# HATCH WORK CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2025/01/01－2025/12/31) (S100XS1R)
> Page: https://vizora.meequs.com/en/company/hatch-work
> Retrieved: 2026-09-30T18:04:24.207Z

## Company

Hatch Work is a company in Software & SaaS listed on TSE Growth. It has 73 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HATCH WORK CO.,LTD. |
| Ticker | 148A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/148A.T) |
| Listing | TSE Growth |
| Head office | 東京都港区南青山一丁目1番1号 新青山ビル西館 (2026年2月24日から本店所在地 東京都港区南青山二丁目2番8号DFビル が上記のように移転しています。) |
| Representative (per filing) | 代表取締役社長 増田 知平 |
| Share capital | ¥58.5M |
| Employees (consolidated) | 73 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | December |
| Website | hatchwork.co.jp (https://hatchwork.co.jp/) |
| Corporate number | 4010401098174 |
| EDINET | E39410 |
| Industries (Vizora) | Software & SaaS, Real Estate Development & Leasing, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100XS1R, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Real Estate Brokerage & Management (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86 | 25 |
| Profitability | 48.1 | 26 |
| Cash conversion | 86.5 | 26 |
| Efficiency | 55.8 | 26 |
| Financial strength | 91.7 | 6 |

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 64% of Hatch Work's sales come from TSUKIGIME Innovation Div., with Building Innovation Div. and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +16.5% from the prior year, operating profit +32.1%.

## Company structure

- Segment revenue mix: TSUKIGIME Innovation Div. 63.8%、Building Innovation Div. 35.8%、Other 0.4%
- Revenue → net income: ¥2759255000 → ¥246937000
- Net income → operating cash flow: ¥246937000 → ¥295080000（difference ¥48143000）
- Main uses of operating cash flow: CapEx ¥28759000 / dividends — / buybacks —
- Change in cash: ¥46864000
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 | ¥2.76B |  |
| Operating income | ¥242.1M | Margin 8.8% |
| Net income | ¥246.9M | Margin 8.9% |
| Free cash flow | ¥266.3M |  |
| Largest business | TSUKIGIME Innovation Div. | of segment revenue 63.8% |
| Employees (consolidated) | 73 |  |
| EPS | ¥129.04 |  |
| Diluted EPS | ¥123.76 |  |
| Book value per share | ¥535.59 |  |
| Equity ratio | 35.6% |  |
| Shares outstanding | 1,918,600 |  |
| Shareholders | 856 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 48.2% | Net cash ¥1.19B · Cash ÷ revenue 50.4% |
| Vs. industry median margin | -3.7 pp | Software & SaaS |
| ROE | 27.4% | Derived from disclosed figures |
| ROA | 9.3% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 70% of positive segment profit
- FY2025, cash is 48% of total assets

## What changed in 3 years

| Metric | FY ending Dec 2022 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1647992000 | ¥2759255000 | +67.4% |
| Operating income | ¥-389768000 | ¥242093000 | — |
| Operating margin | -23.7% | 8.8% | +32.4 pp |
| Employees | 59 people | 73 people | +23.7% |
| Cash and equivalents | ¥1105268000 | ¥1391041000 | +25.9% |

### Change in segment revenue mix

Span: FY ending Dec 2022 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 月極イノベーション事業 → 月極イノベーション事業 | 48.0% |
| ビルディングイノベーション事業 → ビルディングイノベーション事業 | 35.8% |
| ビルディングイノベーション事業 → 事業再編・廃止 | 16.1% |
| 新設・再編 → 月極イノベーション事業 | 15.8% |
| 新設・再編 → その他 | 0.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| TSUKIGIME Innovation Div. | 3 years | +30.5% | ¥1760423000 | 29.1% | 2 |
| Building Innovation Div. | 3 years | +4.9% | ¥989136000 | 21.8% | 2 |
| Other | — | — | ¥9695000 | 50.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,759 | 100.0% | S100XS1R |
| Cost of revenue | 1,128 | 40.9% | S100XS1R |
| Gross profit | 1,631 | 59.1% | S100XS1R |
| SG&A | 1,389 | 50.3% | S100XS1R |
| Operating income | 242 | 8.8% | S100XS1R |
| Ordinary income | 260 | 9.4% | S100XS1R |
| Pretax income | 254 | 9.2% | S100XS1R |
| Income tax | 7 | 0.2% | S100XS1R |
| Net income | 247 | 8.9% | S100XS1R |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 41 |
| SG&A | 50 |
| Operating income | 9 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 59.1% → Operating margin 8.8% → Net margin 8.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.5%; Core profit growth: +32.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.94×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,368 | 2,759 | 392 | +16.5% |
| Gross profit | 1,378 | 1,631 | 253 | +18.4% |
| Operating income | 183 | 242 | 59 | +32.1% |
| Operating cash flow | 21 | 295 | 274 | +1296.4% |
| Free cash flow | 11 | 266 | 255 | +2251.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2022 | 1,648 | -390 | -23.7% | -372 | -190 | -199 | S100T3CC |
| FY ending Dec 2023 | 2,056 | 21 | 1.0% | 78 | 72 | 60 | S100VGW3 |
| FY ending Dec 2024 | 2,368 | 183 | 7.7% | 131 | 21 | 11 | S100XS1R |
| FY ending Dec 2025 | 2,759 | 242 | 8.8% | 247 | 295 | 266 | S100XS1R |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.8M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥3.4M |

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

| History | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 59 | 67 | 67 | 73 |
| Average salary (parent company) | — | ¥5.7M | ¥5.5M | ¥6.3M |
| Average age (parent company) | — | 34.9 years | 35.8 years | 34.9 years |
| Average tenure (parent company) | — | 5.8 years | 5.8 years | 5.8 years |

Year over year: Employees (consolidated) +9.0% · Revenue (consolidated) +16.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| TSUKIGIME Innovation Div. | 1,760 | 63.8% | 512 | 29.1% |
| Building Innovation Div. | 989 | 35.8% | 216 | 21.8% |
| Other | 10 | 0.4% | 5 | 50.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| TSUKIGIME Innovation Div. | 63.8% | 69.9% | 6.1 | 29.1% |
| Building Innovation Div. | 35.8% | 29.5% | -6.4 | 21.8% |
| Other | 0.4% | 0.7% | 0.3 | 50.3% |

Segment → industry: TSUKIGIME Innovation Div. → Software & SaaS / Building Innovation Div. → Real Estate Development & Leasing / TSUKIGIME Innovation Div. → Real Estate Brokerage & Management

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 295 | 10.7% | S100XS1R |
| Capital expenditure | 29 | 1.0% | S100XS1R |
| Free cash flow | 266 | 9.7% | 算出 |
| Investing cash flow | -167 | -6.1% | S100XS1R |
| Financing cash flow | -81 | -2.9% | S100XS1R |
| Change in cash | 47 | 1.7% | S100XS1R |
| Cash and equivalents | 1,391 | 50.4% | S100XS1R |

## 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 Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,105 | 1,004 | 1,344 | 1,391 | S100VGW3, S100XS1R |
| Total assets | 1,749 | 1,838 | 2,431 | 2,885 | S100T3CC, S100VGW3, S100XS1R |
| Net assets | 174 | 252 | 777 | 1,028 | S100VGW3, S100XS1R |
| Share capital | 100 | 100 | 57 | 59 | S100T3CC, S100VGW3, S100XS1R |
| Property, plant and equipment | 98 | 68 | 42 | 52 | S100T3CC, S100VGW3, S100XS1R |
| Intangible assets excluding goodwill | 12 | 31 | 29 | 23 | S100T3CC, S100VGW3, S100XS1R |
| Investment securities | — | — | 30 | 29 | S100XS1R |
| Current assets | 1,480 | 1,523 | 2,103 | 2,425 | S100T3CC, S100VGW3, S100XS1R |
| Current liabilities | 1,091 | 1,241 | 1,420 | 1,712 | S100T3CC, S100VGW3, S100XS1R |
| Short-term borrowings | 100 | 100 | 200 | 82 | S100T3CC, S100VGW3, S100XS1R |
| Long-term borrowings | 307 | 232 | 182 | 96 | S100T3CC, S100VGW3, S100XS1R |
| Bonds | 150 | 90 | 30 | 20 | S100T3CC, S100VGW3, S100XS1R |
| Interest-bearing debt | 557 | 422 | 412 | 198 | 算出 |
| Total liabilities | 1,575 | 1,587 | 1,653 | 1,857 | S100T3CC, S100VGW3, S100XS1R |
| Equity attributable to owners of parent | 174 | 252 | 777 | 1,027 | S100T3CC, S100VGW3, S100XS1R |
| Retained earnings | -1,034 | -956 | 131 | 378 | S100T3CC, S100VGW3, S100XS1R |
| Treasury stock | -7 | -7 | — | — | S100T3CC, S100VGW3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 48% | S100XS1R |
| Property, plant and equipment | 2% | S100XS1R |
| Intangibles and goodwill | 1% | S100XS1R |
| Investment securities | 1% | S100XS1R |
| Other assets | 48% | S100XS1R |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 7% | 算出 |
| Other liabilities | 57% | S100XS1R |
| Equity | 36% | S100XS1R |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 1,749 | 1,838 | 2,431 | 2,885 |
| Equity | 174 | 252 | 777 | 1,028 |
| Interest-bearing debt | 557 | 422 | 412 | 198 |
| Cash | 1,105 | 1,004 | 1,344 | 1,391 |

## 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) | 1.9% | S100XS1R |
| Fixed assets ÷ total assets | 1.8% | S100XS1R |
| Goodwill ÷ parent equity | — | —, S100XS1R |

### 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) | 48.2% |
| Cash ÷ revenue | 50.4% |
| Net cash (cash − interest-bearing debt) | ¥1.19B |
| Net debt ÷ operating cash flow | -4.04× |
| Cash conversion (operating CF ÷ operating income) | 121.9% |
| Cash vs. profit gap | 48 JPY mn (of net income 19.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 56.8% |

## 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 | — | —× | -21.3% | —× | — | S100T3CC |
| 2023 | 3.8% | 1.15× | 4.3% | 8.44× | 36.6% | S100VGW3 |
| 2024 | 5.5% | 1.11× | 6.1% | 4.15× | 25.5% | S100XS1R |
| 2025 | 8.9% | 1.04× | 9.3% | 2.95× | 27.4% | S100XS1R |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社大竹アンドパートナーズ | Major shareholder | 24.2% | 2025-12-31 |
| 株式会社ダイナエッグ | Major shareholder | 14.4% | 2025-12-31 |
| 大 竹 弘 | Major shareholder | 8.2% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 6.6% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 3.1% | 2025-12-31 |
| 増 田 知 平 | Major shareholder | 3.1% | 2025-12-31 |
| ＩＥファスト＆エクセレント投資事業有限責任組合 | Major shareholder | 2.6% | 2025-12-31 |
| 五 味 大 輔 | Major shareholder | 2.3% | 2025-12-31 |
| マーキュリア・ビズテック投資事業有限責任組合 | Major shareholder | 1.7% | 2025-12-31 |
| イノベーション・エンジンＰＯＣ第２号投資事業有限責任組合 | Major shareholder | 1.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/01/01－2025/12/31) | S100XS1R | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS1R,, |
| 有価証券報告書－第25期(2024/01/01－2024/12/31) | S100VGW3 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGW3,, |
| 有価証券報告書－第24期(2023/01/01－2023/12/31) | S100T3CC | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3CC,, |

## 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).