# UT Group 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19期(2025/04/01－2026/03/31) (S100YKK1)
> Page: https://vizora.meequs.com/en/company/ut-group-co
> Retrieved: 2026-09-30T20:25:24.200Z

## Company

UT Group Co,., founded in 1995, is a company in HR & Staffing listed on TSE Prime. It has 34,772 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | UT Group Co.,Ltd. |
| Ticker | 2146 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2146.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区東五反田一丁目11番15号 |
| Representative (per filing) | 代表取締役社長 外村 学 |
| Founded | Apr 1995 |
| Share capital | ¥1.69B |
| Employees (consolidated) | 34,772 |
| Average salary (parent only) | ¥4.5M |
| Fiscal year end | March |
| Corporate number | 6010701020975 |
| EDINET | E05698 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100YKK1, filed 2026-06-29). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34.6 | 68 |
| Profitability | 40.3 | 88 |
| Cash conversion | 23.1 | 80 |
| Efficiency | 84.7 | 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 38% of UT Group Co,.'s sales come from Agent business, with Motor energy business and Semiconductor business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -14.3% from the prior year, operating profit +31.4%.

## Company structure

- Segment revenue mix: Agent business 37.5%、Motor energy business 31.2%、Semiconductor business 22.5%、Next career business 8.8%
- Revenue → net income: ¥166855000000 → ¥7198000000
- Net income → operating cash flow: ¥7198000000 → ¥7599000000（difference ¥401000000）
- Main uses of operating cash flow: CapEx ¥425000000 / dividends ¥7653000000 / buybacks ¥4071000000
- Change in cash: ¥-2201000000
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 | ¥166.9B |  |
| Operating income | ¥10.6B | Margin 6.4% |
| Net income | ¥7.12B | Margin 4.3% |
| Free cash flow | ¥7.17B |  |
| Largest business | Agent business | of segment revenue 37.5% |
| Employees (consolidated) | 34,772 |  |
| EPS | ¥8.07 |  |
| Diluted EPS | ¥7.61 |  |
| Book value per share | ¥37.15 |  |
| Equity ratio | 39.8% |  |
| Shares outstanding | 601,193,745 |  |
| Treasury shares | 4,700,800 |  |
| Shareholders | 45,746 |  |
| Average salary (parent only) | ¥4.5M | Filing company only |
| Cash ratio | 46.5% | Cash ÷ revenue 17.7% |
| Vs. industry median margin | -2.2 pp | HR & Staffing |
| ROE | 26.1% | Derived from disclosed figures |
| ROA | 11.0% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -4% while operating income rose 31%
- FY2026, cash is 46% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥115131000000 | ¥166855000000 | +44.9% |
| Operating income | ¥7163000000 | ¥10613000000 | +48.2% |
| Operating margin | 6.2% | 6.4% | +0.1 pp |
| Employees | 38,527 people | 34,772 people | -9.7% |
| Cash and equivalents | ¥25266000000 | ¥29507000000 | +16.8% |

### 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 |
| --- | ---: |
| マニュファクチャリング事業 → 事業再編・廃止 | 60.1% |
| ソリューション事業 → 事業再編・廃止 | 25.8% |
| エンジニアリング事業 → 事業再編・廃止 | 14.1% |
| 新設・再編 → モーター・エナジー事業 | 31.2% |
| 新設・再編 → セミコンダクター事業 | 22.5% |
| 新設・再編 → エージェント事業 | 37.5% |
| 新設・再編 → ネクストキャリア事業 | 8.8% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Agent business | — | — | ¥62580000000 | 3.2% | 2 |
| Motor energy business | — | — | ¥52036000000 | 9.0% | 2 |
| Semiconductor business | — | — | ¥37572000000 | 9.1% | 2 |
| Next career business | — | — | ¥14665000000 | 3.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 166,855 | 100.0% | S100YKK1 |
| Cost of revenue | 134,867 | 80.8% | S100YKK1 |
| Gross profit | 31,987 | 19.2% | S100YKK1 |
| SG&A | 21,374 | 12.8% | S100YKK1 |
| Operating income | 10,613 | 6.4% | S100YKK1 |
| Ordinary income | 10,831 | 6.5% | S100YKK1 |
| Pretax income | 10,787 | 6.5% | S100YKK1 |
| Income tax | 3,588 | 2.2% | S100YKK1 |
| Net income | 7,198 | 4.3% | S100YKK1 |
| Net income attributable to owners | 7,117 | 4.3% | S100YKK1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 13 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 19.2% → Operating margin 6.4% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -14.3%; Core profit growth: +31.4%
Operating leverage (core profit growth ÷ revenue growth): -2.20×
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 | 194,748 | 166,855 | -27,893 | -14.3% |
| Gross profit | 31,944 | 31,987 | 43 | +0.1% |
| Operating income | 8,074 | 10,613 | 2,539 | +31.4% |
| Net income attributable to owners | 8,965 | 7,117 | -1,848 | -20.6% |
| Operating cash flow | 5,681 | 7,599 | 1,918 | +33.8% |
| Free cash flow | 5,277 | 7,174 | 1,897 | +35.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 101,191 | 8,040 | 7.9% | 4,509 | 3,509 | 3,273 | S100LSQ0 |
| FY ending Mar 2021 | 115,131 | 7,163 | 6.2% | 4,299 | 6,654 | 6,373 | S100OU3P |
| FY ending Mar 2022 | 156,769 | 6,257 | 4.0% | 3,140 | 2,279 | 781 | S100R461 |
| FY ending Mar 2023 | 170,631 | 8,914 | 5.2% | 3,831 | 13,004 | 10,495 | S100TQMK |
| FY ending Mar 2024 | 167,030 | 9,344 | 5.6% | 6,361 | 3,987 | 2,466 | S100W94T |
| FY ending Mar 2025 | 194,748 | 8,074 | 4.1% | 8,965 | 5,681 | 5,277 | S100YKK1 |
| FY ending Mar 2026 | 166,855 | 10,613 | 6.4% | 7,117 | 7,599 | 7,174 | S100YKK1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥4.8M |
| Operating income per employee (consolidated) | ¥305.2K |
| Net income per employee (consolidated) | ¥204.7K |

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) | 48,163 | 47,497 | 53,467 | 36,344 | 34,772 |
| Average salary (parent company) | ¥5.5M | ¥5M | ¥5.2M | ¥5.1M | ¥4.5M |
| Average age (parent company) | 39.2 years | 37.7 years | 40.0 years | 38.6 years | 40.3 years |
| Average tenure (parent company) | 3.8 years | 3.9 years | 4.2 years | 5.9 years | 7.2 years |

Year over year: Employees (consolidated) -4.3% · Revenue (consolidated) -14.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Motor energy business | 52,036 | 31.2% | 4,691 | 9.0% |
| Semiconductor business | 37,572 | 22.5% | 3,422 | 9.1% |
| Agent business | 62,580 | 37.5% | 1,989 | 3.2% |
| Next career business | 14,665 | 8.8% | 554 | 3.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Motor energy business | 31.2% | 44.0% | 12.8 | 9.0% |
| Semiconductor business | 22.5% | 32.1% | 9.6 | 9.1% |
| Agent business | 37.5% | 18.7% | -18.8 | 3.2% |
| Next career business | 8.8% | 5.2% | -3.6 | 3.8% |

Segment → industry: Next career business → HR & Staffing / Agent business → HR & Staffing / Semiconductor business → HR & Staffing / Motor energy business → HR & Staffing

## 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 | 7,599 | 4.6% | S100YKK1 |
| Capital expenditure | 425 | 0.3% | S100YKK1 |
| Free cash flow | 7,174 | 4.3% | 算出 |
| Investing cash flow | -331 | -0.2% | S100YKK1 |
| Financing cash flow | -9,470 | -5.7% | S100YKK1 |
| Dividends paid | 7,653 | 4.6% | S100YKK1 |
| Share buyback | 4,071 | 2.4% | S100YKK1 |
| Change in cash | -2,201 | -1.3% | S100YKK1 |
| Cash and equivalents | 29,507 | 17.7% | S100YKK1 |

## 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 | 25,827 | 31,969 | 29,318 | 31,708 | 29,507 | S100TQMK, S100W94T, S100YKK1 |
| Total assets | 64,107 | 71,630 | 68,456 | 66,346 | 63,473 | S100R461, S100TQMK, S100W94T, S100YKK1 |
| Net assets | 21,232 | 29,928 | 34,443 | 36,323 | 32,141 | S100TQMK, S100W94T, S100YKK1 |
| Share capital | 686 | 686 | 1,190 | 1,402 | 1,690 | S100R461, S100TQMK, S100W94T, S100YKK1 |
| Property, plant and equipment | 1,411 | 1,309 | 821 | 815 | 1,073 | S100R461, S100TQMK, S100W94T, S100YKK1 |
| Intangible assets excluding goodwill | 9,509 | 10,804 | 11,264 | 9,375 | 8,108 | S100R461, S100TQMK, S100W94T, S100YKK1 |
| Goodwill | 5,731 | 5,414 | 5,560 | 4,468 | 4,130 | S100R461, S100TQMK, S100W94T, S100YKK1 |
| Investment securities | 1,176 | 1,033 | 7 | 6 | 16 | S100R461, S100TQMK, S100W94T, S100YKK1 |
| Current assets | 49,748 | 55,784 | 54,213 | 54,270 | 52,402 | S100R461, S100TQMK, S100W94T, S100YKK1 |
| Current liabilities | 25,467 | 27,903 | 24,967 | 22,927 | 22,594 | S100R461, S100TQMK, S100W94T, S100YKK1 |
| Trade payables | 280 | 246 | 192 | 194 | 99 | S100R461, S100TQMK, S100W94T, S100YKK1 |
| Short-term borrowings | 235 | 403 | 1,062 | — | — | S100R461, S100TQMK, S100W94T |
| Long-term borrowings | 15,990 | 12,400 | 7,900 | 5,695 | 6,945 | S100R461, S100TQMK, S100W94T, S100YKK1 |
| Total liabilities | 42,875 | 41,702 | 34,013 | 30,023 | 31,331 | S100R461, S100TQMK, S100W94T, S100YKK1 |
| Non-controlling interests | 882 | 1,014 | 1,215 | 1,334 | 1,349 | S100R461, S100TQMK, S100W94T, S100YKK1 |
| Equity attributable to owners of parent | 19,592 | 22,454 | 27,007 | 29,258 | 25,226 | S100R461, S100TQMK, S100W94T, S100YKK1 |
| Retained earnings | 18,567 | 21,430 | 24,973 | 27,692 | 27,155 | S100R461, S100TQMK, S100W94T, S100YKK1 |
| Treasury stock | 0 | 0 | 0 | -890 | -6,489 | S100R461, S100TQMK, S100W94T, S100YKK1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 46% | S100YKK1 |
| Property, plant and equipment | 2% | S100YKK1 |
| Intangibles and goodwill | 19% | S100YKK1 |
| Investment securities | 0% | S100YKK1 |
| Other assets | 33% | S100YKK1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100YKK1 |
| Other liabilities | 49% | S100YKK1 |
| Equity | 51% | S100YKK1 |
| Other liabilities | 0% | S100YKK1 |

### 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 | 64,107 | 71,630 | 68,456 | 66,346 | 63,473 |
| Equity | 21,232 | 29,928 | 34,443 | 36,323 | 32,141 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 25,827 | 31,969 | 29,318 | 31,708 | 29,507 |

## 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% | S100YKK1 |
| Fixed assets ÷ total assets | 1.7% | S100YKK1 |
| Goodwill ÷ parent equity | 16.4% | S100YKK1 |

Goodwill over 4 years: 5,731 → 4,130 JPY; total investing cash flow: -3,113 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) | 46.5% |
| Cash ÷ revenue | 17.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 71.6% |
| Cash vs. profit gap | 482 JPY mn (of net income 6.8%) |
| Shareholder returns / net income | 164.7% |
| Shareholder returns / FCF | 163.4% |
| Shareholder payments — dividends / net income | 107.5% |
| Shareholder payments — dividends / FCF | 106.7% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 4.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.0% | 2.45× | 4.9% | 3.27× | 16.0% | S100R461 |
| 2023 | 2.2% | 2.51× | 5.6% | 3.23× | 18.2% | S100TQMK |
| 2024 | 3.8% | 2.38× | 9.1% | 2.83× | 25.7% | S100W94T |
| 2025 | 4.6% | 2.89× | 13.3% | 2.40× | 31.9% | S100YKK1 |
| 2026 | 4.3% | 2.57× | 11.0% | 2.38× | 26.1% | S100YKK1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 若 山 陽 一 | Major shareholder | 22.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 13.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 5.4% | 2026-03-31 |
| 株式会社Lei Hau'oli | Major shareholder | 4.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| ＵＴグループ社員持株会 | Major shareholder | 1.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.9% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/04/01－2026/03/31) | S100YKK1 | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKK1,, |
| 有価証券報告書－第18期(2024/04/01－2025/03/31) | S100W94T | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W94T,, |
| 有価証券報告書－第17期(2023/04/01－2024/03/31) | S100TQMK | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQMK,, |
| 有価証券報告書－第16期(2022/04/01－2023/03/31) | S100R461 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R461,, |
| 訂正有価証券報告書－第15期(令和3年4月1日－令和4年3月31日) | S100OU3P | 2022-08-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OU3P,, |
| 有価証券報告書－第14期(令和2年4月1日－令和3年3月31日) | S100LSQ0 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSQ0,, |

## 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).