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

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第47期(2024/10/01－2025/09/30) (S100X9C6)
> Page: https://vizora.meequs.com/en/company/step
> Retrieved: 2026-09-30T20:30:37.088Z

## Company

Step, founded in 1979, is a company in Education listed on TSE Prime. It has 954 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | STEP CO.,LTD. |
| Ticker | 9795 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9795.T) |
| Listing | TSE Prime |
| Head office | 神奈川県藤沢市藤沢602番地 |
| Representative (per filing) | 代表取締役社長 遠藤陽介 |
| Founded | Sep 1979 |
| Share capital | ¥1.78B |
| Employees (consolidated) | 954 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | September |
| Website | www.stepnet.co.jp (https://www.stepnet.co.jp/) |
| Corporate number | 7021001001169 |
| EDINET | E04925 |
| Industries (Vizora) | Education |

> Profile source: annual securities report (S100X9C6, filed 2025-12-10). As of filing

## Five-axis industry profile

Primary industry: Education (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.6 | 26 |
| Profitability | 95 | 30 |
| Cash conversion | 37.5 | 28 |
| Efficiency | 8.3 | 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)

- Step brought in ¥15.8B in revenue.
- Out of every ¥100 of sales, about ¥24 is left as operating profit.
- Revenue changed +5.0% from the prior year, operating profit +7.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥15846886000 → ¥2689679000
- Net income → operating cash flow: ¥2689679000 → ¥3382978000（difference ¥693299000）
- Main uses of operating cash flow: CapEx ¥286468000 / dividends ¥1267515000 / buybacks ¥465545000
- Change in cash: ¥-1830816000
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 | ¥15.8B |  |
| Operating income | ¥3.78B | Margin 23.9% |
| Net income | ¥2.69B | Margin 17.0% |
| Free cash flow | ¥3.1B |  |
| Employees (consolidated) | 954 |  |
| EPS | ¥170.35 |  |
| Book value per share | ¥1738.76 |  |
| Equity ratio | 89.7% |  |
| Shares outstanding | 16,670,000 |  |
| Treasury shares | 898,600 |  |
| Shareholders | 14,782 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 24.8% | Cash ÷ revenue 47.8% |
| Vs. industry median margin | +16.5 pp | Education |
| ROE | 10.0% | Derived from disclosed figures |
| ROA | 9.0% | Derived from disclosed figures |

## Notable figures

- FY2025, parent-company salary changed +23% over five years

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10927597000 | ¥15846886000 | +45.0% |
| Operating income | ¥1929641000 | ¥3780121000 | +95.9% |
| Operating margin | 17.7% | 23.9% | +6.2 pp |
| Employees | 820 people | 954 people | +16.3% |
| Cash and equivalents | ¥7616877000 | ¥7579640000 | -0.5% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,847 | 100.0% | S100X9C6 |
| Cost of revenue | 11,145 | 70.3% | S100X9C6 |
| Gross profit | 4,701 | 29.7% | S100X9C6 |
| SG&A | 921 | 5.8% | S100X9C6 |
| Operating income | 3,780 | 23.9% | S100X9C6 |
| Ordinary income | 3,866 | 24.4% | S100X9C6 |
| Pretax income | 3,866 | 24.4% | S100X9C6 |
| Income tax | 1,176 | 7.4% | S100X9C6 |
| Net income | 2,690 | 17.0% | S100X9C6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 6 |
| Operating income | 24 |
| (Ref.) Net income | 17 |

### Margin funnel

Gross margin 29.7% → Operating margin 23.9% → Net margin 17.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.0%; Core profit growth: +7.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.54×
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 | 15,099 | 15,847 | 748 | +5.0% |
| Gross profit | 4,385 | 4,701 | 316 | +7.2% |
| Operating income | 3,511 | 3,780 | 269 | +7.7% |
| Operating cash flow | 3,383 | 3,383 | -0 | -0.0% |
| Free cash flow | 3,073 | 3,097 | 23 | +0.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 11,593 | 2,689 | 23.2% | 1,943 | 2,159 | 1,095 | S100KCTA |
| FY ending Sep 2020 | 10,928 | 1,930 | 17.7% | 1,343 | 1,868 | 1,336 | S100N37U |
| FY ending Sep 2021 | 13,036 | 3,509 | 26.9% | 2,471 | 3,721 | 3,411 | S100PSW1 |
| FY ending Sep 2022 | 13,653 | 3,656 | 26.8% | 2,563 | 3,061 | 2,706 | S100SH88 |
| FY ending Sep 2023 | 14,442 | 3,192 | 22.1% | 2,405 | 2,850 | 2,378 | S100UY5A |
| FY ending Sep 2024 | 15,099 | 3,511 | 23.3% | 2,509 | 3,383 | 3,073 | S100X9C6 |
| FY ending Sep 2025 | 15,847 | 3,780 | 23.9% | 2,690 | 3,383 | 3,097 | S100X9C6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.6M |
| Operating income per employee (consolidated) | ¥4M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 845 | 887 | 908 | 945 | 954 |
| Average salary (parent company) | ¥5.9M | ¥6.1M | ¥6.6M | ¥7.1M | ¥7.3M |
| Average age (parent company) | 37.9 years | 37.9 years | 38.1 years | 39.0 years | 39.5 years |
| Average tenure (parent company) | 10.8 years | 11.0 years | 11.2 years | 12.0 years | 12.5 years |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) +5.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,383 | 21.3% | S100X9C6 |
| Capital expenditure | 286 | 1.8% | S100X9C6 |
| Free cash flow | 3,097 | 19.5% | 算出 |
| Investing cash flow | -3,193 | -20.2% | S100X9C6 |
| Financing cash flow | -2,020 | -12.8% | S100X9C6 |
| Dividends paid | 1,268 | 8.0% | S100X9C6 |
| Share buyback | 466 | 2.9% | S100X9C6 |
| Change in cash | -1,831 | -11.6% | S100X9C6 |
| Cash and equivalents | 7,580 | 47.8% | S100X9C6 |

## 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 | 8,386 | 9,092 | 9,463 | 9,410 | 7,580 | S100SH88, S100UY5A, S100X9C6 |
| Total assets | 26,790 | 27,573 | 28,634 | 29,260 | 30,571 | S100PSW1, S100SH88, S100UY5A, S100X9C6 |
| Net assets | 22,874 | 24,799 | 25,936 | 26,237 | 27,423 | S100SH88, S100UY5A, S100X9C6 |
| Share capital | 1,778 | 1,778 | 1,778 | 1,778 | 1,778 | S100PSW1, S100SH88, S100UY5A, S100X9C6 |
| Inventories | 22 | 35 | 38 | 37 | 38 | S100PSW1, S100SH88, S100UY5A, S100X9C6 |
| Property, plant and equipment | 16,909 | 16,848 | 16,271 | 16,029 | 15,993 | S100PSW1, S100SH88, S100UY5A, S100X9C6 |
| Intangible assets excluding goodwill | 44 | 33 | 67 | 119 | 123 | S100PSW1, S100SH88, S100UY5A, S100X9C6 |
| Investment securities | 17 | 17 | 1,165 | 1,766 | 4,700 | S100PSW1, S100SH88, S100UY5A, S100X9C6 |
| Current assets | 8,968 | 9,725 | 10,158 | 10,257 | 8,589 | S100PSW1, S100SH88, S100UY5A, S100X9C6 |
| Current liabilities | 3,441 | 2,042 | 2,014 | 2,376 | 2,370 | S100PSW1, S100SH88, S100UY5A, S100X9C6 |
| Long-term borrowings | 12 | 245 | 141 | 104 | 33 | S100PSW1, S100SH88, S100UY5A, S100X9C6 |
| Total liabilities | 3,916 | 2,775 | 2,698 | 3,023 | 3,148 | S100PSW1, S100SH88, S100UY5A, S100X9C6 |
| Equity attributable to owners of parent | 22,873 | 24,797 | 25,931 | 26,229 | 27,408 | S100PSW1, S100SH88, S100UY5A, S100X9C6 |
| Retained earnings | 19,228 | 20,999 | 22,624 | 23,751 | 25,172 | S100PSW1, S100SH88, S100UY5A, S100X9C6 |
| Treasury stock | -217 | -101 | -603 | -1,438 | -1,716 | S100PSW1, S100SH88, S100UY5A, S100X9C6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100X9C6 |
| Inventories | 0% | S100X9C6 |
| Property, plant and equipment | 52% | S100X9C6 |
| Intangibles and goodwill | 1% | S100X9C6 |
| Investment securities | 15% | S100X9C6 |
| Other assets | 7% | S100X9C6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 10% | S100X9C6 |
| Equity | 90% | S100X9C6 |

### 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 | 26,790 | 27,573 | 28,634 | 29,260 | 30,571 |
| Equity | 22,874 | 24,799 | 25,936 | 26,237 | 27,423 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,386 | 9,092 | 9,463 | 9,410 | 7,580 |

## 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) | 100.9% | S100X9C6 |
| Fixed assets ÷ total assets | 52.3% | S100X9C6 |
| Goodwill ÷ parent equity | — | —, S100X9C6 |

### 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) | 24.8% |
| Cash ÷ revenue | 47.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 89.5% |
| Cash vs. profit gap | 693 JPY mn (of net income 25.8%) |
| Shareholder returns / net income | 64.4% |
| Shareholder returns / FCF | 56.0% |
| Shareholder payments — dividends / net income | 47.1% |
| Shareholder payments — dividends / FCF | 40.9% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 94.4% |

## 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 | 19.0% | 0.49× | 9.2% | 1.17× | 10.8% | S100PSW1 |
| 2022 | 18.8% | 0.50× | 9.4% | 1.14× | 10.8% | S100SH88 |
| 2023 | 16.7% | 0.51× | 8.6% | 1.11× | 9.5% | S100UY5A |
| 2024 | 16.6% | 0.52× | 8.7% | 1.11× | 9.6% | S100X9C6 |
| 2025 | 17.0% | 0.53× | 9.0% | 1.12× | 10.0% | S100X9C6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社ケー・プランニング | Major shareholder | 35.8% | 2025-09-30 |
| 龍井 郷二 | Major shareholder | 8.3% | 2025-09-30 |
| ＳＴＥＰ社員持株会 | Major shareholder | 5.4% | 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 | 4.7% | 2025-09-30 |
| 龍井 喜久江 | Major shareholder | 2.8% | 2025-09-30 |
| 株式会社横浜銀行(常任代理人株式会社日本カストディ銀行) | Major shareholder | 2.0% | 2025-09-30 |
| ビービーエイチ ボストン フォー ノムラ ジャパン スモーラー キャピタライゼイション ファンド ６２００６５(常任代理人株式会社みずほ銀行決済営業部) | Major shareholder | 1.3% | 2025-09-30 |
| セコム損害保険株式会社 | Major shareholder | 1.1% | 2025-09-30 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 0.6% | 2025-09-30 |
| 山口 愼一 | Major shareholder | 0.6% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第47期(2024/10/01－2025/09/30) | S100X9C6 | 2025-12-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X9C6,, |
| 有価証券報告書－第46期(2023/10/01－2024/09/30) | S100UY5A | 2024-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UY5A,, |
| 有価証券報告書－第45期(2022/10/01－2023/09/30) | S100SH88 | 2023-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SH88,, |
| 有価証券報告書－第44期(令和3年10月1日－令和4年9月30日) | S100PSW1 | 2022-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PSW1,, |
| 有価証券報告書－第43期(令和2年10月1日－令和3年9月30日) | S100N37U | 2021-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N37U,, |
| 有価証券報告書－第42期(令和1年10月1日－令和2年9月30日) | S100KCTA | 2020-12-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KCTA,, |

## 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).