# eWeLL: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2025/01/01－2025/12/31) (S100XSJZ)
> Page: https://vizora.meequs.com/en/company/ewell
> Retrieved: 2026-09-30T19:42:01.273Z

## Company

eWeLL, founded in 2025, is a company in Health Tech listed on TSE Growth. It has 107 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | eWeLL Co.,Ltd. |
| Ticker | 5038 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5038.T) |
| Listing | TSE Growth |
| Head office | 大阪市中央区久太郎町四丁目1番3号 |
| Representative (per filing) | 代表取締役社長 中野 剛人 |
| Founded | Aug 2025 |
| Share capital | ¥426.8M |
| Employees (consolidated) | 107 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | December |
| Website | www.ewell.co.jp (https://www.ewell.co.jp/) |
| Corporate number | 1120001171257 |
| EDINET | E37902 |
| Industries (Vizora) | Health Tech |

> Profile source: annual securities report (S100XSJZ, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Health Tech (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 96.4 | 14 |
| Profitability | 97.2 | 18 |
| Cash conversion | 50 | 17 |
| Efficiency | 69.4 | 18 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- eWeLL brought in ¥3.39B in revenue.
- Out of every ¥100 of sales, about ¥45 is left as operating profit.
- Revenue changed +31.9% from the prior year, operating profit +35.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3392422000 → ¥1088240000
- Net income → operating cash flow: ¥1088240000 → ¥1270327000（difference ¥182087000）
- Main uses of operating cash flow: CapEx ¥121783000 / dividends ¥181143000 / buybacks ¥118000
- Change in cash: ¥891567000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.39B |  |
| Operating income | ¥1.54B | Margin 45.3% |
| Net income | ¥1.09B | Margin 32.1% |
| Free cash flow | ¥1.15B |  |
| Employees (consolidated) | 107 |  |
| EPS | ¥71.75 |  |
| Diluted EPS | ¥71.22 |  |
| Book value per share | ¥221.29 |  |
| Equity ratio | 78.8% |  |
| Shares outstanding | 15,251,838 |  |
| Treasury shares | 200 |  |
| Shareholders | 2,697 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 66.7% | Cash ÷ revenue 84.2% |
| Vs. industry median margin | +31.5 pp | Health Tech |
| ROE | 37.6% | Derived from disclosed figures |
| ROA | 29.6% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.8× its level five years ago
- FY2025, cash is 67% of total assets
- FY2025, operating income keeps 45 per ¥100 of revenue

## What changed in 4 years

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1192791000 | ¥3392422000 | +184.4% |
| Operating income | ¥401907000 | ¥1537470000 | +282.5% |
| Operating margin | 33.7% | 45.3% | +11.6 pp |
| Employees | 59 people | 107 people | +81.4% |
| Cash and equivalents | ¥617068000 | ¥2857496000 | +363.1% |

### Change in segment revenue mix

Span: FY ending Dec 2021 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,392 | 100.0% | S100XSJZ |
| Cost of revenue | 738 | 21.7% | S100XSJZ |
| Gross profit | 2,655 | 78.3% | S100XSJZ |
| SG&A | 1,117 | 32.9% | S100XSJZ |
| Operating income | 1,537 | 45.3% | S100XSJZ |
| Ordinary income | 1,547 | 45.6% | S100XSJZ |
| Pretax income | 1,546 | 45.6% | S100XSJZ |
| Income tax | 458 | 13.5% | S100XSJZ |
| Net income | 1,088 | 32.1% | S100XSJZ |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 22 |
| SG&A | 33 |
| Operating income | 45 |
| (Ref.) Net income | 32 |

### Margin funnel

Gross margin 78.3% → Operating margin 45.3% → Net margin 32.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +31.9%; Core profit growth: +35.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.11×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,572 | 3,392 | 821 | +31.9% |
| Gross profit | 1,997 | 2,655 | 657 | +32.9% |
| Operating income | 1,136 | 1,537 | 402 | +35.3% |
| Operating cash flow | 857 | 1,270 | 414 | +48.3% |
| Free cash flow | 779 | 1,149 | 370 | +47.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2021 | 1,193 | 402 | 33.7% | 340 | 409 | 347 | S100QGK5 |
| FY ending Dec 2022 | 1,603 | 693 | 43.2% | 450 | 543 | 472 | S100T4SE |
| FY ending Dec 2023 | 2,070 | 909 | 43.9% | 613 | 627 | 402 | S100VHY0 |
| FY ending Dec 2024 | 2,572 | 1,136 | 44.2% | 808 | 857 | 779 | S100XSJZ |
| FY ending Dec 2025 | 3,392 | 1,537 | 45.3% | 1,088 | 1,270 | 1,149 | S100XSJZ |

## People and productivity（FY ending Dec 2025, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.7M |
| Operating income per employee (consolidated) | ¥14.4M |
| Net income per employee (consolidated) | ¥10.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 59 | 61 | 67 | 90 | 107 |
| Average salary (parent company) | — | ¥5.3M | ¥5.5M | ¥5.4M | ¥5.2M |
| Average age (parent company) | — | 37.2 years | 37.2 years | 36.5 years | 36.5 years |
| Average tenure (parent company) | — | 3.3 years | 3.0 years | 3.0 years | 3.0 years |

Year over year: Employees (consolidated) +18.9% · Revenue (consolidated) +31.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,270 | 37.4% | S100XSJZ |
| Capital expenditure | 122 | 3.6% | S100XSJZ |
| Free cash flow | 1,149 | 33.9% | 算出 |
| Investing cash flow | -210 | -6.2% | S100XSJZ |
| Financing cash flow | -168 | -5.0% | S100XSJZ |
| Dividends paid | 181 | 5.3% | S100XSJZ |
| Share buyback | 0 | 0.0% | S100XSJZ |
| Change in cash | 892 | 26.3% | S100XSJZ |
| Cash and equivalents | 2,857 | 84.2% | S100XSJZ |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 617 | 1,075 | 1,413 | 1,966 | 2,857 | S100T4SE, S100VHY0, S100XSJZ |
| Total assets | 1,061 | 1,649 | 2,381 | 3,071 | 4,283 | S100QGK5, S100T4SE, S100VHY0, S100XSJZ |
| Net assets | 504 | 1,105 | 1,690 | 2,409 | 3,375 | S100T4SE, S100VHY0, S100XSJZ |
| Share capital | 252 | 328 | 367 | 397 | 427 | S100QGK5, S100T4SE, S100VHY0, S100XSJZ |
| Property, plant and equipment | 20 | 27 | 281 | 248 | 236 | S100QGK5, S100T4SE, S100VHY0, S100XSJZ |
| Intangible assets excluding goodwill | 82 | 101 | 106 | 134 | 183 | S100QGK5, S100T4SE, S100VHY0, S100XSJZ |
| Current assets | 867 | 1,407 | 1,857 | 2,527 | 3,590 | S100QGK5, S100T4SE, S100VHY0, S100XSJZ |
| Current liabilities | 381 | 452 | 589 | 559 | 806 | S100QGK5, S100T4SE, S100VHY0, S100XSJZ |
| Long-term borrowings | 176 | 92 | — | — | — | S100QGK5, S100T4SE |
| Total liabilities | 557 | 544 | 691 | 661 | 908 | S100QGK5, S100T4SE, S100VHY0, S100XSJZ |
| Equity attributable to owners of parent | 504 | 1,105 | 1,690 | 2,409 | 3,375 | S100QGK5, S100T4SE, S100VHY0, S100XSJZ |
| Retained earnings | 7 | 457 | 965 | 1,624 | 2,531 | S100QGK5, S100T4SE, S100VHY0, S100XSJZ |
| Treasury stock | — | — | -0 | -0 | -1 | S100VHY0, S100XSJZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 67% | S100XSJZ |
| Property, plant and equipment | 5% | S100XSJZ |
| Intangibles and goodwill | 4% | S100XSJZ |
| Other assets | 24% | S100XSJZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 21% | S100XSJZ |
| Equity | 79% | S100XSJZ |
| Other liabilities | 0% | S100XSJZ |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,061 | 1,649 | 2,381 | 3,071 | 4,283 |
| Equity | 504 | 1,105 | 1,690 | 2,409 | 3,375 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 617 | 1,075 | 1,413 | 1,966 | 2,857 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 7.0% | S100XSJZ |
| Fixed assets ÷ total assets | 5.5% | S100XSJZ |
| Goodwill ÷ parent equity | — | —, S100XSJZ |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 66.7% |
| Cash ÷ revenue | 84.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 82.6% |
| Cash vs. profit gap | 182 JPY mn (of net income 16.7%) |
| Shareholder returns / net income | 16.7% |
| Shareholder returns / FCF | 15.8% |
| Shareholder payments — dividends / net income | 16.6% |
| Shareholder payments — dividends / FCF | 15.8% |
| CapEx intensity (capex ÷ revenue) | 3.6% |
| Investing CF relative to operating CF | 16.6% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 28.5% | 1.12× | 32.1% | 2.11× | 67.6% | S100QGK5 |
| 2022 | 28.0% | 1.18× | 33.2% | 1.68× | 55.9% | S100T4SE |
| 2023 | 29.6% | 1.03× | 30.4% | 1.44× | 43.9% | S100VHY0 |
| 2024 | 31.4% | 0.94× | 29.7% | 1.33× | 39.4% | S100XSJZ |
| 2025 | 32.1% | 0.92× | 29.6% | 1.27× | 37.6% | S100XSJZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中野 剛人 | Major shareholder | 39.0% | 2025-12-31 |
| 北村 亜沙子 | Major shareholder | 16.2% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.8% | 2025-12-31 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 4.7% | 2025-12-31 |
| 住友商事株式会社 | Major shareholder | 4.5% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.3% | 2025-12-31 |
| GOVERNMENT OF NORWAY （常任代理人 シティバンク エヌ・エイ東京支店） | Major shareholder | 1.9% | 2025-12-31 |
| 島田 亨 | Major shareholder | 1.9% | 2025-12-31 |
| JP MORGAN CHASE BANK 380802 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2025-12-31 |
| LICHFIELD LP （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.2% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2025/01/01－2025/12/31) | S100XSJZ | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSJZ,, |
| 有価証券報告書－第13期(2024/01/01－2024/12/31) | S100VHY0 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHY0,, |
| 有価証券報告書－第12期(2023/01/01－2023/12/31) | S100T4SE | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4SE,, |
| 有価証券報告書－第11期(2022/01/01－2022/12/31) | S100QGK5 | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGK5,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).