ES NETWORKS CO., LTD.
5867・Growth Market・Services
Business
ES Networks Co., Ltd. is a consulting company founded in 1999 that provides one-stop CFO-domain functions to companies in transformation phases such as M&A, IPO, and business turnaround. Its service lines consist of four categories: (1) Management Support Consulting Service (PMI, budget-versus-actual management, KPI framework development, etc.), (2) Business Turnaround Support Consulting Service (financial and business due diligence, turnaround plan formulation), (3) BPO (Business Process Outsourcing) Service (outsourced routine operations such as payroll calculation), and (4) Overseas Expansion Support (mainly Southeast Asia). Its main clients include portfolio companies of PE funds, companies preparing for IPO, and businesses undergoing turnaround, and it listed on the Tokyo Stock Exchange Growth Market in December 2023. The company has 8 consolidated subsidiaries and overseas locations in Vietnam, Singapore, the Philippines, and other countries.
Business Model
The core of revenue generation is the "resident hands-on model," in which consultants are stationed at client sites to support practical execution. Revenue is determined by the product of the number of consultants (FY2025 (ending December 2025): 114.3 domestic, 77.7 overseas) and revenue per consultant (¥25,656 thousand domestically), meaning that investment in recruitment and training directly drives revenue expansion. In October 2025, the company acquired the payroll business and began full-scale rollout of the BPO (Business Process Outsourcing) Service, aiming to diversify its sources of continuous, recurring revenue.
Company Strengths
The number of domestic M&A transactions in 2025 continued to expand, rising 8.8% year on year to 5,115 deals (according to Recof Data), and structural demand for CFO-domain consulting such as PMI and management structure development is rising. Net sales grew for three consecutive fiscal periods, from ¥2,711 million in FY2023 to ¥3,419 million in FY2025, confirming in numerical terms the company's track record of capturing this demand.
In FY2025 (fiscal year ended December 2025), &Pharma Corporation (¥492 million, 14.4% of net sales) and Tsuruha Holdings Inc. (¥392 million, 11.5% of net sales) were newly disclosed as clients accounting for over 10% of net sales. Sales to Tsuruha Holdings roughly doubled from ¥190 million in the previous fiscal period to ¥392 million, demonstrating the company's ability to deepen and expand large-scale engagements.
Since first undertaking on-site IPO support work in December 2000, the company has accumulated hands-on operational support expertise over more than 25 years. Domestically, it operates from its Tokyo head office, Kansai Branch, and Sapporo Branch, and it has also established overseas bases in Vietnam, Singapore, the Philippines, and elsewhere. Overseas net sales (Vietnam) in FY2025 (fiscal year ended December 2025) reached ¥345 million, showing steady expansion.
ENVALITH's Perspective
Performance Trend
Net sales rose for three consecutive fiscal years, from ¥2,711 million in FY2023 to ¥2,951 million in FY2024 to ¥3,419 million in FY2025. In Q1 of FY2026 (ending December 2026), net sales reached ¥978 million (up 19.5% year on year), indicating accelerating growth. Operating income remained roughly flat over the same period, from ¥269 million in FY2023 to ¥302 million in FY2024 to ¥306 million in FY2025, but in Q1 FY2026 it reached ¥160 million (up 22.9% year on year), with profit growth outpacing sales growth and the operating margin improving to 16.4%. Externally, expanding corporate demand for business transformation has provided a tailwind, and strengthened recruitment of consultants to bolster the organization has contributed to both sales and profit. The full-year forecast remains unchanged, projecting net sales of ¥3,936 million (up 15.1% year on year) and operating income of ¥400 million (up 30.6% year on year).
Growth Strategy
Growth driven along four axes: consultant headcount expansion, BPO service rollout, overseas expansion, and sustainability investment
As a key priority for the current fiscal year, the company is promoting expanded recruitment of consultants and enhanced expertise amid competitive recruiting market conditions. It leverages a restricted stock compensation plan (payment in June 2026, 158 employees, 37,009 shares) to strengthen employee incentives and improve talent retention.
The company is fully rolling out the BPO (Business Process Outsourcing) Service line added through the acquisition of the payroll business, expanding the scope of one-stop service offerings through synergies with consulting. It aims to contribute to earnings both by deepening relationships with existing clients and by acquiring new clients.
The company is capturing demand for CFO-related overseas support services as Japanese companies increasingly expand into Asia. By establishing a global support framework, it aims to secure overseas projects as an extension of its domestic consulting business.
A new model combining majority investments in industries required to respond to social and business environment changes with the dispatch of management talent. As the first case under this initiative, the logistics company Sanwa Logi Co., Ltd. was made a subsidiary on April 24, 2026 (acquisition cost of ¥185 million, 59.0% voting rights). The staged acquisition of the remaining 41.0% is also stipulated contractually (maximum additional consideration of ¥131 million).
Last updated: July 17, 2026