MWC on Nasdaq

Micware Co., Ltd.

Micware Co., Ltd. is a computer programming services company, listed on Nasdaq (MWC).1

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Last updated Oct 21, 2026.

Overview

$140.3MRevenue, fiscal 20262
$10.3MNet income, fiscal 20262

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  • TickerMWC on Nasdaq1
  • IndustryServices-Computer Programming Services1
  • HeadquartersM01
  • Incorporated inJapan3
  • Business addressKobe Asahi Building 25Th Floor, 59 Naniwamachi, Chuo-Ku, Kobe, 650-00353
  • Filer categoryNon-accelerated filer, Emerging growth company3

Micware was incorporated as a joint-stock corporation ( kabushiki kaisha ) with limited liability under Japanese law on March 3, 2003, in Hyogo, Japan. Micware completed its reorganization in March 2024 and since then has become a holding company, conducting substantially all of its businesses through subsidiaries. See “—Holding Company Reorganization.” As a holding company, our future operating revenue is dependent on our subsidiaries and the distribution of those earnings to us. See also “Item 3. Key Information—D. Risk Factors—Risks Related to Our Business and Industry—We are a holding company and depend upon our operating subsidiaries for our cash flows.” Below is the list of Micware’s subsidiaries:4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

36.8%Gross margin2
10.8%Operating margin2
7.3%Net margin2
20.0%Return on equity2
0.32×Debt to equity2
$11.6MFree cash flow2

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Cost of revenue63¢$88.7M
  • Research and development7¢$9.8M
  • Selling, general and admin19¢$26.6M
  • Interest0¢$300.0K
  • Income tax3¢$4.5M
  • Profit7¢$10.3M

Out of $140.3M in revenue.2

Where each dollar of operating cash went, fiscal 2026

  • Capital spending13¢$1.7M
  • Kept or used elsewhere87¢$11.6M

Out of $13.3M of cash from operations.2

Financial statements

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2026-02-282025-02-282024-02-29
Revenue - third parties7.3B JPY7.3B JPY7.5B JPY
Revenue - related parties14.6B JPY13.8B JPY10.0B JPY
Total Revenue21.9B JPY21.1B JPY17.5B JPY
Cost of revenue13.8B JPY13.7B JPY12.2B JPY
Gross profit8.0B JPY7.4B JPY5.3B JPY
Selling, general, and administrative expenses4.1B JPY4.2B JPY2.5B JPY
Research and development expenses1.5B JPY1.1B JPY960.9M JPY
Total operating expenses5.7B JPY5.2B JPY3.4B JPY
Operating profit2.4B JPY2.2B JPY1.9B JPY
Interest expenses, net-42.8M JPY-49.5M JPY-37.0M JPY
(Loss) gain from disposal of long-lived assets1.1M JPY-1.4M JPY-154.0K JPY
Gain (loss) from change in fair market value of equity securities-112.1M JPY-44.4M JPY71.2M JPY
Gain (loss) from foreign currency exchange12.7M JPY-34.5M JPY8.9M JPY
Impairment loss on long-term investment-91.0M JPY
Gain on bargain purchase106.8M JPY
Other income, net83.6M JPY6.0M JPY3.7M JPY
Total other income (expense), net-41.7M JPY-123.8M JPY46.7M JPY
INCOME BEFORE INCOME TAX PROVISION2.3B JPY2.0B JPY1.9B JPY
Current1.0B JPY953.8M JPY703.5M JPY
Deferred-327.5M JPY-271.6M JPY-164.0M JPY
Total provision for income taxes702.8M JPY682.2M JPY539.5M JPY
Net income1.6B JPY1.4B JPY1.4B JPY
Less: net income attributable to non-controlling interests-16.9M JPY-23.7M JPY-28.9M JPY
Net income attributable to the Company's ordinary shareholders1.6B JPY1.3B JPY1.4B JPY
Foreign currency translation adjustments60.7M JPY248.0K JPY44.1M JPY
Total comprehensive income1.7B JPY1.4B JPY1.4B JPY
Less: comprehensive income attributable to non-controlling interests-28.8M JPY-23.6M JPY-42.1M JPY
Comprehensive income attributable to the Company1.7B JPY1.3B JPY1.4B JPY
Basic56.1M shares52.2M shares53.0M shares
Diluted56.1M shares52.2M shares53.0M shares
Basic28.58 JPY25.49 JPY25.84 JPY
Diluted28.58 JPY25.49 JPY25.84 JPY

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Corporate structure

Micware Co., Ltd. sits at the top of its group. 1 entity on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Micware Co., Ltd.

  • O-WELL Corp Filed SCHEDULE 13G on Micware Co., Ltd., latest Aug 3, 2026
  • Honda Filed SCHEDULE 13G on Micware Co., Ltd., latest Jul 29, 2026
  • Hideaki Tokuhara Filed SCHEDULE 13G on Micware Co., Ltd., latest Jul 28, 2026
  • Kenji Narushima Filed SCHEDULE 13G on Micware Co., Ltd., latest Jul 28, 2026
  • Masahide Shigeno Filed SCHEDULE 13G on Micware Co., Ltd., latest Jul 28, 2026
  • Takuma Segawa Filed SCHEDULE 13G on Micware Co., Ltd., latest Jul 28, 2026
  • Toyota Filed SCHEDULE 13G on Micware Co., Ltd., latest May 18, 2026
  • Micware Co., Ltd. M0

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Micware Co., Ltd. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$22.3M2 Feb 28, 2026
Accumulated depreciation$10.5M2 Feb 28, 2026
Property and equipment, net$11.9M2 Feb 28, 2026
Finance-lease assets$968.0K2 Feb 28, 2026
Operating-lease assets (leased space)$24.6M2 Feb 28, 2026

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$52.9M2 Feb 28, 2026
Long-term investments$2.0M2 Feb 28, 2026

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$1.5M2 Feb 28, 2026
Finite-lived intangibles, gross$2.8M2 Feb 28, 2026
Accumulated amortization$1.5M2 Feb 28, 2026
Finite-lived intangibles, net$1.3M2 Feb 28, 2026

Inventory

ItemLatestA year beforeChange
Inventory, total$121.0K2 Feb 28, 2026

Leadership

Who has led Micware Co., Ltd., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (8)

Timeline

  1. May 13, 2026New chief executive Kenji Narushima becomes CEO5

Filings

44 filings to the SEC since October 2021: 1 annual reports, 10 insider forms, 7 large holders, 26 other. The latest 20:

  1. Sep 24, 20266-K EDGAR
  2. Sep 9, 20266-K EDGAR
  3. Sep 4, 20266-K EDGAR
  4. Aug 7, 20266-K EDGAR
  5. Aug 6, 20266-K EDGAR
  6. Aug 5, 20266-K EDGAR
  7. Aug 3, 2026SCHEDULE 13G EDGAR
  8. Jul 30, 20263/A EDGAR
  9. Jul 29, 2026SCHEDULE 13G EDGAR
  10. Jul 28, 2026SCHEDULE 13G EDGAR
  11. Jul 28, 2026SCHEDULE 13G EDGAR
  12. Jul 28, 2026SCHEDULE 13G EDGAR
  13. Jul 28, 2026SCHEDULE 13G EDGAR
  14. Jul 10, 20266-K EDGAR
  15. Jun 30, 20266-K EDGAR
  16. Jun 30, 202620-F EDGAR
  17. Jun 8, 20266-K EDGAR
  18. Jun 5, 20263 EDGAR
  19. May 27, 20266-K EDGAR
  20. May 19, 20266-K EDGAR

The 44 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Citadel Advisors LLC167,313$635.8K0.0%New
UBS Group AG49,782$189.2K0.0%New
Weiss Asset Management LP36,148$137.4K0.0%New
Millennium Management LLC26,865$102.1K0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Micware Co., Ltd. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMicware Co., Ltd.1
  • CIK0002083526
  • Filer statusNon-accelerated filer an emerging growth company; not a shell company4
  • Incorporated inJapan4
  • Fiscal year endsFebruary 281
  • Industry code (SIC)7371 Services-Computer Programming Services1
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance1
  • Business addressKobe Asahi Building 25Th Floor, 59 Naniwamachi, Chuo-Ku, Kobe, Hyogo 650-0035, Japan1
  • Phone(81)78-366-57801
  • Shares outstanding56,141,914 shares as of Mar 31, 20264
  • AuditorMarcum Asia CPAs LLP, New York PCAOB ID 5395; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceAug 29, 20251
  • Filings44 in all: 6-K (12), 3 (9), SCHEDULE 13G (7), F-1/A (3), DRS/A (2), FWP (2), 20-F (1), 3/A (1)1
    All 15 form types

    424B4 (1), 8-A12B (1), CERT (1), DRS (1), EFFECT (1), F-1 (1), F-1MEF (1)

  • Latest filingsAnnual report (20-F) Jun 30, 2026

Securities registered for trading

ClassSymbolExchange
American depositary shares,MWCNasdaq
Ordinary shares*

From the cover page of the 20-F filed Jun 30, 2026 (Section 12(b) of the Exchange Act).4