# WASEDA GAKUSHUKENKYUKAI CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第34期(2025/04/01－2026/05/31) (S100YYSK)
> Page: https://vizora.meequs.com/en/company/waseda-gakushukenkyukai
> Retrieved: 2026-09-30T19:58:30.706Z

## Company

Waseda Gakushukenkyukai, founded in 1990, is a company in Education listed on TSE Standard. It has 387 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WASEDA GAKUSHUKENKYUKAI CO.,LTD. |
| Ticker | 5869 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5869.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区京橋一丁目1番1号八重洲ダイビル9階 |
| Representative (per filing) | 代表取締役社長 佐藤 誉 |
| Founded | Jun 1990 |
| Share capital | ¥183.9M |
| Employees (consolidated) | 387 |
| Fiscal year end | May |
| Website | www.wasedazemi.com (https://www.wasedazemi.com/) |
| Corporate number | 8070001020347 |
| EDINET | E39165 |
| Industries (Vizora) | Education |

> Profile source: annual securities report (S100YYSK, filed 2026-08-26). As of filing

## Five-axis industry profile

Primary industry: Education (2025-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 85 | 30 |
| Cash conversion | 30.4 | 28 |
| Efficiency | 18.3 | 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)

- Waseda Gakushukenkyukai brought in ¥6.99B in revenue.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥6986676000 → ¥1038819000
- Net income → operating cash flow: ¥1038819000 → ¥1259665000（difference ¥220846000）
- Main uses of operating cash flow: CapEx ¥692178000 / dividends ¥741214000 / buybacks ¥102090000
- Change in cash: ¥-724609000
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 | ¥6.99B |  |
| Operating income | ¥1.49B | Margin 21.4% |
| Net income | ¥1.04B | Margin 14.9% |
| Free cash flow | ¥567.5M |  |
| Employees (consolidated) | 387 |  |
| EPS | ¥102.37 |  |
| Book value per share | ¥692.81 |  |
| Equity ratio | 75.3% |  |
| Shares outstanding | 10,211,250 |  |
| Cash ratio | 40.5% | Cash ÷ revenue 54.0% |
| Vs. industry median margin | +14 pp | Education |
| ROE | 14.8% | Derived from disclosed figures |
| ROA | 11.2% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 40% of total assets

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,987 | 100.0% | S100YYSK |
| Cost of revenue | 4,138 | 59.2% | S100YYSK |
| Gross profit | 2,849 | 40.8% | S100YYSK |
| SG&A | 1,356 | 19.4% | S100YYSK |
| Operating income | 1,493 | 21.4% | S100YYSK |
| Ordinary income | 1,509 | 21.6% | S100YYSK |
| Pretax income | 1,509 | 21.6% | S100YYSK |
| Income tax | 470 | 6.7% | S100YYSK |
| Net income | 1,039 | 14.9% | S100YYSK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 20 |
| Operating income | 21 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 40.8% → Operating margin 21.4% → Net margin 14.9%
Derived from reported figures (DERIVED).

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.1M |
| Operating income per employee (consolidated) | ¥3.9M |
| Net income per employee (consolidated) | ¥2.7M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2025 |
| --- | ---: |
| Employees (consolidated) | 387 |
| Average salary (parent company) | — |
| Average age (parent company) | — |
| Average tenure (parent company) | — |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,260 | 18.0% | S100YYSK |
| Capital expenditure | 692 | 9.9% | S100YYSK |
| Free cash flow | 567 | 8.1% | 算出 |
| Investing cash flow | -1,141 | -16.3% | S100YYSK |
| Financing cash flow | -843 | -12.1% | S100YYSK |
| Dividends paid | 741 | 10.6% | S100YYSK |
| Share buyback | 102 | 1.5% | S100YYSK |
| Change in cash | -725 | -10.4% | S100YYSK |
| Cash and equivalents | 3,769 | 54.0% | S100YYSK |

## 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 2025 | Source |
| --- | ---: | ---: |
| Cash and equivalents | 3,769 | S100YYSK |
| Total assets | 9,314 | S100YYSK |
| Net assets | 7,014 | S100YYSK |
| Share capital | 184 | S100YYSK |
| Property, plant and equipment | 4,067 | S100YYSK |
| Intangible assets excluding goodwill | 49 | S100YYSK |
| Investment securities | 525 | S100YYSK |
| Current assets | 4,419 | S100YYSK |
| Current liabilities | 1,410 | S100YYSK |
| Total liabilities | 2,300 | S100YYSK |
| Equity attributable to owners of parent | 7,014 | S100YYSK |
| Retained earnings | 6,891 | S100YYSK |
| Treasury stock | -92 | S100YYSK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 40% | S100YYSK |
| Property, plant and equipment | 44% | S100YYSK |
| Intangibles and goodwill | 0% | S100YYSK |
| Investment securities | 6% | S100YYSK |
| Other assets | 10% | S100YYSK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100YYSK |
| Equity | 75% | S100YYSK |

## 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) | 58.2% | S100YYSK |
| Fixed assets ÷ total assets | 43.7% | S100YYSK |
| Goodwill ÷ parent equity | — | —, S100YYSK |

### 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) | 40.5% |
| Cash ÷ revenue | 54.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 84.4% |
| Cash vs. profit gap | 221 JPY mn (of net income 21.3%) |
| Shareholder returns / net income | 81.2% |
| Shareholder returns / FCF | 148.6% |
| Shareholder payments — dividends / net income | 71.4% |
| Shareholder payments — dividends / FCF | 130.6% |
| CapEx intensity (capex ÷ revenue) | 9.9% |
| Investing CF relative to operating CF | 90.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | 14.9% | 0.75× | 11.2% | 1.33× | 14.8% | S100YYSK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＹＭＭ（注） | Major shareholder | 44.9% | 2026-05-31 |
| 吉 原 俊 夫 | Major shareholder | 17.4% | 2026-05-31 |
| 三 木 正 浩 | Major shareholder | 1.1% | 2026-05-31 |
| ワセダ従業員持株会 | Major shareholder | 0.8% | 2026-05-31 |
| 岩 渕 拓 | Major shareholder | 0.7% | 2026-05-31 |
| 森 元 正 義 | Major shareholder | 0.2% | 2026-05-31 |
| 池 田 耕 市 | Major shareholder | 0.2% | 2026-05-31 |
| 遠 藤 恭 | Major shareholder | 0.2% | 2026-05-31 |
| 桑 原 晃 | Major shareholder | 0.2% | 2026-05-31 |
| 渡 辺 武 | Major shareholder | 0.2% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第34期(2025/04/01－2026/05/31) | S100YYSK | 2026-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYSK,, |

## 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).