# Serverworks Co.,Ltd.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2025/03/01－2026/02/28) (S100Y5TF)
> Page: https://vizora.meequs.com/en/company/serverworks
> Retrieved: 2026-09-30T20:58:14.920Z

## Company

Serverworks, founded in 2002, is a company in IT Services & System Integration listed on TSE Standard. It has 520 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Serverworks Co.,Ltd. |
| Ticker | 4434 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4434.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区揚場町1番21号 |
| Representative (per filing) | 代表取締役社長 大石 良 |
| Founded | Apr 2002 |
| Share capital | ¥3.29B |
| Employees (consolidated) | 520 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | February |
| Website | www.serverworks.co.jp (https://www.serverworks.co.jp/) |
| Corporate number | 1011101054073 |
| EDINET | E31580 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100Y5TF, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 8.9 | 196 |
| Cash conversion | 80.8 | 185 |
| Efficiency | 88.5 | 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)

- Serverworks brought in ¥40B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +12.0% from the prior year, operating profit -41.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥40B |  |
| Operating income | ¥625.3M | Margin 1.6% |
| Net income | -¥601M | Margin -1.5% |
| Free cash flow | ¥605.3M |  |
| Employees (consolidated) | 520 |  |
| EPS | ¥-50.18 |  |
| Book value per share | ¥1410.72 |  |
| Equity ratio | 48.0% |  |
| Shares outstanding | 7,936,261 |  |
| Treasury shares | 522,600 |  |
| Shareholders | 3,008 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 32.8% | Cash ÷ revenue 16.6% |
| Vs. industry median margin | -7.4 pp | IT Services & System Integration |
| ROA | -2.9% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 3.7× its level five years ago
- FY2026, cash is 33% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8029275000 | ¥40006534000 | — |
| Operating income | ¥419799000 | ¥625262000 | — |
| Operating margin | 5.2% | 1.6% | -3.7 pp |
| Employees | 149 people | 520 people | — |
| Cash and equivalents | ¥7426126000 | ¥6645493000 | — |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 40,007 | 100.0% | S100Y5TF |
| Cost of revenue | 36,362 | 90.9% | S100Y5TF |
| Gross profit | 3,644 | 9.1% | S100Y5TF |
| SG&A | 3,019 | 7.5% | S100Y5TF |
| Operating income | 625 | 1.6% | S100Y5TF |
| Ordinary income | 766 | 1.9% | S100Y5TF |
| Pretax income | -55 | -0.1% | S100Y5TF |
| Income tax | 546 | 1.4% | S100Y5TF |
| Net income | -601 | -1.5% | S100Y5TF |
| Net income attributable to owners | -601 | -1.5% | S100Y5TF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 7 |
| Operating income | 2 |
| (Ref.) Net income | -2 |

### Margin funnel

Gross margin 9.1% → Operating margin 1.6% → Net margin -1.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +12.0%; Core profit growth: -41.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -3.47×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 35,717 | 40,007 | 4,290 | +12.0% |
| Gross profit | 4,104 | 3,644 | -460 | -11.2% |
| Operating income | 1,072 | 625 | -447 | -41.7% |
| Net income attributable to owners | 677 | -601 | -1,278 | -188.7% |
| Operating cash flow | 907 | 766 | -141 | -15.5% |
| Free cash flow | 792 | 605 | -187 | -23.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 6,811 | 418 | 6.1% | 333 | 407 | 327 | S100LFKQ |
| FY ending Feb 2021 | 8,029 | 420 | 5.2% | 482 | 530 | 448 | S100LFKQ |
| FY ending Feb 2022 | 10,921 | 639 | 5.8% | 442 | 338 | 281 | S100QTAN |
| FY ending Feb 2023 | 17,296 | 552 | 3.2% | 454 | 82 | 9 | S100TIDJ |
| FY ending Feb 2024 | 27,511 | 897 | 3.3% | 638 | 1,725 | 1,671 | S100VT9M |
| FY ending Feb 2025 | 35,717 | 1,072 | 3.0% | 677 | 907 | 792 | S100Y5TF |
| FY ending Feb 2026 | 40,007 | 625 | 1.6% | -601 | 766 | 605 | S100Y5TF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥76.9M |
| Operating income per employee (consolidated) | ¥1.2M |
| 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 197 | 342 | 370 | 449 | 520 |
| Average salary (parent company) | ¥6.9M | ¥6.9M | ¥6.9M | ¥7.7M | ¥7.3M |
| Average age (parent company) | 36.2 years | 37.1 years | 37.0 years | 36.6 years | 37.3 years |
| Average tenure (parent company) | 3.1 years | 3.0 years | 3.3 years | 3.1 years | 3.5 years |

Year over year: Employees (consolidated) +15.8% · Revenue (consolidated) +12.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 766 | 1.9% | S100Y5TF |
| Capital expenditure | 160 | 0.4% | S100Y5TF |
| Free cash flow | 605 | 1.5% | 算出 |
| Investing cash flow | 157 | 0.4% | S100Y5TF |
| Financing cash flow | -399 | -1.0% | S100Y5TF |
| Share buyback | 1,128 | 2.8% | S100Y5TF |
| Change in cash | 604 | 1.5% | S100Y5TF |
| Cash and equivalents | 6,645 | 16.6% | S100Y5TF |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,798 | 5,642 | 6,881 | 6,042 | 6,645 | S100TIDJ, S100VT9M, S100Y5TF |
| Total assets | 11,673 | 14,744 | 18,057 | 20,494 | 20,259 | S100QTAN, S100TIDJ, S100VT9M, S100Y5TF |
| Net assets | 9,089 | 9,684 | 10,667 | 11,460 | 9,735 | S100TIDJ, S100VT9M, S100Y5TF |
| Share capital | 3,218 | 3,235 | 3,255 | 3,270 | 3,291 | S100QTAN, S100TIDJ, S100VT9M, S100Y5TF |
| Trade receivables | 1,607 | — | — | — | — | S100QTAN |
| Property, plant and equipment | 64 | 59 | 53 | 111 | 164 | S100QTAN, S100TIDJ, S100VT9M, S100Y5TF |
| Intangible assets excluding goodwill | 115 | 1,163 | 1,017 | 888 | 209 | S100QTAN, S100TIDJ, S100VT9M, S100Y5TF |
| Goodwill | — | 1,050 | 911 | 797 | — | S100TIDJ, S100VT9M, S100Y5TF |
| Investment securities | 1,921 | 2,519 | 3,295 | 3,807 | 4,000 | S100QTAN, S100TIDJ, S100VT9M, S100Y5TF |
| Current assets | 9,410 | 10,833 | 13,528 | 15,222 | 15,567 | S100QTAN, S100TIDJ, S100VT9M, S100Y5TF |
| Current liabilities | 2,390 | 4,814 | 7,120 | 8,709 | 10,010 | S100QTAN, S100TIDJ, S100VT9M, S100Y5TF |
| Short-term borrowings | — | — | 100 | — | 720 | S100VT9M, S100Y5TF |
| Total liabilities | 2,584 | 5,060 | 7,390 | 9,033 | 10,524 | S100QTAN, S100TIDJ, S100VT9M, S100Y5TF |
| Non-controlling interests | 54 | 20 | 7 | — | — | S100QTAN, S100TIDJ, S100VT9M |
| Equity attributable to owners of parent | 8,490 | 8,931 | 9,582 | 10,183 | 8,507 | S100QTAN, S100TIDJ, S100VT9M, S100Y5TF |
| Retained earnings | 2,065 | 2,472 | 3,084 | 3,761 | 3,160 | S100QTAN, S100TIDJ, S100VT9M, S100Y5TF |
| Treasury stock | -2 | -2 | -3 | -3 | -1,120 | S100QTAN, S100TIDJ, S100VT9M, S100Y5TF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100Y5TF |
| Property, plant and equipment | 1% | S100Y5TF |
| Intangibles and goodwill | 1% | S100Y5TF |
| Investment securities | 20% | S100Y5TF |
| Other assets | 45% | S100Y5TF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 52% | S100Y5TF |
| Equity | 48% | S100Y5TF |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 11,673 | 14,744 | 18,057 | 20,494 | 20,259 |
| Equity | 9,089 | 9,684 | 10,667 | 11,460 | 9,735 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,798 | 5,642 | 6,881 | 6,042 | 6,645 |

## 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) | 0.4% | S100Y5TF |
| Fixed assets ÷ total assets | 0.8% | S100Y5TF |
| Goodwill ÷ parent equity | — | —, S100Y5TF |

### 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) | 32.8% |
| Cash ÷ revenue | 16.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 122.5% |
| Cash vs. profit gap | 1,367 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 20.5% |

## 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 | 4.1% | 0.94× | 3.8% | 1.37× | 5.2% | S100QTAN |
| 2023 | 2.6% | 1.31× | 3.4% | 1.52× | 5.2% | S100TIDJ |
| 2024 | 2.3% | 1.68× | 3.9% | 1.77× | 6.9% | S100VT9M |
| 2025 | 1.9% | 1.85× | 3.5% | 1.95× | 6.9% | S100Y5TF |
| 2026 | — | —× | -2.9% | —× | — | S100Y5TF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大石 良 | Major shareholder | 21.3% | 2026-02-28 |
| 株式会社ＢＳアセットマネジメント | Major shareholder | 17.1% | 2026-02-28 |
| 株式会社テラスカイ | Major shareholder | 13.7% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.3% | 2026-02-28 |
| ＮＴＴドコモビジネス株式会社 | Major shareholder | 3.5% | 2026-02-28 |
| 株式会社ホクエツ | Major shareholder | 3.0% | 2026-02-28 |
| 羽柴 孝 | Major shareholder | 3.0% | 2026-02-28 |
| ＮＯＭＵＲＡ ＰＢ ＮＯＭＩＮＥＥＳ ＬＩＭＩＴＥＤ ＯＭＮＩＢＵＳ－ＭＡＲＧＩＮ （ＣＡＳＨＰＢ）（常任代理人 野村證券株式会社） | Major shareholder | 2.1% | 2026-02-28 |
| 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 | 1.6% | 2026-02-28 |
| サーバーワークス従業員持株会 | Major shareholder | 1.1% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/03/01－2026/02/28) | S100Y5TF | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5TF,, |
| 有価証券報告書－第26期(2024/03/01－2025/02/28) | S100VT9M | 2025-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VT9M,, |
| 有価証券報告書－第25期(2023/03/01－2024/02/29) | S100TIDJ | 2024-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIDJ,, |
| 有価証券報告書－第24期(2022/03/01－2023/02/28) | S100QTAN | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTAN,, |
| 有価証券報告書－第23期(令和3年3月1日－令和4年2月28日) | S100O4D3 | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4D3,, |
| 有価証券報告書－第22期(令和2年3月1日－令和3年2月28日) | S100LFKQ | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LFKQ,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| Amazon Web Services, Inc. | Alliance | AWSのソリューション販売契約（ソリューションプロバイダー） | S100Y5TF |
| アマゾン ウェブ サービス ジャパン合同会社 | Alliance | クラウド活用とビジネス機会創出支援の戦略的協業 | S100Y5TF |
| パーソルクロステクノロジー株式会社 | Joint venture | 合弁会社 株式会社パーソル＆サーバーワークス | S100Y5TF |
| 富士フイルムビジネスイノベーション株式会社 | Joint venture | 合弁会社 富士フイルムクラウド株式会社 | S100Y5TF |
| べスピン・グローバル・ジャパン合同会社 | Joint venture | 株式会社G-genに関する株主間契約（共同出資） | S100Y5TF |
| 株式会社トップゲート | Joint venture | 株式会社G-genに関する株主間契約（共同出資） | S100Y5TF |

## 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).