Overview
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Startline CO.,LTD.

Startline provides comprehensive disability employment support services to corporate clients in Japan, offering a diverse portfolio including satellite office services (INCLU, INCLU ONE), indoor farm-based employment (IBUKI), roastery-style employment (BYSN), and integrated consulting tailored to each company's needs. The company also operates individual-facing services such as job transition support (FITIME) and vocational training programs. Its competitive strength lies in scientifically grounded support methodologies—drawing on applied behavior analysis and ACT—backed by its proprietary CBS Human Support Laboratory and a custom-developed online support system, Enable360.

Market Cap
¥3.10B
US$19.7M
EV
¥5.57B
US$35.4M
Stock¥750▲+2.74%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
6.6
x
LTM EV/EBIT
12.4
x
LTM PER
7.2
x
LTM PBR
1.6
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-47.3%pt
100
Dec 22, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
3.10BUS$19.7MMarket Cap4.68BUS$29.8M+ Debt2.22BUS$14.1M− Cash0.00BUS$0.00M− Inv. Sec.5.57BUS$35.4MEV
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Performance & Balance
Revenue 5Y (¥B)
2.55US$16.3M'22/33.23US$20.5M'23/33.61US$23.0M'24/34.47US$28.5M'25/35.60US$35.7M'26/3
Net Income 5Y (¥B)
-0.22-US$1.39M'22/30.08US$0.52M'23/30.04US$0.26M'24/30.14US$0.92M'25/30.43US$2.76M'26/3
Capital Structure
29%
71%
EquityD/E 2.42xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
'22/3'23/3'24/33.31US$21.0M'25/32.33US$14.8M4.55US$29.0M'26/3
Shareholders
Top 10 hold 70.6%
1
Stone Co., Ltd.
26.68%
2
West Co., Ltd.
10.36%
3
Kenji NISHIMURA
5.79%
4
Shinri HASEGAWA
5.79%
5
Koichi SHIRAKI
5.79%
6
Reiichi SASAKI
4.73%
7
SMBC Nikko Securities Inc.
3.22%
8
Ryohei IKEHARA
3.02%
9
Rakuten Securities, Inc. (Joint Account)
2.82%
10
SBI SECURITIES Co., Ltd.
2.41%
Management
9 officers
Kenji NISHIMURA
Representative Director, President
Apr 1989 Joined Lotwise Co., Ltd. Aug 1993 Joined Biwako Logistics Service Co., Ltd. Nov 1996 Joined Entry Co., Ltd. Jun 1999 Transferred to Fullcast Co., Ltd. (now Fullcast Holdings Co., Ltd.) Apr 2004 Assumed position of Representative Director, Fullcast Telemarketing Co., Ltd. Apr 2006 General Manager, Kyushu and Shikoku Area, Fullcast Factory Co., Ltd. Dec 2009 Established the Company; assumed position of Representative Director, President (current) Apr 2010 Assumed position of Director, Beat Co., Ltd. Jan 2011 Assumed position of Representative Director, Beat Co., Ltd. May 2012 Resigned as Director, Beat Co., Ltd. Nov 2020 Assumed position of Representative Director, West Co., Ltd. (current) Oct 2023 Assumed position of Chairperson, Japan Association of Businesses for Employment Promotion of Persons with Disabilities (current)
1969-02-01
Shinri HASEGAWA
Director
Jun 1998 Joined News Broadcasting Japan K.K. (now FOX Networks K.K.) Jul 2001 Joined SoftBank BroadMedia K.K. (now BroadMedia Corporation) Sep 2004 Joined Fullcast Co., Ltd. (now Fullcast Holdings Co., Ltd.) Oct 2004 Seconded to Fullcast Telemarketing Co., Ltd., General Manager, Administration Division Jun 2009 Senior Officer in charge of PR and IR, Fullcast Holdings Co., Ltd. Dec 2009 Established the Company; assumed position of Director (current) May 2021 Assumed position of Representative Director, Startline Planet Co., Ltd.
1977-02-13
Koichi SHIRAKI
Director
Apr 1997 Joined Bobson Co., Ltd. Mar 1999 Joined Mycal Card Co., Ltd. (now Pocket Card Co., Ltd.) Oct 1999 Joined Fullcast Co., Ltd. (now Fullcast Holdings Co., Ltd.) Oct 2003 General Branch Manager, Chugoku, Shikoku and Kyushu Area, same company Oct 2004 Area Manager, Kyushu Area, same company Oct 2006 General Manager, Service Staff Business Division, same company Oct 2008 General Manager, Planning Division, same company Jun 2009 Area Manager, East Japan Area, same company Dec 2009 Established the Company; assumed position of Director (current)
1974-09-25
Tsuyoshi INOUE
Director
Apr 1992 Joined Meiji Consultant Co., Ltd. Apr 1996 Joined Fullcast Co., Ltd. (now Fullcast Holdings Co., Ltd.) Oct 2002 Transferred to Fullcast Technology Co., Ltd.; Head of IPO Preparation Office and Head of Internal Audit Office (concurrent) Oct 2003 Head of Accounting and Finance Division and Head of President's Office, same company (concurrent) Oct 2006 General Manager, Management Administration Division, same company Oct 2009 Joined Able Co., Ltd.; General Manager, Corporate Planning Division Jan 2013 Established T.I Management Consulting (current) Apr 2014 Joined Fit Co., Ltd. (now Green Energy & Company Co., Ltd.) as Advisor and General Manager, Management Administration Division Feb 2020 Assumed position of Director of the Company (current) May 2021 Assumed position of Audit & Supervisory Board Member, Startline Planet Co., Ltd. Mar 2023 Assumed position of Director, Startline Planet Co., Ltd.
1971-11-18
Takahiro ISHIKAWA
Director
Sep 1990 Assumed position of Senior Managing Director, Resort World Co., Ltd. (now Fullcast Holdings Co., Ltd.) Sep 2000 Assumed position of Representative Director, Fullcast Factory Co., Ltd. Apr 2006 Assumed position of Representative Director, Fullcast Central Co., Ltd. Jan 2012 Assumed position of Director of the Company Jan 2012 Assumed position of Representative Director of the Company May 2012 Assumed position of Representative Director, Beat Co., Ltd. Dec 2014 Assumed position of Representative Director and President, Beat Tech Co., Ltd. Mar 2016 Assumed position of Director, Fullcast Holdings Co., Ltd. (current) Apr 2016 Assumed position of Representative Director and Chairman, Beat Co., Ltd. (current) Jan 2017 Assumed position of Representative Director and Chairman, Beat Tech Co., Ltd. (current) Nov 2019 Assumed position of Representative Director, Stone Co., Ltd. (current) Jan 2020 Resigned as Representative Director of the Company
1967-07-22
Kaori SATO
Outside Director
Oct 1998 Passed the National Bar Examination Apr 1999 Legal Apprentice, Supreme Court of Japan Oct 2000 Registered as Attorney-at-Law; joined Fuji Sogo Law Office Oct 2001 Joined Torikai Sogo Law Office Sep 2010 Part-time Lecturer, Graduate School of Professional Law, Chiba University (current) Jan 2011 Assumed position of Partner, Torikai Sogo Law Office (current) Apr 2020 Member of the Steering Committee, Daini Tokyo Bar Association Jul 2021 Auditor, Soikai General Incorporated Association (current) Jul 2022 Assumed position of Outside Director of the Company (current) Nov 2022 Assumed position of Supervisory Executive Officer, Healthcare & Medical Investment Corporation (current) Dec 2022 Provisional Audit & Supervisory Board Member, Relo Group, Inc. (provisional) Mar 2023 Assumed position of Outside Director, Showcase Inc. Mar 2023 Assumed position of Outside Audit & Supervisory Board Member, Sendai Meiban Co., Ltd. (current) Jun 2023 Assumed position of Outside Audit & Supervisory Board Member, Relo Group, Inc. Jun 2024 Assumed position of Outside Director and Audit and Supervisory Committee Member, Relo Group, Inc. (current)
1973-07-30
Takao INAZU
Full-time Audit & Supervisory Board Member (Outside)
Apr 1984 Joined Green House Co., Ltd. Mar 1991 Joined MMPG Research Institute Co., Ltd. Sep 1999 Joined Metabolic Co., Ltd. Apr 2000 Assumed position of Managing Director, Metabolic Co., Ltd. Jun 2003 Assumed position of Director, Medical Corporation Shokyokai Feb 2004 Joined Social Welfare Corporation Azusakai Sep 2004 Joined Medical Corporation Shokyokai Apr 2008 Joined Japan Care Service Co., Ltd. (now Japan Care Service Group) Jun 2009 Assumed position of Audit & Supervisory Board Member, Japan Care Brain Co., Ltd. Jun 2011 Assumed position of Full-time Audit & Supervisory Board Member, Japan Care Service Co., Ltd. Apr 2013 Assumed position of Representative Director and President, Japan Care Brain Co., Ltd. Jul 2015 Joined Nurse Call Co., Ltd. Jan 2016 Assumed position of Executive Officer, Nurse Call Co., Ltd. Jan 2017 Assumed position of Director and General Manager, Corporate Planning Division, Nippon Hospice Co., Ltd. Aug 2017 Assumed position of Director and General Manager, Internal Audit Office, Nippon Hospice Co., Ltd. Jun 2020 Assumed position of Full-time Audit & Supervisory Board Member of the Company (current)
1960-07-12
Masahiro TAGUCHI
Outside Audit & Supervisory Board Member
Apr 1995 Joined TKC Corporation Jun 2000 Joined Ishikawa Accounting Office (now Aim Accounting Office) Mar 2009 Opened EMZ Sogo Accounting Office; established EMZ Co., Ltd. and assumed position of Director Aug 2009 Assumed position of Representative Tax Accountant, EMZ Tax Accountant Corporation Dec 2009 Established TZ Consulting Co., Ltd.; assumed position of Representative Director (current) Dec 2009 Opened Masahiro Taguchi Tax Accountant Office (current) Oct 2015 Assumed position of Director, TMG Co., Ltd. Nov 2015 Assumed position of Outside Director, Higashi Shinju Heavy Machinery Sales Co., Ltd. (current) Jan 2019 Assumed position of Representative Director, TMG Co., Ltd. (current) Jun 2021 Assumed position of Outside Audit & Supervisory Board Member of the Company (current) Oct 2021 Assumed position of Outside Director, Kinraisa Co., Ltd. (current) Sep 2024 Assumed position of Outside Director, Hosaka Holdings Co., Ltd. (current)
1972-03-23
Kenta HAMANAGA
Outside Audit & Supervisory Board Member
Sep 2008 Passed the National Bar Examination Nov 2008 Entered the Legal Training and Research Institute of the Supreme Court Dec 2009 Registered as Attorney-at-Law; joined Hishou Law Office May 2015 Assumed position of Partner, Hishou Law Office (current) May 2015 Assumed position of Examiner, Excellent Dispatch Business Operator and Excellent Employment Placement Operator Certification Systems (commissioned by the Ministry of Health, Labour and Welfare) (current) May 2015 Registered Attorney, Himawari Comprehensive Support Center for the Elderly and Persons with Disabilities, Osaka Bar Association (current) Dec 2015 Assumed position of Audit & Supervisory Board Member, Hishou Legal Service Co., Ltd. (current) Apr 2022 Assumed position of Management Support Advisor, Management Consultation Office, Osaka Business Creation Center, Osaka Industry Bureau Foundation (current) May 2025 Assumed position of Trustee, Nishiguchi Gakuen (current) Jun 2025 Assumed position of Trustee, Kansai Cultural Arts High School, Nara Rissho Academy of Arts (current) Jun 2026 Assumed position of Outside Audit & Supervisory Board Member, Hanwa Co., Ltd. (current)
1981-07-17
Large Shareholding Reports
Ryohei IKEHARA
2026-08-21
7.25%→5.60%
Annual report (as of 2026-03-31): 3.02%
Reiichi SASAKI
2026-04-01
6.97%
Annual report (as of 2026-03-31): 4.73%
PALM INVESTMENT MANAGEMENT PTE. LTD.
2026-03-23
5.63%→3.50%
PALM INVESTMENT MANAGEMENT PTE. LTD.
2026-01-22
5.63%
Stone Co., Ltd.
2025-12-25
28.18%
Annual report (as of 2026-03-31): 26.68%
Koichi SHIRAKI
2025-12-25
6.82%
Annual report (as of 2026-03-31): 5.79%
Shinri HASEGAWA
2025-12-25
6.82%
Annual report (as of 2026-03-31): 5.79%
West Co., Ltd.
2025-12-25
10.94%
Annual report (as of 2026-03-31): 10.36%
Ryohei IKEHARA
2025-12-24
7.25%
Annual report (as of 2026-03-31): 3.02%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-08-21
Large Shareholding Report
EDINET
2026-06-26
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-04-01
Large Shareholding Report
EDINET
2026-03-23
Large Shareholding Report
TDnet
2026-02-13
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2026-01-22
Large Shareholding Report
EDINET
2025-12-25
Large Shareholding Report
EDINET
2025-12-25
Large Shareholding Report
EDINET
2025-12-25
Large Shareholding Report
EDINET
2025-12-25
Large Shareholding Report
EDINET
2025-12-24
Large Shareholding Report
EDINETAmended
2025-12-12
Amended Securities Registration Statement
EDINETAmended
2025-12-04
Amended Securities Registration Statement
EDINET
2025-11-19
Securities Registration Statement
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