# CrowdWorks Inc.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2024/10/01－2025/09/30) (S100XBLZ)
> Page: https://vizora.meequs.com/en/company/crowdworks
> Retrieved: 2026-09-30T19:42:01.220Z

## Company

CrowdWorks, founded in 2011, is a company in Software & SaaS listed on TSE Growth. It has 760 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CrowdWorks Inc. |
| Ticker | 3900 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3900.T) |
| Listing | TSE Growth |
| Head office | 東京都港区麻布台一丁目3番1号 |
| Representative (per filing) | 代表取締役社長 吉田 浩一郎 |
| Founded | Nov 2011 |
| Share capital | ¥2.8B |
| Employees (consolidated) | 760 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | September |
| Website | crowdworks.co.jp (https://crowdworks.co.jp/) |
| Corporate number | 6010401098453 |
| EDINET | E31019 |
| Industries (Vizora) | Software & SaaS, HR & Staffing |

> Profile source: annual securities report (S100XBLZ, filed 2025-12-22). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 44.9 | 88 |
| Cash conversion | 54.4 | 80 |
| Efficiency | 67.6 | 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 95% of CrowdWorks's sales come from Matching business, with SaaS business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +32.4% from the prior year, operating profit +31.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥22.7B |  |
| Operating income | ¥1.76B | Margin 7.8% |
| Net income | -¥257.1M | Margin -1.1% |
| Free cash flow | — |  |
| Largest business | Matching business | of segment revenue 94.6% |
| Employees (consolidated) | 760 |  |
| EPS | ¥-25.11 |  |
| Book value per share | ¥411.5 |  |
| Equity ratio | 40.7% |  |
| Shares outstanding | 15,795,959 |  |
| Treasury shares | 100 |  |
| Shareholders | 10,443 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 52.8% | Cash ÷ revenue 36.6% |
| Vs. industry median margin | -0.8 pp | HR & Staffing |
| ROA | -1.8% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 97% of positive segment profit
- FY2025, cash is 53% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8728350000 | ¥22657413000 | — |
| Operating income | ¥-298359000 | ¥1759112000 | — |
| Operating margin | -3.4% | 7.8% | +11.2 pp |
| Employees | 190 people | 760 people | — |
| Cash and equivalents | ¥3418919000 | ¥8282371000 | — |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| マッチング → 事業再編・廃止 | 72.2% |
| 受託 → 事業再編・廃止 | 26.1% |
| ビジネス向けSaaS → 事業再編・廃止 | 0.8% |
| その他 → その他 | 0.5% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → マッチング | 94.6% |
| 新設・再編 → ビジネス向けSaaS | 4.8% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Matching business | 2 years | +29.6% | ¥21439733000 | 8.2% | 2 |
| SaaS business | 2 years | +61.3% | ¥1097648000 | 4.9% | 2 |
| Other | 5 years | +10.4% | ¥120031000 | -45.2% | 2 |

## Income statement（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 22,657 | 100.0% | S100XBLZ |
| Cost of revenue | 13,091 | 57.8% | S100XBLZ |
| Gross profit | 9,567 | 42.2% | S100XBLZ |
| SG&A | 7,808 | 34.5% | S100XBLZ |
| Operating income | 1,759 | 7.8% | S100XBLZ |
| Ordinary income | 1,759 | 7.8% | S100XBLZ |
| Pretax income | 624 | 2.8% | S100XBLZ |
| Income tax | 838 | 3.7% | S100XBLZ |
| Net income | -214 | -0.9% | S100XBLZ |
| Net income attributable to owners | -257 | -1.1% | S100XBLZ |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 34 |
| Operating income | 8 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 42.2% → Operating margin 7.8% → Net margin -1.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +32.4%; Core profit growth: +31.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.96×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 17,114 | 22,657 | 5,544 | +32.4% |
| Gross profit | 7,847 | 9,567 | 1,720 | +21.9% |
| Operating income | 1,341 | 1,759 | 418 | +31.2% |
| Net income attributable to owners | 911 | -257 | -1,168 | -128.2% |
| Operating cash flow | 1,681 | 1,738 | 57 | +3.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 8,750 | 48 | 0.5% | -128 | 346 | 277 | S100KGAZ |
| FY ending Sep 2020 | 5,458 | -364 | -6.7% | -53 | -1 | — | S100N8L9 |
| FY ending Sep 2020 | 8,728 | -298 | -3.4% | -53 | -1 | -34 | S100KGAZ |
| FY ending Sep 2021 | 7,769 | 575 | 7.4% | 622 | 869 | 855 | S100N8L9 |
| FY ending Sep 2022 | 10,575 | 933 | 8.8% | 803 | 1,152 | — | S100SIH4 |
| FY ending Sep 2023 | 13,211 | 1,154 | 8.7% | 1,097 | 1,349 | — | S100UZTG |
| FY ending Sep 2024 | 17,114 | 1,341 | 7.8% | 911 | 1,681 | — | S100XBLZ |
| FY ending Sep 2025 | 22,657 | 1,759 | 7.8% | -257 | 1,738 | — | S100XBLZ |

## People and productivity（FY ending Sep 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.8M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | -¥338.2K |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 189 | 257 | 374 | 483 | 760 |
| Average salary (parent company) | ¥5.4M | ¥5.5M | ¥5.6M | ¥6.2M | ¥6.4M |
| Average age (parent company) | 32.5 years | 32.2 years | 32.7 years | 32.8 years | 33.7 years |
| Average tenure (parent company) | 2.6 years | 2.5 years | 2.4 years | 3.0 years | 2.6 years |

Year over year: Employees (consolidated) +57.3% · Revenue (consolidated) +32.4%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Matching business | 21,440 | 94.6% | 1,759 | 8.2% |
| SaaS business | 1,098 | 4.8% | 54 | 4.9% |
| Other | 120 | 0.5% | -54 | -45.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Matching business | 94.6% | 97.0% | 2.4 | 8.2% |
| SaaS business | 4.8% | 3.0% | -1.9 | 4.9% |
| Other | 0.5% | — | — | -45.2% |

Loss-making segment (excluded from profit shares): Other -54 JPY mn

Segment → industry: SaaS business → Software & SaaS / Matching business → HR & Staffing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,738 | 7.7% | S100XBLZ |
| Investing cash flow | -1,062 | -4.7% | S100XBLZ |
| Financing cash flow | 1,491 | 6.6% | S100XBLZ |
| Dividends paid | 284 | 1.3% | S100XBLZ |
| Change in cash | 2,168 | 9.6% | S100XBLZ |
| Cash and equivalents | 8,282 | 36.6% | S100XBLZ |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,219 | 5,117 | 5,735 | 6,115 | 8,282 | S100N8L9, S100UZTG, S100XBLZ |
| Total assets | 6,201 | 7,638 | 9,995 | 13,537 | 15,691 | S100N8L9, S100SIH4, S100UZTG, S100XBLZ |
| Net assets | 3,795 | 4,666 | 6,039 | 7,304 | 6,746 | S100N8L9, S100UZTG, S100XBLZ |
| Share capital | 2,691 | 2,697 | 2,751 | 2,785 | 2,803 | S100N8L9, S100SIH4, S100UZTG, S100XBLZ |
| Property, plant and equipment | 71 | 64 | 63 | 44 | 20 | S100N8L9, S100SIH4, S100UZTG, S100XBLZ |
| Intangible assets excluding goodwill | 34 | 111 | 1,250 | 2,085 | 3,234 | S100N8L9, S100SIH4, S100UZTG, S100XBLZ |
| Goodwill | 4 | 91 | 1,240 | 2,081 | 3,232 | S100N8L9, S100SIH4, S100UZTG, S100XBLZ |
| Investment securities | — | — | 263 | 1,952 | — | S100UZTG |
| Current assets | 5,707 | 6,889 | 7,904 | 8,828 | 11,486 | S100N8L9, S100SIH4, S100UZTG, S100XBLZ |
| Current liabilities | 2,376 | 2,921 | 3,740 | 5,534 | 5,593 | S100N8L9, S100SIH4, S100UZTG, S100XBLZ |
| Short-term borrowings | 100 | 103 | 534 | 1,432 | 597 | S100N8L9, S100SIH4, S100UZTG, S100XBLZ |
| Long-term borrowings | — | 20 | 163 | 602 | 3,315 | S100SIH4, S100UZTG, S100XBLZ |
| Total liabilities | 2,407 | 2,972 | 3,956 | 6,233 | 8,945 | S100N8L9, S100SIH4, S100UZTG, S100XBLZ |
| Non-controlling interests | — | — | 24 | 109 | 152 | S100UZTG, S100XBLZ |
| Equity attributable to owners of parent | 3,760 | 4,554 | 5,759 | 6,839 | 6,335 | S100N8L9, S100SIH4, S100UZTG, S100XBLZ |
| Retained earnings | -1,581 | -798 | 298 | 1,166 | 625 | S100N8L9, S100SIH4, S100UZTG, S100XBLZ |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100N8L9, S100SIH4, S100UZTG, S100XBLZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 53% | S100XBLZ |
| Property, plant and equipment | 0% | S100XBLZ |
| Intangibles and goodwill | 41% | S100XBLZ |
| Other assets | 6% | S100XBLZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100XBLZ |
| Equity | 43% | S100XBLZ |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 6,201 | 7,638 | 9,995 | 13,537 | 15,691 |
| Equity | 3,795 | 4,666 | 6,039 | 7,304 | 6,746 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,219 | 5,117 | 5,735 | 6,115 | 8,282 |

## 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) | 0.1% | S100XBLZ |
| Fixed assets ÷ total assets | 0.1% | S100XBLZ |
| Goodwill ÷ parent equity | 51.0% | S100XBLZ |

### 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) | 52.8% |
| Cash ÷ revenue | 36.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 98.8% |
| Cash vs. profit gap | 1,995 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 61.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 8.0% | 1.25× | 10.0% | 1.65× | 16.6% | S100N8L9 |
| 2022 | 7.6% | 1.38× | 10.5% | 1.68× | 17.6% | S100SIH4 |
| 2023 | 8.3% | 1.50× | 12.4% | 1.71× | 21.3% | S100UZTG |
| 2024 | 5.3% | 1.45× | 7.7% | 1.87× | 14.5% | S100XBLZ |
| 2025 | — | —× | -1.8% | —× | — | S100XBLZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 吉田 浩一郎 | Major shareholder | 23.7% | 2025-09-30 |
| 株式会社サイバーエージェント | Major shareholder | 9.6% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.9% | 2025-09-30 |
| THE BANK OF NEW YORK 133652 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.5% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 2.2% | 2025-09-30 |
| 野村 真一 | Major shareholder | 2.0% | 2025-09-30 |
| BBH LUX/BROWN BROTHERS HARRIMAN (LUXEMBOURG) SCA CUSTODIAN FOR SMD-AM FUNDS - DSBI JAPAN EQUITY SMALL CAP ABSOLUTE VALUE （常任代理人 株式会社三井住友銀行） | Major shareholder | 1.6% | 2025-09-30 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.4% | 2025-09-30 |
| 松崎 良太 | Major shareholder | 1.3% | 2025-09-30 |
| THE BANK OF NEW YORK MELLON 140051 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.1% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2024/10/01－2025/09/30) | S100XBLZ | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBLZ,, |
| 有価証券報告書－第13期(2023/10/01－2024/09/30) | S100UZTG | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZTG,, |
| 有価証券報告書－第12期(2022/10/01－2023/09/30) | S100SIH4 | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIH4,, |
| 有価証券報告書－第11期(令和3年10月1日－令和4年9月30日) | S100PUTL | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUTL,, |
| 訂正有価証券報告書－第10期(令和2年10月1日－令和3年9月30日) | S100N8L9 | 2022-01-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N8L9,, |
| 有価証券報告書－第9期(令和1年10月1日－令和2年9月30日) | S100KGAZ | 2020-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KGAZ,, |

## 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).