Overview
Information & Communication

Visional,Inc.

Visional is a Japan-based digital transformation company operating multiple technology-driven platforms primarily in HR Tech and incubation businesses. Its flagship service, BizReach, is Japan's leading membership-based direct recruiting platform connecting professional talent, corporations, and headhunters, while its HRMOS suite provides end-to-end HR management solutions including recruitment, talent management, attendance, and payroll. Beyond HR Tech, the group operates adjacent platforms including M&A matching (M&A Succeed), logistics DX (Trabox), and cybersecurity services (Assured, yamory).

Market Cap
¥388B
US$2.47B
EV
¥305B
US$1.94B
Stock¥9,582▼-3.26%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
11.1
x
LTM EV/EBIT
12.4
x
LTM PER
20.9
x
LTM PBR
4.5
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-28.6%pt
10012345
Oct 24, 25 – Oct 23, 26StockTOPIX
1Feb 19, 26Goldman downgrade from Buy to Neutral
2Feb 24, 26Continued impact from Goldman downgrade
3Feb 27, 26Rebound buying after downgrade
4Mar 18, 26Stock decline following quarterly earnings
5Jun 12, 26Q3 FY2026/07 earnings announced
MC → EV Bridge
388BUS$2.47BMarket Cap0.16BUS$0.99M+ Debt82.8BUS$528M− Cash1.12BUS$7.13M− Inv. Sec.0.47BUS$3.00M+ NCI305BUS$1.94BEV
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Performance & Balance
Revenue 5Y (¥B)
44.0US$280M'22/756.3US$359M'23/766.1US$422M'24/780.2US$511M'25/799.3US$633M'26/7
EBITDA 5Y (¥B)
8.83US$56.3M'22/714.0US$89.0M'23/718.5US$118M'24/722.4US$143M'25/725.9US$165M'26/7
Net Income 5Y (¥B)
5.86US$37.4M'22/79.93US$63.3M'23/713.0US$82.8M'24/716.0US$102M'25/718.6US$118M'26/7
Capital Structure
100%
EquityD/E 0.00xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
31.5US$201M0.65US$4.11M'22/741.6US$265M0.04US$0.25M'23/758.8US$375M0.05US$0.29M'24/773.6US$469M0.12US$0.76M'25/784.0US$536M0.16US$0.99M'26/7
Shareholders
Top 10 hold 68.4%
1
Soichiro MINAMI
33.77%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
11.06%
3
CEP LUX-ORBIS SICAV (Standing Proxy: Citibank, N.A., Tokyo Branch)
5.33%
4
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
4.67%
5
YJ No.2 Investment Limited Partnership
4.25%
6
Custody Bank of Japan, Ltd. (Trust Account)
2.87%
7
INTERACTIVE BROKERS LLC (Standing Proxy: Interactive Brokers Securities Japan Inc.)
2.67%
8
NORTHERN TRUST CO.(AVFC)RE UKUC UCITS CLIENTS NON LENDING 10PCT TREATY ACCOUNT (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
1.54%
9
GOLDMAN SACHS INTERNATIONAL (Standing Proxy: Goldman Sachs Japan Co., Ltd.)
1.15%
10
Shin NAGATA
1.09%
Management
7 officers
Soichiro MINAMI
Representative Director, President
Jul 1999 Joined Morgan Stanley Dean Witter Japan Limited (currently Morgan Stanley MUFG Securities Co., Ltd.) Jan 2001 Joined Pacific Century CyberWorks Japan K.K. Sep 2004 Joined Rakuten Eagles Baseball Club Inc. Aug 2007 Founded Bizreach, Inc.; Representative Director, President Oct 2010 Representative Director, LUXA Inc. (currently au Commerce & Life Inc.) Dec 2017 Representative Director, President, Bizreach Trading Inc. (currently Standby Inc.) (current) Feb 2020 Representative Director, President, the Company (current) Jul 2022 Chairman of the Board, Bizreach, Inc. Apr 2024 Chairman, Rural Reconstruction Association (public interest foundation) (current) Jun 2024 Outside Director, Marubeni Corporation (current)
1976-06-15
Satoshi MURATA
Director
May 2003 Joined GlobalMedia Online Inc. (currently GMO Internet Group, Inc.) May 2006 Joined Viacom International Japan Inc. (currently Paramount Global Japan K.K.) Dec 2008 Joined Select Square Inc. Feb 2011 Joined LUXA Inc. (currently au Commerce & Life Inc.) Nov 2012 Representative Director, LUXA Inc. Aug 2019 Joined Bizreach, Inc.; Director Feb 2020 Director and COO, the Company Aug 2021 Director and Executive Officer, the Company; Representative Director, President, Visional Incubation Inc. (currently M&A Succeed Inc.) Nov 2021 Representative Director, President, Visional Incubation Inc. (currently Assured Inc.) Aug 2022 Director, the Company (current) Representative Director, President, Trabox Inc.
1979-04-13
Tetsuya SAKAI
Director
Apr 2003 Joined Nihon Sports Vision Inc. Oct 2004 Joined Recruit Avelic Inc. (currently Recruit Co., Ltd.) Nov 2015 Joined Bizreach, Inc. Feb 2020 Executive Officer, the Company; Director and Vice President, Bizreach, Inc. Jul 2022 Representative Director, President, Bizreach, Inc. (current) Oct 2022 Director, the Company (current)
1980-04-06
Risako SUETO
Director
Apr 2004 Joined Morgan Stanley Securities Co., Ltd. (currently Morgan Stanley MUFG Securities Co., Ltd.) Jul 2010 Joined GE Japan Corporation (currently GE Japan Ltd.) Jan 2016 Joined GlaxoSmithKline K.K. Jul 2019 Joined Bizreach, Inc. Feb 2020 CFO and Executive Officer, the Company May 2023 Director, Bizreach, Inc. (current) Oct 2024 Director, CFO and Executive Officer, the Company (current)
1980-06-21
Naoko HARIMA
Outside Director (Full-time Audit and Supervisory Committee Member)
Oct 2003 Joined Asahi Audit Corporation (currently Azusa Audit LLC) Jul 2007 Registered as Certified Public Accountant Apr 2008 Opened Naoko Harima Certified Public Accountant Office; Representative (current) Joined Japan Hotel and Resort, Inc. (currently Japan Hotel REIT Advisors Co., Ltd.) Jul 2017 Outside Audit & Supervisory Board Member, Nihon Kankyo Sekkei Co., Ltd. (currently JEPLAN, Inc.) Jan 2018 Outside Audit & Supervisory Board Member, Kinopharma, Inc. Jun 2018 Outside Director, Atsugi Co., Ltd. Jan 2019 Audit & Supervisory Board Member, Bizreach, Inc. (current) Feb 2020 Outside Director (Audit and Supervisory Committee Member), the Company (current) May 2023 Outside Director (Audit and Supervisory Committee Member), Francfranc Corporation Sep 2023 Outside Director (Audit and Supervisory Committee Member), Qbnet Holdings Co., Ltd. (current) Jun 2025 Outside Director (Audit and Supervisory Committee Member), Paramount Bed Holdings Co., Ltd. (current) Sep 2025 Outside Director (Audit and Supervisory Committee Member), Logizard Co., Ltd. (current)
1980-10-27
Chuji ISHIMOTO
Outside Director (Audit and Supervisory Committee Member)
Aug 1997 Joined KPMG Peat Marwick (currently KPMG Tax Corporation) Apr 2000 Registered as Certified Tax Accountant Apr 2001 Director, Doctor Net Co., Ltd. Oct 2002 Representative Partner, Mentor Capital Tax Office (currently Mentor Capital Tax Corporation) Representative Director, Mentor Capital FAS Inc. (currently Mentor Capital Holdings Inc.) (current) Jan 2005 Audit & Supervisory Board Member, Goodman Japan Ltd. Jan 2011 Outside Audit & Supervisory Board Member, ENIGMO Inc. Dec 2012 Outside Audit & Supervisory Board Member, United Inc. Apr 2013 Outside Audit & Supervisory Board Member, Bizreach, Inc. Jan 2015 Outside Audit & Supervisory Board Member, i-mobile Co., Ltd. Feb 2015 Outside Audit & Supervisory Board Member, Money Forward, Inc. Jun 2016 Outside Director, United Inc. (current) Feb 2020 Outside Director (Audit and Supervisory Committee Member), the Company (current) Oct 2021 Outside Director (Audit and Supervisory Committee Member), i-mobile Co., Ltd. (current) Oct 2023 Outside Director (Audit and Supervisory Committee Member), Tsukuruba Inc. (current)
1973-10-09
Maiko CHIHARA
Outside Director (Audit and Supervisory Committee Member)
Oct 2002 Registered as Attorney-at-Law; Joined Nagashima Ohno & Tsunematsu Nov 2011 Joined Kataoka Sogo Law Office (currently Kataoka Sogo Law Office LPC) Jan 2014 Partner, Kataoka Sogo Law Office LPC (current) Jun 2014 Supervisory Officer, Tokio Marine Private REIT Investment Corporation Jun 2015 Outside Audit & Supervisory Board Member, Nihon Avionics Co., Ltd. Dec 2017 Outside Audit & Supervisory Board Member, Japan Renewable Energy Corporation (currently ENEOS Renewable Energy Corporation) Aug 2019 Outside Audit & Supervisory Board Member, Bizreach, Inc. Feb 2020 Outside Director (Audit and Supervisory Committee Member), the Company (current) Jun 2022 Outside Director (Audit and Supervisory Committee Member), DM Mitsui Sugar Holdings Co., Ltd. (currently DM Mitsui Sugar Co., Ltd.) (current) Outside Audit & Supervisory Board Member, yutori Inc. (current) May 2024 Auditor, Organization for the Promotion of Decarbonization-Oriented Economic Structure Transition (current) Jun 2024 Outside Audit & Supervisory Board Member, Tokyo Century Corporation (current)
1974-05-03
Large Shareholding Reports
Capital Research and Management Company
2026-09-25
5.67%→5.64%
Soichiro MINAMI
2026-09-04
34.69%→33.70%
Annual report (as of 2026-07-31): 33.77%
Capital Research and Management Company
2026-07-07
5.08%→5.67%
Fidelity Management & Research Company LLC
2026-06-23
3.15%→2.48%
FMR LLC
2026-06-23
—
Orbis Investment Management Limited
2026-06-22
6.67%→8.78%
Fidelity Management & Research Company LLC
2026-06-09
3.15%
FMR LLC
2026-06-09
—
Orbis Investment Management Limited
2026-05-12
5.51%→6.67%
Orbis Investment Management Limited
2026-04-22
5.51%
Capital Research and Management Company
2026-03-06
4.17%→5.08%
FMR LLC
2026-03-06
5.37%→3.72%
FMR LLC
2025-12-22
5.37%
Soichiro MINAMI
2025-09-22
36.12%→34.69%
Annual report (as of 2026-07-31): 33.77%
Capital Research and Management Company
2025-08-22
4.17%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-21
Annual Securities Report
Period: Aug 2025 – Jul 2026
EDINET
2026-09-25
Large Shareholding Report
TDnet
2026-09-10
Full-Year Earnings Flash
FY ending Jul 2026
EDINET
2026-09-04
Large Shareholding Report
EDINET
2026-07-07
Large Shareholding Report
EDINET
2026-06-23
Large Shareholding Report
EDINETAmended
2026-06-23
Change Report
EDINET
2026-06-22
Large Shareholding Report
TDnet
2026-06-11
Q3 Earnings Flash
FY ending Jul 2026
EDINET
2026-06-09
Large Shareholding Report
EDINETAmended
2026-06-09
Change Report
EDINET
2026-05-12
Large Shareholding Report
EDINET
2026-04-22
Large Shareholding Report
EDINET
2026-03-17
Semi-Annual Securities Report
Period: Aug 2025 – Jul 2026
EDINET
2026-03-06
Large Shareholding Report
EDINET
2026-03-06
Large Shareholding Report
EDINET
2025-12-22
Large Shareholding Report
TDnet
2025-12-11
Q1 Earnings Flash
FY ending Jul 2026
EDINET
2025-10-22
Annual Securities Report
Period: Aug 2024 – Jul 2025
EDINET
2025-09-22
Large Shareholding Report
EDINET
2025-08-22
Large Shareholding Report
TDnet
2025-06-12
Q3 Earnings Flash
FY ending Jul 2025
EDINET
2025-03-14
Semi-Annual Securities Report
Period: Aug 2024 – Jul 2025
TDnet
2024-12-12
Q1 Earnings Flash
FY ending Jul 2025
EDINET
2024-10-30
Annual Securities Report
Period: Aug 2023 – Jul 2024
EDINET
2024-06-14
Quarterly Securities Report
Period: Feb 2024 – Apr 2024
EDINET
2024-03-15
Quarterly Securities Report
Period: Nov 2023 – Jan 2024
EDINET
2023-12-15
Quarterly Securities Report
Period: Aug 2023 – Oct 2023
EDINET
2023-10-25
Annual Securities Report
Period: Aug 2022 – Jul 2023
EDINET
2023-06-14
Quarterly Securities Report
Period: Feb 2023 – Apr 2023
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