# SPRIX, Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第29期(2024/10/01－2025/09/30) (S100XCTM)
> Page: https://vizora.meequs.com/en/company/sprix
> Retrieved: 2026-09-30T21:01:28.037Z

## Company

Sprix, founded in 1997, is a company in Education listed on TSE Standard. It has 1,550 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SPRIX Inc. |
| Ticker | 7030 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7030.T) |
| Listing | TSE Standard |
| Head office | 新潟県長岡市東坂之上町二丁目2番地1 (同所は登記上の本店所在地で実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 常石 博之 |
| Founded | Jan 1997 |
| Share capital | ¥1.45B |
| Employees (consolidated) | 1,550 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | September |
| Website | sprix.inc (https://sprix.inc/) |
| Corporate number | 7110001022686 |
| EDINET | E34053 |
| Industries (Vizora) | Education |

> Profile source: annual securities report (S100XCTM, filed 2025-12-26). As of filing

## Five-axis industry profile

Primary industry: Education (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 82.7 | 26 |
| Profitability | 38.3 | 30 |
| Cash conversion | 80.4 | 28 |
| Efficiency | 91.7 | 30 |

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 Sprix's sales come from morijyuku, with shonan and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +10.3% from the prior year, operating profit +98.5%.

## Company structure

- Segment revenue mix: morijyuku 52.8%、shonan 26.5%、Other 11.1%、kawai 9.6%
- Revenue → net income: ¥35127000000 → ¥1087000000
- Net income → operating cash flow: ¥1087000000 → ¥3580000000（difference ¥2493000000）
- Main uses of operating cash flow: CapEx ¥949000000 / dividends ¥666000000 / buybacks —
- Change in cash: ¥960000000
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 | ¥35.1B |  |
| Operating income | ¥2.17B | Margin 6.2% |
| Net income | ¥1.09B | Margin 3.1% |
| Free cash flow | ¥2.63B |  |
| Largest business | morijyuku | of segment revenue 52.8% |
| Employees (consolidated) | 1,550 |  |
| EPS | ¥62.04 |  |
| Diluted EPS | ¥62.02 |  |
| Book value per share | ¥560.99 |  |
| Equity ratio | 44.2% |  |
| Shares outstanding | 17,978,250 |  |
| Treasury shares | 335,500 |  |
| Shareholders | 4,062 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 28.7% | Cash ÷ revenue 18.4% |
| Vs. industry median margin | -1.2 pp | Education |
| ROE | 11.2% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.3× net income
- FY2025, one segment accounts for 81% of positive segment profit
- FY2025, segment profit share differs by 28 points

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11843549000 | ¥35127000000 | +196.6% |
| Operating income | ¥1787702000 | ¥2170000000 | +21.4% |
| Operating margin | 15.1% | 6.2% | -8.9 pp |
| Employees | 490 people | 1,550 people | +216.3% |
| Cash and equivalents | ¥7308000000 | ¥6460000000 | -11.6% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 森塾 | 52.8% |
| 新設・再編 → 湘南ゼミナール | 26.5% |
| 新設・再編 → 河合塾マナビス | 9.6% |
| 新設・再編 → その他 | 11.1% |

Segment revenue source references: 4 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| morijyuku | 4 years | +8.9% | ¥18562000000 | 25.7% | 2 |
| shonan | 4 years | +5.4% | ¥9295000000 | 8.0% | 2 |
| Other | 4 years | +14.0% | ¥3914000000 | -30.8% | 2 |
| kawai | 4 years | +4.3% | ¥3355000000 | 11.9% | 2 |

## Income statement（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 35,127 | 100.0% | S100XCTM |
| Cost of revenue | 24,111 | 68.6% | S100XCTM |
| Gross profit | 11,015 | 31.4% | S100XCTM |
| SG&A | 8,845 | 25.2% | S100XCTM |
| Operating income | 2,170 | 6.2% | S100XCTM |
| Ordinary income | 2,218 | 6.3% | S100XCTM |
| Pretax income | 1,869 | 5.3% | S100XCTM |
| Income tax | 781 | 2.2% | S100XCTM |
| Net income | 1,087 | 3.1% | S100XCTM |
| Net income attributable to owners | 1,087 | 3.1% | S100XCTM |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 25 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 31.4% → Operating margin 6.2% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.3%; Core profit growth: +98.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.61×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 31,860 | 35,127 | 3,267 | +10.3% |
| Gross profit | 9,932 | 11,015 | 1,083 | +10.9% |
| Operating income | 1,093 | 2,170 | 1,077 | +98.5% |
| Net income attributable to owners | 500 | 1,087 | 587 | +117.4% |
| Operating cash flow | 1,877 | 3,580 | 1,703 | +90.7% |
| Free cash flow | 686 | 2,631 | 1,945 | +283.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2020 | 11,844 | 1,788 | 15.1% | 1,150 | 1,459 | 1,115 | S100N4XU |
| FY ending Sep 2021 | 25,901 | 2,437 | 9.4% | 1,467 | 2,647 | 2,215 | S100PVE0 |
| FY ending Sep 2022 | 29,352 | 2,778 | 9.5% | 1,607 | 2,203 | 1,465 | S100SIAR |
| FY ending Sep 2023 | 30,363 | 1,318 | 4.3% | 561 | 1,676 | 800 | S100V0FH |
| FY ending Sep 2024 | 31,860 | 1,093 | 3.4% | 500 | 1,877 | 686 | S100XCTM |
| FY ending Sep 2025 | 35,127 | 2,170 | 6.2% | 1,087 | 3,580 | 2,631 | S100XCTM |

## People and productivity（FY ending Sep 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.7M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥701.3K |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,305 | 1,298 | 1,394 | 1,490 | 1,550 |
| Average salary (parent company) | ¥4.9M | ¥5M | ¥4.4M | ¥4.9M | ¥5.1M |
| Average age (parent company) | 29.4 years | 29.7 years | 29.6 years | 29.7 years | 29.9 years |
| Average tenure (parent company) | 3.6 years | 4.0 years | 3.7 years | 3.4 years | 3.6 years |

Year over year: Employees (consolidated) +4.0% · Revenue (consolidated) +10.3%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| morijyuku | 18,562 | 52.8% | 4,779 | 25.7% |
| shonan | 9,295 | 26.5% | 740 | 8.0% |
| kawai | 3,355 | 9.6% | 398 | 11.9% |
| Other | 3,914 | 11.1% | -1,207 | -30.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| morijyuku | 52.8% | 80.8% | 27.9 | 25.7% |
| shonan | 26.5% | 12.5% | -14.0 | 8.0% |
| kawai | 9.6% | 6.7% | -2.8 | 11.9% |
| Other | 11.1% | — | — | -30.8% |

Loss-making segment (excluded from profit shares): Other -1,207 JPY mn

Segment → industry: Other → Education / kawai → Education / shonan → Education / morijyuku → Education

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,580 | 10.2% | S100XCTM |
| Capital expenditure | 949 | 2.7% | S100XCTM |
| Free cash flow | 2,631 | 7.5% | 算出 |
| Investing cash flow | -1,608 | -4.6% | S100XCTM |
| Financing cash flow | -1,011 | -2.9% | S100XCTM |
| Dividends paid | 666 | 1.9% | S100XCTM |
| Change in cash | 960 | 2.7% | S100XCTM |
| Cash and equivalents | 6,460 | 18.4% | S100XCTM |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,163 | 5,935 | 6,007 | 5,359 | 6,460 | S100SIAR, S100V0FH, S100XCTM |
| Total assets | 19,277 | 19,574 | 20,143 | 20,448 | 22,485 | S100PVE0, S100SIAR, S100V0FH, S100XCTM |
| Net assets | 8,864 | 9,774 | 9,706 | 9,562 | 9,981 | S100SIAR, S100V0FH, S100XCTM |
| Share capital | 1,430 | 1,431 | 1,438 | 1,444 | 1,454 | S100PVE0, S100SIAR, S100V0FH, S100XCTM |
| Property, plant and equipment | 3,064 | 3,581 | 3,828 | 4,240 | 4,249 | S100PVE0, S100SIAR, S100V0FH, S100XCTM |
| Intangible assets excluding goodwill | 4,682 | 4,275 | 3,631 | 3,103 | 3,014 | S100PVE0, S100SIAR, S100V0FH, S100XCTM |
| Goodwill | 2,877 | 2,827 | 2,496 | 2,183 | 2,038 | S100PVE0, S100SIAR, S100V0FH, S100XCTM |
| Investment securities | 75 | 25 | 20 | 276 | 594 | S100PVE0, S100SIAR, S100V0FH, S100XCTM |
| Current assets | 9,599 | 9,586 | 9,906 | 9,806 | 11,276 | S100PVE0, S100SIAR, S100V0FH, S100XCTM |
| Current liabilities | 7,936 | 7,614 | 8,543 | 9,221 | 11,148 | S100PVE0, S100SIAR, S100V0FH, S100XCTM |
| Short-term borrowings | — | — | 754 | 717 | 730 | S100V0FH, S100XCTM |
| Long-term borrowings | 1,454 | 1,090 | 727 | 429 | 51 | S100PVE0, S100SIAR, S100V0FH, S100XCTM |
| Total liabilities | 10,412 | 9,799 | 10,437 | 10,886 | 12,504 | S100PVE0, S100SIAR, S100V0FH, S100XCTM |
| Non-controlling interests | 7 | 0 | — | — | — | S100PVE0, S100SIAR |
| Equity attributable to owners of parent | 8,843 | 9,734 | 9,659 | 9,516 | 9,941 | S100PVE0, S100SIAR, S100V0FH, S100XCTM |
| Retained earnings | 6,377 | 7,266 | 7,173 | 7,013 | 7,419 | S100PVE0, S100SIAR, S100V0FH, S100XCTM |
| Treasury stock | -385 | -385 | -380 | -377 | -376 | S100PVE0, S100SIAR, S100V0FH, S100XCTM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100XCTM |
| Property, plant and equipment | 19% | S100XCTM |
| Intangibles and goodwill | 22% | S100XCTM |
| Investment securities | 3% | S100XCTM |
| Other assets | 27% | S100XCTM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 56% | S100XCTM |
| Equity | 44% | S100XCTM |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 19,277 | 19,574 | 20,143 | 20,448 | 22,485 |
| Equity | 8,864 | 9,774 | 9,706 | 9,562 | 9,981 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,163 | 5,935 | 6,007 | 5,359 | 6,460 |

## 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) | 12.1% | S100XCTM |
| Fixed assets ÷ total assets | 18.9% | S100XCTM |
| Goodwill ÷ parent equity | 20.5% | S100XCTM |

Goodwill over 4 years: 2,877 → 2,038 JPY; total investing cash flow: -7,738 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) | 28.7% |
| Cash ÷ revenue | 18.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 165.0% |
| Cash vs. profit gap | 2,493 JPY mn (of net income 229.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 61.3% |
| Shareholder payments — dividends / FCF | 25.3% |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | 44.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 5.7% | 1.34× | 7.6% | 2.18× | 16.6% | S100PVE0 |
| 2022 | 5.5% | 1.51× | 8.3% | 2.09× | 17.3% | S100SIAR |
| 2023 | 1.8% | 1.53× | 2.8% | 2.05× | 5.8% | S100V0FH |
| 2024 | 1.6% | 1.57× | 2.5% | 2.12× | 5.2% | S100XCTM |
| 2025 | 3.1% | 1.64× | 5.1% | 2.21× | 11.2% | S100XCTM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社フラットストーン | Major shareholder | 48.6% | 2025-09-30 |
| 常石 博之 | Major shareholder | 8.9% | 2025-09-30 |
| ＵＢＳ ＡＧ ＳＩＮＧＡＰＯＲＥ－０５４６００２５１０２１Ｕ９ （常任代理人 シティバンク、 エヌ・エイ東京支店） | Major shareholder | 7.0% | 2025-09-30 |
| 中野 道 | Major shareholder | 4.6% | 2025-09-30 |
| 平石 明 | Major shareholder | 4.1% | 2025-09-30 |
| スプリックスグループ従業員持株会 | Major shareholder | 2.2% | 2025-09-30 |
| ＷＩＬＬ ＦＩＥＬＤ ＣＡＰＩＴＡＬ ＰＴＥ． ＬＴＤ． Ｄｉｒｅｃｔｏｒ 志野文哉 | Major shareholder | 1.9% | 2025-09-30 |
| 上田八木短資株式会社 取締役社長上田晶平 | Major shareholder | 1.6% | 2025-09-30 |
| 日本マスタートラスト信託銀行 株式会社（信託口） | Major shareholder | 1.6% | 2025-09-30 |
| 野村證券株式会社 代表取締役奥田健太郎 | Major shareholder | 1.0% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2024/10/01－2025/09/30) | S100XCTM | 2025-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCTM,, |
| 有価証券報告書－第28期(2023/10/01－2024/09/30) | S100V0FH | 2024-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0FH,, |
| 有価証券報告書－第27期(2022/10/01－2023/09/30) | S100SIAR | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIAR,, |
| 有価証券報告書－第26期(令和3年10月1日－令和4年9月30日) | S100PVE0 | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVE0,, |
| 有価証券報告書－第25期(令和2年10月1日－令和3年9月30日) | S100N4XU | 2021-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4XU,, |
| 有価証券報告書－第24期(令和1年10月1日－令和2年9月30日) | S100KFYO | 2020-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFYO,, |

## 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).