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Headwaters Co., Ltd. logo

Headwaters Co., Ltd.

4011.T

JPXTechnologySoftware - Application

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Latest quote

¥2,350

−¥68.00 · -2.81%

Aug 24, 3:30 PM JST

4011.T company overview

Regular session · JST · Market data may be delayed.

Company profile

Company website

Headwaters Co.,Ltd engages in planning and developing artificial intelligence (AI) applications in Japan. The company offers digital transformation, AI, and other solutions. It also offers AI integration services, including consulting and development of AI agents, AI-driven development, AI data platform development, and physical AI solutions; DX services, such as Azure cloud development, application development, DX consulting, and low-code development; and product services, including licensing for proprietary services, cloud usage fees, and sales agency for IoT devices. It serves equipment, semiconductors, machinery, finance, insurance, transportation, mobility, retail, logistics, consumer goods, food and drink, government, public, communication, entertainment, real estate, energy and chemical industries. The company was incorporated in 2005 and is headquartered in Tokyo, Japan.

Industry
Software - Application
Sector
Technology
Headquarters
JP
CEO
Yosuke Shinoda
Listed since
Oct 2, 2020
Employees
389

Market position

Day range

Current ¥2,350

52-week range

Current ¥2,350

Open
¥2,443
Previous close
¥2,418
Volume
73.6K
1.77× average
Average volume
41.6K
Average daily volume
Market cap
14.36B JPY
Beta
0.61
Market reference 1
50-day average
¥2,058
+14.19% above average
200-day average
¥2,498.2
-5.93% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
12B JPY
P/E (TTM)
-183.16×
P/B (TTM)
1.74×
P/S (TTM)
2.56×
EV / EBITDA
46.74×
Earnings yield
0.54%
Free cash flow yield
-0.57%
Dividend yield
0.00%

Profitability & efficiency

Gross margin
44.96%
Operating margin
9.36%
Net margin
-1.45%
Return on equity
4.33%
Return on assets
1.50%
Return on invested capital
4.16%

Financial health

Debt / equity
0.47×
Current ratio
0.63×
Altman Z-score
2.85
Piotroski F-score
1 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends49%32%14%-3%Gross margin, FY2021: 44.76%Gross margin, FY2022: 41.00%Gross margin, FY2023: 36.94%Gross margin, FY2024: 42.67%Gross margin, FY2025: 44.43%Operating margin, FY2021: 7.80%Operating margin, FY2022: 6.99%Operating margin, FY2023: 4.10%Operating margin, FY2024: 10.60%Operating margin, FY2025: 5.88%Net margin, FY2021: 2.31%Net margin, FY2022: 4.77%Net margin, FY2023: 3.05%Net margin, FY2024: 9.39%Net margin, FY2025: 1.48%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 44.76%. Gross margin FY2022 41.00%. Gross margin FY2023 36.94%. Gross margin FY2024 42.67%. Gross margin FY2025 44.43%. Operating margin FY2021 7.80%. Operating margin FY2022 6.99%. Operating margin FY2023 4.10%. Operating margin FY2024 10.60%. Operating margin FY2025 5.88%. Net margin FY2021 2.31%. Net margin FY2022 4.77%. Net margin FY2023 3.05%. Net margin FY2024 9.39%. Net margin FY2025 1.48%.

Income trends

Revenue

3.9B JPY+34.21%

Operating income

229.25M JPY-25.56%

Net income

57.66M JPY-78.86%
Income trends across reported periods4.29B JPY2.74B JPY1.19B JPY−360.26M JPYRevenue, FY2021: 1.17B JPYRevenue, FY2022: 1.57B JPYRevenue, FY2023: 2.32B JPYRevenue, FY2024: 2.91B JPYRevenue, FY2025: 3.9B JPYOperating income, FY2021: 91.41M JPYOperating income, FY2022: 110.02M JPYOperating income, FY2023: 94.86M JPYOperating income, FY2024: 307.95M JPYOperating income, FY2025: 229.25M JPYNet income, FY2021: 27.04M JPYNet income, FY2022: 75.14M JPYNet income, FY2023: 70.68M JPYNet income, FY2024: 272.79M JPYNet income, FY2025: 57.66M JPYFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 1.17B JPY. Revenue FY2022 1.57B JPY. Revenue FY2023 2.32B JPY. Revenue FY2024 2.91B JPY. Revenue FY2025 3.9B JPY. Operating income FY2021 91.41M JPY. Operating income FY2022 110.02M JPY. Operating income FY2023 94.86M JPY. Operating income FY2024 307.95M JPY. Operating income FY2025 229.25M JPY. Net income FY2021 27.04M JPY. Net income FY2022 75.14M JPY. Net income FY2023 70.68M JPY. Net income FY2024 272.79M JPY. Net income FY2025 57.66M JPY.
Metric (JPY)FY2025FY2024FY2023FY2022FY2021
Revenue3.9B JPY2.91B JPY2.32B JPY1.57B JPY1.17B JPY
Cost of goods sold2.17B JPY1.67B JPY1.46B JPY929.06M JPY647.03M JPY
Gross profit1.73B JPY1.24B JPY855.09M JPY645.54M JPY524.26M JPY
Research and development20.3M JPY3M JPY13.52M JPY14.73M JPY2.13M JPY
Selling, general, and administrative1.48B JPY932.12M JPY760M JPY520.78M JPY425.59M JPY
Operating expenses1.5B JPY932.12M JPY760.23M JPY535.52M JPY432.85M JPY
Interest income2.21M JPY102K JPY8K JPY7K JPY7K JPY
Interest expense10.33M JPY————
Depreciation and amortization27.47M JPY20.44M JPY15.17M JPY11.41M JPY7.71M JPY
Operating income229.25M JPY307.95M JPY94.86M JPY110.02M JPY91.41M JPY
Net income57.66M JPY272.79M JPY70.68M JPY75.14M JPY27.04M JPY

Company facts updated Aug 24, 2026.

Earnings

Latest EPS result
-44.9

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Estimates unavailable
Quarterly EPS actual values compared with estimates39.749.44-20.87-51.17Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Q4 2024, reported Nov 14, 2024: actual 23.66, estimate —, surprise —, Comparison unavailable. Q1 2025, reported Feb 14, 2025: actual 33.47, estimate —, surprise —, Comparison unavailable. Q2 2025, reported May 15, 2025: actual -5.43, estimate —, surprise —, Comparison unavailable. Q3 2025, reported Aug 14, 2025: actual -8.42, estimate —, surprise —, Comparison unavailable. Q4 2025, reported Nov 14, 2025: actual 25.82, estimate —, surprise —, Comparison unavailable. Q1 2026, reported Feb 13, 2026: actual 3.29, estimate —, surprise —, Comparison unavailable. Q2 2026, reported May 15, 2026: actual 3.24, estimate —, surprise —, Comparison unavailable. Q3 2026, reported Aug 14, 2026: actual -44.9, estimate —, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Estimates unavailable
Quarterly Revenue actual values compared with estimates2.2B1.68B1.15B631MQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Q4 2024, reported Nov 14, 2024: actual 755M JPY, estimate —, surprise —, Comparison unavailable. Q1 2025, reported Feb 14, 2025: actual 818M JPY, estimate —, surprise —, Comparison unavailable. Q2 2025, reported May 15, 2025: actual 739M JPY, estimate —, surprise —, Comparison unavailable. Q3 2025, reported Aug 14, 2025: actual 898M JPY, estimate —, surprise —, Comparison unavailable. Q4 2025, reported Nov 14, 2025: actual 1.07B JPY, estimate —, surprise —, Comparison unavailable. Q1 2026, reported Feb 13, 2026: actual 1.2B JPY, estimate —, surprise —, Comparison unavailable. Q2 2026, reported May 15, 2026: actual 1.26B JPY, estimate —, surprise —, Comparison unavailable. Q3 2026, reported Aug 14, 2026: actual 2.09B JPY, estimate —, surprise —, Comparison unavailable.

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