# ExaWizards 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11期(2025/04/01－2026/03/31) (S100YFZ6)
> Page: https://vizora.meequs.com/en/company/exawizards
> Retrieved: 2026-09-30T21:31:07.128Z

## Company

ExaWizards, founded in 2016, is a company in IT Services & System Integration listed on TSE Growth. It has 624 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ExaWizards Inc. |
| Ticker | 4259 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4259.T) |
| Listing | TSE Growth |
| Head office | 東京都港区芝浦四丁目2番8号 |
| Representative (per filing) | 代表取締役社長 CEO 春田 真 |
| Founded | Feb 2016 |
| Share capital | ¥2.49B |
| Employees (consolidated) | 624 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | March |
| Website | exawizards.com (https://exawizards.com/) |
| Corporate number | 2010001173536 |
| EDINET | E37158 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Consulting |

> Profile source: annual securities report (S100YFZ6, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Consulting (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 88.7 | 31 |
| Profitability | 62.5 | 44 |
| Cash conversion | 67 | 44 |
| Efficiency | 73.9 | 44 |

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 59% of ExaWizards's sales come from AI Solution Services Segment, with AI Products making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +22.3% from the prior year, operating profit +6830.4%.

## Company structure

- Segment revenue mix: AI Solution Services Segment 59.0%、AI Products 41.0%
- Revenue → net income: ¥11996000000 → ¥1564000000
- Net income → operating cash flow: ¥1564000000 → ¥1725000000（difference ¥161000000）
- Main uses of operating cash flow: CapEx ¥978000000 / dividends — / buybacks ¥0
- Change in cash: ¥970000000
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 | ¥12B |  |
| Operating income | ¥1.59B | Margin 13.3% |
| Net income | ¥1.53B | Margin 12.8% |
| Free cash flow | ¥747M |  |
| Largest business | AI Solution Services Segment | of segment revenue 59.0% |
| Employees (consolidated) | 624 |  |
| EPS | ¥10.35 |  |
| Diluted EPS | ¥10.14 |  |
| Book value per share | ¥56.68 |  |
| Equity ratio | 48.1% |  |
| Shares outstanding | 87,156,500 |  |
| Treasury shares | 1,210,500 |  |
| Shareholders | 35,321 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 42.2% | Cash ÷ revenue 33.2% |
| Vs. industry median margin | +4.4 pp | IT Services & System Integration |
| ROE | 44.1% | Derived from disclosed figures |
| ROA | 18.6% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.5× its level five years ago
- FY2026, cash is 42% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2612944000 | ¥11996000000 | +359.1% |
| Operating income | ¥-508339000 | ¥1594000000 | — |
| Operating margin | -19.5% | 13.3% | +32.7 pp |
| Employees | 223 people | 624 people | +179.8% |
| Cash and equivalents | ¥2337000000 | ¥3979000000 | +70.3% |

### 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 |
| --- | ---: |
| AIプラットフォーム事業 → 事業再編・廃止 | 86.4% |
| AIプロダクト事業 → 事業再編・廃止 | 13.6% |
| 新設・再編 → AIプロダクト事業 | 41.0% |
| 新設・再編 → AIソリューションサービス事業 | 59.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,996 | 100.0% | S100YFZ6 |
| Cost of revenue | 3,994 | 33.3% | S100YFZ6 |
| Gross profit | 8,002 | 66.7% | S100YFZ6 |
| SG&A | 6,408 | 53.4% | S100YFZ6 |
| Operating income | 1,594 | 13.3% | S100YFZ6 |
| Ordinary income | 1,566 | 13.1% | S100YFZ6 |
| Pretax income | 1,546 | 12.9% | S100YFZ6 |
| Income tax | -18 | -0.2% | S100YFZ6 |
| Net income | 1,564 | 13.0% | S100YFZ6 |
| Net income attributable to owners | 1,533 | 12.8% | S100YFZ6 |

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

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

### Margin funnel

Gross margin 66.7% → Operating margin 13.3% → Net margin 12.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +22.3%; Core profit growth: +6830.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 306.70×
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 | 9,811 | 11,996 | 2,185 | +22.3% |
| Gross profit | 5,667 | 8,002 | 2,335 | +41.2% |
| Operating income | 23 | 1,594 | 1,571 | +6830.4% |
| Net income attributable to owners | -2,576 | 1,533 | 4,109 | — |
| Operating cash flow | 621 | 1,725 | 1,104 | +177.8% |
| Free cash flow | -364 | 747 | 1,111 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 2,613 | -508 | -19.5% | -593 | -528 | -1,090 | S100OKZ6 |
| FY ending Mar 2022 | 4,810 | -201 | -4.2% | -137 | 24 | -445 | S100R5E5 |
| FY ending Mar 2023 | 5,591 | -378 | -6.8% | -141 | 71 | -843 | S100TWQX |
| FY ending Mar 2024 | 8,384 | -305 | -3.6% | -610 | -197 | -1,120 | S100W410 |
| FY ending Mar 2025 | 9,811 | 23 | 0.2% | -2,576 | 621 | -364 | S100YFZ6 |
| FY ending Mar 2026 | 11,996 | 1,594 | 13.3% | 1,533 | 1,725 | 747 | S100YFZ6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.2M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥2.5M |

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) | 351 | 373 | 548 | 587 | 624 |
| Average salary (parent company) | ¥8.3M | ¥9M | ¥8.7M | ¥8.1M | ¥8.6M |
| Average age (parent company) | 35.3 years | 36.6 years | 35.6 years | 35.0 years | 34.9 years |
| Average tenure (parent company) | 2.1 years | 2.3 years | 2.6 years | 2.7 years | 3.0 years |

Year over year: Employees (consolidated) +6.3% · Revenue (consolidated) +22.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| AI Products | 4,916 | 41.0% | 1,866 | 38.0% |
| AI Solution Services Segment | 7,080 | 59.0% | 2,217 | 31.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| AI Products | 41.0% | 45.7% | 4.7 | 38.0% |
| AI Solution Services Segment | 59.0% | 54.3% | -4.7 | 31.3% |

Segment → industry: AI Solution Services Segment → IT Services & System Integration / AI Products → Software & SaaS / AI Solution Services Segment → Consulting

## 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 | 1,725 | 14.4% | S100YFZ6 |
| Capital expenditure | 978 | 8.2% | S100YFZ6 |
| Free cash flow | 747 | 6.2% | 算出 |
| Investing cash flow | -1,040 | -8.7% | S100YFZ6 |
| Financing cash flow | 285 | 2.4% | S100YFZ6 |
| Share buyback | 0 | 0.0% | S100YFZ6 |
| Change in cash | 970 | 8.1% | S100YFZ6 |
| Cash and equivalents | 3,979 | 33.2% | S100YFZ6 |

## 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 | 5,537 | 5,231 | 3,489 | 3,008 | 3,979 | S100TWQX, S100W410, S100YFZ6 |
| Total assets | 7,865 | 7,939 | 9,931 | 7,024 | 9,436 | S100R5E5, S100TWQX, S100W410, S100YFZ6 |
| Net assets | 6,633 | 6,618 | 4,983 | 2,539 | 4,750 | S100TWQX, S100W410, S100YFZ6 |
| Share capital | 2,274 | 2,337 | 2,401 | 2,440 | 2,491 | S100R5E5, S100TWQX, S100W410, S100YFZ6 |
| Property, plant and equipment | 126 | 165 | 320 | 10 | 122 | S100R5E5, S100TWQX, S100W410, S100YFZ6 |
| Intangible assets excluding goodwill | 807 | 1,114 | 3,544 | 1,406 | 1,895 | S100R5E5, S100TWQX, S100W410, S100YFZ6 |
| Goodwill | 212 | 160 | 894 | 56 | 4 | S100R5E5, S100TWQX, S100W410, S100YFZ6 |
| Investment securities | — | — | 181 | 40 | 40 | S100W410, S100YFZ6 |
| Current assets | 6,636 | 6,372 | 5,518 | 5,229 | 6,812 | S100R5E5, S100TWQX, S100W410, S100YFZ6 |
| Current liabilities | 824 | 914 | 1,806 | 2,065 | 2,606 | S100R5E5, S100TWQX, S100W410, S100YFZ6 |
| Long-term borrowings | 310 | 300 | 2,550 | 1,950 | 1,875 | S100R5E5, S100TWQX, S100W410, S100YFZ6 |
| Total liabilities | 1,232 | 1,321 | 4,948 | 4,484 | 4,685 | S100R5E5, S100TWQX, S100W410, S100YFZ6 |
| Non-controlling interests | 40 | 75 | 52 | 78 | 110 | S100R5E5, S100TWQX, S100W410, S100YFZ6 |
| Equity attributable to owners of parent | 6,589 | 6,540 | 4,892 | 2,409 | 4,540 | S100R5E5, S100TWQX, S100W410, S100YFZ6 |
| Retained earnings | -744 | -249 | -860 | -3,437 | -1,904 | S100R5E5, S100TWQX, S100W410, S100YFZ6 |
| Treasury stock | — | -34 | -1,203 | -1,182 | -685 | S100TWQX, S100W410, S100YFZ6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100YFZ6 |
| Property, plant and equipment | 1% | S100YFZ6 |
| Intangibles and goodwill | 20% | S100YFZ6 |
| Investment securities | 1% | S100YFZ6 |
| Other assets | 36% | S100YFZ6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 50% | S100YFZ6 |
| Equity | 50% | S100YFZ6 |
| Other liabilities | 0% | S100YFZ6 |

### 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 | 7,865 | 7,939 | 9,931 | 7,024 | 9,436 |
| Equity | 6,633 | 6,618 | 4,983 | 2,539 | 4,750 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,537 | 5,231 | 3,489 | 3,008 | 3,979 |

## 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) | 1.0% | S100YFZ6 |
| Fixed assets ÷ total assets | 1.3% | S100YFZ6 |
| Goodwill ÷ parent equity | 0.1% | S100YFZ6 |

Goodwill over 4 years: 212 → 4 JPY; total investing cash flow: -6,057 JPY. This does not imply causation.

### 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) | 42.2% |
| Cash ÷ revenue | 33.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 108.2% |
| Cash vs. profit gap | 192 JPY mn (of net income 12.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.2% |
| Investing CF relative to operating CF | 60.3% |

## 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 | — | —× | -1.7% | —× | — | S100R5E5 |
| 2023 | — | —× | -1.8% | —× | — | S100TWQX |
| 2024 | — | —× | -6.8% | —× | — | S100W410 |
| 2025 | — | —× | -30.4% | —× | — | S100YFZ6 |
| 2026 | 12.8% | 1.46× | 18.6% | 2.37× | 44.1% | S100YFZ6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ベータカタリスト | Major shareholder | 9.5% | 2026-03-31 |
| 坂根 裕 | Major shareholder | 4.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.8% | 2026-03-31 |
| 古屋 俊和 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社ＫＨ | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社ＲＨ | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 3.4% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 春田 真 | Major shareholder | 1.8% | 2026-03-31 |
| Ｄ４Ｖ１号投資事業有限責任組合 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2025/04/01－2026/03/31) | S100YFZ6 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFZ6,, |
| 有価証券報告書－第10期(2024/04/01－2025/03/31) | S100W410 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W410,, |
| 有価証券報告書－第9期(2023/04/01－2024/03/31) | S100TWQX | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWQX,, |
| 有価証券報告書－第8期(2022/04/01－2023/03/31) | S100R5E5 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5E5,, |
| 有価証券報告書－第7期(令和3年4月1日－令和4年3月31日) | S100OKZ6 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKZ6,, |

## 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).