Loading…
Japanese staffing company dispatching IT engineers and other technical professionals to client companies.
Japanese staffing company dispatching IT engineers and other technical professionals to client companies.
In one line: A Japanese technical-staffing firm like a smaller Robert Half.
Moat: none (scale). Competes in a crowded, largely undifferentiated IT-staffing market on price and engineer supply.
Headquarters: Tokyo, Japan · Founded: 2005 · Employees: 26,862
Size Open Up (2154.T) is a Japan Industrials company (Personnel Services) with a market value of $1.11B, the 691st largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,961 on 6 Nov 2026.
Performance Over six months the shares gained 11.8%, against +23.9% for the median peer and +1.8% for the Japan market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue fell 10.9% over the last twelve months (peer median +0.8%); the operating margin is 9.8% (peer median 3.5%).
Valuation It trades at 13.1× forward earnings against a peer median of 16.1× (9th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -18 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 9.5 points above its cost of capital (5.6% WACC).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | ¥167B | ¥167B | ¥188B | ¥173B | ¥151B |
| Revenue growth | — | -11% | +9% | +15% | — |
| Gross profit | ¥46.2B | ¥44.0B | ¥45.1B | ¥40.0B | ¥34.8B |
| EBITDA | ¥18.7B | ¥18.7B | ¥18.0B | ¥16.4B | ¥13.7B |
| Net income | ¥11.8B | ¥11.8B | ¥12.6B | ¥11.8B | ¥9.53B |
| Free cash flow | ¥17.6B | ¥17.6B | ¥13.4B | ¥18.6B | ¥15.2B |
| Capital expenditure | ¥596M | ¥596M | ¥1.04B | ¥730M | ¥727M |
| Total debt | ¥18.2B | ¥18.2B | ¥12.7B | ¥7.99B | ¥7.05B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Open Up 2154.T | $1.11B | +12% | -11% | 10% | 13.1× | -6.5% |
| MEITEC 9744.T | $1.57B | +3% | +2% | 14% | 18.7× | -4.6% |
| Persol 2181.T | $4.11B | +22% | +10% | 4% | 13.7× | -10.3% |
| UT Group Co.,Ltd. 2146.T | $868M | +22% | -13% | 7% | 16.1× | 6.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2154.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.5% | -2.8% | 8th highest of 21 |
| 6-month return | +11.8% | +23.9% | 8th lowest of 21 |
| Distance from 52-week high | -6.9% | -17.0% | 2nd highest of 21 |
| Revenue growth (TTM) | -10.9% | +0.8% | 3rd lowest of 21 |
| Operating margin | 9.8% | 3.5% | 5th highest of 21 |
| Forward P/E | 13.1× | 16.1× | 9th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -6.5% | 6.0% | 4th least demanding of 19 |
| Growth delivered (Del g) | +11.1% | +7.1% | 6th highest of 19 |
| Hurdle (Req g minus delivered) | -17.7 pp | -1.2 pp | 6th least demanding of 19 |
| ROIC minus cost of capital | +9.5 pp | +5.6 pp | 9th highest of 20 |
| EV / EBITDA | 9.1× | 8.8× | 5th most expensive of 10 |
| Net debt / EBITDA | -0.3× | -0.9× | 7th most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Open Up 2154.T | Japan | $1.11B | +12% | -11% | 10% | 13.1× | -6.5% | +11.1% |
| JAC Recruitment 2124.T | Japan | $1.21B | +34% | +12% | 26% | 19.3× | -1.0% | +16.4% |
| Hays HAS.L | United Kingdom | $1.24B | +75% | -3% | 1% | 33.0× | 18.3% | +2.6% |
| Upwork UPWK | United States | $1.26B | +14% | -1% | 18% | 8.9× | -7.1% | +16.1% |
| Kforce KFRC | United States | $970M | +25% | +2% | 5% | 18.0× | 9.8% | -1.0% |
| SMS 2175.T | Japan | $1.31B | +33% | +8% | 11% | 31.1× | 19.2% | +12.5% |
| Grupa Pracuj spolka akcyjna GPP.WA | Poland | $919M | +23% | +5% | 37% | 13.1× | -1.9% | +22.1% |
| Michael Page PAGE.L | United Kingdom | $896M | +60% | -3% | 2% | 43.4× | 23.5% | +4.1% |
| UT Group Co.,Ltd. 2146.T | Japan | $868M | +22% | -13% | 7% | 16.1× | 6.7% | +7.7% |
| Synergie SDG.PA | France | $753M | -3% | +5% | 3% | 11.8× | -13.4% | +8.2% |
| Barrett Business Services BBSI | United States | $725M | 0% | +6% | 4% | 18.2× | 1.9% | +7.1% |
| Beijing Career International 300662.SZ | China | $643M | -10% | +13% | 2% | 12.0× | 10.6% | +29.9% |
| ManpowerGroup MAN | United States | $2.07B | +49% | +7% | 2% | 10.3× | -0.4% | 0.0% |
| Groupe Crit CEN.PA | France | $534M | -20% | +1% | 3% | 8.3× | n/a | n/a |
| dip 2379.T | Japan | $520M | -17% | -9% | 7% | 68.1× | -1.1% | +11.0% |
| HRnetGroup CHZ.SI | Singapore | $519M | -9% | +1% | 7% | 14.0× | -13.1% | +6.2% |
| Kelly Services KELYA | United States | $507M | +40% | -10% | 1% | 10.2× | 12.8% | -1.2% |
| Quess QUESS.NS | India | $505M | +41% | -12% | 2% | 17.1× | 16.3% | +7.1% |
| en Inc. 4849.T | Japan | $504M | +60% | -11% | 7% | 9.6× | 5.3% | +6.7% |
| SThree STEM.L | United Kingdom | $481M | +65% | -9% | 2% | 42.2× | 10.2% | +1.6% |
| Jinhai Medical Technology 2225.HK | Hong Kong | $3.02B | -6% | +75% | -17% | n/a | n/a | n/a |