TSUNAGU GROUP HOLDINGS Inc.
6551・Standard Market・Services
Business
Tsunagu Group Holdings Co., Ltd. is a holding company operating human resource services through a seven-company group structure, guided by its corporate philosophy of "becoming the infrastructure of the recruitment market." In its core Human Capital Business, the company provides RPO (recruitment process outsourcing and recruitment consulting) services to major retail, food service, manufacturing, logistics, and medical/nursing care industries, along with its in-house developed DX recruiting service, "Findin." In the Staffing Business, in addition to staffing and placement services, the company operates a unique model that utilizes convenience store locations as training facilities. Consolidated net sales for FY2025 (ending September 2025) were ¥18,269 million, representing continuous growth of 65.7% compared to FY2021 (ending September 2021).
Business Model
The company consolidates recruitment big data accumulated from annual referrals of 3 million applicants into its proprietary system "TSUNAgram," proposing optimal methods for client companies' recruitment challenges. In its RPO Service, it provides one-stop outsourcing from recruitment method selection to applicant response and interview scheduling, optimizing recruitment costs through scale benefits from centralized purchasing. Through its DX recruiting platform "Findin," it provides traffic-generating advertisements for clients' own recruitment pages, giving it a highly recession-resistant revenue structure that captures recruitment needs regardless of economic conditions.
Company Strengths
The company aggregates applicant referral data for 3 million people annually (actual figure for FY2024 ending September 2024) into its proprietary system "TSUNAgram," enabling extraction of optimal recruitment media through combinations of region, target, and budget. This data asset serves as a differentiating factor from competitors, simultaneously achieving improved recruitment effectiveness and cost optimization for clients.
Riding the tailwind of a shift in recruitment budgets from paid media to owned media, sales of the flagship product "Findin" expanded significantly to ¥3,943 million in FY2025 (ending September 2025) (up 35.1% year on year). The entire DX recruiting domain is driving growth in the Human Capital Business.
In FY2025 (ending September 2025), return on equity (ROE) reached 27.1% (up 5.4 percentage points year on year), and the equity ratio reached 45.2%. Profit at each stage from sales to net income for the period reached record highs, achieving both high-level earnings efficiency and financial soundness.
ENVALITH's Perspective
Performance Trend
Revenue grew for five consecutive periods, from ¥11,026 million in FY2021 to ¥18,269 million in FY2025. Operating profit also improved substantially, from an operating loss (-¥105 million) in FY2021 to ¥877 million in FY2025. In H1 FY2026 (ending September 2026), revenue was ¥8,806 million (down 3.3% year on year), marking the first-ever half-year revenue decline; however, an improved gross margin driven by the increased use of owned media secured operating profit of ¥478 million (up 0.2% year on year). As an external factor, a decline in paid media transaction volume—reflecting companies' growing focus on the cost-effectiveness of recruitment investment—weighed on revenue, while the persistent labor shortage in the market continued to underpin demand for recruitment consulting. The full-year forecast (revenue of ¥20,500 million, operating profit of ¥1,060 million) remains unchanged, premised on a recovery in the second half.
Growth Strategy
Aiming to build recruitment market infrastructure through expansion of DX recruiting, turnaround of the Staffing Business, and M&A investment
Promoting the expansion of adoption of "Findin," an owned-media-based recruitment support service, as the top-priority initiative. Sales for the first half of FY2026 (ending September 2026) reached ¥2,281 million (up 24.1% year on year), maintaining high growth, and the customer base is expanding on the back of an industry-wide shift from paid media to owned media. This is a strategically core service directly linked to gross margin improvement.
Driven by growth in staffing for the medical/nursing care sector (up 17.5% year on year for the first half) and the convenience store domain (up 5.1%), the operating loss narrowed to ¥36 million (compared with a loss of ¥57 million in the same period of the previous year). Segment reorganization has also been carried out through an absorption-type split involving Tsunagu Global Agent, aiming to streamline the management administration structure. The segment has not yet turned profitable, and continued improvement is required.
The medium-term management plan clearly states a policy of continuously pursuing investment activities, including M&A, while applying appropriate leverage. The company has ample financial capacity, with an equity ratio of 51.1% and ROE of 25.1%. There is a track record of execution, including the acquisition of Advance News Co., Ltd. in the previous first half (goodwill of ¥22 million recorded). The company continues to explore investment opportunities aimed at enhancing corporate value.
The annual dividend forecast for FY2026 (ending September 2026) is ¥20 per share (up 42.9% from ¥14 in the previous fiscal year). The interim dividend remains at ¥0, maintaining a policy of a lump-sum year-end dividend. With no change to the earnings forecast, the dividend increase forecast has been maintained, demonstrating a stance of strengthening shareholder returns in line with profit growth.
Last updated: July 17, 2026