# Zenken Corporation: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第49期(2024/07/01－2025/06/30) (S100WQCF)
> Page: https://vizora.meequs.com/en/company/zenken
> Retrieved: 2026-09-30T18:30:14.836Z

## Company

Zenken, founded in 1988, is a company in HR & Staffing listed on TSE Growth. It has 466 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Zenken Corporation |
| Ticker | 7371 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7371.T) |
| Listing | TSE Growth |
| Head office | 東京都港区麻布台一丁目3番1号麻布台ヒルズ森JPタワー(2024年12月1日より本店所在地 東京都新宿区西新宿六丁目18番1号住友不動産新宿セントラルパークタワーが上記のように移転しております。) |
| Representative (per filing) | 代表取締役社長 林 順之亮 |
| Founded | Dec 1988 |
| Share capital | ¥439.5M |
| Employees (consolidated) | 466 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | June |
| Website | www.zenken.co.jp (https://www.zenken.co.jp/) |
| Corporate number | 4011101011096 |
| EDINET | E24465 |
| Industries (Vizora) | HR & Staffing, Advertising, Real Estate Development & Leasing |

> Profile source: annual securities report (S100WQCF, filed 2025-09-24). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.2 | 57 |
| Profitability | 58.7 | 86 |
| Cash conversion | 83.3 | 75 |
| Efficiency | 4.1 | 86 |

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 67% of Zenken's sales come from Marketing, with Overseas Human Resources and Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -1.6% from the prior year, operating profit +10.5%.

## Company structure

- Segment revenue mix: Marketing 67.0%、Overseas Human Resources 24.5%、Real estate 8.4%、Other 0.0%
- Revenue → net income: ¥5536925000 → ¥342190000
- Net income → operating cash flow: ¥342190000 → ¥606347000（difference ¥264157000）
- Main uses of operating cash flow: CapEx ¥77478000 / dividends ¥205937000 / buybacks —
- Change in cash: ¥702539000
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 | ¥5.54B |  |
| Operating income | ¥386.4M | Margin 7.0% |
| Net income | ¥342.2M | Margin 6.2% |
| Free cash flow | ¥528.9M |  |
| Largest business | Marketing | of segment revenue 67.0% |
| Employees (consolidated) | 466 |  |
| EPS | ¥27.65 |  |
| Diluted EPS | ¥26.63 |  |
| Book value per share | ¥1021.26 |  |
| Equity ratio | 85.4% |  |
| Shares outstanding | 12,328,100 |  |
| Treasury shares | 170,000 |  |
| Shareholders | 4,709 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 29.7% | Cash ÷ revenue 77.8% |
| Vs. industry median margin | +1.3 pp | Advertising |
| ROE | 2.8% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 71% of positive segment profit
- FY2025, cash is 30% of total assets
- FY2025, employees -2% while operating income rose 10%

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5827437000 | ¥5536925000 | -5.0% |
| Operating income | ¥754769000 | ¥386367000 | -48.8% |
| Operating margin | 13.0% | 7.0% | -6 pp |
| Employees | 443 people | 466 people | +5.2% |
| Cash and equivalents | ¥2233291000 | ¥4307655000 | +92.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ＩＴ → 事業再編・廃止 | 71.5% |
| 語学 → 事業再編・廃止 | 19.8% |
| 不動産 → 不動産 | 3.4% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 5.3% |
| 新設・再編 → マーケティング | 67.0% |
| 新設・再編 → 海外人材 | 24.5% |
| 新設・再編 → 不動産 | 5.0% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Marketing | 2 years | -5.4% | ¥3710291000 | 25.6% | 2 |
| Overseas Human Resources | 2 years | -0.5% | ¥1358256000 | 4.8% | 2 |
| Real estate | 5 years | +18.7% | ¥467167000 | 69.8% | 2 |
| Other | 5 years | -67.0% | ¥1210000 | 95.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,537 | 100.0% | S100WQCF |
| Cost of revenue | 2,474 | 44.7% | S100WQCF |
| Gross profit | 3,063 | 55.3% | S100WQCF |
| SG&A | 2,676 | 48.3% | S100WQCF |
| Operating income | 386 | 7.0% | S100WQCF |
| Ordinary income | 400 | 7.2% | S100WQCF |
| Pretax income | 498 | 9.0% | S100WQCF |
| Income tax | 156 | 2.8% | S100WQCF |
| Net income | 342 | 6.2% | S100WQCF |
| Net income attributable to owners | 342 | 6.2% | S100WQCF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 45 |
| SG&A | 48 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 55.3% → Operating margin 7.0% → Net margin 6.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.6%; Core profit growth: +10.5%
Operating leverage (core profit growth ÷ revenue growth): -6.54×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,627 | 5,537 | -90 | -1.6% |
| Gross profit | 2,948 | 3,063 | 115 | +3.9% |
| Operating income | 350 | 386 | 37 | +10.5% |
| Net income attributable to owners | 244 | 342 | 99 | +40.5% |
| Operating cash flow | 683 | 606 | -77 | -11.2% |
| Free cash flow | 646 | 529 | -117 | -18.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 5,827 | 755 | 13.0% | 377 | 703 | 520 | S100MI3G |
| FY ending Jun 2021 | 6,217 | 1,274 | 20.5% | 957 | 1,510 | 1,443 | S100P88W |
| FY ending Jun 2022 | 7,706 | 2,341 | 30.4% | 1,584 | 2,081 | 2,061 | S100RWQ4 |
| FY ending Jun 2023 | 7,058 | 857 | 12.1% | 427 | -539 | -551 | S100UFUD |
| FY ending Jun 2024 | 5,627 | 350 | 6.2% | 244 | 683 | 646 | S100WQCF |
| FY ending Jun 2025 | 5,537 | 386 | 7.0% | 342 | 606 | 529 | S100WQCF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11.9M |
| Operating income per employee (consolidated) | ¥829.1K |
| Net income per employee (consolidated) | ¥734.3K |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 443 | 468 | 467 | 475 | 466 |
| Average salary (parent company) | ¥4.4M | ¥4.5M | ¥4.4M | ¥4.5M | ¥4.9M |
| Average age (parent company) | 35.7 years | 35.3 years | 35.3 years | 35.9 years | 36.3 years |
| Average tenure (parent company) | 5.3 years | 5.3 years | 5.7 years | 6.0 years | 6.5 years |

Year over year: Employees (consolidated) -1.9% · Revenue (consolidated) -1.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Marketing | 3,710 | 67.0% | 949 | 25.6% |
| Overseas Human Resources | 1,358 | 24.5% | 65 | 4.8% |
| Real estate | 467 | 8.4% | 326 | 69.8% |
| Other | 1 | 0.0% | 1 | 95.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Marketing | 67.0% | 70.8% | 3.8 | 25.6% |
| Overseas Human Resources | 24.5% | 4.8% | -19.7 | 4.8% |
| Real estate | 8.4% | 24.3% | 15.9 | 69.8% |
| Other | 0.0% | 0.1% | 0.1 | 95.6% |

Segment → industry: Overseas Human Resources → HR & Staffing / Marketing → Advertising / Real estate → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 606 | 11.0% | S100WQCF |
| Capital expenditure | 77 | 1.4% | S100WQCF |
| Free cash flow | 529 | 9.6% | 算出 |
| Investing cash flow | 282 | 5.1% | S100WQCF |
| Financing cash flow | -186 | -3.4% | S100WQCF |
| Dividends paid | 206 | 3.7% | S100WQCF |
| Change in cash | 703 | 12.7% | S100WQCF |
| Cash and equivalents | 4,308 | 77.8% | S100WQCF |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,190 | 6,072 | 3,941 | 3,605 | 4,308 | S100RWQ4, S100UFUD, S100WQCF |
| Total assets | 13,506 | 15,288 | 14,371 | 14,288 | 14,492 | S100P88W, S100RWQ4, S100UFUD, S100WQCF |
| Net assets | 10,679 | 12,147 | 12,355 | 12,233 | 12,371 | S100RWQ4, S100UFUD, S100WQCF |
| Share capital | 430 | 432 | 437 | 439 | 440 | S100P88W, S100RWQ4, S100UFUD, S100WQCF |
| Inventories | 73 | 57 | 67 | 58 | 70 | S100P88W, S100RWQ4, S100UFUD, S100WQCF |
| Property, plant and equipment | 7,457 | 7,378 | 7,474 | 7,388 | 7,323 | S100P88W, S100RWQ4, S100UFUD, S100WQCF |
| Intangible assets excluding goodwill | 658 | 633 | 615 | 616 | 612 | S100P88W, S100RWQ4, S100UFUD, S100WQCF |
| Investment securities | 85 | 83 | 1,057 | 1,013 | 1,013 | S100P88W, S100RWQ4, S100UFUD, S100WQCF |
| Current assets | 4,934 | 6,802 | 4,775 | 4,806 | 5,104 | S100P88W, S100RWQ4, S100UFUD, S100WQCF |
| Current liabilities | 1,667 | 2,142 | 1,099 | 1,282 | 1,242 | S100P88W, S100RWQ4, S100UFUD, S100WQCF |
| Short-term borrowings | — | 100 | — | — | — | S100RWQ4 |
| Long-term borrowings | 851 | 703 | 554 | 406 | 445 | S100P88W, S100RWQ4, S100UFUD, S100WQCF |
| Total liabilities | 2,827 | 3,141 | 2,016 | 2,055 | 2,121 | S100P88W, S100RWQ4, S100UFUD, S100WQCF |
| Equity attributable to owners of parent | 10,661 | 12,130 | 12,327 | 12,233 | 12,371 | S100P88W, S100RWQ4, S100UFUD, S100WQCF |
| Retained earnings | 9,618 | 11,081 | 11,269 | 11,268 | 11,404 | S100P88W, S100RWQ4, S100UFUD, S100WQCF |
| Treasury stock | — | — | — | -96 | -96 | S100WQCF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100WQCF |
| Inventories | 0% | S100WQCF |
| Property, plant and equipment | 51% | S100WQCF |
| Intangibles and goodwill | 4% | S100WQCF |
| Investment securities | 7% | S100WQCF |
| Other assets | 8% | S100WQCF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 15% | S100WQCF |
| Equity | 85% | S100WQCF |
| Other liabilities | 0% | S100WQCF |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 13,506 | 15,288 | 14,371 | 14,288 | 14,492 |
| Equity | 10,679 | 12,147 | 12,355 | 12,233 | 12,371 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,190 | 6,072 | 3,941 | 3,605 | 4,308 |

## 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) | 132.3% | S100WQCF |
| Fixed assets ÷ total assets | 50.5% | S100WQCF |
| Goodwill ÷ parent equity | — | —, S100WQCF |

### 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) | 29.7% |
| Cash ÷ revenue | 77.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 156.9% |
| Cash vs. profit gap | 264 JPY mn (of net income 77.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 60.2% |
| Shareholder payments — dividends / FCF | 38.9% |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | 46.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 15.4% | 0.46× | 7.1% | 1.27× | 9.0% | S100P88W |
| 2022 | 20.6% | 0.54× | 11.0% | 1.26× | 13.9% | S100RWQ4 |
| 2023 | 6.0% | 0.48× | 2.9% | 1.21× | 3.5% | S100UFUD |
| 2024 | 4.3% | 0.39× | 1.7% | 1.17× | 2.0% | S100WQCF |
| 2025 | 6.2% | 0.38× | 2.4% | 1.17× | 2.8% | S100WQCF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 吉 澤 信 男 | Major shareholder | 46.6% | 2025-06-30 |
| 株 式 会 社 I C | Major shareholder | 5.8% | 2025-06-30 |
| 林 順 之 亮 | Major shareholder | 5.7% | 2025-06-30 |
| 松 島 征 吾 | Major shareholder | 2.7% | 2025-06-30 |
| 水 元 公 仁 | Major shareholder | 2.7% | 2025-06-30 |
| 谷 口 和 則 | Major shareholder | 2.6% | 2025-06-30 |
| 東海東京証券株式会社 | Major shareholder | 2.3% | 2025-06-30 |
| 内 藤 征 吾 | Major shareholder | 2.2% | 2025-06-30 |
| 本 村 丹 努 琉 | Major shareholder | 1.3% | 2025-06-30 |
| 株式会社アームフィールド | Major shareholder | 1.1% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第49期(2024/07/01－2025/06/30) | S100WQCF | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQCF,, |
| 有価証券報告書－第48期(2023/07/01－2024/06/30) | S100UFUD | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFUD,, |
| 有価証券報告書－第47期(2022/07/01－2023/06/30) | S100RWQ4 | 2023-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWQ4,, |
| 有価証券報告書－第46期(令和3年7月1日－令和4年6月30日) | S100P88W | 2022-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P88W,, |
| 有価証券報告書－第45期(令和2年7月1日－令和3年6月30日) | S100MI3G | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MI3G,, |

## 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).