# TSUNAGU GROUP HOLDINGS Inc.: 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19期(2024/10/01－2025/09/30) (S100XCA9)
> Page: https://vizora.meequs.com/en/company/tsunagu-group-holdings
> Retrieved: 2026-09-30T20:38:48.882Z

## Company

Tsunagu Group Holdings, founded in 2007, is a company in HR & Staffing listed on TSE Standard. It has 511 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TSUNAGU GROUP HOLDINGS Inc. |
| Ticker | 6551 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6551.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区銀座七丁目3番5号 |
| Representative (per filing) | 代表取締役社長 米田 光宏 |
| Founded | Feb 2007 |
| Share capital | ¥705.8M |
| Employees (consolidated) | 511 |
| Average salary (parent only) | ¥4.2M |
| Fiscal year end | September |
| Website | tghd.co.jp (https://tghd.co.jp/) |
| Corporate number | 8010001107240 |
| EDINET | E33272 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100XCA9, filed 2025-12-22). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 39 | 68 |
| Profitability | 32.4 | 88 |
| Cash conversion | 78.1 | 80 |
| Efficiency | 99.4 | 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)

- About 76% of Tsunagu Group Holdings's sales come from Human capital business, with Stuffing business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +11.5% from the prior year, operating profit +39.3%.

## Company structure

- Segment revenue mix: Human capital business 75.9%、Stuffing business 23.9%、Other 0.2%
- Revenue → net income: ¥18269126000 → ¥493951000
- Net income → operating cash flow: ¥493951000 → ¥1131543000（difference ¥637592000）
- Main uses of operating cash flow: CapEx ¥55793000 / dividends ¥84847000 / buybacks ¥195692000
- Change in cash: ¥230867000
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 | ¥18.3B |  |
| Operating income | ¥877.3M | Margin 4.8% |
| Net income | ¥511.4M | Margin 2.8% |
| Free cash flow | ¥1.08B |  |
| Largest business | Human capital business | of segment revenue 75.9% |
| Employees (consolidated) | 511 |  |
| EPS | ¥58.63 |  |
| Book value per share | ¥225.21 |  |
| Equity ratio | 45.2% |  |
| Shares outstanding | 8,692,622 |  |
| Treasury shares | 395,200 |  |
| Shareholders | 2,939 |  |
| Average salary (parent only) | ¥4.2M | Filing company only |
| Cash ratio | 25.8% | Cash ÷ revenue 6.3% |
| Vs. industry median margin | -3.8 pp | HR & Staffing |
| ROE | 27.1% | Derived from disclosed figures |
| ROA | 10.9% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 2.3× dividends
- FY2025, operating cash flow is 2.2× net income
- FY2025, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12098965000 | ¥18269126000 | +51.0% |
| Operating income | ¥-610462000 | ¥877306000 | — |
| Operating margin | -5.0% | 4.8% | +9.8 pp |
| Employees | 615 people | 511 people | -16.9% |
| Cash and equivalents | ¥805534000 | ¥1148474000 | +42.6% |

### 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 |
| --- | ---: |
| ＨＲマネジメント事業 → 事業再編・廃止 | 24.3% |
| スタッフィング事業 → スタッフィング事業 | 23.9% |
| スタッフィング事業 → 事業再編・廃止 | 1.9% |
| メディア＆テクノロジー事業 → 事業再編・廃止 | 49.9% |
| 新設・再編 → ヒューマンキャピタル事業 | 75.9% |
| 新設・再編 → その他 | 0.2% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Human capital business | 4 years | +14.0% | ¥13861596000 | 13.2% | 2 |
| Stuffing business | 5 years | +6.9% | ¥4374192000 | -2.7% | 2 |
| Other | 3 years | +58.2% | ¥33337000 | -2511.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,269 | 100.0% | S100XCA9 |
| Cost of revenue | 10,299 | 56.4% | S100XCA9 |
| Gross profit | 7,970 | 43.6% | S100XCA9 |
| SG&A | 7,093 | 38.8% | S100XCA9 |
| Operating income | 877 | 4.8% | S100XCA9 |
| Ordinary income | 898 | 4.9% | S100XCA9 |
| Pretax income | 827 | 4.5% | S100XCA9 |
| Income tax | 333 | 1.8% | S100XCA9 |
| Net income | 494 | 2.7% | S100XCA9 |
| Net income attributable to owners | 511 | 2.8% | S100XCA9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 39 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 43.6% → Operating margin 4.8% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.5%; Core profit growth: +39.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.42×
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 | 16,389 | 18,269 | 1,880 | +11.5% |
| Gross profit | 7,169 | 7,970 | 801 | +11.2% |
| Operating income | 630 | 877 | 247 | +39.3% |
| Net income attributable to owners | 358 | 511 | 153 | +42.7% |
| Operating cash flow | 635 | 1,132 | 497 | +78.2% |
| Free cash flow | 550 | 1,076 | 526 | +95.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 10,617 | 220 | 2.1% | 24 | 61 | -181 | S100KFQA |
| FY ending Sep 2020 | 12,099 | -610 | -5.0% | -572 | -154 | -465 | S100N4VV |
| FY ending Sep 2021 | 11,026 | -105 | -1.0% | -213 | 55 | -125 | S100PUTJ |
| FY ending Sep 2022 | 12,722 | 216 | 1.7% | 492 | 479 | 315 | S100TH5U |
| FY ending Sep 2023 | 15,027 | 443 | 3.0% | 132 | 653 | 546 | S100V0UG |
| FY ending Sep 2024 | 16,389 | 630 | 3.8% | 358 | 635 | 550 | S100XCA9 |
| FY ending Sep 2025 | 18,269 | 877 | 4.8% | 511 | 1,132 | 1,076 | S100XCA9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.8M |
| Operating income per employee (consolidated) | ¥1.7M |
| 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 536 | 550 | 540 | 586 | 511 |
| Average salary (parent company) | ¥6.9M | ¥12.1M | ¥9.2M | ¥5.2M | ¥4.2M |
| Average age (parent company) | 36.5 years | 48.7 years | 36.6 years | 37.6 years | 37.2 years |
| Average tenure (parent company) | 5.6 years | 10.2 years | 7.5 years | 10.0 years | 8.9 years |

Year over year: Employees (consolidated) -12.8% · Revenue (consolidated) +11.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Human capital business | 13,862 | 75.9% | 1,830 | 13.2% |
| Stuffing business | 4,374 | 23.9% | -116 | -2.7% |
| Other | 33 | 0.2% | -837 | -2511.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Human capital business | 75.9% | 100.0% | 24.1 | 13.2% |
| Stuffing business | 23.9% | — | — | -2.7% |
| Other | 0.2% | — | — | -2511.3% |

Loss-making segment (excluded from profit shares): Stuffing business -116 JPY mn

Loss-making segment (excluded from profit shares): Other -837 JPY mn

Segment → industry: Stuffing business → HR & Staffing / Human capital business → HR & Staffing

## 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 | 1,132 | 6.2% | S100XCA9 |
| Capital expenditure | 56 | 0.3% | S100XCA9 |
| Free cash flow | 1,076 | 5.9% | 算出 |
| Investing cash flow | 53 | 0.3% | S100XCA9 |
| Financing cash flow | -954 | -5.2% | S100XCA9 |
| Dividends paid | 85 | 0.5% | S100XCA9 |
| Share buyback | 196 | 1.1% | S100XCA9 |
| Change in cash | 231 | 1.3% | S100XCA9 |
| Cash and equivalents | 1,148 | 6.3% | S100XCA9 |

## 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 | 693 | 1,251 | 813 | 918 | 1,148 | S100TH5U, S100V0UG, S100XCA9 |
| Total assets | 4,620 | 5,209 | 4,555 | 4,964 | 4,443 | S100PUTJ, S100TH5U, S100V0UG, S100XCA9 |
| Net assets | 843 | 1,537 | 1,633 | 1,867 | 2,062 | S100TH5U, S100V0UG, S100XCA9 |
| Share capital | 689 | 697 | 701 | 703 | 706 | S100PUTJ, S100TH5U, S100V0UG, S100XCA9 |
| Property, plant and equipment | 209 | 208 | 191 | 130 | 110 | S100PUTJ, S100TH5U, S100V0UG, S100XCA9 |
| Intangible assets excluding goodwill | 1,828 | 1,601 | 1,168 | 955 | 728 | S100PUTJ, S100TH5U, S100V0UG, S100XCA9 |
| Goodwill | 467 | 357 | 196 | 315 | 222 | S100PUTJ, S100TH5U, S100V0UG, S100XCA9 |
| Investment securities | 50 | 20 | 21 | 0 | 0 | S100PUTJ, S100TH5U, S100V0UG, S100XCA9 |
| Current assets | 2,149 | 3,114 | 2,875 | 3,413 | 3,288 | S100PUTJ, S100TH5U, S100V0UG, S100XCA9 |
| Current liabilities | 2,281 | 2,298 | 2,210 | 2,884 | 2,347 | S100PUTJ, S100TH5U, S100V0UG, S100XCA9 |
| Short-term borrowings | 771 | 309 | 150 | 400 | 10 | S100PUTJ, S100TH5U, S100V0UG, S100XCA9 |
| Long-term borrowings | 1,057 | 1,065 | 395 | 194 | 10 | S100PUTJ, S100TH5U, S100V0UG, S100XCA9 |
| Total liabilities | 3,777 | 3,673 | 2,921 | 3,097 | 2,382 | S100PUTJ, S100TH5U, S100V0UG, S100XCA9 |
| Non-controlling interests | 5 | 103 | 103 | 95 | 53 | S100PUTJ, S100TH5U, S100V0UG, S100XCA9 |
| Equity attributable to owners of parent | 838 | 1,434 | 1,530 | 1,772 | 2,009 | S100PUTJ, S100TH5U, S100V0UG, S100XCA9 |
| Retained earnings | -309 | 132 | 221 | 511 | 937 | S100PUTJ, S100TH5U, S100V0UG, S100XCA9 |
| Treasury stock | -50 | — | — | -53 | -248 | S100PUTJ, S100XCA9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100XCA9 |
| Property, plant and equipment | 3% | S100XCA9 |
| Intangibles and goodwill | 21% | S100XCA9 |
| Other assets | 50% | S100XCA9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 54% | S100XCA9 |
| Equity | 46% | S100XCA9 |

### 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 | 4,620 | 5,209 | 4,555 | 4,964 | 4,443 |
| Equity | 843 | 1,537 | 1,633 | 1,867 | 2,062 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 693 | 1,251 | 813 | 918 | 1,148 |

## 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) | 0.6% | S100XCA9 |
| Fixed assets ÷ total assets | 2.5% | S100XCA9 |
| Goodwill ÷ parent equity | 11.1% | S100XCA9 |

Goodwill over 4 years: 467 → 222 JPY; total investing cash flow: -102 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) | 25.8% |
| Cash ÷ revenue | 6.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 129.0% |
| Cash vs. profit gap | 620 JPY mn (of net income 121.3%) |
| Shareholder returns / net income | 54.9% |
| Shareholder returns / FCF | 26.1% |
| Shareholder payments — dividends / net income | 16.6% |
| Shareholder payments — dividends / FCF | 7.9% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 4.7% |

## 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 | — | —× | -4.6% | —× | — | S100PUTJ |
| 2022 | 3.9% | 2.59× | 10.0% | 4.33× | 43.3% | S100TH5U |
| 2023 | 0.9% | 3.08× | 2.7% | 3.29× | 8.9% | S100V0UG |
| 2024 | 2.2% | 3.44× | 7.5% | 2.88× | 21.7% | S100XCA9 |
| 2025 | 2.8% | 3.88× | 10.9% | 2.49× | 27.1% | S100XCA9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| NISSOホールディングス株式会社 | Major shareholder | 18.8% | 2025-09-30 |
| 米田 光宏 | Major shareholder | 5.3% | 2025-09-30 |
| 株式会社米田事務所 | Major shareholder | 5.3% | 2025-09-30 |
| MSIP CLIENT SECURITIES (常任代理人 モルガン・スタンレーMUFG証券株式会社) | Major shareholder | 4.7% | 2025-09-30 |
| IEエンゲージメント２号投資事業有限責任組合 | Major shareholder | 3.2% | 2025-09-30 |
| 株式会社ばんせい総合研究所 | Major shareholder | 2.9% | 2025-09-30 |
| ツナググループ・ホールディングス従業員持株会 | Major shareholder | 2.8% | 2025-09-30 |
| ベル投資事業有限責任組合１ | Major shareholder | 2.5% | 2025-09-30 |
| 矢野 孝治 | Major shareholder | 2.1% | 2025-09-30 |
| 大久保 雅宏 | Major shareholder | 2.1% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2024/10/01－2025/09/30) | S100XCA9 | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCA9,, |
| 有価証券報告書－第18期(2023/10/01－2024/09/30) | S100V0UG | 2024-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0UG,, |
| 訂正有価証券報告書－第17期(2022/10/01－2023/09/30) | S100TH5U | 2024-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TH5U,, |
| 有価証券報告書－第16期(令和3年10月1日－令和4年9月30日) | S100PUTJ | 2022-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUTJ,, |
| 有価証券報告書－第15期(令和2年10月1日－令和3年9月30日) | S100N4VV | 2021-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4VV,, |
| 有価証券報告書－第14期(令和1年10月1日－令和2年9月30日) | S100KFQA | 2020-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFQA,, |

## 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).