FULLCAST HOLDINGS CO., LTD.
4848・Prime Market・Services
Business
Fullcast Holdings, Inc. is a company listed on the Prime Market of the Tokyo Stock Exchange, founded in 1992. In its core Short-Term Staffing Support Business, the company operates a diversified range of short-term staffing services, including part-time job placement, temporary staffing, contracting, and BPO, which account for approximately 80% of consolidated group sales. In addition, the company operates the Sales Support Business, which handles telecom product sales agency and call center operations; the Food & Beverage Business, comprising restaurant chain management and franchising; and Security & Other Businesses, providing security services for public facilities and general corporations. Consolidated sales for FY2025 (ending December 2025) were ¥77,227 million. The company has been actively expanding its business domains through M&A, newly consolidating subsidiaries such as Tsukurix, N Business, and Fiah in FY2025 (ending December 2025) alone.
Business Model
In its core Short-Term Staffing Support Business, the company operates four services—"Placement," "Temporary Staffing," "Contracting," and "BPO"—that supply personnel to client companies in a timely manner in line with fluctuations in their workload, generating revenue through matching fees, staffing fees, and contracting fees, among others. While structurally capturing labor shortage demand amid a declining working-age population as a tailwind, the company expands its service areas by broadening its business entities through M&A, aiming to enhance added value and expand earnings through group synergies. In terms of shareholder returns, the company targets a total payout ratio of 50% and practices capital-efficiency-focused management, setting an ROE of 20% or higher as an indicator of corporate value enhancement.
Company Strengths
Centered on four services—Placement, Temporary Staffing, Contracting, and BPO—the company operates a diverse range of specialized subsidiaries covering senior, global, and real estate-focused segments. In FY2025 (ending December 2025), Short-Term Staffing Support Business sales reached ¥61,097 million (up 10.6% year on year), with segment profit reaching ¥8,469 million, underpinning the group's overall revenue base.
In FY2025 (ending December 2025) alone, the company consolidated Tsukurix, Shibuya/Tamachi/Nishi-Shinjuku Property, N Business, Fiah, and others as subsidiaries. It plans to consolidate Entry in January 2026 and RGF and other companies in April of the same year, continuing to expand its business foundation through M&A.
The company has set a target total payout ratio of 50%, combining dividends and share buybacks. In FY2025 (ending December 2025), it paid a dividend of ¥63 per share (an increase of ¥1 year on year). Net assets increased to ¥32,654 million through the cancellation of treasury shares and other measures, and the company practices capital efficiency-focused management with an ROE target of 20% or higher as an indicator for enhancing corporate value.
ENVALITH's Perspective
Performance Trend
Over the past five fiscal years, revenue peaked at ¥64,645 million in FY2022, remained flat through FY2024 at ¥68,556 million, then recovered to ¥77,227 million in FY2025. In Q1 of FY2026 (ending December 2026), revenue accelerated to ¥24,556 million (up 47.7% YoY), primarily driven by newly consolidated entities from M&A activity (Beat Co., Ltd. and Entry Co., Ltd.). On the other hand, operating profit has continued to decline since peaking at ¥9,823 million in FY2022, falling 3.8% YoY in Q1 of FY2026 as well. While rising labor shortage concerns are supporting demand for short-term staffing as an external factor, M&A integration costs, increased SG&A expenses, and a sharp rise in interest expenses are weighing on profits. Achieving the full-year operating profit forecast of ¥8,700 million (up 9.9% YoY) will be key to reversing the profit trend.
Growth Strategy
Based on the Mid-Term Management Plan 2029, the company aims to achieve operating profit of ¥12,500 million through M&A, group synergies, and overseas expansion
Through continuous M&A execution, including Entry Co., Ltd. (consolidated in January 2026), the company has expanded into areas such as short-term staffing support, HR tech, and retail. A significant change in the scope of consolidation (one new company) was implemented in the first quarter of FY2026 (ending December 2026). Provisional accounting treatment is being applied to deals for which the allocation of acquisition cost has not yet been completed.
In addition to capturing customer demand for existing services centered on "temporary staffing" and "contracting," the integration of the results of Beat Co., Ltd. and Entry Co., Ltd. achieved segment sales of ¥18,520 million (up 52.7% year-on-year) and segment profit of ¥1,936 million (up 3.1% year-on-year). The company continues to promote advertising and brand awareness expansion leveraging group synergies.
From the first quarter of FY2026 (ending December 2026), the reportable segments were reorganized from four categories into five (Short-Term Staffing Support, Food & Beverage, HR Tech, Global & Long-Term Staffing Support, and Other). Against the backdrop of business additions through M&A, the company is establishing appropriate disclosure and performance management classifications to improve productivity and maximize profit across the group as a whole.
The HR Tech Business is growing, with sales of ¥1,053 million (up 26.9% year-on-year), but segment profit declined to ¥270 million (down 19.0% year-on-year). Improving the profitability of Impri Co., Ltd. and Hayfield Co., Ltd. is a challenge. The Global & Long-Term Staffing Support Business remains sluggish, with sales of ¥10 million (down 18.7% year-on-year) and segment profit close to zero, making it an urgent priority to strengthen the acquisition of Specified Skilled Worker (Tokutei Ginou) trainee cases.
Last updated: July 17, 2026