# Slogan Inc.: 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21期(2025/03/01－2026/02/28) (S100Y4UP)
> Page: https://vizora.meequs.com/en/company/slogan
> Retrieved: 2026-09-30T21:31:14.278Z

## Company

Slogan, founded in 2005, is a company in HR & Staffing listed on TSE Growth. It has 107 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Slogan Inc. |
| Ticker | 9253 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9253.T) |
| Listing | TSE Growth |
| Head office | 東京都港区南青山二丁目11番17号 |
| Representative (per filing) | 代表取締役社長 仁平 理斗 |
| Founded | Oct 2005 |
| Share capital | ¥16.2M |
| Employees (consolidated) | 107 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | February |
| Website | www.slogan.jp (https://www.slogan.jp/) |
| Corporate number | 1010001096077 |
| EDINET | E37006 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100Y4UP, filed 2026-05-19). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 14 | 68 |
| Profitability | 80.1 | 88 |
| Cash conversion | 71.9 | 80 |
| Efficiency | 9.7 | 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)

- Slogan brought in ¥1.59B in revenue.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed +17.8% from the prior year, operating profit +125.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.59B |  |
| Operating income | ¥280.1M | Margin 17.6% |
| Net income | ¥189.6M | Margin 11.9% |
| Free cash flow | — |  |
| Employees (consolidated) | 107 |  |
| EPS | ¥71.48 |  |
| Diluted EPS | ¥70.13 |  |
| Book value per share | ¥636.05 |  |
| Equity ratio | 68.8% |  |
| Shares outstanding | 2,769,875 |  |
| Treasury shares | 260,400 |  |
| Shareholders | 607 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 86.6% | Cash ÷ revenue 126.7% |
| Vs. industry median margin | +9 pp | HR & Staffing |
| ROE | 12.3% | Derived from disclosed figures |
| ROA | 8.6% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -2% while operating income rose 125%
- FY2026, cash is 87% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1311021000 | ¥1589911000 | +21.3% |
| Operating income | ¥42854000 | ¥280068000 | +553.5% |
| Operating margin | 3.3% | 17.6% | +14.3 pp |
| Employees | 105 people | 107 people | +1.9% |
| Cash and equivalents | ¥825400000 | ¥2014364000 | +144.0% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,590 | 100.0% | S100Y4UP |
| Cost of revenue | 29 | 1.8% | S100Y4UP |
| Gross profit | 1,561 | 98.2% | S100Y4UP |
| SG&A | 1,281 | 80.6% | S100Y4UP |
| Operating income | 280 | 17.6% | S100Y4UP |
| Ordinary income | 279 | 17.6% | S100Y4UP |
| Pretax income | 279 | 17.6% | S100Y4UP |
| Income tax | 90 | 5.6% | S100Y4UP |
| Net income | 190 | 11.9% | S100Y4UP |
| Net income attributable to owners | 190 | 11.9% | S100Y4UP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 2 |
| SG&A | 80 |
| Operating income | 18 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 98.2% → Operating margin 17.6% → Net margin 11.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.8%; Core profit growth: +125.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.05×
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 | 1,350 | 1,590 | 240 | +17.8% |
| Gross profit | 1,319 | 1,561 | 242 | +18.3% |
| Operating income | 124 | 280 | 156 | +125.1% |
| Net income attributable to owners | 87 | 190 | 103 | +118.3% |
| Operating cash flow | 176 | 329 | 153 | +87.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2021 | 1,311 | 43 | 3.3% | 50 | 4 | — | S100O58G |
| FY ending Feb 2022 | 1,418 | 259 | 18.2% | 208 | 442 | — | S100QUZ8 |
| FY ending Feb 2023 | 1,472 | 209 | 14.2% | 140 | -63 | — | S100TI8V |
| FY ending Feb 2024 | 1,418 | 155 | 11.0% | 91 | 116 | — | S100VUEE |
| FY ending Feb 2025 | 1,350 | 124 | 9.2% | 87 | 176 | — | S100Y4UP |
| FY ending Feb 2026 | 1,590 | 280 | 17.6% | 190 | 329 | — | S100Y4UP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.9M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 120 | 121 | 113 | 109 | 107 |
| Average salary (parent company) | ¥5M | ¥5.2M | ¥5.3M | ¥5.5M | ¥5.6M |
| Average age (parent company) | 29.8 years | 30.0 years | 30.1 years | 30.8 years | 31.6 years |
| Average tenure (parent company) | 2.6 years | 2.9 years | 3.1 years | 3.5 years | 4.0 years |

Year over year: Employees (consolidated) -1.8% · Revenue (consolidated) +17.8%

## 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 | 329 | 20.7% | S100Y4UP |
| Investing cash flow | -9 | -0.5% | S100Y4UP |
| Financing cash flow | -49 | -3.1% | S100Y4UP |
| Share buyback | 80 | 5.0% | S100Y4UP |
| Change in cash | 271 | 17.0% | S100Y4UP |
| Cash and equivalents | 2,014 | 126.7% | S100Y4UP |

## 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 | 1,817 | 1,657 | 1,650 | 1,744 | 2,014 | S100TI8V, S100VUEE, S100Y4UP |
| Total assets | 1,999 | 1,899 | 1,968 | 2,095 | 2,326 | S100QUZ8, S100TI8V, S100VUEE, S100Y4UP |
| Net assets | 1,228 | 1,373 | 1,439 | 1,505 | 1,634 | S100TI8V, S100VUEE, S100Y4UP |
| Share capital | 503 | 13 | 15 | 15 | 16 | S100QUZ8, S100TI8V, S100VUEE, S100Y4UP |
| Property, plant and equipment | 1 | 1 | 1 | 0 | 0 | S100QUZ8, S100TI8V, S100VUEE, S100Y4UP |
| Intangible assets excluding goodwill | 3 | 19 | 1 | 10 | 15 | S100QUZ8, S100TI8V, S100VUEE, S100Y4UP |
| Investment securities | 14 | 82 | 128 | 147 | 141 | S100QUZ8, S100TI8V, S100VUEE, S100Y4UP |
| Current assets | 1,967 | 1,785 | 1,825 | 1,919 | 2,156 | S100QUZ8, S100TI8V, S100VUEE, S100Y4UP |
| Current liabilities | 770 | 526 | 529 | 590 | 692 | S100QUZ8, S100TI8V, S100VUEE, S100Y4UP |
| Long-term borrowings | 2 | — | — | — | — | S100QUZ8 |
| Total liabilities | 772 | 526 | 529 | 590 | 692 | S100QUZ8, S100TI8V, S100VUEE, S100Y4UP |
| Equity attributable to owners of parent | 1,228 | 1,373 | 1,439 | 1,488 | 1,600 | S100QUZ8, S100TI8V, S100VUEE, S100Y4UP |
| Retained earnings | 272 | 412 | 482 | 569 | 758 | S100QUZ8, S100TI8V, S100VUEE, S100Y4UP |
| Treasury stock | -52 | -53 | -62 | -100 | -179 | S100QUZ8, S100TI8V, S100VUEE, S100Y4UP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 86% | S100Y4UP |
| Property, plant and equipment | 0% | S100Y4UP |
| Intangibles and goodwill | 1% | S100Y4UP |
| Investment securities | 6% | S100Y4UP |
| Other assets | 7% | S100Y4UP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 30% | S100Y4UP |
| Equity | 70% | S100Y4UP |

### 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 | 1,999 | 1,899 | 1,968 | 2,095 | 2,326 |
| Equity | 1,228 | 1,373 | 1,439 | 1,505 | 1,634 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,817 | 1,657 | 1,650 | 1,744 | 2,014 |

## 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) | 0.0% | S100Y4UP |
| Fixed assets ÷ total assets | 0.0% | S100Y4UP |
| Goodwill ÷ parent equity | — | —, S100Y4UP |

### 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) | 86.6% |
| Cash ÷ revenue | 126.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 117.3% |
| Cash vs. profit gap | 139 JPY mn (of net income 73.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 2.6% |

## 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 | 14.7% | 0.71× | 10.4% | 1.63× | 16.9% | S100QUZ8 |
| 2023 | 9.5% | 0.76× | 7.2% | 1.50× | 10.7% | S100TI8V |
| 2024 | 6.4% | 0.73× | 4.7% | 1.38× | 6.5% | S100VUEE |
| 2025 | 6.4% | 0.66× | 4.3% | 1.39× | 5.9% | S100Y4UP |
| 2026 | 11.9% | 0.72× | 8.6% | 1.43× | 12.3% | S100Y4UP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊藤 豊 | Major shareholder | 23.1% | 2026-02-28 |
| Reapra Ventures Pte. Ltd. （常任代理人 ＳＭＢＣ日興証券株式会社） | Major shareholder | 21.5% | 2026-02-28 |
| 織田 一彰 | Major shareholder | 12.0% | 2026-02-28 |
| KMFG株式会社 | Major shareholder | 4.1% | 2026-02-28 |
| XTech１号投資事業有限責任組合 | Major shareholder | 4.0% | 2026-02-28 |
| スローガン社員持株会 | Major shareholder | 3.5% | 2026-02-28 |
| 仁平 理斗 | Major shareholder | 3.0% | 2026-02-28 |
| 楽天証券株式会社 | Major shareholder | 2.4% | 2026-02-28 |
| 渡邊 秀和 | Major shareholder | 2.1% | 2026-02-28 |
| アイビー投資事業有限責任組合 | Major shareholder | 1.5% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/03/01－2026/02/28) | S100Y4UP | 2026-05-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4UP,, |
| 有価証券報告書－第20期(2024/03/01－2025/02/28) | S100VUEE | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUEE,, |
| 有価証券報告書－第19期(2023/03/01－2024/02/29) | S100TI8V | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TI8V,, |
| 有価証券報告書－第18期(2022/03/01－2023/02/28) | S100QUZ8 | 2023-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUZ8,, |
| 有価証券報告書－第17期(令和3年3月1日－令和4年2月28日) | S100O58G | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O58G,, |

## 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).