[Summary]
From the financial results disclosed on May 13, 2026, we have organized five companies that are related to human resources recruitment, human resources introduction, recruitment support, HR tech, and engineer dispatch.
The characteristic of this time is that while the demand for recruitment itself is steady, the difference in profit margins is extremely large. While professional placements and HR tech tend to maintain high operating margins, temporary and contract-type human resources services are susceptible to the effects of personnel costs, utilization rates, hiring costs, and education investments, even if their sales scale is large.
Selection conditions
The target was companies that had financial results files as of May 13th and were linked to business related to human resources recruitment and HR.
- Target date: 2026-05-13
- Target areas: Human resources introduction, recruitment support, HR tech, human resources dispatch, engineer dispatch
- Upper limit: up to 5 companies per industry
- Evaluation axis: sales growth, operating profit, operating profit margin, financial security, linkage with the recruitment market
Comparison of 5 companies related to human resources recruitment/HR
| Company name | Code | Fiscal year end | Main position | Sales | Operating income | Net income | Operating profit margin |
|---|---|---|---|---|---|---|---|
| [JAC Recruitment | 2124](/securities/2124/quarterly/2026-05-13-2124-2026Q1.html) | 1Q of the fiscal year ending December 2026 | High-class human resource introduction | 13.539 billion yen (+14.8%) | 4.389 billion yen (+28.7%) | 3.003 billion yen (+28.5%) | 32.4% |
| [Plus Alpha Consulting | 4071](/securities/4071/quarterly/2026-05-13-4071-2026Q2.html) | 2Q of September 2026 | HR Tech/Talent Management | 9.341 billion yen (+14.2%) | 3.692 billion yen (+32.2%) | 2.518 billion yen (+36.0%) | 39.5% |
| [Movin Strategic Career | 421A](/securities/421A/quarterly/2026-05-13-421A-2026Q1.html) | 1Q of December 2026 | Consulting career change/professional introduction | 1.338 billion yen | 658 million yen | 436 million yen | 49.2% |
| [Tunagu Group HD | 6551](/securities/6551/quarterly/2026-05-13-6551-2026Q2.html) | 2Q of the fiscal year ending September 2026 | Part-time job/recruitment support | 8.806 billion yen (-3.3%) | 478 million yen (+0.2%) | 323 million yen (+3.3%) | 5.4% |
| [NISSO Holdings | 9332](/securities/9332/quarterly/2026-05-13-9332-2026Q4.html) | Full year ending March 2026 | Manufacturing human resources services | 111.430 billion yen (+9.7%) | 3.190 billion yen (-10.3%) | 1.902 billion yen (-1.7%) | 2.9% |
*Operating profit margin is estimated from sales and operating income.
1. Strong points are “professional introduction” and “HR tech”
The most profitable of the five companies are Movin Strategic Career, Plus Alpha Consulting, and JAC Recruitment.
JAC's sales increased by 14.8%, operating income increased by 28.7%, and net income increased by 28.5%. The operating profit margin was 32.4%, demonstrating the strong profitability of high-class and professional placements.
The plus alpha was a 32.2% increase in operating income against a 14.2% increase in sales. The operating profit margin is 39.5%, and HR Tech's SaaS revenue model is effective.
Movin had operating income of 658 million yen on sales of 1.338 billion yen. The operating profit margin is extremely high at 49.2%, which suggests that the company focuses on high-value-added areas even among professional placements.
2. Recruitment support focuses on improving profitability rather than “sales growth”
Tunagu Group HD's sales decreased by 3.3%, but operating income increased by 0.2% and net income increased by 3.3%. This shows that in the recruitment support field, improving project profitability and service mix is becoming more important than simply increasing sales.
Labor shortages at companies tend to be a tailwind for support for hiring part-time workers. On the other hand, it is also an area where job advertising costs, recruitment costs, client companies' hiring restrictions, and rising personnel costs are likely to put pressure on profits.
3. Dispatch/contract type is large in scale but profit margin is low
NISSO Holdings is a large company with sales of 111.43 billion yen. However, operating profit was 3.190 billion yen, down 10.3% from the previous year, and operating profit margin remained at 2.9%.
In manufacturing human resources services, sales tend to increase if the number of employees increases. However, profit margins are difficult to achieve because they are affected by recruitment costs, education costs, dormitories and welfare benefits, waiting staff, and the operating rate of customer factories.
In this respect, the profit structure is quite different from performance-based recruitment services such as JAC and Movin, and HR tech companies such as Plus Alpha, even though they are related to human resources.
4. How to read the industry as a whole
Judging from the May 13th human resources and recruitment-related financial results, demand for recruitment is still not weak. However, not all human resources-related stocks are growing at the same rate.
This time's classification is as follows.
- High profit/professional introduction type: JAC, Movin
- HR tech type: Plus alpha
- Recruitment support/operation improvement type: Tsunagu Group HD
- Large-scale dispatch/manufacturing personnel type: NISSO Holdings
From an investor's perspective, rather than simply saying that ``human resources stocks are strong because there is a labor shortage,'' It is necessary to distinguish in which areas, at what profit margins, and how consistently monetization is achieved.
Send-off/supplementary suggestions
Although they were not included in the list of five companies, we also identified Hip, World Holdings, Confidence Interworks, and Human Creation Holdings as related stocks.
- Hip: Close to engineer dispatch, but comparative materials such as net income are limited in the current period file.
- World HD: Sales increased, but operating income and net income decreased
- Confidence Interworks: Sales increased, but operating income and net income decreased
- Human Creation HD: Sales increased, but operating income and net income decreased significantly
It is easy to misunderstand recruitment and human resources services if they are judged solely on sales increases. I would like to see how changes in personnel investment and utilization rates are reflected in operating income.
This conclusion
In the recruitment and HR-related financial results on May 13th, JAC, Plus Alpha, and Movin are three companies that stand out in terms of profitability. In particular, sales growth in professional placement and HR tech tends to be directly reflected in operating profit margins.
On the other hand, operating-type and dispatch-type human resources services such as Tsunagu Group HD and NISSO Holdings tend to have low profit margins even if they have large sales. For this reason, even when it comes to human resources, the evaluation axis should be based on ``profit margin and continuity'' rather than ``sales scale.''
Source
This article was created based on the financial results of each company disclosed on May 13, 2026.
- JAC Recruitment: `Summary of financial results for the first quarter of the fiscal year ending December 2026 [Japanese GAAP] (consolidated)`
- Plus Alpha Consulting: `2nd quarter (interim) financial results for the fiscal year ending September 2026 [Japanese GAAP] (consolidated)`
- Movin Strategic Career: `Summary of financial results for the first quarter of the fiscal year ending December 2026 [Japanese GAAP] (consolidated)`
- Tsunagu Group HD: `Summary of financial results for the second quarter (interim period) of the fiscal year ending September 2026 [Japanese GAAP] (consolidated)`
- NISSO Holdings: `Summary of financial results for the fiscal year ending March 31, 2026 [Japanese standards] (consolidated)`