OpenWork
👤 Shinjiro Masui (Started collecting anonymous reviews in 2007, a decade before Japan's opaque job market cared. Sold control to Link & Motivation.)🌐 site
A 15-year anonymous-review corpus turned into a TSE-listed recruiting business: 26% op margin, 31% growth.
Will it work? · our read
Un-buyable corpus. A 21M-review corpus built since 2007 pulls 8M job-seekers, then sold to employers as pay-on-hire scouting. Boring, profitable, hard to clone in Japan.
01How the money moves
Employees post reviews free — 21.2M and counting
→
7.96M job-seekers research salary and culture
→
Employers pay success fees to scout them
02The numbers
¥4,653M ($31M)EstimateFY2025 op. revenue, +31%
FY2025 (Dec)source:
¥4,653M operating revenue, FY2025 (TSE filing)
Platform scale as of Q1 FY2026 (Mar); recruiting is the fastest-growing line. TDnet
¥4.65B FY2025 revenue, +31% YoY, 26% op margin.
🔒
You have the verdict. Members get the work behind it.
- The CENTS scorecard — where it's strong, where it's soft
- The founder's key move, and the counter-move
- How it could die — the evidence, and how sure we are
- The case against our own call
- A 🚀 launchpad prompt — the case, as a plan for your business
We rate our own confidence — and argue against ourselves. Nobody else in this category does.
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See a full teardown, free → ImportYetiSourcesSources last checked 19 August 2026
OpenWork Q1 FY2026 earnings report (TDnet) — 82k companies, 21.2M reviews, 7.96M users; OpenWork Recruiting revenue +43.5% YoY.OpenWork (TSE:5139) financials — FY2025 revenue ¥4,653M, +31.4%, 25.77% op margin (relays TSE filing).OpenWork / BNG Partners acquisition notice — 2030 target: op revenue over ¥15B, op profit over ¥3B.OpenWork Inc. (corporate) — services: OpenWork Recruiting and alternative data for financial services.Haruki Ohsawa (CEO), X — leads OpenWork; posts on the review-data and recruiting strategy.
Revenue is OpenWork Inc.'s own FY2025 operating revenue (year ended Dec 2025): ¥4,653M, +31.4%, 25.77% operating margin. Origin is its TSE Growth full-year earnings report (Japan GAAP, non-consolidated), read here via stockanalysis, which relays TSE filings; badged STATED since the source is a third-party relay, not the filing itself. USD is a rough conversion at about 150 JPY. OpenWork is a listed subsidiary of Link and Motivation, so these are the subsidiary's own numbers, not the parent's. Platform counts (82k companies, 21.2M reviews, 7.96M users) and OpenWork Recruiting revenue (¥995.5M, +43.5% YoY) are from the Q1 FY2026 TDnet earnings report. Founder Shinjiro Masui launched it as Vorkers in 2007; current CEO is Haruki Ohsawa, who took it public in Dec 2022. The contribution/paywall access mechanic was not confirmable on an openable page, so it is not asserted. Rival weights are our read of Japan review-site mindshare, not revenue. We never score you.