ARTNER CO., LTD.
2163・Prime Market・Services
Business
Altner Inc. is a technical engineer services company specializing in the dispatch of design engineers, established in 1962. The company provides specialized engineers to the design and development departments of client companies across three fields: software (IoT and network systems), electrical/electronics (circuit board design and reliability evaluation), and mechanical (2D/3D CAD design). It operates five locations in Utsunomiya, Yokohama, Hamamatsu, Nagoya, and Osaka. Its major customers include Honda Motor Co., Ltd. (17.1% of sales) and Honda R&D Co., Ltd. (13.3% of sales), among other automotive-related manufacturers and semiconductor manufacturing equipment makers. In September and December 2025, the company acquired two consolidated subsidiaries (Clip Soft Ltd. and Joho Giken Co., Ltd.), transitioning to a consolidated management structure. Listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
The company employs engineers directly and provides them to client companies under two arrangements: dispatch contracts (working under the client's direction and supervision) or contract-based work (bearing responsibility for delivering completed work). Of net sales of ¥12,047 million, the engineer dispatch business accounts for ¥10,378 million (86.1%), and the contract/outsourcing business accounts for ¥1,616 million (13.4%). Maintaining high utilization rates and raising engineer billing rates are the key profit drivers, achieving an operating profit margin of 15.1%.
Company Strengths
Founded in 1962, the company entered the industry in its formative years, launching a specified worker dispatching business in 1986 concurrent with the enforcement of the Worker Dispatching Act. The company strengthened its corporate foundation in stages, listing in 2007 and transitioning to the TSE Prime Market in 2022. This long track record has culminated in a deep business relationship with the Honda Motor Co., Ltd. group (accounting for 30.4% of total sales).
In FY2026 (ending January 2026), the first year of consolidated results, the company achieved net sales of ¥12,047 million, operating profit of ¥1,822 million, and an operating profit margin of 15.1%. Despite upfront expenses related to recruitment-related investment, IT/DX investment, and training facility investment, growth in net sales absorbed these costs, maintaining high profitability.
At the end of the fiscal year under review, cash and deposits stood at ¥4,729 million (52.2% of total assets of ¥9,058 million), a robust level. Against total net assets of ¥5,223 million, long-term borrowings were ¥928 million, indicating low financial leverage and stable fund management centered on the company's own capital.
ENVALITH's Perspective
Performance Trend
Revenue grew for five consecutive fiscal years: ¥8,103 million in FY2022, ¥9,242 million in FY2023, ¥10,111 million in FY2024, ¥11,126 million in FY2025, and ¥12,047 million in FY2026. In Q1 of FY2027 (ending January 2027) (February–April 2026), the company achieved revenue of ¥3,503 million, operating profit of ¥632 million, and an operating margin of 18.1%. Full-year guidance calls for revenue of ¥14,021 million (up 16.4% year on year) and operating profit of ¥2,017 million (up 10.7% year on year). As an external factor, robust R&D investment by automakers and semiconductor equipment manufacturers, combined with rising unit prices driven by an engineer shortage, has supported performance. Upfront investment costs for recruitment, IT, DX, and training facilities are being absorbed by revenue growth, and profitability remains on an improving trend.
Growth Strategy
Expansion of engineer quality and quantity and evolution into a comprehensive technical services company through M&A (FY2025-FY2029 medium-term management plan)
The company is expanding its operating workforce by strengthening recruitment of science and engineering students and engineers and investing in training facilities to increase engineer headcount, while maintaining a high utilization rate. In Q1 of FY2027 (ending January 2027), an increase in engineer headcount and a high utilization rate were confirmed, indicating steady progress in these initiatives.
The company is raising the proportion of engineers assigned to growth fields such as semiconductors, EVs, and robotics, thereby improving the unit-price mix. Against a backdrop of corporate wage increases and an engineer shortage, per-engineer unit prices have continued to rise from the previous fiscal year, and this rise in unit prices also contributed to profit growth in Q1.
The company is promoting the conversion of projects from engineer dispatch (staffing) to contracting/outsourcing in response to customer needs, thereby raising this segment's share of revenue. In Q1 of FY2027 (ending January 2027), it was confirmed that an increase in the number of assigned personnel and project conversions led to a higher proportion of contracting/outsourcing revenue.
The company aims to expand its business domain and evolve into a comprehensive technical services company that goes beyond design engineer dispatch (staffing), through the consolidation of Clip Soft Co., Ltd. and Johoh Giken Co., Ltd. as subsidiaries. Goodwill balance stood at ¥1,481 million as of the end of Q1 FY2027 (ending January 2027) (¥1,519 million at the end of the previous fiscal year).
Last updated: July 17, 2026