Recruit Holdings Co Ltd RCRUY

IndustrialsProfessional & Commercial ServicesJapan

Last close 24.32 USD on Nov 1, 2026, +116.6% year to date

Quant rating

Quant rating A+ Rank 1 of 418 in Industrials

Growth B 71 of 418
Valuation B 131 of 418
Quality A 2 of 418
Revisions A 14 of 418
Momentum A 1 of 418

Wall Street consensus Buy (1.74)Average target 115.70 USD +375.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 179.3B
Enterprise value: 174.6B
52-week range: 7.57 – 24.84
3-year range: 5.80 – 24.84
Dividend yield: 0.13%
Beta (5 years): 1.79
Shares outstanding: 1,473M
Next earnings: Nov 11, 2026

About the company

Recruit Holdings Co Ltd is a Japan-based company mainly engaged in human resources (HR) technology business, matching & solutions business, and staffing business. The Company operates through three segments. The HR Technology segment provides job advertisements and recruitment solution services globally through online job matching platforms such as Indeed and Glassdoor. The Matching & Solutions segment operates mainly in Japan and consists of the human resources field and sales promotion field. The human resources field provides support services for individual users' job search activities and corporate clients' recruitment activities. The sales promotion field operates a vertical matching platform for each business field that connects individual users with corporate clients, and software as a service (SaaS) for corporate clients. The Staffing segment provides temporary staffing services such as clerical staffing, manufacturing work and light work staffing, and professional staffing.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	23,296	23,724	22,579	25,827	23,604	–
Revenue growth	−1.8%	5.1%	−12.6%	9.4%	15.1%	2.6%
EPS (basic, normalized)	2.20	1.87	1.46	1.24	1.41	–
EPS growth	18.0%	28.0%	17.8%	−11.9%	–	–
Gross margin	59.2%	58.6%	57.5%	58.2%	57.5%	58.2%
Net margin	13.4%	11.5%	10.4%	7.9%	10.3%	10.7%
ROE	31.0%	22.6%	19.5%	18.0%	24.2%	23.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	5,736
Current ratio	2.09x
Long-term debt (mil)	823
Net debt (mil)	−4,556
Total equity (mil)	10,918
Net debt / equity	−0.42x
Net debt / EBITDA	−0.98x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	23,296	−1.8%	7.5x	4,646	+3.0%	37.6x	2.20	+18.0%	11.0x
2027	26,938	+15.6%	6.5x	6,981	+50.2%	25.0x	3.55	+61.0%	6.9x
2028	29,511	+9.6%	5.9x	8,408	+20.4%	20.8x	4.41	+24.4%	5.5x
2029	32,192	+9.1%	5.4x	9,959	+18.5%	17.5x	5.28	+19.6%	4.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	26,938	+0.3%	+4.9%	+9.3%	3.55	+2.2%	+22.0%	+43.0%
2028	29,511	+0.5%	+7.6%	+13.1%	4.41	+3.4%	+30.6%	+55.2%
2029	32,192	+0.8%	+9.5%	+15.8%	5.28	+5.6%	+28.2%	+55.9%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	843,778	901,558	897,147	896,997	861,776	878,839	914,745	943,196	960,571	1,045,350
Sales mean (mil)	833,169	864,151	874,550	898,508	874,861	883,718	898,047	933,350	916,744	988,488
Surprise	+1.3%	+4.3%	+2.6%	−0.2%	−1.5%	−0.6%	+1.9%	+1.1%	+4.8%	+5.8%
EPS reported	22.51	69.12	76.58	80.11	45.29	83.97	89.16	103.62	72.91	145.48
EPS mean	23.66	–	–	–	28.58	77.19	83.91	89.22	47.54	109.59
Surprise	−4.9%	–	–	–	+58.5%	+8.8%	+6.3%	+16.1%	+53.4%	+32.8%

Peer comparison Professional & Commercial Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
RCRUY Recruit Holdings Co Ltd	179.3B	−0.98x	13.4%	15.06x	6.9x	5.5x	25.0x	20.8x
SPGI S&P Global Inc.	135.3B	2.06x	29.2%	6.86x	26.1x	23.2x	18.9x	17.8x
ADP Automatic Data Processing Inc	116.2B	0.26x	20.1%	22.83x	23.8x	21.7x	16.9x	15.7x
WM Waste Management Inc	92.8B	3.05x	10.7%	9.41x	28.8x	26.1x	14.2x	13.3x
CTAS Cintas Corporation	87.3B	0.70x	17.7%	16.87x	39.7x	35.6x	26.2x	24.0x
MCO Moody's Corporation	85.2B	1.38x	31.9%	26.06x	29.5x	26.5x	20.6x	19.1x
Mean		1.08x	20.5%	16.18x	25.8x	23.1x	20.3x	18.4x
Median		1.04x	18.9%	15.97x	27.5x	24.6x	19.8x	18.4x

Technical analysis

1M+16.9%
3M+57.0%
1Y+138.8%
3Y+335.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Recruit Holdings Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	23,296	23,724	22,579	25,827	23,604	20,500
Cost of revenue	9,509	9,815	9,596	10,789	10,042	10,150
Gross profit	13,787	13,909	12,983	15,038	13,563	10,350
Selling, general & administrative expenses	8,988	9,702	9,311	11,190	9,302	7,838
Research & development	–	–	–	–	–	–
Depreciation/amortization	638	692	743	883	975	1,043
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	244	231	304	389	–	126
Other operating expenses	−55.7	12.0	−35.3	−17.1	171	−130
Operating income	3,973	3,271	2,660	2,593	3,115	1,473
Net interest income (expense)	84.8	230	147	177	31.4	49.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	3.7	13.9	9.7	0	0	0
Net income before taxes	4,062	3,515	2,817	2,770	3,146	1,522
Provision for taxes	932	793	473	724	699	333
Minority interest	1.5	2.3	−6.2	−14.1	−7.3	−2.7
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	3,131	2,724	2,337	2,032	2,440	1,187
Extraordinary items	–	–	–	–	–	–
Net income	3,131	2,724	2,337	2,032	2,440	1,187
EBIT, normalized	4,217	3,502	2,964	2,981	3,115	1,599
EBITDA, normalized	4,892	4,231	3,741	3,900	4,127	2,683
Basic EPS, normalized	2.20	1.87	1.46	1.24	1.41	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Recruit Holdings Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	5,049	5,517	7,550	6,657	5,519	4,879
Receivables	4,028	3,768	3,634	3,973	3,847	3,092
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	722	520	466	405	350	408
Total current assets	9,799	9,806	11,650	11,035	9,716	8,379
Property, plant & equipment	1,212	1,397	1,566	1,928	2,142	3,297
Goodwill	3,486	3,389	3,375	3,487	3,584	3,608
Intangibles	1,029	1,167	1,224	1,413	1,596	1,868
Long-term investments	868	1,204	1,567	1,923	2,212	2,307
Note receivable	–	–	–	–	–	–
Other long-term assets	1,179	1,525	1,401	1,250	671	385
Total assets	17,573	18,488	20,783	21,035	19,921	19,843
Liabilities
Accounts payable	551	558	506	559	553	519
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,778	1,607	1,526	1,732	1,550	1,474
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	277	296	295	565	532	823
Other current liabilities	2,909	2,889	2,688	3,039	3,083	2,633
Total current liabilities	5,515	5,350	5,015	5,895	5,718	5,449
Long-term debt	896	1,097	1,167	1,355	1,699	2,951
Minority interest	70.8	65.2	52.7	105	103	87.8
Other liabilities	1,115	1,189	1,324	1,428	1,191	1,495
Total liabilities	7,597	7,700	7,559	8,783	8,711	9,982
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	252	267	264	301	329	361
Additional paid-in capital	–	–	–	254	170	157
Retained earnings (accumulated deficit)	9,129	11,370	13,036	13,457	12,326	10,936
Treasury stock	−2,611	−3,437	−2,690	−3,258	−2,453	−1,627
Other equity	3,206	2,587	2,614	1,498	838	33.8
Total equity	9,976	10,787	13,224	12,253	11,210	9,861
Total liabilities & shareholders' equity	17,573	18,488	20,783	21,035	19,921	19,843

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Recruit Holdings Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	4,062	3,515	2,817	2,770	3,146	1,522
Depreciation, depletion & amortization	675	728	776	919	1,012	1,084
Deferred taxes	–	–	–	–	–	–
Non-cash items	298	316	251	548	267	−2.3
Changes in working capital	−816	−490	−306	−936	−812	−14.8
Cash from operations	4,218	4,070	3,538	3,300	3,613	2,589
Investing activities
Capital expenditures	−392	−435	−462	−578	−529	−527
Other investing cash flows	79.1	28.0	7.5	332	−52.2	162
Cash from investing	−313	−407	−455	−246	−581	−365
Financing activities
Financing cash flow items	112	161	−4.2	40.0	19.9	37.7
Cash dividends paid	−223	−238	−234	−261	−282	−365
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−4,574	−5,795	−1,974	−1,677	−1,829	−1,233
Cash from financing	−4,685	−5,872	−2,212	−1,898	−2,091	−1,560
Foreign exchange effects	257	19.6	843	409	444	56.7
Net change in cash	−523	−2,189	1,715	1,565	1,385	721
Free cash flow	3,825	3,635	3,076	2,722	3,084	2,062

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.