# Interworks Confidence Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2025/04/01－2026/03/31) (S100YKQ9)
> Page: https://vizora.meequs.com/en/company/ciw
> Retrieved: 2026-09-30T20:58:23.708Z

## Company

Interworks Confidence, founded in 2014, is a company in HR & Staffing listed on TSE Growth. It has 1,275 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Interworks Confidence Inc. |
| Ticker | 7374 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7374.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区新宿二丁目19番1号 |
| Representative (per filing) | 代表取締役社長 澤岻 宣之 |
| Founded | Aug 2014 |
| Share capital | ¥535.9M |
| Employees (consolidated) | 1,275 |
| Average salary (parent only) | ¥3.9M |
| Fiscal year end | March |
| Website | ciw.jp (https://ciw.jp/) |
| Corporate number | 6010001162295 |
| EDINET | E36367 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100YKQ9, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 77.2 | 68 |
| Profitability | 69.9 | 88 |
| Cash conversion | 63.1 | 80 |
| Efficiency | 57.4 | 88 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 69% of Interworks Confidence's sales come from Human resource, with Media business and Human Resources Recruitment making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +18.8% from the prior year, operating profit -1.4%.

## Company structure

- Segment revenue mix: Human resource 69.5%、Media business 15.7%、Human Resources Recruitment 14.9%
- Revenue → net income: ¥9970901000 → ¥801488000
- Net income → operating cash flow: ¥801488000 → ¥1375009000（difference ¥573521000）
- Main uses of operating cash flow: CapEx ¥16624000 / dividends ¥435860000 / buybacks ¥519000
- Change in cash: ¥401618000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥9.97B |  |
| Operating income | ¥1.28B | Margin 12.9% |
| Net income | ¥800.2M | Margin 8.0% |
| Free cash flow | ¥1.36B |  |
| Largest business | Human resource | of segment revenue 69.5% |
| Employees (consolidated) | 1,275 |  |
| EPS | ¥107.74 |  |
| Diluted EPS | ¥107.33 |  |
| Book value per share | ¥978.92 |  |
| Equity ratio | 80.5% |  |
| Shares outstanding | 6,713,177 |  |
| Treasury shares | 463,300 |  |
| Shareholders | 3,940 |  |
| Average salary (parent only) | ¥3.9M | Filing company only |
| Cash ratio | 56.5% | Cash ÷ revenue 44.1% |
| Vs. industry median margin | +4.3 pp | HR & Staffing |
| ROE | 13.3% | Derived from disclosed figures |
| ROA | 11.1% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.3× its level five years ago
- FY2026, cash is 56% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3569208000 | ¥9970901000 | +179.4% |
| Operating income | ¥604578000 | ¥1284818000 | +112.5% |
| Operating margin | 16.9% | 12.9% | -4.1 pp |
| Employees | 724 people | 1,275 people | +76.1% |
| Cash and equivalents | ¥940324000 | ¥4395861000 | +367.5% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 人材 → 事業再編・廃止 | 98.0% |
| メディア → 事業再編・廃止 | 2.0% |
| 新設・再編 → HRソリューション事業 人材派遣・受託 | 69.5% |
| 新設・再編 → HRソリューション事業 人材紹介 | 14.9% |
| 新設・再編 → メディア＆ソリューション事業 | 15.7% |

Segment revenue source references: 5 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Human resource | 3 years | +10.6% | ¥6925477000 | 17.4% | 2 |
| Media business | 3 years | +226.1% | ¥1563406000 | 34.7% | 2 |
| Human Resources Recruitment | 3 years | +248.6% | ¥1482016000 | 33.8% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,971 | 100.0% | S100YKQ9 |
| Cost of revenue | 5,404 | 54.2% | S100YKQ9 |
| Gross profit | 4,567 | 45.8% | S100YKQ9 |
| SG&A | 3,282 | 32.9% | S100YKQ9 |
| Operating income | 1,285 | 12.9% | S100YKQ9 |
| Ordinary income | 1,270 | 12.7% | S100YKQ9 |
| Pretax income | 1,267 | 12.7% | S100YKQ9 |
| Income tax | 465 | 4.7% | S100YKQ9 |
| Net income | 801 | 8.0% | S100YKQ9 |
| Net income attributable to owners | 800 | 8.0% | S100YKQ9 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 33 |
| Operating income | 13 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 45.8% → Operating margin 12.9% → Net margin 8.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +18.8%; Core profit growth: -1.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.07×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,392 | 9,971 | 1,579 | +18.8% |
| Gross profit | 4,203 | 4,567 | 364 | +8.7% |
| Operating income | 1,303 | 1,285 | -18 | -1.4% |
| Net income attributable to owners | 1,039 | 800 | -239 | -23.0% |
| Operating cash flow | 1,049 | 1,375 | 326 | +31.1% |
| Free cash flow | 1,010 | 1,358 | 348 | +34.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,604 | 335 | 12.9% | -283 | 270 | 228 | S100LUZB |
| FY ending Mar 2021 | 3,569 | 605 | 16.9% | 400 | 486 | 477 | S100OKF3 |
| FY ending Mar 2022 | 4,425 | 745 | 16.8% | 531 | 462 | 444 | S100R5F7 |
| FY ending Mar 2023 | 5,198 | 933 | 18.0% | 618 | 748 | 675 | S100TRIH |
| FY ending Mar 2024 | 7,489 | 1,195 | 16.0% | 726 | 1,033 | 1,005 | S100VZ6K |
| FY ending Mar 2025 | 8,392 | 1,303 | 15.5% | 1,039 | 1,049 | 1,010 | S100YKQ9 |
| FY ending Mar 2026 | 9,971 | 1,285 | 12.9% | 800 | 1,375 | 1,358 | S100YKQ9 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥7.8M |
| Operating income per employee (consolidated) | ¥1M |
| Net income per employee (consolidated) | ¥627.6K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 850 | 958 | 1,177 | 1,063 | 1,275 |
| Average salary (parent company) | ¥3.6M | ¥3.6M | ¥3.7M | ¥3.9M | ¥3.9M |
| Average age (parent company) | 33.2 years | 33.5 years | 33.8 years | 34.5 years | 35.2 years |
| Average tenure (parent company) | 2.0 years | 2.3 years | 3.0 years | 3.5 years | 3.8 years |

Year over year: Employees (consolidated) +19.9% · Revenue (consolidated) +18.8%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Human resource | 6,925 | 69.5% | 1,203 | 17.4% |
| Human Resources Recruitment | 1,482 | 14.9% | 500 | 33.8% |
| Media business | 1,563 | 15.7% | 542 | 34.7% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Human resource | 69.5% | 53.6% | -15.9 | 17.4% |
| Human Resources Recruitment | 14.9% | 22.3% | 7.4 | 33.8% |
| Media business | 15.7% | 24.1% | 8.5 | 34.7% |

Segment → industry: Media business → HR & Staffing / Human Resources Recruitment → HR & Staffing / Human resource → HR & Staffing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,375 | 13.8% | S100YKQ9 |
| Capital expenditure | 17 | 0.2% | S100YKQ9 |
| Free cash flow | 1,358 | 13.6% | 算出 |
| Investing cash flow | -277 | -2.8% | S100YKQ9 |
| Financing cash flow | -696 | -7.0% | S100YKQ9 |
| Dividends paid | 436 | 4.4% | S100YKQ9 |
| Share buyback | 1 | 0.0% | S100YKQ9 |
| Change in cash | 402 | 4.0% | S100YKQ9 |
| Cash and equivalents | 4,396 | 44.1% | S100YKQ9 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,725 | 2,048 | 4,089 | 3,994 | 4,396 | S100TRIH, S100VZ6K, S100YKQ9 |
| Total assets | 2,438 | 2,892 | 7,185 | 6,614 | 7,782 | S100R5F7, S100TRIH, S100VZ6K, S100YKQ9 |
| Net assets | 1,655 | 2,024 | 5,971 | 5,817 | 6,308 | S100TRIH, S100VZ6K, S100YKQ9 |
| Share capital | 497 | 508 | 521 | 535 | 536 | S100R5F7, S100TRIH, S100VZ6K, S100YKQ9 |
| Property, plant and equipment | 24 | 70 | 95 | 87 | 86 | S100R5F7, S100TRIH, S100VZ6K, S100YKQ9 |
| Intangible assets excluding goodwill | 12 | 17 | 1,686 | 1,464 | 1,616 | S100R5F7, S100TRIH, S100VZ6K, S100YKQ9 |
| Goodwill | — | — | 1,540 | 1,375 | 1,574 | S100VZ6K, S100YKQ9 |
| Investment securities | — | 21 | 15 | 15 | 15 | S100TRIH, S100VZ6K, S100YKQ9 |
| Current assets | 2,268 | 2,662 | 5,008 | 4,829 | 5,616 | S100R5F7, S100TRIH, S100VZ6K, S100YKQ9 |
| Current liabilities | 760 | 869 | 1,205 | 794 | 1,462 | S100R5F7, S100TRIH, S100VZ6K, S100YKQ9 |
| Long-term borrowings | 23 | — | 9 | 4 | — | S100R5F7, S100VZ6K, S100YKQ9 |
| Total liabilities | 782 | 869 | 1,214 | 797 | 1,473 | S100R5F7, S100TRIH, S100VZ6K, S100YKQ9 |
| Non-controlling interests | — | — | 4 | — | 1 | S100VZ6K, S100YKQ9 |
| Equity attributable to owners of parent | 1,648 | 2,012 | 5,940 | 5,777 | 6,262 | S100R5F7, S100TRIH, S100VZ6K, S100YKQ9 |
| Retained earnings | 761 | 1,104 | 1,535 | 2,191 | 2,557 | S100R5F7, S100TRIH, S100VZ6K, S100YKQ9 |
| Treasury stock | — | -0 | -10 | -861 | -742 | S100TRIH, S100VZ6K, S100YKQ9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 57% | S100YKQ9 |
| Property, plant and equipment | 1% | S100YKQ9 |
| Intangibles and goodwill | 41% | S100YKQ9 |
| Investment securities | 0% | S100YKQ9 |
| Other assets | 1% | S100YKQ9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 19% | S100YKQ9 |
| Equity | 81% | S100YKQ9 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,438 | 2,892 | 7,185 | 6,614 | 7,782 |
| Equity | 1,655 | 2,024 | 5,971 | 5,817 | 6,308 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,725 | 2,048 | 4,089 | 3,994 | 4,396 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 0.9% | S100YKQ9 |
| Fixed assets ÷ total assets | 1.1% | S100YKQ9 |
| Goodwill ÷ parent equity | 25.1% | S100YKQ9 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 56.5% |
| Cash ÷ revenue | 44.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 107.0% |
| Cash vs. profit gap | 575 JPY mn (of net income 71.8%) |
| Shareholder returns / net income | 54.5% |
| Shareholder returns / FCF | 32.1% |
| Shareholder payments — dividends / net income | 54.5% |
| Shareholder payments — dividends / FCF | 32.1% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 20.2% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 12.0% | 1.82× | 21.8% | 1.48× | 32.2% | S100R5F7 |
| 2023 | 11.9% | 1.95× | 23.2% | 1.46× | 33.8% | S100TRIH |
| 2024 | 9.7% | 1.49× | 14.4% | 1.27× | 18.2% | S100VZ6K |
| 2025 | 12.4% | 1.22× | 15.1% | 1.18× | 17.7% | S100YKQ9 |
| 2026 | 8.0% | 1.39× | 11.1% | 1.20× | 13.3% | S100YKQ9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社アミューズキャピタル | Major shareholder | 22.4% | 2026-03-31 |
| 株式会社アミューズキャピタルインベストメント | Major shareholder | 17.6% | 2026-03-31 |
| 中山 隼雄 | Major shareholder | 6.5% | 2026-03-31 |
| 木村 重晴 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.9% | 2026-03-31 |
| 澤岻 宣之 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社Ａ．Ｃ企画 | Major shareholder | 1.6% | 2026-03-31 |
| 光１号配当特化投資事業有限責任組合 | Major shareholder | 1.6% | 2026-03-31 |
| アイビー投資事業有限責任組合 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社大一商会 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/04/01－2026/03/31) | S100YKQ9 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKQ9,, |
| 有価証券報告書－第11期(2024/04/01－2025/03/31) | S100VZ6K | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZ6K,, |
| 有価証券報告書－第10期(2023/04/01－2024/03/31) | S100TRIH | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRIH,, |
| 有価証券報告書－第9期(2022/04/01－2023/03/31) | S100R5F7 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5F7,, |
| 有価証券報告書－第8期(令和3年4月1日－令和4年3月31日) | S100OKF3 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKF3,, |
| 有価証券報告書－第7期(令和2年4月1日－令和3年3月31日) | S100LUZB | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUZB,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).