# Recruit 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66期(2025/04/01－2026/03/31) (S100YDHL)
> Page: https://vizora.meequs.com/en/company/recruit-holdings
> Retrieved: 2026-09-30T21:49:04.517Z

## Company

Recruit, founded in 1960, is a company in Software & SaaS listed on TSE Prime. It has 45,586 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Recruit Holdings Co., Ltd. |
| Ticker | 6098 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6098.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内一丁目9番2号 |
| Representative (per filing) | 代表取締役社長 兼 Chief Executive Officer 出木場 久征 |
| Founded | Oct 1960 |
| Share capital | ¥40B |
| Employees (consolidated) | 45,586 |
| Average salary (parent only) | ¥11.6M |
| Fiscal year end | March |
| Website | recruit-holdings.com (https://recruit-holdings.com/) |
| Corporate number | 5010001060426 |
| EDINET | E07801 |
| Industries (Vizora) | Software & SaaS, Internet Services & Apps, HR & Staffing |

> Profile source: annual securities report (S100YDHL, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.4 | 68 |
| Profitability | 79 | 88 |
| Cash conversion | 61.9 | 80 |
| Efficiency | 52.8 | 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 45% of Recruit's sales come from Staffing, with HR Technology and Marketing Matching Technologies making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +3.9% from the prior year, operating profit +28.5%.

## Company structure

- Segment revenue mix: Staffing 45.4%、HR Technology 39.3%、Marketing Matching Technologies 15.2%
- Revenue → net income: ¥3697351000000 → ¥496680000000
- Net income → operating cash flow: ¥496680000000 → ¥669431000000（difference ¥172751000000）
- Main uses of operating cash flow: CapEx ¥62291000000 / dividends ¥35351000000 / buybacks ¥678754000000
- Change in cash: ¥-83046000000
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 | ¥3.7T |  |
| Operating income | ¥630.6B | Margin 17.1% |
| Net income | ¥496.9B | Margin 13.4% |
| Free cash flow | ¥607.1B |  |
| Largest business | Staffing | of segment revenue 45.4% |
| Employees (consolidated) | 45,586 |  |
| EPS | ¥349.78 |  |
| Diluted EPS | ¥347.59 |  |
| Book value per share | ¥523.42 |  |
| Equity ratio | 56.8% | Derived from disclosed figures |
| Shares outstanding | 1,472,504,149 |  |
| Treasury shares | 28,856,900 |  |
| Shareholders | 63,235 |  |
| Average salary (parent only) | ¥11.6M | Filing company only |
| Cash ratio | 26.0% | Cash ÷ revenue 19.6% |
| Vs. industry median margin | +8.4 pp | HR & Staffing |
| ROE | 31.0% | Derived from disclosed figures |
| ROA | 17.9% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 19.2× dividends
- FY2026, one segment accounts for 68% of positive segment profit
- FY2026, employees -8% while operating income rose 29%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2269346000000 | ¥3697351000000 | +62.9% |
| Operating income | ¥162823000000 | ¥630567000000 | +287.3% |
| Operating margin | 7.2% | 17.1% | +9.9 pp |
| Employees | 46,800 people | 45,586 people | -2.6% |
| Cash and equivalents | ¥501043000000 | ¥725578000000 | +44.8% |

### 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 |
| --- | ---: |
| HRテクノロジー → HRテクノロジー | 18.4% |
| 人材派遣 → 人材派遣 | 45.4% |
| 人材派遣 → 事業再編・廃止 | 6.8% |
| メディア＆ソリューション → 事業再編・廃止 | 29.4% |
| 新設・再編 → HRテクノロジー | 20.9% |
| 新設・再編 → マーケティング・マッチング・テクノロジー | 15.2% |

Segment revenue source references: 6 (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 | 5 years | +7.2% | ¥1679327000000 | 5.9% | 2 |
| HR Technology | 5 years | +28.3% | ¥1454440000000 | 37.8% | 2 |
| Marketing Matching Technologies | — | — | ¥563584000000 | 27.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,697,351 | 100.0% | S100YDHL |
| Cost of revenue | 1,509,156 | 40.8% | S100YDHL |
| Gross profit | 2,188,195 | 59.2% | S100YDHL |
| SG&A | 1,527,672 | 41.3% | S100YDHL |
| Operating income | 630,567 | 17.1% | S100YDHL |
| Pretax income | 644,618 | 17.4% | S100YDHL |
| Income tax | 147,938 | 4.0% | S100YDHL |
| Net income | 496,680 | 13.4% | S100YDHL |
| Net income attributable to owners | 496,912 | 13.4% | S100YDHL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 41 |
| SG&A | 41 |
| Other operating | 1 |
| Operating income | 17 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 59.2% → Operating margin 17.1% → Net margin 13.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.9%; Core profit growth: +28.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.26×
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 | 3,557,478 | 3,697,351 | 139,873 | +3.9% |
| Gross profit | 2,085,644 | 2,188,195 | 102,551 | +4.9% |
| Operating income | 490,542 | 630,567 | 140,025 | +28.5% |
| Net income attributable to owners | 408,504 | 496,912 | 88,408 | +21.6% |
| Operating cash flow | 610,363 | 669,431 | 59,068 | +9.7% |
| Free cash flow | 545,106 | 607,140 | 62,034 | +11.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 1,941,922 | — | — | 136,654 | 154,373 | — | S100LK9F |
| FY ending Mar 2018 | 2,173,385 | — | — | 151,667 | 194,117 | — | S100PD0E |
| FY ending Mar 2019 | 2,310,756 | — | — | 174,280 | 276,960 | — | S100R3LU |
| FY ending Mar 2020 | 2,399,465 | 206,011 | 8.6% | 179,880 | 303,325 | 220,066 | S100LK9F |
| FY ending Mar 2021 | 2,269,346 | 162,823 | 7.2% | 131,393 | 286,597 | 228,283 | S100PD0E |
| FY ending Mar 2022 | 2,871,705 | 378,929 | 13.2% | 296,833 | 439,610 | 375,225 | S100R3LU |
| FY ending Mar 2023 | 3,429,519 | 344,303 | 10.0% | 269,799 | 438,193 | 361,437 | S100TNM6 |
| FY ending Mar 2024 | 3,416,492 | 402,526 | 11.8% | 353,654 | 535,362 | 465,433 | S100VZG5 |
| FY ending Mar 2025 | 3,557,478 | 490,542 | 13.8% | 408,504 | 610,363 | 545,106 | S100YDHL |
| FY ending Mar 2026 | 3,697,351 | 630,567 | 17.1% | 496,912 | 669,431 | 607,140 | S100YDHL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥81.1M |
| Operating income per employee (consolidated) | ¥13.8M |
| Net income per employee (consolidated) | ¥10.9M |

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) | 51,757 | 58,493 | 51,373 | 49,480 | 45,586 |
| Average salary (parent company) | ¥10M | ¥11.4M | ¥11.2M | ¥11.5M | ¥11.6M |
| Average age (parent company) | 38.9 years | 39.3 years | 39.8 years | 40.5 years | 40.2 years |
| Average tenure (parent company) | 8.3 years | 7.4 years | 7.9 years | 8.5 years | 9.3 years |

Year over year: Employees (consolidated) -7.9% · Revenue (consolidated) +3.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| HR Technology | 1,454,440 | 39.3% | 549,995 | 37.8% |
| Staffing | 1,679,327 | 45.4% | 99,744 | 5.9% |
| Marketing Matching Technologies | 563,584 | 15.2% | 154,976 | 27.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| HR Technology | 39.3% | 68.3% | 29.0 | 37.8% |
| Staffing | 45.4% | 12.4% | -33.0 | 5.9% |
| Marketing Matching Technologies | 15.2% | 19.3% | 4.0 | 27.5% |

Segment → industry: Marketing Matching Technologies → Software & SaaS / Marketing Matching Technologies → Internet Services & Apps / Staffing → HR & Staffing / HR Technology → HR & Staffing

## 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 | 669,431 | 18.1% | S100YDHL |
| Capital expenditure | 62,291 | 1.7% | S100YDHL |
| Free cash flow | 607,140 | 16.4% | 算出 |
| Investing cash flow | -49,742 | -1.3% | S100YDHL |
| Financing cash flow | -743,478 | -20.1% | S100YDHL |
| Dividends paid | 35,351 | 1.0% | S100YDHL |
| Share buyback | 678,754 | 18.4% | S100YDHL |
| Change in cash | -83,046 | -2.2% | S100YDHL |
| Cash and equivalents | 725,578 | 19.6% | S100YDHL |

## 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 | 669,551 | 877,370 | 1,136,858 | 808,625 | 725,578 | S100TNM6, S100VZG5, S100YDHL |
| Total assets | 2,423,542 | 2,793,281 | 3,144,646 | 2,772,252 | 2,789,018 | S100R3LU, S100TNM6, S100VZG5, S100YDHL |
| Net assets | 1,376,294 | 1,640,949 | 2,008,900 | 1,627,360 | 1,594,558 | S100TNM6, S100VZG5, S100YDHL |
| Share capital | 40,000 | 40,000 | 40,000 | 40,000 | 40,000 | S100R3LU, S100TNM6, S100VZG5, S100YDHL |
| Property, plant and equipment | 73,559 | 70,990 | 66,513 | 54,897 | 57,178 | S100R3LU, S100TNM6, S100VZG5, S100YDHL |
| Goodwill | 436,017 | 462,977 | 510,638 | 508,133 | 553,304 | S100R3LU, S100TNM6, S100VZG5, S100YDHL |
| Current assets | 1,182,045 | 1,465,342 | 1,762,744 | 1,470,378 | 1,555,172 | S100R3LU, S100TNM6, S100VZG5, S100YDHL |
| Total liabilities | 1,047,247 | 1,152,332 | 1,135,746 | 1,144,892 | 1,194,459 | S100R3LU, S100TNM6, S100VZG5, S100YDHL |
| Equity attributable to owners of parent | 1,363,776 | 1,627,010 | 2,000,922 | 1,617,582 | 1,583,321 | S100R3LU, S100TNM6, S100VZG5, S100YDHL |
| Retained earnings | 1,464,947 | 1,711,350 | 1,884,258 | 1,606,348 | 1,371,067 | S100R3LU, S100TNM6, S100VZG5, S100YDHL |
| Treasury stock | -298,457 | -432,612 | -407,049 | -515,363 | -414,455 | S100R3LU, S100TNM6, S100VZG5, S100YDHL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YDHL |
| Property, plant and equipment | 2% | S100YDHL |
| Intangibles and goodwill | 20% | — |
| Other assets | 52% | S100YDHL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 43% | S100YDHL |
| Equity | 57% | S100YDHL |
| Other liabilities | 0% | S100YDHL |

### 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 | 2,423,542 | 2,793,281 | 3,144,646 | 2,772,252 | 2,789,018 |
| Equity | 1,376,294 | 1,640,949 | 2,008,900 | 1,627,360 | 1,594,558 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 669,551 | 877,370 | 1,136,858 | 808,625 | 725,578 |

## 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) | 1.5% | S100YDHL |
| Fixed assets ÷ total assets | 2.1% | S100YDHL |
| Goodwill ÷ parent equity | 34.9% | S100YDHL |

Goodwill over 4 years: 436,017 → 553,304 JPY; total investing cash flow: -282,999 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) | 26.0% |
| Cash ÷ revenue | 19.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 106.2% |
| Cash vs. profit gap | 172,519 JPY mn (of net income 34.7%) |
| Shareholder returns / net income | 143.7% |
| Shareholder returns / FCF | 117.6% |
| Shareholder payments — dividends / net income | 7.1% |
| Shareholder payments — dividends / FCF | 5.8% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 7.4% |

## 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 | 10.3% | 1.18× | 12.2% | 1.78× | 21.8% | S100R3LU |
| 2023 | 7.9% | 1.31× | 10.3% | 1.74× | 18.0% | S100TNM6 |
| 2024 | 10.4% | 1.15× | 11.9% | 1.64× | 19.5% | S100VZG5 |
| 2025 | 11.5% | 1.20× | 13.8% | 1.64× | 22.6% | S100YDHL |
| 2026 | 13.4% | 1.33× | 17.9% | 1.74× | 31.0% | S100YDHL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱(信託口) | Major shareholder | 18.8% | 2026-03-31 |
| ㈱日本カストディ銀行(信託口) | Major shareholder | 7.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 ㈱みずほ銀行決済営業部) | Major shareholder | 3.2% | 2026-03-31 |
| THE CHASE MANHATTAN BANK,N.A. LONDONSECS LENDING OMNIBUS ACCOUNT(常任代理人 ㈱みずほ銀行決済営業部) | Major shareholder | 2.6% | 2026-03-31 |
| 日本テレビ放送網㈱ | Major shareholder | 1.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱(株式付与ESOP信託口・76576口) | Major shareholder | 1.6% | 2026-03-31 |
| GOVERNMENT OF NORWAY(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.5% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642(常任代理人 ㈱みずほ銀行決済営業部) | Major shareholder | 1.5% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781(常任代理人 ㈱みずほ銀行決済営業部) | Major shareholder | 1.4% | 2026-03-31 |
| ㈱TBSテレビ | Major shareholder | 1.1% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥3.7T, up +3.9% from ¥3.56T.
- Profit grew much faster: operating income rose +28.5% to ¥630.6B, and net income attributable to owners rose +21.6% to ¥496.9B.
- Cash generation also improved, with operating cash flow up +9.7% to ¥669.4B and free cash flow up +11.4% to ¥607.1B.

### Drivers

- All three units, HR Technology, Staffing and Marketing Matching Technologies, grew revenue
- In the US, hiring demand stayed flat, but Indeed earned more per job posting; lower personnel costs and other efficiency gains lifted HR Technology's margin
- Marketing Matching Technologies was driven by lifestyle services including beauty, while HR Technology revenue in Japan declined

### Risks

- US hiring has settled into a low-hire, low-quit pattern and employers are cautious; if this lasts, HR Technology could feel it for a long time
- Demand for temp workers has weakened in Europe, the US and Australia; some regions showed signs of recovery in the second half, but it is unclear whether that will hold
- Widely available general-purpose AI could draw users away from its services or replace them

Cited: Annual Securities Report, 66th 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, 66th 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66期(2025/04/01－2026/03/31) | S100YDHL | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDHL,, |
| 有価証券報告書－第65期(2024/04/01－2025/03/31) | S100VZG5 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZG5,, |
| 有価証券報告書－第64期(2023/04/01－2024/03/31) | S100TNM6 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNM6,, |
| 有価証券報告書－第63期(2022/04/01－2023/03/31) | S100R3LU | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3LU,, |
| 訂正有価証券報告書－第62期(令和3年4月1日－令和4年3月31日) | S100PD0E | 2022-10-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PD0E,, |
| 有価証券報告書－第61期(令和2年4月1日－令和3年3月31日) | S100LK9F | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LK9F,, |

## 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).