# GIG Works Inc.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第49期(2024/11/01－2025/10/31) (S100XHRP)
> Page: https://vizora.meequs.com/en/company/gig-works
> Retrieved: 2026-09-30T19:51:03.133Z

## Company

GIG Works, founded in 1977, is a company in IT Services & System Integration listed on TSE Standard. It has 780 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GiG Works Inc. |
| Ticker | 2375 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2375.T) |
| Listing | TSE Standard |
| Head office | 東京都港区西新橋二丁目11番6号 ニュー西新橋ビル3階 |
| Representative (per filing) | 代表取締役社長 村田峰人 |
| Founded | Jan 1977 |
| Share capital | ¥1.08B |
| Employees (consolidated) | 780 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | October |
| Website | www.gig.co.jp (https://www.gig.co.jp/) |
| Corporate number | 5011101030772 |
| EDINET | E05356 |
| Industries (Vizora) | IT Services & System Integration, Crypto & Blockchain, HR & Staffing, Business Process Outsourcing, Advertising, Real Estate Development & Leasing |

> Profile source: annual securities report (S100XHRP, filed 2026-01-28). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.1 | 68 |
| Profitability | 9.7 | 88 |
| Cash conversion | 99.4 | 80 |
| Efficiency | 89.2 | 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 46% of GIG Works's sales come from OnDemand Economy, with Sharing Economy and System solution making up much of the rest.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed -12.2% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: OnDemand Economy 46.4%、Sharing Economy 25.6%、System solution 21.5%、Digital marketing 5.8%、Web3 segment 0.7%
- Revenue → net income: ¥22261869000 → ¥266388000
- Net income → operating cash flow: ¥266388000 → ¥363963000（difference ¥97575000）
- Main uses of operating cash flow: CapEx ¥390153000 / dividends ¥19748000 / buybacks —
- Change in cash: ¥764318000
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 | ¥22.3B |  |
| Operating income | ¥15M | Margin 0.1% |
| Net income | ¥272.1M | Margin 1.2% |
| Free cash flow | -¥26.2M |  |
| Largest business | OnDemand Economy | of segment revenue 46.4% |
| Employees (consolidated) | 780 |  |
| EPS | ¥-38.03 |  |
| Diluted EPS | ¥13.71 |  |
| Book value per share | ¥104.94 |  |
| Equity ratio | 34.6% |  |
| Shares outstanding | 22,127,985 |  |
| Treasury shares | 2,281,900 |  |
| Shareholders | 13,266 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 32.1% | Cash ÷ revenue 11.3% |
| Vs. industry median margin | -8.5 pp | HR & Staffing |
| ROE | 10.6% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2025, parent-company salary changed -22% over five years
- FY2025, cash is 32% of total assets

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥19770958000 | ¥22261869000 | +12.6% |
| Operating income | ¥1002304000 | ¥15017000 | -98.5% |
| Operating margin | 5.1% | 0.1% | -5 pp |
| Employees | 782 people | 780 people | -0.3% |
| Cash and equivalents | ¥4062917000 | ¥2508229000 | -38.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| オンデマンドエコノミー事業 → オンデマンドエコノミー事業 | 46.4% |
| オンデマンドエコノミー事業 → 事業再編・廃止 | 40.8% |
| シェアリングエコノミー事業 → シェアリングエコノミー事業 | 12.8% |
| 新設・再編 → Web3サービス事業 | 0.7% |
| 新設・再編 → デジタルマーケティング事業 | 5.8% |
| 新設・再編 → システムソリューション事業 | 21.5% |
| 新設・再編 → シェアリングエコノミー事業 | 12.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| OnDemand Economy | 5 years | -9.7% | ¥10328462000 | 6.6% | 2 |
| Sharing Economy | 5 years | +17.6% | ¥5702350000 | 12.6% | 2 |
| System solution | 4 years | +4.6% | ¥4776312000 | 16.5% | 2 |
| Digital marketing | 3 years | -10.6% | ¥1290736000 | -12.7% | 2 |
| Web3 segment | — | — | ¥159707000 | -363.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 22,262 | 100.0% | S100XHRP |
| Cost of revenue | 17,350 | 77.9% | S100XHRP |
| Gross profit | 4,912 | 22.1% | S100XHRP |
| SG&A | 4,897 | 22.0% | S100XHRP |
| Operating income | 15 | 0.1% | S100XHRP |
| Ordinary income | 6 | 0.0% | S100XHRP |
| Pretax income | 409 | 1.8% | S100XHRP |
| Income tax | 143 | 0.6% | S100XHRP |
| Net income | 266 | 1.2% | S100XHRP |
| Net income attributable to owners | 272 | 1.2% | S100XHRP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 22 |
| Operating income | 0 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 22.1% → Operating margin 0.1% → Net margin 1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 25,369 | 22,262 | -3,107 | -12.2% |
| Gross profit | 5,954 | 4,912 | -1,042 | -17.5% |
| Operating income | -404 | 15 | 419 | — |
| Net income attributable to owners | -726 | 272 | 998 | — |
| Operating cash flow | -453 | 364 | 817 | — |
| Free cash flow | -771 | -26 | 745 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 17,585 | 784 | 4.5% | 448 | 398 | 27 | S100KLOT |
| FY ending Oct 2020 | 19,771 | 1,002 | 5.1% | 657 | 941 | 329 | S100NAE9 |
| FY ending Oct 2021 | 21,169 | 904 | 4.3% | 435 | 959 | -54 | S100Q0Z9 |
| FY ending Oct 2022 | 22,933 | 442 | 1.9% | 233 | -370 | -761 | S100SP1B |
| FY ending Oct 2023 | 26,432 | 111 | 0.4% | -718 | 1,130 | 784 | S100V5PP |
| FY ending Oct 2024 | 25,369 | -404 | -1.6% | -726 | -453 | -771 | S100XHRP |
| FY ending Oct 2025 | 22,262 | 15 | 0.1% | 272 | 364 | -26 | S100XHRP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.5M |
| Operating income per employee (consolidated) | ¥19.3K |
| Net income per employee (consolidated) | ¥348.8K |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 810 | 837 | 804 | 826 | 780 |
| Average salary (parent company) | ¥6.2M | ¥5.1M | ¥5M | ¥5M | ¥4.8M |
| Average age (parent company) | 43.9 years | 43.4 years | 44.3 years | 45.3 years | 45.9 years |
| Average tenure (parent company) | 6.8 years | 9.2 years | 9.4 years | 10.4 years | 11.0 years |

Year over year: Employees (consolidated) -5.6% · Revenue (consolidated) -12.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| OnDemand Economy | 10,328 | 46.4% | 683 | 6.6% |
| Web3 segment | 160 | 0.7% | -581 | -363.8% |
| Digital marketing | 1,291 | 5.8% | -164 | -12.7% |
| System solution | 4,776 | 21.5% | 790 | 16.5% |
| Sharing Economy | 5,702 | 25.6% | 717 | 12.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| OnDemand Economy | 46.4% | 31.2% | -15.2 | 6.6% |
| Web3 segment | 0.7% | — | — | -363.8% |
| Digital marketing | 5.8% | — | — | -12.7% |
| System solution | 21.5% | 36.1% | 14.6 | 16.5% |
| Sharing Economy | 25.6% | 32.7% | 7.1 | 12.6% |

Loss-making segment (excluded from profit shares): Web3 segment -581 JPY mn

Loss-making segment (excluded from profit shares): Digital marketing -164 JPY mn

Segment → industry: System solution → IT Services & System Integration / Web3 segment → Crypto & Blockchain / OnDemand Economy → HR & Staffing / OnDemand Economy → Business Process Outsourcing / Digital marketing → Advertising / Sharing Economy → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 364 | 1.6% | S100XHRP |
| Capital expenditure | 390 | 1.8% | S100XHRP |
| Free cash flow | -26 | -0.1% | 算出 |
| Investing cash flow | 838 | 3.8% | S100XHRP |
| Financing cash flow | -438 | -2.0% | S100XHRP |
| Dividends paid | 20 | 0.1% | S100XHRP |
| Change in cash | 764 | 3.4% | S100XHRP |
| Cash and equivalents | 2,508 | 11.3% | S100XHRP |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,412 | 2,589 | 2,753 | 1,744 | 2,508 | S100SP1B, S100V5PP, S100XHRP |
| Total assets | 10,644 | 10,682 | 9,193 | 8,271 | 7,812 | S100Q0Z9, S100SP1B, S100V5PP, S100XHRP |
| Net assets | 4,241 | 3,922 | 3,096 | 2,555 | 2,797 | S100SP1B, S100V5PP, S100XHRP |
| Share capital | 1,051 | 1,061 | 1,063 | 1,073 | 1,076 | S100Q0Z9, S100SP1B, S100V5PP, S100XHRP |
| Trade receivables | 2,378 | — | — | — | — | S100Q0Z9 |
| Property, plant and equipment | 1,593 | 1,514 | 1,122 | 946 | 832 | S100Q0Z9, S100SP1B, S100V5PP, S100XHRP |
| Intangible assets excluding goodwill | 624 | 1,121 | 674 | 684 | 549 | S100Q0Z9, S100SP1B, S100V5PP, S100XHRP |
| Goodwill | 174 | 541 | 127 | 85 | 14 | S100Q0Z9, S100SP1B, S100V5PP, S100XHRP |
| Investment securities | 82 | 53 | 57 | 46 | 47 | S100Q0Z9, S100SP1B, S100V5PP, S100XHRP |
| Current assets | 7,319 | 6,736 | 6,225 | 5,716 | 5,515 | S100Q0Z9, S100SP1B, S100V5PP, S100XHRP |
| Current liabilities | 4,407 | 4,764 | 4,681 | 4,190 | 3,687 | S100Q0Z9, S100SP1B, S100V5PP, S100XHRP |
| Short-term borrowings | 1,149 | 1,146 | 1,186 | 1,186 | 1,100 | S100Q0Z9, S100SP1B, S100V5PP, S100XHRP |
| Long-term borrowings | 1,243 | 1,093 | 610 | 779 | 637 | S100Q0Z9, S100SP1B, S100V5PP, S100XHRP |
| Bonds | 240 | 328 | 216 | 104 | — | S100Q0Z9, S100SP1B, S100V5PP, S100XHRP |
| Interest-bearing debt | 2,632 | 2,567 | 2,012 | 2,069 | — | 算出 |
| Total liabilities | 6,403 | 6,760 | 6,098 | 5,716 | 5,015 | S100Q0Z9, S100SP1B, S100V5PP, S100XHRP |
| Non-controlling interests | — | — | — | 6 | — | S100XHRP |
| Equity attributable to owners of parent | 4,108 | 3,811 | 2,978 | 2,440 | 2,697 | S100Q0Z9, S100SP1B, S100V5PP, S100XHRP |
| Retained earnings | 2,527 | 2,597 | 1,722 | 918 | 1,170 | S100Q0Z9, S100SP1B, S100V5PP, S100XHRP |
| Treasury stock | -138 | -526 | -498 | -494 | -494 | S100Q0Z9, S100SP1B, S100V5PP, S100XHRP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100XHRP |
| Property, plant and equipment | 11% | S100XHRP |
| Intangibles and goodwill | 7% | S100XHRP |
| Investment securities | 1% | S100XHRP |
| Other assets | 49% | S100XHRP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 64% | S100XHRP |
| Equity | 36% | S100XHRP |
| Other liabilities | 0% | S100XHRP |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,644 | 10,682 | 9,193 | 8,271 | 7,812 |
| Equity | 4,241 | 3,922 | 3,096 | 2,555 | 2,797 |
| Interest-bearing debt | 2,632 | 2,567 | 2,012 | 2,069 | — |
| Cash | 4,412 | 2,589 | 2,753 | 1,744 | 2,508 |

## 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) | 3.7% | S100XHRP |
| Fixed assets ÷ total assets | 10.6% | S100XHRP |
| Goodwill ÷ parent equity | 0.5% | S100XHRP |

Goodwill over 4 years: 174 → 14 JPY; total investing cash flow: -1,808 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) | 32.1% |
| Cash ÷ revenue | 11.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 2423.7% |
| Cash vs. profit gap | 92 JPY mn (of net income 33.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 7.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 230.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.1% | 1.99× | 4.1% | 2.59× | 10.6% | S100Q0Z9 |
| 2022 | 1.0% | 2.15× | 2.2% | 2.69× | 5.9% | S100SP1B |
| 2023 | — | —× | -7.2% | —× | — | S100V5PP |
| 2024 | — | —× | -8.3% | —× | — | S100XHRP |
| 2025 | 1.2% | 2.77× | 3.4% | 3.13× | 10.6% | S100XHRP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 村田ホールディングス株式会社 | Major shareholder | 17.3% | 2025-10-31 |
| SPRING INVESTMENT株式会社 | Major shareholder | 9.5% | 2025-10-31 |
| 株式会社大塚商会 | Major shareholder | 5.4% | 2025-10-31 |
| コロンブス（従業員持株会） | Major shareholder | 3.2% | 2025-10-31 |
| 関戸 明夫 | Major shareholder | 2.6% | 2025-10-31 |
| 若林 武 | Major shareholder | 1.7% | 2025-10-31 |
| クックマンブラザーズ株式会社 | Major shareholder | 1.1% | 2025-10-31 |
| ブルーリゾート開発株式会社 | Major shareholder | 1.1% | 2025-10-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.0% | 2025-10-31 |
| ギグワークス役員持株会 | Major shareholder | 0.9% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第49期(2024/11/01－2025/10/31) | S100XHRP | 2026-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHRP,, |
| 有価証券報告書－第48期(2023/11/01－2024/10/31) | S100V5PP | 2025-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5PP,, |
| 有価証券報告書－第47期(2022/11/01－2023/10/31) | S100SP1B | 2024-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SP1B,, |
| 有価証券報告書－第46期(2021/11/01－2022/10/31) | S100Q0Z9 | 2023-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q0Z9,, |
| 有価証券報告書－第45期(令和2年11月1日－令和3年10月31日) | S100NAE9 | 2022-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NAE9,, |
| 有価証券報告書－第44期(令和1年11月1日－令和2年10月31日) | S100KLOT | 2021-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KLOT,, |

## 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).