Net cash basis: Cash ¥72,779M minus interest-bearing debt ¥119M, FY2025 year-end balance sheet (2025-07-31). The H1 FY2026 cash flow statement shows a net ¥2.9bn outflow since, driven by ¥11.2bn of investing outflows.
Revenue, operating profit, and operating margin by fiscal year
Annual figures as filed in each year's annual securities report (Japanese GAAP, consolidated, ¥M). FY2026E is the company's own guidance. A corrected FY2022 annual report (filed 2022-10-27) revised operating profit to ¥8,320M and net income to ¥5,858M; the table shows the original filing. Visional has never paid a dividend. Links open the English disclosure when the company provides one; [JA] marks Japanese-only documents.
| FY | Revenue | YoY | Op Profit | YoY | OPM | Net Income | EPS ¥ | DPS ¥ | Disclosure |
|---|---|---|---|---|---|---|---|---|---|
| FY2021 | 28,698 | — | 2,368 | — | 8.3% | 1,420 | 43.37 | 0.00 | Results [EN] |
| FY2022 | 43,954 | +53.2% | 8,282 | +249.7% | 18.8% | 5,852 | 160.93 | 0.00 | Results [EN] |
| FY2023 | 56,273 | +28.0% | 13,225 | +59.7% | 23.5% | 9,928 | 256.78 | 0.00 | Results [EN] |
| FY2024 | 66,146 | +17.5% | 17,837 | +34.9% | 27.0% | 12,990 | 330.71 | 0.00 | Results [EN] |
| FY2025 | 80,161 | +21.2% | 21,442 | +20.2% | 26.7% | 15,950 | 400.76 | 0.00 | Results [EN] |
| FY2026E | 99,200 | +23.8% | 23,100 | +7.7% | 23.3% | 16,081 | 401.05 | 0.00 | Guidance (FY2025 tanshin) [JA] |
Net income is profit attributable to owners of the parent. The shaded row is the company's own forecast, not a JII estimate.
Standalone quarters — the last 13
Standalone quarters derived from each period's own disclosure (year-to-date differences, ¥M); Q4 = full year minus Q3 YTD. Figures cross-checked against IRBANK's as-reported quarterly table. FY runs August–July.
| Quarter | Revenue | YoY | Op Profit | YoY | OPM | Net Income | Disclosure |
|---|---|---|---|---|---|---|---|
| FY23 Q2 | 13,185 | — | 2,122 | — | 16.1% | 1,613 | Results [EN] |
| FY23 Q3 | 15,138 | — | 4,139 | — | 27.3% | 2,894 | Results [EN] |
| FY23 Q4 † | 14,732 | — | 3,261 | — | 22.1% | 2,890 | Results [EN] |
| FY24 Q1 | 16,057 | — | 4,955 | — | 30.9% | 3,487 | Results [EN] |
| FY24 Q2 | 15,375 | +16.6% | 4,836 | +127.9% | 31.5% | 3,725 | Results [EN] |
| FY24 Q3 | 17,494 | +15.6% | 5,474 | +32.3% | 31.3% | 3,871 | Results [EN] |
| FY24 Q4 † | 17,220 | +16.9% | 2,572 | -21.1% | 14.9% | 1,907 | Results [EN] |
| FY25 Q1 | 18,697 | +16.4% | 5,453 | +10.1% | 29.2% | 4,049 | Results [EN] |
| FY25 Q2 | 18,233 | +18.6% | 4,771 | -1.3% | 26.2% | 3,500 | Results [EN] |
| FY25 Q3 | 21,919 | +25.3% | 7,255 | +32.5% | 33.1% | 5,008 | Results [EN] |
| FY25 Q4 † | 21,312 | +23.8% | 3,963 | +54.1% | 18.6% | 3,393 | Results [EN] |
| FY26 Q1 | 23,338 | +24.8% | 7,069 | +29.6% | 30.3% | 5,478 | Results [EN] |
| FY26 Q2 | 23,272 | +27.6% | 5,699 | +19.5% | 24.5% | 3,918 | Results [EN] |
† Fourth quarters are derived as the full year minus the nine-month cumulative. YoY compares the same quarter a year earlier.
Where the profit comes from
Segment figures from the segment notes of each year's annual securities report (Japanese GAAP, ¥M). Segment operating profits do not sum to group operating profit because corporate costs and eliminations sit in an adjustment line (FY2025: −¥1,606M). Per-quarter segment series will be added from the H1 FY2026 disclosure onward; quarterly segment XBRL is sparse after Japan's 2024 disclosure reform.
| HR Tech | Incubation | |||||
|---|---|---|---|---|---|---|
| FY | Rev | OP | OPM | Rev | OP | OPM |
| FY2021 | 27,052 | 4,000 | 14.8% | 1,485 | -863 | -58.1% |
| FY2022 | 41,791 | 10,631 | 25.4% | 2,002 | -1,649 | -82.4% |
| FY2023 | 53,685 | 15,701 | 29.2% | 2,460 | -1,401 | -57.0% |
| FY2024 | 63,791 | 20,062 | 31.4% | 2,219 | -1,020 | -46.0% |
| FY2025 | 76,962 | 24,739 | 32.1% | 3,139 | -1,691 | -53.9% |
n.m. = not meaningful (operating loss several times segment revenue).
Cap table and the latest capital-allocation signals
Major shareholders · as of 2025-07-31
| Holder | Shares | Ratio | |
|---|---|---|---|
| 1 | Soichiro Minami (founder & CEO)南壮一郎 | 14,010,000 | 34.94% |
| 2 | The Master Trust Bank of Japan (trust account)日本マスタートラスト信託銀行株式会社（信託口） | 3,886,600 | 9.69% |
| 3 | State Street Bank and Trust Company 505001 (custodian)STATE STREET BANK AND TRUST COMPANY 505001 | 2,126,280 | 5.30% |
| 4 | YJ2 Investment Partnership (Z Venture Capital fund)ＹＪ２号投資事業組合 | 1,721,400 | 4.29% |
| 5 | Custody Bank of Japan (trust account)株式会社日本カストディ銀行（信託口） | 1,602,600 | 3.99% |
| 6 | Northern Trust (AVFC) re Fidelity Funds (custodian)NORTHERN TRUST CO. (AVFC) RE FIDELITY FUNDS | 1,006,427 | 2.50% |
| 7 | UBS AG London, IPB segregated client account (custodian)UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT | 812,100 | 2.02% |
| 8 | BNY GCM client account JPRD AC ISG (custodian)BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) | 757,992 | 1.89% |
| 9 | Morgan Stanley & Co. LLC (custodian)MORGAN STANLEY & CO. LLC | 621,841 | 1.55% |
| 10 | BBH Co. for Grandeur Peak International Stalwarts Fund (custodian)BBH CO FOR GRANDEURPEAK INTERNATIONAL STALWARTS FUND | 572,301 | 1.42% |
Ratios as filed: percent of shares outstanding excluding treasury shares at fiscal year-end (treasury 300 shares at 2025-07-31; 375 at 2026-01-31). Source: FY2025 annual securities report (filed 2025-10-22) [JA]
Large shareholding (5%-rule) filings sit on top of the year-end register above. Foreign managers hold through custodians, so Orbis and the Capital Research group do not appear by name in the top-10 list.
5%-Rule Filings · current positions
Held long-term as a director and stable shareholder. Filing [JA]
Investment for funds under Orbis's management. Filing [JA]
Pure investment for non-Japan mutual funds and institutional clients. Filing [JA]
Stake moves over 1% · filing timeline
Orbis Investment Management — Raised to 6.67% (2,682,900 shares; filed 2026-05-12), two weeks after its initial 5.51% filing — a new active position. Filing [JA]
Capital Research and Management (group) — Rebuilt above the 5% line (group 6.51%; filed 2026-03-06) after selling below it in March 2025 — a holder since the April 2021 listing. Filing [JA]
FMR LLC (Fidelity) — Sold down to 3.72%, below the 5% line (filed 2026-03-06), after first filing at 5.37% in December 2025. Filing [JA]
Soichiro Minami (founder & CEO) — Amended filing at 34.69% — a slow glide from 45.59% at the April 2021 listing, roughly one point a year, mostly dilution rather than sales. Filing [JA]
Capital Research and Management — Sold down to 3.73%, temporarily leaving 5% disclosure after holding 8–9% from the 2021 IPO through 2024.
Morgan Stanley MUFG Securities — Post-IPO dealer position unwound to 1.71%, from 6.82% in October 2021.
The disclosures worth your time
The documents a first-time reader of this company actually needs, in reading order. Direct PDFs where the link is durable; everything else lives on the company's own library pages below. English documents are linked whenever the company provides them; [JA] marks items where no English version exists.
Visional, Inc. — official English IR site · translated financial results and briefing materials ↗Key documents
2026-03-17 Start here Q2 FY2026 earnings briefing deck — BizReach KPIs, HRMOS ARR, and segment economics [JA] 2026-03-17 In English Q2 FY2026 presentation material (English) — the same deck, translated the same day [EN] 2026-03-17 Results Q2 FY2026 tanshin (consolidated financial results, Japanese GAAP) [JA] 2026-03-17 In English Consolidated financial results for the six months ended January 31, 2026 (English tanshin) [EN] 2026-03-17 Q&A Q2 FY2026 earnings FAQ (English) — management's written answers to investor questions [EN] 2026-03-17 Transcript Q2 FY2026 earnings call transcript (English) [EN] 2025-10-22 Annual report FY2025 annual securities report (YUHO) — full financials, segment notes, cap table [JA]Published Compounder Profiles on Visional, Inc.
Long-form JII analysis. New write-ups are added here as results come in; the overview above always carries the latest numbers.
2026-05-12 JII Compounder Profile — Initiation ↗Japan's leading direct-recruiting platform (BizReach) compounding at 20%+ revenue growth with a 26%+ operating margin and roughly ¥70bn of net cash, at about 10.8x forward EV/EBIT. The profile covers share-price regimes, the HRMOS growth debate, disclosure gaps, and capital-efficiency levers.
This is not investment advice. Japan Investor Interface Co., Ltd. ("JII") is an investor-relations consultancy, not a registered investment advisor, broker-dealer, or securities firm in any jurisdiction, and is not registered as a Financial Instruments Business Operator under Japan's Financial Instruments and Exchange Act. This page is an editorial compilation of publicly disclosed information for educational and research purposes. Nothing here constitutes a recommendation or solicitation to buy, sell, or hold any security. Figures may be incomplete, out of date, or incorrect; company forecasts are the company's own and are inherently uncertain. JII does not trade in or hold positions in the securities of companies profiled. Before making any investment decision, consult qualified, licensed advisors and rely on primary disclosures issued by the company.
本資料は、日本の金融商品取引法に基づく投資助言・代理業ではなく、特定の有価証券の売買その他の取引の勧誘・推奨を目的とするものではありません。投資の判断はご自身の責任と独立した調査に基づいて行ってください。