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

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2025/04/01－2026/03/31) (S100YLCH)
> Page: https://vizora.meequs.com/en/company/writeup
> Retrieved: 2026-09-30T20:22:36.539Z

## Company

Writeup, founded in 2002, is a company in IT Services & System Integration listed on TSE Growth. It has 127 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Writeup Co.,Ltd. |
| Ticker | 6580 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6580.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区渋谷二丁目15番1号 |
| Representative (per filing) | 代表取締役社長 白石 崇 |
| Founded | Apr 2002 |
| Share capital | ¥386.4M |
| Employees (consolidated) | 127 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | March |
| Website | www.writeup.jp (https://www.writeup.jp/) |
| Corporate number | 1011001041171 |
| EDINET | E34018 |
| Industries (Vizora) | IT Services & System Integration, Consulting, Advertising |

> Profile source: annual securities report (S100YLCH, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Consulting (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 64.8 | 44 |
| Cash conversion | 10.2 | 44 |
| Efficiency | 19.3 | 44 |

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 92% of Writeup's sales come from AI Solutions Business, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed -11.9% from the prior year, operating profit -34.8%.

## Company structure

- Segment revenue mix: AI Solutions Business 91.6%、Other 8.4%
- Revenue → net income: ¥3529180000 → ¥258055000
- Net income → operating cash flow: ¥258055000 → ¥100286000（difference ¥-157769000）
- Main uses of operating cash flow: CapEx ¥65125000 / dividends ¥89062000 / buybacks ¥41000
- Change in cash: ¥-140952000
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 | ¥3.53B |  |
| Operating income | ¥469.8M | Margin 13.3% |
| Net income | ¥258.1M | Margin 7.3% |
| Free cash flow | ¥35.2M |  |
| Largest business | AI Solutions Business | of segment revenue 91.6% |
| Employees (consolidated) | 127 |  |
| EPS | ¥48.13 |  |
| Diluted EPS | ¥48.07 |  |
| Book value per share | ¥642.21 |  |
| Equity ratio | 86.9% |  |
| Shares outstanding | 5,806,000 |  |
| Treasury shares | 681,300 |  |
| Shareholders | 2,511 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 68.2% | Cash ÷ revenue 73.2% |
| Vs. industry median margin | +4.4 pp | IT Services & System Integration |
| ROE | 8.0% | Derived from disclosed figures |
| ROA | 6.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 93% of positive segment profit
- FY2026, cash is 68% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2134125000 | ¥3529180000 | — |
| Operating income | ¥602563000 | ¥469833000 | — |
| Operating margin | 28.2% | 13.3% | -14.9 pp |
| Employees | 90 people | 127 people | — |
| Cash and equivalents | ¥1936486000 | ¥2581754000 | — |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ＤＸソリューション事業 → 事業再編・廃止 | 83.5% |
| コンテンツ事業 → 事業再編・廃止 | 16.5% |
| 新設・再編 → ＡＩソリューション事業 | 91.6% |
| 新設・再編 → その他 | 8.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,529 | 100.0% | S100YLCH |
| Cost of revenue | 549 | 15.6% | S100YLCH |
| Gross profit | 2,980 | 84.4% | S100YLCH |
| SG&A | 2,510 | 71.1% | S100YLCH |
| Operating income | 470 | 13.3% | S100YLCH |
| Ordinary income | 487 | 13.8% | S100YLCH |
| Pretax income | 413 | 11.7% | S100YLCH |
| Income tax | 155 | 4.4% | S100YLCH |
| Net income | 258 | 7.3% | S100YLCH |
| Net income attributable to owners | 258 | 7.3% | S100YLCH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 16 |
| SG&A | 71 |
| Operating income | 13 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 84.4% → Operating margin 13.3% → Net margin 7.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -11.9%; Core profit growth: -34.8%
Operating leverage (core profit growth ÷ revenue growth): 2.94×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,004 | 3,529 | -475 | -11.9% |
| Gross profit | 3,232 | 2,980 | -252 | -7.8% |
| Operating income | 721 | 470 | -251 | -34.8% |
| Net income attributable to owners | 485 | 258 | -227 | -46.8% |
| Operating cash flow | 415 | 100 | -315 | -75.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,852 | 258 | 13.9% | 154 | 162 | 149 | S100LOHA |
| FY ending Mar 2021 | 2,134 | 603 | 28.2% | 431 | 472 | — | S100OFDZ |
| FY ending Mar 2022 | 2,778 | 841 | 30.3% | 607 | 579 | 537 | S100R6XE |
| FY ending Mar 2023 | 2,225 | 143 | 6.4% | 110 | -1 | -65 | S100R6XE |
| FY ending Mar 2024 | 2,776 | 320 | 11.5% | 231 | 350 | 277 | S100W8HB |
| FY ending Mar 2025 | 4,004 | 721 | 18.0% | 485 | 415 | — | S100YLCH |
| FY ending Mar 2026 | 3,529 | 470 | 13.3% | 258 | 100 | 35 | S100YLCH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.8M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥2M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 112 | 118 | 140 | 136 | 127 |
| Average salary (parent company) | ¥4.6M | ¥4.1M | ¥4.5M | ¥4.6M | ¥4.8M |
| Average age (parent company) | 32.3 years | 32.3 years | 33.3 years | 34.4 years | 35.0 years |
| Average tenure (parent company) | 4.7 years | 4.5 years | 4.5 years | 5.4 years | 5.9 years |

Year over year: Employees (consolidated) -6.6% · Revenue (consolidated) -11.9%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| AI Solutions Business | 3,234 | 91.6% | 709 | 21.9% |
| Other | 296 | 8.4% | 53 | 17.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| AI Solutions Business | 91.6% | 93.1% | 1.5 | 21.9% |
| Other | 8.4% | 6.9% | -1.5 | 17.8% |

Segment → industry: AI Solutions Business → IT Services & System Integration / AI Solutions Business → Consulting / Other → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 100 | 2.8% | S100YLCH |
| Capital expenditure | 65 | 1.8% | S100YLCH |
| Free cash flow | 35 | 1.0% | 算出 |
| Investing cash flow | -151 | -4.3% | S100YLCH |
| Financing cash flow | -91 | -2.6% | S100YLCH |
| Dividends paid | 89 | 2.5% | S100YLCH |
| Share buyback | 0 | 0.0% | S100YLCH |
| Change in cash | -141 | -4.0% | S100YLCH |
| Cash and equivalents | 2,582 | 73.2% | S100YLCH |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,459 | 2,245 | 2,432 | 2,723 | 2,582 | S100R6XE, S100YLCH |
| Total assets | 3,135 | 3,012 | 3,415 | 4,186 | 3,787 | S100R6XE, S100W8HB, S100YLCH |
| Net assets | 2,465 | 2,469 | 2,701 | 3,120 | 3,291 | S100R6XE, S100YLCH |
| Share capital | 386 | 386 | 386 | 386 | 386 | S100R6XE, S100W8HB, S100YLCH |
| Property, plant and equipment | 10 | 9 | 12 | 9 | 27 | S100R6XE, S100W8HB, S100YLCH |
| Intangible assets excluding goodwill | 55 | 108 | 237 | 251 | 158 | S100R6XE, S100W8HB, S100YLCH |
| Goodwill | — | — | 93 | 84 | — | S100W8HB, S100YLCH |
| Investment securities | 18 | 54 | 58 | 51 | 128 | S100R6XE, S100W8HB, S100YLCH |
| Current assets | 2,952 | 2,744 | 2,992 | 3,740 | 3,300 | S100R6XE, S100W8HB, S100YLCH |
| Current liabilities | 667 | 542 | 708 | 1,062 | 495 | S100R6XE, S100W8HB, S100YLCH |
| Total liabilities | 670 | 544 | 714 | 1,066 | 497 | S100R6XE, S100W8HB, S100YLCH |
| Equity attributable to owners of parent | 2,465 | 2,475 | 2,705 | 3,136 | 3,302 | S100R6XE, S100W8HB, S100YLCH |
| Retained earnings | 2,037 | 2,147 | 2,377 | 2,863 | 3,028 | S100R6XE, S100W8HB, S100YLCH |
| Treasury stock | -263 | -363 | -363 | -417 | -416 | S100R6XE, S100W8HB, S100YLCH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 68% | S100YLCH |
| Property, plant and equipment | 1% | S100YLCH |
| Intangibles and goodwill | 4% | S100YLCH |
| Investment securities | 3% | S100YLCH |
| Other assets | 24% | S100YLCH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 13% | S100YLCH |
| Equity | 87% | S100YLCH |
| Other liabilities | 0% | S100YLCH |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,135 | 3,012 | 3,415 | 4,186 | 3,787 |
| Equity | 2,465 | 2,469 | 2,701 | 3,120 | 3,291 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,459 | 2,245 | 2,432 | 2,723 | 2,582 |

## 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) | 0.8% | S100YLCH |
| Fixed assets ÷ total assets | 0.7% | S100YLCH |
| Goodwill ÷ parent equity | — | —, S100YLCH |

### 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) | 68.2% |
| Cash ÷ revenue | 73.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 21.3% |
| Cash vs. profit gap | -158 JPY mn (of net income -61.1%) |
| Shareholder returns / net income | 34.5% |
| Shareholder returns / FCF | 253.4% |
| Shareholder payments — dividends / net income | 34.5% |
| Shareholder payments — dividends / FCF | 253.3% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 150.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 21.8% | 0.89× | 19.3% | 1.27× | 24.6% | S100R6XE |
| 2023 | 4.9% | 0.72× | 3.6% | 1.24× | 4.4% | S100R6XE |
| 2024 | 8.3% | 0.81× | 6.8% | 1.26× | 8.5% | S100W8HB |
| 2025 | 12.1% | 1.05× | 12.8% | 1.30× | 16.6% | S100YLCH |
| 2026 | 7.3% | 0.89× | 6.5% | 1.24× | 8.0% | S100YLCH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 白石 崇 | Major shareholder | 48.4% | 2026-03-31 |
| 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 | 5.0% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 新沼 吾史 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社チェンジホールディングス | Major shareholder | 2.3% | 2026-03-31 |
| ＷＩＬＬ ＦＩＥＬＤ ＣＡＰＩＴＡＬ ＰＴＥ． ＬＴＤ． （常任代理人 三田証券株式会社） | Major shareholder | 1.9% | 2026-03-31 |
| 槇田 重夫 | Major shareholder | 1.7% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| ライトアップ従業員持株会 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/04/01－2026/03/31) | S100YLCH | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLCH,, |
| 有価証券報告書－第24期(2024/04/01－2025/03/31) | S100W8HB | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8HB,, |
| 有価証券報告書－第23期(2023/04/01－2024/03/31) | S100TVIB | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVIB,, |
| 有価証券報告書－第22期(2022/04/01－2023/03/31) | S100R6XE | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6XE,, |
| 有価証券報告書－第21期(令和3年4月1日－令和4年3月31日) | S100OFDZ | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFDZ,, |
| 有価証券報告書－第20期(令和2年4月1日－令和3年3月31日) | S100LOHA | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOHA,, |

## 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).