Overview
Services

Insource Co.,Ltd.

Insource Co., Ltd. is a leading Japanese human capital development company offering a comprehensive suite of training and HR technology services to corporations and public sector organizations. Core offerings include instructor-dispatched corporate training programs (24,654 sessions annually), open-enrollment public seminars (159,328 attendees annually), and the proprietary cloud-based LMS/HR platform 'Leaf' (860 paying organizations, 5.02 million users). The company also provides DX/IT training, video e-learning content, organizational consulting, and assessment services, covering the full spectrum of workforce development needs.

Market Cap
¥59.0B
US$376M
EV
¥50.7B
US$323M
Stock¥702▲+0.14%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
8.0
x
LTM EV/EBIT
8.3
x
LTM PER
13.7
x
LTM PBR
4.4
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-44.2%pt
1001
Oct 24, 25 – Oct 23, 26StockTOPIX
1Jul 22, 26Board approved share buyback and cancellation; Q3 FY2026/09 earnings announced
MC → EV Bridge
59.0BUS$376MMarket Cap0.00BUS$0.00M+ Debt8.22BUS$52.4M− Cash0.10BUS$0.62M− Inv. Sec.50.7BUS$323MEV
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Performance & Balance
Revenue 5Y (¥B)
7.50US$47.8M'21/99.42US$60.1M'22/910.8US$68.8M'23/912.5US$79.6M'24/914.5US$92.5M'25/9
EBITDA 5Y (¥B)
2.53US$16.1M'21/93.50US$22.3M'22/94.11US$26.2M'23/95.11US$32.6M'24/96.16US$39.3M'25/9
Net Income 5Y (¥B)
1.57US$10.0M'21/92.23US$14.2M'22/92.68US$17.1M'23/93.36US$21.4M'24/94.13US$26.3M'25/9
Capital Structure
100%
EquityD/E 0.00xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
2.71US$17.3M'21/93.90US$24.9M'22/93.84US$24.5M'23/95.87US$37.5M'24/98.29US$52.9M'25/9
Shareholders
Top 10 hold 63.1%
1
Ruplus Co., Ltd.
30.19%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
6.66%
3
Takayuki FUNABASHI
6.52%
4
Custody Bank of Japan, Ltd. (Trust Account)
3.94%
5
Kumiko KAWABATA
3.58%
6
MSIP CLIENT SECURITIES (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)
3.05%
7
STATE STREET BANK AND TRUST COMPANY 505301 (Standing Proxy: Mizuho Bank, Ltd.)
2.81%
8
RE FUND 107-CLIENT AC (Standing Proxy: Citibank, N.A., Tokyo Branch)
2.62%
9
Break Co., Ltd.
1.90%
10
GOVERNMENT OF NORWAY-CFD (Standing Proxy: Citibank, N.A., Tokyo Branch)
1.86%
Management
11 officers
Takayuki FUNABASHI
Representative Director, Executive Officer, President
Apr 1988 Joined Sanwa Bank, Ltd. (now MUFG Bank, Ltd.) Aug 2001 Joined Plaza Create Co., Ltd. Nov 2002 Established the Company; appointed Representative Director Aug 2015 Appointed Representative Director, Executive Officer, President of the Company (current) Jul 2021 Appointed Director, Insource Marketing Design Co., Ltd. Mar 2022 Appointed Director, Mitemo Co., Ltd. Dec 2022 Appointed Representative Director, Insource Marketing Design Co., Ltd. (current) Oct 2023 Appointed Representative Director, Insource Consulting Co., Ltd. Oct 2023 Appointed Representative Director, Insource Creative Solutions Co., Ltd. (current) Apr 2025 Appointed Director, Insource Research Institute Co., Ltd. (current)
1964-04-03
Kumiko KAWABATA
Director, Managing Executive Officer
Apr 1989 Joined Sanwa Bank, Ltd. (now MUFG Bank, Ltd.) Apr 1997 Joined Management Support Co., Ltd. Nov 2002 Appointed Director of the Company Jun 2014 Appointed General Manager, Administration Division of the Company Jan 2015 Appointed General Manager, Public Course Division of the Company Aug 2015 Appointed Director, Managing Executive Officer of the Company (current) Dec 2016 Appointed Director, Mitemo Co., Ltd. Feb 2020 Director, Rashiku Co., Ltd. (current) Oct 2023 Appointed Director, Insource Consulting Co., Ltd. Sep 2024 Appointed Director, Insource Digital Academy Co., Ltd. (current)
1968-08-30
Shigeo FUJIMOTO
Director, Executive Officer
Apr 1988 Joined Sony Corporation Apr 2007 Joined Sony Communication Network Corporation (now Sony Group Corporation) Jan 2012 Appointed Executive Officer of the Company (current) Jun 2014 Appointed General Manager, Second Division of the Company Jan 2015 Appointed General Manager, Administration Division of the Company Dec 2015 Appointed Director of the Company (current) Dec 2015 Appointed General Manager, Administration Department of the Company Dec 2016 Appointed Director, Mitemo Co., Ltd. Jan 2017 Appointed General Manager, Business Administration Department of the Company Jul 2018 Appointed Director, Rashiku Co., Ltd. Sep 2018 Responsible for Corporate Strategy Office of the Company Apr 2019 Appointed Director, Executive Officer, General Manager, Group Business Administration Department of the Company Oct 2019 Appointed Director, Insource Digital Academy Co., Ltd. Dec 2019 Appointed Director, Mirai Sozo & Company Co., Ltd. Dec 2022 Appointed Director, Insource Business Rep Co., Ltd. Apr 2023 Appointed Visiting Professor, Graduate School of Business Administration, Kobe University (current) Oct 2023 Appointed Director, Insource Consulting Co., Ltd. Nov 2023 Appointed Executive Officer in charge of Group Corporate Planning Department of the Company (current) Nov 2023 Appointed Executive Officer in charge of Group Accounting Department of the Company Apr 2025 Appointed Representative Director, Insource Research Institute Co., Ltd. (current) Jun 2025 Appointed Executive Officer in charge of Group Business Administration and Accounting Department of the Company (current)
1965-03-06
Daisuke KANAI
Director, Executive Officer
Mar 2002 Joined Meiwa Estate Co., Ltd. Jul 2003 Joined Ichiko Co., Ltd. (now Ichiko Group Holdings Co., Ltd.) May 2006 Joined the Company Feb 2015 Appointed Executive Officer of the Company Dec 2019 Appointed Director, Mirai Sozo & Company Co., Ltd. Dec 2019 Appointed Director, Executive Officer of the Company (current) Dec 2020 Appointed Director, Mitemo Co., Ltd. Dec 2022 Appointed Director, Insource Digital Academy Co., Ltd. Sep 2024 Appointed Director, Managing Executive Officer, Insource Digital Academy Co., Ltd. Dec 2024 Appointed Representative Director, Executive Officer, President, Insource Digital Academy Co., Ltd. (current)
1978-08-04
Takashi YURI
Director
Apr 1983 Joined Nichimen Corporation (now Sojitz Corporation) Jun 1987 Seconded to Techmatrix Corporation Mar 1998 Appointed Director, Techmatrix Corporation Apr 2000 Appointed Representative Director, President, Techmatrix Corporation Jul 2004 Appointed Representative Director, President and Chief Operating Officer, Techmatrix Corporation Aug 2007 Appointed Executive Officer, iChigo LLC Sep 2007 Appointed Director, Cross Head Co., Ltd. Aug 2009 Appointed Director, Casareal Co., Ltd. Apr 2024 Appointed Director, Techmatrix Corporation Jun 2024 Appointed Outside Director, Riskmonster Co., Ltd. (current) Aug 2024 Appointed Representative Director, TY Insight Co., Ltd. (current) Sep 2024 Appointed Outside Director, Lasertec Corporation (current) Dec 2024 Appointed Outside Director, IBC Co., Ltd. (current) Dec 2025 Appointed Director of the Company (current)
1960-09-24
Yoshiko NIWAMOTO
Director
Mar 2015 Completed doctoral program, Graduate School of Business Administration, Kobe University Apr 2015 Appointed Full-time Lecturer, Faculty of Business Administration, Setsunan University Oct 2016 Appointed Part-time Lecturer, Faculty of Business Administration, Ryukoku University Dec 2016 Appointed Part-time Lecturer, Graduate School of Business (MBA), Doshisha University Apr 2017 Appointed Associate Professor, Graduate School of Business Administration, Kobe University (current) Sep 2019 Appointed Part-time Lecturer, Faculty of Business Administration, Konan University Aug 2020 Appointed Visiting Associate Professor, Kyushu University Business School Apr 2022 Appointed Member, Hyogo Prefecture Minimum Wage Council Dec 2023 Appointed Director of the Company (current)
1985-10-17
Kohei HABARA
Director
Apr 2017 Joined PwC Advisory LLC Sep 2019 Joined Midas Entertainment Inc. (now GENDA Inc.) Apr 2021 Appointed Director, Kiddleton, Inc. Aug 2021 Appointed Director, Tokyo Character Makers Inc. Aug 2021 Appointed Executive Officer, GENDA Inc. Sep 2023 Appointed Chief Strategy Officer, GENDA Inc. (current) Nov 2023 Appointed Representative Director, President, GENDA Capital Inc. (current) Apr 2024 Appointed Director, GENDA Inc. Dec 2024 Appointed Director of the Company (current) Apr 2025 Appointed Managing Director, GENDA Inc. (current)
1994-09-09
Kei TAKAHARA
Full-time Corporate Auditor
Apr 1992 Joined Sanwa Bank, Ltd. (now MUFG Bank, Ltd.) Jul 2018 Joined the Company Aug 2018 Appointed Executive Officer of the Company Feb 2020 Appointed Director, Rashiku Co., Ltd. Apr 2023 Appointed Executive Officer, Insource Digital Academy Co., Ltd. Dec 2024 Appointed Corporate Auditor of the Company (current)
1968-07-25
Kunihiro NAKAHARA
Corporate Auditor
Oct 2000 Joined Deloitte Touche Tohmatsu (now Deloitte Touche Tohmatsu LLC) Apr 2004 Registered as Certified Public Accountant Oct 2006 Appointed Representative Director, Lexicom Co., Ltd. (current) Apr 2012 Appointed Visiting Professor, Graduate School of Accounting Professional Studies, Aoyama Gakuin University Oct 2012 Registered as Certified Tax Accountant Apr 2015 Appointed Project Associate Professor, Graduate School of International Accounting, Chuo University Jul 2015 Appointed Member, Contract Monitoring Committee, Japan Agency for Medical Research and Development (current) Apr 2017 Appointed Project Professor, Graduate School of International Accounting, Chuo University Dec 2022 Appointed Corporate Auditor of the Company (current) Feb 2025 Appointed Managing Partner, Lexicom Audit Corporation (current)
1974-02-19
Masayuki MURATA
Corporate Auditor
Apr 1991 Joined Osaka Securities Exchange Jul 2003 Appointed Executive Officer, Osaka Securities Exchange Co., Ltd. Jun 2013 Appointed Executive Officer, Tokyo Stock Exchange, Inc. Apr 2018 Appointed Representative Partner, Public Gate LLC (current) Jun 2018 Appointed Director, Rigua Inc. (current) Jul 2018 Appointed Corporate Auditor, Smaregi, Inc. (current) Mar 2019 Appointed Director and Audit and Supervisory Committee Member, Chatwork Co., Ltd. (now kubell Inc.) (current) Dec 2024 Appointed Corporate Auditor of the Company (current)
1969-02-14
Toshihiro ORITATE
Corporate Auditor
Apr 1980 Joined Bank of Japan Feb 2004 Seconded to Osaka Securities Exchange; appointed Managing Executive Officer Jul 2006 Returned to Bank of Japan Jun 2010 Appointed General Manager, Personnel Affairs Department, Bank of Japan Jun 2012 Appointed Managing Director, Japan Securities Finance Co., Ltd. Jun 2016 Appointed Senior Managing Director, Japan Securities Finance Co., Ltd. Jun 2018 Appointed Representative Director, President, Nisshoken Trust & Banking Co., Ltd. Jun 2025 Appointed Non-Executive Special Advisor, Nisshoken Trust & Banking Co., Ltd. (current) Dec 2025 Appointed Corporate Auditor of the Company (current)
1957-12-06
Large Shareholding Reports
No filings
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-03
Q3 Earnings Flash
FY ending Sep 2026
TDnet
2026-07-21
Q3 Earnings Flash
FY ending Sep 2026
EDINET
2026-05-13
Semi-Annual Securities Report
Period: Oct 2025 – Sep 2026
TDnet
2026-02-04
Q1 Earnings Flash
FY ending Sep 2026
TDnet
2026-01-26
Q1 Earnings Flash
FY ending Sep 2026
EDINET
2025-12-16
Annual Securities Report
Period: Oct 2024 – Sep 2025
TDnet
2025-08-04
Q3 Earnings Flash
FY ending Sep 2025
TDnet
2025-07-22
Q3 Earnings Flash
FY ending Sep 2025
EDINET
2025-05-13
Semi-Annual Securities Report
Period: Oct 2024 – Sep 2025
TDnet
2025-02-05
Q1 Earnings Flash
FY ending Sep 2025
TDnet
2025-01-27
Q1 Earnings Flash
FY ending Sep 2025
EDINET
2024-12-23
Annual Securities Report
Period: Oct 2023 – Sep 2024
EDINET
2024-05-14
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-12-18
Annual Securities Report
Period: Oct 2022 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-05-12
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
EDINET
2023-02-14
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-12-19
Annual Securities Report
EDINET
2022-08-12
Quarterly Securities Report
EDINET
2022-05-12
Quarterly Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-12-20
Annual Securities Report
EDINET
2021-08-12
Quarterly Securities Report
EDINET
2021-05-13
Quarterly Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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