# WITZ Corporation: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第29期(2024/09/01－2025/08/31) (S100X6ND)
> Page: https://vizora.meequs.com/en/company/witz
> Retrieved: 2026-09-30T18:37:50.012Z

## Company

Witz, founded in 1997, is a company in IT Services & System Integration listed on TSE Standard. It has 317 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WITZ Corporation |
| Ticker | 4440 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4440.T) |
| Listing | TSE Standard |
| Head office | 名古屋市中区新栄町一丁目1番地 (2024年12月1日より名古屋市中区栄三丁目3番21号から上記住所に本店を移転しております。) |
| Representative (per filing) | 代表取締役社長 服部 博行 |
| Founded | Jun 1997 |
| Share capital | ¥612.5M |
| Employees (consolidated) | 317 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | August |
| Website | www.witz-inc.co.jp (https://www.witz-inc.co.jp/) |
| Corporate number | 9180001045035 |
| EDINET | E34739 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100X6ND, filed 2025-11-26). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 84.4 | 157 |
| Profitability | 71.2 | 196 |
| Cash conversion | 69.5 | 185 |
| Efficiency | 51.8 | 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)

- About 82% of Witz's sales come from Software Business Areas, with Sensing Business Areas and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +39.7% from the prior year, operating profit +101.0%.

## Company structure

- Segment revenue mix: Software Business Areas 82.0%、Sensing Business Areas 17.7%、Other 0.3%
- Revenue → net income: ¥4856610000 → ¥427615000
- Net income → operating cash flow: ¥427615000 → ¥571372000（difference ¥143757000）
- Main uses of operating cash flow: CapEx ¥81897000 / dividends ¥55828000 / buybacks ¥27290000
- Change in cash: ¥577044000
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 | ¥4.86B |  |
| Operating income | ¥566.6M | Margin 11.7% |
| Net income | ¥424.2M | Margin 8.7% |
| Free cash flow | ¥489.5M |  |
| Largest business | Software Business Areas | of segment revenue 82.0% |
| Employees (consolidated) | 317 |  |
| EPS | ¥82.78 |  |
| Book value per share | ¥647.54 |  |
| Equity ratio | 69.4% |  |
| Shares outstanding | 4,176,000 |  |
| Treasury shares | 187,900 |  |
| Shareholders | 2,285 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 52.8% | Cash ÷ revenue 44.3% |
| Vs. industry median margin | +2.8 pp | IT Services & System Integration |
| ROE | 16.1% | Derived from disclosed figures |
| ROA | 11.1% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.2× its level five years ago
- FY2025, one segment accounts for 92% of positive segment profit
- FY2025, cash is 53% of total assets

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2222802000 | ¥4856610000 | +118.5% |
| Operating income | ¥313510000 | ¥566563000 | +80.7% |
| Operating margin | 14.1% | 11.7% | -2.4 pp |
| Employees | 173 people | 317 people | +83.2% |
| Cash and equivalents | ¥1594855000 | ¥2149108000 | +34.8% |

### Change in segment revenue mix

Span: FY ending Aug 2020 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 組込サービス事業 → 事業再編・廃止 | 33.9% |
| 組込システム事業 → 事業再編・廃止 | 33.9% |
| システムズエンジニアリング事業 → 事業再編・廃止 | 20.7% |
| 機能安全開発事業 → 事業再編・廃止 | 4.7% |
| トラストシステムコンサルティング事業 → 事業再編・廃止 | 4.7% |
| その他 → その他 | 0.3% |
| その他 → 事業再編・廃止 | 1.9% |
| 新設・再編 → ソフトウェア事業 | 82.0% |
| 新設・再編 → センシング事業 | 17.7% |

Segment revenue source references: 9 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Software Business Areas | — | — | ¥3982658000 | 12.7% | 2 |
| Sensing Business Areas | — | — | ¥861558000 | 4.8% | 2 |
| Other | 5 years | -30.7% | ¥12393000 | -61.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,857 | 100.0% | S100X6ND |
| Cost of revenue | 3,050 | 62.8% | S100X6ND |
| Gross profit | 1,807 | 37.2% | S100X6ND |
| SG&A | 1,240 | 25.5% | S100X6ND |
| Operating income | 567 | 11.7% | S100X6ND |
| Ordinary income | 589 | 12.1% | S100X6ND |
| Pretax income | 579 | 11.9% | S100X6ND |
| Income tax | 151 | 3.1% | S100X6ND |
| Net income | 428 | 8.8% | S100X6ND |
| Net income attributable to owners | 424 | 8.7% | S100X6ND |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 25 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 37.2% → Operating margin 11.7% → Net margin 8.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +39.7%; Core profit growth: +101.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.55×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Aug 2024 → FY ending Aug 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,478 | 4,857 | 1,379 | +39.7% |
| Gross profit | 1,225 | 1,807 | 582 | +47.5% |
| Operating income | 282 | 567 | 285 | +101.0% |
| Net income attributable to owners | 275 | 424 | 149 | +54.2% |
| Operating cash flow | 356 | 571 | 216 | +60.7% |
| Free cash flow | 229 | 489 | 261 | +114.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 2,301 | 252 | 11.0% | 231 | 245 | 237 | S100K8ZP |
| FY ending Aug 2020 | 2,223 | 314 | 14.1% | 222 | 221 | 203 | S100MY7A |
| FY ending Aug 2021 | 2,199 | 277 | 12.6% | 206 | 257 | 252 | S100POWU |
| FY ending Aug 2022 | 2,345 | 237 | 10.1% | 176 | 207 | 157 | S100SCPH |
| FY ending Aug 2023 | 2,501 | 187 | 7.5% | 133 | 248 | 204 | S100UUYP |
| FY ending Aug 2024 | 3,478 | 282 | 8.1% | 275 | 356 | 229 | S100X6ND |
| FY ending Aug 2025 | 4,857 | 567 | 11.7% | 424 | 571 | 489 | S100X6ND |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.3M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.3M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 166 | 201 | 216 | 288 | 317 |
| Average salary (parent company) | ¥5.5M | ¥5.8M | ¥5.9M | ¥6.3M | ¥6.3M |
| Average age (parent company) | 35.3 years | 35.5 years | 36.0 years | 36.2 years | 35.3 years |
| Average tenure (parent company) | 8.6 years | 8.9 years | 9.1 years | 8.7 years | 8.1 years |

Year over year: Employees (consolidated) +10.1% · Revenue (consolidated) +39.7%

## Segments（FY ending Aug 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Software Business Areas | 3,983 | 82.0% | 505 | 12.7% |
| Sensing Business Areas | 862 | 17.7% | 42 | 4.8% |
| Other | 12 | 0.3% | -8 | -61.8% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Software Business Areas | 82.0% | 92.4% | 10.4 | 12.7% |
| Sensing Business Areas | 17.7% | 7.6% | -10.1 | 4.8% |
| Other | 0.3% | — | — | -61.8% |

Loss-making segment (excluded from profit shares): Other -8 JPY mn

Segment → industry: Software Business Areas → IT Services & System Integration

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 571 | 11.8% | S100X6ND |
| Capital expenditure | 82 | 1.7% | S100X6ND |
| Free cash flow | 489 | 10.1% | 算出 |
| Investing cash flow | 85 | 1.8% | S100X6ND |
| Financing cash flow | -80 | -1.6% | S100X6ND |
| Dividends paid | 56 | 1.1% | S100X6ND |
| Share buyback | 27 | 0.6% | S100X6ND |
| Change in cash | 577 | 11.9% | S100X6ND |
| Cash and equivalents | 2,149 | 44.3% | S100X6ND |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,647 | 1,659 | 1,319 | 1,572 | 2,149 | S100SCPH, S100UUYP, S100X6ND |
| Total assets | 2,651 | 2,855 | 2,923 | 3,564 | 4,072 | S100POWU, S100SCPH, S100UUYP, S100X6ND |
| Net assets | 2,123 | 2,296 | 2,312 | 2,479 | 2,838 | S100SCPH, S100UUYP, S100X6ND |
| Share capital | 607 | 612 | 613 | 613 | 613 | S100POWU, S100SCPH, S100UUYP, S100X6ND |
| Trade receivables | 167 | — | — | — | — | S100POWU |
| Property, plant and equipment | 27 | 42 | 42 | 99 | 89 | S100POWU, S100SCPH, S100UUYP, S100X6ND |
| Intangible assets excluding goodwill | 8 | 124 | 100 | 309 | 387 | S100POWU, S100SCPH, S100UUYP, S100X6ND |
| Goodwill | — | 97 | 87 | 226 | 266 | S100SCPH, S100UUYP, S100X6ND |
| Investment securities | 6 | 3 | 202 | 197 | 298 | S100POWU, S100SCPH, S100UUYP, S100X6ND |
| Current assets | 2,356 | 2,389 | 2,257 | 2,489 | 2,813 | S100POWU, S100SCPH, S100UUYP, S100X6ND |
| Current liabilities | 291 | 315 | 351 | 762 | 910 | S100POWU, S100SCPH, S100UUYP, S100X6ND |
| Total liabilities | 528 | 559 | 611 | 1,084 | 1,234 | S100POWU, S100SCPH, S100UUYP, S100X6ND |
| Non-controlling interests | 24 | 26 | 28 | 27 | 12 | S100POWU, S100SCPH, S100UUYP, S100X6ND |
| Equity attributable to owners of parent | 2,100 | 2,270 | 2,284 | 2,454 | 2,827 | S100POWU, S100SCPH, S100UUYP, S100X6ND |
| Retained earnings | 952 | 1,113 | 1,213 | 1,452 | 1,820 | S100POWU, S100SCPH, S100UUYP, S100X6ND |
| Treasury stock | -0 | -0 | -89 | -163 | -163 | S100POWU, S100SCPH, S100UUYP, S100X6ND |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 53% | S100X6ND |
| Property, plant and equipment | 2% | S100X6ND |
| Intangibles and goodwill | 16% | S100X6ND |
| Investment securities | 7% | S100X6ND |
| Other assets | 22% | S100X6ND |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 30% | S100X6ND |
| Equity | 70% | S100X6ND |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,651 | 2,855 | 2,923 | 3,564 | 4,072 |
| Equity | 2,123 | 2,296 | 2,312 | 2,479 | 2,838 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,647 | 1,659 | 1,319 | 1,572 | 2,149 |

## 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) | 1.8% | S100X6ND |
| Fixed assets ÷ total assets | 2.2% | S100X6ND |
| Goodwill ÷ parent equity | 9.4% | S100X6ND |

### 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) | 52.8% |
| Cash ÷ revenue | 44.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 100.8% |
| Cash vs. profit gap | 147 JPY mn (of net income 34.7%) |
| Shareholder returns / net income | 19.6% |
| Shareholder returns / FCF | 17.0% |
| Shareholder payments — dividends / net income | 13.2% |
| Shareholder payments — dividends / FCF | 11.4% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 14.9% |

## 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 | 9.4% | 0.83× | 7.8% | 1.26× | 9.8% | S100POWU |
| 2022 | 7.5% | 0.85× | 6.4% | 1.26× | 8.0% | S100SCPH |
| 2023 | 5.3% | 0.87× | 4.6% | 1.27× | 5.9% | S100UUYP |
| 2024 | 7.9% | 1.07× | 8.5% | 1.37× | 11.6% | S100X6ND |
| 2025 | 8.7% | 1.27× | 11.1% | 1.45× | 16.1% | S100X6ND |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Ｏｆｆｉｃｅ Ｈａｔ | Major shareholder | 15.3% | 2025-08-31 |
| オークマ株式会社 | Major shareholder | 7.5% | 2025-08-31 |
| 株式会社アイシン | Major shareholder | 7.5% | 2025-08-31 |
| 株式会社ＳＮＡ | Major shareholder | 7.0% | 2025-08-31 |
| 武田 英幸 | Major shareholder | 4.2% | 2025-08-31 |
| 大西 秀一 | Major shareholder | 4.1% | 2025-08-31 |
| 服部 博行 | Major shareholder | 3.3% | 2025-08-31 |
| ヴィッツ従業員持株会 | Major shareholder | 3.2% | 2025-08-31 |
| 脇田 周爾 | Major shareholder | 2.9% | 2025-08-31 |
| 森川 聡久 | Major shareholder | 2.5% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2024/09/01－2025/08/31) | S100X6ND | 2025-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6ND,, |
| 有価証券報告書－第28期(2023/09/01－2024/08/31) | S100UUYP | 2024-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UUYP,, |
| 有価証券報告書－第27期(2022/09/01－2023/08/31) | S100SCPH | 2023-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SCPH,, |
| 有価証券報告書－第26期(令和3年9月1日－令和4年8月31日) | S100POWU | 2022-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100POWU,, |
| 有価証券報告書－第25期(令和2年9月1日－令和3年8月31日) | S100MY7A | 2021-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MY7A,, |
| 有価証券報告書－第24期(令和1年9月1日－令和2年8月31日) | S100K8ZP | 2020-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K8ZP,, |

## 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).