# WASEDA ACADEMY 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52期(2025/04/01－2026/03/31) (S100YHCO)
> Page: https://vizora.meequs.com/en/company/waseda-academy
> Retrieved: 2026-09-30T22:12:58.675Z

## Company

Waseda Academy, founded in 1974, is a company in Education listed on TSE Prime. It has 1,109 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WASEDA ACADEMY CO.,LTD. |
| Ticker | 4718 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4718.T) |
| Listing | TSE Prime |
| Head office | 東京都豊島区南池袋一丁目16番15号 |
| Representative (per filing) | 代表取締役社長 山本 豊 |
| Founded | Nov 1974 |
| Share capital | ¥2.01B |
| Employees (consolidated) | 1,109 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.waseda-ac.co.jp (https://www.waseda-ac.co.jp/) |
| Corporate number | 7013301012607 |
| EDINET | E05028 |
| Industries (Vizora) | Education |

> Profile source: annual securities report (S100YHCO, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Education (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63.5 | 26 |
| Profitability | 71.7 | 30 |
| Cash conversion | 51.8 | 28 |
| Efficiency | 81.7 | 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)

- Waseda Academy brought in ¥37.7B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +7.4% from the prior year, operating profit +11.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥37658867000 → ¥2487016000
- Net income → operating cash flow: ¥2487016000 → ¥4202662000（difference ¥1715646000）
- Main uses of operating cash flow: CapEx ¥1045148000 / dividends ¥1113231000 / buybacks —
- Change in cash: ¥2477632000
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 | ¥37.7B |  |
| Operating income | ¥3.96B | Margin 10.5% |
| Net income | ¥2.49B | Margin 6.6% |
| Free cash flow | ¥3.16B |  |
| Employees (consolidated) | 1,109 |  |
| EPS | ¥137.51 |  |
| Book value per share | ¥896.62 |  |
| Equity ratio | 63.2% |  |
| Shares outstanding | 19,012,000 |  |
| Treasury shares | 446,600 |  |
| Shareholders | 35,641 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 36.8% | Cash ÷ revenue 25.6% |
| Vs. industry median margin | +3.2 pp | Education |
| ROE | 15.8% | Derived from disclosed figures |
| ROA | 9.8% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 37% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥25453857000 | ¥37658867000 | +47.9% |
| Operating income | ¥1064194000 | ¥3960175000 | +272.1% |
| Operating margin | 4.2% | 10.5% | +6.3 pp |
| Employees | 980 people | 1,109 people | +13.2% |
| Cash and equivalents | ¥5233144000 | ¥9644593000 | +84.3% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 37,659 | 100.0% | S100YHCO |
| Cost of revenue | 25,466 | 67.6% | S100YHCO |
| Gross profit | 12,193 | 32.4% | S100YHCO |
| SG&A | 8,233 | 21.9% | S100YHCO |
| Operating income | 3,960 | 10.5% | S100YHCO |
| Ordinary income | 3,968 | 10.5% | S100YHCO |
| Pretax income | 3,599 | 9.6% | S100YHCO |
| Income tax | 1,112 | 3.0% | S100YHCO |
| Net income | 2,487 | 6.6% | S100YHCO |
| Net income attributable to owners | 2,487 | 6.6% | S100YHCO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 22 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 32.4% → Operating margin 10.5% → Net margin 6.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.4%; Core profit growth: +11.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.57×
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 | 35,070 | 37,659 | 2,589 | +7.4% |
| Gross profit | 10,917 | 12,193 | 1,277 | +11.7% |
| Operating income | 3,549 | 3,960 | 411 | +11.6% |
| Net income attributable to owners | 2,339 | 2,487 | 148 | +6.3% |
| Operating cash flow | 3,886 | 4,203 | 316 | +8.1% |
| Free cash flow | 2,801 | 3,158 | 356 | +12.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 24,611 | 1,169 | 4.8% | 772 | 1,526 | 744 | S100LQU2 |
| FY ending Mar 2021 | 25,454 | 1,064 | 4.2% | 529 | 1,900 | 1,518 | S100OFT1 |
| FY ending Mar 2022 | 28,551 | 1,822 | 6.4% | 1,108 | 2,645 | 1,869 | S100R626 |
| FY ending Mar 2023 | 30,729 | 2,400 | 7.8% | 1,553 | 2,908 | 2,124 | S100TRHM |
| FY ending Mar 2024 | 32,868 | 2,889 | 8.8% | 2,132 | 3,638 | 2,217 | S100W4PN |
| FY ending Mar 2025 | 35,070 | 3,549 | 10.1% | 2,339 | 3,886 | 2,801 | S100YHCO |
| FY ending Mar 2026 | 37,659 | 3,960 | 10.5% | 2,487 | 4,203 | 3,158 | S100YHCO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥2.2M |

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) | 1,053 | 1,080 | 1,090 | 1,103 | 1,109 |
| Average salary (parent company) | ¥5.2M | ¥5.3M | ¥5.5M | ¥5.7M | ¥6.1M |
| Average age (parent company) | 37.0 years | 37.0 years | 38.0 years | 38.0 years | 39.0 years |
| Average tenure (parent company) | 8.0 years | 8.0 years | 9.0 years | 9.0 years | 9.0 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) +7.4%

## 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 | 4,203 | 11.2% | S100YHCO |
| Capital expenditure | 1,045 | 2.8% | S100YHCO |
| Free cash flow | 3,158 | 8.4% | 算出 |
| Investing cash flow | -422 | -1.1% | S100YHCO |
| Financing cash flow | -1,317 | -3.5% | S100YHCO |
| Dividends paid | 1,113 | 3.0% | S100YHCO |
| Change in cash | 2,478 | 6.6% | S100YHCO |
| Cash and equivalents | 9,645 | 25.6% | S100YHCO |

## 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 | 5,128 | 6,208 | 6,747 | 7,167 | 9,645 | S100TRHM, S100W4PN, S100YHCO |
| Total assets | 19,664 | 21,115 | 23,058 | 24,485 | 26,198 | S100R626, S100TRHM, S100W4PN, S100YHCO |
| Net assets | 11,432 | 12,532 | 14,264 | 15,185 | 16,558 | S100TRHM, S100W4PN, S100YHCO |
| Share capital | 2,014 | 2,014 | 2,014 | 2,014 | 2,014 | S100R626, S100TRHM, S100W4PN, S100YHCO |
| Property, plant and equipment | 5,583 | 5,598 | 5,955 | 5,904 | 4,978 | S100R626, S100TRHM, S100W4PN, S100YHCO |
| Intangible assets excluding goodwill | 1,764 | 1,805 | 1,760 | 1,771 | 1,613 | S100R626, S100TRHM, S100W4PN, S100YHCO |
| Goodwill | 1,303 | 1,114 | 933 | 751 | 571 | S100R626, S100TRHM, S100W4PN, S100YHCO |
| Investment securities | 593 | 574 | 640 | 669 | 648 | S100R626, S100TRHM, S100W4PN, S100YHCO |
| Current assets | 7,904 | 8,904 | 10,397 | 11,252 | 13,817 | S100R626, S100TRHM, S100W4PN, S100YHCO |
| Current liabilities | 4,914 | 5,288 | 5,372 | 5,778 | 6,021 | S100R626, S100TRHM, S100W4PN, S100YHCO |
| Trade payables | 345 | 346 | 359 | 366 | 303 | S100R626, S100TRHM, S100W4PN, S100YHCO |
| Total liabilities | 8,232 | 8,582 | 8,794 | 9,300 | 9,640 | S100R626, S100TRHM, S100W4PN, S100YHCO |
| Equity attributable to owners of parent | 11,341 | 12,454 | 14,122 | 15,014 | 16,386 | S100R626, S100TRHM, S100W4PN, S100YHCO |
| Retained earnings | 7,448 | 8,564 | 10,201 | 11,695 | 13,068 | S100R626, S100TRHM, S100W4PN, S100YHCO |
| Treasury stock | -140 | -144 | -113 | -791 | -791 | S100R626, S100TRHM, S100W4PN, S100YHCO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100YHCO |
| Property, plant and equipment | 19% | S100YHCO |
| Intangibles and goodwill | 8% | S100YHCO |
| Investment securities | 3% | S100YHCO |
| Other assets | 33% | S100YHCO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YHCO |
| Other liabilities | 36% | S100YHCO |
| Equity | 63% | S100YHCO |

### 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 | 19,664 | 21,115 | 23,058 | 24,485 | 26,198 |
| Equity | 11,432 | 12,532 | 14,264 | 15,185 | 16,558 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,128 | 6,208 | 6,747 | 7,167 | 9,645 |

## 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) | 13.2% | S100YHCO |
| Fixed assets ÷ total assets | 19.0% | S100YHCO |
| Goodwill ÷ parent equity | 3.5% | S100YHCO |

Goodwill over 4 years: 1,303 → 571 JPY; total investing cash flow: -6,952 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) | 36.8% |
| Cash ÷ revenue | 25.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 106.1% |
| Cash vs. profit gap | 1,716 JPY mn (of net income 69.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 44.8% |
| Shareholder payments — dividends / FCF | 35.3% |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 10.1% |

## 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 | 3.9% | 1.45× | 5.6% | 1.73× | 9.8% | S100R626 |
| 2023 | 5.1% | 1.51× | 7.6% | 1.71× | 13.1% | S100TRHM |
| 2024 | 6.5% | 1.49× | 9.7% | 1.66× | 16.0% | S100W4PN |
| 2025 | 6.7% | 1.48× | 9.8% | 1.63× | 16.1% | S100YHCO |
| 2026 | 6.6% | 1.49× | 9.8% | 1.61× | 15.8% | S100YHCO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ナガセ | Major shareholder | 18.8% | 2026-03-31 |
| 河端 真一 | Major shareholder | 10.4% | 2026-03-31 |
| 英進館株式会社 | Major shareholder | 9.9% | 2026-03-31 |
| 福山産業株式会社 | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社明光ネットワークジャパン | Major shareholder | 5.1% | 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 | 4.9% | 2026-03-31 |
| 早稲田アカデミー従業員持株会 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社学研ホールディングス | Major shareholder | 2.8% | 2026-03-31 |
| 教育開発出版株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社ケーエスコーポレイション | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第52期(2025/04/01－2026/03/31) | S100YHCO | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHCO,, |
| 有価証券報告書－第51期(2024/04/01－2025/03/31) | S100W4PN | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4PN,, |
| 有価証券報告書－第50期(2023/04/01－2024/03/31) | S100TRHM | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRHM,, |
| 有価証券報告書－第49期(2022/04/01－2023/03/31) | S100R626 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R626,, |
| 有価証券報告書－第48期(令和3年4月1日－令和4年3月31日) | S100OFT1 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFT1,, |
| 有価証券報告書－第47期(令和2年4月1日－令和3年3月31日) | S100LQU2 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQU2,, |

## 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).