EduLab, Inc., together with its subsidiaries, researches and develops academic ability measurement technologies and educational tools in Japan and internationally. The company provides test and learning services primarily for languages educational institutions, including universities, private companies, and individuals. It also offers Einavi - Study Gear, an online service that supports examinees and other English learners; Eiken Jr., an English education and examination program for schools and cram schools; TEAP CBT, an English proficiency test for reading, writing, listening, and speaking; computerized assessment system for English communication (CASEC), an English proficiency test that utilizes item response theory and computer-adaptive testing technologies; speaking test systems for Eiken grade 4 and 5; and support systems for Eiken group applications. In addition, the company operates as a subcontractor for constructing, managing, and operating examination systems, as well as create exam questions; provides IT solutions and platforms for the education industry; and supports next generation education and school management systems. EduLab, Inc. was incorporated in 2015 and is headquartered in Minato, Japan.
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Financials
Ownership
Material Events
Income Statement
Balance Sheet
Cash Flow
Ratios & Growth
Metric
FY 2025
EDINET โ
FY 2024
EDINET โ
FY 2023
EDINET โ
FY 2022
EDINET โ
FY 2021
EDINET โ
Net Sales
ยฅ6.2B
ยฅ7.1B
ยฅ7.1B
ยฅ9.8B
ยฅ10.1B
Cost of Sales
ยฅ4.2B
ยฅ5.4B
ยฅ5.1B
ยฅ6.8B
ยฅ7.2B
Gross Profit
ยฅ2.1B
ยฅ1.7B
ยฅ1.9B
ยฅ3.0B
ยฅ2.8B
SG&A
ยฅ1.7B
ยฅ2.0B
ยฅ2.5B
ยฅ3.2B
ยฅ3.3B
Operating Income
ยฅ392M
ยฅ-326M
ยฅ-540M
ยฅ-234M
ยฅ-426M
Non-Operating Income
ยฅ211M
ยฅ172M
ยฅ179M
ยฅ730M
ยฅ1.2B
Dividend Income
ยฅ1M
ยฅ28M
โ
ยฅ62M
โ
Interest Income
ยฅ12M
ยฅ30M
ยฅ2M
ยฅ1M
ยฅ0M
Non-Operating Expenses
ยฅ153M
ยฅ339M
ยฅ255M
ยฅ395M
ยฅ439M
Interest Expense
ยฅ10M
ยฅ14M
ยฅ26M
ยฅ45M
ยฅ46M
Ordinary Income
ยฅ450M
ยฅ-493M
ยฅ-616M
ยฅ101M
ยฅ350M
Pre-tax Income
ยฅ161M
ยฅ-1.0B
ยฅ-3.2B
ยฅ-787M
ยฅ-4.7B
Income Taxes
ยฅ96M
ยฅ250M
ยฅ43M
ยฅ16M
ยฅ566M
Current Tax
ยฅ97M
ยฅ88M
ยฅ30M
ยฅ52M
ยฅ108M
Deferred Tax
ยฅ-2M
ยฅ-66M
ยฅ13M
ยฅ-36M
ยฅ458M
Net Income (owners)
ยฅ16M
ยฅ-1.3B
ยฅ-3.1B
ยฅ-819M
ยฅ-5.3B
Minority Interest
ยฅ49M
ยฅ-17M
ยฅ-128M
ยฅ16M
ยฅ-45M
Comprehensive Income
ยฅ39M
ยฅ-1.1B
ยฅ-3.2B
ยฅ-1.0B
ยฅ-5.3B
EBITDA
ยฅ420M
ยฅ-228M
ยฅ-180M
ยฅ465M
ยฅ575M
Goodwill Amort. (J-GAAP)
โ
ยฅ69M
ยฅ9M
ยฅ18M
ยฅ18M
EPS
ยฅ1.61
ยฅ-124.61
ยฅ-305.07
ยฅ-81.54
ยฅ-530.41
Shares Outstanding
10.2M
10.2M
10.2M
10.1M
10.0M
Shares Issued (total)
10.2M
10.2M
10.2M
10.1M
10.0M
Treasury Shares
0.0M
0.0M
0.0M
0.0M
0.0M
Metric
FY 2025
EDINET โ
FY 2024
EDINET โ
FY 2023
EDINET โ
FY 2022
EDINET โ
FY 2021
EDINET โ
Total Assets
ยฅ3.6B
ยฅ3.6B
ยฅ6.0B
ยฅ12.4B
ยฅ19.0B
Current Assets
ยฅ2.8B
ยฅ3.0B
ยฅ5.3B
ยฅ9.1B
ยฅ14.8B
Cash & Deposits
ยฅ1.4B
ยฅ1.7B
ยฅ3.8B
ยฅ6.1B
ยฅ10.7B
Trade Receivables
ยฅ703M
ยฅ801M
ยฅ551M
ยฅ1.2B
ยฅ1.6B
Inventories
โ
โ
ยฅ16M
ยฅ277M
ยฅ503M
Non-Current Assets
ยฅ790M
ยฅ661M
ยฅ726M
ยฅ3.3B
ยฅ4.1B
PP&E
ยฅ107M
ยฅ141M
ยฅ0M
ยฅ136M
ยฅ158M
Goodwill
โ
โ
โ
ยฅ64M
ยฅ83M
Intangible Assets
ยฅ232M
ยฅ19M
ยฅ0M
ยฅ2.0B
ยฅ2.6B
Investment Securities
ยฅ131M
ยฅ128M
ยฅ179M
ยฅ477M
ยฅ658M
Deferred Tax Assets
โ
ยฅ6M
ยฅ7M
ยฅ51M
ยฅ17M
Total Liabilities
ยฅ1.8B
ยฅ1.9B
ยฅ4.1B
ยฅ7.4B
ยฅ12.8B
Current Liabilities
ยฅ1.6B
ยฅ1.7B
ยฅ3.7B
ยฅ5.4B
ยฅ8.7B
ST Debt
ยฅ387M
ยฅ410M
ยฅ1.8B
ยฅ2.9B
ยฅ3.8B
Taxes Payable
ยฅ42M
โ
โ
ยฅ13M
ยฅ37M
Non-Current Liabilities
ยฅ132M
ยฅ215M
ยฅ477M
ยฅ2.0B
ยฅ4.1B
Total LT Borrowings
ยฅ129M
ยฅ210M
ยฅ412M
ยฅ1.9B
ยฅ4.0B
Total Equity
ยฅ1.8B
ยฅ1.8B
ยฅ1.9B
ยฅ5.0B
ยฅ6.2B
Capital Stock
ยฅ90M
ยฅ90M
ยฅ5.3B
ยฅ5.3B
ยฅ5.3B
Capital Surplus
ยฅ1.6B
ยฅ1.6B
ยฅ5.7B
ยฅ5.6B
ยฅ5.6B
Retained Earnings
ยฅ-100M
ยฅ-117M
ยฅ-8.7B
ยฅ-5.6B
ยฅ-4.8B
Treasury Stock
ยฅ-20M
ยฅ-20M
ยฅ-20M
ยฅ-20M
ยฅ-20M
AOCI
ยฅ-205M
ยฅ-183M
ยฅ-382M
ยฅ-360M
ยฅ-72M
Equity (owners)
ยฅ1.6B
ยฅ1.5B
ยฅ2.2B
ยฅ5.3B
ยฅ6.0B
Minority Interests
ยฅ476M
ยฅ407M
ยฅ53M
ยฅ136M
ยฅ199M
Total Interest-Bearing Debt โ
ยฅ516M
ยฅ620M
ยฅ2.2B
ยฅ4.8B
ยฅ7.8B
Net Cash โ
ยฅ871M
ยฅ1.1B
ยฅ1.6B
ยฅ1.2B
ยฅ2.9B
NCAV โ
ยฅ1.0B
ยฅ1.1B
ยฅ1.2B
ยฅ1.7B
ยฅ2.0B
NCAV/Share
ยฅ102
ยฅ108
ยฅ113
ยฅ168
ยฅ203
BV/Share
ยฅ153
ยฅ151
ยฅ217
ยฅ523
ยฅ603
Metric
FY 2025
EDINET โ
FY 2024
EDINET โ
FY 2023
EDINET โ
FY 2022
EDINET โ
FY 2021
EDINET โ
Operating CF
ยฅ99M
ยฅ-1.2B
ยฅ337M
ยฅ-581M
ยฅ-665M
Taxes Paid
ยฅ59M
โ
โ
โ
โ
Interest Paid
ยฅ-5M
ยฅ-10M
ยฅ-32M
ยฅ-46M
ยฅ-49M
Interest Received
ยฅ8M
ยฅ37M
ยฅ9M
ยฅ66M
ยฅ0M
D&A
ยฅ29M
ยฅ29M
ยฅ351M
ยฅ681M
ยฅ982M
Goodwill Amort.
โ
ยฅ69M
ยฅ9M
ยฅ18M
ยฅ18M
Investing CF
ยฅ-322M
ยฅ997M
ยฅ1.4B
ยฅ-3.1B
ยฅ-3.1B
CapEx
ยฅ23M
ยฅ55M
ยฅ32M
ยฅ15M
ยฅ91M
Purchase Investments
ยฅ-19M
ยฅ-53M
ยฅ-41M
ยฅ-77M
ยฅ-139M
Proceeds from Invest.
ยฅ24M
โ
โ
ยฅ748M
ยฅ13M
Financing CF
ยฅ-120M
ยฅ-900M
ยฅ-2.6B
ยฅ-3.3B
ยฅ6.9B
Dividends Paid
โ
โ
โ
โ
ยฅ-272M
Share Buybacks
โ
โ
ยฅ-0M
โ
โ
LT Debt Repaid
ยฅ-325M
ยฅ-1.3B
ยฅ-1.6B
ยฅ-2.5B
ยฅ-503M
Free Cash Flow
ยฅ76M
ยฅ-1.3B
ยฅ305M
ยฅ-596M
ยฅ-756M
Net Change in Cash
ยฅ-335M
ยฅ-1.1B
ยฅ-819M
ยฅ-7.3B
ยฅ3.2B
Metric
FY 2025
EDINET โ
FY 2024
EDINET โ
FY 2023
EDINET โ
FY 2022
EDINET โ
FY 2021
EDINET โ
Return on Equity (ROE) โ
0.9%
-69.7%
-89.7%
-14.6%
-85.2%
Return on Assets (ROA) โ
0.5%
-26.4%
-33.6%
-5.2%
-27.7%
Gross Margin โ
33.0%
24.1%
27.3%
30.6%
28.2%
Operating Margin โ
6.3%
-4.6%
-7.7%
-2.4%
-4.2%
Net Margin โ
0.3%
-17.8%
-44.0%
-8.4%
-52.1%
Current Ratio โ
1.71x
1.79x
1.45x
1.68x
1.71x
Quick Ratio โ
1.71x
1.79x
1.44x
1.63x
1.66x
Revenue / Share โ
ยฅ610
ยฅ699
ยฅ691
ยฅ970
ยฅ1,007
BV/Share โ
ยฅ153
ยฅ151
ยฅ217
ยฅ523
ยฅ603
NCAV/Share โ
ยฅ102
ยฅ108
ยฅ113
ยฅ168
ยฅ203
EPS โ
ยฅ1.61
ยฅ-124.61
ยฅ-305.07
ยฅ-81.54
ยฅ-530.41
DPS โ
ยฅ0.00
ยฅ0.00
ยฅ0.00
ยฅ0.00
ยฅ0.00
Payout Ratio โ
0.0%
โ
โ
โ
โ
FCF/Share โ
ยฅ7.44
ยฅ-125.46
ยฅ29.81
ยฅ-59.24
ยฅ-75.42
Market Valuation
Avg daily close price for calendar year ร most recently reported EPS / DPS
Metric
CY2023
CY2024
CY2025
Avg P/E โ
โ
โ
195.6ร
EPS from 2025-09
Avg Div Yield โ
0.00%
DPS from 2023-09
0.00%
DPS from 2024-09
0.00%
DPS from 2025-09
Avg Daily Close
ยฅ408
ยฅ278
ยฅ315
Growth Rates (CAGR)
Metric
3yr CAGR (FY2022โ2025)
5yr CAGR
Stock Price
-25.4%
-48.6%
Sales
-13.9%
โ
FCF/Share
โ
โ
EPS
โ
โ
DPS
โ
โ
BV/Share
-33.7%
โ
NCAV/Share
-15.3%
โ
No capital allocation signals recorded for this company.
Top 10 Shareholders
Ownership DNA
Large Shareholder Reports 2
#
Shareholder
Shares (thou.)
% of Total
1
ZE1
ๆ ชๅผไผ็คพZE1
3,008
2
ๆ ชๅผไผ็คพๆบๆ็คพ
527
3
้ซๆ ๆทณไธ
484
4
ๆพ็ฐ ๆตฉๅฒ
482
5
NTTใใณใขใใธใในๆ ชๅผไผ็คพ
349
6
้ข ไผธๅฝฆ
325
7
ๆ ชๅผไผ็คพๅข้ฒไผใใผใซใใฃใณใฐใน
311
8
ๆ ชๅผไผ็คพๆบๆ็คพใญใฃใใฟใซ
268
9
ๆ ่ฆ็
238
10
ๆฝๆ ๆ
193
Domestic Nominees
0.0%
+0.0% vs 2024
Trust bank custodians โ GPIF, pensions, investment trusts
Foreign Custodians
0.0%
+0.0% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
60.5%
+0.0% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2021
2022
2023
2024
2025
โ
29.89%
29.43%
29.43%
29.43%
ๅผไผ็คพๆบๆ็คพ
5.27%
5.24%
5.16%
5.16%
5.16%
้ซๆ ๆทณไธ
23.95%
4.82%
4.74%
4.74%
4.74%
ๆพ็ฐ ๆตฉๅฒ
10.82%
4.80%
4.72%
4.72%
4.72%
NTTใใณใขใใธใใน
NEW ENTRY
โ
โ
โ
โ
โ
3.42%
NEW
้ข ไผธๅฝฆ
2.61%
2.92%
3.18%
3.18%
3.18%
ๅผไผ็คพๅข้ฒไผใใผใซใใฃใณใฐใน
3.11%
3.09%
3.04%
3.05%
3.05%
ๅผไผ็คพๆบๆ็คพใญใฃใใฟใซ
2.68%
2.67%
2.63%
2.63%
2.63%
ๆ ่ฆ็
5.18%
2.37%
2.33%
2.33%
2.33%
ๆฝๆ ๆ
4.03%
โ
1.89%
1.89%
1.89%
ใจใใปใใฃใปใใฃใปใณใใฅใใฑใผใทใงใณใบ
last seen 2024
Exited Top 10
โ
3.47%
3.42%
3.42%
โ
ๅคๅฑ ้
็ซ
last seen 2022
Exited Top 10
โ
3.13%
โ
โ
โ
ๅผไผ็คพNTTใใณใข
last seen 2021
Exited Top 10
3.49%
โ
โ
โ
โ
UBS AG
UBS
last seen 2021
Exited Top 10
3.61%
โ
โ
โ
โ
Concentration (HHI)
โ
810
1020
984
985
985
5 fiscal years ยท top-10 holders per year ยท >2,500 HHI = high concentration ยท entity-resolved
โ CSV
Date Shareholder Stake Event Flag Demands Source
2025-07-01
Obunsha Co., Ltd.
7.78%
correction
Passive
โ
2025-06-30
Obunsha Co., Ltd.
7.78%
change
Passive
โ
Date
Category
Summary
Amount
2026-03-13
๐ฐ Capital Raise
Debt
The company executed a money lending agreement (้้ญๆถ่ฒป่ฒธๅๅฅ็ด) with a major city bank on March 10, 2026, for 2 billion yen with repayment due March 18, 2029. The loan includes two financial covenants: maintaining consolidated net assets at โฅ80% of the previous fiscal year level, and maintaining pre-tax profits in the black, with breach resulting in loss of payment deadline benefits.
ยฅ2.0bn
โบ
Summary
The company executed a money lending agreement (้้ญๆถ่ฒป่ฒธๅๅฅ็ด) with a major city bank on March 10, 2026, for 2 billion yen with repayment due March 18, 2029. The loan includes two financial covenants: maintaining consolidated net assets at โฅ80% of the previous fiscal year level, and maintaining pre-tax profits in the black, with breach resulting in loss of payment deadline benefits.
Counterparty: Urban Bank (้ฝๅธ้่ก)
ๅฝ็คพใฏ2026ๅนด๏ผๆ10ๆฅไปใง่ฒกๅไธใฎ็น็ดใไปใใใ้้ญๆถ่ฒป่ฒธๅๅฅ็ดใ็ท ็ตใใใใพใใใๅตๅใฎๅ
ๆฌใฎ้ก200็พไธๅใๅผๆธๆ้2029ๅนด๏ผๆ18ๆฅ
โ