NASDAQ : MWC
Micware Co., Ltd. — Financial statements
Technology · Information Technology Services · Japan
Last price 1.53 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 90.91M
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Financial statements
Micware Co., Ltd. (MWC) reported revenue of 21.90B JPY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year March - February; amounts in JPY.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 21.90B | 21.90B | 21.12B | 17.52B | 13.86B | 10.41B |
| Cost of Revenue | 13.85B | 13.85B | 13.73B | 12.19B | 9.56B | 7.71B |
| Gross Profit | 8.05B | 8.05B | 7.39B | 5.32B | 4.30B | 2.70B |
| Selling, General & Admin | 3.97B | 3.97B | 4.01B | 2.33B | ||
| Research & Development | 1.54B | 1.54B | 1.06B | 960.94M | ||
| Other Operating Expenses | 182.11M | 182.11M | 156.92M | 137.54M | 3.25B | 2.05B |
| Operating Expenses | 5.69B | 5.69B | 5.23B | 3.43B | 3.29B | 2.09B |
| Operating Income | 2.36B | 2.36B | 2.16B | 1.89B | 1.00B | 608.16M |
| Interest Expense | -50.69M | -50.69M | -53.32M | -37.30M | -19.50M | -15.32M |
| Interest & Investment Income | 7.91M | 7.91M | 3.82M | 322.00K | ||
| Currency Exchange Gain (Loss) | 12.73M | 12.73M | -34.52M | 8.90M | ||
| Other Non Operating Income (Expenses) | 83.56M | 83.56M | 5.98M | 3.73M | -207.56M | 18.55M |
| EBT Excluding Unusual Items | 2.42B | 2.42B | 2.08B | 1.87B | 773.93M | 611.39M |
| Gain (Loss) on Sale of Investments | -203.12M | -203.12M | -44.35M | 71.17M | ||
| Gain (Loss) on Sale of Assets | 1.09M | 1.09M | -1.37M | -154.00K | ||
| Other Unusual Items | 106.81M | 106.81M | ||||
| Pretax Income | 2.32B | 2.32B | 2.04B | 1.94B | 773.93M | 611.39M |
| Income Tax Expense | 702.80M | 702.80M | 682.22M | 539.53M | 402.49M | 238.54M |
| Earnings From Continuing Operations | 1.62B | 1.62B | 1.35B | 1.40B | 371.44M | 372.84M |
| Net Income to Company | 1.62B | 1.35B | 1.40B | |||
| Minority Interest in Earnings | -16.89M | -16.89M | -23.71M | -28.90M | ||
| Net Income | 1.60B | 1.60B | 1.33B | 1.37B | 371.44M | 372.84M |
| Net Income to Common | 1.60B | 1.60B | 1.33B | 1.37B | 371.44M | 372.84M |
| Shares Outstanding (Basic) | 56.07M | 56.07M | 52.19M | 53.04M | ||
| Shares Outstanding (Diluted) | 56.07M | 56.07M | 52.19M | 53.04M | ||
| EPS (Basic) | 28.58 | 28.58 | 25.49 | 25.84 | ||
| EPS (Diluted) | 28.58 | 28.58 | 25.49 | 25.84 | ||
| Free Cash Flow | 1.81B | 1.81B | 1.63B | 222.31M | ||
| Free Cash Flow Per Share | 32.20 | 32.20 | 31.31 | 4.19 | ||
| Gross Margin | 36.77% | 36.77% | 34.99% | 30.39% | 30.99% | 25.92% |
| Operating Margin | 10.80% | 10.80% | 10.23% | 10.80% | 7.22% | 5.84% |
| Profit Margin | 7.32% | 7.32% | 6.30% | 7.83% | 2.68% | 3.58% |
| Free Cash Flow Margin | 8.25% | 8.25% | 7.74% | 1.27% | ||
| EBITDA | 2.79B | 2.79B | 2.60B | 2.32B | 1.04B | 645.18M |
| EBITDA Margin | 12.76% | 12.76% | 12.32% | 13.22% | 7.53% | 6.20% |
| D&A For EBITDA | 429.10M | 429.10M | 441.93M | 423.60M | ||
| EBIT | 2.36B | 2.36B | 2.16B | 1.89B | 1.00B | 608.16M |
| EBIT Margin | 10.80% | 10.80% | 10.23% | 10.80% | 7.22% | 5.84% |
| Effective Tax Rate | 30.26% | 30.26% | 33.50% | 27.82% | ||
| Revenue as Reported | 21.90B | 21.90B | 21.12B | 17.52B | ||
| Advertising Expenses | 163.74M | 163.74M | 91.88M | 48.36M |
Balance sheet
Fiscal year March - February; amounts in JPY.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 8.26B | 8.26B | 7.67B | 4.19B | 3.08B | 828.55M |
| Cash & Short-Term Investments | 8.26B | 8.26B | 7.67B | 4.19B | 3.08B | 828.55M |
| Accounts Receivable | 5.20B | 5.20B | 4.55B | 5.48B | 4.35B | 3.20B |
| Other Receivables | 18.00M | 18.00M | 362.19M | 15.84M | ||
| Receivables | 5.21B | 5.21B | 4.91B | 5.50B | 4.35B | 3.20B |
| Inventory | 18.90M | 18.90M | 48.63M | 4.93M | 155.01M | 256.48M |
| Prepaid Expenses | 1.03B | 1.03B | 1.43B | 686.05M | ||
| Other Current Assets | 337.18M | 251.87M | ||||
| Total Current Assets | 14.52B | 14.52B | 14.06B | 10.38B | 7.92B | 4.53B |
| Property, Plant & Equipment | 5.68B | 5.68B | 5.79B | 3.20B | 1.25B | 1.23B |
| Long-Term Investments | 317.00M | 317.00M | 219.65M | 263.50M | ||
| Goodwill | 239.23M | 239.23M | 197.65M | 197.65M | ||
| Other Intangible Assets | 206.92M | 206.92M | 87.77M | 105.49M | 2.13M | 61.05M |
| Long-Term Deferred Tax Assets | 1.03B | 1.03B | 687.37M | 415.74M | ||
| Long-Term Deferred Charges | 231.99M | 231.99M | 86.17M | |||
| Other Long-Term Assets | 2.21B | 2.21B | 1.85B | 1.15B | 1.36B | 1.49B |
| Total Assets | 24.44B | 24.44B | 22.97B | 15.71B | 10.53B | 7.32B |
| Accounts Payable | 1.22B | 1.22B | 1.36B | 1.50B | 1.35B | 1.10B |
| Accrued Expenses | 1.52B | 1.52B | 1.59B | 675.69M | ||
| Short-Term Debt | 800.00M | 800.00M | 220.00M | 1.89B | 886.37M | |
| Current Portion of Long-Term Debt | 2.02B | 2.02B | 1.80B | 1.38B | ||
| Current Portion of Leases | 1.27B | 1.27B | 931.26M | 706.40M | ||
| Current Income Taxes Payable | 530.42M | 530.42M | 922.10M | 451.53M | ||
| Current Unearned Revenue | 1.41B | 1.41B | 708.03M | 666.40M | ||
| Other Current Liabilities | 873.00K | 873.00K | 1.55M | 1.40B | 725.74M | |
| Total Current Liabilities | 8.76B | 8.76B | 7.32B | 5.60B | 4.64B | 2.71B |
| Long-Term Debt | 2.57B | 2.57B | 4.27B | 3.23B | 1.88B | 1.07B |
| Long-Term Leases | 2.98B | 2.98B | 3.27B | 1.10B | ||
| Long-Term Unearned Revenue | 877.43M | 877.43M | 723.19M | 594.77M | ||
| Long-Term Deferred Tax Liabilities | 61.51M | 61.51M | ||||
| Other Long-Term Liabilities | 973.45M | 973.45M | 673.33M | 594.80M | 1.00K | |
| Total Liabilities | 16.22B | 16.22B | 16.26B | 11.12B | 6.52B | 3.78B |
| Common Stock | 480.00M | 480.00M | 480.00M | 480.00M | 4.01B | 3.53B |
| Additional Paid-In Capital | 997.80M | 997.80M | 926.30M | 840.41M | ||
| Retained Earnings | 6.82B | 6.82B | 5.54B | 4.21B | ||
| Treasury Stock | -410.68M | -410.68M | -489.12M | -1.18B | ||
| Comprehensive Income & Other | 118.47M | 118.47M | 69.72M | 69.34M | ||
| Total Common Equity | 8.01B | 8.01B | 6.53B | 4.42B | 4.01B | 3.53B |
| Minority Interest | 212.87M | 212.87M | 184.04M | 160.47M | ||
| Shareholders' Equity | 8.22B | 8.22B | 6.71B | 4.58B | 4.01B | 3.53B |
| Total Liabilities & Equity | 24.44B | 24.44B | 22.97B | 15.71B | 10.53B | 7.32B |
| Total Debt | 9.63B | 9.63B | 10.28B | 6.64B | 3.76B | 1.96B |
| Net Cash (Debt) | -1.37B | -1.37B | -2.61B | -2.45B | -687.91M | -1.13B |
| Net Cash Per Share | -24.46 | -24.46 | -50.03 | -46.16 | ||
| Filing Date Shares Outstanding | 59.42M | 59.42M | 56.14M | 53.04M | ||
| Total Common Shares Outstanding | 56.14M | 56.14M | 51.98M | 53.04M | ||
| Working Capital | 5.75B | 5.75B | 6.74B | 4.78B | ||
| Book Value Per Share | 142.65 | 142.65 | 125.58 | 83.39 | ||
| Tangible Book Value | 7.56B | 7.56B | 6.24B | 4.12B | ||
| Tangible Book Value Per Share | 134.70 | 134.70 | 120.08 | 77.68 | ||
| Land | 295.50M | 295.50M | 295.50M | 295.50M | ||
| Buildings | 620.45M | 620.45M | 616.60M | 616.60M | ||
| Machinery | 1.22B | 1.22B | 1.05B | 740.83M | ||
| Leasehold Improvements | 1.35B | 1.35B | 1.37B | 958.89M |
Cash flow statement
Fiscal year March - February; amounts in JPY.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 1.60B | 1.60B | 1.33B | 1.37B | ||
| Depreciation & Amortization | 1.59B | 1.59B | 1.37B | 1.08B | ||
| Loss (Gain) From Sale of Assets | -1.09M | -1.09M | 1.37M | 154.00K | ||
| Loss (Gain) From Sale of Investments | 203.12M | 203.12M | 44.35M | -71.17M | ||
| Other Operating Activities | -386.69M | -386.69M | -247.91M | -135.07M | ||
| Change in Accounts Receivable | -461.50M | -461.50M | 932.07M | -730.58M | ||
| Change in Inventory | -961.00K | -961.00K | -43.70M | -2.29M | ||
| Change in Accounts Payable | -245.35M | -245.35M | 147.96M | 147.30M | ||
| Change in Unearned Revenue | 856.46M | 856.46M | 170.05M | 208.78M | ||
| Change in Income Taxes | -51.79M | -51.79M | 130.00M | 36.02M | ||
| Change in Other Net Operating Assets | -1.03B | -1.03B | -1.61B | -1.50B | ||
| Operating Cash Flow | 2.07B | 2.07B | 2.23B | 403.05M | ||
| Capital Expenditures | -268.73M | -268.73M | -594.99M | -180.74M | ||
| Sale of Property, Plant & Equipment | 2.31M | 2.31M | 1.11M | 254.00K | ||
| Cash Acquisitions | -205.00M | -205.00M | ||||
| Sale (Purchase) of Intangibles | -22.71M | -22.71M | -38.71M | -14.71M | ||
| Investment in Securities | -300.47M | -300.47M | -500.00K | -23.81M | ||
| Investing Cash Flow | -794.60M | -794.60M | -633.09M | -219.00M | ||
| Long-Term Debt Issued | 1.20B | 1.20B | 3.26B | 5.30B | ||
| Long-Term Debt Repaid | -1.95B | -1.95B | -2.06B | -4.33B | ||
| Net Debt Issued (Repaid) | -754.03M | -754.03M | 1.20B | 974.05M | ||
| Issuance of Common Stock | 149.94M | 149.94M | 776.00M | 1.68B | ||
| Repurchase of Common Stock | -2.62B | |||||
| Other Financing Activities | -142.37M | -142.37M | -86.17M | |||
| Financing Cash Flow | -746.46M | -746.46M | 1.89B | 38.96M | ||
| Foreign Exchange Rate Adjustments | 55.80M | 55.80M | -644.00K | 38.74M | ||
| Net Cash Flow | 589.20M | 589.20M | 3.48B | 261.75M | ||
| Free Cash Flow | 1.81B | 1.81B | 1.63B | 222.31M | ||
| Free Cash Flow Margin | 8.25% | 8.25% | 7.74% | 1.27% | ||
| Free Cash Flow Per Share | 32.20 | 32.20 | 31.31 | 4.19 | ||
| Levered Free Cash Flow | 2.96B | 2.96B | 3.14B | |||
| Unlevered Free Cash Flow | 2.99B | 2.99B | 3.17B | |||
| Cash Interest Paid | 71.70M | 71.70M | 53.50M | 36.73M | ||
| Cash Income Tax Paid | 1.08B | 1.08B | 816.76M | 677.12M | ||
| Change in Working Capital | -928.89M | -928.89M | -270.82M | -1.84B |
Ratios
Fiscal year March - February; amounts in JPY.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 89.13M | |||||
| Enterprise Value | 97.92M | |||||
| Debt / Equity Ratio | 1.17 | 1.17 | 1.53 | 1.45 | 0.94 | 0.56 |
| Debt / EBITDA Ratio | 2.41 | 2.41 | 2.88 | 2.22 | 3.61 | 3.04 |
| Debt / FCF Ratio | 5.33 | 5.33 | 6.29 | 29.86 | ||
| Net Debt / Equity Ratio | 0.17 | 0.17 | 0.39 | 0.53 | 0.17 | 0.32 |
| Net Debt / EBITDA Ratio | 0.49 | 0.49 | 1.00 | 1.06 | 0.66 | 1.75 |
| Net Debt / FCF Ratio | 0.76 | 0.76 | 1.60 | 11.01 | ||
| Asset Turnover | 0.92 | 0.92 | 1.09 | 1.55 | 1.50 | |
| Inventory Turnover | 410.06 | 410.06 | 512.68 | 46.48 | 37.15 | |
| Quick Ratio | 1.54 | 1.54 | 1.72 | 1.73 | 1.60 | 1.49 |
| Current Ratio | 1.66 | 1.66 | 1.92 | 1.85 | 1.71 | 1.67 |
| Return on Equity (ROE) | 21.69% | 21.69% | 23.98% | 9.85% | 10.85% | |
| Return on Assets (ROA) | 6.23% | 6.23% | 6.98% | 7.01% | 5.48% | |
| Return on Invested Capital (ROIC) | 17.18% | 17.43% | 17.57% | 23.29% | 21.38% | 13.52% |
| Return on Capital Employed (ROCE) | 15.10% | 15.10% | 13.80% | 18.70% | 17.00% | 13.20% |
| Buyback Yield / Dilution | -7.43% | -7.43% | 1.60% |