ENVALITH
株式会社スプリックス logo

SPRIX, Ltd.

7030・Standard Market・Services

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株式会社スプリックス logo
SPRIX, Ltd.7030

Business

SPRIX Inc. is an education services-focused group founded in 1997. Its core business, "Mori Juku" (Individualized Tutoring School, 249 directly-operated schools), is complemented by two other reportable segments: group instruction "Shonan Seminar" (200 schools) and video lesson franchise "Kawaijuku Manabis" (51 schools). Its main customers are elementary, junior high, and high school students. In addition, the company operates a variety of education-related services including "Jiritsu Gakushu RED", "Sora Juku", "Foresta Series", "SPRIX LEARNING", "DOJO", and "Programming Proficiency Test". The group consists of 7 subsidiaries and 1 affiliated company, and is listed on the Standard Market of the Tokyo Stock Exchange. Consolidated net sales for FY2025 (ended September 2025) were ¥35,127 million.

Business Model

The main revenue source is monthly tuition (class fee) income from each learning school brand. The three brands—Mori Juku, Shonan Seminar, and Kawaijuku Manabis—account for approximately 88% of net sales. In addition, external sales of teaching materials such as the Foresta Series, franchise royalty income from Jiritsu Gakushu RED, and EdTech charges from AI tablets such as SPRIX LEARNING and DOJO supplement revenue. The company's financial policy is to fund working capital and capital expenditures primarily with its own funds, utilizing bank borrowings as needed.

Company Strengths

Mori Juku has introduced a grade-guarantee program for junior high school students that guarantees an improvement of 20 points or more in one subject on regular exams. This program has enhanced customer acquisition capability, with enrolled students reaching 61,781 as of the end of FY2025 (September 2025) (an increase of 6,424 from the previous period) and sales of ¥18,562 million (up 13.8% year on year), achieving growth that exceeds the industry average.

In FY2025 (September 2025), the Mori Juku segment recorded segment profit of ¥4,779 million against sales of ¥18,562 million, representing a segment profit margin of approximately 25.7%. EBITDA was also high at ¥4,951 million. The core business functions as a stable source of cash generation, supporting the revenue base of the entire group.

The company maintains a diverse service portfolio spanning multiple teaching formats, age groups, and channels: individualized tutoring (Mori Juku), group instruction (Shonan Seminar), video-lecture franchise (Kawaijuku Manabis), online individualized tutoring (Sora Juku), EdTech (SPRIX LEARNING/DOJO), and programming education (QUREO Programming School / Programming Proficiency Test).

ENVALITH's Perspective

For H1 of FY2026 (ending March 2026)*, operating profit was ¥1,997 million (up 75.9% year on year), ordinary profit was ¥2,123 million (up 84.7% year on year), and profit attributable to owners of parent for the interim period was ¥1,297 million (up 84.4% year on year), achieving substantial profit growth across all profit line items. The H1 progress rate against the full-year earnings forecast (operating profit of ¥2,400 million) stood at a high level of 83.2%, suggesting a high degree of confidence in achieving the full-year forecast. Note that the full-year earnings forecast remains unchanged, which can also be interpreted as a conservative stance being maintained.

While Mori Juku showed robust growth with segment profit up 29.9%, Shonan Seminar's segment profit turned to a slight decline at ¥586 million (down 3.6% year on year), with EBITDA also declining slightly to ¥722 million (down 1.4% year on year). The number of school locations increased by only one, and the increase in student numbers (up 187 students) was limited compared to Mori Juku. As an external factor, the effective free tuition for private high schools and the expansion of comprehensive selection admissions may affect demand for group instruction, leaving the improvement of Shonan Seminar's profitability as a medium-term challenge.

Cash flow from operating activities for H1 of FY2026 (ending March 2026) was ¥1,034 million, a decrease of ¥494 million from ¥1,528 million in the same period of the previous year. The main cause was a decrease in advances received of ¥943 million (compared to a decrease of ¥623 million in the same period of the previous year), reflecting fluctuations in the timing of tuition fee accrual as advance payments. On the other hand, cash and cash equivalents stood at ¥6,647 million (up ¥187 million from the end of the previous fiscal year), maintaining liquidity on hand, so financial concerns are limited. The equity ratio improved to 47.7% (from 44.2% at the end of the previous fiscal year).

Growth Strategy

Growth driven by both the continued rollout of Mori Juku stores and expansion into the Kansai region, alongside profit and loss improvement in new EdTech businesses

Continuously expanding the number of schools for the individualized tutoring school "Mori Juku," while accelerating expansion into new areas including the Kansai region. As of the end of the first half of FY2026 (ending September 2026), the number of schools stood at 261 (up 20 schools year-on-year), with enrolled students totaling 51,063 (up 5,286 year-on-year), progressing as planned. Scale expansion has been achieved while maintaining high profitability (segment profit margin of 29.5%).

Expanding new businesses such as "SPRIX LEARNING" and "DOJO," which utilize AI tablets, as well as "QUREO Programming School" and "Programming Proficiency Test," developed in collaboration with the CyberAgent Group. The loss in the "Others" segment improved by ¥422 million year-on-year (from -¥672 million to -¥250 million), indicating progress toward the monetization phase. The US subsidiary Sprix EdTech LLC was newly consolidated, marking the start of overseas expansion.

Shonan Seminar aims to increase student numbers (18,919 students, up 187 year-on-year) through expanded content for elementary school students and enhanced marketing, but segment profit for the first half of FY2026 (ending September 2026) declined slightly by 3.6% year-on-year. Kawaijuku Manabis improved its EBITDA by 106.3% year-on-year to ¥45 million, indicating progress in improving its earnings structure.

Existing education-related services, including the individualized tutoring teaching materials "Foresta Series," the ICT video teaching materials "Tanoshiku Manaberu Series" (Fun Learning Series), and the tutor recruitment site "Jukukoushi JAPAN," continue to perform steadily. Jiritsu Gakushu RED operates 203 franchise classrooms (down 7 year-on-year), securing royalty income through the external deployment of educational IT know-how.

Last updated: July 17, 2026