OpenWork Inc.
5139・Growth Market・Information & Communication
Business
OpenWork Corporation was founded in 2007 and operates a working data platform centered on employee review data under the "OpenWork" brand. As of the end of December 2025, it holds review data covering approximately 81,000 companies and about 20.6 million reviews, with approximately 7.75 million registered users. The company operates a platform business that leverages its accumulated data in multiple ways, spanning support for individuals' job changes and job hunting, recruitment support for companies (OpenWork Recruiting), alternative data provision for institutional investors (FIS), and support for human capital management (DAP). Its main customers are individual users considering job changes or job hunting, companies and recruitment agencies conducting hiring activities, and institutional investors both in Japan and overseas. The company listed on the Tokyo Stock Exchange Growth Market in December 2022.
Business Model
Revenue mainly consists of three pillars: ① OpenWork (paid membership fees plus referral fees from partner companies), ② OpenWork Recruiting (success fees and basic usage fees from hiring companies and recruiting agents), and ③ Alternative Data Service (data provision fees from FIS and DAP). In the fiscal year ended December 2025, the revenue breakdown was OpenWork ¥1,244 million (26.7%), OpenWork Recruiting ¥3,248 million (69.8%), and Alternative Data Service ¥162 million (3.5%). It is a network-effect-based model in which data accumulates as users post reviews, and that data in turn provides value to job seekers, companies, and investors respectively.
Company Strengths
As of the end of December 2025, the company held approximately 20.6 million employee reviews covering about 81,000 companies, covering over 90% of companies listed on the TSE Prime, Standard, and Growth markets. Through 18 years of continuous accumulation since its founding in 2007, it has built a data asset in terms of quality and quantity that is difficult for competitors to replicate in a short period of time. To maintain the reliability of reviews, all submissions undergo AI-based automated screening as well as visual review by dedicated staff.
OpenWork Recruiting's operating revenue for FY2025 (ending December 2025) was ¥3,248 million (up 34.2% year on year). Key KPIs continued to expand in scale as a platform: cumulative registered web resumes reached approximately 1.65 million (up 23.4% year on year), the number of contracted companies reached approximately 4,400, and job listings reached approximately 99,000.
The operating margin for FY2025 (ending December 2025) was 25.8% (operating profit of ¥1,199 million). With zero interest-bearing debt, net assets stood at ¥6,868 million out of total assets of ¥8,407 million (equivalent to an equity ratio of 81.7%), reflecting an extremely sound financial base. Operating cash flow generated ¥1,425 million, maintaining an earnings structure that enables growth investment to be funded internally.
ENVALITH's Perspective
Performance Trend
Revenue expanded from ¥2,037 million in FY2022 to ¥4,654 million in FY2025, a 2.3x increase over four fiscal years. In Q1 FY2026, operating revenue reached ¥1,376 million (+31.5% YoY), operating profit ¥504 million (+55.4% YoY), and quarterly net income ¥352 million (+57.8% YoY), with revenue and profit growth accelerating. Operating expenses rose only 20.7% YoY, and since revenue growth outpaced the increase in expenses, profit margins improved. On the external environment front, the recruitment market has remained stable, but vigilance is rising regarding downside economic risks stemming from the situation in the Middle East and US trade policy. From Q2 onward, the scale and structure of results are expected to change due to the consolidation of BNG Partners.
Growth Strategy
Three-pronged expansion strategy centered on expanding the review database, accelerating OpenWork Recruiting growth, and realizing BNG integration synergies
Expanding cumulative registered web resumes (approximately 1.75 million) and driving growth in placement success fee revenue through increased recruiting activity and job postings among existing clients. Continuing to acquire users and web resumes through advertising investment, while increased agent activity also contributes to revenue. Q1 FY2026 (ending March 2026) maintained high growth of 43.5% year-on-year.
BNG Partners, which has strengths in startup and CxO recruitment (talent pool of approximately 50,000), became a wholly owned subsidiary effective April 1, 2026. The company aims to realize cross-referral and customer base synergies by leveraging the overlap between OpenWork's high-tier user base and BNG's talent pool, while enhancing the added value of the recruitment placement business.
The policy is to broadly maintain OpenWork's operating revenue while balancing referrals to OpenWork Recruiting. Q1 FY2026 (ending March 2026) revenue was ¥335 million, up 8.3% year-on-year. Going forward, revenue is expected to remain around the Q1 level, functioning as a stable revenue base.
Developing sales of alternative data (FIS/DAP) to institutional investors using employee review data, aiming to reduce dependence on the recruitment market while cultivating a new revenue pillar. Diversifying revenue sources through the multifaceted utilization of working data remains a medium- to long-term challenge.
Last updated: July 17, 2026