Tutoring grows, other lines lag
Meiko Network Japan Co., Ltd. (TSE: 4668), the Tokyo-based operator and franchisor of the Meiko Gijuku individual tutoring schools, reported consolidated results for FY8/2026, the year from September 1, 2025 to August 31, 2026, on October 14, 2026 under Japanese GAAP. Net sales rose 4.9% to ¥26,037 million, while operating profit fell 10.7% to ¥1,510 million and ordinary profit 8.7% to ¥1,706 million. Net profit attributable to owners of the parent fell 51.3% to ¥842 million, or ¥33.25 per share against ¥68.44; the prior year had included ¥806 million of special gains, mostly from selling investment securities.
The year was the second of the company's three-year MEIKO Transition plan, which it treats as an investment period. In the tutoring business it refurbished classrooms, used its patented ten-step learning method and app-based student and tutor IDs, and strengthened hospitality training for classroom heads and tutors.
Segments
Directly run Meiko Gijuku schools grew sales 5.3% to ¥15,272 million and segment profit 19.3% to ¥2,170 million, with 473 classrooms and 36,444 students. The franchise business grew sales 2.1% to ¥4,261 million, but profit fell 26.3% to ¥819 million, with 1,150 classrooms and 68,441 students. The Waseda EDU Japanese-language schools grew sales 3.7% to ¥1,541 million and profit 2.1% to ¥172 million, with 1,868 students. Other businesses, including the self-study RED schools, after-school childcare and recruitment, grew sales 6.4% to ¥4,961 million, but their profit fell 64.7% to ¥165 million.
Balance sheet, dividend and outlook
Total assets fell 4.8% to ¥18,222 million and net assets rose 0.5% to ¥12,651 million, for an equity ratio of 69.4%, up from 65.7%. Cash and cash equivalents ended August at ¥8,230 million. The annual dividend rises to ¥29 from ¥27, a payout ratio of 87.2%, and the company plans ¥30 for FY8/2027.
For FY8/2027 it forecasts net sales of ¥27,000 million (+3.7%), operating profit of ¥1,700 million (+12.5%), ordinary profit of ¥1,760 million (+3.1%) and net profit of ¥950 million (+12.8%). For the first half it expects net sales of ¥13,200 million and operating profit of ¥1,159 million, down 20.6%.
| Metric | FY8/2026 | FY8/2025 | Change |
|---|---|---|---|
| Net sales (¥ million) | 26,037 | 24,827 | +4.9% |
| Operating profit (¥ million) | 1,510 | 1,691 | −10.7% |
| Ordinary profit (¥ million) | 1,706 | 1,868 | −8.7% |
| Net profit attrib. to owners of parent (¥ million) | 842 | 1,727 | −51.3% |
| EPS (¥) | 33.25 | 68.44 | −51.4% |
| Meiko Gijuku directly run — revenue (¥ million) | 15,272 | 14,504 | +5.3% |
| Meiko Gijuku directly run — segment profit (¥ million) | 2,170 | 1,819 | +19.3% |
| Meiko Gijuku franchise — revenue (¥ million) | 4,261 | 4,173 | +2.1% |
| Meiko Gijuku franchise — segment profit (¥ million) | 819 | 1,111 | −26.3% |
| Japanese-language schools — revenue (¥ million) | 1,541 | 1,486 | +3.7% |
| Japanese-language schools — segment profit (¥ million) | 172 | 168 | +2.1% |
| Total assets (¥ million) | 18,222 | 19,150 | −4.8% |
| Net assets (¥ million) | 12,651 | 12,585 | +0.5% |
| Equity ratio | 69.4% | 65.7% | +3.7 pt |
| FY8/2027 guidance — revenue (¥ million) | 27,000 | — | +3.7% |
| FY8/2027 guidance — operating profit (¥ million) | 1,700 | — | +12.5% |
| FY8/2027 guidance — ordinary profit (¥ million) | 1,760 | — | +3.1% |
| FY8/2027 guidance — net profit (¥ million) | 950 | — | +12.8% |
| Annual dividend per share (¥) | 29.00 | 27.00 | +7.4% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.