ENVALITH
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Funai Soken Holdings Incorporated

9757・Prime Market・Services

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Funai Soken Holdings Incorporated9757

Business

Funai Soken Holdings Inc. is a holding company centered on management consulting, founded in 1970. It has 11 consolidated subsidiaries and operates across three segments: the Management Consulting business (approximately 73% of group sales), the Logistics business (logistics consulting and BPO), and the Digital Solutions business (web advertising, IT consulting, and HR solutions). Its primary clients are owners and executives of mid-sized and small-to-medium-sized enterprises, and it supports management challenges across industries through monthly advisory services, management study groups, and project-based consulting. For FY2025 (ending December 2025), the company achieved record-high results with net sales of ¥33,330 million and operating profit of ¥8,813 million. It is listed on the Prime Market of the Tokyo Stock Exchange.

Business Model

The core of revenue is stock-type income from monthly support consulting (FY2025 (ending December 2025): ¥15,963 million) and management study group membership fees (same period: ¥2,984 million). Combined with high-unit-price project-type consulting (same period: ¥4,134 million), this achieves a highly profitable structure with an operating margin of 34.2% in the management consulting business. The Logistics and Digital businesses play complementary roles, and the company continues to expand its business domains through a group-in strategy via M&A.

Company Strengths

Monthly support for the management consulting business (¥15,963 million) and Management Study Group membership fees (¥2,984 million) form stable recurring revenue. Membership in the Management Study Group reached a record high, driven by higher contract unit prices and membership fee increases. The operating margin of this business remains extremely high at 34.2%.

For FY2025 (ending December 2025), net sales reached ¥33,330 million (up 8.8% year on year), operating profit ¥8,813 million (up 5.9%), and net income ¥6,526 million (up 8.9%), all record highs. ROE stood at 26.5%, exceeding the target under the previous medium-term management plan (25% or higher), demonstrating high capital efficiency.

In FY2025 (ending December 2025) alone, the group added Alma Creation (marketing), Apparel Web (web marketing for apparel), and MI Consulting (M&A consulting). A local subsidiary was also established in India, steadily expanding the group's areas of expertise and geographic coverage.

ENVALITH's Perspective

In Q1 FY2026, the company secured revenue growth with net sales of ¥7,944 million (up 2.2% year on year); however, SG&A expenses rose sharply from ¥871 million to ¥1,286 million due to aggressive investment in human capital, M&A, and office space, resulting in a decline in operating profit to ¥2,100 million (down 9.0% year on year). While monthly support services grew a robust 10.2%, this has not yet been sufficient to absorb the upfront investment costs, and the timing of when these investment effects materialize will be key to earnings recovery. Achieving the full-year forecast (operating profit of ¥9,100 million, up 3.3% year on year) will require an acceleration of profitability in the latter half of the fiscal year.

Logistics BPO net sales fell sharply to ¥610 million in Q1 FY2026 (down 30.2% year on year), reflecting a deliberate policy of downsizing this business. At the same time, the consolidation of reporting segments into a single category means that individual profitability figures for the Logistics and Digital Solutions businesses are no longer disclosed separately. As an external factor, rising energy prices and labor costs affecting small and medium-sized enterprises are intensifying management challenges for customers, which serves as a tailwind for consulting demand, but the impact on customers' ability to pay also warrants close monitoring.

Quarterly net profit attributable to owners of the parent in Q1 FY2026 reached a record high of ¥1,391 million (up 1,658.8% year on year), but this was primarily due to the absence of the ¥2,156 million impairment loss (extraordinary loss) recorded in the same period last year; on an ordinary profit basis, the result was actually a decline of 8.0%. Extraordinary losses in Q1 FY2026 consisted only of office relocation expenses of ¥139 million, and underlying earning power should be assessed based on ordinary profit of ¥2,137 million. The full-year net profit forecast of ¥6,550 million (up 0.4% year on year) appears conservative, and it will be necessary to confirm consistency with the underlying earnings level once special factors are stripped out.

Growth Strategy

The medium-term plan targeting ¥46,000 million in net sales by FY2028 has launched, centered on mid-sized enterprise consulting and AX/DX

Driving growth through both higher contract unit prices and an expanded client base for monthly support services targeting SMEs. Achieved double-digit growth of +10.2% YoY in Q1 FY2026, continuing the upward trend in recurring revenue. Order backlog of ¥9,640 million (+9.1% YoY) underpins visibility of future sales.

Under the medium-term management plan (2026-2028), in addition to conventional SME consulting, the company aims to become the leading company in mid-sized enterprise consulting and mid-sized-enterprise-transition consulting, a market expanding on the back of national policy tailwinds. FY2026 marks the plan's first year.

Strongly promoting AI transformation (AX) and DX consulting in collaboration with global platform providers. Positioned as a priority measure in the medium-term management plan, aiming to provide services tailored to the management needs of client companies.

In January 2026, Logi Create Co., Ltd., a company specializing in SCM consulting, joined the group, strengthening the support framework for SCM aimed at shipper companies. The company plans to continue M&A investments going forward, expanding its consulting domains while enhancing alliance capabilities within the group.

Made proactive human capital and office investments in Q1 FY2026, resulting in a +47.6% YoY increase in SG&A expenses. Office relocation costs of ¥139 million were recorded as an extraordinary loss. While these upfront investment-related cost increases are pressuring profits in the short term, they are positioned as groundwork for future business expansion.

Last updated: July 17, 2026