# Relo Group, Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第59期(2025/04/01－2026/03/31) (S100YE6Y)
> Page: https://vizora.meequs.com/en/company/relo-group
> Retrieved: 2026-09-30T20:25:14.614Z

## Company

Relo Group, founded in 1967, is a company in Business Process Outsourcing listed on TSE Prime. It has 3,451 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Relo Group, Inc. |
| Ticker | 8876 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8876.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区新宿四丁目3番23号 |
| Representative (per filing) | 代表取締役CEO 中村 謙一 |
| Founded | Mar 1967 |
| Share capital | ¥2.67B |
| Employees (consolidated) | 3,451 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.relo.jp (https://www.relo.jp/) |
| Corporate number | 9011101016891 |
| EDINET | E05047 |
| Industries (Vizora) | Business Process Outsourcing, Real Estate Brokerage & Management, Hotels & Inns |

> Profile source: annual securities report (S100YE6Y, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Business Process Outsourcing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.3 | 18 |
| Profitability | 97.6 | 21 |
| Cash conversion | 20.6 | 17 |
| Efficiency | 2.4 | 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 53% of Relo Group's sales come from Outsourcing Business, with Residential Property and Tourism Business making up much of the rest.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +5.7% from the prior year, operating profit +1.2%.

## Company structure

- Segment revenue mix: Outsourcing Business 53.5%、Residential Property 35.1%、Tourism Business 10.9%、Other 0.6%
- Revenue → net income: ¥151074000000 → ¥21030000000
- Net income → operating cash flow: ¥21030000000 → ¥22541000000（difference ¥1511000000）
- Main uses of operating cash flow: CapEx ¥7048000000 / dividends ¥6283000000 / buybacks —
- Change in cash: ¥-623000000
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 | ¥151.1B |  |
| Operating income | ¥30.8B | Margin 20.4% |
| Net income | ¥20.7B | Margin 13.7% |
| Free cash flow | ¥15.5B |  |
| Largest business | Outsourcing Business | of segment revenue 53.5% |
| Employees (consolidated) | 3,451 |  |
| EPS | ¥137.11 |  |
| Diluted EPS | ¥130.48 |  |
| Book value per share | ¥319.7 |  |
| Equity ratio | 26.1% | Derived from disclosed figures |
| Shares outstanding | 153,016,200 |  |
| Treasury shares | 1,541,400 |  |
| Shareholders | 13,993 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 19.5% | Cash ÷ revenue 42.0% |
| Vs. industry median margin | +16.5 pp | Business Process Outsourcing |
| ROE | 27.1% | Derived from disclosed figures |
| ROA | 6.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 65% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥156071000000 | ¥151074000000 | -3.2% |
| Operating income | ¥12530000000 | ¥30815000000 | +145.9% |
| Operating margin | 8.0% | 20.4% | +12.4 pp |
| Employees | 4,208 people | 3,451 people | -18.0% |
| Cash and equivalents | ¥49208000000 | ¥63398000000 | +28.8% |

### 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 |
| --- | ---: |
| リロケーション事業 → 事業再編・廃止 | 48.6% |
| 福利厚生事業 → 事業再編・廃止 | 13.4% |
| 観光事業 → 観光事業 | 6.2% |
| 海外戦略事業 → 事業再編・廃止 | 31.3% |
| その他 → その他 | 0.6% |
| 新設・再編 → アウトソーシング事業 | 53.5% |
| 新設・再編 → 賃貸管理事業 | 35.1% |
| 新設・再編 → 観光事業 | 4.7% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Outsourcing Business | — | — | ¥80769000000 | 28.4% | 2 |
| Residential Property | — | — | ¥52956000000 | 15.1% | 2 |
| Tourism Business | 5 years | +11.3% | ¥16399000000 | 26.5% | 2 |
| Other | 5 years | +0.8% | ¥948000000 | -21.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 151,074 | 100.0% | S100YE6Y |
| Cost of revenue | 80,768 | 53.5% | S100YE6Y |
| Gross profit | 70,306 | 46.5% | S100YE6Y |
| SG&A | 42,759 | 28.3% | S100YE6Y |
| Operating income | 30,815 | 20.4% | S100YE6Y |
| Pretax income | 30,943 | 20.5% | S100YE6Y |
| Income tax | 9,913 | 6.6% | S100YE6Y |
| Net income | 21,030 | 13.9% | S100YE6Y |
| Net income attributable to owners | 20,665 | 13.7% | S100YE6Y |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 28 |
| Other operating | -2 |
| Operating income | 20 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 46.5% → Operating margin 20.4% → Net margin 13.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.7%; Core profit growth: +1.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.22×
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 | 142,908 | 151,074 | 8,166 | +5.7% |
| Gross profit | 66,308 | 70,306 | 3,998 | +6.0% |
| Operating income | 30,437 | 30,815 | 378 | +1.2% |
| Net income attributable to owners | 43,317 | 20,665 | -22,652 | -52.3% |
| Operating cash flow | 25,947 | 22,541 | -3,406 | -13.1% |
| Free cash flow | 19,826 | 15,493 | -4,333 | -21.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 313,019 | 17,871 | 5.7% | 3,818 | 15,311 | 11,597 | S100NYSX |
| FY ending Mar 2021 | 156,071 | 12,530 | 8.0% | 8,367 | 24,769 | 18,788 | S100OV06 |
| FY ending Mar 2022 | 113,145 | 20,524 | 18.1% | 15,644 | 17,986 | 11,982 | S100R6MH |
| FY ending Mar 2023 | 123,698 | 22,747 | 18.4% | 20,887 | 5,390 | 1,280 | S100TUY8 |
| FY ending Mar 2024 | 132,580 | 27,611 | 20.8% | -27,807 | 18,674 | 14,599 | S100W51Z |
| FY ending Mar 2025 | 142,908 | 30,437 | 21.3% | 43,317 | 25,947 | 19,826 | S100YE6Y |
| FY ending Mar 2026 | 151,074 | 30,815 | 20.4% | 20,665 | 22,541 | 15,493 | S100YE6Y |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.8M |
| Operating income per employee (consolidated) | ¥8.9M |
| Net income per employee (consolidated) | ¥6M |

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) | 4,297 | 2,955 | 3,100 | 3,334 | 3,451 |
| Average salary (parent company) | ¥5.6M | ¥5.9M | ¥5.9M | ¥5.9M | ¥6.2M |
| Average age (parent company) | 39.2 years | 39.9 years | 39.7 years | 40.2 years | 40.1 years |
| Average tenure (parent company) | 6.6 years | 7.3 years | 7.7 years | 7.8 years | 8.1 years |

Year over year: Employees (consolidated) +3.5% · Revenue (consolidated) +5.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Outsourcing Business | 80,769 | 53.5% | 22,899 | 28.4% |
| Residential Property | 52,956 | 35.1% | 8,012 | 15.1% |
| Tourism Business | 16,399 | 10.9% | 4,344 | 26.5% |
| Other | 948 | 0.6% | -206 | -21.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Outsourcing Business | 53.5% | 65.0% | 11.5 | 28.4% |
| Residential Property | 35.1% | 22.7% | -12.3 | 15.1% |
| Tourism Business | 10.9% | 12.3% | 1.5 | 26.5% |
| Other | 0.6% | — | — | -21.7% |

Loss-making segment (excluded from profit shares): Other -206 JPY mn

Segment → industry: Outsourcing Business → Business Process Outsourcing / Residential Property → Real Estate Brokerage & Management / Tourism Business → Hotels & Inns

## 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 | 22,541 | 14.9% | S100YE6Y |
| Capital expenditure | 7,048 | 4.7% | S100YE6Y |
| Free cash flow | 15,493 | 10.3% | 算出 |
| Investing cash flow | -8,870 | -5.9% | S100YE6Y |
| Financing cash flow | -14,948 | -9.9% | S100YE6Y |
| Dividends paid | 6,283 | 4.2% | S100YE6Y |
| Change in cash | -623 | -0.4% | S100YE6Y |
| Cash and equivalents | 63,398 | 42.0% | S100YE6Y |

## 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 | 44,439 | 43,695 | 49,484 | 64,021 | 63,398 | S100TUY8, S100W51Z, S100YE6Y |
| Total assets | 301,599 | 322,691 | 290,165 | 303,176 | 324,288 | S100R6MH, S100TUY8, S100W51Z, S100YE6Y |
| Net assets | 55,142 | 69,819 | 40,350 | 70,512 | 86,579 | S100TUY8, S100W51Z, S100YE6Y |
| Share capital | 2,667 | 2,667 | 2,667 | 2,667 | 2,667 | S100R6MH, S100TUY8, S100W51Z, S100YE6Y |
| Property, plant and equipment | 14,502 | 14,240 | 15,954 | 17,203 | 19,798 | S100R6MH, S100TUY8, S100W51Z, S100YE6Y |
| Goodwill | 17,467 | 15,795 | 16,458 | 16,657 | 17,088 | S100R6MH, S100TUY8, S100W51Z, S100YE6Y |
| Current assets | 161,439 | 147,298 | 147,701 | 167,045 | 180,345 | S100R6MH, S100TUY8, S100W51Z, S100YE6Y |
| Total liabilities | 246,457 | 252,871 | 249,815 | 232,663 | 237,709 | S100R6MH, S100TUY8, S100W51Z, S100YE6Y |
| Equity attributable to owners of parent | 54,485 | 68,615 | 38,624 | 68,198 | 84,568 | S100R6MH, S100TUY8, S100W51Z, S100YE6Y |
| Retained earnings | 41,570 | 58,141 | 25,314 | 63,010 | 77,418 | S100R6MH, S100TUY8, S100W51Z, S100YE6Y |
| Treasury stock | -57 | -56 | -51 | -5,551 | -2,533 | S100R6MH, S100TUY8, S100W51Z, S100YE6Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YE6Y |
| Property, plant and equipment | 6% | S100YE6Y |
| Intangibles and goodwill | 5% | — |
| Other assets | 69% | S100YE6Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 73% | S100YE6Y |
| Equity | 27% | S100YE6Y |

### 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 | 301,599 | 322,691 | 290,165 | 303,176 | 324,288 |
| Equity | 55,142 | 69,819 | 40,350 | 70,512 | 86,579 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 44,439 | 43,695 | 49,484 | 64,021 | 63,398 |

## 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) | 13.1% | S100YE6Y |
| Fixed assets ÷ total assets | 6.1% | S100YE6Y |
| Goodwill ÷ parent equity | 20.2% | S100YE6Y |

Goodwill over 4 years: 17,467 → 17,088 JPY; total investing cash flow: 20,409 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) | 19.5% |
| Cash ÷ revenue | 42.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 73.1% |
| Cash vs. profit gap | 1,876 JPY mn (of net income 9.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 30.4% |
| Shareholder payments — dividends / FCF | 40.6% |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 39.4% |

## 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 | 13.8% | 0.38× | 5.2% | 5.54× | 28.7% | S100R6MH |
| 2023 | 16.9% | 0.40× | 6.7% | 5.07× | 33.9% | S100TUY8 |
| 2024 | — | —× | -9.1% | —× | — | S100W51Z |
| 2025 | 30.3% | 0.48× | 14.6% | 5.55× | 81.1% | S100YE6Y |
| 2026 | 13.7% | 0.48× | 6.6% | 4.11× | 27.1% | S100YE6Y |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社ササダ・ファンド | Major shareholder | 23.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 （信託口） | Major shareholder | 9.5% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 無限責任組合員光通信株式会社 | 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 | 5.7% | 2026-03-31 |
| UH Partners 2 投資事業有限責任組合 無限責任組合員株式会社UH Partners 2 | Major shareholder | 5.0% | 2026-03-31 |
| リログループ従業員持株会 | Major shareholder | 1.6% | 2026-03-31 |
| TAIKI SASADA （常任代理人 みずほ証券株式会社） | Major shareholder | 1.3% | 2026-03-31 |
| 佐々田有樹 | Major shareholder | 1.3% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140040 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.3% | 2026-03-31 |
| 光通信株式会社 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第59期(2025/04/01－2026/03/31) | S100YE6Y | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE6Y,, |
| 有価証券報告書－第58期(2024/04/01－2025/03/31) | S100W51Z | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W51Z,, |
| 有価証券報告書－第57期(2023/04/01－2024/03/31) | S100TUY8 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUY8,, |
| 有価証券報告書－第56期(2022/04/01－2023/03/31) | S100R6MH | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6MH,, |
| 訂正有価証券報告書－第55期(令和3年4月1日－令和4年3月31日) | S100OV06 | 2022-08-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OV06,, |
| 訂正有価証券報告書－第54期(令和2年4月1日－令和3年3月31日) | S100NYSX | 2022-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NYSX,, |

## 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).