# SHIKIGAKU.Co.,Ltd.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第11期(2025/03/01－2026/02/28) (S100Y1AF)
> Page: https://vizora.meequs.com/en/company/shikigaku
> Retrieved: 2026-09-30T21:39:47.633Z

## Company

Shikigaku., founded in 2015, is a company in Venture Capital listed on TSE Growth. It has 306 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHIKIGAKU. Co.,Ltd. |
| Ticker | 7049 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7049.T) |
| Listing | TSE Growth |
| Head office | 東京都品川区大崎二丁目9番3号 大崎ウエストシティビル1階 |
| Representative (per filing) | 代表取締役社長 安藤 広大 |
| Founded | Mar 2015 |
| Share capital | ¥10.3M |
| Employees (consolidated) | 306 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | February |
| Website | corp.shikigaku.jp (https://corp.shikigaku.jp/) |
| Corporate number | 7011001104435 |
| EDINET | E34634 |
| Industries (Vizora) | Venture Capital, Consulting, Professional Sports |

> Profile source: annual securities report (S100Y1AF, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Consulting (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 72.6 | 31 |
| Profitability | 30.7 | 44 |
| Cash conversion | 12.5 | 44 |
| Efficiency | 64.8 | 44 |

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 Shikigaku.'s sales come from Organization consulting business, with Fund and Sportsentertainment business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +21.8% from the prior year, operating profit +48.6%.

## Company structure

- Segment revenue mix: Organization consulting business 73.2%、Fund 15.7%、Sportsentertainment business 11.1%
- Revenue → net income: ¥6536914000 → ¥206168000
- Net income → operating cash flow: ¥206168000 → ¥106756000（difference ¥-99412000）
- Main uses of operating cash flow: CapEx ¥29819000 / dividends — / buybacks —
- Change in cash: ¥-213681000
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 | ¥6.54B |  |
| Operating income | ¥491.5M | Margin 7.5% |
| Net income | ¥294.1M | Margin 4.5% |
| Free cash flow | ¥76.9M |  |
| Largest business | Organization consulting business | of segment revenue 73.2% |
| Employees (consolidated) | 306 |  |
| EPS | ¥12.26 |  |
| Diluted EPS | ¥11.79 |  |
| Book value per share | ¥329.45 |  |
| Equity ratio | 57.4% |  |
| Shares outstanding | 9,138,996 |  |
| Treasury shares | 725,000 |  |
| Shareholders | 11,799 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 43.7% | Cash ÷ revenue 32.1% |
| Vs. industry median margin | -2 pp | Consulting |
| ROE | 11.3% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 75% of positive segment profit
- FY2026, segment profit share differs by 59 points
- FY2026, cash is 44% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2506000000 | ¥6536914000 | +160.9% |
| Operating income | ¥137471000 | ¥491543000 | +257.6% |
| Operating margin | 5.5% | 7.5% | +2 pp |
| Employees | 137 people | 306 people | +123.4% |
| Cash and equivalents | ¥1243050000 | ¥2098898000 | +68.9% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 組織コンサルティング事業 → 組織コンサルティング事業 | 73.2% |
| 組織コンサルティング事業 → 事業再編・廃止 | 15.5% |
| スポーツエンタテインメント事業 → スポーツエンタテインメント事業 | 7.7% |
| 受託開発事業 → 事業再編・廃止 | 3.7% |
| 新設・再編 → スポーツエンタテインメント事業 | 3.4% |
| 新設・再編 → ファンド事業 | 15.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Organization consulting business | 5 years | +16.6% | ¥4784878000 | -3.4% | 2 |
| Fund | — | — | ¥1027499000 | 47.9% | 2 |
| Sportsentertainment business | 5 years | +30.4% | ¥724536000 | 22.6% | 2 |

## Income statement（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,537 | 100.0% | S100Y1AF |
| Cost of revenue | 2,165 | 33.1% | S100Y1AF |
| Gross profit | 4,372 | 66.9% | S100Y1AF |
| SG&A | 3,880 | 59.4% | S100Y1AF |
| Operating income | 492 | 7.5% | S100Y1AF |
| Ordinary income | 499 | 7.6% | S100Y1AF |
| Pretax income | 339 | 5.2% | S100Y1AF |
| Income tax | 132 | 2.0% | S100Y1AF |
| Net income | 206 | 3.2% | S100Y1AF |
| Net income attributable to owners | 294 | 4.5% | S100Y1AF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 33 |
| SG&A | 59 |
| Operating income | 8 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 66.9% → Operating margin 7.5% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +21.8%; Core profit growth: +48.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.23×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,369 | 6,537 | 1,168 | +21.8% |
| Gross profit | 3,737 | 4,372 | 635 | +17.0% |
| Operating income | 331 | 492 | 161 | +48.6% |
| Net income attributable to owners | 427 | 294 | -132 | -31.1% |
| Operating cash flow | 168 | 107 | -62 | -36.6% |
| Free cash flow | 69 | 77 | 8 | +12.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 1,720 | 283 | 16.5% | 179 | 172 | 77 | S100LEY2 |
| FY ending Feb 2021 | 2,506 | 137 | 5.5% | -42 | 181 | 138 | S100O59A |
| FY ending Feb 2022 | 3,824 | 360 | 9.4% | 225 | 470 | 336 | S100QUBM |
| FY ending Feb 2023 | 4,458 | -57 | -1.3% | -252 | -940 | -1,031 | S100TJQX |
| FY ending Feb 2024 | 4,830 | -113 | -2.3% | -98 | -172 | -177 | S100VUX5 |
| FY ending Feb 2025 | 5,369 | 331 | 6.2% | 427 | 168 | 69 | S100Y1AF |
| FY ending Feb 2026 | 6,537 | 492 | 7.5% | 294 | 107 | 77 | S100Y1AF |

## People and productivity（FY ending Feb 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.4M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥961.2K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 215 | 252 | 238 | 257 | 306 |
| Average salary (parent company) | ¥6.5M | ¥6.1M | ¥7M | ¥6.4M | ¥6.4M |
| Average age (parent company) | 36.4 years | 36.9 years | 37.4 years | 37.5 years | 37.3 years |
| Average tenure (parent company) | 1.7 years | 2.0 years | 2.7 years | 3.1 years | 3.2 years |

Year over year: Employees (consolidated) +19.1% · Revenue (consolidated) +21.8%

## Segments（FY ending Feb 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Organization consulting business | 4,785 | 73.2% | -165 | -3.4% |
| Sportsentertainment business | 725 | 11.1% | 164 | 22.6% |
| Fund | 1,027 | 15.7% | 492 | 47.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Organization consulting business | 73.2% | — | — | -3.4% |
| Sportsentertainment business | 11.1% | 25.0% | 13.9 | 22.6% |
| Fund | 15.7% | 75.0% | 59.3 | 47.9% |

Loss-making segment (excluded from profit shares): Organization consulting business -165 JPY mn

Segment → industry: Fund → Venture Capital / Organization consulting business → Consulting / Sportsentertainment business → Professional Sports

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 107 | 1.6% | S100Y1AF |
| Capital expenditure | 30 | 0.5% | S100Y1AF |
| Free cash flow | 77 | 1.2% | 算出 |
| Investing cash flow | -51 | -0.8% | S100Y1AF |
| Financing cash flow | -270 | -4.1% | S100Y1AF |
| Change in cash | -214 | -3.3% | S100Y1AF |
| Cash and equivalents | 2,099 | 32.1% | S100Y1AF |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,625 | 2,638 | 2,353 | 2,313 | 2,099 | S100TJQX, S100VUX5, S100Y1AF |
| Total assets | 4,090 | 4,725 | 4,560 | 4,895 | 4,807 | S100QUBM, S100TJQX, S100VUX5, S100Y1AF |
| Net assets | 2,732 | 2,962 | 3,085 | 3,437 | 3,659 | S100TJQX, S100VUX5, S100Y1AF |
| Share capital | 866 | 265 | 10 | 10 | 10 | S100QUBM, S100TJQX, S100VUX5, S100Y1AF |
| Property, plant and equipment | 98 | 150 | 133 | 150 | 143 | S100QUBM, S100TJQX, S100VUX5, S100Y1AF |
| Intangible assets excluding goodwill | 220 | 177 | 90 | 104 | 78 | S100QUBM, S100TJQX, S100VUX5, S100Y1AF |
| Goodwill | 92 | 55 | — | — | — | S100QUBM, S100TJQX |
| Investment securities | 270 | 102 | 83 | 91 | 117 | S100QUBM, S100TJQX, S100VUX5, S100Y1AF |
| Current assets | 3,246 | 4,023 | 3,803 | 4,150 | 4,093 | S100QUBM, S100TJQX, S100VUX5, S100Y1AF |
| Current liabilities | 1,112 | 1,113 | 1,126 | 1,346 | 1,098 | S100QUBM, S100TJQX, S100VUX5, S100Y1AF |
| Long-term borrowings | 238 | 641 | 345 | 106 | 42 | S100QUBM, S100TJQX, S100VUX5, S100Y1AF |
| Total liabilities | 1,358 | 1,763 | 1,475 | 1,458 | 1,147 | S100QUBM, S100TJQX, S100VUX5, S100Y1AF |
| Non-controlling interests | 368 | 569 | 802 | 901 | 786 | S100QUBM, S100TJQX, S100VUX5, S100Y1AF |
| Equity attributable to owners of parent | 2,353 | 2,330 | 2,232 | 2,459 | 2,753 | S100QUBM, S100TJQX, S100VUX5, S100Y1AF |
| Retained earnings | 591 | 322 | 225 | 651 | 945 | S100QUBM, S100TJQX, S100VUX5, S100Y1AF |
| Treasury stock | -42 | -290 | -290 | -490 | -490 | S100QUBM, S100TJQX, S100VUX5, S100Y1AF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 44% | S100Y1AF |
| Property, plant and equipment | 3% | S100Y1AF |
| Intangibles and goodwill | 2% | S100Y1AF |
| Investment securities | 2% | S100Y1AF |
| Other assets | 49% | S100Y1AF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100Y1AF |
| Equity | 76% | S100Y1AF |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,090 | 4,725 | 4,560 | 4,895 | 4,807 |
| Equity | 2,732 | 2,962 | 3,085 | 3,437 | 3,659 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,625 | 2,638 | 2,353 | 2,313 | 2,099 |

## 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) | 2.2% | S100Y1AF |
| Fixed assets ÷ total assets | 3.0% | S100Y1AF |
| Goodwill ÷ parent equity | — | —, S100Y1AF |

### 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) | 43.7% |
| Cash ÷ revenue | 32.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 21.7% |
| Cash vs. profit gap | -187 JPY mn (of net income -63.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 47.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 5.9% | 0.94× | 5.5% | 1.74× | 9.6% | S100QUBM |
| 2023 | — | —× | -5.7% | —× | — | S100TJQX |
| 2024 | — | —× | -2.1% | —× | — | S100VUX5 |
| 2025 | 7.9% | 1.14× | 9.0% | 2.02× | 18.2% | S100Y1AF |
| 2026 | 4.5% | 1.35× | 6.1% | 1.86× | 11.3% | S100Y1AF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 安藤 広大 | Major shareholder | 22.5% | 2026-02-28 |
| 株式会社ＡＲＳ | Major shareholder | 13.3% | 2026-02-28 |
| 福冨 謙二 | Major shareholder | 10.3% | 2026-02-28 |
| 株式会社ティーケーピ－ | Major shareholder | 10.2% | 2026-02-28 |
| ＮＯＭＵＲＡ ＰＢ ＮＯＭＩＮＥＥＳ ＬＩＭＩＴＥＤ ＯＭＮＩＢＵＳ－ＭＡＲＧＩＮ （ＣＡＳＨＰＢ）（常任代理人 野村證券株式会社） | Major shareholder | 3.0% | 2026-02-28 |
| 梶山 啓介 | Major shareholder | 1.8% | 2026-02-28 |
| 識学従業員持株会 | Major shareholder | 1.2% | 2026-02-28 |
| ＮＯＭＵＲＡ ＩＮＴＥＲＮＡＴＩＯＮＡＬ ＰＬＣ Ａ／Ｃ ＪＡＰＡＮ ＦＬＯＷ（常任代理人 野村證券株式会社） | Major shareholder | 1.1% | 2026-02-28 |
| 株式会社五十畑 | Major shareholder | 0.7% | 2026-02-28 |
| 株式会社カーセブンデジフィールド | Major shareholder | 0.4% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2025/03/01－2026/02/28) | S100Y1AF | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y1AF,, |
| 訂正有価証券報告書－第10期(2024/03/01－2025/02/28) | S100VUX5 | 2025-06-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUX5,, |
| 訂正有価証券報告書－第9期(2023/03/01－2024/02/29) | S100TJQX | 2024-06-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJQX,, |
| 有価証券報告書－第8期(2022/03/01－2023/02/28) | S100QUBM | 2023-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUBM,, |
| 有価証券報告書－第7期(令和3年3月1日－令和4年2月28日) | S100O59A | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O59A,, |
| 有価証券報告書－第6期(令和2年3月1日－令和3年2月28日) | S100LEY2 | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEY2,, |

## 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).