# Recovery International 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13期(2025/01/01－2025/12/31) (S100XV6A)
> Page: https://vizora.meequs.com/en/company/recovery-international
> Retrieved: 2026-09-30T19:15:27.356Z

## Company

Recovery International, founded in 2013, is a company in HR & Staffing listed on TSE Growth. It has 349 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Recovery International Co.,Ltd. |
| Ticker | 9214 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9214.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区西新宿六丁目16番12号 |
| Representative (per filing) | 代表取締役社長 柴田 旬也 |
| Founded | Nov 2013 |
| Share capital | ¥203.5M |
| Employees (consolidated) | 349 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | December |
| Website | www.recovery-group.co.jp (https://www.recovery-group.co.jp/) |
| Corporate number | 3011101068278 |
| EDINET | E37292 |
| Industries (Vizora) | HR & Staffing, Nursing Care |

> Profile source: annual securities report (S100XV6A, filed 2026-03-30). As of filing

## Five-axis industry profile

Primary industry: Nursing Care (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 64.3 | 21 |
| Cash conversion | 7.9 | 19 |
| Efficiency | 92.9 | 21 |

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 97% of Recovery International's sales come from Home-visit nursing service business, with Paramedical Recruitment Business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +31.6% from the prior year, operating profit +12.4%.

## Company structure

- Segment revenue mix: Home-visit nursing service business 96.6%、Paramedical Recruitment Business 3.4%
- Revenue → net income: ¥2689620000 → ¥127711000
- Net income → operating cash flow: ¥127711000 → ¥70747000（difference ¥-56964000）
- Main uses of operating cash flow: CapEx ¥5567000 / dividends — / buybacks ¥85905000
- Change in cash: ¥77815000
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 | ¥2.69B |  |
| Operating income | ¥203.4M | Margin 7.6% |
| Net income | ¥127.7M | Margin 4.7% |
| Free cash flow | ¥65.2M |  |
| Largest business | Home-visit nursing service business | of segment revenue 96.6% |
| Employees (consolidated) | 349 |  |
| EPS | ¥141.21 |  |
| Diluted EPS | ¥140.14 |  |
| Book value per share | ¥628.76 |  |
| Equity ratio | 57.2% |  |
| Shares outstanding | 1,414,000 |  |
| Treasury shares | 83,100 |  |
| Shareholders | 1,152 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 43.6% | Cash ÷ revenue 21.8% |
| Vs. industry median margin | +1.4 pp | Nursing Care |
| ROE | 16.6% | Derived from disclosed figures |
| ROA | 9.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 44% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥766637000 | ¥2689620000 | — |
| Operating income | ¥17472000 | ¥203393000 | — |
| Operating margin | 2.3% | 7.6% | +5.3 pp |
| Employees | 122 people | 349 people | — |
| Cash and equivalents | ¥124575000 | ¥587195000 | — |

### 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 |
| --- | ---: |
| 新設・再編 → 訪問看護サービス事業 | 96.6% |
| 新設・再編 → コメディカル人材紹介事業 | 3.4% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,690 | 100.0% | S100XV6A |
| Cost of revenue | 1,523 | 56.6% | S100XV6A |
| Gross profit | 1,167 | 43.4% | S100XV6A |
| SG&A | 963 | 35.8% | S100XV6A |
| Operating income | 203 | 7.6% | S100XV6A |
| Ordinary income | 208 | 7.7% | S100XV6A |
| Pretax income | 208 | 7.7% | S100XV6A |
| Income tax | 80 | 3.0% | S100XV6A |
| Net income | 128 | 4.7% | S100XV6A |
| Net income attributable to owners | 128 | 4.7% | S100XV6A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 36 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 43.4% → Operating margin 7.6% → Net margin 4.7%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,043 | 2,690 | 647 | +31.6% |
| Gross profit | 861 | 1,167 | 306 | +35.5% |
| Operating income | 181 | 203 | 22 | +12.4% |
| Operating cash flow | 120 | 71 | -49 | -40.8% |
| Free cash flow | 116 | 65 | -50 | -43.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 767 | 17 | 2.3% | 28 | 12 | 9 | S100NSOK |
| FY ending Dec 2021 | 1,123 | 146 | 13.0% | 101 | 101 | 99 | S100QIBR |
| FY ending Dec 2022 | 1,385 | 155 | 11.2% | 108 | 88 | 78 | S100T5YK |
| FY ending Dec 2023 | 1,605 | 150 | 9.4% | 110 | 115 | 108 | S100VIQ7 |
| FY ending Dec 2024 | 2,043 | 181 | 8.9% | 146 | 120 | 116 | S100VIQ7 |
| FY ending Dec 2025 | 2,690 | 203 | 7.6% | 128 | 71 | 65 | S100XV6A |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥7.7M |
| Operating income per employee (consolidated) | ¥582.8K |
| Net income per employee (consolidated) | ¥365.9K |

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) | 154 | 187 | 224 | 280 | 349 |
| Average salary (parent company) | ¥4.6M | ¥4.5M | ¥4.6M | ¥4.6M | ¥4.9M |
| Average age (parent company) | 32.1 years | 31.8 years | 31.4 years | 31.6 years | 31.7 years |
| Average tenure (parent company) | 2.5 years | 2.8 years | 2.6 years | 2.8 years | 2.8 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Home-visit nursing service business | 2,597 | 96.6% | 775 | 29.8% |
| Paramedical Recruitment Business | 93 | 3.4% | -34 | -36.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Home-visit nursing service business | 96.6% | 100.0% | 3.4 | 29.8% |
| Paramedical Recruitment Business | 3.4% | — | — | -36.4% |

Loss-making segment (excluded from profit shares): Paramedical Recruitment Business -34 JPY mn

Segment → industry: Paramedical Recruitment Business → HR & Staffing / Home-visit nursing service business → Nursing Care

## 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 | 71 | 2.6% | S100XV6A |
| Capital expenditure | 6 | 0.2% | S100XV6A |
| Free cash flow | 65 | 2.4% | 算出 |
| Investing cash flow | -71 | -2.6% | S100XV6A |
| Financing cash flow | 78 | 2.9% | S100XV6A |
| Share buyback | 86 | 3.2% | S100XV6A |
| Change in cash | 78 | 2.9% | S100XV6A |
| Cash and equivalents | 587 | 21.8% | S100XV6A |

## 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 | 183 | 452 | 524 | 509 | 587 | S100T5YK, S100VIQ7, S100XV6A |
| Total assets | 474 | 784 | 901 | 1,038 | 1,348 | S100QIBR, S100T5YK, S100VIQ7, S100XV6A |
| Net assets | 229 | 545 | 655 | 708 | 774 | S100T5YK, S100VIQ7, S100XV6A |
| Share capital | 100 | 204 | 204 | 204 | 204 | S100QIBR, S100T5YK, S100VIQ7, S100XV6A |
| Property, plant and equipment | 5 | 5 | 5 | 5 | 7 | S100QIBR, S100T5YK, S100VIQ7, S100XV6A |
| Intangible assets excluding goodwill | 0 | 0 | 1 | 1 | 74 | S100QIBR, S100T5YK, S100VIQ7, S100XV6A |
| Goodwill | — | — | — | — | 73 | S100XV6A |
| Current assets | 450 | 756 | 857 | 980 | 1,196 | S100QIBR, S100T5YK, S100VIQ7, S100XV6A |
| Current liabilities | 183 | 200 | 220 | 294 | 404 | S100QIBR, S100T5YK, S100VIQ7, S100XV6A |
| Long-term borrowings | 40 | 17 | — | — | 138 | S100QIBR, S100T5YK, S100XV6A |
| Total liabilities | 245 | 239 | 247 | 330 | 574 | S100QIBR, S100T5YK, S100VIQ7, S100XV6A |
| Equity attributable to owners of parent | 229 | 545 | 655 | 708 | 771 | S100QIBR, S100T5YK, S100VIQ7, S100XV6A |
| Retained earnings | 43 | 152 | 262 | 380 | 504 | S100QIBR, S100T5YK, S100VIQ7, S100XV6A |
| Treasury stock | — | -0 | -0 | -65 | -126 | S100T5YK, S100VIQ7, S100XV6A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 44% | S100XV6A |
| Property, plant and equipment | 0% | S100XV6A |
| Intangibles and goodwill | 11% | S100XV6A |
| Other assets | 45% | S100XV6A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 43% | S100XV6A |
| Equity | 57% | S100XV6A |
| Other liabilities | 0% | S100XV6A |

### 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 | 474 | 784 | 901 | 1,038 | 1,348 |
| Equity | 229 | 545 | 655 | 708 | 774 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 183 | 452 | 524 | 509 | 587 |

## 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) | 0.3% | S100XV6A |
| Fixed assets ÷ total assets | 0.5% | S100XV6A |
| Goodwill ÷ parent equity | 9.5% | S100XV6A |

### 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) | 43.6% |
| Cash ÷ revenue | 21.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 34.8% |
| Cash vs. profit gap | -57 JPY mn (of net income -44.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 100.1% |

## 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 | 9.0% | 2.37× | 21.3% | 2.07× | 44.0% | S100QIBR |
| 2022 | 7.8% | 2.20× | 17.2% | 1.63× | 28.0% | S100T5YK |
| 2023 | 6.9% | 1.90× | 13.1% | 1.41× | 18.4% | S100VIQ7 |
| 2024 | 7.1% | 2.11× | 15.0% | 1.42× | 21.4% | S100VIQ7 |
| 2025 | 4.7% | 2.00× | 9.5% | 1.75× | 16.6% | S100XV6A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大河原 峻 | Major shareholder | 35.1% | 2025-12-31 |
| 柴田 旬也 | Major shareholder | 6.8% | 2025-12-31 |
| 新保 光栄 | Major shareholder | 4.1% | 2025-12-31 |
| 早乙女 健太郎 | Major shareholder | 2.8% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.3% | 2025-12-31 |
| ファイブアイズ・ネットワークス株式会社 | Major shareholder | 2.1% | 2025-12-31 |
| リカバリーグループ従業員持株会 | Major shareholder | 1.9% | 2025-12-31 |
| 株式会社Ｔ・Ｋホールディングス | Major shareholder | 1.8% | 2025-12-31 |
| 田頭 菜帆 | Major shareholder | 1.7% | 2025-12-31 |
| 栫井 訓 | Major shareholder | 1.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2025/01/01－2025/12/31) | S100XV6A | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XV6A,, |
| 有価証券報告書－第12期(2024/01/01－2024/12/31) | S100VIQ7 | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIQ7,, |
| 有価証券報告書－第11期(2023/01/01－2023/12/31) | S100T5YK | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5YK,, |
| 有価証券報告書－第10期(2022/01/01－2022/12/31) | S100QIBR | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIBR,, |
| 有価証券報告書－第9期(令和3年1月1日－令和3年12月31日) | S100NSOK | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSOK,, |

## 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).