4432
WingArc1st Inc.
ウイングアーク１ｓｔ株式会社
Information & Communication
WingArc1st Inc. develops and sells software and services in Japan. The company offers SVF comprehensive form platform that comprises Form Design, which defines the layout of forms and creates form files; Interface, which connects host systems and the output engine that acts as the main body of SVF; and Form Output, which is the engine that combines form definitions and analyzed data to output forms. It also provides SCF Cloud, a cloud form service; document management platforms, including invoiceAgent documents document management solution and invoiceAgent AI OCR form digitization solution; and Dr.Sum, a database engine to optimize integration and aggregation of data. In addition, the company offers MotionBoard, a BI Dashboard for business managers and users to accelerate business performance; and VyNDEX, an app for salesforce to increase CRM adoption. WingArc1st Inc. was founded in 1993 and is headquartered in Tokyo, Japan.
Price
¥2,531
Market Cap
¥88.0B
Ent. Value
¥80.4B
Net Cash
¥7.7B
Shares Out.
34.8M
P / E
13.5×
EV / EBIT
8.9×
P / Book
—
P / NCAV
N/M
Div. Yield
4.11%
Financials
| Metric |
FY 2025
EDINET ↗ |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Net Sales | ¥30.9B | ¥28.7B | ¥25.8B | ¥22.3B | ¥19.8B |
| Operating Income | ¥9.0B | ¥8.2B | ¥7.3B | ¥5.9B | ¥6.0B |
| Non-Operating Income | ¥193M | ¥135M | ¥124M | ¥73M | ¥54M |
| Non-Operating Expenses | ¥143M | ¥103M | ¥128M | ¥158M | ¥130M |
| Pre-tax Income | ¥9.1B | ¥8.3B | ¥7.3B | ¥5.9B | ¥5.9B |
| Net Income (owners) | ¥6.5B | ¥5.9B | ¥5.4B | ¥4.4B | ¥4.4B |
| Minority Interest | ¥-21M | ¥-23M | ¥-33M | ¥-37M | ¥1M |
| Comprehensive Income | ¥8.9B | ¥5.5B | ¥6.2B | ¥5.2B | ¥4.5B |
| EBITDA | ¥10.8B | ¥10.0B | ¥8.9B | ¥7.4B | ¥7.5B |
| EPS | ¥187.57 | ¥171.97 | ¥158.05 | ¥129.54 | ¥132.30 |
| Shares Outstanding | 34.8M | 34.7M | 34.6M | 34.3M | 34.1M |
| Shares Issued (total) | 35.0M | 34.9M | 34.8M | 34.6M | 34.4M |
| Treasury Shares | 0.2M | 0.2M | 0.2M | 0.2M | 0.2M |
| Metric |
FY 2025
EDINET ↗ |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥73.5B | ¥68.4B | ¥66.0B | ¥62.6B | ¥58.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥18.0B | ¥17.8B | ¥15.3B | ¥13.2B | ¥10.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥13.3B | ¥14.7B | ¥13.0B | ¥11.2B | ¥9.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥55.5B | ¥50.6B | ¥50.7B | ¥49.3B | ¥48.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥1.9B | ¥2.1B | ¥1.8B | ¥1.6B | ¥1.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | ¥30.2B | ¥27.7B | ¥27.3B | ¥27.3B | ¥27.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | ¥14.2B | ¥15.1B | ¥15.7B | ¥16.2B | ¥16.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥26.5B | ¥26.6B | ¥26.9B | ¥28.0B | ¥28.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥15.3B | ¥14.8B | ¥13.3B | ¥12.8B | ¥11.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥11.2B | ¥11.8B | ¥13.5B | ¥15.2B | ¥16.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥5.7B | ¥7.1B | ¥8.5B | ¥10.2B | ¥12.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | ¥5.1B | ¥4.2B | ¥4.7B | ¥4.7B | ¥4.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥47.0B | ¥41.8B | ¥39.1B | ¥34.6B | ¥30.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥12.5B | ¥12.4B | ¥12.3B | ¥12.2B | ¥12.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥29.2B | ¥26.6B | ¥23.7B | ¥20.2B | ¥17.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-429M | ¥-506M | ¥-564M | ¥-623M | ¥-650M | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥4.5B | ¥2.1B | ¥2.5B | ¥1.7B | ¥778M | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥47.0B | ¥41.8B | ¥39.1B | ¥34.5B | ¥30.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | ¥32M | ¥54M | ¥22M | ¥57M | ¥76M | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥5.7B | ¥7.1B | ¥8.5B | ¥10.2B | ¥12.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥7.7B | ¥7.6B | ¥4.5B | ¥961M | ¥-3.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥-8.4B | ¥-8.8B | ¥-11.6B | ¥-14.7B | ¥-17.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥-243 | ¥-253 | ¥-335 | ¥-429 | ¥-508 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥1,351 | ¥1,204 | ¥1,130 | ¥1,005 | ¥895 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2025
EDINET ↗ |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Operating CF | ¥7.2B | ¥8.2B | ¥7.8B | ¥6.9B | ¥6.4B |
| D&A | ¥1.8B | ¥1.8B | ¥1.6B | ¥1.5B | ¥1.5B |
| Investing CF | ¥-2.9B | ¥-1.7B | ¥-1.6B | ¥-1.0B | ¥-533M |
| CapEx | ¥182M | ¥391M | ¥489M | ¥93M | ¥104M |
| Purchase Investments | ¥-40M | — | ¥-527M | ¥-415M | ¥-121M |
| Financing CF | ¥-5.8B | ¥-4.8B | ¥-4.5B | ¥-3.7B | ¥-2.1B |
| Free Cash Flow | ¥7.0B | ¥7.8B | ¥7.4B | ¥6.8B | ¥6.3B |
| Net Change in Cash | ¥-1.4B | ¥1.7B | ¥1.8B | ¥2.2B | ¥3.8B |
| Metric |
FY 2025
EDINET ↗ |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| ROE | 14.6% | 14.7% | 14.7% | 13.5% | 14.2% |
| ROA | 9.2% | 8.8% | 8.4% | 7.2% | 7.4% |
| EPS | ¥187.57 | ¥171.97 | ¥158.05 | ¥129.54 | ¥132.30 |
| DPS | ¥104.00 | ¥104.00 | ¥78.70 | ¥43.10 | ¥42.60 |
| FCF/Share | ¥202 | ¥225 | ¥213 | ¥197 | ¥186 |
| NCAV/Share | ¥-243 | ¥-253 | ¥-335 | ¥-429 | ¥-508 |
| Payout Ratio | 55.4% | 60.5% | 49.8% | 33.3% | 32.2% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 15
| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 | IW.DXパートナーズ株式会社 | 7,643,470 | 21.98% |
| 2 | 東芝デジタルソリューションズ株式会社 | 4,604,700 | 13.24% |
| 3 |
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）
|
2,448,400 | 7.04% |
| 4 |
Japan Custody Bank
株式会社日本カストディ銀行（信託口）
|
2,069,100 | 5.95% |
| 5 | モノリス有限責任事業組合 | 1,400,000 | 4.03% |
| 6 |
State Street Bank and Trust Company
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)
|
1,091,685 | 3.14% |
| 7 |
Northern Trust Company
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)
|
956,700 | 2.75% |
| 8 | BBH FOR FIDELITY LOW-PRICED STOCK FUND (常任代理人 株式会社三菱ＵＦＪ銀行) | 619,537 | 1.78% |
| 9 | MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | 617,300 | 1.77% |
| 10 | 鈴与株式会社 | 537,300 | 1.54% |
as of 2026-02-28
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
13.0%
+0.1% vs 2025
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
5.9%
+1.4% vs 2025
Sub-custodians for foreign asset managers
Direct / Strategic
44.3%
+0.3% vs 2025
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 63.2% · grey = other shareholders · 2026
| Shareholder | Trend | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| IW.DXパートナーズ | 22.26% | 22.09% | 22.02% | 21.98% -0.04% | |
| 東芝デジタルソリューションズ | 13.41% | 13.31% | 13.27% | 13.24% -0.03% | |
| Japan Master Trust Bank 日本マスタートラスト信託銀行 | 9.74% | 9.21% | 7.82% | 7.04% -0.78% | |
| Japan Custody Bank 日本カストディ銀行 | 5.36% | 6.46% | 5.06% | 5.95% +0.89% | |
| モノリス有限責任事業組合 | 4.08% | 4.05% | 4.03% | 4.03% | |
| State Street NEW ENTRY | — | — | — | — | 3.14% NEW |
| Northern Trust | 3.22% | 3.57% | 2.98% | 2.75% -0.23% | |
| Fidelity NEW ENTRY | — | — | — | — | 1.78% NEW |
| MSIP CLIENT SECURITIES NEW ENTRY | — | — | — | — | 1.77% NEW |
| 鈴与 | 1.56% | 1.55% | 1.55% | 1.54% -0.01% | |
| THE NOMURA TRUST AND BANKING CO.,LTD. AS THE TRUSTEE OF REPURCHASE AG FUND 2024-09 (LIMITED OT FINANC IN RESALE RSTRCT) last seen 2025 | Exited Top 10 | — | — | 1.74% | — |
| JP Morgan last seen 2025 | Exited Top 10 | — | — | 1.49% | — |
| GOLDMAN,SACHS & CO.REG last seen 2025 | Exited Top 10 | — | — | 1.44% | — |
| ＪＰモルガン証券 last seen 2024 | Exited Top 10 | — | 1.48% | — | — |
| 式会社PKSHA Technology last seen 2023 | Exited Top 10 | 3.42% | — | — | — |
| GOVERNMENT OF NORWAY last seen 2024 | Exited Top 10 | 1.59% | 1.85% | — | — |
| Concentration (HHI) ⓘ | 843 | 829 | 783 | 786 |
4 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥3,870M
+36% since 2023
Holdings
2
+1 new
Trend
1 building
vs 2023
| Held Company | FY2025 ¥3,870M total | FY2023 ¥2,852M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
Business Engineering Corporation
ビジネスエンジニアリング（株）
|
3,571 |
+100.0%
↑
960,000
|
2,852 | 480,000 | |
|
Smart Value Co., Ltd.
（株）スマートバリュー
|
299 |
NEW
New
830,000
|
— | ||
| Portfolio total | 3,870 | 2,852 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding