# Succeed 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22期(2025/04/01－2026/03/31) (S100YJBO)
> Page: https://vizora.meequs.com/en/company/succeed
> Retrieved: 2026-09-30T19:05:55.222Z

## Company

Succeed, founded in 2004, is a company in HR & Staffing listed on TSE Growth. It has 209 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Succeed co.,ltd. |
| Ticker | 9256 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9256.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区高田馬場一丁目4番15号 |
| Representative (per filing) | 代表取締役社長 高木 毅 |
| Founded | Apr 2004 |
| Share capital | ¥337.7M |
| Employees (consolidated) | 209 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | March |
| Website | www.succeed-corp.jp (https://www.succeed-corp.jp/) |
| Corporate number | 7011101037139 |
| EDINET | E37221 |
| Industries (Vizora) | HR & Staffing, Education |

> Profile source: annual securities report (S100YJBO, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Education (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 58.3 | 30 |
| Cash conversion | 8.9 | 28 |
| Efficiency | 55 | 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 34% of Succeed's sales come from Tutoring Business In School, with Education and human resource and Welfare and human resource making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +23.6% from the prior year, operating profit -6.9%.

## Company structure

- Segment revenue mix: Tutoring Business In School 34.0%、Education and human resource 32.8%、Welfare and human resource 13.0%、Tutoring Business At Home segment 11.2%、Unico business 7.0%
- Revenue → net income: ¥4289115000 → ¥233044000
- Net income → operating cash flow: ¥233044000 → ¥121926000（difference ¥-111118000）
- Main uses of operating cash flow: CapEx ¥44726000 / dividends ¥57132000 / buybacks —
- Change in cash: ¥-329064000
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 | ¥4.29B |  |
| Operating income | ¥354.4M | Margin 8.3% |
| Net income | ¥246.7M | Margin 5.8% |
| Free cash flow | ¥77.2M |  |
| Largest business | Tutoring Business In School | of segment revenue 34.0% |
| Employees (consolidated) | 209 |  |
| EPS | ¥75.13 |  |
| Diluted EPS | ¥74.49 |  |
| Book value per share | ¥734.61 |  |
| Equity ratio | 76.9% |  |
| Shares outstanding | 3,579,950 |  |
| Shareholders | 888 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 60.0% | Cash ÷ revenue 47.5% |
| Vs. industry median margin | +0.9 pp | Education |
| ROE | 9.5% | Derived from disclosed figures |
| ROA | 7.3% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 60% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1991875000 | ¥4289115000 | — |
| Operating income | ¥262895000 | ¥354437000 | — |
| Operating margin | 13.2% | 8.3% | -4.9 pp |
| Employees | 85 people | 209 people | — |
| Cash and equivalents | ¥950270000 | ¥2036343000 | — |

### 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 |
| --- | ---: |
| 教育人材支援事業 → 事業再編・廃止 | 40.6% |
| 福祉人材支援事業 → 事業再編・廃止 | 18.0% |
| 個別指導教室事業 → 事業再編・廃止 | 41.4% |
| 新設・再編 → 教育人材支援事業 | 32.8% |
| 新設・再編 → 福祉人材支援事業 | 13.0% |
| 新設・再編 → 個別指導教室事業 | 34.0% |
| 新設・再編 → 家庭教師事業 | 11.2% |
| 新設・再編 → unico事業 | 7.0% |
| 新設・再編 → その他 | 2.1% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Tutoring Business In School | — | — | ¥1458719000 | 21.7% | 2 |
| Education and human resource | — | — | ¥1406257000 | 15.2% | 2 |
| Welfare and human resource | — | — | ¥556261000 | 16.9% | 2 |
| Tutoring Business At Home segment | — | — | ¥478483000 | 3.1% | 2 |
| Unico business | — | — | ¥300859000 | 2.7% | 2 |
| Other | — | — | ¥88533000 | -41.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,289 | 100.0% | S100YJBO |
| Cost of revenue | 3,469 | 80.9% | S100YJBO |
| Gross profit | 820 | 19.1% | S100YJBO |
| SG&A | 465 | 10.8% | S100YJBO |
| Operating income | 354 | 8.3% | S100YJBO |
| Ordinary income | 357 | 8.3% | S100YJBO |
| Pretax income | 344 | 8.0% | S100YJBO |
| Income tax | 111 | 2.6% | S100YJBO |
| Net income | 233 | 5.4% | S100YJBO |
| Net income attributable to owners | 247 | 5.8% | S100YJBO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 11 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 19.1% → Operating margin 8.3% → Net margin 5.8%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,470 | 4,289 | 819 | +23.6% |
| Gross profit | 638 | 820 | 182 | +28.4% |
| Operating income | 381 | 354 | -26 | -6.9% |
| Operating cash flow | 266 | 122 | -144 | -54.2% |
| Free cash flow | 234 | 77 | -157 | -67.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 1,992 | 263 | 13.2% | 173 | 218 | 214 | S100OF7V |
| FY ending Mar 2022 | 2,591 | 425 | 16.4% | 281 | 346 | 343 | S100R4L5 |
| FY ending Mar 2023 | 2,939 | 383 | 13.0% | 269 | 224 | 196 | S100U0IZ |
| FY ending Mar 2024 | 3,228 | 332 | 10.3% | 223 | 271 | 229 | S100W78X |
| FY ending Mar 2025 | 3,470 | 381 | 11.0% | 260 | 266 | 234 | S100W78X |
| FY ending Mar 2026 | 4,289 | 354 | 8.3% | 247 | 122 | 77 | S100YJBO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.5M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 85 | 79 | 86 | 98 | 209 |
| Average salary (parent company) | ¥4.1M | ¥4.4M | ¥4.6M | ¥4.6M | ¥4.8M |
| Average age (parent company) | 32.0 years | 32.8 years | 33.2 years | 33.4 years | 33.7 years |
| Average tenure (parent company) | 3.6 years | 4.2 years | 4.2 years | 4.4 years | 5.2 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Education and human resource | 1,406 | 32.8% | 214 | 15.2% |
| Welfare and human resource | 556 | 13.0% | 94 | 16.9% |
| Tutoring Business In School | 1,459 | 34.0% | 317 | 21.7% |
| Tutoring Business At Home segment | 478 | 11.2% | 15 | 3.1% |
| Unico business | 301 | 7.0% | 8 | 2.7% |
| Other | 89 | 2.1% | -37 | -41.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Education and human resource | 32.8% | 33.0% | 0.2 | 15.2% |
| Welfare and human resource | 13.0% | 14.5% | 1.6 | 16.9% |
| Tutoring Business In School | 34.0% | 48.9% | 14.9 | 21.7% |
| Tutoring Business At Home segment | 11.2% | 2.3% | -8.8 | 3.1% |
| Unico business | 7.0% | 1.2% | -5.8 | 2.7% |
| Other | 2.1% | — | — | -41.7% |

Loss-making segment (excluded from profit shares): Other -37 JPY mn

Segment → industry: Welfare and human resource → HR & Staffing / Education and human resource → HR & Staffing / Tutoring Business At Home segment → Education / Tutoring Business In School → 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 | 122 | 2.8% | S100YJBO |
| Capital expenditure | 45 | 1.0% | S100YJBO |
| Free cash flow | 77 | 1.8% | 算出 |
| Investing cash flow | -332 | -7.7% | S100YJBO |
| Financing cash flow | -119 | -2.8% | S100YJBO |
| Dividends paid | 57 | 1.3% | S100YJBO |
| Change in cash | -329 | -7.7% | S100YJBO |
| Cash and equivalents | 2,036 | 47.5% | S100YJBO |

## 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 | 1,844 | 2,064 | 2,293 | 2,365 | 2,036 | S100U0IZ, S100W78X, S100YJBO |
| Total assets | 2,199 | 2,462 | 2,762 | 3,002 | 3,391 | S100R4L5, S100U0IZ, S100W78X, S100YJBO |
| Net assets | 1,707 | 1,978 | 2,207 | 2,418 | 2,625 | S100U0IZ, S100W78X, S100YJBO |
| Share capital | 333 | 334 | 337 | 338 | 338 | S100R4L5, S100U0IZ, S100W78X, S100YJBO |
| Property, plant and equipment | 63 | 94 | 131 | 141 | 195 | S100R4L5, S100U0IZ, S100W78X, S100YJBO |
| Intangible assets excluding goodwill | 7 | 4 | 1 | 2 | 395 | S100R4L5, S100U0IZ, S100W78X, S100YJBO |
| Goodwill | — | — | — | — | 389 | S100YJBO |
| Investment securities | — | — | — | 24 | 12 | S100W78X, S100YJBO |
| Current assets | 2,020 | 2,255 | 2,508 | 2,611 | 2,609 | S100R4L5, S100U0IZ, S100W78X, S100YJBO |
| Current liabilities | 455 | 441 | 504 | 529 | 652 | S100R4L5, S100U0IZ, S100W78X, S100YJBO |
| Long-term borrowings | — | — | — | — | 2 | S100YJBO |
| Total liabilities | 492 | 484 | 555 | 583 | 767 | S100R4L5, S100U0IZ, S100W78X, S100YJBO |
| Non-controlling interests | — | — | — | — | 17 | S100YJBO |
| Equity attributable to owners of parent | 1,707 | 1,978 | 2,207 | 2,418 | 2,608 | S100R4L5, S100U0IZ, S100W78X, S100YJBO |
| Retained earnings | 1,101 | 1,370 | 1,593 | 1,803 | 1,992 | S100R4L5, S100U0IZ, S100W78X, S100YJBO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 60% | S100YJBO |
| Property, plant and equipment | 6% | S100YJBO |
| Intangibles and goodwill | 23% | S100YJBO |
| Investment securities | 0% | S100YJBO |
| Other assets | 11% | S100YJBO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100YJBO |
| Equity | 77% | S100YJBO |
| Other liabilities | 0% | S100YJBO |

### 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 | 2,199 | 2,462 | 2,762 | 3,002 | 3,391 |
| Equity | 1,707 | 1,978 | 2,207 | 2,418 | 2,625 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,844 | 2,064 | 2,293 | 2,365 | 2,036 |

## 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) | 4.6% | S100YJBO |
| Fixed assets ÷ total assets | 5.8% | S100YJBO |
| Goodwill ÷ parent equity | 14.9% | S100YJBO |

### 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) | 60.0% |
| Cash ÷ revenue | 47.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 34.4% |
| Cash vs. profit gap | -125 JPY mn (of net income -50.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.2% |
| Shareholder payments — dividends / FCF | 74.0% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 272.6% |

## 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 | 10.8% | 1.18× | 12.8% | 1.29× | 16.4% | S100R4L5 |
| 2023 | 9.2% | 1.26× | 11.5% | 1.27× | 14.6% | S100U0IZ |
| 2024 | 6.9% | 1.24× | 8.5% | 1.25× | 10.7% | S100W78X |
| 2025 | 7.5% | 1.20× | 9.0% | 1.25× | 11.2% | S100W78X |
| 2026 | 5.8% | 1.26× | 7.3% | 1.30× | 9.5% | S100YJBO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 高木 毅 | Major shareholder | 58.7% | 2026-03-31 |
| 佐藤 幹雄 | Major shareholder | 7.0% | 2026-03-31 |
| 光通信KK投資事業有限責任組合無限責任組合員光通信株式会社 | Major shareholder | 5.1% | 2026-03-31 |
| 石川 修一 | Major shareholder | 4.2% | 2026-03-31 |
| 前原 裕明 | Major shareholder | 4.2% | 2026-03-31 |
| GMOクリック証券株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 佐藤 純 | Major shareholder | 1.4% | 2026-03-31 |
| 森 峰志 | Major shareholder | 1.4% | 2026-03-31 |
| 光通信株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 株式会社クロノクリエイト | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/04/01－2026/03/31) | S100YJBO | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJBO,, |
| 有価証券報告書－第21期(2024/04/01－2025/03/31) | S100W78X | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W78X,, |
| 訂正有価証券報告書－第20期(2023/04/01－2024/03/31) | S100U0IZ | 2024-07-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U0IZ,, |
| 有価証券報告書－第19期(2022/04/01－2023/03/31) | S100R4L5 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4L5,, |
| 有価証券報告書－第18期(令和3年4月1日－令和4年3月31日) | S100OF7V | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF7V,, |

## 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).