Overview
Services

Nagase Brothers Inc.

Nagase Co., Ltd. is a diversified education group operating across multiple segments in Japan and internationally. The company's core business includes college preparatory education through Toshin High School (東進ハイスクール), Toshin Satellite Preparatory School, and Waseda Juku targeting high school students, as well as primary and junior high school education through Yotsuya Otsuka (四谷大塚). The group also operates sports and wellness facilities under the Itoman Swimming School brand, business education for university students and working adults via Toshin Business School, and international operations in Singapore and China.

Market Cap
¥55.9B
US$357M
EV
¥52.6B
US$336M
Stock¥2,343▼-0.21%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
5.7
x
LTM EV/EBIT
9.0
x
LTM PER
15.8
x
LTM PBR
2.1
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-3.2%pt
10012
Oct 24, 25 – Oct 23, 26StockTOPIX
1Oct 28, 25Digital talent development partnership with Kirin
2Apr 1, 26Activist fund-related selling pressure
MC → EV Bridge
55.9BUS$357MMarket Cap36.8BUS$235M+ Debt15.4BUS$98.0M− Cash24.8BUS$158M− Inv. Sec.52.6BUS$336MEV
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Performance & Balance
Revenue 5Y (¥B)
49.4US$315M'22/352.4US$334M'23/353.0US$338M'24/355.3US$352M'25/364.2US$409M'26/3
EBITDA 5Y (¥B)
7.85US$50.0M'22/37.80US$49.7M'23/37.21US$46.0M'24/37.71US$49.1M'25/39.20US$58.7M'26/3
Net Income 5Y (¥B)
3.44US$21.9M'22/34.00US$25.5M'23/32.60US$16.6M'24/31.96US$12.5M'25/33.98US$25.4M'26/3
Capital Structure
42%
58%
EquityD/E 1.37xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
32.0US$204M28.9US$185M'22/331.8US$203M26.3US$168M'23/341.9US$268M28.5US$182M'24/337.9US$242M30.1US$192M'25/346.3US$295M28.7US$183M'26/3
Shareholders
Top 10 hold 76.6%
1
Shogakusha Co., Ltd.
37.00%
2
Akiyuki NAGASE
17.91%
3
N, apple Co., Ltd.
9.36%
4
Mizuho Bank, Ltd.
4.99%
5
Akinori NAGASE
2.16%
6
Custody Bank of Japan, Ltd. (Trust Account)
1.67%
7
Nagase Brothers Inc. Employee Stock Ownership Association
1.26%
8
Sumitomo Mitsui Trust Bank, Limited
0.98%
9
Teruhisa NAGASE
0.67%
10
Shigeo KURODA
0.56%
Management
9 officers
Akiyuki NAGASE
Representative Director, President
Mar 1974 Graduated from Faculty of Economics, University of Tokyo Apr 1974 Joined Nomura Securities Co., Ltd. May 1976 Founded the Company; Representative Director, President Sep 1987 Representative Director, President, Toshin School Co., Ltd. (current) Dec 1988 Representative Director, President, Shogakusha Co., Ltd. (formerly Shogakusha Ltd.) (current) Apr 1989 Established Tokyo Seikogakuen Educational Corporation; Chairman of the Board of Trustees (current) Feb 1992 Representative Director, President, Ikuei-sha Educational Research Institute Co., Ltd. (now Toshin Ikueisha Co., Ltd.) (current) Feb 2004 Representative Director, President, Nagase Management Co., Ltd. (current) Oct 2005 Representative Director, President, Shinkyu School Co., Ltd. (now Toshin Shikoku Co., Ltd.) (current) Oct 2006 Representative Director, President, Yotsuya Otsuka Co., Ltd. (current) Oct 2006 Representative Director, President, Yotsuya Otsuka Publishing Co., Ltd. (current) Oct 2006 Representative Director, President, Daiin Printing Co., Ltd. (current) Jan 2008 Representative Director, President, ISS Co., Ltd. (now Itoman Swimming School Co., Ltd.) Jun 2009 Representative Director, President, NAGASE BROTHERS INTERNATIONAL PTE. LTD. (current) Dec 2014 Representative Director, President, Waseda Juku Co., Ltd. Mar 2022 Representative Director, President, Itoman Sports School Co., Ltd. Jan 2023 Representative Director, President, Humaledge Co., Ltd. Feb 2023 Representative Director, Chairman, Humaledge Co., Ltd. (current) Dec 2024 Representative Director, Chairman, Itoman Sports Wellness Co., Ltd. (current) Jun 2026 Representative Director, Chairman and CEO of the Company (current) Representative Director, Chairman, Itoman Swimming School Co., Ltd. (current) Representative Director, Chairman, Waseda Juku Co., Ltd. (current) Representative Director, Chairman, Itoman Sports School Co., Ltd. (current)
1948-09-18
Teruhisa NAGASE
Senior Managing Director, in charge of Human Resources Department, and Director, Toshin Educational Research Institute
Mar 1978 Graduated from Faculty of Education, Kagoshima University Apr 1978 Teacher, Kasumidai Junior High School, Ome City, Tokyo Apr 1980 Joined the Company Feb 1985 General Manager, Academic Affairs Division Dec 1986 General Manager, Kichijoji Operations Division Apr 1987 Director Mar 1988 Director, General Manager, Operations Division Aug 1991 Director, General Manager, School Division Jul 1993 Director, General Manager, Toshin School Division and Toshin College Division Jul 1997 Managing Director, General Manager, Content Division, and Director, Toshin Educational Research Institute Jun 2000 Managing Director, General Manager, Toshin Digital School Division, in charge of Content Division, and Director, Toshin Educational Research Institute Dec 2000 Managing Director, General Manager, Content Division, and Director, Toshin Educational Research Institute May 2014 Senior Managing Director, General Manager, Content Division, and Director, Toshin Educational Research Institute Apr 2018 Senior Managing Director, in charge of Content Division, and Director, Toshin Educational Research Institute Jul 2021 Senior Managing Director, General Manager, Human Resources Department, and Director, Toshin Educational Research Institute Apr 2024 Senior Managing Director, in charge of Human Resources Department, and Director, Toshin Educational Research Institute (current)
1956-03-10
Tetsuya SHIBUKAWA
Senior Managing Director, General Manager of Toshin High School Division, General Manager of Satellite Business Division, in charge of Management Strategy
Mar 1997 Graduated from Faculty of Law, University of Tokyo Apr 1997 Joined Tokio Marine & Nichido Fire Insurance Co., Ltd. Sep 2007 Joined Boston Consulting Group, Tokyo Office Sep 2010 Project Leader, Boston Consulting Group Sep 2012 Joined Philips Japan, Ltd.; General Manager, Strategic Planning Department Jul 2014 Joined LIXIL Corporation; General Manager, Market Strategy Development Department Feb 2017 Joined the Company Mar 2017 Managing Executive Officer, in charge of Management Strategy Nov 2017 Managing Executive Officer, Acting General Manager, Content Division, in charge of Management Strategy Apr 2018 Managing Executive Officer, General Manager, Content Division, in charge of Management Strategy Jul 2019 Senior Executive Officer, General Manager, Content Division, in charge of Management Strategy Jun 2020 Senior Managing Director, General Manager, Content Division, in charge of Management Strategy Apr 2024 Senior Managing Director, General Manager, Toshin High School Division and Content Division, in charge of Management Strategy Apr 2025 Senior Managing Director, General Manager, Toshin High School Division and Satellite Business Division, in charge of Management Strategy Jun 2026 Representative Director, President and COO, General Manager, Satellite Business Division (current)
1973-07-27
Masao UCHIUMI
Managing Director, General Manager, General Affairs Division
Mar 1985 Graduated from Faculty of Law, University of Tokyo Apr 1985 Joined Fuji Bank, Ltd. Apr 2008 General Manager, China Foreign Exchange and Funding Department, Mizuho Corporate Bank (China), Ltd. Apr 2011 General Manager, Market Sales Department, Mizuho Corporate Bank, Ltd. (now Mizuho Bank, Ltd.) Nov 2013 Deputy General Manager, General Affairs Division Jun 2014 Director, General Manager, General Affairs Division Sep 2020 Managing Director, General Manager, General Affairs Division (current)
1962-02-20
Osamu NAKAJIMA
Director
Mar 1965 Graduated from College of Economics, Nihon University Feb 1979 Established NEO MOTION Co., Ltd.; Corporate Auditor Feb 1981 Representative Director, NEO MOTION Co., Ltd. Feb 1985 Established Center Land Co., Ltd.; Representative Director Sep 2020 Chairman, Center Land Co., Ltd. (current) Jun 2021 Director of the Company (current)
1943-01-20
Yasuhiro KOIKE
Director
Mar 1977 Graduated from Faculty of Engineering, Keio University Mar 1982 Completed Doctoral Program, Graduate School of Engineering, Keio University Apr 1983 Research Assistant, Faculty of Science and Technology, Keio University Apr 1988 Full-time Lecturer, Keio University Apr 1989 Visiting Researcher, Bell Laboratories, USA Apr 1992 Associate Professor, Faculty of Science and Technology, Keio University Apr 1997 Professor, Faculty of Science and Technology, Keio University Apr 2004 Director, Keio Advanced Research Centers Apr 2010 Director, Keio Photonics Research Institute (current) Nov 2010 Councilor, Keio Gijuku Apr 2020 Professor and Professor Emeritus, Keio University Jun 2021 Director of the Company (current) Apr 2025 Project Professor, Shin-Kawasaki Advanced Research and Education Collaboration Square, Keio University (current)
1954-04-07
Atsushi KAWAMURA
Full-time Corporate Auditor
Mar 1990 Graduated from Faculty of Foreign Languages, Dokkyo University Apr 1990 Joined the Company Jul 1996 Classroom Manager, Toshin High School Shakujii Campus Jul 1998 Toshin High School Head Office Jul 2015 Manager, Toshin High School Head Office Jun 2018 Full-time Corporate Auditor of the Company (current)
1967-08-09
Masayuki JINRYO
Corporate Auditor
Mar 1979 Graduated from Faculty of Arts and Engineering, Kyushu Institute of Design Apr 1979 Joined Shima Creative House Co., Ltd. Sep 1983 Manager, Sales Department, Shima Creative House Co., Ltd. Sep 1985 General Manager, Sales Department, Shima Creative House Co., Ltd. Sep 1991 Director, General Manager, Third Sales Division, Shima Creative House Co., Ltd. Sep 1998 Director, General Manager, Second Sales Division, Shima Creative House Co., Ltd. Jun 2005 Corporate Auditor of the Company (current) Dec 2008 Senior Managing Director, General Manager, Second Sales Division, Shima Creative House Co., Ltd. (current)
1955-03-10
Junichi KUMAKI
Corporate Auditor
Mar 2007 Graduated from Faculty of Economics, Dokkyo University Apr 2007 Joined Internet Kokokusha Co., Ltd. (now iTrigger Co., Ltd.) Apr 2016 General Manager, Consulting Division, Netfrontier Co., Ltd. (now iTrigger Co., Ltd.) Feb 2017 Executive Officer, General Manager, Consulting Division, Netfrontier Co., Ltd. (now iTrigger Co., Ltd.) Sep 2019 Deputy President, Netfrontier Co., Ltd. (now iTrigger Co., Ltd.) Jun 2023 Corporate Auditor of the Company (current) Jul 2024 Director and COO, iTrigger Co., Ltd. (current)
1982-05-17
Large Shareholding Reports
Hitomi NAGASE
2026-06-17
1.96%→0.49%
Correction filing (name/detail fix only) — ratio carried over from the original filing
N,apple Co., Ltd.
2026-06-15
8.09%→1.52%
Annual report (as of 2026-03-31): 9.36%
Shogakusha Co., Ltd.
2026-06-08
32.03%→32.03%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-03-31): 37.00%
Hitomi NAGASE
2026-06-08
0.42%→1.96%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Shogakusha Co., Ltd.
2026-06-08
32.03%→32.03%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-03-31): 37.00%
N,apple Co., Ltd.
2026-06-05
8.09%→8.09%
Annual report (as of 2026-03-31): 9.36%
Shogakusha Co., Ltd.
2026-06-05
32.03%→32.03%
Annual report (as of 2026-03-31): 37.00%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-07-23
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-25
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINETAmended
2026-06-17
Change Report
EDINET
2026-06-15
Large Shareholding Report
EDINETAmended
2026-06-08
Change Report
EDINETAmended
2026-06-08
Change Report
EDINETAmended
2026-06-08
Change Report
EDINET
2026-06-05
Large Shareholding Report
EDINET
2026-06-05
Large Shareholding Report
TDnet
2026-01-28
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-13
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-07-24
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-26
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-01-29
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-13
Semi-Annual Securities Report
Period: Apr 2024 – Sep 2024
TDnet
2024-07-24
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-27
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-13
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-29
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINETAmended
2023-03-31
Amended Annual Securities Report
Period: Apr 2021 – Mar 2022
EDINETAmended
2023-03-31
Amended Annual Securities Report
Period: Apr 2020 – Mar 2021
EDINETAmended
2023-03-31
Amended Annual Securities Report
Period: Apr 2017 – Mar 2018
EDINETAmended
2023-03-31
Amended Annual Securities Report
Period: Apr 2018 – Mar 2019
EDINET
2023-02-13
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-12
Quarterly Securities Report
EDINET
2022-06-29
Annual Securities Report
EDINET
2022-02-10
Quarterly Securities Report
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