# WORLD HOLDINGS CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第33期(2025/01/01－2025/12/31) (S100XRUO)
> Page: https://vizora.meequs.com/en/company/world-holdings
> Retrieved: 2026-09-30T20:28:48.852Z

## Company

World Holdings, founded in 1993, is a company in HR & Staffing listed on TSE Prime. It has 60,880 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WORLD HOLDINGS CO.,LTD. |
| Ticker | 2429 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2429.T) |
| Listing | TSE Prime |
| Head office | 福岡県北九州市小倉北区大手町11番2号 (同所は登記上の本店所在地であり、実際の業務は「最寄りの連絡場所」 で行っております。) |
| Representative (per filing) | 代表取締役会長兼社長 伊井田 栄吉 |
| Founded | Feb 1993 |
| Share capital | ¥1.93B |
| Employees (consolidated) | 60,880 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | December |
| Website | world-hd.co.jp (https://world-hd.co.jp/) |
| Corporate number | 4290801004051 |
| EDINET | E05467 |
| Industries (Vizora) | HR & Staffing, Theme Parks & Leisure Facilities, Real Estate Development & Leasing, Electronics Retailers |

> Profile source: annual securities report (S100XRUO, filed 2026-03-18). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 64 | 68 |
| Profitability | 26.7 | 88 |
| Cash conversion | 81.9 | 80 |
| Efficiency | 69.9 | 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 43% of World Holdings's sales come from Product Human Resource business, with Service Human Resource business and Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +17.4% from the prior year, operating profit +25.9%.

## Company structure

- Segment revenue mix: Product Human Resource business 42.6%、Service Human Resource business 31.8%、Real estate business 20.1%、Information technology and telecommunications business 3.4%、Agricultural park business 2.0%
- Revenue → net income: ¥284350000000 → ¥7178000000
- Net income → operating cash flow: ¥7178000000 → ¥14787000000（difference ¥7609000000）
- Main uses of operating cash flow: CapEx ¥11524000000 / dividends ¥1506000000 / buybacks —
- Change in cash: ¥-3761000000
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 | ¥284.4B |  |
| Operating income | ¥10.8B | Margin 3.8% |
| Net income | ¥6.62B | Margin 2.3% |
| Free cash flow | ¥3.26B |  |
| Largest business | Product Human Resource business | of segment revenue 42.6% |
| Employees (consolidated) | 60,880 |  |
| EPS | ¥146.29 |  |
| Diluted EPS | ¥145.99 |  |
| Book value per share | ¥1348.63 |  |
| Equity ratio | 26.6% |  |
| Shares outstanding | 18,012,500 |  |
| Treasury shares | 113,700 |  |
| Shareholders | 6,063 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 20.9% | Cash ÷ revenue 13.7% |
| Vs. industry median margin | -4.8 pp | HR & Staffing |
| ROE | 14.1% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.2× net income
- FY2025, parent-company salary changed +75% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥143571000000 | ¥284350000000 | +98.1% |
| Operating income | ¥6251000000 | ¥10820000000 | +73.1% |
| Operating margin | 4.4% | 3.8% | -0.5 pp |
| Employees | 22,717 people | 60,880 people | +168.0% |
| Cash and equivalents | ¥22817000000 | ¥38885000000 | +70.4% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ファクトリー事業 → 事業再編・廃止 | 38.4% |
| テクノ事業 → 事業再編・廃止 | 11.8% |
| 不動産事業 → 不動産事業 | 20.1% |
| 不動産事業 → 事業再編・廃止 | 13.4% |
| Ｒ＆Ｄ 事業 → 事業再編・廃止 | 5.0% |
| 情報通信事業 → 情報通信事業 | 3.4% |
| 情報通信事業 → 事業再編・廃止 | 2.9% |
| セールス＆マーケティング事業 → 事業再編・廃止 | 2.7% |
| その他 → 事業再編・廃止 | 2.2% |
| 新設・再編 → プロダクツＨＲ事業 | 42.6% |
| 新設・再編 → サービスＨＲ事業 | 31.8% |
| 新設・再編 → 農業公園事業 | 2.0% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Product Human Resource business | 4 years | +14.4% | ¥121232000000 | 3.6% | 2 |
| Service Human Resource business | 4 years | +27.4% | ¥90552000000 | 2.5% | 2 |
| Real estate business | 5 years | +3.5% | ¥57128000000 | 6.4% | 2 |
| Information technology and telecommunications business | 5 years | +1.4% | ¥9783000000 | 1.6% | 2 |
| Agricultural park business | 4 years | +13.8% | ¥5652000000 | -0.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 284,350 | 100.0% | S100XRUO |
| Cost of revenue | 238,963 | 84.0% | S100XRUO |
| Gross profit | 45,386 | 16.0% | S100XRUO |
| SG&A | 34,566 | 12.2% | S100XRUO |
| Operating income | 10,820 | 3.8% | S100XRUO |
| Ordinary income | 10,867 | 3.8% | S100XRUO |
| Pretax income | 10,929 | 3.8% | S100XRUO |
| Income tax | 3,750 | 1.3% | S100XRUO |
| Net income | 7,178 | 2.5% | S100XRUO |
| Net income attributable to owners | 6,620 | 2.3% | S100XRUO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 12 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 16.0% → Operating margin 3.8% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.4%; Core profit growth: +25.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.49×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 242,226 | 284,350 | 42,124 | +17.4% |
| Gross profit | 38,787 | 45,386 | 6,599 | +17.0% |
| Operating income | 8,593 | 10,820 | 2,227 | +25.9% |
| Net income attributable to owners | 4,981 | 6,620 | 1,639 | +32.9% |
| Operating cash flow | -1,444 | 14,787 | 16,231 | — |
| Free cash flow | -3,572 | 3,263 | 6,835 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 136,319 | 4,730 | 3.5% | 2,956 | 2,708 | 1,106 | S100KZT5 |
| FY ending Dec 2020 | 143,571 | 6,251 | 4.4% | 5,913 | 13,770 | 12,571 | S100NOPI |
| FY ending Dec 2021 | 154,704 | 7,481 | 4.8% | 4,626 | 1,370 | 426 | S100QGCW |
| FY ending Dec 2022 | 183,640 | 8,929 | 4.9% | 5,341 | -4,765 | -6,469 | S100T45U |
| FY ending Dec 2023 | 213,742 | 10,365 | 4.8% | 6,204 | -3,355 | -7,805 | S100VIX2 |
| FY ending Dec 2024 | 242,226 | 8,593 | 3.5% | 4,981 | -1,444 | -3,572 | S100XRUO |
| FY ending Dec 2025 | 284,350 | 10,820 | 3.8% | 6,620 | 14,787 | 3,263 | S100XRUO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥4.7M |
| Operating income per employee (consolidated) | ¥177.7K |
| Net income per employee (consolidated) | ¥108.7K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 26,701 | 34,010 | 52,570 | 54,931 | 60,880 |
| Average salary (parent company) | ¥3.4M | ¥3.7M | ¥5.8M | ¥6M | ¥6M |
| Average age (parent company) | 41.5 years | 41.0 years | 45.0 years | 45.0 years | 46.0 years |
| Average tenure (parent company) | 5.5 years | 5.7 years | 9.7 years | 9.7 years | 11.0 years |

Year over year: Employees (consolidated) +10.8% · Revenue (consolidated) +17.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Product Human Resource business | 121,232 | 42.6% | 4,414 | 3.6% |
| Service Human Resource business | 90,552 | 31.8% | 2,293 | 2.5% |
| Real estate business | 57,128 | 20.1% | 3,654 | 6.4% |
| Information technology and telecommunications business | 9,783 | 3.4% | 157 | 1.6% |
| Agricultural park business | 5,652 | 2.0% | -40 | -0.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Product Human Resource business | 42.6% | 42.0% | -0.7 | 3.6% |
| Service Human Resource business | 31.8% | 21.8% | -10.0 | 2.5% |
| Real estate business | 20.1% | 34.7% | 14.6 | 6.4% |
| Information technology and telecommunications business | 3.4% | 1.5% | -1.9 | 1.6% |
| Agricultural park business | 2.0% | — | — | -0.7% |

Loss-making segment (excluded from profit shares): Agricultural park business -40 JPY mn

Segment → industry: Service Human Resource business → HR & Staffing / Product Human Resource business → HR & Staffing / Agricultural park business → Theme Parks & Leisure Facilities / Real estate business → Real Estate Development & Leasing / Information technology and telecommunications business → Electronics Retailers

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 14,787 | 5.2% | S100XRUO |
| Capital expenditure | 11,524 | 4.1% | S100XRUO |
| Free cash flow | 3,263 | 1.1% | 算出 |
| Investing cash flow | -16,763 | -5.9% | S100XRUO |
| Financing cash flow | -1,805 | -0.6% | S100XRUO |
| Dividends paid | 1,506 | 0.5% | S100XRUO |
| Change in cash | -3,761 | -1.3% | S100XRUO |
| Cash and equivalents | 38,885 | 13.7% | S100XRUO |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 30,748 | 35,078 | 40,848 | 42,545 | 38,885 | S100T45U, S100VIX2, S100XRUO |
| Total assets | 97,269 | 123,591 | 159,204 | 174,370 | 185,692 | S100QGCW, S100T45U, S100VIX2, S100XRUO |
| Net assets | 33,226 | 37,195 | 42,926 | 47,456 | 53,342 | S100T45U, S100VIX2, S100XRUO |
| Share capital | 1,250 | 1,314 | 1,350 | 1,924 | 1,929 | S100QGCW, S100T45U, S100VIX2, S100XRUO |
| Trade receivables | 15,706 | 18,809 | 25,148 | 26,562 | 29,980 | S100QGCW, S100T45U, S100VIX2, S100XRUO |
| Property, plant and equipment | 5,466 | 6,032 | 9,714 | 10,911 | 24,204 | S100QGCW, S100T45U, S100VIX2, S100XRUO |
| Intangible assets excluding goodwill | 776 | 4,252 | 9,484 | 8,382 | 7,368 | S100QGCW, S100T45U, S100VIX2, S100XRUO |
| Goodwill | 592 | 4,059 | 9,210 | 8,126 | 7,044 | S100QGCW, S100T45U, S100VIX2, S100XRUO |
| Investment securities | 1,425 | 1,229 | 1,579 | 1,437 | 4,756 | S100QGCW, S100T45U, S100VIX2, S100XRUO |
| Current assets | 86,088 | 108,257 | 133,944 | 148,625 | 143,503 | S100QGCW, S100T45U, S100VIX2, S100XRUO |
| Current liabilities | 47,185 | 55,489 | 76,757 | 85,195 | 82,566 | S100QGCW, S100T45U, S100VIX2, S100XRUO |
| Trade payables | 1,263 | 1,225 | 1,186 | 1,468 | 1,640 | S100QGCW, S100T45U, S100VIX2, S100XRUO |
| Short-term borrowings | 25,450 | 30,798 | 45,883 | 51,034 | 47,645 | S100QGCW, S100T45U, S100VIX2, S100XRUO |
| Long-term borrowings | 13,754 | 25,149 | 32,893 | 34,858 | 40,231 | S100QGCW, S100T45U, S100VIX2, S100XRUO |
| Total liabilities | 64,042 | 86,395 | 116,278 | 126,914 | 132,349 | S100QGCW, S100T45U, S100VIX2, S100XRUO |
| Non-controlling interests | 1,631 | 1,710 | 2,608 | 2,784 | 3,585 | S100QGCW, S100T45U, S100VIX2, S100XRUO |
| Equity attributable to owners of parent | 31,489 | 35,561 | 40,234 | 44,503 | 49,445 | S100QGCW, S100T45U, S100VIX2, S100XRUO |
| Retained earnings | 28,908 | 32,862 | 37,463 | 40,585 | 45,505 | S100QGCW, S100T45U, S100VIX2, S100XRUO |
| Treasury stock | -119 | -119 | -119 | -119 | -119 | S100QGCW, S100T45U, S100VIX2, S100XRUO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100XRUO |
| Receivables | 16% | S100XRUO |
| Property, plant and equipment | 13% | S100XRUO |
| Intangibles and goodwill | 8% | S100XRUO |
| Investment securities | 3% | S100XRUO |
| Other assets | 39% | S100XRUO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100XRUO |
| Other liabilities | 70% | S100XRUO |
| Equity | 29% | S100XRUO |
| Other liabilities | 0% | S100XRUO |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 97,269 | 123,591 | 159,204 | 174,370 | 185,692 |
| Equity | 33,226 | 37,195 | 42,926 | 47,456 | 53,342 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 30,748 | 35,078 | 40,848 | 42,545 | 38,885 |

## 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) | 8.5% | S100XRUO |
| Fixed assets ÷ total assets | 13.0% | S100XRUO |
| Goodwill ÷ parent equity | 14.2% | S100XRUO |

Goodwill over 4 years: 592 → 7,044 JPY; total investing cash flow: -38,989 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) | 20.9% |
| Cash ÷ revenue | 13.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 136.7% |
| Cash vs. profit gap | 8,167 JPY mn (of net income 123.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 22.7% |
| Shareholder payments — dividends / FCF | 46.2% |
| CapEx intensity (capex ÷ revenue) | 4.1% |
| Investing CF relative to operating CF | 113.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.0% | 1.59× | 4.8% | 3.09× | 14.7% | S100QGCW |
| 2022 | 2.9% | 1.66× | 4.8% | 3.29× | 15.9% | S100T45U |
| 2023 | 2.9% | 1.51× | 4.4% | 3.73× | 16.4% | S100VIX2 |
| 2024 | 2.1% | 1.45× | 3.0% | 3.94× | 11.8% | S100XRUO |
| 2025 | 2.3% | 1.58× | 3.7% | 3.83× | 14.1% | S100XRUO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| みらい総研株式会社 | Major shareholder | 44.5% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.1% | 2025-12-31 |
| 伊井田 栄吉 | Major shareholder | 4.5% | 2025-12-31 |
| 株式会社北九州銀行 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 4.0% | 2025-12-31 |
| 安部 南鎬 | Major shareholder | 2.8% | 2025-12-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５０４４ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.5% | 2025-12-31 |
| 株式会社西日本シティ銀行 | Major shareholder | 1.7% | 2025-12-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＬＵＸＥＭＢＯＵＲＧ／２Ｓ／ＪＡＳＤＥＣ／ＦＩＭ／ＬＵＸＥＭＢＯＵＲＧ ＦＵＮＤＳ／ＵＣＩＴＳ ＡＳＳＥＴＳ （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.5% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.4% | 2025-12-31 |
| ＭＯＲＧＡＮ ＳＴＡＮＬＥＹ ＆ ＣＯ.ＬＬＣ （常任代理人 モルガンスタンレーＭＵＦＧ証券株式会社) | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第33期(2025/01/01－2025/12/31) | S100XRUO | 2026-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRUO,, |
| 有価証券報告書－第32期(2024/01/01－2024/12/31) | S100VIX2 | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIX2,, |
| 有価証券報告書－第31期(2023/01/01－2023/12/31) | S100T45U | 2024-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T45U,, |
| 有価証券報告書－第30期(2022/01/01－2022/12/31) | S100QGCW | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGCW,, |
| 有価証券報告書－第29期(令和3年1月1日－令和3年12月31日) | S100NOPI | 2022-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NOPI,, |
| 有価証券報告書－第28期(令和2年1月1日－令和2年12月31日) | S100KZT5 | 2021-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZT5,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| ｎｍｓホールディングス株式会社 | Capital alliance | 人材ビジネスのエリア補完等の資本業務提携（第三者割当で株式を引受け） | S100XRUO |

## 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).