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Overview
Information & Communication

TRADE WORKS Co.,Ltd

TradWorks is a Japan-based financial IT solutions provider specializing in internet trading systems for securities companies and FX firms, with flagship products including 'Trade Agent' (a multi-asset, multi-channel internet trading system supporting equities, US stocks, futures, crypto assets, and more) and 'MTS' (an unfair trading surveillance system). The company also develops FX trading platforms, digital commerce solutions leveraging AI, Web3, NFT, and XR technologies, and provides cybersecurity diagnostics and software outsourcing services. Its core competitive strengths lie in deep domain expertise in capital markets technology, a track record since its 1999 founding, and an evolving SaaS/cloud-based delivery model for financial institutions.

Market Cap
¥13.3B
US$84.6M
EV
¥12.4B
US$78.9M
Stock¥326▼-12.37%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
22.1
x
LTM EV/EBIT
34.4
x
LTM PER
93.4
x
LTM PBR
5.3
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-11.2%pt
10012345
Oct 24, 25 – Oct 23, 26StockTOPIX
1Nov 10, 25Space Solver 5.39% shareholding disclosure
2Jan 20, 26New activist investor entry filing
3Feb 13, 26FY2025 earnings: revenue +10%, operating profit turned positive (¥259M)
4Aug 10, 26Q2 FY2026/12 earnings announced
5Oct 23, 26Unauthorized access to IwaiCosmo trading system caused fraudulent trades; FSA launched probe
MC → EV Bridge
13.3BUS$84.6MMarket Cap0.50BUS$3.16M+ Debt0.94BUS$6.01M− Cash0.45BUS$2.84M− Inv. Sec.0.01BUS$0.04M+ NCI12.4BUS$78.9MEV
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Performance & Balance
Revenue 5Y (¥B)
2.55US$16.3M'21/123.27US$20.9M'22/123.75US$23.9M'23/124.59US$29.3M'24/125.05US$32.2M'25/12
EBITDA 5Y (¥B)
0.37US$2.38M'21/120.41US$2.65M'22/120.13US$0.83M'23/120.07US$0.46M'24/120.39US$2.50M'25/12
Net Income 5Y (¥B)
0.19US$1.21M'21/120.20US$1.28M'22/12-0.05-US$0.34M'23/12-0.15-US$0.96M'24/120.06US$0.36M'25/12
Capital Structure
84%
EquityD/E 0.20xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
0.89US$5.70M'21/120.96US$6.13M0.01US$0.06M'22/120.84US$5.33M0.59US$3.74M'23/121.04US$6.62M0.85US$5.41M'24/121.43US$9.11M1.08US$6.89M'25/12
Shareholders
Top 10 hold 59.7%
as of 2026-06-30 · Source: Annual Securities Report
1
Katsuhiro ASAMI
27.42%
2
SBI Holdings,Inc.
4.92%
3
Tokai Tokyo Financial Holdings,Inc.
4.92%
4
MATSUI SECURITIES CO.,LTD.
4.56%
5
Space Solver Co., Ltd.
4.06%
6
Mitsubishi UFJ eSmart Securities Co., Ltd.
3.69%
7
MINKABU THE INFONOID,Inc.
3.20%
8
SCSK Corporation
3.15%
9
Japan Securities Finance Co.,Ltd.
1.89%
10
Iwai Cosmo Securities Co., Ltd.
1.87%
Management
9 officers
Katsuhiro ASAMI
Representative Director, Chairman
Apr 1980 Joined Business Consultant Co., Ltd. Feb 1985 Joined INES Corporation Jul 1987 Joined Nihon Stratus Computer Co., Ltd. (now Japan Stratus Technology Co., Ltd.) Aug 1993 Founded Virtualware Co., Ltd.; Representative Director, President Jan 1999 Founded the Company; Director Nov 2004 Representative Director, President of the Company Mar 2022 Director, Ajo Co., Ltd. (current) Jul 2023 Director, Pegasus System Co., Ltd. (current) Jul 2024 Representative Director, Chairman of the Company (current)
1957-08-02
Masakatsu SAITO
Representative Director, President
Apr 1989 Joined Nomura System Service Co., Ltd. Aug 1993 Joined Daiichi Securities Co., Ltd. Oct 1998 Joined Itochu Corporation Jun 1999 Joined Nihon Online Securities Co., Ltd. Sep 1999 Director, Nihon Online Securities Co., Ltd. Apr 2001 Joined kabu.com Securities Co., Ltd. (now Mitsubishi UFJ eSmart Securities Co., Ltd.) May 2002 Chief Operating Officer, kabu.com Securities Co., Ltd. Jun 2003 Representative Director, COO, kabu.com Securities Co., Ltd. Jun 2004 Representative Executive Officer, President, kabu.com Securities Co., Ltd. Jun 2005 Director, Representative Executive Officer, President, kabu.com Securities Co., Ltd. Jun 2018 Director, Japan New Economy Federation (current) Dec 2019 Representative Director, President, kabu.com Securities Co., Ltd. (now Mitsubishi UFJ eSmart Securities Co., Ltd.) May 2021 Senior Executive Officer, Minkabu The Infonoid, Inc. Jun 2021 Director, Executive Vice President, COO, Minkabu The Infonoid, Inc. Apr 2022 Director, Japan Digital Economy Alliance (current) Jun 2023 Director, Executive Vice President, Minkabu The Infonoid, Inc. Jul 2024 Representative Director, President of the Company (current)
1966-05-13
Naoya TOKUSHIMA
Director
Apr 1999 Joined Zensho Computer Service Co., Ltd. May 2002 Joined the Company Jan 2009 Director, General Manager, Systems Business Division, the Company Apr 2016 Director, General Manager, Sales Division, the Company Aug 2018 Director, General Manager, Financial Solutions Business Division, the Company Jan 2023 Director, General Manager, Systems Headquarters, the Company Jan 2025 Director, General Manager, Business Division, the Company Jan 2026 Director in charge of Business Division, the Company (current)
1978-06-05
Masaya KATO
Director
Oct 2006 Joined the Company Apr 2019 General Manager, Second Financial Solutions Department, the Company Mar 2020 Director, Deputy General Manager, Financial Solutions Business, the Company Jul 2022 Director, General Manager, Digital Commerce Business Division, the Company Jan 2025 Director, Deputy General Manager, Business Division, the Company Jan 2026 Director in charge of Business Division, the Company (current)
1978-12-13
Kimiharu MIZUKAMI
Director
Apr 1982 Joined Nippon Steel Corporation (now Nippon Steel Corporation) Mar 1989 Joined Tokyo Sowa Bank, Ltd. (now Tokyo Star Bank, Ltd.) Nov 1999 Joined PwC Consulting Co., Ltd. (now IBM Japan Consulting Business Unit) Apr 2001 Joined Nikko Securities Co., Ltd. (now SMBC Nikko Securities Inc.) Mar 2015 Director, Nikko Business Systems Co., Ltd. Mar 2018 Rejoined SMBC Nikko Securities Inc. Mar 2024 Director of the Company (current)
1958-06-22
Muneo MORITA
Director
Apr 1985 Joined Ministry of Finance Apr 1986 Assistant Director, International Monetary Fund Jan 2001 Secretary to Parliamentary Vice-Minister of Finance Jul 2007 Director, Securities Division, Financial Services Agency Jul 2017 Director-General, Secretariat of the Securities and Exchange Surveillance Commission, Financial Services Agency Jul 2019 Director-General, Comprehensive Policy Bureau, Financial Services Agency Jul 2020 Deputy Commissioner for International Affairs, Financial Services Agency Nov 2021 Executive Advisor, Norinchukin Research Institute Co., Ltd. Jun 2023 Outside Director, SMBC Nikko Securities Inc. (current) Jul 2024 Special Advisor of the Company Mar 2025 Director of the Company (current)
1962-05-25
Kenji MORITA
Full-time Audit & Supervisory Board Member
Apr 1982 Joined Nikko Securities Co., Ltd. (now SMBC Nikko Securities Inc.) Jul 2000 Joined J-Night Securities Co., Ltd. (joint venture with Nikko Securities) Jun 2003 Joined Nikko System Solutions Co., Ltd. Apr 2015 Full-time Audit & Supervisory Board Member, Nikko System Solutions Co., Ltd. Jul 2018 Business Management Division and Solutions Division, Nikko System Solutions Co., Ltd. Jul 2023 Joined Financial Brain Systems Co., Ltd. Mar 2025 Full-time Audit & Supervisory Board Member of the Company (current)
1958-04-09
Hideya MATSUSHIMA
Audit & Supervisory Board Member
Apr 1977 Joined Sanko Steamship Co., Ltd. Apr 1985 Joined Marubeni Hi-Tech Co., Ltd. (now Marubeni Information Systems Co., Ltd.) Apr 2001 General Manager, Examination and Legal Affairs Department, Marubeni Hi-Tech Co., Ltd. Mar 2021 Audit & Supervisory Board Member of the Company (current)
1953-10-12
Kozue SHIGA
Audit & Supervisory Board Member
Nov 1967 Joined Japan Air Lines Co., Ltd. Apr 1993 Appointed Public Prosecutor Apr 1998 Registered with Daiichi Tokyo Bar Association Aug 1999 Opened Shiga Law Office Jun 2005 Outside Director, kabu.com Securities Co., Ltd. (now Mitsubishi UFJ eSmart Securities Co., Ltd.) Sep 2009 Outside Director, Toyoko Inn Co., Ltd. Jun 2010 Outside Audit & Supervisory Board Member, Shinsei Bank, Ltd. Jun 2015 Outside Director, Ricoh Leasing Co., Ltd. Jun 2016 Outside Audit & Supervisory Board Member, Kawasaki Kisen Kaisha, Ltd. Jun 2020 Director, Kawasaki Kisen Kaisha, Ltd. Jul 2022 Attorney, Oka Sogo Law Office (current) Mar 2025 Audit & Supervisory Board Member of the Company (current)
1948-11-23
Large Shareholding Reports
Katsuhiro Asami
2026-09-01
28.79%→27.00%
Annual report (as of 2026-06-30): 27.42%
Katsuhiro ASAMI
2026-01-05
33.16%→28.54%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-06-30): 27.42%
Katsuhiro ASAMI
2025-12-26
33.16%→28.54%
Annual report (as of 2026-06-30): 27.42%
Katsuhiro ASAMI
2025-12-26
33.16%→28.79%
Annual report (as of 2026-06-30): 27.42%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-09-01
Large Shareholding Report
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EDINET
2026-08-14
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
View PDF →
TDnet
2026-08-07
Q2 Earnings Flash
FY ending Dec 2026
View PDF →
EDINETAmended
2026-06-01
Amended Annual Securities Report
Period: Jan 2025 – Dec 2025
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TDnet
2026-05-08
Q1 Earnings Flash
FY ending Dec 2026
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EDINET
2026-03-30
Annual Securities Report
Period: Jan 2025 – Dec 2025
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EDINET
2026-02-12
Securities Registration Statement
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EDINETAmended
2026-01-05
Change Report
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EDINETAmended
2025-12-26
Change Report
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EDINET
2025-12-26
Large Shareholding Report
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TDnet
2025-11-14
Q3 Earnings Flash
FY ending Dec 2025
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TDnet
2025-11-07
Q3 Earnings Flash
FY ending Dec 2025
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EDINET
2025-08-14
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
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TDnet
2025-05-15
Q1 Earnings Flash
FY ending Dec 2025
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TDnet
2025-05-12
Q1 Earnings Flash
FY ending Dec 2025
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EDINET
2025-03-31
Annual Securities Report
Period: Jan 2024 – Dec 2024
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EDINET
2025-02-14
Securities Registration Statement
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EDINET
2024-08-14
Semi-Annual Securities Report
Period: Jan 2024 – Dec 2024
View PDF →
EDINETAmended
2024-07-05
Amended Securities Registration Statement
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EDINETAmended
2024-06-20
Amended Securities Registration Statement
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EDINET
2024-06-19
Securities Registration Statement
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EDINET
2024-05-15
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
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EDINET
2024-03-29
Annual Securities Report
Period: Jan 2023 – Dec 2023
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EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
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EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
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EDINET
2023-05-12
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
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EDINET
2023-03-30
Annual Securities Report
Period: Jan 2022 – Dec 2022
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EDINET
2022-11-11
Quarterly Securities Report
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EDINET
2022-08-12
Quarterly Securities Report
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EDINET
2022-05-13
Quarterly Securities Report
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