# Lib Work Co.,Ltd.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第29期(2025/07/01－2026/06/30) (S100Z3WK)
> Page: https://vizora.meequs.com/en/company/lib-work
> Retrieved: 2026-09-30T21:03:26.376Z

## Company

Lib Work, founded in 1997, is a company in Homebuilders listed on TSE Growth. It has 323 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Lib Work Co.,Ltd. |
| Ticker | 1431 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1431.T) |
| Listing | TSE Growth |
| Head office | 熊本県山鹿市鍋田178番地1 |
| Representative (per filing) | 代表取締役社長 瀬口 力 |
| Founded | Aug 1997 |
| Share capital | ¥1.32B |
| Employees (consolidated) | 323 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | June |
| Website | www.libwork.co.jp (https://www.libwork.co.jp/) |
| Corporate number | 7330001010363 |
| EDINET | E31614 |
| Industries (Vizora) | Homebuilders |

> Profile source: annual securities report (S100Z3WK, filed 2026-09-25). As of filing

## Five-axis industry profile

Primary industry: Homebuilders (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.4 | 23 |
| Profitability | 36.5 | 26 |
| Cash conversion | 10.4 | 24 |
| Efficiency | 63.5 | 26 |
| Financial strength | 70 | 15 |

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)

- Lib Work brought in ¥15.7B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -2.0% from the prior year, operating profit -36.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥15.7B |  |
| Operating income | ¥528M | Margin 3.4% |
| Net income | ¥103.1M | Margin 0.7% |
| Free cash flow | -¥1.52B |  |
| Employees (consolidated) | 323 |  |
| EPS | ¥5.12 |  |
| Book value per share | ¥194.76 |  |
| Equity ratio | 34.7% |  |
| Shares outstanding | 24,151,540 |  |
| Treasury shares | 526,600 |  |
| Shareholders | 9,832 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 24.9% | Net cash -¥2.2B · Cash ÷ revenue 21.4% |
| Vs. industry median margin | -2.1 pp | Homebuilders |
| ROE | 2.2% | Derived from disclosed figures |
| ROA | 0.8% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9404305000 | ¥15679974000 | +66.7% |
| Operating income | ¥486968000 | ¥527980000 | +8.4% |
| Operating margin | 5.2% | 3.4% | -1.8 pp |
| Employees | 244 people | 323 people | +32.4% |
| Cash and equivalents | ¥3324877000 | ¥3355606000 | +0.9% |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,680 | 100.0% | S100Z3WK |
| Cost of revenue | 11,207 | 71.5% | S100Z3WK |
| Gross profit | 4,473 | 28.5% | S100Z3WK |
| SG&A | 3,945 | 25.2% | S100Z3WK |
| Operating income | 528 | 3.4% | S100Z3WK |
| Ordinary income | 285 | 1.8% | S100Z3WK |
| Pretax income | 225 | 1.4% | S100Z3WK |
| Income tax | 122 | 0.8% | S100Z3WK |
| Net income | 103 | 0.7% | S100Z3WK |
| Net income attributable to owners | 103 | 0.7% | S100Z3WK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 25 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 28.5% → Operating margin 3.4% → Net margin 0.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.0%; Core profit growth: -36.6%
Operating leverage (core profit growth ÷ revenue growth): 18.06×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2025 → FY ending Jun 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 16,005 | 15,680 | -325 | -2.0% |
| Gross profit | 4,391 | 4,473 | 83 | +1.9% |
| Operating income | 833 | 528 | -305 | -36.6% |
| Net income attributable to owners | 495 | 103 | -392 | -79.2% |
| Operating cash flow | 1,385 | -1,422 | -2,807 | -202.7% |
| Free cash flow | 937 | -1,517 | -2,454 | -262.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2021 | 9,404 | 487 | 5.2% | 337 | 134 | -86 | S100P9TE |
| FY ending Jun 2022 | 13,761 | 666 | 4.8% | 445 | 139 | -133 | S100RXAP |
| FY ending Jun 2023 | 14,183 | 299 | 2.1% | 174 | -1,560 | -1,889 | S100UGCI |
| FY ending Jun 2024 | 15,435 | 496 | 3.2% | 388 | 1,103 | 761 | S100WQNU |
| FY ending Jun 2025 | 16,005 | 833 | 5.2% | 495 | 1,385 | 937 | S100Z3WK |
| FY ending Jun 2026 | 15,680 | 528 | 3.4% | 103 | -1,422 | -1,517 | S100Z3WK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.5M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥319.2K |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 302 | 302 | 308 | 324 | 323 |
| Average salary (parent company) | ¥4.4M | ¥4.6M | ¥4.8M | ¥5.2M | ¥5.1M |
| Average age (parent company) | 29.6 years | 31.0 years | 32.7 years | 31.1 years | 32.5 years |
| Average tenure (parent company) | 2.9 years | 3.2 years | 3.9 years | 4.4 years | 5.8 years |

Year over year: Employees (consolidated) -0.3% · Revenue (consolidated) -2.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,422 | -9.1% | S100Z3WK |
| Capital expenditure | 95 | 0.6% | S100Z3WK |
| Free cash flow | -1,517 | -9.7% | 算出 |
| Investing cash flow | -907 | -5.8% | S100Z3WK |
| Financing cash flow | 1,875 | 12.0% | S100Z3WK |
| Dividends paid | 151 | 1.0% | S100Z3WK |
| Share buyback | 39 | 0.2% | S100Z3WK |
| Change in cash | -454 | -2.9% | S100Z3WK |
| Cash and equivalents | 3,356 | 21.4% | S100Z3WK |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,294 | 1,303 | 3,778 | 3,809 | 3,356 | S100UGCI, S100WQNU, S100Z3WK |
| Total assets | 7,621 | 8,855 | 11,741 | 11,523 | 13,494 | S100RXAP, S100UGCI, S100WQNU, S100Z3WK |
| Net assets | 3,401 | 3,315 | 4,571 | 4,715 | 4,680 | S100UGCI, S100WQNU, S100Z3WK |
| Share capital | 1,015 | 1,015 | 1,322 | 1,322 | 1,322 | S100RXAP, S100UGCI, S100WQNU, S100Z3WK |
| Property, plant and equipment | 782 | 1,005 | 1,323 | 1,507 | 1,291 | S100RXAP, S100UGCI, S100WQNU, S100Z3WK |
| Intangible assets excluding goodwill | 98 | 82 | 255 | 210 | 186 | S100RXAP, S100UGCI, S100WQNU, S100Z3WK |
| Goodwill | 48 | 33 | 202 | 167 | 144 | S100RXAP, S100UGCI, S100WQNU, S100Z3WK |
| Investment securities | 12 | 12 | 10 | 10 | 134 | S100RXAP, S100UGCI, S100WQNU, S100Z3WK |
| Current assets | 6,445 | 7,446 | 9,745 | 9,304 | 11,155 | S100RXAP, S100UGCI, S100WQNU, S100Z3WK |
| Current liabilities | 3,413 | 4,857 | 5,178 | 4,866 | 7,182 | S100RXAP, S100UGCI, S100WQNU, S100Z3WK |
| Short-term borrowings | 1,123 | 2,511 | 2,446 | 2,034 | 4,395 | S100RXAP, S100UGCI, S100WQNU, S100Z3WK |
| Long-term borrowings | 269 | 126 | 1,379 | 1,286 | 963 | S100RXAP, S100UGCI, S100WQNU, S100Z3WK |
| Bonds | 200 | 200 | 200 | 200 | 200 | S100RXAP, S100UGCI, S100WQNU, S100Z3WK |
| Interest-bearing debt | 1,592 | 2,837 | 4,026 | 3,520 | 5,558 | 算出 |
| Total liabilities | 4,220 | 5,540 | 7,171 | 6,809 | 8,814 | S100RXAP, S100UGCI, S100WQNU, S100Z3WK |
| Equity attributable to owners of parent | 3,401 | 3,315 | 4,571 | 4,715 | 4,680 | S100RXAP, S100UGCI, S100WQNU, S100Z3WK |
| Retained earnings | 1,997 | 2,029 | 2,271 | 2,614 | 2,566 | S100RXAP, S100UGCI, S100WQNU, S100Z3WK |
| Treasury stock | -513 | -630 | -337 | -536 | -532 | S100RXAP, S100UGCI, S100WQNU, S100Z3WK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100Z3WK |
| Property, plant and equipment | 10% | S100Z3WK |
| Intangibles and goodwill | 2% | S100Z3WK |
| Investment securities | 1% | S100Z3WK |
| Other assets | 62% | S100Z3WK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 41% | 算出 |
| Other liabilities | 24% | S100Z3WK |
| Equity | 35% | S100Z3WK |
| Other liabilities | 0% | S100Z3WK |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,621 | 8,855 | 11,741 | 11,523 | 13,494 |
| Equity | 3,401 | 3,315 | 4,571 | 4,715 | 4,680 |
| Interest-bearing debt | 1,592 | 2,837 | 4,026 | 3,520 | 5,558 |
| Cash | 2,294 | 1,303 | 3,778 | 3,809 | 3,356 |

## 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) | 8.2% | S100Z3WK |
| Fixed assets ÷ total assets | 9.6% | S100Z3WK |
| Goodwill ÷ parent equity | 3.1% | S100Z3WK |

Goodwill over 4 years: 48 → 144 JPY; total investing cash flow: -2,943 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) | 24.9% |
| Cash ÷ revenue | 21.4% |
| Net cash (cash − interest-bearing debt) | -¥2.2B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -269.3% |
| Cash vs. profit gap | -1,525 JPY mn (of net income -1479.1%) |
| Shareholder returns / net income | 184.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 146.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | — |

## 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 | 3.2% | 1.81× | 5.8% | 2.24× | 13.1% | S100RXAP |
| 2023 | 1.2% | 1.72× | 2.1% | 2.45× | 5.2% | S100UGCI |
| 2024 | 2.5% | 1.50× | 3.8% | 2.61× | 9.8% | S100WQNU |
| 2025 | 3.1% | 1.38× | 4.3% | 2.51× | 10.7% | S100Z3WK |
| 2026 | 0.7% | 1.25× | 0.8% | 2.66× | 2.2% | S100Z3WK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＣＳホールディングス | Major shareholder | 34.2% | 2026-06-30 |
| 瀬口 力 | Major shareholder | 10.8% | 2026-06-30 |
| 瀬口 悦子 | Major shareholder | 8.3% | 2026-06-30 |
| 瀬口 瑞恵 | Major shareholder | 2.7% | 2026-06-30 |
| 井手尾 環 | Major shareholder | 1.7% | 2026-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.5% | 2026-06-30 |
| Ｌｉｂ Ｗｏｒｋ従業員持株会 | Major shareholder | 1.3% | 2026-06-30 |
| 酒巻 英雄 | Major shareholder | 0.7% | 2026-06-30 |
| 株式会社肥後銀行 | Major shareholder | 0.6% | 2026-06-30 |
| Ｌｉｂ Ｗｏｒｋ取引先持株会 | Major shareholder | 0.6% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2025/07/01－2026/06/30) | S100Z3WK | 2026-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3WK,, |
| 有価証券報告書－第28期(2024/07/01－2025/06/30) | S100WQNU | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQNU,, |
| 有価証券報告書－第27期(2023/07/01－2024/06/30) | S100UGCI | 2024-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UGCI,, |
| 有価証券報告書－第26期(2022/07/01－2023/06/30) | S100RXAP | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXAP,, |
| 有価証券報告書－第25期(令和3年7月1日－令和4年6月30日) | S100P9TE | 2022-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P9TE,, |
| 有価証券報告書－第24期(令和2年7月1日－令和3年6月30日) | S100MHVR | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MHVR,, |

## 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).