CREEK & RIVER Co., Ltd.
4763・Prime Market・Services
Business
Creek & River Co., Ltd. is a professional-focused corporate group centered on creative fields such as video, games, web, and advertising/publishing, expanding its Agency Business into specialized professional fields including medical, accounting, legal, IT, and fashion. It has a professional network of over 410,000 people domestically and internationally and a client base of over 50,000 companies, operating a composite business model across three segments: Agency (staffing and recruitment), Produce (development and contract work), and Rights Management (intellectual property distribution). It has overseas bases in Korea, China, the US, and Canada, and is also promoting global expansion. Founded in 1990, listed in 2000.
Business Model
The Agency Business, which refers and dispatches professionals such as creators, physicians, and lawyers to client companies, forms the core of revenue. In addition, the company operates the Produce Business, which combines creators' capabilities to develop content and undertake contracted production, and the Rights Management Business, which handles the distribution and monetization of intellectual property, creating added value beyond simple staffing referrals through this combined business approach. Operating margin on sales is the primary KPI, with ROIC also emphasized as a medium- to long-term indicator.
Company Strengths
As of the end of February 2025, the company has built a network of over 410,000 professionals in Japan and overseas. It covers a diverse range of specialized occupations including creators, physicians, lawyers, accountants, architects, and IT engineers, forming a service delivery platform for over 50,000 clients. A network of this scale functions as a barrier to entry.
In the Medical Field (FY2026, ending February 2026), revenue was ¥5,782 million against segment operating profit of ¥1,437 million, achieving a profit margin of 24.9%. Operating 16 locations nationwide under the "Minkan Ikyoku" brand, the segment benefits from steady demand driven by chronic physician shortages and regional disparities in medical staffing. It functions as a highly profitable segment that supports the group's overall earnings.
The Creative Field (Japan) is the core segment, with revenue of ¥39,500 million (FY2026, ending February 2026), accounting for over approximately 60% of the group's total revenue. The company has expanded into video, games, web, publishing, architecture, and AI/DX, while also establishing development studio infrastructure such as "C&R Creative Studios" and "C&R DX STUDIO." The opening of a Montreal subsidiary has further advanced business expansion with overseas game publishers.
ENVALITH's Perspective
Performance Trend
Revenue increased by approximately 47% over five years, from ¥41,800 million in FY2022 (ended February 2022) to ¥61,394 million in FY2026 (ended February 2026). In Q1 FY2027 (ending February 2027), full-scale consolidation contribution from the Takahashi Shoten Group (CRES Field revenue of ¥1,745 million) combined with steady performance in the Creative Field (Japan) and Medical Field drove accelerated growth, with revenue of ¥17,034 million (up 23.1% year on year) and operating profit of ¥2,204 million (up 51.7% year on year). As an external factor, growing corporate investment in AI utilization and DX is boosting demand for creators and IT engineers. The full-year forecast has been revised upward to revenue of ¥66,000 million and operating profit of ¥5,450 million (up 10.4% year on year). Net profit is forecast to decline year on year, but the Q1 progress rate against the full-year forecast is at a high level.
Growth Strategy
Three-pronged approach: the Professional 50 Fields concept, new AI/DX services, and business area expansion through M&A
Core fields such as video, gaming, and web maintained steady growth. The company is capturing expanding demand for creators driven by corporate AI adoption and DX initiatives, diversifying revenue across the three businesses of Agency, Produce, and Rights Management. Q1 progressed favorably with net sales of ¥10,564 million (up 14.2% year on year) and operating profit of ¥818 million (up 23.1% year on year).
The number of physician referral placements continued to exceed the same period of the previous year, maintaining a high Q1 operating profit margin of 46.4%. The company plans to further strengthen its revenue base by expanding regional medical support services and new services leveraging IT and AI.
The Takahashi Shoten group, consolidated as a subsidiary in March 2025, made a full-scale contribution to performance. In Q1, the CRES Field recorded net sales of ¥1,745 million and operating profit of ¥310 million, contributing to the group's record-high performance overall. The provisional accounting treatment was also finalized in this Q1 (goodwill of ¥296 million).
Other Businesses, comprising 16 companies, transitioned from an active investment phase to a profit-and-loss improvement phase. In Q1, segment profit turned positive at ¥10 million (versus a loss of ¥40 million in the same period of the previous year). The company aims to strengthen its revenue base while capturing growing demand for engineers in the IT and AI/DX fields.
The staffing business for television stations is on a recovery trend, but the segment loss widened to ¥18 million in Q1 due to increased production costs for original comics. The company aims to achieve profitability through expanded global distribution of WEBTOON content and monetization of secondary usage rights.
Last updated: July 17, 2026