# Globalway, 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22期(2025/04/01－2026/03/31) (S100YIGW)
> Page: https://vizora.meequs.com/en/company/globalway
> Retrieved: 2026-09-30T21:33:37.192Z

## Company

Globalway, founded in 2004, is a company in IT Services & System Integration listed on TSE Growth. It has 153 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Globalway,Inc. |
| Ticker | 3936 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3936.T) |
| Listing | TSE Growth |
| Head office | 東京都港区新橋六丁目19番13号 エンスイテ御成門5階 (2025年10月27日から本店所在地 東京都渋谷区神宮前二丁目34番17号 住友不動産原宿ビルが上記のように移転しております。) |
| Representative (per filing) | 代表取締役会長兼社長CEO 各務 正人 |
| Founded | Oct 2004 |
| Share capital | ¥61.1M |
| Employees (consolidated) | 153 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.globalway.co.jp (https://www.globalway.co.jp/) |
| Corporate number | 7010401055461 |
| EDINET | E32225 |
| Industries (Vizora) | IT Services & System Integration, Internet Services & Apps, HR & Staffing |

> Profile source: annual securities report (S100YIGW, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 88.8 | 40 |
| Profitability | 50 | 51 |
| Cash conversion | 45.3 | 43 |
| Efficiency | 97.1 | 52 |

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 48% of Globalway's sales come from Sharing, with Digital Solution Business and Career Innovation Business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +30.7% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Sharing 47.8%、Digital Solution Business 39.3%、Career Innovation Business 12.9%
- Revenue → net income: ¥4014358000 → ¥285601000
- Net income → operating cash flow: ¥285601000 → ¥301395000（difference ¥15794000）
- Main uses of operating cash flow: CapEx ¥12248000 / dividends — / buybacks —
- Change in cash: ¥81707000
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 | ¥4.01B |  |
| Operating income | ¥307.1M | Margin 7.6% |
| Net income | ¥192.9M | Margin 4.8% |
| Free cash flow | ¥289.1M |  |
| Largest business | Sharing | of segment revenue 47.8% |
| Employees (consolidated) | 153 |  |
| EPS | ¥4.07 |  |
| Diluted EPS | ¥4.06 |  |
| Book value per share | ¥19.33 |  |
| Equity ratio | 42.6% |  |
| Shares outstanding | 36,566,450 |  |
| Treasury shares | 4,200 |  |
| Shareholders | 10,365 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 34.0% | Cash ÷ revenue 18.3% |
| Vs. industry median margin | 0 pp | Internet Services & Apps |
| ROE | 23.6% | Derived from disclosed figures |
| ROA | 9.8% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.2× its level five years ago
- FY2026, one segment accounts for 64% of positive segment profit
- FY2026, parent-company salary changed +41% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1219648000 | ¥4014358000 | +229.1% |
| Operating income | ¥-362649000 | ¥307057000 | — |
| Operating margin | -29.7% | 7.6% | +37.4 pp |
| Employees | 79 people | 153 people | +93.7% |
| Cash and equivalents | ¥207187000 | ¥735704000 | +255.1% |

### 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 |
| --- | ---: |
| ソーシャルウェブメディア事業 → 事業再編・廃止 | 20.8% |
| プラットフォーム事業 → 事業再編・廃止 | 22.0% |
| ビジネスアプリケーション事業 → 事業再編・廃止 | 26.7% |
| セールスフォース事業 → 事業再編・廃止 | 4.7% |
| シェアリング事業 → シェアリング事業 | 5.0% |
| メディア事業 → 事業再編・廃止 | 13.6% |
| リクルーティング事業 → 事業再編・廃止 | 7.2% |
| 新設・再編 → デジタル・ソリューション事業 | 39.3% |
| 新設・再編 → キャリアイノベーション事業 | 12.9% |
| 新設・再編 → シェアリング事業 | 42.9% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Sharing | 5 years | +75.5% | ¥1919972000 | 8.2% | 2 |
| Digital Solution Business | — | — | ¥1578100000 | 26.8% | 2 |
| Career Innovation Business | — | — | ¥516285000 | 16.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,014 | 100.0% | S100YIGW |
| Cost of revenue | 1,625 | 40.5% | S100YIGW |
| Gross profit | 2,389 | 59.5% | S100YIGW |
| SG&A | 2,082 | 51.9% | S100YIGW |
| Operating income | 307 | 7.6% | S100YIGW |
| Ordinary income | 312 | 7.8% | S100YIGW |
| Pretax income | 288 | 7.2% | S100YIGW |
| Income tax | 3 | 0.1% | S100YIGW |
| Net income | 286 | 7.1% | S100YIGW |
| Net income attributable to owners | 193 | 4.8% | S100YIGW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 40 |
| SG&A | 52 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 59.5% → Operating margin 7.6% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 3,072 | 4,014 | 943 | +30.7% |
| Gross profit | 1,571 | 2,389 | 818 | +52.1% |
| Operating income | -261 | 307 | 568 | — |
| Net income attributable to owners | -320 | 193 | 513 | — |
| Operating cash flow | -543 | 301 | 844 | — |
| Free cash flow | -543 | 289 | 832 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,301 | -187 | -14.4% | -154 | -268 | -272 | S100LJCF |
| FY ending Mar 2021 | 1,220 | -363 | -29.7% | -188 | -429 | -435 | S100OBFM |
| FY ending Mar 2022 | 1,817 | 137 | 7.5% | 419 | 281 | 275 | S100QZHF |
| FY ending Mar 2023 | 1,749 | -459 | -26.2% | -219 | -636 | -688 | S100TOWR |
| FY ending Mar 2024 | 2,456 | -380 | -15.5% | -199 | -506 | -521 | S100W0EO |
| FY ending Mar 2025 | 3,072 | -261 | -8.5% | -320 | -543 | -543 | S100YIGW |
| FY ending Mar 2026 | 4,014 | 307 | 7.6% | 193 | 301 | 289 | S100YIGW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.2M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 98 | 121 | 139 | 146 | 153 |
| Average salary (parent company) | ¥4.6M | ¥6.2M | ¥5.6M | ¥6.6M | ¥6.5M |
| Average age (parent company) | 38.3 years | 38.8 years | 39.0 years | 39.5 years | 38.9 years |
| Average tenure (parent company) | 3.5 years | 3.6 years | 2.8 years | 3.7 years | 4.4 years |

Year over year: Employees (consolidated) +4.8% · Revenue (consolidated) +30.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Digital Solution Business | 1,578 | 39.3% | 424 | 26.8% |
| Career Innovation Business | 516 | 12.9% | 85 | 16.5% |
| Sharing | 1,920 | 47.8% | 157 | 8.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Digital Solution Business | 39.3% | 63.6% | 24.3 | 26.8% |
| Career Innovation Business | 12.9% | 12.8% | -0.0 | 16.5% |
| Sharing | 47.8% | 23.5% | -24.3 | 8.2% |

Segment → industry: Digital Solution Business → IT Services & System Integration / Sharing → Internet Services & Apps / Career Innovation Business → 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 | 301 | 7.5% | S100YIGW |
| Capital expenditure | 12 | 0.3% | S100YIGW |
| Free cash flow | 289 | 7.2% | 算出 |
| Investing cash flow | -124 | -3.1% | S100YIGW |
| Financing cash flow | -95 | -2.4% | S100YIGW |
| Change in cash | 82 | 2.0% | S100YIGW |
| Cash and equivalents | 736 | 18.3% | S100YIGW |

## 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 | 1,309 | 947 | 986 | 654 | 736 | S100TOWR, S100W0EO, S100YIGW |
| Total assets | 1,747 | 1,706 | 1,948 | 1,773 | 2,167 | S100QZHF, S100TOWR, S100W0EO, S100YIGW |
| Net assets | 1,262 | 1,327 | 1,481 | 1,176 | 1,490 | S100TOWR, S100W0EO, S100YIGW |
| Share capital | 50 | 50 | 50 | 51 | 61 | S100QZHF, S100TOWR, S100W0EO, S100YIGW |
| Property, plant and equipment | 5 | 45 | — | — | — | S100QZHF, S100TOWR |
| Intangible assets excluding goodwill | 0 | 0 | — | — | — | S100QZHF, S100TOWR |
| Goodwill | 0 | 0 | — | — | — | S100QZHF, S100TOWR |
| Investment securities | — | 186 | 175 | 120 | 232 | S100TOWR, S100W0EO, S100YIGW |
| Current assets | 1,707 | 1,434 | 1,723 | 1,601 | 1,912 | S100QZHF, S100TOWR, S100W0EO, S100YIGW |
| Current liabilities | 418 | 345 | 460 | 597 | 677 | S100QZHF, S100TOWR, S100W0EO, S100YIGW |
| Short-term borrowings | — | — | 30 | 235 | 120 | S100W0EO, S100YIGW |
| Long-term borrowings | 63 | 33 | 7 | — | — | S100QZHF, S100TOWR, S100W0EO |
| Total liabilities | 485 | 379 | 467 | 597 | 677 | S100QZHF, S100TOWR, S100W0EO, S100YIGW |
| Non-controlling interests | 108 | 211 | 439 | 459 | 560 | S100QZHF, S100TOWR, S100W0EO, S100YIGW |
| Equity attributable to owners of parent | 1,148 | 1,112 | 1,029 | 710 | 924 | S100QZHF, S100TOWR, S100W0EO, S100YIGW |
| Retained earnings | -99 | -318 | -517 | -837 | -644 | S100QZHF, S100TOWR, S100W0EO, S100YIGW |
| Treasury stock | -1 | -1 | -1 | -1 | -1 | S100QZHF, S100TOWR, S100W0EO, S100YIGW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100YIGW |
| Investment securities | 11% | S100YIGW |
| Other assets | 55% | S100YIGW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100YIGW |
| Equity | 69% | S100YIGW |
| Other liabilities | 0% | S100YIGW |

### 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 | 1,747 | 1,706 | 1,948 | 1,773 | 2,167 |
| Equity | 1,262 | 1,327 | 1,481 | 1,176 | 1,490 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,309 | 947 | 986 | 654 | 736 |

### 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) | 34.0% |
| Cash ÷ revenue | 18.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 98.2% |
| Cash vs. profit gap | 109 JPY mn (of net income 56.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 41.0% |

## 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 | 23.1% | 1.04× | 24.0% | 1.52× | 36.5% | S100QZHF |
| 2023 | — | —× | -12.7% | —× | — | S100TOWR |
| 2024 | — | —× | -10.9% | —× | — | S100W0EO |
| 2025 | — | —× | -17.2% | —× | — | S100YIGW |
| 2026 | 4.8% | 2.04× | 9.8% | 2.41× | 23.6% | S100YIGW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 各務 正人 | Major shareholder | 41.7% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.4% | 2026-03-31 |
| 富田 里子 | Major shareholder | 1.0% | 2026-03-31 |
| マネックス証券株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| 佐藤 三朋 | Major shareholder | 0.9% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 0.5% | 2026-03-31 |
| BNYM SA／NV FOR BNYM FOR BNY GCM CLIENT ACCOUNTS M LSCB RD（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.5% | 2026-03-31 |
| 山根 大 | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/04/01－2026/03/31) | S100YIGW | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIGW,, |
| 有価証券報告書－第21期(2024/04/01－2025/03/31) | S100W0EO | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0EO,, |
| 有価証券報告書－第20期(2023/04/01－2024/03/31) | S100TOWR | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOWR,, |
| 有価証券報告書－第19期(2022/04/01－2023/03/31) | S100QZHF | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZHF,, |
| 有価証券報告書－第18期(令和3年4月1日－令和4年3月31日) | S100OBFM | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBFM,, |
| 有価証券報告書－第17期(令和2年4月1日－令和3年3月31日) | S100LJCF | 2021-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJCF,, |

## 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).