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CrowdWorks, Inc. (3900) AI Stock Analysis

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JP:3900

CrowdWorks, Inc.

(TSE/TYO:3900)

Select Model
Rating:52Neutral
Price Target:JPY 649.00â–²(10.37% Upside)
Action:reiterated
Date:10/09/26

The overall score is constrained by weak financial performance and a negative P/E ratio, reflecting profitability challenges and increased leverage. However, strong technical momentum and above-average revenue growth provide some support, resulting in a neutral-to-cautious outlook.

Positive Factors
Multi-year revenue growthThe company has sustained revenue expansion across several years, indicating continued demand for its crowdsourcing marketplace and services. Although growth moderated in 2025, the established upward trajectory supports ongoing platform relevance and provides a foundation for rebuilding profitability.
Negative Factors
Return to net lossThe return to losses is a material deterioration in earnings quality and weakens the company’s ability to fund growth from profits. Compressed operating margins suggest that costs and/or pricing pressure are absorbing more marketplace revenue, making a durable recovery dependent on better operating discipline.

CrowdWorks, Inc. (3900) vs. iShares MSCI Japan ETF (EWJ)

-40%-30%-20%-10%0%10%20%30%JP:3900-26.41%EWJ+13.61%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
JPY 9.43B
Dividend Yield
―
Average Volume (3M)
147.74K
Price to Earnings (P/E)
-12.6
Beta (1Y)
0.91
Revenue Growth
1.74%
EPS Growth
-199.70%
Country
Japan
Employees
760
Sector
Industrials
Sector Strength
63
Industry
Staffing & Employment Services

CrowdWorks, Inc. Business Overview & Revenue Model

Company Description

CrowdWorks Inc., based in Japan, specializes in providing a range of crowdsourcing solutions. The company operates two main platforms: CrowdWorks, an online hub that facilitates project assignments by linking businesses with individual workers via th...

How the Company Makes Money

CrowdWorks primarily makes money by operating its crowdsourcing marketplace and charging fees related to transactions and usage of its platform. The core revenue stream is typically platform/service fees earned when clients and freelancers enter into...

CrowdWorks, Inc. Financial Statement Overview

Summary

Strong 32% revenue growth and robust operating cash flow are offset by a net loss, declining margins, and a sharp rise in debt. The zero free cash flow and negative ROE highlight near-term financial risks.

Income Statement

48Neutral

Balance Sheet

45Neutral

Cash Flow

46Neutral
Financial statement breakdown
BreakdownTTMSep 2025Sep 2024Sep 2023Sep 2022Sep 2021
Income Statement
Total Revenue22.06B22.66B17.11B13.21B10.57B7.77B
Gross Profit9.17B9.57B7.85B6.03B4.77B3.45B
EBITDA1.31B2.37B1.60B1.27B975.64M608.96M
Net Income-735.93M-257.07M910.76M1.10B802.87M622.42M
Balance Sheet
Total Assets14.45B15.69B13.54B10.02B7.66B6.20B
Cash, Cash Equivalents and Short-Term Investments6.90B8.09B5.96B5.77B5.15B4.25B
Total Debt3.48B3.91B2.03B696.90M123.28M100.00M
Total Liabilities7.62B8.94B6.23B3.99B3.00B2.41B
Stockholders Equity6.64B6.59B7.20B6.02B4.67B3.79B
Cash Flow
Free Cash Flow001.68B1.35B1.15B837.60M
Operating Cash Flow1.74B1.74B1.68B1.35B1.15B851.87M
Investing Cash Flow-1.06B-1.06B-2.44B-1.17B-262.36M-95.37M
Financing Cash Flow1.49B1.49B960.63M436.34M8.34M5.09M

CrowdWorks, Inc. Technical Analysis

Technical Analysis SentimentNegative
Last Price588.00

Price Trends

50DMA670.26Negative
100DMA658.07Negative
200DMA662.12Negative

Market Momentum

MACD-31.12Positive
RSI38.41Neutral
STOCH42.83Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3900, the sentiment is Negative. The current price of 588.00 is below the 20-day moving average (MA) of 658.10, below the 50-day MA of 670.26, and below the 200-day MA of 662.12, indicating a bearish trend. The MACD of -31.12 indicates Positive momentum. The RSI at 38.41 is Neutral, neither overbought nor oversold. The STOCH value of 42.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3900.

CrowdWorks, Inc. Peers Comparison

Overall Rating

UnderperformOutperform
Sector (63)

Financial Indicators

JP:3900 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
JP:6539JP:653984OutperformJPY 24.45B24.57―5.62%3.34%3.71%
JP:2301JP:230177OutperformJPY 22.70B11.36―4.64%7.88%5.28%
JP:4377JP:437772OutperformJPY 43.56B19.58―1.06%38.37%62.98%
JP:3991JP:399169NeutralJPY 7.51B5.10―2.58%-8.80%33.17%
Sector *63Neutral$10.79B15.437.44%2.01%2.89%-14.66%
JP:2471JP:247154NeutralJPY 18.57B15.07―4.18%-0.07%-30.97%
JP:3900JP:390052NeutralJPY 9.52B-12.62――1.74%-199.70%

* Industrials Sector Average

Performance Comparison

-20%0%JP:3900JP:2301JP:2471JP:3991JP:4377JP:6539Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
JP:3900 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
JP:3900CrowdWorks, Inc.588.00-286.00-32.72%
JP:2301GAKUJO Co., Ltd.1615.00102.366.77%
JP:2471S-Pool, Inc.239.00-43.90-15.52%
JP:3991Wantedly, Inc.775.00-370.08-32.32%
JP:4377ONE CAREER Inc.2342.00-222.27-8.67%
JP:6539MATCHING SERVICE JAPAN CO.LTD.997.0045.174.75%

CrowdWorks, Inc. Corporate Events

CrowdWorks to Launch AI CrowdWorks After 10,000 Worker Pre-Registrations

Aug 14, 2026

CrowdWorks, Inc. reported its financial results for the third quarter of FY2026 and highlighted continued progress in its AI-focused initiatives. As part of these efforts, the company announced that more than 10,000 workers have already pre-registere...

CrowdWorks Earnings Slump as Platform Operator Restructures and Maintains Zero Dividend

Aug 14, 2026

CrowdWorks Inc. operates a Japan-based online crowdsourcing platform that connects companies with freelance workers, providing technology-driven staffing and project-based work solutions. Its primary revenue comes from matching fees and related servi...

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 09, 2026