dip Corporation
2379・Prime Market・Services
Business
dip Corporation is an internet recruitment information service company founded in 1997. Its core business, the HR Services segment, covers a wide range of employment types—from part-time and temporary job media such as "Baitoru," "Spot Baitoru," and "Hatarako Net," to staffing placement services for nurses and caregivers, and the regular-employment job site "Baitoru NEXT." The company also operates a DX (digital transformation) business, which develops the SaaS-based DX service series "Cobot" for small and medium-sized enterprises. Its main customers are job-posting companies (primarily small and medium-sized enterprises) and job seekers. The company is listed on the Prime Market of the Tokyo Stock Exchange. Consolidated net sales for FY2026 (ending February 2026) were ¥54,852 million.
Business Model
In the staffing services business, the company collects job advertisement placement fees (including CPC-type hybrid) and recruitment success fees from client companies. Its in-house sales organization, with a direct-sales ratio of nearly 90%, directly develops clients, achieving a high profit margin. In the DX business, the company provides the "Cobot" series on a SaaS-based monthly subscription basis, boasting a high segment profit margin of 56.1%. It also has a cross-sell structure that leverages the client base of the staffing services business as a sales channel for DX.
Company Strengths
The company has built a direct sales system in which its own sales staff directly acquire nearly 90% of sales. It develops predominantly new-graduate, young employees through proprietary training and tiered education programs, and enhances productivity through online negotiation tools and an in-house developed sales system. In FY2025 (ended February 2025), Human Resources Services revenue reached ¥49,662 million, with a segment profit margin of 37.0%.
The "Kobot" series, launched in September 2019, features simple designs tailored to small and mid-sized enterprises, lowering barriers to adoption. In FY2026 (ending February 2026), DX Business revenue is projected at ¥6,614 million (continuing growth of +12.4% year on year), boasting an extremely high segment profit margin of 56.1%. Strengthened customer success operations have reduced churn rates and expanded upsell and cross-sell opportunities, underpinning the profit margin.
While maintaining zero interest-bearing debt, the company recorded operating cash flow of ¥16,453 million in FY2025 (ended February 2025), up ¥6,926 million year on year. It maintains an equity ratio of 71.0% (as of FY2025 ended February 2025) and holds a commitment line agreement totaling ¥15.0 billion. The company continues active shareholder returns, targeting a dividend payout ratio of 50% or more and a total return ratio of around 65%.
ENVALITH's Perspective
Performance Trend
Revenue expanded from ¥39,515 million in FY2022 to ¥56,386 million in FY2025, but turned to a decline in FY2026 at ¥54,853 million. Operating profit peaked at ¥12,761 million in FY2024 before falling to ¥9,113 million in FY2026. In Q1 of FY2027 (ending February 2027), revenue fell sharply to ¥13,719 million (down 13.1% year on year) and operating profit dropped to ¥817 million (down 75.8% year on year). This resulted from a combination of slower customer acquisition amid the transition to a solutions-based structure, continued upfront investment in offerings such as Spot Baitoru, and increased fixed costs from new graduate hiring and office expansion. While the domestic employment market remains firm externally, the deterioration in performance is mainly attributable to internal factors.
Growth Strategy
Aiming for a revival of sales growth through a three-pronged approach combining the CPC hybrid strategy, Spot Baitoru, and expansion of the DX business
From FY2027 (ending February 2027), a hybrid billing model combining CPC-type billing with the conventional listing-fee model will be introduced. Leveraging the strength of direct sales, the company aims to increase the number of listings, improve sales productivity, and achieve early re-acceleration of revenue growth. While this carries a risk of temporary sales decline, it aims to diversify the revenue base over the medium to long term.
The company continues upfront investment in the "Spot Baitoru" service, aimed at entering the spot (one-off) part-time job market. Investment was also made in the first quarter under review, targeting medium- to long-term development of new markets. Rising demand for spot and short-hour work is a tailwind in the market environment, but the timing of monetization remains uncertain.
The company continues to expand its customer base for the "Cobot" series of SaaS products for small and medium-sized enterprises. "Shukyaku Cobot for MEO" (customer acquisition Cobot for MEO) continued steady sales growth in the first quarter under review. On the other hand, "Mensetsu Cobot" (interview Cobot), "HR Cobot," and "Saiyo Page Cobot" (recruitment page Cobot) saw declining sales due to a decrease in the number of media service contracts, highlighting the challenge of linkage with the staffing services business.
To improve sales productivity following the transition to a solutions-based structure, the company is actively hiring 2026 new graduates and expanding its offices. In the short term, this increases fixed costs and pressures first-quarter profit, but it is positioned as a measure aimed at recovering and strengthening customer acquisition capability over the medium to long term.
Last updated: July 17, 2026