3657
Pole To Win Holdings, Inc.
ポールトゥウィンホールディングス株式会社
Information & Communication
Pole To Win Holdings, Inc., together with its subsidiaries, engages in the testing/verification and evaluation, and Internet supporting businesses in Japan and internationally. The company offers testing, customer support, localization, and support for overseas expansion services for gaming market; software testing, infrastructure setup, server monitoring, data center operations, and kitting services for tech market; and monitoring and customer support services for e-commerce market. It also provides app development and website management, crowdfunding operation, barrier-free subtitles and audio guides, barrier-free consulting, testing and localization, voice recording at house studio, art production, game development support, and customer support for game users. The company was formerly known as Poletowin Pitcrew Holdings, Inc. and changed its name to Pole To Win Holdings, Inc. in May 2022. Pole To Win Holdings, Inc. was incorporated in 2009 and is headquartered in Tokyo, Japan.
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Overview
Filings & Signals
Ownership
Financials
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Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥48.8B
¥52.2B
¥47.0B
¥39.9B
¥34.3B
Cost of Sales
¥37.6B
¥40.6B
¥36.3B
¥28.9B
¥24.5B
Gross Profit
¥11.2B
¥11.6B
¥10.7B
¥11.1B
¥9.7B
SG&A
¥11.4B
¥10.8B
¥10.3B
¥8.3B
¥6.4B
Operating Income
¥-239M
¥787M
¥404M
¥2.7B
¥3.3B
Non-Operating Income
¥116M
¥141M
¥175M
¥167M
¥174M
Dividend Income
¥31M
—
—
¥2M
¥2M
Interest Income
¥13M
¥14M
¥7M
¥5M
¥4M
Non-Operating Expenses
¥385M
¥172M
¥70M
¥203M
¥97M
Interest Expense
¥91M
¥38M
¥13M
¥4M
¥2M
Ordinary Income
¥-508M
¥756M
¥509M
¥2.7B
¥3.4B
Pre-tax Income
¥-3.8B
¥229M
¥-1.2B
¥2.0B
¥3.2B
Income Taxes
¥-364M
¥919M
¥817M
¥1.2B
¥1.0B
Current Tax
¥679M
¥935M
¥848M
¥1.1B
¥1.3B
Deferred Tax
¥-1.0B
¥-16M
¥-32M
¥63M
¥-295M
Net Income (owners)
¥-3.5B
¥-692M
¥-2.0B
¥795M
¥2.2B
Minority Interest
¥-3M
¥2M
¥-4M
¥2M
¥-4M
Comprehensive Income
¥-3.5B
¥-147M
¥-1.6B
¥963M
¥2.6B
EBITDA
¥1.1B
¥2.1B
¥1.6B
¥3.8B
¥4.2B
Goodwill Amort. (J-GAAP)
¥335M
¥342M
¥287M
¥400M
¥401M
EPS
¥-98.41
¥-19.58
¥-54.57
¥21.18
¥59.16
Shares Outstanding
35.4M
35.4M
35.4M
37.3M
37.8M
Shares Issued (total)
38.2M
38.2M
38.2M
38.2M
38.2M
Treasury Shares
2.8M
2.8M
2.8M
0.8M
0.4M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥22.3B
¥28.4B
¥24.4B
¥27.5B
¥22.3B
Current Assets
¥16.5B
¥19.7B
¥17.2B
¥20.2B
¥16.3B
Cash & Deposits
¥7.0B
¥7.0B
¥7.8B
¥11.2B
¥9.7B
Trade Receivables
¥7.8B
¥9.4B
¥6.4B
¥6.3B
—
Non-Current Assets
¥5.8B
¥8.7B
¥7.2B
¥7.2B
¥5.9B
PP&E
¥2.3B
¥2.1B
¥2.4B
¥1.5B
¥890M
Goodwill
¥117M
¥2.2B
¥1.1B
¥1.5B
¥2.4B
Intangible Assets
¥361M
¥4.2B
¥2.3B
¥2.9B
¥2.9B
Investment Securities
¥696M
¥627M
¥624M
¥1.1B
¥802M
Deferred Tax Assets
¥1.3B
¥419M
¥464M
¥419M
¥500M
Total Liabilities
¥13.9B
¥16.0B
¥11.0B
¥9.8B
¥4.6B
Current Liabilities
¥13.6B
¥15.4B
¥10.1B
¥8.7B
¥4.2B
ST Debt
¥7.6B
¥7.0B
¥4.8B
¥3.4B
¥48M
Taxes Payable
¥183M
¥501M
¥522M
¥408M
¥642M
Non-Current Liabilities
¥273M
¥605M
¥923M
¥1.1B
¥477M
Total LT Borrowings
—
¥62M
¥241M
¥476M
¥251M
Pension Obligations
¥160M
¥151M
¥154M
¥136M
¥121M
Deferred Tax Liab.
¥0M
¥267M
¥328M
¥329M
¥17M
Total Equity
¥8.4B
¥12.4B
¥13.4B
¥17.7B
¥17.6B
Capital Stock
¥1.2B
¥1.2B
¥1.2B
¥1.2B
¥1.2B
Capital Surplus
¥2.2B
¥2.2B
¥2.2B
¥2.4B
¥2.4B
Retained Earnings
¥6.3B
¥10.4B
¥11.9B
¥14.4B
¥14.1B
Treasury Stock
¥-2.6B
¥-2.6B
¥-2.6B
¥-703M
¥-293M
AOCI
¥1.2B
¥1.2B
¥684M
¥359M
¥192M
Equity (owners)
¥7.2B
¥11.3B
¥12.8B
¥17.3B
¥17.4B
Minority Interests
¥4M
¥7M
¥5M
¥9M
¥8M
Total Interest-Bearing Debt ⓘ
¥7.6B
¥7.1B
¥5.0B
¥3.9B
¥300M
Net Cash ⓘ
¥-614M
¥-83M
¥2.8B
¥7.3B
¥9.4B
NCAV ⓘ
¥2.6B
¥3.7B
¥6.2B
¥10.5B
¥11.7B
NCAV/Share
¥74
¥105
¥176
¥281
¥310
BV/Share
¥204
¥318
¥361
¥464
¥462
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥386M
¥920M
¥839M
¥1.9B
¥1.8B
Interest Paid
¥-93M
¥-41M
¥-18M
¥-8M
¥-3M
Interest Received
¥44M
¥14M
¥17M
¥4M
¥8M
D&A
¥960M
¥1.0B
¥882M
¥637M
¥493M
Goodwill Amort.
¥335M
¥342M
¥287M
¥400M
¥401M
Investing CF
¥-282M
¥-3.2B
¥-2.9B
¥-2.6B
¥-2.7B
CapEx
¥707M
¥749M
¥1.6B
¥815M
¥572M
Purchase Investments
¥-115M
¥-217M
¥-344M
¥-503M
¥-284M
Proceeds from Invest.
—
—
¥63M
—
—
Financing CF
¥13M
¥1.3B
¥-1.5B
¥2.0B
¥-660M
Dividends Paid
¥-566M
¥-849M
¥-560M
¥-529M
¥-493M
Share Buybacks
—
¥-0M
¥-1.9B
¥-411M
¥-125M
LT Debt Repaid
¥-21M
¥-393M
¥-391M
¥-49M
¥-29M
Free Cash Flow
¥-321M
¥171M
¥-769M
¥1.1B
¥1.3B
Net Change in Cash
¥-27M
¥-831M
¥-3.3B
¥1.5B
¥-1.4B
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
-33.4%
-5.4%
-12.6%
4.5%
13.5%
ROA
-13.7%
-2.6%
-7.6%
3.2%
10.1%
EPS
¥-98.41
¥-19.58
¥-54.57
¥21.18
¥59.16
DPS
¥16.00
¥16.00
¥16.00
¥15.00
¥14.00
BPS
¥238.08
¥351.75
¥379.97
¥473.76
¥467.17
FCF/Share
¥-9
¥5
¥-22
¥30
¥34
NCAV/Share
¥74
¥105
¥176
¥281
¥310
Payout Ratio
—
—
—
70.8%
23.7%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 12
Date Activist Stake Event Flag Demands Source
2026-02-10
Tamiyoshi Tachibana
5.24%
-1.86%
change
Passive
—
2026-02-04
Massachusetts Financial Services Company
3.42%
change
Passive
—
2025-10-23
Mitsutaka Motoshige
10.27%
correction
Passive
—
2025-09-25
Mitsutaka Motoshige
10.27%
+0.07%
change
Passive
—
2024-06-28
Orbis Investment Management Limited
10.64%
change
Passive
—
2024-04-12
Tamiyoshi Tachibana
7.1%
+1.04%
change
Passive
—
2024-02-09
Tamiyoshi Tachibana
6.06%
+1.04%
change
Passive
—
2023-12-19
Tamiyoshi Tachibana
5.02%
initial_5pct
Passive
—
2023-12-11
Dalton Investments LLC
4.43%
-1.01%
change
✓ Activist
—
2023-10-04
Mitsutaka Motoshige
10.2%
change
Passive
—
2023-07-20
Kozo Matsumoto
5.98%
change
Passive
—
2023-06-16
Dalton Investments LLC
5.44%
change
✓ Activist
—
Top 10 Shareholders
Ownership DNA
#
Shareholder
Shares (thou.)
% of Total
1
Japan Master Trust Bank
日本マスタートラスト信託銀行 株式会社(信託口)
4,136
11.70%
2
松本 公三
2,280
6.40%
3
橘 民義
2,000
5.70%
4
本重 光孝
1,966
5.60%
5
合同会社ミツタカ
1,950
5.50%
6
CEP LUX-ORBIS SICAV
CEP LUX-ORBIS SICAV (常任代理人 シティバンク、 エヌ・エイ)
1,627
4.60%
7
橘 鉄平
1,214
3.40%
8
津田 哲治
693
2.00%
9
Japan Custody Bank
株式会社日本カストディ銀行 (信託口)
634
1.80%
10
BNPパリバ証券株式会社
612
1.70%
Domestic Nominees
13.5%
-2.9% vs 2025
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
0.0%
-2.1% vs 2025
Sub-custodians for foreign asset managers
Direct / Strategic
34.9%
-0.7% vs 2025
Named entities with disclosed investment intent
Shareholder
Trend
2024
2025
2026
Japan Master Trust Bank
日本マスタートラスト信託銀行
16.20%
13.80%
11.70%
-2.10%
松本 公三
6.40%
6.40%
6.40%
橘 民義
6.20%
8.30%
5.70%
-2.60%
本重 光孝
7.50%
7.50%
5.60%
-1.90%
同会社ミツタカ
3.40%
3.40%
5.50%
+2.10%
CEP LUX-ORBIS SICAV
5.80%
4.60%
4.60%
橘 鉄平
3.40%
3.40%
3.40%
津田 哲治
2.00%
2.00%
2.00%
Japan Custody Bank
日本カストディ銀行
3.50%
2.60%
1.80%
-0.80%
BNPパリバ証券
NEW ENTRY
—
—
—
1.70%
NEW
JP Morgan
last seen 2025
Exited Top 10
4.30%
2.10%
—
Concentration (HHI)
ⓘ
490
416
315
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved