# WingArc1st Inc.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第10期(2025/03/01－2026/02/28) (S100Y628)
> Page: https://vizora.meequs.com/en/company/wingarc1st
> Retrieved: 2026-09-30T22:08:14.565Z

## Company

WingArc1st, founded in 1972, is a company in Software & SaaS listed on TSE Prime. It has 1,126 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WingArc1st Inc. |
| Ticker | 4432 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4432.T) |
| Listing | TSE Prime |
| Head office | 東京都港区六本木三丁目2番1号 |
| Representative (per filing) | 代表取締役社長執行役員CEO 田中 潤 |
| Founded | Apr 1972 |
| Share capital | ¥1.25B |
| Employees (consolidated) | 1,126 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | February |
| Website | ir.wingarc.com (https://ir.wingarc.com/) |
| Corporate number | 9010001174206 |
| EDINET | E33957 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100Y628, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.6 | 105 |
| Profitability | 84.5 | 145 |
| Cash conversion | 26.2 | 128 |
| Efficiency | 10 | 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)

- WingArc1st brought in ¥30.9B in revenue.
- Out of every ¥100 of sales, about ¥29 is left as operating profit.
- Revenue changed +7.8% from the prior year, operating profit +9.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥30945574000 → ¥6478813000
- Net income → operating cash flow: ¥6478813000 → ¥7197999000（difference ¥719186000）
- Main uses of operating cash flow: CapEx ¥567522000 / dividends ¥3954662000 / buybacks ¥176000
- Change in cash: ¥-1375548000
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 | ¥30.9B |  |
| Operating income | ¥8.99B | Margin 29.1% |
| Net income | ¥6.5B | Margin 21.0% |
| Free cash flow | ¥6.63B |  |
| Employees (consolidated) | 1,126 |  |
| EPS | ¥187.57 |  |
| Diluted EPS | ¥186.51 |  |
| Book value per share | ¥700.08 |  |
| Equity ratio | 64.0% | Derived from disclosed figures |
| Shares outstanding | 35,009,470 |  |
| Treasury shares | 228,700 |  |
| Shareholders | 4,000 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 18.2% | Cash ÷ revenue 43.1% |
| Vs. industry median margin | +16.6 pp | Software & SaaS |
| ROE | 14.6% | Derived from disclosed figures |
| ROA | 9.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating income keeps 29 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18285444000 | ¥30945574000 | +69.2% |
| Operating income | ¥3207018000 | ¥8989946000 | +180.3% |
| Operating margin | 17.5% | 29.1% | +11.5 pp |
| Employees | 692 people | 1,126 people | +62.7% |
| Cash and equivalents | ¥5170346000 | ¥13339865000 | +158.0% |

### 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, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 30,946 | 100.0% | S100Y628 |
| Operating income | 8,990 | 29.1% | S100Y628 |
| Pretax income | 9,088 | 29.4% | S100Y628 |
| Income tax | 2,609 | 8.4% | S100Y628 |
| Net income | 6,479 | 20.9% | S100Y628 |
| Net income attributable to owners | 6,500 | 21.0% | S100Y628 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 71 |
| Operating income | 29 |
| (Ref.) Net income | 21 |

### Margin funnel

Operating margin 29.1% → Net margin 21.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.8%; Core profit growth: +9.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.21×
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 | 28,708 | 30,946 | 2,238 | +7.8% |
| Operating income | 8,217 | 8,990 | 773 | +9.4% |
| Net income attributable to owners | 5,930 | 6,500 | 571 | +9.6% |
| Operating cash flow | 8,196 | 7,198 | -998 | -12.2% |
| Free cash flow | 7,376 | 6,630 | -746 | -10.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2017 | 11,655 | — | — | 1,576 | 5,831 | — | S100LFAJ |
| FY ending Feb 2018 | 15,566 | — | — | 2,925 | 4,909 | — | S100O6FH |
| FY ending Feb 2019 | 17,287 | — | — | 3,293 | 3,338 | — | S100RT6J |
| FY ending Feb 2020 | 18,677 | 5,685 | 30.4% | 4,076 | 6,556 | 6,135 | S100LFAJ |
| FY ending Feb 2021 | 18,285 | 3,207 | 17.5% | 2,452 | 4,953 | 4,452 | S100O6FH |
| FY ending Feb 2022 | 19,833 | 5,986 | 30.2% | 4,353 | 6,439 | 5,944 | S100RT6J |
| FY ending Feb 2023 | 22,349 | 5,946 | 26.6% | 4,401 | 6,871 | 6,309 | S100TJCG |
| FY ending Feb 2024 | 25,753 | 7,309 | 28.4% | 5,411 | 7,840 | 6,766 | S100VUQJ |
| FY ending Feb 2025 | 28,708 | 8,217 | 28.6% | 5,930 | 8,196 | 7,376 | S100Y628 |
| FY ending Feb 2026 | 30,946 | 8,990 | 29.1% | 6,500 | 7,198 | 6,630 | S100Y628 |

## People and productivity（FY ending Feb 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.5M |
| Operating income per employee (consolidated) | ¥8M |
| Net income per employee (consolidated) | ¥5.8M |

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) | 717 | 799 | 881 | 1,002 | 1,126 |
| Average salary (parent company) | ¥7.5M | ¥7.5M | ¥7.5M | ¥7.6M | ¥7.6M |
| Average age (parent company) | 40.4 years | 40.1 years | 40.4 years | 40.8 years | 41.0 years |
| Average tenure (parent company) | 4.3 years | 4.5 years | 5.0 years | 5.5 years | 6.2 years |

Year over year: Employees (consolidated) +12.4% · Revenue (consolidated) +7.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 7,198 | 23.3% | S100Y628 |
| Capital expenditure | 568 | 1.8% | S100Y628 |
| Free cash flow | 6,630 | 21.4% | 算出 |
| Investing cash flow | -2,895 | -9.4% | S100Y628 |
| Financing cash flow | -5,792 | -18.7% | S100Y628 |
| Dividends paid | 3,955 | 12.8% | S100Y628 |
| Share buyback | 0 | 0.0% | S100Y628 |
| Change in cash | -1,376 | -4.4% | S100Y628 |
| Cash and equivalents | 13,340 | 43.1% | S100Y628 |

## 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 | 9,017 | 11,176 | 12,987 | 14,715 | 13,340 | S100TJCG, S100VUQJ, S100Y628 |
| Total assets | 58,919 | 62,550 | 65,950 | 68,437 | 73,491 | S100RT6J, S100TJCG, S100VUQJ, S100Y628 |
| Net assets | 30,619 | 34,574 | 39,096 | 41,846 | 47,033 | S100TJCG, S100VUQJ, S100Y628 |
| Share capital | 1,084 | 1,135 | 1,200 | 1,228 | 1,248 | S100RT6J, S100TJCG, S100VUQJ, S100Y628 |
| Property, plant and equipment | 1,481 | 1,605 | 1,804 | 2,076 | 1,859 | S100RT6J, S100TJCG, S100VUQJ, S100Y628 |
| Goodwill | 27,250 | 27,309 | 27,349 | 27,674 | 30,210 | S100RT6J, S100TJCG, S100VUQJ, S100Y628 |
| Current assets | 10,941 | 13,239 | 15,274 | 17,824 | 18,013 | S100RT6J, S100TJCG, S100VUQJ, S100Y628 |
| Total liabilities | 28,300 | 27,976 | 26,854 | 26,591 | 26,458 | S100RT6J, S100TJCG, S100VUQJ, S100Y628 |
| Equity attributable to owners of parent | 30,543 | 34,517 | 39,074 | 41,792 | 47,000 | S100RT6J, S100TJCG, S100VUQJ, S100Y628 |
| Retained earnings | 17,269 | 20,190 | 23,701 | 26,612 | 29,153 | S100RT6J, S100TJCG, S100VUQJ, S100Y628 |
| Treasury stock | -650 | -623 | -564 | -506 | -429 | S100RT6J, S100TJCG, S100VUQJ, S100Y628 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100Y628 |
| Property, plant and equipment | 3% | S100Y628 |
| Intangibles and goodwill | 41% | — |
| Other assets | 38% | S100Y628 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100Y628 |
| Equity | 64% | S100Y628 |
| Other liabilities | 0% | S100Y628 |

### 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 | 58,919 | 62,550 | 65,950 | 68,437 | 73,491 |
| Equity | 30,619 | 34,574 | 39,096 | 41,846 | 47,033 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,017 | 11,176 | 12,987 | 14,715 | 13,340 |

## 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) | 6.0% | S100Y628 |
| Fixed assets ÷ total assets | 2.5% | S100Y628 |
| Goodwill ÷ parent equity | 64.3% | S100Y628 |

Goodwill over 4 years: 27,250 → 30,210 JPY; total investing cash flow: -7,706 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) | 18.2% |
| Cash ÷ revenue | 43.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 80.1% |
| Cash vs. profit gap | 698 JPY mn (of net income 10.7%) |
| Shareholder returns / net income | 60.8% |
| Shareholder returns / FCF | 59.6% |
| Shareholder payments — dividends / net income | 60.8% |
| Shareholder payments — dividends / FCF | 59.6% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 40.2% |

## 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 | 21.9% | 0.34× | 7.4% | 1.93× | 14.3% | S100RT6J |
| 2023 | 19.7% | 0.37× | 7.2% | 1.87× | 13.5% | S100TJCG |
| 2024 | 21.0% | 0.40× | 8.4% | 1.75× | 14.7% | S100VUQJ |
| 2025 | 20.7% | 0.43× | 8.8% | 1.66× | 14.7% | S100Y628 |
| 2026 | 21.0% | 0.44× | 9.2% | 1.60× | 14.6% | S100Y628 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| IW.DXパートナーズ株式会社 | Major shareholder | 22.0% | 2026-02-28 |
| 東芝デジタルソリューションズ株式会社 | Major shareholder | 13.2% | 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 | 7.0% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.9% | 2026-02-28 |
| モノリス有限責任事業組合 | Major shareholder | 4.0% | 2026-02-28 |
| STATE STREET BANK AND TRUST COMPANY 505301 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 3.1% | 2026-02-28 |
| NORTHERN TRUST CO.(AVFC) RE UKUC UCITS CLIENTS NON LENDING 10PCT TREATY ACCOUNT (常任代理人 香港上海銀行東京支店) | Major shareholder | 2.8% | 2026-02-28 |
| BBH FOR FIDELITY LOW-PRICED STOCK FUND (常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 1.8% | 2026-02-28 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 1.8% | 2026-02-28 |
| 鈴与株式会社 | Major shareholder | 1.5% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2025/03/01－2026/02/28) | S100Y628 | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y628,, |
| 有価証券報告書－第9期(2024/03/01－2025/02/28) | S100VUQJ | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUQJ,, |
| 有価証券報告書－第8期(2023/03/01－2024/02/29) | S100TJCG | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJCG,, |
| 訂正有価証券報告書－第7期(2022/03/01－2023/02/28) | S100RT6J | 2023-09-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RT6J,, |
| 訂正有価証券報告書－第6期(令和3年3月1日－令和4年2月28日) | S100O6FH | 2022-06-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O6FH,, |
| 有価証券報告書－第5期(令和2年3月1日－令和3年2月28日) | S100LFAJ | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LFAJ,, |

## 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).