# OpenWork Inc.: 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19期(2025/01/01－2025/12/31) (S100XTDI)
> Page: https://vizora.meequs.com/en/company/openwork
> Retrieved: 2026-09-30T20:57:47.570Z

## Company

OpenWork, founded in 2007, is a company in HR & Staffing listed on TSE Growth. It has 148 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OpenWork Inc. |
| Ticker | 5139 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5139.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区渋谷二丁目24番12号渋谷スクランブルスクエア |
| Representative (per filing) | 代表取締役社長 大澤 陽樹 |
| Founded | Jun 2007 |
| Share capital | ¥1.65B |
| Employees (consolidated) | 148 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | December |
| Website | www.openwork.co.jp (https://www.openwork.co.jp/) |
| Corporate number | 4011001063527 |
| EDINET | E38180 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100XTDI, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 84.6 | 68 |
| Profitability | 94.9 | 88 |
| Cash conversion | 73.1 | 80 |
| Efficiency | 4 | 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)

- OpenWork brought in ¥4.65B in revenue.
- Out of every ¥100 of sales, about ¥26 is left as operating profit.
- Revenue changed +31.4% from the prior year, operating profit +16.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4653739000 → ¥837093000
- Net income → operating cash flow: ¥837093000 → ¥1424779000（difference ¥587686000）
- Main uses of operating cash flow: CapEx ¥13633000 / dividends — / buybacks ¥458132000
- Change in cash: ¥-2023930000
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 | ¥4.65B |  |
| Operating income | ¥1.2B | Margin 25.8% |
| Net income | ¥837.1M | Margin 18.0% |
| Free cash flow | ¥1.41B |  |
| Employees (consolidated) | 148 |  |
| EPS | ¥40.22 |  |
| Diluted EPS | ¥39.97 |  |
| Book value per share | ¥331.51 |  |
| Equity ratio | 81.7% |  |
| Shares outstanding | 21,343,600 |  |
| Treasury shares | 624,700 |  |
| Shareholders | 4,106 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 55.1% | Cash ÷ revenue 99.6% |
| Vs. industry median margin | +17.2 pp | HR & Staffing |
| ROE | 12.6% | Derived from disclosed figures |
| ROA | 10.7% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 3.0× its level five years ago
- FY2025, cash is 55% of total assets
- FY2025, operating income keeps 26 per ¥100 of revenue

## What changed in 4 years

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1535917000 | ¥4653739000 | +203.0% |
| Operating income | ¥324217000 | ¥1199337000 | +269.9% |
| Operating margin | 21.1% | 25.8% | +4.7 pp |
| Employees | 78 people | 148 people | +89.7% |
| Cash and equivalents | ¥2814928000 | ¥4633311000 | +64.6% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,654 | 100.0% | S100XTDI |
| Operating income | 1,199 | 25.8% | S100XTDI |
| Ordinary income | 1,202 | 25.8% | S100XTDI |
| Pretax income | 1,200 | 25.8% | S100XTDI |
| Income tax | 363 | 7.8% | S100XTDI |
| Net income | 837 | 18.0% | S100XTDI |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 74 |
| Operating income | 26 |
| (Ref.) Net income | 18 |

### Margin funnel

Operating margin 25.8% → Net margin 18.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +31.4%; Core profit growth: +16.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.54×
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 | 3,542 | 4,654 | 1,112 | +31.4% |
| Operating income | 1,026 | 1,199 | 173 | +16.9% |
| Operating cash flow | 808 | 1,425 | 617 | +76.4% |
| Free cash flow | 787 | 1,411 | 624 | +79.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2021 | 1,536 | 324 | 21.1% | 232 | 187 | 178 | S100QIQS |
| FY ending Dec 2022 | 2,037 | 611 | 30.0% | 403 | 554 | 547 | S100T7U4 |
| FY ending Dec 2023 | 2,922 | 856 | 29.3% | 614 | 756 | 736 | S100VHRC |
| FY ending Dec 2024 | 3,542 | 1,026 | 29.0% | 757 | 808 | 787 | S100XTDI |
| FY ending Dec 2025 | 4,654 | 1,199 | 25.8% | 837 | 1,425 | 1,411 | S100XTDI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.4M |
| Operating income per employee (consolidated) | ¥8.1M |
| Net income per employee (consolidated) | ¥5.7M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 78 | 81 | 100 | 126 | 148 |
| Average salary (parent company) | — | ¥6.1M | ¥6.7M | ¥7.6M | ¥7.3M |
| Average age (parent company) | — | 31.5 years | 32.9 years | 33.1 years | 33.0 years |
| Average tenure (parent company) | — | 3.2 years | 2.8 years | 2.7 years | 2.9 years |

Year over year: Employees (consolidated) +17.5% · Revenue (consolidated) +31.4%

## 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 | 1,425 | 30.6% | S100XTDI |
| Capital expenditure | 14 | 0.3% | S100XTDI |
| Free cash flow | 1,411 | 30.3% | 算出 |
| Investing cash flow | -3,015 | -64.8% | S100XTDI |
| Financing cash flow | -434 | -9.3% | S100XTDI |
| Share buyback | 458 | 9.8% | S100XTDI |
| Change in cash | -2,024 | -43.5% | S100XTDI |
| Cash and equivalents | 4,633 | 99.6% | S100XTDI |

## 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 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,815 | 4,797 | 5,954 | 6,657 | 4,633 | S100T7U4, S100VHRC, S100XTDI |
| Total assets | 3,061 | 5,129 | 6,389 | 7,244 | 8,407 | S100QIQS, S100T7U4, S100VHRC, S100XTDI |
| Net assets | 2,811 | 4,668 | 5,724 | 6,460 | 6,868 | S100T7U4, S100VHRC, S100XTDI |
| Share capital | 649 | 1,376 | 1,645 | 1,650 | 1,650 | S100QIQS, S100T7U4, S100VHRC, S100XTDI |
| Property, plant and equipment | 12 | 12 | 22 | 29 | 27 | S100QIQS, S100T7U4, S100VHRC, S100XTDI |
| Current assets | 2,970 | 5,015 | 6,232 | 7,047 | 8,183 | S100QIQS, S100T7U4, S100VHRC, S100XTDI |
| Current liabilities | 251 | 462 | 665 | 783 | 1,538 | S100QIQS, S100T7U4, S100VHRC, S100XTDI |
| Total liabilities | 251 | 462 | 665 | 783 | 1,538 | S100QIQS, S100T7U4, S100VHRC, S100XTDI |
| Equity attributable to owners of parent | 2,811 | 4,668 | 5,724 | 6,460 | 6,868 | S100QIQS, S100T7U4, S100VHRC, S100XTDI |
| Retained earnings | 1,532 | 1,935 | 2,549 | 3,287 | 4,116 | S100QIQS, S100T7U4, S100VHRC, S100XTDI |
| Treasury stock | — | — | -94 | -106 | -527 | S100VHRC, S100XTDI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 55% | S100XTDI |
| Property, plant and equipment | 0% | S100XTDI |
| Other assets | 45% | S100XTDI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 18% | S100XTDI |
| Equity | 82% | S100XTDI |
| Other liabilities | 0% | S100XTDI |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,061 | 5,129 | 6,389 | 7,244 | 8,407 |
| Equity | 2,811 | 4,668 | 5,724 | 6,460 | 6,868 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,815 | 4,797 | 5,954 | 6,657 | 4,633 |

## 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% | S100XTDI |
| Fixed assets ÷ total assets | 0.3% | S100XTDI |
| Goodwill ÷ parent equity | — | —, S100XTDI |

### 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) | 55.1% |
| Cash ÷ revenue | 99.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 118.8% |
| Cash vs. profit gap | 588 JPY mn (of net income 70.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 211.6% |

## 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 | 15.1% | 0.50× | 7.6% | 1.09× | 8.3% | S100QIQS |
| 2022 | 19.8% | 0.50× | 9.8% | 1.10× | 10.8% | S100T7U4 |
| 2023 | 21.0% | 0.51× | 10.7% | 1.11× | 11.8% | S100VHRC |
| 2024 | 21.4% | 0.52× | 11.1% | 1.12× | 12.4% | S100XTDI |
| 2025 | 18.0% | 0.59× | 10.7% | 1.17× | 12.6% | S100XTDI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社リンクアンドモチベーション | Major shareholder | 52.7% | 2025-12-31 |
| 増井 慎二郎 | Major shareholder | 17.9% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.6% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 2.4% | 2025-12-31 |
| 小倉 基弘 | Major shareholder | 1.9% | 2025-12-31 |
| 川島 浩治 | Major shareholder | 1.7% | 2025-12-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 1.2% | 2025-12-31 |
| 小澤 博之 | Major shareholder | 1.0% | 2025-12-31 |
| THE BANK OF NEW YORK MELLON 140040 （常任代理人 株式会社みずほ銀行） | Major shareholder | 0.9% | 2025-12-31 |
| BBH LUX／BROWN BROTHERS HARRIMAN （LUXEMBOURG） SCA CUSTODIAN FOR SMD-AM FUNDS - DSBI JAPAN EQUITY SMALL CAP ABSOLUTE VALUE （常任代理人 株式会社三井住友銀行） | Major shareholder | 0.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/01/01－2025/12/31) | S100XTDI | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTDI,, |
| 有価証券報告書－第18期(2024/01/01－2024/12/31) | S100VHRC | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHRC,, |
| 訂正有価証券報告書－第17期(2023/01/01－2023/12/31) | S100T7U4 | 2024-04-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T7U4,, |
| 有価証券報告書－第16期(2022/01/01－2022/12/31) | S100QIQS | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIQS,, |

## 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).