# Liberaware: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第9期(2024/08/01－2025/07/31) (S100WY33)
> Page: https://vizora.meequs.com/en/company/liberaware
> Retrieved: 2026-09-30T20:24:38.031Z

## Company

Liberaware, founded in 2016, is a company in Disaster Prevention & Infrastructure Maintenance listed on TSE Growth. It has 82 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Liberaware Co., Ltd. |
| Ticker | 218A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/218A.T) |
| Listing | TSE Growth |
| Head office | 千葉県千葉市中央区中央三丁目3番1号 |
| Representative (per filing) | 代表取締役 閔 弘圭 |
| Founded | Aug 2016 |
| Share capital | ¥11.9M |
| Employees (consolidated) | 82 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | July |
| Website | liberaware.co.jp (https://liberaware.co.jp/) |
| Corporate number | 7040001096770 |
| EDINET | E39788 |
| Industries (Vizora) | Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100WY33, filed 2025-10-31). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 1.3 | 40 |
| Efficiency | 46.3 | 40 |

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)

- Liberaware brought in ¥1.41B in revenue.
- It lost about ¥113 for every ¥100 of sales at the operating level.
- Revenue changed +72.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.41B |  |
| Operating income | -¥1.59B | Margin -112.9% |
| Net income | ¥46.1M | Margin 3.3% |
| Free cash flow | -¥412M |  |
| Employees (consolidated) | 82 |  |
| EPS | ¥1.57 |  |
| Diluted EPS | ¥1.46 |  |
| Book value per share | ¥47.29 |  |
| Equity ratio | 53.6% |  |
| Shares outstanding | 18,896,600 |  |
| Shareholders | 17,553 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 44.2% | Cash ÷ revenue 53.4% |
| Vs. industry median margin | -121.7 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 5.0% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2025, operating loss is 113 per ¥100 of revenue
- FY2025, cash is 44% of total assets

## What changed in 2 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jul 2023 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥379604000 | ¥1406949000 | — |
| Operating income | ¥-630906000 | ¥-1588703000 | — |
| Operating margin | -166.2% | -112.9% | +53.3 pp |
| Employees | 43 people | 82 people | — |
| Cash and equivalents | ¥608673000 | ¥751988000 | — |

### Change in segment revenue mix

Span: FY ending Jul 2023 → FY ending Jul 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,407 | 100.0% | S100WY33 |
| Cost of revenue | 737 | 52.4% | S100WY33 |
| Gross profit | 670 | 47.6% | S100WY33 |
| SG&A | 2,259 | 160.5% | S100WY33 |
| Operating income | -1,589 | -112.9% | S100WY33 |
| Ordinary income | 47 | 3.3% | S100WY33 |
| Pretax income | 47 | 3.3% | S100WY33 |
| Income tax | 1 | 0.1% | S100WY33 |
| Net income | 46 | 3.3% | S100WY33 |
| Net income attributable to owners | 46 | 3.3% | S100WY33 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 161 |
| Operating income | -113 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 47.6% → Operating margin -112.9% → Net margin 3.3%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 815 | 1,407 | 592 | +72.6% |
| Gross profit | 360 | 670 | 310 | +86.2% |
| Operating income | -441 | -1,589 | -1,148 | — |
| Operating cash flow | -253 | -363 | -110 | — |
| Free cash flow | -263 | -412 | -150 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2023 | 380 | -631 | -166.2% | -641 | -638 | -826 | S100ULX5 |
| FY ending Jul 2024 | 815 | -441 | -54.1% | -438 | -253 | -263 | S100ULX5 |
| FY ending Jul 2025 | 1,407 | -1,589 | -112.9% | 46 | -363 | -412 | S100WY33 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.2M |
| Operating income per employee (consolidated) | -¥19.4M |
| Net income per employee (consolidated) | ¥562K |

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

| History | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 43 | 52 | 82 |
| Average salary (parent company) | — | ¥7.5M | ¥6.9M |
| Average age (parent company) | — | 38.3 years | 38.8 years |
| Average tenure (parent company) | — | 2.8 years | 2.5 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -363 | -25.8% | S100WY33 |
| Capital expenditure | 49 | 3.5% | S100WY33 |
| Free cash flow | -412 | -29.3% | 算出 |
| Investing cash flow | -61 | -4.4% | S100WY33 |
| Financing cash flow | 122 | 8.7% | S100WY33 |
| Change in cash | -309 | -22.0% | S100WY33 |
| Cash and equivalents | 752 | 53.4% | S100WY33 |

## 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 Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 609 | 1,061 | 752 | S100ULX5, S100WY33 |
| Total assets | 1,074 | 1,517 | 1,701 | S100ULX5, S100WY33 |
| Net assets | 563 | 866 | 933 | S100ULX5, S100WY33 |
| Share capital | 95 | 462 | 12 | S100ULX5, S100WY33 |
| Trade receivables | — | — | 323 | S100WY33 |
| Property, plant and equipment | 179 | 113 | 129 | S100ULX5, S100WY33 |
| Intangible assets excluding goodwill | 5 | 5 | 4 | S100ULX5, S100WY33 |
| Current assets | 846 | 1,356 | 1,462 | S100ULX5, S100WY33 |
| Current liabilities | 203 | 359 | 556 | S100ULX5, S100WY33 |
| Short-term borrowings | — | — | 200 | S100WY33 |
| Long-term borrowings | 308 | 293 | 212 | S100ULX5, S100WY33 |
| Total liabilities | 511 | 652 | 768 | S100ULX5, S100WY33 |
| Equity attributable to owners of parent | 563 | 860 | 919 | S100ULX5, S100WY33 |
| Retained earnings | -701 | -1,139 | 55 | S100ULX5, S100WY33 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 44% | S100WY33 |
| Receivables | 19% | S100WY33 |
| Property, plant and equipment | 8% | S100WY33 |
| Intangibles and goodwill | 0% | S100WY33 |
| Other assets | 29% | S100WY33 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100WY33 |
| Equity | 55% | S100WY33 |

### Balance sheet history

| Metric | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 1,074 | 1,517 | 1,701 |
| Equity | 563 | 866 | 933 |
| Interest-bearing debt | — | — | — |
| Cash | 609 | 1,061 | 752 |

## 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) | 9.2% | S100WY33 |
| Fixed assets ÷ total assets | 7.6% | S100WY33 |
| Goodwill ÷ parent equity | — | —, S100WY33 |

### 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) | 44.2% |
| Cash ÷ revenue | 53.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -409 JPY mn (of net income -888.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.5% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | — | —× | -59.7% | —× | — | S100ULX5 |
| 2024 | — | —× | -33.8% | —× | — | S100ULX5 |
| 2025 | 3.3% | 0.83× | 2.7% | 1.85× | 5.0% | S100WY33 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 閔 弘圭 | Major shareholder | 18.2% | 2025-07-31 |
| 東日本旅客鉄道株式会社 | Major shareholder | 11.7% | 2025-07-31 |
| 和田 哲也 | Major shareholder | 4.2% | 2025-07-31 |
| 野平 幸佑 | Major shareholder | 3.4% | 2025-07-31 |
| 楽天証券株式会社 | Major shareholder | 2.4% | 2025-07-31 |
| 池田 慶祐 | Major shareholder | 1.1% | 2025-07-31 |
| 小川 祐司 | Major shareholder | 1.1% | 2025-07-31 |
| ＴＯＰＰＡＮホールディングス株式会社 | Major shareholder | 1.0% | 2025-07-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.9% | 2025-07-31 |
| 岡野バルブ製造株式会社 | Major shareholder | 0.9% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第9期(2024/08/01－2025/07/31) | S100WY33 | 2025-10-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WY33,, |
| 有価証券報告書－第8期(2023/08/01－2024/07/31) | S100ULX5 | 2024-10-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ULX5,, |

## 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).