# TRADE WORKS Co., Ltd: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第28期(2025/01/01－2025/12/31) (S100Y7VX)
> Page: https://vizora.meequs.com/en/company/trade-works
> Retrieved: 2026-09-30T19:51:17.621Z

## Company

Trade Works, founded in 1999, is a company in Software & SaaS listed on TSE Standard. It has 270 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TRADE WORKS Co., Ltd |
| Ticker | 3997 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3997.T) |
| Listing | TSE Standard |
| Head office | 東京都港区赤坂五丁目2番20号 |
| Representative (per filing) | 代表取締役社長 齋藤 正勝 |
| Founded | Jan 1999 |
| Share capital | ¥582.3M |
| Employees (consolidated) | 270 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | December |
| Website | www.tworks.co.jp (https://www.tworks.co.jp/) |
| Corporate number | 1010001085245 |
| EDINET | E33553 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100Y7VX, filed 2026-06-01). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 23.1 | 145 |
| Cash conversion | 64.5 | 128 |
| Efficiency | 87.9 | 145 |

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)

- Trade Works brought in ¥5.05B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +10.0% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥5052458000 → ¥56888000
- Net income → operating cash flow: ¥56888000 → ¥312098000（difference ¥255210000）
- Main uses of operating cash flow: CapEx ¥485586000 / dividends ¥68807000 / buybacks ¥16000
- Change in cash: ¥168922000
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 | ¥5.05B |  |
| Operating income | ¥259.8M | Margin 5.1% |
| Net income | ¥56.9M | Margin 1.1% |
| Free cash flow | -¥173.5M |  |
| Employees (consolidated) | 270 |  |
| EPS | ¥3.01 |  |
| Book value per share | ¥48.06 |  |
| Equity ratio | 46.3% |  |
| Shares outstanding | 39,042,000 |  |
| Treasury shares | 12,700 |  |
| Shareholders | 4,256 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 23.6% | Cash ÷ revenue 18.8% |
| Vs. industry median margin | -7.3 pp | Software & SaaS |
| ROE | 3.6% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 5.5× net income

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2110619000 | ¥5052458000 | — |
| Operating income | ¥107256000 | ¥259797000 | — |
| Operating margin | 5.1% | 5.1% | +0.1 pp |
| Employees | 93 people | 270 people | — |
| Cash and equivalents | ¥835997000 | ¥949063000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2020 → 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,052 | 100.0% | S100Y7VX |
| Cost of revenue | 3,807 | 75.3% | S100Y7VX |
| Gross profit | 1,246 | 24.7% | S100Y7VX |
| SG&A | 986 | 19.5% | S100Y7VX |
| Operating income | 260 | 5.1% | S100Y7VX |
| Ordinary income | 258 | 5.1% | S100Y7VX |
| Pretax income | 164 | 3.2% | S100Y7VX |
| Income tax | 107 | 2.1% | S100Y7VX |
| Net income | 57 | 1.1% | S100Y7VX |
| Net income attributable to owners | 57 | 1.1% | S100Y7VX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 20 |
| Operating income | 5 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 24.7% → Operating margin 5.1% → Net margin 1.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 4,592 | 5,052 | 461 | +10.0% |
| Gross profit | 786 | 1,246 | 460 | +58.5% |
| Operating income | -55 | 260 | 315 | — |
| Net income attributable to owners | -152 | 57 | 209 | — |
| Operating cash flow | 278 | 312 | 34 | +12.1% |
| Free cash flow | -136 | -173 | -37 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 1,989 | 125 | 6.3% | 89 | -452 | -854 | S100L2AE |
| FY ending Dec 2020 | 2,111 | 107 | 5.1% | 73 | 478 | 423 | S100NT5B |
| FY ending Dec 2021 | 2,554 | 288 | 11.3% | 190 | 53 | 24 | S100NT5B |
| FY ending Dec 2022 | 3,271 | 319 | 9.7% | 200 | 400 | 394 | S100T6PN |
| FY ending Dec 2023 | 3,754 | 31 | 0.8% | -53 | -207 | -218 | S100VJ9J |
| FY ending Dec 2024 | 4,592 | -55 | -1.2% | -152 | 278 | -136 | S100Y7VX |
| FY ending Dec 2025 | 5,052 | 260 | 5.1% | 57 | 312 | -173 | S100Y7VX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.7M |
| Operating income per employee (consolidated) | ¥962.2K |
| Net income per employee (consolidated) | ¥210.7K |

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) | 105 | 145 | 231 | 254 | 270 |
| Average salary (parent company) | ¥5.5M | ¥5.5M | ¥5.7M | ¥6.2M | ¥6.3M |
| Average age (parent company) | 38.6 years | 39.5 years | 39.4 years | 39.3 years | 40.3 years |
| Average tenure (parent company) | 6.5 years | 6.5 years | 6.8 years | 6.6 years | 6.5 years |

Year over year: Employees (consolidated) +6.3% · Revenue (consolidated) +10.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 312 | 6.2% | S100Y7VX |
| Capital expenditure | 486 | 9.6% | S100Y7VX |
| Free cash flow | -173 | -3.4% | 算出 |
| Investing cash flow | -906 | -17.9% | S100Y7VX |
| Financing cash flow | 763 | 15.1% | S100Y7VX |
| Dividends paid | 69 | 1.4% | S100Y7VX |
| Share buyback | 0 | 0.0% | S100Y7VX |
| Change in cash | 169 | 3.3% | S100Y7VX |
| Cash and equivalents | 949 | 18.8% | S100Y7VX |

## 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 | 803 | 688 | 591 | 780 | 949 | S100NT5B, S100VJ9J, S100Y7VX |
| Total assets | 2,099 | 2,179 | 3,043 | 2,904 | 4,016 | S100NT5B, S100T6PN, S100VJ9J, S100Y7VX |
| Net assets | 1,706 | 1,463 | 1,385 | 1,279 | 1,873 | S100NT5B, S100VJ9J, S100Y7VX |
| Share capital | 311 | 312 | 312 | 312 | 582 | S100NT5B, S100T6PN, S100VJ9J, S100Y7VX |
| Property, plant and equipment | 88 | 78 | 276 | 260 | 392 | S100NT5B, S100T6PN, S100VJ9J, S100Y7VX |
| Intangible assets excluding goodwill | 229 | 269 | 403 | 399 | 848 | S100NT5B, S100T6PN, S100VJ9J, S100Y7VX |
| Goodwill | — | 121 | 336 | 282 | 306 | S100T6PN, S100VJ9J, S100Y7VX |
| Investment securities | 91 | 273 | 221 | 234 | 456 | S100NT5B, S100T6PN, S100VJ9J, S100Y7VX |
| Current assets | 1,530 | 1,354 | 1,824 | 1,730 | 2,051 | S100NT5B, S100T6PN, S100VJ9J, S100Y7VX |
| Current liabilities | 312 | 539 | 1,048 | 1,118 | 1,391 | S100NT5B, S100T6PN, S100VJ9J, S100Y7VX |
| Short-term borrowings | — | — | 50 | 430 | 530 | S100VJ9J, S100Y7VX |
| Long-term borrowings | — | — | 418 | 305 | 380 | S100VJ9J, S100Y7VX |
| Total liabilities | 393 | 715 | 1,658 | 1,626 | 2,142 | S100NT5B, S100T6PN, S100VJ9J, S100Y7VX |
| Non-controlling interests | — | — | — | — | 14 | S100Y7VX |
| Equity attributable to owners of parent | 1,712 | 1,460 | 1,385 | 1,279 | 1,860 | S100NT5B, S100T6PN, S100VJ9J, S100Y7VX |
| Retained earnings | 1,100 | 1,047 | 938 | 664 | 659 | S100NT5B, S100T6PN, S100VJ9J, S100Y7VX |
| Treasury stock | -0 | -200 | -167 | -1 | -1 | S100NT5B, S100T6PN, S100VJ9J, S100Y7VX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100Y7VX |
| Property, plant and equipment | 10% | S100Y7VX |
| Intangibles and goodwill | 29% | S100Y7VX |
| Investment securities | 11% | S100Y7VX |
| Other assets | 26% | S100Y7VX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 53% | S100Y7VX |
| Equity | 47% | S100Y7VX |

### 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 | 2,099 | 2,179 | 3,043 | 2,904 | 4,016 |
| Equity | 1,706 | 1,463 | 1,385 | 1,279 | 1,873 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 803 | 688 | 591 | 780 | 949 |

## 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) | 7.7% | S100Y7VX |
| Fixed assets ÷ total assets | 9.8% | S100Y7VX |
| Goodwill ÷ parent equity | 16.5% | S100Y7VX |

### 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) | 23.6% |
| Cash ÷ revenue | 18.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 120.1% |
| Cash vs. profit gap | 255 JPY mn (of net income 448.6%) |
| Shareholder returns / net income | 121.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 121.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 9.6% |
| Investing CF relative to operating CF | 290.3% |

## 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 | 7.4% | 1.22× | 9.1% | 1.23× | 11.1% | S100NT5B |
| 2022 | 6.1% | 1.50× | 9.2% | 1.49× | 13.7% | S100T6PN |
| 2023 | — | —× | -2.0% | —× | — | S100VJ9J |
| 2024 | — | —× | -5.1% | —× | — | S100Y7VX |
| 2025 | 1.1% | 1.46× | 1.6% | 2.20× | 3.6% | S100Y7VX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 浅見 勝弘 | Major shareholder | 28.8% | 2025-12-31 |
| ＳＢＩホールディングス株式会社 | Major shareholder | 5.1% | 2025-12-31 |
| 松井証券株式会社 | Major shareholder | 4.7% | 2025-12-31 |
| スペース・ソルバ株式会社 | Major shareholder | 4.0% | 2025-12-31 |
| 三菱ＵＦＪｅスマート証券株式会社 | Major shareholder | 3.8% | 2025-12-31 |
| 株式会社ミンカブ・ジ・インフォノイド | Major shareholder | 3.7% | 2025-12-31 |
| ＳＣＳＫ株式会社 | Major shareholder | 3.3% | 2025-12-31 |
| 岩井コスモ証券株式会社 | Major shareholder | 1.9% | 2025-12-31 |
| 日本証券金融株式会社 | Major shareholder | 1.6% | 2025-12-31 |
| 大野 真一 | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第28期(2025/01/01－2025/12/31) | S100Y7VX | 2026-06-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y7VX,, |
| 有価証券報告書－第27期(2024/01/01－2024/12/31) | S100VJ9J | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJ9J,, |
| 有価証券報告書－第26期(2023/01/01－2023/12/31) | S100T6PN | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6PN,, |
| 有価証券報告書－第25期(2022/01/01－2022/12/31) | S100QI9O | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QI9O,, |
| 有価証券報告書－第24期(令和3年1月1日－令和3年12月31日) | S100NT5B | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NT5B,, |
| 有価証券報告書－第23期(令和2年1月1日－令和2年12月31日) | S100L2AE | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2AE,, |

## 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).