# Startline CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第17期(2025/04/01－2026/03/31) (S100YM56)
> Page: https://vizora.meequs.com/en/company/startline
> Retrieved: 2026-09-30T20:58:26.703Z

## Company

Startline is a company in HR & Staffing listed on TSE Growth. It has 420 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Startline CO.,LTD. |
| Ticker | 477A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/477A.T) |
| Listing | TSE Growth |
| Head office | 東京都三鷹市上連雀一丁目12番17号 |
| Representative (per filing) | 代表取締役社長 西村 賢治 |
| Share capital | ¥657.4M |
| Employees (consolidated) | 420 |
| Average salary (parent only) | ¥4.3M |
| Fiscal year end | March |
| Website | start-line.jp (https://start-line.jp/) |
| Corporate number | 9010101009311 |
| EDINET | E41152 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100YM56, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.7 | 68 |
| Profitability | 47.2 | 88 |
| Cash conversion | 89.4 | 80 |
| Efficiency | 14.2 | 88 |
| Financial strength | 10 | 5 |

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 99% of Startline's sales come from Support service for employment of persons with disabilities, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +25.2% from the prior year, operating profit +71.3%.

## Company structure

- Segment revenue mix: Support service for employment of persons with disabilities 99.2%、Other 0.8%
- Revenue → net income: ¥5599179000 → ¥433386000
- Net income → operating cash flow: ¥433386000 → ¥686088000（difference ¥252702000）
- Main uses of operating cash flow: CapEx ¥1426601000 / dividends — / buybacks —
- Change in cash: ¥1110816000
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 | ¥5.6B |  |
| Operating income | ¥450.7M | Margin 8.0% |
| Net income | ¥433.4M | Margin 7.7% |
| Free cash flow | -¥740.5M |  |
| Largest business | Support service for employment of persons with disabilities | of segment revenue 99.2% |
| Employees (consolidated) | 420 |  |
| EPS | ¥146.96 |  |
| Diluted EPS | ¥139.35 |  |
| Book value per share | ¥455.44 |  |
| Equity ratio | 22.9% |  |
| Shares outstanding | 4,131,000 |  |
| Shareholders | 1,435 |  |
| Average salary (parent only) | ¥4.3M | Filing company only |
| Cash ratio | 28.3% | Net cash -¥1.57B · Cash ÷ revenue 41.6% |
| Vs. industry median margin | -0.6 pp | HR & Staffing |
| ROE | 33.2% | Derived from disclosed figures |
| ROA | 6.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 28% of total assets

## What changed in 1 years

| Metric | FY ending Mar 2025 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4470909000 | ¥5599179000 | +25.2% |
| Operating income | ¥263070000 | ¥450662000 | +71.3% |
| Operating margin | 5.9% | 8.0% | +2.2 pp |
| Employees | 375 people | 420 people | +12.0% |
| Cash and equivalents | ¥1216455000 | ¥2327272000 | +91.3% |

### Change in segment revenue mix

Span: FY ending Mar 2025 → 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 |
| --- | ---: |
| 障害者雇用支援サービス事業 → 障害者雇用支援サービス事業 | 99.2% |
| 障害者雇用支援サービス事業 → 事業再編・廃止 | 0.1% |
| その他 → その他 | 0.7% |
| 新設・再編 → その他 | 0.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,599 | 100.0% | S100YM56 |
| Cost of revenue | 3,492 | 62.4% | S100YM56 |
| Gross profit | 2,107 | 37.6% | S100YM56 |
| SG&A | 1,657 | 29.6% | S100YM56 |
| Operating income | 451 | 8.0% | S100YM56 |
| Ordinary income | 374 | 6.7% | S100YM56 |
| Pretax income | 373 | 6.7% | S100YM56 |
| Income tax | -60 | -1.1% | S100YM56 |
| Net income | 433 | 7.7% | S100YM56 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 30 |
| Operating income | 8 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 37.6% → Operating margin 8.0% → Net margin 7.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +25.2%; Core profit growth: +71.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.83×
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 | 4,471 | 5,599 | 1,128 | +25.2% |
| Gross profit | 1,641 | 2,107 | 466 | +28.4% |
| Operating income | 263 | 451 | 188 | +71.3% |
| Operating cash flow | 468 | 686 | 218 | +46.7% |
| Free cash flow | -224 | -741 | -517 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2025 | 4,471 | 263 | 5.9% | 144 | 468 | -224 | S100YM56 |
| FY ending Mar 2026 | 5,599 | 451 | 8.0% | 433 | 686 | -741 | S100YM56 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.3M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥1M |

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

| History | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: |
| Employees (consolidated) | 375 | 420 |
| Average salary (parent company) | — | ¥4.3M |
| Average age (parent company) | — | 34.6 years |
| Average tenure (parent company) | — | 3.7 years |

Year over year: Employees (consolidated) +12.0% · Revenue (consolidated) +25.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Support service for employment of persons with disabilities | 5,557 | 99.2% | 1,791 | 32.2% |
| Other | 43 | 0.8% | -73 | -170.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Support service for employment of persons with disabilities | 99.2% | 100.0% | 0.8 | 32.2% |
| Other | 0.8% | — | — | -170.1% |

Loss-making segment (excluded from profit shares): Other -73 JPY mn

Segment → industry: Support service for employment of persons with disabilities → HR & Staffing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 686 | 12.3% | S100YM56 |
| Capital expenditure | 1,427 | 25.5% | S100YM56 |
| Free cash flow | -741 | -13.2% | 算出 |
| Investing cash flow | -1,516 | -27.1% | S100YM56 |
| Financing cash flow | 1,940 | 34.7% | S100YM56 |
| Change in cash | 1,111 | 19.8% | S100YM56 |
| Cash and equivalents | 2,327 | 41.6% | S100YM56 |

## 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 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 1,216 | 2,327 | S100YM56 |
| Total assets | 5,637 | 8,217 | S100YM56 |
| Net assets | 733 | 1,881 | S100YM56 |
| Share capital | 300 | 657 | S100YM56 |
| Property, plant and equipment | 3,116 | 4,243 | S100YM56 |
| Intangible assets excluding goodwill | 34 | 25 | S100YM56 |
| Current assets | 2,052 | 3,263 | S100YM56 |
| Current liabilities | 2,045 | 2,451 | S100YM56 |
| Short-term borrowings | 600 | 824 | S100YM56 |
| Long-term borrowings | 2,087 | 3,026 | S100YM56 |
| Bonds | 65 | 51 | S100YM56 |
| Interest-bearing debt | 2,753 | 3,901 | 算出 |
| Total liabilities | 4,904 | 6,336 | S100YM56 |
| Equity attributable to owners of parent | 733 | 1,881 | S100YM56 |
| Retained earnings | 233 | 667 | S100YM56 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YM56 |
| Property, plant and equipment | 52% | S100YM56 |
| Intangibles and goodwill | 0% | S100YM56 |
| Other assets | 20% | S100YM56 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 47% | 算出 |
| Other liabilities | 30% | S100YM56 |
| Equity | 23% | S100YM56 |

### Balance sheet history

| Metric | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: |
| Total assets | 5,637 | 8,217 |
| Equity | 733 | 1,881 |
| Interest-bearing debt | 2,753 | 3,901 |
| Cash | 1,216 | 2,327 |

## 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) | 75.8% | S100YM56 |
| Fixed assets ÷ total assets | 51.6% | S100YM56 |
| Goodwill ÷ parent equity | — | —, S100YM56 |

### 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) | 28.3% |
| Cash ÷ revenue | 41.6% |
| Net cash (cash − interest-bearing debt) | -¥1.57B |
| Net debt ÷ operating cash flow | 2.29× |
| Cash conversion (operating CF ÷ operating income) | 152.2% |
| Cash vs. profit gap | 253 JPY mn (of net income 58.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 25.5% |
| Investing CF relative to operating CF | 220.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | 3.2% | 0.79× | 2.6% | 7.69× | 19.7% | S100YM56 |
| 2026 | 7.7% | 0.81× | 6.3% | 5.30× | 33.2% | S100YM56 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ストーン | Major shareholder | 26.7% | 2026-03-31 |
| 株式会社ウエスト | Major shareholder | 10.4% | 2026-03-31 |
| 西村 賢治 | Major shareholder | 5.8% | 2026-03-31 |
| 長谷川 新里 | Major shareholder | 5.8% | 2026-03-31 |
| 白木 孝一 | Major shareholder | 5.8% | 2026-03-31 |
| 佐々木 嶺一 | Major shareholder | 4.7% | 2026-03-31 |
| ＳＭＢＣ日興証券株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| 池原 諒平 | Major shareholder | 3.0% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2025/04/01－2026/03/31) | S100YM56 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YM56,, |

## 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).