Worth reading
63In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
57.6
¥100 millionWording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Annual updateNet Sales+37.9%
基準 152.3Target210100 million
Operating profit+5.9%
基準 17Target18100 million
Net income for the current fiscal year+33.0%
基準 827Target1,100million
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
Statements about the use of capital
Payout ratio / DOE policyThe company will begin paying dividends with the interim dividend for the fiscal year ending September 2027, targeting a consolidated payout ratio of at least 20% and DOE (dividend on equity) of at least 3%.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Key initiatives
01Environment–welfare collaboration model (top priority)
02Recycling business: 5 growth engines
03Courier collection
04GIGA + public-sector and corporate ITAD
05PCS
06Lithium and other critical minerals
07Environment–welfare collaboration
08Reuse business: impact on performance from relocating the second product center
09Social care business: first roll-up M&A transaction progressing
10Social care business: plan to open company-operated facilities
11Active opening of new sites operated in-house
12Expansion of roll-up M&A targeting small and midsize operators
13Transition to a management and support model (recurring-revenue model)
Plan assumptionsAssumption that the total volume of GIGA School devices will remain unchanged, Devices will be replaced every 5 years, Bidding for GIGA School devices is expected to continue through early 2028, Transition to the employment-for-skill-development system from April 2027
Segment targetSegment Reuse and Recycling / Net Sales Actual results for the fiscal year ended September 2026 ¥136.1 100 million / Plan for the fiscal year ending September 2027 ¥182.6 100 million / Operating profit Actual results for the fiscal year ended September 2026 ¥27.5 100 million / Plan for the fiscal year ending September 2027 ¥30.6 100 million, Segment Social Care / Net Sales Actual results for the fiscal year ended September 2026 ¥16.1 100 million / Plan for the fiscal year ending September 2027 ¥27.3 100 million / Operating profit Actual results for the fiscal year ended September 2026 ¥14.1 100 million / Plan for the fiscal year ending September 2027 ¥-0.8 100 million, Segment Reused merchandise / Net Sales Plan for the fiscal year ending September 2027 ¥8,005 million / Operating profit Not disclosed, Segment Recycling / Net Sales Plan for the fiscal year ending September 2027 ¥10,259 million / Operating profit Not disclosed, Segment Social Care / Net Sales Plan for the fiscal year ending September 2027 ¥2,603 million / Operating profit Not disclosed, Segment Global Talent / Net Sales Plan for the fiscal year ending September 2027 ¥133 million / Operating profit Not disclosed
Non-financial targetsIndicator Collection of computers through the Rare Metal Emergency Collection Project with the Tokyo Metropolitan Government / Target value 80,000 units / Timing Fiscal year ending September 2027, Indicator Collection sites for critical minerals / Target value 1,000 sites / Timing Not disclosed, Indicator Opening new company-operated day-and-night service support group homes / Target value 7 facilities / Timing Second half of the fiscal year ending September 2027, Indicator Placement of specified skilled workers at each new group home / Target value Approximately 3 people / Timing Not disclosed, Indicator Recruitment of foreign staff for the social care business / Target value 300 people / Timing Fiscal year ending September 2030
Size of the Target MarketReuse Market ¥3.4 trillion in fiscal 2025, exceeding ¥4 trillion by 2030 / Budget for disability welfare services and related services More than ¥4 trillion in 2024 / Source Recycling Communications, Used Goods Market Data Book 2025; Ministry of Health, Labour and Welfare, Overview of the Draft Budget for Disability Welfare Services and Related Programs for Fiscal 2024
Risks identified by the company
Timing variance in the recognition of GIGA School device revenue (recycling business)
Delays in the progress of new openings and M&A (social care business)
Delay in monetization associated with the transition to the new system (foreign talent business)
Changes in laws, regulations and systems (company-wide)
Information security and personal information (reuse and recycling businesses)
Reason for revision or withdrawal
In addition to organic growth in existing businesses, the company plans to increase revenue and profit through large-scale partnerships in the recycling business, special demand from GIGA projects, and M&A in the social care business. Revenue from the foreign talent business is expected to decline as a result of the transition to the employment-for-skill-development system from April 2027. Costs in the reuse business are expected to increase due to higher system development costs, capital expenditures and rent associated with relocating the second product center.
| Item | Details |
|---|---|
| Plan name | Fiscal year ending September 2027 plan |
| Plan period | Fiscal year ending September 2027 |
| Progress against the plan | Annual update |
| Sales Target | ¥152.3 100 million → ¥210 100 million（137.9% (year on year)） |
| Operating profit target | ¥17 100 million → ¥18 100 million（105.6% (year on year)） |
| Net income target | ¥827 million → ¥1,100 million |
| Payout ratio / DOE policy | The company will begin paying dividends with the interim dividend for the fiscal year ending September 2027, targeting a consolidated payout ratio of at least 20% and DOE (dividend on equity) of at least 3%. |
| Segment target | Segment Reuse and Recycling / Net Sales Actual results for the fiscal year ended September 2026 ¥136.1 100 million / Plan for the fiscal year ending September 2027 ¥182.6 100 million / Operating profit Actual results for the fiscal year ended September 2026 ¥27.5 100 million / Plan for the fiscal year ending September 2027 ¥30.6 100 million, Segment Social Care / Net Sales Actual results for the fiscal year ended September 2026 ¥16.1 100 million / Plan for the fiscal year ending September 2027 ¥27.3 100 million / Operating profit Actual results for the fiscal year ended September 2026 ¥14.1 100 million / Plan for the fiscal year ending September 2027 ¥-0.8 100 million, Segment Reused merchandise / Net Sales Plan for the fiscal year ending September 2027 ¥8,005 million / Operating profit Not disclosed, Segment Recycling / Net Sales Plan for the fiscal year ending September 2027 ¥10,259 million / Operating profit Not disclosed, Segment Social Care / Net Sales Plan for the fiscal year ending September 2027 ¥2,603 million / Operating profit Not disclosed, Segment Global Talent / Net Sales Plan for the fiscal year ending September 2027 ¥133 million / Operating profit Not disclosed |
| Non-financial targets | Indicator Collection of computers through the Rare Metal Emergency Collection Project with the Tokyo Metropolitan Government / Target value 80,000 units / Timing Fiscal year ending September 2027, Indicator Collection sites for critical minerals / Target value 1,000 sites / Timing Not disclosed, Indicator Opening new company-operated day-and-night service support group homes / Target value 7 facilities / Timing Second half of the fiscal year ending September 2027, Indicator Placement of specified skilled workers at each new group home / Target value Approximately 3 people / Timing Not disclosed, Indicator Recruitment of foreign staff for the social care business / Target value 300 people / Timing Fiscal year ending September 2030 |
| Plan assumptions | Assumption that the total volume of GIGA School devices will remain unchanged, Devices will be replaced every 5 years, Bidding for GIGA School devices is expected to continue through early 2028, Transition to the employment-for-skill-development system from April 2027 |
| Key initiatives | Environment–welfare collaboration model (top priority), Recycling business: 5 growth engines, Courier collection, GIGA + public-sector and corporate ITAD, PCS, Lithium and other critical minerals, Environment–welfare collaboration, Reuse business: impact on performance from relocating the second product center, Social care business: first roll-up M&A transaction progressing, Social care business: plan to open company-operated facilities, Active opening of new sites operated in-house, Expansion of roll-up M&A targeting small and midsize operators, Transition to a management and support model (recurring-revenue model) |
| Reason for revision or withdrawal | In addition to organic growth in existing businesses, the company plans to increase revenue and profit through large-scale partnerships in the recycling business, special demand from GIGA projects, and M&A in the social care business. Revenue from the foreign talent business is expected to decline as a result of the transition to the employment-for-skill-development system from April 2027. Costs in the reuse business are expected to increase due to higher system development costs, capital expenditures and rent associated with relocating the second product center. |
| Size of the Target Market | Reuse Market ¥3.4 trillion in fiscal 2025, exceeding ¥4 trillion by 2030 / Budget for disability welfare services and related services More than ¥4 trillion in 2024 / Source Recycling Communications, Used Goods Market Data Book 2025; Ministry of Health, Labour and Welfare, Overview of the Draft Budget for Disability Welfare Services and Related Programs for Fiscal 2024 |
| Risks identified | Timing variance in the recognition of GIGA School device revenue (recycling business), Delays in the progress of new openings and M&A (social care business), Delay in monetization associated with the transition to the new system (foreign talent business), Changes in laws, regulations and systems (company-wide), Information security and personal information (reuse and recycling businesses) |
| Publication date | 13 November 2026 |
Items this document does not state (10)
Operating profit margin targetROE targetROIC targetTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceTotal investment planInvestment amount by sectorResults under the previous planDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.In addition to organic growth in existing businesses, the company plans to increase revenue and profit through large-scale partnerships in the recycling business, special demand from GIGA projects, and M&A in the social care business. The transition to the employment-for-skill-development system from April 2027 is cited as the reason for the expected decline in revenue from the foreign talent business, while the reuse business is expected to incur higher costs associated with relocating the second product center.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.