# SHUEI YOBIKO Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第43期(2025/04/01－2026/03/31) (S100YJWK)
> Page: https://vizora.meequs.com/en/company/shuei-yobiko
> Retrieved: 2026-09-30T18:26:13.796Z

## Company

Shuei Yobiko, founded in 1981, is a company in Education listed on TSE Standard. It has 596 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHUEI YOBIKO Co., Ltd. |
| Ticker | 4678 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4678.T) |
| Listing | TSE Standard |
| Head office | 静岡県静岡市葵区鷹匠二丁目7番1号 |
| Representative (per filing) | 代表取締役社長 渡辺武 |
| Founded | Oct 1981 |
| Share capital | ¥2.09B |
| Employees (consolidated) | 596 |
| Fiscal year end | March |
| Website | www.shuei-yobiko.co.jp (https://www.shuei-yobiko.co.jp/) |
| Corporate number | 3080001002092 |
| EDINET | E04991 |
| Industries (Vizora) | Education |

> Profile source: annual securities report (S100YJWK, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Education (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.5 | 26 |
| Profitability | 25 | 30 |
| Cash conversion | 62.5 | 28 |
| Efficiency | 48.3 | 30 |
| Financial strength | 50 | 3 |

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 87% of Shuei Yobiko's sales come from Elementary and junior high school department, with High school department and Other education department making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +0.2% from the prior year, operating profit +17.3%.

## Company structure

- Segment revenue mix: Elementary and junior high school department 87.3%、High school department 12.3%、Other education department 0.4%
- Revenue → net income: ¥10715155000 → ¥43330000
- Net income → operating cash flow: ¥43330000 → ¥658930000（difference ¥615600000）
- Main uses of operating cash flow: CapEx ¥235533000 / dividends ¥66773000 / buybacks —
- Change in cash: ¥211870000
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 | ¥10.7B |  |
| Operating income | ¥453.7M | Margin 4.2% |
| Net income | ¥43.3M | Margin 0.4% |
| Free cash flow | ¥423.4M |  |
| Largest business | Elementary and junior high school department | of segment revenue 87.3% |
| Employees (consolidated) | 596 |  |
| EPS | ¥8.98 |  |
| Book value per share | ¥665.54 |  |
| Equity ratio | 49.1% |  |
| Shares outstanding | 6,710,000 |  |
| Treasury shares | 300 |  |
| Shareholders | 22,170 |  |
| Cash ratio | 15.1% | Net cash ¥646.9M · Cash ÷ revenue 13.7% |
| Vs. industry median margin | -3.1 pp | Education |
| ROE | 1.0% | Derived from disclosed figures |
| ROA | 0.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 15.2× net income
- FY2026, one segment accounts for 88% of positive segment profit
- FY2026, employees -5% while operating income rose 17%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10816627000 | ¥10715155000 | -0.9% |
| Operating income | ¥378732000 | ¥453711000 | +19.8% |
| Operating margin | 3.5% | 4.2% | +0.7 pp |
| Employees | 684 people | 596 people | -12.9% |
| Cash and equivalents | ¥1353813000 | ¥1463922000 | +8.1% |

### 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 |
| --- | ---: |
| 小中学部 → 小中学部 | 87.3% |
| 小中学部 → 事業再編・廃止 | 0.3% |
| 高校部 → 高校部 | 11.8% |
| その他の教育事業 → その他の教育事業 | 0.4% |
| その他の教育事業 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 高校部 | 0.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Elementary and junior high school department | 5 years | -0.3% | ¥9349605000 | 11.8% | 2 |
| High school department | 5 years | +0.8% | ¥1322056000 | 9.1% | 2 |
| Other education department | 5 years | -9.4% | ¥43493000 | 59.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,715 | 100.0% | S100YJWK |
| Cost of revenue | 8,794 | 82.1% | S100YJWK |
| Gross profit | 1,921 | 17.9% | S100YJWK |
| SG&A | 1,467 | 13.7% | S100YJWK |
| Operating income | 454 | 4.2% | S100YJWK |
| Ordinary income | 461 | 4.3% | S100YJWK |
| Pretax income | 136 | 1.3% | S100YJWK |
| Income tax | 92 | 0.9% | S100YJWK |
| Net income | 43 | 0.4% | S100YJWK |
| Net income attributable to owners | 43 | 0.4% | S100YJWK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 14 |
| Operating income | 4 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 17.9% → Operating margin 4.2% → Net margin 0.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.2%; Core profit growth: +17.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 83.72×
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 | 10,693 | 10,715 | 22 | +0.2% |
| Gross profit | 1,809 | 1,921 | 112 | +6.2% |
| Operating income | 387 | 454 | 67 | +17.3% |
| Net income attributable to owners | 298 | 43 | -255 | -85.5% |
| Operating cash flow | 471 | 659 | 188 | +39.8% |
| Free cash flow | -229 | 423 | 652 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 11,480 | 582 | 5.1% | 536 | 745 | 530 | S100LOSA |
| FY ending Mar 2021 | 10,817 | 379 | 3.5% | 150 | 314 | 287 | S100ODS7 |
| FY ending Mar 2022 | 10,906 | 439 | 4.0% | 42 | 906 | 790 | S100R5W7 |
| FY ending Mar 2023 | 10,724 | 404 | 3.8% | 169 | 604 | 541 | S100TRJ9 |
| FY ending Mar 2024 | 10,344 | 218 | 2.1% | -425 | -293 | -614 | S100W706 |
| FY ending Mar 2025 | 10,693 | 387 | 3.6% | 298 | 471 | -229 | S100YJWK |
| FY ending Mar 2026 | 10,715 | 454 | 4.2% | 43 | 659 | 423 | S100YJWK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18M |
| Operating income per employee (consolidated) | ¥761.3K |
| Net income per employee (consolidated) | ¥72.7K |

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) | 677 | 664 | 656 | 628 | 596 |
| Average salary (parent company) | ¥4.5M | ¥4.6M | ¥4.7M | ¥4.8M | — |
| Average age (parent company) | 35.8 years | 36.4 years | 36.5 years | 37.1 years | 37.8 years |
| Average tenure (parent company) | 11.7 years | 12.2 years | 12.2 years | 12.0 years | 12.5 years |

Year over year: Employees (consolidated) -5.1% · Revenue (consolidated) +0.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Elementary and junior high school department | 9,350 | 87.3% | 1,107 | 11.8% |
| High school department | 1,322 | 12.3% | 120 | 9.1% |
| Other education department | 43 | 0.4% | 26 | 59.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Elementary and junior high school department | 87.3% | 88.4% | 1.1 | 11.8% |
| High school department | 12.3% | 9.6% | -2.8 | 9.1% |
| Other education department | 0.4% | 2.1% | 1.7 | 59.7% |

Segment → industry: Other education department → Education / High school department → Education / Elementary and junior high school department → Education

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 659 | 6.1% | S100YJWK |
| Capital expenditure | 236 | 2.2% | S100YJWK |
| Free cash flow | 423 | 4.0% | 算出 |
| Investing cash flow | -205 | -1.9% | S100YJWK |
| Financing cash flow | -243 | -2.3% | S100YJWK |
| Dividends paid | 67 | 0.6% | S100YJWK |
| Change in cash | 212 | 2.0% | S100YJWK |
| Cash and equivalents | 1,464 | 13.7% | S100YJWK |

## 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 | 1,835 | 1,928 | 1,109 | 1,252 | 1,464 | S100TRJ9, S100W706, S100YJWK |
| Total assets | 10,701 | 10,169 | 8,896 | 9,427 | 9,699 | S100R5W7, S100TRJ9, S100W706, S100YJWK |
| Net assets | 4,618 | 4,714 | 4,302 | 4,537 | 4,759 | S100TRJ9, S100W706, S100YJWK |
| Share capital | 2,089 | 2,089 | 2,089 | 2,089 | 2,089 | S100R5W7, S100TRJ9, S100W706, S100YJWK |
| Property, plant and equipment | 5,880 | 5,573 | 5,142 | 5,737 | 5,720 | S100R5W7, S100TRJ9, S100W706, S100YJWK |
| Intangible assets excluding goodwill | 110 | 35 | 22 | 18 | 16 | S100R5W7, S100TRJ9, S100W706, S100YJWK |
| Current assets | 2,479 | 2,519 | 1,779 | 1,860 | 2,023 | S100R5W7, S100TRJ9, S100W706, S100YJWK |
| Current liabilities | 2,932 | 2,525 | 1,888 | 1,787 | 1,814 | S100R5W7, S100TRJ9, S100W706, S100YJWK |
| Short-term borrowings | 545 | 290 | 190 | 216 | 136 | S100R5W7, S100TRJ9, S100W706, S100YJWK |
| Long-term borrowings | 347 | 282 | 209 | 663 | 641 | S100R5W7, S100TRJ9, S100W706, S100YJWK |
| Bonds | 250 | 160 | 120 | 80 | 40 | S100R5W7, S100TRJ9, S100W706, S100YJWK |
| Interest-bearing debt | 1,142 | 732 | 519 | 959 | 817 | 算出 |
| Total liabilities | 6,082 | 5,455 | 4,594 | 4,890 | 4,940 | S100R5W7, S100TRJ9, S100W706, S100YJWK |
| Equity attributable to owners of parent | 4,599 | 4,728 | 4,236 | 4,534 | 4,510 | S100R5W7, S100TRJ9, S100W706, S100YJWK |
| Retained earnings | 674 | 804 | 311 | 609 | 586 | S100R5W7, S100TRJ9, S100W706, S100YJWK |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R5W7, S100TRJ9, S100W706, S100YJWK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YJWK |
| Property, plant and equipment | 59% | S100YJWK |
| Intangibles and goodwill | 0% | S100YJWK |
| Other assets | 26% | S100YJWK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 8% | 算出 |
| Other liabilities | 43% | S100YJWK |
| Equity | 49% | S100YJWK |

### 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 | 10,701 | 10,169 | 8,896 | 9,427 | 9,699 |
| Equity | 4,618 | 4,714 | 4,302 | 4,537 | 4,759 |
| Interest-bearing debt | 1,142 | 732 | 519 | 959 | 817 |
| Cash | 1,835 | 1,928 | 1,109 | 1,252 | 1,464 |

## 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) | 53.4% | S100YJWK |
| Fixed assets ÷ total assets | 59.0% | S100YJWK |
| Goodwill ÷ parent equity | — | —, S100YJWK |

### 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) | 15.1% |
| Cash ÷ revenue | 13.7% |
| Net cash (cash − interest-bearing debt) | ¥646.9M |
| Net debt ÷ operating cash flow | -0.98× |
| Cash conversion (operating CF ÷ operating income) | 145.2% |
| Cash vs. profit gap | 616 JPY mn (of net income 1420.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 154.1% |
| Shareholder payments — dividends / FCF | 15.8% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 31.0% |

## 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 | 0.4% | 1.02× | 0.4% | 2.33× | 0.9% | S100R5W7 |
| 2023 | 1.6% | 1.03× | 1.6% | 2.24× | 3.6% | S100TRJ9 |
| 2024 | — | —× | -4.5% | —× | — | S100W706 |
| 2025 | 2.8% | 1.17× | 3.3% | 2.09× | 6.8% | S100YJWK |
| 2026 | 0.4% | 1.12× | 0.5% | 2.11× | 1.0% | S100YJWK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社シューエイ | Major shareholder | 33.4% | 2026-03-31 |
| 秀英予備校従業員持株会 | Major shareholder | 4.9% | 2026-03-31 |
| 渡辺 武 | Major shareholder | 2.4% | 2026-03-31 |
| 渡辺 喜代子 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社静岡銀行 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.5% | 2026-03-31 |
| 植杉 泰久 | Major shareholder | 0.5% | 2026-03-31 |
| 渡辺 悟 | Major shareholder | 0.4% | 2026-03-31 |
| 鈴木 陽介 | Major shareholder | 0.4% | 2026-03-31 |
| ML INTL EQUITY DERIVATIVES（常任代理人 ＢｏｆＡ証券株式会社） | Major shareholder | 0.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第43期(2025/04/01－2026/03/31) | S100YJWK | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJWK,, |
| 有価証券報告書－第42期(2024/04/01－2025/03/31) | S100W706 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W706,, |
| 有価証券報告書－第41期(2023/04/01－2024/03/31) | S100TRJ9 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRJ9,, |
| 有価証券報告書－第40期(2022/04/01－2023/03/31) | S100R5W7 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5W7,, |
| 有価証券報告書－第39期(令和3年4月1日－令和4年3月31日) | S100ODS7 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODS7,, |
| 有価証券報告書－第38期(令和2年4月1日－令和3年3月31日) | S100LOSA | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOSA,, |

## 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).