SHIKIGAKU. Co.,Ltd.
7049・Growth Market・Services
Business
Shikigaku Inc. is a company that provides organizational management improvement services based on its proprietary theory 'Shikigaku,' which analyzes human consciousness structures. Founded in 2015, it listed on the Tokyo Stock Exchange Mothers market (now Growth) in 2019. In its core Organizational Consulting Business, the company offers a consistent range of organizational improvement support, starting with one-on-one training for executives (Master Training) as an entry point, and extending to group training, evaluation system design, and platform services. The cumulative number of contracted companies reached 4,686 (as of the end of FY2025 (ending March 2025) [February]), with a broad customer base spanning growth companies, large corporations, and the sports sector. In addition, the company operates the Sports Entertainment Business, which runs the Fukushima Firebonds, and the VC Fund Business & Hands-On Support Fund Business, which supports portfolio companies through the application of Shikigaku, thereby multilaterally advancing the proof of Shikigaku's usefulness and its dissemination.
Business Model
The company acquires clients through Management Consulting Service offerings such as master training (net sales of ¥2,639 million in FY2025 (ending February 2025)), and builds recurring subscription revenue by guiding them toward platform services such as Shikigaku Basic Service, Shikigaku Cloud, and Shikigaku Basic Service Lite (net sales of ¥2,064 million in the same period, up 18.7% year on year). Using sales per consultant and the number of certified consultants as key KPIs, the company has built a system for mass-producing consultants through a training period of approximately 107 days on average. In the Fund Business, capital gains at the time of exit serve as the revenue source.
Company Strengths
Shikigaku is a proprietary, self-developed theory that systematizes the structure of human consciousness, and its approach, which differs from conventional training methods, leaves a strong impression. It possesses versatility applicable regardless of industry or company size, and the fact that it can be deployed across the sports field, large corporations, and small businesses without major modification serves as a differentiating factor from competitors.
The number of contracted companies for Shikigaku Basic Service Lite has been on an increasing trend, reaching 422 companies (up from 309 companies in the previous fiscal year), and total revenue from Platform Services reached ¥2,064 million in FY2025 (ending March 2025) (up 18.7% year on year). This growth rate significantly exceeds the 5.1% increase in Management Consulting Service, indicating progress in strengthening the recurring revenue base.
The period from joining the company to consultant certification averages around 107 days, and a short training system combining manuals, FAQs, videos, on-the-job training, and role-playing has been established. Quality maintenance after certification is also institutionalized through monthly quality confirmation tests, creating a system that can expand the number of consultants while ensuring service quality.
ENVALITH's Perspective
Performance Trend
Revenue for the first quarter of FY2027 (ending February 2027) (March–May 2026) rose 8.4% year-on-year to ¥1,430 million, securing revenue growth. However, the company posted an operating loss of ¥85 million, an ordinary loss of ¥72 million, and a quarterly net loss attributable to owners of the parent of ¥70 million, falling into losses at every profit level. In the same period of the previous year, the company had recorded operating profit of ¥47 million, ordinary profit of ¥61 million, and net profit of ¥89 million, marking a significant deterioration in earnings. The main cause was cost of sales ballooning 45.5% year-on-year to ¥567 million. The full-year forecast calls for revenue of ¥6,201 million (down 5.1% from the previous fiscal year), an operating loss of ¥200 million, and a net loss of ¥50 million, indicating a shift back into losses after two consecutive years of profitability. Revenue over the past five fiscal years grew from ¥3,824 million in FY2022 to ¥6,537 million in FY2026, but profitability has temporarily deteriorated due to the transition into an M&A-focused investment phase.
Growth Strategy
Pursuing multi-layered growth through successive execution of Long-Term Holding M&A Investment and stabilization of platform revenue, with Shikigaku know-how at its core
Through price revision (increase) of the monthly subscription platform service and continuous efforts to improve customer satisfaction, revenue of ¥535 million was secured in Q1 of FY2027 (ending February 2027), up 1.6% year on year. This is intended to function as a stable revenue base offsetting the decline in consulting service revenue.
Through Shikigaku Growth Capital Partners, three consecutive transactions have been executed: storyteller (acquisition cost ¥522 million, completed June 2026), Mach Kiki (acquisition cost ¥374 million, scheduled July 31, 2026), and Nexus Holdings (acquisition cost ¥200 million, scheduled August 4, 2026). By acquiring businesses with stock-type (recurring) revenue structures, the company aims to build a stable revenue base.
By introducing Shikigaku know-how to each acquired company and thoroughly implementing clarification of responsibilities, action management based on numerical targets, and delegation of authority, the company aims to achieve improved productivity and sales expansion, targeting contribution to consolidated results over the medium to long term. A key challenge is the early establishment of earnings power sufficient to absorb one-time expenses such as goodwill amortization (estimated at ¥256 million for the full fiscal year).
In the 2025-26 season, the club achieved its highest-ever winning percentage, runner-up in the B2 playoffs, and average attendance of 4,239 (exceeding the B.Premier entry standard of over 4,000). As of June 30, 2026, a portion of FSE shares was transferred, making it an equity-method affiliate (ownership ratio 26.6%). K Asset Management was welcomed as the new largest shareholder, transitioning to a specialized management structure aimed at entry into B.Premier. Gain on sale of affiliate shares (extraordinary income) is expected to be recorded in FY2027 (ending February 2027) (amount under review).
Last updated: July 17, 2026