Worth reading
73In 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
-644
¥ millions (year-on-year change in operating income)Wording
Conditional
How definitive the wording is.Contents of this document
Financial Results Briefing MaterialsFiscal year ending February 2027, second quarter12 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥4,314 million-1.1%
Operating profit¥349 million-64.8%
Net income¥332 million-52.9%
Selling, general and administrative expenses¥2,057 million
Gross Profit Margin
Rate55.9
Operating profit margin
Rate8.1
Results for the three months of the current quarter
Revenue
¥4,314 million
Operating profit
¥349 million
Net income
¥332 million
Full-year earnings forecast
Revenue
¥10,000 million
Cost of sales
¥4,620 million
Gross profit
¥5,380 million
Operating profit
¥946 million
EBITDA
¥1,062 million
Profit for the period
¥663 million
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Revenue43.1 %
Cost of sales41.2 %
Gross profit44.8 %
Selling, general and administrative expenses46.4 %
Operating profit36.9 %
EBITDA38.2 %
Quarterly/current-period profit50.1 %
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Revenue was broadly in line with plan. Operating profit was ahead of plan.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Cost of sales¥-109 million
SG&A: Personnel and recruitment costs¥553 million
SG&A expenses: other expenses¥143 million
Total operating expenses¥587 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Consultant headcount at fiscal year-end386 people
Billable consultant headcount at fiscal year-end314 people
Utilization rate92 people
Unit: Utilization rate%
Average monthly fee261 people
Unit: Average billing rate¥10,000
New initiatives
- Establishment of Mill-Box Co., Ltd., a joint venture with Mitsubishi Corporation
- Stronger collaboration with SHIFT
- Establishment of NouScale, a subsidiary focused on AI functions
- Establishment of Ricoh AI Consulting Co., Ltd., a joint venture with Ricoh
- Establishment of SBU1 and SBU2
- Pricing revisions from 3Q
Key KPIsA metric the company considers important as a management benchmark.
- Billable consultant headcount303.2 people
- Billable consultant utilization rate86 %Year on year against the same period last yearDown from 91% in the year-earlier period
- Average monthly billing rate for billable consultants¥249 10,000Year on year against the same period last yearDown from ¥2.57 million in the year-earlier period
- Number of consultants (employed)364 people
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Billable consultant headcount303.2 people
Average monthly billing rate for billable consultants249 people
Unit: Average billing rate¥10,000
Billable consultant utilization rate86 people
Unit: Utilization rate%
Medium-term management plan targets
Revenue growthCAGR20～25%
Operating profit margin in the final year25～30%
Target fiscal yearAround the fiscal year ending February 2030 (mid-term management plan chart in the materials)
Market Size / Share
Domestic consulting market¥1,000,000,000,000
SOM1Approximately 10,000 people (CAGR of around 20–25%)
SOM2Approximately 30,000 people (CAGR of around 10%)
SAMApproximately 85,000 people (CAGR of around 10%)
TAMApproximately 650,000 people
Number of employees
Consultant headcount364 people
Changes during the period and hiring planThe number of hires is expected to increase through 3Q. Recruitment of partners and managers will be strengthened.
Annual Dividend
Annual dividend per share¥21
Payout ratio
Rate77.2
Total payout ratioAt least 30% as a guideline
Acquisition of treasury shares
Amount spent on acquisitions¥377,788,200 / shares
Shares acquired¥750,000 / shares
Acquisition period14 January 2026–30 April 2026
| Item | Details |
|---|---|
| Document type | Financial Results Briefing Materials |
| Fiscal Period Covered | Fiscal year ending February 2027, second quarter |
| Net Sales | ¥4,314 million (YoY -1.1%) |
| Operating profit | ¥349 million (YoY -64.8%) |
| Net income | ¥332 million (YoY -52.9%) |
| Gross Profit Margin | Rate 55.9 / Year-on-year change (points) Not disclosed |
| Operating profit margin | Rate 8.1 / Year-on-year change (points) Not disclosed |
| Selling, general and administrative expenses | ¥2,057 million |
| Results for the three months of the current quarter | Revenue ¥4,314 million / Operating profit ¥349 million / Net income ¥332 million |
| Full-year earnings forecast | Revenue ¥10,000 million / Cost of sales ¥4,620 million / Gross profit ¥5,380 million / Operating profit ¥946 million / EBITDA ¥1,062 million / Profit for the period ¥663 million |
| Progress against full-year forecast | Revenue 43.1 % / Cost of sales 41.2 % / Gross profit 44.8 % / Selling, general and administrative expenses 46.4 % / Operating profit 36.9 % / EBITDA 38.2 % / Quarterly/current-period profit 50.1 % |
| Self-assessment against the plan | Revenue was broadly in line with plan. Operating profit was ahead of plan. |
| Breakdown of Factors Affecting the Change | Cost of sales ¥-109 million / SG&A: Personnel and recruitment costs ¥553 million / SG&A expenses: other expenses ¥143 million / Total operating expenses ¥587 million |
| Key KPIs | Indicator name Billable consultant headcount / Value 303.2 people / Year on year against the same period last year Not disclosed, Indicator name Billable consultant utilization rate / Value 86 % / Year on year against the same period last year Down from 91% in the year-earlier period, Indicator name Average monthly billing rate for billable consultants / Value ¥249 10,000 / Year on year against the same period last year Down from ¥2.57 million in the year-earlier period, Indicator name Number of consultants (employed) / Value 364 people / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Billable consultant headcount 303.2 people / Average monthly billing rate for billable consultants 249 people / Unit: Average billing rate ¥10,000 / Billable consultant utilization rate 86 people / Unit: Utilization rate % |
| Number of employees | Consultant headcount 364 people / Changes during the period and hiring plan The number of hires is expected to increase through 3Q. Recruitment of partners and managers will be strengthened. |
| Assumptions Underlying the Business Outlook | Consultant headcount at fiscal year-end 386 people / Billable consultant headcount at fiscal year-end 314 people / Utilization rate 92 people / Unit: Utilization rate % / Average monthly fee 261 people / Unit: Average billing rate ¥10,000 |
| Medium-term management plan targets | Revenue growth CAGR20～25% / Operating profit margin in the final year 25～30% / Target fiscal year Around the fiscal year ending February 2030 (mid-term management plan chart in the materials) |
| Annual Dividend | Annual dividend per share ¥21 / Interim and Year-End Breakdown Not disclosed |
| Payout ratio | Rate 77.2 / Total payout ratio At least 30% as a guideline |
| Acquisition of treasury shares | Amount spent on acquisitions ¥377,788,200 / shares / Shares acquired ¥750,000 / shares / Acquisition period 14 January 2026–30 April 2026 |
| Market Size / Share | Domestic consulting market ¥1,000,000,000,000 / SOM1 Approximately 10,000 people (CAGR of around 20–25%) / SOM2 Approximately 30,000 people (CAGR of around 10%) / SAM Approximately 85,000 people (CAGR of around 10%) / TAM Approximately 650,000 people |
| New initiatives | Establishment of Mill-Box Co., Ltd., a joint venture with Mitsubishi Corporation, Stronger collaboration with SHIFT, Establishment of NouScale, a subsidiary focused on AI functions, Establishment of Ricoh AI Consulting Co., Ltd., a joint venture with Ricoh, Establishment of SBU1 and SBU2, Pricing revisions from 3Q |
Items this document does not state (8)
Ordinary incomeSegment resultsNumber of stores and locationsRisk amount incorporated into the outlookFinancial targetsCapital expendituresOrders received and order backlogKey points of the Q&A
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.Revenue was affected by the balance of the workforce composition. Personnel and recruitment costs increased due to a rise in the number of consultants, expansion of the sales division, stepped-up recruitment to optimise workforce composition, and the expansion of corporate functions. Other expenses, including AI-related costs and costs associated with expanding office space, also increased.
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.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.