# O'will Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第40期(2025/04/01－2026/03/31) (S100YI27)
> Page: https://vizora.meequs.com/en/company/o-will
> Retrieved: 2026-09-30T21:03:34.310Z

## Company

O'will, founded in 1986, is a company in Processed Foods listed on TSE Standard. It has 137 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | O'will Corporation |
| Ticker | 3143 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3143.T) |
| Listing | TSE Standard |
| Head office | 東京都港区北青山一丁目2番3号 |
| Representative (per filing) | 代表取締役社長 伊達 一紀 |
| Founded | Jul 1986 |
| Share capital | ¥363.4M |
| Employees (consolidated) | 137 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | owill.co.jp (https://owill.co.jp/) |
| Corporate number | 5010401083638 |
| EDINET | E21832 |
| Industries (Vizora) | Processed Foods, Fisheries, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YI27, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.3 | 179 |
| Profitability | 58.1 | 185 |
| Cash conversion | 4.2 | 179 |
| Efficiency | 84.1 | 185 |
| Financial strength | 37.5 | 20 |

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)

- About 84% of O'will's sales come from Wholesale business, with Manufacturing business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +7.0% from the prior year, operating profit +17.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥41.9B |  |
| Operating income | ¥1.37B | Margin 3.3% |
| Net income | ¥793.9M | Margin 1.9% |
| Free cash flow | -¥1.19B |  |
| Largest business | Wholesale business | of segment revenue 84.2% |
| Employees (consolidated) | 137 |  |
| EPS | ¥70.88 |  |
| Book value per share | ¥577.28 |  |
| Equity ratio | 28.9% |  |
| Shares outstanding | 9,450,000 |  |
| Treasury shares | 429,900 |  |
| Shareholders | 2,829 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 12.4% | Net cash -¥2.57B · Cash ÷ revenue 6.1% |
| Vs. industry median margin | +0.4 pp | Specialty Trading & Wholesale |
| ROE | 15.1% | Derived from disclosed figures |
| ROA | 4.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 71% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥29527372000 | ¥41909213000 | +41.9% |
| Operating income | ¥537380000 | ¥1368977000 | +154.8% |
| Operating margin | 1.8% | 3.3% | +1.4 pp |
| Employees | 106 people | 137 people | +29.2% |
| Cash and equivalents | ¥1910313000 | ¥2542393000 | +33.1% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 卸売事業 → 卸売事業 | 84.2% |
| 卸売事業 → 事業再編・廃止 | 15.2% |
| 製造販売事業 → 製造販売事業 | 0.6% |
| 新設・再編 → 製造販売事業 | 15.2% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 41,909 | 100.0% | S100YI27 |
| Cost of revenue | 37,108 | 88.5% | S100YI27 |
| Gross profit | 4,801 | 11.5% | S100YI27 |
| SG&A | 3,432 | 8.2% | S100YI27 |
| Operating income | 1,369 | 3.3% | S100YI27 |
| Ordinary income | 1,254 | 3.0% | S100YI27 |
| Pretax income | 1,166 | 2.8% | S100YI27 |
| Income tax | 364 | 0.9% | S100YI27 |
| Net income | 802 | 1.9% | S100YI27 |
| Net income attributable to owners | 794 | 1.9% | S100YI27 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 8 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 11.5% → Operating margin 3.3% → Net margin 1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.0%; Core profit growth: +17.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.52×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 39,156 | 41,909 | 2,753 | +7.0% |
| Gross profit | 4,060 | 4,801 | 741 | +18.3% |
| Operating income | 1,163 | 1,369 | 206 | +17.7% |
| Net income attributable to owners | 915 | 794 | -121 | -13.2% |
| Operating cash flow | -829 | -1,137 | -308 | — |
| Free cash flow | -877 | -1,189 | -312 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 32,685 | 674 | 2.1% | 473 | -833 | -918 | S100LNAA |
| FY ending Mar 2021 | 29,527 | 537 | 1.8% | 347 | 801 | 775 | S100OD4M |
| FY ending Mar 2022 | 28,313 | 826 | 2.9% | 575 | 150 | 126 | S100R0TM |
| FY ending Mar 2023 | 31,256 | 942 | 3.0% | 580 | 185 | 144 | S100TOZF |
| FY ending Mar 2024 | 31,775 | 959 | 3.0% | 682 | 280 | 66 | S100W4KR |
| FY ending Mar 2025 | 39,156 | 1,163 | 3.0% | 915 | -829 | -877 | S100YI27 |
| FY ending Mar 2026 | 41,909 | 1,369 | 3.3% | 794 | -1,137 | -1,189 | S100YI27 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥305.9M |
| Operating income per employee (consolidated) | ¥10M |
| Net income per employee (consolidated) | ¥5.8M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 100 | 102 | 101 | 85 | 137 |
| Average salary (parent company) | ¥6.1M | ¥6.4M | ¥6.4M | ¥6.8M | ¥7M |
| Average age (parent company) | 39.2 years | 38.4 years | 38.5 years | 38.5 years | 38.4 years |
| Average tenure (parent company) | 9.6 years | 9.1 years | 9.1 years | 9.0 years | 8.1 years |

Year over year: Employees (consolidated) +61.2% · Revenue (consolidated) +7.0%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Wholesale business | 35,307 | 84.2% | 1,029 | 2.9% |
| Manufacturing business | 6,603 | 15.8% | 421 | 6.4% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Wholesale business | 84.2% | 71.0% | -13.3 | 2.9% |
| Manufacturing business | 15.8% | 29.0% | 13.3 | 6.4% |

Segment → industry: Manufacturing business → Processed Foods / Manufacturing business → Fisheries / Wholesale business → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,137 | -2.7% | S100YI27 |
| Capital expenditure | 51 | 0.1% | S100YI27 |
| Free cash flow | -1,189 | -2.8% | 算出 |
| Investing cash flow | -671 | -1.6% | S100YI27 |
| Financing cash flow | 1,339 | 3.2% | S100YI27 |
| Dividends paid | 198 | 0.5% | S100YI27 |
| Change in cash | -430 | -1.0% | S100YI27 |
| Cash and equivalents | 2,542 | 6.1% | S100YI27 |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,776 | 1,794 | 1,851 | 2,859 | 2,542 | S100TOZF, S100W4KR, S100YI27 |
| Total assets | 10,521 | 11,445 | 13,630 | 16,232 | 20,477 | S100R0TM, S100TOZF, S100W4KR, S100YI27 |
| Net assets | 3,765 | 4,165 | 4,545 | 5,266 | 6,127 | S100TOZF, S100W4KR, S100YI27 |
| Share capital | 363 | 363 | 363 | 363 | 363 | S100R0TM, S100TOZF, S100W4KR, S100YI27 |
| Property, plant and equipment | 377 | 478 | 538 | 125 | 339 | S100R0TM, S100TOZF, S100W4KR, S100YI27 |
| Intangible assets excluding goodwill | 4 | 3 | 45 | 79 | 745 | S100R0TM, S100TOZF, S100W4KR, S100YI27 |
| Goodwill | — | — | — | 34 | 191 | S100YI27 |
| Investment securities | 620 | 521 | 372 | 429 | 309 | S100R0TM, S100TOZF, S100W4KR, S100YI27 |
| Current assets | 9,072 | 9,979 | 12,247 | 14,905 | 18,487 | S100R0TM, S100TOZF, S100W4KR, S100YI27 |
| Current liabilities | 5,311 | 5,798 | 7,644 | 8,023 | 11,195 | S100R0TM, S100TOZF, S100W4KR, S100YI27 |
| Short-term borrowings | — | — | — | 620 | 2,279 | S100YI27 |
| Long-term borrowings | 1,377 | 1,361 | 1,349 | 2,643 | 2,771 | S100R0TM, S100TOZF, S100W4KR, S100YI27 |
| Bonds | — | — | — | 130 | 60 | S100YI27 |
| Interest-bearing debt | — | — | — | 3,393 | 5,110 | 算出 |
| Total liabilities | 6,756 | 7,280 | 9,085 | 10,965 | 14,351 | S100R0TM, S100TOZF, S100W4KR, S100YI27 |
| Non-controlling interests | 84 | 113 | 144 | 143 | 205 | S100R0TM, S100TOZF, S100W4KR, S100YI27 |
| Equity attributable to owners of parent | 3,368 | 3,801 | 4,131 | 4,905 | 5,588 | S100R0TM, S100TOZF, S100W4KR, S100YI27 |
| Retained earnings | 2,713 | 3,145 | 3,679 | 4,444 | 5,106 | S100R0TM, S100TOZF, S100W4KR, S100YI27 |
| Treasury stock | -0 | -0 | -203 | -197 | -182 | S100R0TM, S100TOZF, S100W4KR, S100YI27 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YI27 |
| Property, plant and equipment | 2% | S100YI27 |
| Intangibles and goodwill | 5% | S100YI27 |
| Investment securities | 1% | S100YI27 |
| Other assets | 80% | S100YI27 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 25% | 算出 |
| Other liabilities | 45% | S100YI27 |
| Equity | 30% | S100YI27 |
| Other liabilities | 0% | S100YI27 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,521 | 11,445 | 13,630 | 16,232 | 20,477 |
| Equity | 3,765 | 4,165 | 4,545 | 5,266 | 6,127 |
| Interest-bearing debt | — | — | — | 3,393 | 5,110 |
| Cash | 1,776 | 1,794 | 1,851 | 2,859 | 2,542 |

## 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) | 0.8% | S100YI27 |
| Fixed assets ÷ total assets | 1.7% | S100YI27 |
| Goodwill ÷ parent equity | 3.4% | S100YI27 |

### 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) | 12.4% |
| Cash ÷ revenue | 6.1% |
| Net cash (cash − interest-bearing debt) | -¥2.57B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -83.1% |
| Cash vs. profit gap | -1,931 JPY mn (of net income -243.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.0% | 2.69× | 5.5% | 3.12× | 17.1% | S100R0TM |
| 2023 | 1.9% | 2.85× | 5.3% | 3.06× | 16.2% | S100TOZF |
| 2024 | 2.1% | 2.53× | 5.4% | 3.16× | 17.2% | S100W4KR |
| 2025 | 2.3% | 2.62× | 6.1% | 3.30× | 20.3% | S100YI27 |
| 2026 | 1.9% | 2.28× | 4.3% | 3.50× | 15.1% | S100YI27 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ビアンナ | Major shareholder | 10.3% | 2026-03-31 |
| グリーンコア株式会社 | Major shareholder | 8.3% | 2026-03-31 |
| 株式会社サンワ電化阿久比 | Major shareholder | 6.7% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 5.4% | 2026-03-31 |
| 小口 八穗子 | Major shareholder | 4.2% | 2026-03-31 |
| オーウイル従業員持株会 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社伊藤園 | Major shareholder | 3.0% | 2026-03-31 |
| 鈴木 育夫 | Major shareholder | 1.7% | 2026-03-31 |
| 加賀電子株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 小西 啓之 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第40期(2025/04/01－2026/03/31) | S100YI27 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI27,, |
| 有価証券報告書－第39期(2024/04/01－2025/03/31) | S100W4KR | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4KR,, |
| 有価証券報告書－第38期(2023/04/01－2024/03/31) | S100TOZF | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOZF,, |
| 有価証券報告書－第37期(2022/04/01－2023/03/31) | S100R0TM | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0TM,, |
| 有価証券報告書－第36期(令和3年4月1日－令和4年3月31日) | S100OD4M | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD4M,, |
| 有価証券報告書－第35期(令和2年4月1日－令和3年3月31日) | S100LNAA | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNAA,, |

## 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).