Visional, Inc.
4194・Prime Market・Information & Communication
Business
Visional Inc. is a holding company with the mission of "New possibilities, one after another." Its core business is the HR Tech segment, which houses BizReach, a membership-based career change platform specializing in professional talent, and accounts for approximately 96% of the group's revenue. The company was a pioneer in establishing the direct recruiting model—matching companies, headhunters, and job seekers online—in the Japanese market. It also operates the HRMOS Series of human capital data platforms (recruitment management, talent management, attendance, expenses, and labor/payroll). In the Incubation segment, the company is nurturing new businesses including logistics DX (Trabox), M&A (M&A Succeed), and cybersecurity (yamory and Assured). Listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
The BizReach business employs a unique multi-tiered billing model that collects platform usage fees (recurring) and recruitment success fees (performance) from three parties: direct-hiring companies, headhunters, and job seekers. In FY2025 (ended July 2025), the mix was 33% recurring and 67% performance. The HRMOS Series is a SaaS-based subscription that steadily builds recurring ARR, with ARR at the end of FY2025 (ended July 2025) reaching ¥3,732 million (up 34.4% year on year). The Incubation business continues to make upfront investments funded by the high profitability of the HR Tech business.
Company Strengths
As of the end of July 2025, the platform had over 3.07 million scoutable members, over 38,100 cumulative client companies, and over 9,000 headhunters using the service. All registrants undergo screening to ensure quality. Compared to FY2021 (ended July 2021), the number of scoutable members has expanded approximately 2.2-fold, reflecting continuously strengthening network effects.
Revenue in the BizReach business grew at a CAGR of 30.6% from FY2021 (ended July 2021) to FY2025 (ended July 2025), reaching ¥68,610 million in FY2025 (ended July 2025) (up 18.8% year on year). Operating income before allocation of administrative division expenses reached ¥28,408 million (up 21.8% year on year), demonstrating extremely high profit-generating capability.
For the HRMOS Series (recruiting, talent management, and internal-use BizReach), ARR at the end of FY2025 (ended July 2025) was ¥3,732 million (up 34.4% from the end of the prior fiscal year), the number of client companies using the service was 2,421 (up 24.3% year on year), and the 12-month average churn rate remained at an extremely low 0.58%. ARPU also continued to rise, reaching ¥128,460 (up 8.1% year on year).
ENVALITH's Perspective
Performance Trend
Revenue expanded roughly 2.8x over five fiscal periods, from ¥28,698 million in FY2021 to ¥80,161 million in FY2025, and reached ¥73,157 million (up 24.3% year on year) in the cumulative nine months through Q3 of FY2026 (ending July 2026), with the growth rate accelerating from the prior-year period (up 20.3%). On the other hand, operating profit growth of 12.2% fell short of the revenue growth rate, as aggressive SG&A investment (advertising and personnel investment) and goodwill amortization related to Thinkings, Inc. (¥1,307 million in the cumulative Q3 period) weighed on profit margins. In terms of the external environment, hiring appetite among domestic companies remains ongoing, but uncertainty surrounding financial and capital market volatility and U.S. trade policy poses downside risks going forward. The cumulative Q3 progress rate against the full-year forecast (operating profit of ¥23,100 million) stands at a high 84.9%.
Growth Strategy
Pursuing sustainable growth through three pillars: deepening BizReach, transforming HRMOS into a human capital DX platform, and nurturing Incubation businesses
Continuing to expand the cumulative number of client companies, scoutable members, and headhunters through aggressive advertising and sales activities. As of the end of the third quarter, achieved over 43,900 client companies and over 3.42 million members, and recorded revenue of ¥59,714 million (up 17.0% year on year) against a backdrop of strong demand for professional talent.
Sequentially released the document screening assist feature (January 2026), electronic contract feature (February 2026), and HRMOS Learning (March 2026). Following the acquisition of Thinkings, Inc. (sonar ATS) as a subsidiary, ARR rapidly expanded to ¥9,486 million with 10,262 companies currently using the service, strengthening its position in the recruitment management cloud domain.
On October 1, 2025, made Thinkings, Inc. (sonar ATS, sonar store) a wholly owned subsidiary for total consideration of ¥13,999 million (¥11,913 million in cash plus ¥2,086 million in contingent consideration). Goodwill of ¥11,418 million (provisional figure) arose and is being amortized equally over 10 years. Aiming to improve customer convenience and expand the business in recruitment management cloud services through cross-selling and functional integration with BizReach.
Nurturing Trabox, M&A Succeed, yamory, Assured, and others within the scope of HR Tech profits. Cumulative revenue for the third quarter grew rapidly to ¥3,963 million (up 99.1% year on year), but the segment loss expanded to ¥1,558 million (an increase of ¥387 million year on year), reflecting the continuation of the upfront investment phase.
Last updated: July 17, 2026