major shareholder | 2.3% | 2025-12-31 |
| 中村 紀子 | Major shareholder | 2.3% | 2025-12-31 |
| CACEIS BANK, LUXEMBOURG BRANCH / UCITS - FULL TAX （常任代理人：シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2025/01/01－2025/12/31) | S100XTK0 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTK0,, |
| 有価証券報告書－第9期(2024/01/01－2024/12/31) | S100VI82 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI82,, |
| 有価証券報告書－第8期(2023/01/01－2023/12/31) | S100T6CT | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6CT,, |
| 有価証券報告書－第7期(2022/01/01－2022/12/31) | S100QHZ2 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHZ2,, |
| 有価証券報告書－第6期(令和3年1月1日－令和3年12月31日) | S100NS3P | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NS3P,, |
| 有価証券報告書－第5期(令和2年1月1日－令和2年12月31日) | S100L2IT | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2IT,, |

## 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).