# Pole To Win Holdings, Inc.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第17期(2025/02/01－2026/01/31) (S100XZNA)
> Page: https://vizora.meequs.com/en/company/pole-to-win-holdings
> Retrieved: 2026-09-30T21:47:23.520Z

## Company

Pole To Win Holdings, founded in 2009, is a company in Business Process Outsourcing listed on TSE Prime. It has 2,953 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Pole To Win Holdings, Inc. |
| Ticker | 3657 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3657.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西新宿二丁目4番1号 |
| Representative (per filing) | 代表取締役社長 橘 鉄平 |
| Founded | Feb 2009 |
| Share capital | ¥1.24B |
| Employees (consolidated) | 2,953 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | January |
| Website | www.phd.inc (https://www.phd.inc/) |
| Corporate number | 7011101063309 |
| EDINET | E25898 |
| Industries (Vizora) | Business Process Outsourcing |

> Profile source: annual securities report (S100XZNA, filed 2026-04-21). As of filing

## Five-axis industry profile

Primary industry: Business Process Outsourcing (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 80.6 | 18 |
| Profitability | 16.7 | 21 |
| Efficiency | 69 | 21 |

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)

- Pole To Win Holdings brought in ¥48.8B in revenue.
- Operating profit was close to zero, a slight loss per ¥100 of sales.
- Revenue changed -6.5% from the prior year, operating profit -130.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥48.8B |  |
| Operating income | -¥238.5M | Margin -0.5% |
| Net income | -¥3.48B | Margin -7.1% |
| Free cash flow | -¥430.1M |  |
| Employees (consolidated) | 2,953 |  |
| EPS | ¥8.36 |  |
| Book value per share | ¥121.92 |  |
| Equity ratio | 37.7% |  |
| Shares outstanding | 38,156,000 |  |
| Treasury shares | 2,795,700 |  |
| Shareholders | 7,681 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 31.3% | Cash ÷ revenue 14.3% |
| Vs. industry median margin | -4.4 pp | Business Process Outsourcing |
| ROA | -13.7% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥26729396000 | ¥48837730000 | +82.7% |
| Operating income | ¥3217679000 | ¥-238516000 | -107.4% |
| Operating margin | 12.0% | -0.5% | -12.5 pp |
| Employees | 2,276 people | 2,953 people | +29.7% |
| Cash and equivalents | ¥11158548000 | ¥6986036000 | -37.4% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| デバッグ・検証事業 → 事業再編・廃止 | 75.3% |
| ネットサポート事業 → 事業再編・廃止 | 24.1% |
| その他 → 事業再編・廃止 | 0.6% |

Segment revenue source references: 3 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 48,838 | 100.0% | S100XZNA |
| Cost of revenue | 37,650 | 77.1% | S100XZNA |
| Gross profit | 11,188 | 22.9% | S100XZNA |
| SG&A | 11,427 | 23.4% | S100XZNA |
| Operating income | -239 | -0.5% | S100XZNA |
| Ordinary income | -508 | -1.0% | S100XZNA |
| Pretax income | -3,847 | -7.9% | S100XZNA |
| Income tax | -364 | -0.7% | S100XZNA |
| Net income | -3,483 | -7.1% | S100XZNA |
| Net income attributable to owners | -3,480 | -7.1% | S100XZNA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 23 |
| Operating income | 0 |
| (Ref.) Net income | -7 |

### Margin funnel

Gross margin 22.9% → Operating margin -0.5% → Net margin -7.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 52,226 | 48,838 | -3,388 | -6.5% |
| Gross profit | 11,612 | 11,188 | -424 | -3.7% |
| Operating income | 787 | -239 | -1,025 | -130.3% |
| Net income attributable to owners | -692 | -3,480 | -2,787 | — |
| Operating cash flow | 920 | 386 | -534 | -58.1% |
| Free cash flow | -306 | -430 | -124 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 26,120 | 3,531 | 13.5% | 1,788 | 2,402 | 2,012 | S100L7VT |
| FY ending Jan 2021 | 26,729 | 3,218 | 12.0% | 2,120 | 2,040 | 1,436 | S100NXSD |
| FY ending Jan 2022 | 34,252 | 3,254 | 9.5% | 2,219 | 1,844 | 1,192 | S100QO68 |
| FY ending Jan 2023 | 39,929 | 2,724 | 6.8% | 795 | 1,920 | 800 | S100TC01 |
| FY ending Jan 2024 | 46,725 | 446 | 1.0% | -1,921 | 848 | -1,423 | S100VO8C |
| FY ending Jan 2025 | 52,226 | 787 | 1.5% | -692 | 920 | -306 | S100XZNA |
| FY ending Jan 2026 | 48,838 | -239 | -0.5% | -3,480 | 386 | -430 | S100XZNA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.5M |
| Operating income per employee (consolidated) | -¥80.8K |
| Net income per employee (consolidated) | -¥1.2M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,466 | 2,998 | 3,292 | 3,347 | 2,953 |
| Average salary (parent company) | ¥7.6M | ¥7.9M | ¥8.3M | ¥8.4M | ¥8.4M |
| Average age (parent company) | 51.3 years | 45.8 years | 48.1 years | 47.8 years | 48.7 years |
| Average tenure (parent company) | 5.0 years | 4.1 years | 5.3 years | 5.1 years | 6.4 years |

Year over year: Employees (consolidated) -11.8% · Revenue (consolidated) -6.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 386 | 0.8% | S100XZNA |
| Capital expenditure | 816 | 1.7% | S100XZNA |
| Free cash flow | -430 | -0.9% | 算出 |
| Investing cash flow | -282 | -0.6% | S100XZNA |
| Financing cash flow | 13 | 0.0% | S100XZNA |
| Dividends paid | 566 | 1.2% | S100XZNA |
| Change in cash | -27 | -0.1% | S100XZNA |
| Cash and equivalents | 6,986 | 14.3% | S100XZNA |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,735 | 11,193 | 7,844 | 7,013 | 6,986 | S100TC01, S100VO8C, S100XZNA |
| Total assets | 22,582 | 27,460 | 24,436 | 28,441 | 22,329 | S100QO68, S100TC01, S100VO8C, S100XZNA |
| Net assets | 17,625 | 17,693 | 13,441 | 12,446 | 8,423 | S100TC01, S100VO8C, S100XZNA |
| Share capital | 1,239 | 1,239 | 1,239 | 1,239 | 1,239 | S100QO68, S100TC01, S100VO8C, S100XZNA |
| Trade receivables | 4,941 | — | — | — | — | S100QO68 |
| Property, plant and equipment | 890 | 1,548 | 2,366 | 2,132 | 2,316 | S100QO68, S100TC01, S100VO8C, S100XZNA |
| Intangible assets excluding goodwill | 3,225 | 2,872 | 2,325 | 4,185 | 361 | S100QO68, S100TC01, S100VO8C, S100XZNA |
| Goodwill | 1,746 | 1,462 | 1,065 | 2,183 | 117 | S100QO68, S100TC01, S100VO8C, S100XZNA |
| Investment securities | 802 | 1,053 | 624 | 627 | 696 | S100QO68, S100TC01, S100VO8C, S100XZNA |
| Current assets | 16,340 | 20,244 | 17,223 | 19,708 | 16,531 | S100QO68, S100TC01, S100VO8C, S100XZNA |
| Current liabilities | 4,159 | 8,664 | 10,073 | 15,391 | 13,633 | S100QO68, S100TC01, S100VO8C, S100XZNA |
| Short-term borrowings | — | 3,006 | 4,506 | 7,000 | 7,600 | S100TC01, S100VO8C, S100XZNA |
| Long-term borrowings | 251 | 475 | 241 | 62 | — | S100QO68, S100TC01, S100VO8C, S100XZNA |
| Total liabilities | 4,957 | 9,767 | 10,995 | 15,996 | 13,906 | S100QO68, S100TC01, S100VO8C, S100XZNA |
| Non-controlling interests | 8 | 9 | 5 | 7 | 4 | S100QO68, S100TC01, S100VO8C, S100XZNA |
| Equity attributable to owners of parent | 17,425 | 17,325 | 12,796 | 11,255 | 7,209 | S100QO68, S100TC01, S100VO8C, S100XZNA |
| Retained earnings | 14,099 | 14,409 | 11,925 | 10,384 | 6,339 | S100QO68, S100TC01, S100VO8C, S100XZNA |
| Treasury stock | -293 | -703 | -2,552 | -2,552 | -2,552 | S100QO68, S100TC01, S100VO8C, S100XZNA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100XZNA |
| Property, plant and equipment | 11% | S100XZNA |
| Intangibles and goodwill | 2% | S100XZNA |
| Investment securities | 3% | S100XZNA |
| Other assets | 53% | S100XZNA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 62% | S100XZNA |
| Equity | 38% | S100XZNA |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 22,582 | 27,460 | 24,436 | 28,441 | 22,329 |
| Equity | 17,625 | 17,693 | 13,441 | 12,446 | 8,423 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,735 | 11,193 | 7,844 | 7,013 | 6,986 |

## 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) | 4.7% | S100XZNA |
| Fixed assets ÷ total assets | 10.4% | S100XZNA |
| Goodwill ÷ parent equity | 1.6% | S100XZNA |

Goodwill over 4 years: 1,746 → 117 JPY; total investing cash flow: -11,567 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) | 31.3% |
| Cash ÷ revenue | 14.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 3,865 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 73.2% |

## 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 | 6.5% | 1.52× | 9.8% | 1.30× | 12.7% | S100QO68 |
| 2023 | 2.0% | 1.60× | 3.2% | 1.44× | 4.6% | S100TC01 |
| 2024 | — | —× | -7.4% | —× | — | S100VO8C |
| 2025 | — | —× | -2.6% | —× | — | S100XZNA |
| 2026 | — | —× | -13.7% | —× | — | S100XZNA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行 株式会社（信託口） | Major shareholder | 11.7% | 2026-01-31 |
| 松本 公三 | Major shareholder | 6.4% | 2026-01-31 |
| 橘 民義 | Major shareholder | 5.7% | 2026-01-31 |
| 本重 光孝 | Major shareholder | 5.6% | 2026-01-31 |
| 合同会社ミツタカ | Major shareholder | 5.5% | 2026-01-31 |
| CEP LUX-ORBIS SICAV （常任代理人 シティバンク、 エヌ・エイ） | Major shareholder | 4.6% | 2026-01-31 |
| 橘 鉄平 | Major shareholder | 3.4% | 2026-01-31 |
| 津田 哲治 | Major shareholder | 2.0% | 2026-01-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 1.8% | 2026-01-31 |
| BNPパリバ証券株式会社 | Major shareholder | 1.7% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2025/02/01－2026/01/31) | S100XZNA | 2026-04-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XZNA,, |
| 有価証券報告書－第16期(2024/02/01－2025/01/31) | S100VO8C | 2025-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VO8C,, |
| 有価証券報告書－第15期(2023/02/01－2024/01/31) | S100TC01 | 2024-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TC01,, |
| 有価証券報告書－第14期(2022/02/01－2023/01/31) | S100QO68 | 2023-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QO68,, |
| 有価証券報告書－第13期(令和3年2月1日－令和4年1月31日) | S100NXSD | 2022-04-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NXSD,, |
| 有価証券報告書－第12期(令和2年2月1日－令和3年1月31日) | S100L7VT | 2021-04-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L7VT,, |

## 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).