en Inc.
4849・Prime Market・Services
Business
en Japan, Inc. (formerly en-japan inc.) is a Tokyo Stock Exchange Prime Market-listed comprehensive HR services company founded in 2000. Centered on job media and recruitment placement services such as en Tenshoku, en Agent, and en world Japan, the company provides one-stop support spanning recruitment through employee retention and success, including an applicant tracking system (Zecoo), reference checks (back check), and talent management/onboarding support. In addition to its domestic business, the company operates in Vietnam (Navigos Group), India (New Era India, Future Focus Infotech), and the United States, also handling global recruitment placement and IT engineer staffing. Its main clients are recruiting companies both in Japan and overseas, ranging from small and medium-sized enterprises to major global corporations.
Business Model
The core job media business (en Tenshoku, etc.) generates revenue from job listing fees paid by companies, while recruitment placement services (en Agent, en world) earn success-based fees upon successful hiring. The applicant tracking system (Zecoo) and talent management/onboarding services operate on a SaaS-based recurring subscription model. Overseas, the company operates a composite model combining media advertising, recruitment placement, and IT engineer staffing. By combining multiple revenue models, the company builds resilience against economic fluctuations.
Company Strengths
The company operates multiple job media services segmented by career stage, age group, and employment type, including en Tenshoku, en Agent, AMBI, Middle no Tenshoku, and en Baito. In FY2026 (ending March 2026), en Tenshoku saw revenue decline but the number of client companies turned upward, demonstrating the depth of its customer base. Agent revenue continued to grow, up 9.4% year on year.
The company operates IT engineer staffing and recruitment placement services in Vietnam (Navigos Group), India (New Era India, Future Focus Infotech), and the United States. In FY2026 (ending March 2026), overseas revenue increased 7.6% year on year to ¥6,464 million, and overseas operating profit increased 99.0% year on year to ¥1,264 million, marking significant progress toward profitability. Ongoing cost control and growth in US IT staffing contributed to this result.
Zecoo (an applicant tracking system) achieved higher revenue and profit through improved transaction unit prices. The reference check service back check, made a consolidated subsidiary in October 2025, contributed as a new addition, resulting in the Other Recruitment Services segment achieving revenue of ¥2,533 million, up 41.1% year on year, and operating profit up 66.7% year on year. The SaaS-based recurring revenue model contributes to earnings stability.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥67,716 million in FY2023 (ending March 2023) and has declined for three consecutive fiscal years, reaching ¥59,093 million in FY2026 (ending March 2026), down 10.0% year on year. The main causes were the underperformance of the domestic media businesses en Tenshoku (down 12.0% year on year) and engage (down 27.6% year on year). Operating profit was ¥3,962 million (down 32.7% year on year), and ordinary profit was ¥4,191 million (down 29.5% year on year). Net income attributable to owners of the parent fell sharply to ¥2,616 million (down 65.7% year on year), but it should be noted that the prior-period figure included a one-off gain of ¥5,456 million from the sale of shares in Timee Inc. The Agent, Overseas, and Other Recruitment Services segments achieved revenue growth, reflecting an ongoing shift in the business mix. For FY2027 (ending March 2027), the company expects a substantial recovery in net income due to the recognition of a ¥4,449 million gain on the sale of the engage business, while it plans for revenue to contract further to ¥50,000 million.
Growth Strategy
Second year of structural reform: pursuing three strategies of business portfolio restructuring, cost reduction, and growth investment
Effective April 1, 2026, the engage business was spun off through a company split into engage, Inc., with 85.1% of issued shares transferred to Kakaku.com. A gain on sale of ¥4,449 million is expected to be recorded in Q1 of FY2027 (ending March 2027). This is a core measure in optimizing the business portfolio to concentrate management resources on en Tenshoku and the Agent business.
Due to the effects of restrained investment through the previous fiscal year, revenue continued to decline (¥15,306 million, down 12.0% year on year), but the number of client companies turned to an increasing trend, confirming an improving trajectory. Restoring the profitability of the core business is key to renewed growth following the structural reforms.
Through an increase in consultants and productivity improvements at en world Japan, Agent business revenue for FY2026 (ending March 2026) reached ¥10,852 million (up 9.4% year on year). en Agent also saw revenue growth driven by an increase in placements in the high-income bracket.
Driven by the economic recovery in Vietnam and growth in the US IT engineer staffing business, overseas revenue reached ¥6,464 million (up 7.6% year on year). Given the demographic structure and robust demand for IT talent in India and Vietnam, medium- to long-term growth potential remains strong.
In October 2025, back check, Inc., which provides reference check services, was consolidated at an acquisition price of ¥1,942 million (goodwill of ¥1,115 million and intangible assets of ¥1,230 million). Revenue from Zecoo / back check (Other Recruitment Services) expanded to ¥2,533 million (up 41.1% year on year).
The company has set forth a policy to promote the use of AI to improve the accuracy of job listing and job seeker data analysis, automate screening, and enhance career proposal capabilities. While specific investment amounts and KPIs have not been disclosed, this is positioned as an important initiative that will determine competitive advantage.
Last updated: July 19, 2026