# Mirai Works Inc.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2024/10/01－2025/09/30) (S100XBZI)
> Page: https://vizora.meequs.com/en/company/mirai-works
> Retrieved: 2026-09-30T21:18:26.756Z

## Company

Mirai Works, founded in 2012, is a company in HR & Staffing listed on TSE Growth. It has 193 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mirai Works Inc. |
| Ticker | 6563 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6563.T) |
| Listing | TSE Growth |
| Head office | 東京都港区虎ノ門四丁目1番13号2階 |
| Representative (per filing) | 代表取締役社長 岡本祥治 |
| Founded | Mar 2012 |
| Share capital | ¥94.9M |
| Employees (consolidated) | 193 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | September |
| Website | mirai-works.co.jp (https://mirai-works.co.jp/) |
| Corporate number | 4011001072890 |
| EDINET | E33601 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100XBZI, filed 2025-12-22). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 17.6 | 88 |
| Cash conversion | 10.6 | 80 |
| Efficiency | 98.3 | 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)

- Mirai Works brought in ¥11.1B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +5.1% from the prior year, operating profit -50.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥11144579000 → ¥91164000
- Net income → operating cash flow: ¥91164000 → ¥123418000（difference ¥32254000）
- Main uses of operating cash flow: CapEx ¥5736000 / dividends — / buybacks ¥101316000
- Change in cash: ¥-124131000
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 | ¥11.1B |  |
| Operating income | ¥284.2M | Margin 2.5% |
| Net income | ¥91.2M | Margin 0.8% |
| Free cash flow | ¥117.7M |  |
| Employees (consolidated) | 193 |  |
| EPS | ¥23.46 |  |
| Diluted EPS | ¥23.33 |  |
| Book value per share | ¥256.74 |  |
| Equity ratio | 42.1% |  |
| Shares outstanding | 5,417,400 |  |
| Treasury shares | 197,400 |  |
| Shareholders | 1,688 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 46.6% | Cash ÷ revenue 13.0% |
| Vs. industry median margin | -6.1 pp | HR & Staffing |
| ROE | 7.0% | Derived from disclosed figures |
| ROA | 2.9% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 47% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Sep 2021 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4907450000 | ¥11144579000 | — |
| Operating income | ¥232835000 | ¥284179000 | — |
| Operating margin | 4.7% | 2.5% | -2.2 pp |
| Employees | 67 people | 193 people | — |
| Cash and equivalents | ¥1134185000 | ¥1447732000 | — |

### Change in segment revenue mix

Span: FY ending Sep 2021 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,145 | 100.0% | S100XBZI |
| Cost of revenue | 8,304 | 74.5% | S100XBZI |
| Gross profit | 2,841 | 25.5% | S100XBZI |
| SG&A | 2,556 | 22.9% | S100XBZI |
| Operating income | 284 | 2.5% | S100XBZI |
| Ordinary income | 296 | 2.7% | S100XBZI |
| Pretax income | 203 | 1.8% | S100XBZI |
| Income tax | 111 | 1.0% | S100XBZI |
| Net income | 91 | 0.8% | S100XBZI |
| Net income attributable to owners | 91 | 0.8% | S100XBZI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 23 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 25.5% → Operating margin 2.5% → Net margin 0.8%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,608 | 11,145 | 536 | +5.1% |
| Gross profit | 2,726 | 2,841 | 115 | +4.2% |
| Operating income | 573 | 284 | -289 | -50.4% |
| Operating cash flow | 748 | 123 | -625 | -83.5% |
| Free cash flow | 721 | 118 | -603 | -83.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 3,596 | 129 | 3.6% | 91 | 61 | 50 | S100KF9B |
| FY ending Sep 2020 | 4,156 | 77 | 1.9% | 42 | 77 | 31 | S100PEO3 |
| FY ending Sep 2021 | 4,907 | 233 | 4.7% | 143 | 218 | 204 | S100PV0P |
| FY ending Sep 2022 | 6,353 | 113 | 1.8% | 39 | 211 | 114 | S100PV0P |
| FY ending Sep 2023 | 8,359 | 291 | 3.5% | 129 | 311 | — | S100UZOF |
| FY ending Sep 2023 | 8,370 | 235 | 2.8% | 129 | 311 | — | S100SINB |
| FY ending Sep 2024 | 10,608 | 573 | 5.4% | 67 | 748 | 721 | S100UZOF |
| FY ending Sep 2025 | 11,145 | 284 | 2.5% | 91 | 123 | 118 | S100XBZI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.7M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥472.4K |

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

| History | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 99 | 133 | 138 | 160 | 193 |
| Average salary (parent company) | ¥6.2M | — | ¥6.2M | ¥6.5M | ¥6.3M |
| Average age (parent company) | 37.6 years | — | 37.1 years | 36.5 years | 36.6 years |
| Average tenure (parent company) | 2.6 years | — | 2.7 years | 2.4 years | 2.6 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 123 | 1.1% | S100XBZI |
| Capital expenditure | 6 | 0.1% | S100XBZI |
| Free cash flow | 118 | 1.1% | 算出 |
| Investing cash flow | -163 | -1.5% | S100XBZI |
| Financing cash flow | -85 | -0.8% | S100XBZI |
| Share buyback | 101 | 0.9% | S100XBZI |
| Change in cash | -124 | -1.1% | S100XBZI |
| Cash and equivalents | 1,448 | 13.0% | S100XBZI |

## 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 Sep 2022 | FY ending Sep 2023 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 825 | 882 | 886 | 1,572 | 1,448 | S100PV0P, S100UZOF, S100SINB, S100XBZI |
| Total assets | 2,188 | 2,762 | 2,699 | 3,320 | 3,105 | S100PV0P, S100UZOF, S100SINB, S100XBZI |
| Net assets | 937 | 1,215 | 1,151 | 1,300 | 1,307 | S100UZOF, S100SINB, S100XBZI |
| Share capital | 59 | 77 | 77 | 87 | 95 | S100PV0P, S100UZOF, S100SINB, S100XBZI |
| Property, plant and equipment | 83 | 75 | 75 | 66 | 63 | S100PV0P, S100UZOF, S100SINB, S100XBZI |
| Intangible assets excluding goodwill | 303 | 240 | 451 | 172 | 164 | S100PV0P, S100UZOF, S100SINB, S100XBZI |
| Goodwill | 247 | 191 | 402 | 135 | 136 | S100PV0P, S100UZOF, S100SINB, S100XBZI |
| Investment securities | 0 | 0 | 0 | 0 | 0 | S100PV0P, S100UZOF, S100SINB, S100XBZI |
| Current assets | 1,699 | 2,036 | 2,034 | 2,950 | 2,750 | S100PV0P, S100UZOF, S100SINB, S100XBZI |
| Current liabilities | 1,251 | 1,547 | 1,547 | 2,020 | 1,799 | S100PV0P, S100UZOF, S100SINB, S100XBZI |
| Total liabilities | 1,251 | 1,547 | 1,547 | 2,020 | 1,799 | S100PV0P, S100UZOF, S100SINB, S100XBZI |
| Equity attributable to owners of parent | 937 | 1,215 | 1,151 | 1,300 | 1,307 | S100PV0P, S100UZOF, S100SINB, S100XBZI |
| Retained earnings | 592 | 785 | 721 | 851 | 942 | S100PV0P, S100UZOF, S100SINB, S100XBZI |
| Treasury stock | -78 | -25 | -25 | -25 | -126 | S100PV0P, S100UZOF, S100SINB, S100XBZI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 46% | S100XBZI |
| Property, plant and equipment | 2% | S100XBZI |
| Intangibles and goodwill | 10% | S100XBZI |
| Other assets | 42% | S100XBZI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 58% | S100XBZI |
| Equity | 42% | S100XBZI |
| Other liabilities | 0% | S100XBZI |

### Balance sheet history

| Metric | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,188 | 2,762 | 2,699 | 3,320 | 3,105 |
| Equity | 937 | 1,215 | 1,151 | 1,300 | 1,307 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 825 | 882 | 886 | 1,572 | 1,448 |

## 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) | 0.6% | S100XBZI |
| Fixed assets ÷ total assets | 2.0% | S100XBZI |
| Goodwill ÷ parent equity | 10.4% | S100XBZI |

### 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) | 46.6% |
| Cash ÷ revenue | 13.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 43.4% |
| Cash vs. profit gap | 32 JPY mn (of net income 35.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 131.7% |

## 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 | 0.6% | 2.90× | 1.8% | 2.33× | 4.2% | S100PV0P |
| 2023 | 1.5% | 3.38× | 5.2% | 2.30× | 12.0% | S100UZOF |
| 2023 | 1.5% | 3.10× | 4.8% | 2.34× | 11.2% | S100SINB |
| 2024 | 0.6% | 3.20× | 2.0% | 2.55× | 5.1% | S100UZOF |
| 2025 | 0.8% | 3.59× | 2.9% | 2.38× | 7.0% | S100XBZI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 岡本 祥治 | Major shareholder | 53.6% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.3% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 2.4% | 2025-09-30 |
| 五味 大輔 | Major shareholder | 1.8% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.7% | 2025-09-30 |
| 久納 克宣 | Major shareholder | 1.3% | 2025-09-30 |
| 前田 信男 | Major shareholder | 1.2% | 2025-09-30 |
| 品川 広志 | Major shareholder | 1.1% | 2025-09-30 |
| 株式会社レフバ | Major shareholder | 1.0% | 2025-09-30 |
| 東原 弘樹 | Major shareholder | 0.9% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2024/10/01－2025/09/30) | S100XBZI | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBZI,, |
| 有価証券報告書－第13期(2023/10/01－2024/09/30) | S100UZOF | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZOF,, |
| 有価証券報告書－第12期(2022/10/01－2023/09/30) | S100SINB | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SINB,, |
| 有価証券報告書－第11期(令和3年10月1日－令和4年9月30日) | S100PV0P | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PV0P,, |
| 訂正有価証券報告書－第10期(令和2年10月1日－令和3年9月30日) | S100PEO3 | 2022-10-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PEO3,, |
| 有価証券報告書－第9期(令和1年10月1日－令和2年9月30日) | S100KF9B | 2020-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KF9B,, |

## 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).