# Needs Well 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39期(2024/10/01－2025/09/30) (S100XAHG)
> Page: https://vizora.meequs.com/en/company/needs-well
> Retrieved: 2026-09-30T18:18:01.553Z

## Company

Needs Well, founded in 1986, is a company in IT Services & System Integration listed on TSE Prime. It has 597 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Needs Well Inc. |
| Ticker | 3992 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3992.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区紀尾井町4番1号 |
| Representative (per filing) | 代表取締役社長 松岡 元 |
| Founded | Oct 1986 |
| Share capital | ¥908.4M |
| Employees (consolidated) | 597 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | September |
| Website | www.needswell.com (https://www.needswell.com/) |
| Corporate number | 3011101025642 |
| EDINET | E33367 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XAHG, filed 2025-12-15). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 69.6 | 196 |
| Cash conversion | 30.5 | 185 |
| Efficiency | 75.8 | 196 |

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)

- Needs Well brought in ¥10B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +5.1% from the prior year, operating profit -2.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥10032902000 → ¥887846000
- Net income → operating cash flow: ¥887846000 → ¥795926000（difference ¥-91920000）
- Main uses of operating cash flow: CapEx ¥41639000 / dividends ¥340992000 / buybacks ¥16000
- Change in cash: ¥663806000
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 | ¥10B |  |
| Operating income | ¥1.16B | Margin 11.5% |
| Net income | ¥887.1M | Margin 8.8% |
| Free cash flow | ¥754.3M |  |
| Employees (consolidated) | 597 |  |
| EPS | ¥23.43 |  |
| Book value per share | ¥126.37 |  |
| Equity ratio | 73.1% |  |
| Shares outstanding | 40,699,200 |  |
| Treasury shares | 2,825,000 |  |
| Shareholders | 14,894 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 42.4% | Cash ÷ revenue 27.5% |
| Vs. industry median margin | +2.6 pp | IT Services & System Integration |
| ROE | 20.2% | Derived from disclosed figures |
| ROA | 14.6% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 42% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5364010000 | ¥10032902000 | — |
| Operating income | ¥492927000 | ¥1155855000 | — |
| Operating margin | 9.2% | 11.5% | +2.3 pp |
| Employees | 543 people | 597 people | — |
| Cash and equivalents | ¥1659931000 | ¥2761801000 | — |

### Change in segment revenue mix

Span: FY ending Sep 2020 → 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 | 10,033 | 100.0% | S100XAHG |
| Cost of revenue | 7,754 | 77.3% | S100XAHG |
| Gross profit | 2,279 | 22.7% | S100XAHG |
| SG&A | 1,123 | 11.2% | S100XAHG |
| Operating income | 1,156 | 11.5% | S100XAHG |
| Ordinary income | 1,170 | 11.7% | S100XAHG |
| Pretax income | 1,327 | 13.2% | S100XAHG |
| Income tax | 439 | 4.4% | S100XAHG |
| Net income | 888 | 8.8% | S100XAHG |
| Net income attributable to owners | 887 | 8.8% | S100XAHG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 11 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 22.7% → Operating margin 11.5% → Net margin 8.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.1%; Core profit growth: -2.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.49×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 9,549 | 10,033 | 484 | +5.1% |
| Gross profit | 2,165 | 2,279 | 114 | +5.3% |
| Operating income | 1,185 | 1,156 | -29 | -2.5% |
| Net income attributable to owners | 810 | 887 | 77 | +9.5% |
| Operating cash flow | 447 | 796 | 348 | +77.9% |
| Free cash flow | 402 | 754 | 352 | +87.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 5,518 | 508 | 9.2% | 348 | 135 | 88 | S100KFA6 |
| FY ending Sep 2020 | 5,364 | 493 | 9.2% | 348 | 432 | 403 | S100N444 |
| FY ending Sep 2021 | 5,752 | 580 | 10.1% | 421 | 331 | 285 | S100PVC5 |
| FY ending Sep 2022 | 6,730 | 691 | 10.3% | 499 | 437 | 401 | S100PVC5 |
| FY ending Sep 2023 | 8,762 | 1,101 | 12.6% | 837 | 979 | 947 | S100UZZR |
| FY ending Sep 2024 | 9,549 | 1,185 | 12.4% | 810 | 447 | 402 | S100XAHG |
| FY ending Sep 2025 | 10,033 | 1,156 | 11.5% | 887 | 796 | 754 | S100XAHG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.8M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.5M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 552 | 570 | 629 | 616 | 597 |
| Average salary (parent company) | ¥4.9M | ¥5M | ¥5M | ¥5.1M | ¥4.9M |
| Average age (parent company) | 35.2 years | 35.2 years | 34.8 years | 34.8 years | 35.1 years |
| Average tenure (parent company) | 6.3 years | 6.6 years | 6.8 years | 7.2 years | 7.5 years |

Year over year: Employees (consolidated) -3.1% · Revenue (consolidated) +5.1%

## 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 | 796 | 7.9% | S100XAHG |
| Capital expenditure | 42 | 0.4% | S100XAHG |
| Free cash flow | 754 | 7.5% | 算出 |
| Investing cash flow | 218 | 2.2% | S100XAHG |
| Financing cash flow | -350 | -3.5% | S100XAHG |
| Dividends paid | 341 | 3.4% | S100XAHG |
| Share buyback | 0 | 0.0% | S100XAHG |
| Change in cash | 664 | 6.6% | S100XAHG |
| Cash and equivalents | 2,762 | 27.5% | S100XAHG |

## 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 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,748 | 2,491 | 2,423 | 2,098 | 2,762 | S100PVC5, S100XAHG |
| Total assets | 4,360 | 4,608 | 5,948 | 5,653 | 6,513 | S100PVC5, S100UZZR, S100XAHG |
| Net assets | 3,499 | 3,570 | 3,714 | 4,230 | 4,773 | S100PVC5, S100XAHG |
| Share capital | 908 | 908 | 908 | 908 | 908 | S100PVC5, S100UZZR, S100XAHG |
| Property, plant and equipment | 36 | 35 | 52 | 72 | 67 | S100PVC5, S100UZZR, S100XAHG |
| Intangible assets excluding goodwill | 85 | 85 | 826 | 716 | 634 | S100PVC5, S100UZZR, S100XAHG |
| Goodwill | — | — | 370 | 316 | 262 | S100UZZR, S100XAHG |
| Investment securities | 115 | 236 | 358 | 419 | 305 | S100PVC5, S100UZZR, S100XAHG |
| Current assets | 3,842 | 3,844 | 4,379 | 4,053 | 5,084 | S100PVC5, S100UZZR, S100XAHG |
| Current liabilities | 861 | 1,038 | 2,047 | 1,256 | 1,591 | S100PVC5, S100UZZR, S100XAHG |
| Short-term borrowings | — | — | 13 | — | — | S100UZZR |
| Long-term borrowings | — | — | 38 | 30 | 24 | S100UZZR, S100XAHG |
| Total liabilities | 861 | 1,038 | 2,234 | 1,423 | 1,740 | S100PVC5, S100UZZR, S100XAHG |
| Non-controlling interests | — | — | 8 | 10 | 10 | S100UZZR, S100XAHG |
| Equity attributable to owners of parent | 3,478 | 3,545 | 3,640 | 4,112 | 4,664 | S100PVC5, S100UZZR, S100XAHG |
| Retained earnings | 1,807 | 2,073 | 2,660 | 3,212 | 3,758 | S100PVC5, S100UZZR, S100XAHG |
| Treasury stock | -0 | -200 | -694 | -803 | -799 | S100PVC5, S100UZZR, S100XAHG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100XAHG |
| Property, plant and equipment | 1% | S100XAHG |
| Intangibles and goodwill | 14% | S100XAHG |
| Investment securities | 5% | S100XAHG |
| Other assets | 38% | S100XAHG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 27% | S100XAHG |
| Equity | 73% | S100XAHG |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,360 | 4,608 | 5,948 | 5,653 | 6,513 |
| Equity | 3,499 | 3,570 | 3,714 | 4,230 | 4,773 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,748 | 2,491 | 2,423 | 2,098 | 2,762 |

## 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) | 0.7% | S100XAHG |
| Fixed assets ÷ total assets | 1.0% | S100XAHG |
| Goodwill ÷ parent equity | 5.6% | S100XAHG |

### 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) | 42.4% |
| Cash ÷ revenue | 27.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 68.9% |
| Cash vs. profit gap | -91 JPY mn (of net income -10.3%) |
| Shareholder returns / net income | 38.4% |
| Shareholder returns / FCF | 45.2% |
| Shareholder payments — dividends / net income | 38.4% |
| Shareholder payments — dividends / FCF | 45.2% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 27.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 7.3% | 1.32× | 9.7% | 1.25× | 12.1% | S100PVC5 |
| 2022 | 7.4% | 1.50× | 11.1% | 1.28× | 14.2% | S100PVC5 |
| 2023 | 9.6% | 1.47× | 14.1% | 1.63× | 23.0% | S100UZZR |
| 2024 | 8.5% | 1.65× | 14.0% | 1.50× | 20.9% | S100XAHG |
| 2025 | 8.8% | 1.65× | 14.6% | 1.39× | 20.2% | S100XAHG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社オーディーシー | Major shareholder | 36.5% | 2025-09-30 |
| ニーズウェル従業員持株会 | Major shareholder | 3.3% | 2025-09-30 |
| 佐藤 辰弥 | Major shareholder | 2.3% | 2025-09-30 |
| 橋本 美奈子 | Major shareholder | 2.3% | 2025-09-30 |
| キヤノンＩＴソリューションズ株式会社 | Major shareholder | 1.6% | 2025-09-30 |
| 木村 ひろみ | Major shareholder | 1.3% | 2025-09-30 |
| 金山 洋志 | Major shareholder | 0.8% | 2025-09-30 |
| 早瀬 勉 | Major shareholder | 0.6% | 2025-09-30 |
| 佐藤 みどり | Major shareholder | 0.6% | 2025-09-30 |
| 忰田 進一 | Major shareholder | 0.5% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2024/10/01－2025/09/30) | S100XAHG | 2025-12-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAHG,, |
| 有価証券報告書－第38期(2023/10/01－2024/09/30) | S100UZZR | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZZR,, |
| 有価証券報告書－第37期(2022/10/01－2023/09/30) | S100SIZ9 | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIZ9,, |
| 有価証券報告書－第36期(令和3年10月1日－令和4年9月30日) | S100PVC5 | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVC5,, |
| 有価証券報告書－第35期(令和2年10月1日－令和3年9月30日) | S100N444 | 2021-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N444,, |
| 有価証券報告書－第34期(令和1年10月1日－令和2年9月30日) | S100KFA6 | 2020-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFA6,, |

## 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).