Industry map/Consumer & Public Services
Education industry map
Who earns the money in Education, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 56 companies · ¥671.5B
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥671.5B
- Companies
- 56
- Avg. salary（parent only）
- ¥5.5M
- Industry weather
- Sunny
YoY +4.9%
Avg. age 39.0
Operating income +17.8%
TBS Holdings[9401]
Lifestyle
- Revenue
- ¥95.7B▲2.3%
- Operating income
- ¥2.87B▼18.2%
Margin 3.0%
Whole company: Revenue ¥424.9B · Net income ¥52.2B
Avg. salary ¥13.3M · 45.6（parent only）
Gakken Holdings[9470]
Education
- Revenue
- ¥95.4B▲3.8%
- Operating income
- ¥4.96B▲20.3%
Margin 5.2%
Whole company: Revenue ¥199.1B · Net income ¥3.58B
Avg. salary ¥9.6M · 44.3（parent only）
- Kawai Musical Instruments Manufacturing owns 2.4%
- Kawai Musical Instruments Manufacturing・Alliance
Waseda Academy[4718]
- Revenue
- ¥37.7B▲7.4%
- Operating income
- ¥3.96B▲11.6%
Margin 10.5%
Avg. salary ¥6.1M · 39.0（parent only）
- Nagase Brothers owns 18.8%
- Meiko Network Japan owns 5.1%
- Gakken Holdings owns 2.8%
Meiko Network Japan[4668]
Meikogijuku managed directly + 2 more
- Revenue
- ¥20.2B▲7.0%
- Operating income
- ¥3.1B▲26.5%
Margin 15.4%
Whole company: Revenue ¥24.8B · Net income ¥1.73B
Avg. salary ¥5.5M · 36.9（parent only）
- Waseda Academy owns 1.4%
Ichishin Holdings[4645]
Education related
- Revenue
- ¥15.6B▲0.7%
- Operating income
- ¥643.8M▼5.8%
Margin 4.1%
Whole company: Revenue ¥18.7B · Net income ¥628.6M
Avg. salary ¥5.5M · 45.0（parent only）
- Gakken Holdings owns 49.7%
Kawai Musical Instruments Manufacturing[7952]
Musical instruments and Education
- Revenue
- ¥56.5B▼3.2%
- Operating income
- -¥852M
Margin -1.5%
Whole company: Revenue ¥72B · Net income ¥1.14B
Avg. salary ¥6M · 43.4（parent only）
- Gakken Holdings・Alliance
Nagase Brothers[9733]
High school student section + 2 more
- Revenue
- ¥44.8B▲6.7%
- Operating income
- ¥8.95B▲14.2%
Margin 20.0%
Whole company: Revenue ¥64.2B · Net income ¥3.98B
Avg. salary ¥8.9M · 38.3（parent only）
Sprix[7030]
morijyuku + 3 more
- Revenue
- ¥35.1B▲10.3%
- Operating income
- ¥4.71B▲31.0%
Margin 13.4%
Whole company: Revenue ¥35.1B · Net income ¥1.09B
Avg. salary ¥5.1M · 29.9（parent only）
Riso Kyoiku Group[4714]
The enterprise for an individual juku school + 4 more
- Revenue
- ¥34.2B▲2.5%
- Operating income
- ¥2.37B▼5.4%
Margin 6.9%
Whole company: Revenue ¥34.2B · Net income ¥1.62B
Avg. salary ¥7.3M · 41.6（parent only）
Human Holdings[2415]
Education
- Revenue
- ¥26.4B▲0.3%
- Operating income
- ¥538.2M▼33.0%
Margin 2.0%
Whole company: Revenue ¥102.5B · Net income ¥2.22B
Avg. salary ¥6.2M · 46.4（parent only）
Kadokawa[9468]
Education,EdTech Business
- Revenue
- ¥17.2B▲13.6%
- Operating income
- ¥2.84B▲19.4%
Margin 16.6%
Whole company: Revenue ¥282.9B · Net income ¥1.28B
Avg. salary ¥8.7M · 41.6（parent only）
Step[9795]
- Revenue
- ¥15.8B▲5.0%
- Operating income
- ¥3.78B▲7.7%
Margin 23.9%
Avg. salary ¥7.3M · 39.5（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: Seigakusha · Gakkyusha · Kyoshin · Litalico · Shuei Yobiko · CHIeru · Celm · Aoba-BBT · Youji · Link and Motivation · Progrit · EduLab · Broadmedia · Johnan Academic Preparatory Institute · KIYO Learning · United · Alue · Forval · Subaru · Bizmates · IBJ · FCE · Reskill · ブリッジインターナショナルグループ株式会社 · Clip · teno.Holdings · Yamano Holdings · Succeed · SuRaLa Net · Wilson Learning Worldwide · MTI · Globee · Shingakukai Holdings · Konaka · SE Holdings and Incubations · D.I.System · WellcoHoldings · geechs · Institution for a Global Society · Musashino Kogyo …+4
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Industry takeaways
AI summary (figures come from filings)
- The three largest are TBS Holdings' Lifestyle segment (¥95.7B), Gakken Holdings' Education segment (¥95.4B) and Uchida Yoko's Public related segment (¥92.8B), each holding 14% of the listed total.
- Those three run operating margins of 3.0% to 5.6%, while SPRIX's morijyuku earns 25.7%, STEP 23.9%, Nagase's high school section 19.5%, and corporate trainer Insource 41.2%.
- Growth was strongest at PROGRIT (+29.1%), Insource (+16.3%) and Uchida Yoko's Public related segment (+14.6%).
- On the other side, Kyoshin's cram school business shrank by 21.6%, and Kawai's instruments and education segment slipped 3.2% with an operating margin of -1.5%.
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1 | TBS HoldingsLifestyle | ¥95.7B | 14.3% | 3.0% | +11.9% | -¥6.52B |
| 2 | Gakken HoldingsEducation | ¥95.4B | 14.2% | 5.2% | +4.9% | ¥4.21B |
| 3 | Kawai Musical Instruments ManufacturingMusical instruments and Education | ¥56.5B | 8.4% | -1.5% | -5.0% | -¥3.69B |
| 4 | Nagase BrothersHigh school student section + 2 more | ¥44.8B | 6.7% | 20.0% | +1.8% | ¥6.77B |
| 5 | Waseda Academy | ¥37.7B | 5.6% | 10.5% | +7.2% | ¥3.16B |
| 6▲1 | Sprixmorijyuku + 3 more | ¥35.1B | 5.2% | 13.4% | +7.9% | ¥2.63B |
| 7▼1 | Riso Kyoiku GroupThe enterprise for an individual juku school + 4 more | ¥34.2B | 5.1% | 6.9% | +3.4% | ¥799.4M |
| 8 | Human HoldingsEducation | ¥26.4B | 3.9% | 2.0% | +3.9% | ¥2.28B |
| 9 | Meiko Network JapanMeikogijuku managed directly + 2 more | ¥20.2B | 3.0% | 15.4% | +4.5% | ¥1.32B |
| 10▲1 | KadokawaEducation,EdTech Business | ¥17.2B | 2.6% | 16.6% | — | -¥6.08B |
| 11▲1 | Step | ¥15.8B | 2.4% | 23.8% | +5.0% | ¥3.1B |
| 12▼2 | Ichishin HoldingsEducation related | ¥15.6B | 2.3% | 4.1% | +0.2% | ¥1.01B |
| 13 | SeigakushaEducation related | ¥15.1B | 2.2% | 6.7% | +5.3% | ¥640.6M |
| 14 | GakkyushaEducation | ¥12.4B | 1.8% | 22.1% | +1.4% | ¥2.21B |
| 15new | KyoshinCram School Business + 1 more | ¥11B | 1.6% | 12.2% | — | -¥669.3M |
| 16 | LitalicoJunior Service | ¥11B | 1.6% | 9.3% | — | ¥1.32B |
| 17▼2 | Shuei YobikoElementary and junior high school department + 2 more | ¥10.7B | 1.6% | 11.7% | -0.4% | ¥423.4M |
| 18▲2 | CHIeruEnterprise + 2 more | ¥10.2B | 1.5% | 10.5% | — | ¥2.21B |
| 19▼1 | CelmOrganizational and Talent Development Segment | ¥7.85B | 1.2% | 20.1% | — | ¥1.01B |
| 20▼3 | Aoba-BBTPlatform + 1 more | ¥7.66B | 1.1% | 5.9% | +4.1% | ¥417.2M |
| 21 | YoujiInfant activity guidance related | ¥7.19B | 1.1% | 17.2% | +3.3% | ¥1.17B |
| 22▲1 | Link and MotivationIndividual development division | ¥5.95B | 0.9% | — | -5.5% | ¥4.59B |
| 23▲4 | Progrit | ¥5.75B | 0.9% | 20.9% | +30.5% | ¥846.4M |
| 24▼2 | EduLabTestCenter + 2 more | ¥5.47B | 0.8% | 17.3% | -6.7% | -¥150.1M |
| 25▼1 | BroadmediaEducation | ¥5.46B | 0.8% | 17.7% | +18.3% | ¥493.1M |
| 26▼1 | Johnan Academic Preparatory InstituteEducation business | ¥5.25B | 0.8% | 0.6% | -2.8% | ¥96.3M |
| 27▼1 | KIYO Learning | ¥5.03B | 0.7% | 6.0% | +22.1% | ¥621.9M |
| 28▲12 | UnitedEducation business | ¥3.67B | 0.5% | -4.5% | — | -¥4.17B |
| 29▲2 | Alue | ¥3.64B | 0.5% | 9.7% | +11.0% | ¥534.3M |
| 30 | ForvalHuman Capital Management | ¥3.49B | 0.5% | 9.6% | — | ¥2.21B |
| 31▼3 | Subaru | ¥3.38B | 0.5% | 3.3% | -1.2% | ¥54.7M |
| 32▼3 | BizmatesLanguage Solution | ¥3.32B | 0.5% | 30.7% | +8.4% | ¥50.7M |
| 33▼1 | IBJKV Business | ¥3.29B | 0.5% | 11.4% | — | ¥2.09B |
| 34▲2 | FCEEducation and training | ¥2.59B | 0.4% | 5.8% | +8.3% | ¥929.9M |
| 35▲2 | Reskill | ¥2.48B | 0.4% | 36.2% | +29.2% | — |
| 36▼1 | ブリッジインターナショナルグループ株式会社Training | ¥2.38B | 0.4% | 11.2% | — | ¥385.8M |
| 37▼3 | ClipEducation + 1 more | ¥2.38B | 0.4% | 0.6% | -0.8% | -¥26.1M |
| 38▼5 | teno.HoldingsLifelong Related Support Business | ¥2.34B | 0.3% | -2.0% | — | ¥803M |
| 39▲2 | Yamano HoldingsNew Value | ¥2.24B | 0.3% | 5.4% | — | ¥292.9M |
| 40▼1 | SucceedTutoring Business In School + 1 more | ¥1.94B | 0.3% | 17.1% | — | ¥77.2M |
| 41▼3 | SuRaLa Net | ¥1.93B | 0.3% | 3.4% | — | -¥244.7M |
| 42 | Wilson Learning WorldwideNorth America + 4 more | ¥1.92B | 0.3% | -18.1% | +1.8% | -¥25.9M |
| 43▲1 | MTISchool DX business | ¥1.89B | 0.3% | 29.1% | — | ¥4.3B |
| 44▼1 | Globee | ¥1.64B | 0.2% | 25.1% | +32.2% | ¥193.7M |
| 45 | Shingakukai HoldingsEducation related | ¥1.05B | 0.2% | -11.7% | -16.2% | -¥2.75B |
| 46 | KonakaEducational | ¥1.01B | 0.2% | 3.0% | +5.2% | ¥494M |
| 47 | SE Holdings and IncubationsEducation and human resource | ¥912M | 0.1% | 17.2% | +4.1% | ¥337M |
| 48▲1 | D.I.SystemEducation and Security solution business | ¥760M | 0.1% | — | +32.3% | ¥112.5M |
| 49▼1 | WellcoHoldingsEducation business | ¥684M | 0.1% | -17.3% | — | -¥842M |
| 50▲1 | geechsSeed Techbusiness | ¥471M | 0.1% | 7.3% | +41.9% | ¥741.5M |
Showing the top 50. See all 56 in the list below
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- Operating costs
- SG&A
- Other
- Operating profit
- Step7024
- Gakkyusha621622
- Progrit265321
- Youji661717
- Litalico612712
- Celm503911
- Waseda Academy682210
- CHIeru563410
- Link and Motivation464110
- Nagase Brothers919
- Riso Kyoiku Group74188
- Meiko Network Japan75187
- Broadmedia61327
- TBS Holdings6727
- Sprix6925
- Seigakusha7717
- Aoba-BBT6133
- EduLab6727
- Ichishin Holdings8312
- Gakken Holdings7224
- Human Holdings7422
- Shuei Yobiko8214
- Kadokawa6631
- Kyoshin8018
- Kawai Musical Instruments Manufacturing7426
Showing the 25 largest companies by revenue.
Ownership links
From the major-shareholder section of annual securities reports.
- ヒューリック株式会社Outside
- SubsidiaryRiso Kyoiku Group51.0%
- Gakken HoldingsIn industry
- AffiliateIchishin Holdings49.7%
- StakeShingakukai Holdings6.7%
- 合同会社アトムOutside
- Affiliategeechs38.4%
- 株式会社山善Outside
- AffiliateYouji36.7%
- 株式会社平和堂Outside
- AffiliateClip27.3%
- Link and MotivationIn industry
- AffiliateFCEcross-held20.5%
- Nagase BrothersIn industry
- StakeWaseda Academy18.8%
- 日本駐車場開発株式会社Outside
- StakeClip12.4%
- ソニーグループ㈱Outside
- StakeKadokawa11.0%
- 株式会社ABEJAOutside
- StakeFujisan Magazine Service9.3%
- 光通信株式会社Outside
- StakeRiskmonster.com7.5%
- AIAIグループ株式会社Outside
- Staketeno.Holdings6.8%
- 株式会社アイズOutside
- StakeCelm6.5%
- ビジョナル株式会社Outside
- StakeKIYO Learning5.9%
- 株式会社メディパルホールディングスOutside
- StakeMTI5.7%
- 日本証券金融株式会社Outside
- StakeSE Holdings and Incubations5.4%
- Meiko Network JapanIn industry
- StakeWaseda Academycross-held5.1%
- 住友不動産株式会社Outside
- 株式会社くふうカンパニーホールディングスOutside
- StakeSeigakusha4.5%
- 日本毛織株式会社Outside
- 三井不動産株式会社Outside
- StakeTBS Holdings3.6%
- 株式会社南日本銀行Outside
- StakeSubaru3.4%
- 株式会社エヌアイデイOutside
- StakeRiskmonster.com3.2%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.
Compare the leaders side by side
All companies in Education (by revenue)
All 57 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- TBS Holdings¥95.7B · 3.0%
- Gakken Holdings¥95.4B · 5.2%
- Kawai Musical Instruments Manufacturing¥56.5B · -1.5%
- Nagase Brothers¥44.8B · 20.0%
- Waseda Academy¥37.7B · 10.5%
- Sprix¥35.1B · 13.4%
- Riso Kyoiku Group¥34.2B · 6.9%
- Human Holdings¥26.4B · 2.0%
- Meiko Network Japan¥20.2B · 15.4%
- Kadokawa¥17.2B · 16.6%
- Step¥15.8B · 23.8%
- Ichishin Holdings¥15.6B · 4.1%
- Seigakusha¥15.1B · 6.7%
- Gakkyusha¥12.4B · 22.1%
- Kyoshin¥11B · 12.2%
- Litalico¥11B · 9.3%
- Shuei Yobiko¥10.7B · 11.7%
- CHIeru¥10.2B · 10.5%
- Celm¥7.85B · 20.1%
- Aoba-BBT¥7.66B · 5.9%
- Youji¥7.19B · 17.2%
- Waseda Gakushukenkyukai¥6.99B · 21.4%
- Link and Motivation¥5.95B
- Progrit¥5.75B · 20.9%
- EduLab¥5.47B · 17.3%
- Broadmedia¥5.46B · 17.7%
- Johnan Academic Preparatory Institute¥5.25B · 0.6%
- KIYO Learning¥5.03B · 6.0%
- United¥3.67B · -4.5%
- Alue¥3.64B · 9.7%
- Forval¥3.49B · 9.6%
- Subaru¥3.38B · 3.3%
- Bizmates¥3.32B · 30.7%
- IBJ¥3.29B · 11.4%
- FCE¥2.59B · 5.8%
- Reskill¥2.48B · 36.2%
- ブリッジインターナショナルグループ株式会社¥2.38B · 11.2%
- Clip¥2.38B · 0.6%
- teno.Holdings¥2.34B · -2.0%
- Yamano Holdings¥2.24B · 5.4%
- Globee¥2.05B · 21.6%
- Succeed¥1.94B · 17.1%
- SuRaLa Net¥1.93B · 3.4%
- Wilson Learning Worldwide¥1.92B · -17.3%
- MTI¥1.89B · 29.1%
- Shingakukai Holdings¥1.05B · -11.7%
- Konaka¥1.01B · 3.0%
- SE Holdings and Incubations¥912M · 17.2%
- D.I.System¥760M
- WellcoHoldings¥684M · -17.3%
- geechs¥471M · 7.3%
- Manabi-aid¥366.1M · -46.9%
- Institution for a Global Society¥328.9M · 37.6%
- Musashino Kogyo¥315.6M · 8.1%
- Riskmonster.com¥180.6M · 3.1%
- THE WHY HOW DO Company¥176M · 26.9%
- Fujisan Magazine Service¥160.7M · -12.6%
Revenue · Op. margin
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