# SUNWELS Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2025/04/01－2026/03/31) (S100YL7U)
> Page: https://vizora.meequs.com/en/company/sunwels
> Retrieved: 2026-09-30T22:08:08.314Z

## Company

Sunwels, founded in 2006, is a company in Nursing Care listed on TSE Prime. It has 3,570 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SUNWELS Co.,Ltd. |
| Ticker | 9229 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9229.T) |
| Listing | TSE Prime |
| Head office | 石川県金沢市二宮町15番13号 |
| Representative (per filing) | 代表取締役社長 苗代 亮達 |
| Founded | Sep 2006 |
| Share capital | ¥35M |
| Employees (consolidated) | 3,570 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | March |
| Website | sunwels.jp (https://sunwels.jp/) |
| Corporate number | 9220001010117 |
| EDINET | E37719 |
| Industries (Vizora) | Nursing Care |

> Profile source: annual securities report (S100YL7U, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Nursing Care (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90 | 15 |
| Profitability | 7.1 | 21 |
| Efficiency | 16.7 | 21 |
| Financial strength | 50 | 3 |

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)

- Sunwels brought in ¥28.1B in revenue.
- It lost about ¥4 for every ¥100 of sales at the operating level.
- Revenue changed +6.2% from the prior year, operating profit -209.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥28.1B |  |
| Operating income | -¥1.22B | Margin -4.3% |
| Net income | -¥1.66B | Margin -5.9% |
| Free cash flow | -¥1.5B |  |
| Employees (consolidated) | 3,570 |  |
| EPS | ¥-51.07 |  |
| Book value per share | ¥214.97 |  |
| Equity ratio | 15.2% |  |
| Shares outstanding | 35,220,000 |  |
| Treasury shares | 2,787,400 |  |
| Shareholders | 7,470 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 9.0% | Net cash -¥1.05B · Cash ÷ revenue 14.5% |
| Vs. industry median margin | -10.5 pp | Nursing Care |
| ROA | -3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 3.3× its level five years ago
- FY2026, parent-company salary changed +49% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5404604000 | ¥28136000000 | +420.6% |
| Operating income | ¥322307000 | ¥-1223000000 | -479.5% |
| Operating margin | 6.0% | -4.3% | -10.3 pp |
| Employees | 707 people | 3,570 people | +405.0% |
| Cash and equivalents | ¥496363000 | ¥4092000000 | +724.4% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 28,136 | 100.0% | S100YL7U |
| Cost of revenue | 25,372 | 90.2% | S100YL7U |
| Gross profit | 2,763 | 9.8% | S100YL7U |
| SG&A | 3,987 | 14.2% | S100YL7U |
| Operating income | -1,223 | -4.3% | S100YL7U |
| Ordinary income | -2,168 | -7.7% | S100YL7U |
| Pretax income | -1,175 | -4.2% | S100YL7U |
| Income tax | 481 | 1.7% | S100YL7U |
| Net income | -1,656 | -5.9% | S100YL7U |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 14 |
| Operating income | -4 |
| (Ref.) Net income | -6 |

### Margin funnel

Gross margin 9.8% → Operating margin -4.3% → Net margin -5.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 26,496 | 28,136 | 1,640 | +6.2% |
| Gross profit | 4,914 | 2,763 | -2,151 | -43.8% |
| Operating income | 1,114 | -1,223 | -2,337 | -209.8% |
| Operating cash flow | 1,883 | -332 | -2,215 | -117.6% |
| Free cash flow | -2,331 | -1,503 | 828 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 5,405 | 322 | 6.0% | 241 | 201 | -393 | S100OLI7 |
| FY ending Mar 2022 | 8,420 | 490 | 5.8% | 256 | 378 | -78 | S100R6S5 |
| FY ending Mar 2023 | 13,236 | 953 | 7.2% | 303 | 1,140 | -741 | S100V85X |
| FY ending Mar 2024 | 20,107 | 2,273 | 11.3% | 802 | 2,557 | -2,935 | S100W40E |
| FY ending Mar 2025 | 26,496 | 1,114 | 4.2% | -925 | 1,883 | -2,331 | S100YL7U |
| FY ending Mar 2026 | 28,136 | -1,223 | -4.3% | -1,656 | -332 | -1,503 | S100YL7U |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥7.9M |
| Operating income per employee (consolidated) | -¥342.6K |
| Net income per employee (consolidated) | -¥463.9K |

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) | 1,081 | 1,747 | 2,435 | 3,302 | 3,570 |
| Average salary (parent company) | ¥3.3M | ¥4.6M | ¥4.8M | ¥4.8M | ¥4.8M |
| Average age (parent company) | 39.2 years | 38.7 years | 39.0 years | 39.4 years | 39.6 years |
| Average tenure (parent company) | 2.6 years | 1.9 years | 2.0 years | 2.0 years | 2.4 years |

Year over year: Employees (consolidated) +8.1% · Revenue (consolidated) +6.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -332 | -1.2% | S100YL7U |
| Capital expenditure | 1,171 | 4.2% | S100YL7U |
| Free cash flow | -1,503 | -5.3% | 算出 |
| Investing cash flow | -1,275 | -4.5% | S100YL7U |
| Financing cash flow | 62 | 0.2% | S100YL7U |
| Dividends paid | 0 | 0.0% | S100YL7U |
| Change in cash | -1,545 | -5.5% | S100YL7U |
| Cash and equivalents | 4,092 | 14.5% | S100YL7U |

## 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 | 814 | 2,610 | 3,307 | 5,637 | 4,092 | S100V85X, S100W40E, S100YL7U |
| Total assets | 9,015 | 19,211 | 31,591 | 38,994 | 45,633 | S100R6S5, S100V85X, S100W40E, S100YL7U |
| Net assets | 580 | 4,606 | 5,198 | 8,616 | 6,972 | S100V85X, S100W40E, S100YL7U |
| Share capital | 35 | 35 | 35 | 35 | 35 | S100R6S5, S100V85X, S100W40E, S100YL7U |
| Property, plant and equipment | — | 12,785 | 22,856 | 27,706 | 35,094 | S100V85X, S100W40E, S100YL7U |
| Intangible assets excluding goodwill | — | 11 | 9 | 13 | 15 | S100V85X, S100W40E, S100YL7U |
| Current assets | — | 5,425 | 7,504 | 9,967 | 9,448 | S100V85X, S100W40E, S100YL7U |
| Current liabilities | — | 3,240 | 7,729 | 5,602 | 7,084 | S100V85X, S100W40E, S100YL7U |
| Short-term borrowings | — | 700 | 3,400 | 660 | 572 | S100V85X, S100W40E, S100YL7U |
| Long-term borrowings | — | 1,265 | 2,540 | 5,580 | 4,541 | S100V85X, S100W40E, S100YL7U |
| Bonds | — | 75 | 60 | 45 | 30 | S100V85X, S100W40E, S100YL7U |
| Interest-bearing debt | — | 2,040 | 6,000 | 6,285 | 5,143 | 算出 |
| Total liabilities | — | 14,605 | 26,392 | 30,377 | 38,661 | S100V85X, S100W40E, S100YL7U |
| Equity attributable to owners of parent | — | 4,602 | 5,182 | 8,589 | 6,932 | S100V85X, S100W40E, S100YL7U |
| Retained earnings | — | 553 | 1,093 | -74 | -1,730 | S100V85X, S100W40E, S100YL7U |
| Treasury stock | — | -9 | -8 | -5 | -5 | S100V85X, S100W40E, S100YL7U |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YL7U |
| Property, plant and equipment | 77% | S100YL7U |
| Intangibles and goodwill | 0% | S100YL7U |
| Other assets | 14% | S100YL7U |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 11% | 算出 |
| Other liabilities | 74% | S100YL7U |
| Equity | 15% | S100YL7U |

### 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 | 9,015 | 19,211 | 31,591 | 38,994 | 45,633 |
| Equity | 580 | 4,606 | 5,198 | 8,616 | 6,972 |
| Interest-bearing debt | — | 2,040 | 6,000 | 6,285 | 5,143 |
| Cash | 814 | 2,610 | 3,307 | 5,637 | 4,092 |

## 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) | 124.7% | S100YL7U |
| Fixed assets ÷ total assets | 76.9% | S100YL7U |
| Goodwill ÷ parent equity | — | —, S100YL7U |

### 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) | 9.0% |
| Cash ÷ revenue | 14.5% |
| Net cash (cash − interest-bearing debt) | -¥1.05B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 1,324 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| 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 | 3.0% | 0.93× | 2.8% | 15.54× | 44.1% | S100R6S5, S100V85X |
| 2023 | 2.3% | 0.94× | 2.1% | 3.07× | 6.6% | S100V85X |
| 2024 | 4.0% | 0.79× | 3.2% | 5.19× | 16.4% | S100W40E |
| 2025 | — | —× | -2.6% | —× | — | S100YL7U |
| 2026 | — | —× | -3.9% | —× | — | S100YL7U |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社杏 | Major shareholder | 41.6% | 2026-03-31 |
| 苗代 亮達 | Major shareholder | 12.0% | 2026-03-31 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 5.9% | 2026-03-31 |
| DBS BANK LTD.700104（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 4.8% | 2026-03-31 |
| JP JPMSE LUX RE UBS AG LONDON BRANCH EQ CO（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 3.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 2.4% | 2026-03-31 |
| UBS証券株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| MSIP CLIENT SECURITIES（常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 1.1% | 2026-03-31 |
| DBS BANK LTD FOR G.K.GOH STRATEG IC HOLDINGS PTE LTD 700551（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2026-03-31 |
| 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 | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/04/01－2026/03/31) | S100YL7U | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL7U,, |
| 有価証券報告書－第20期(2024/04/01－2025/03/31) | S100W40E | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W40E,, |
| 訂正有価証券報告書－第19期(2023/04/01－2024/03/31) | S100V85X | 2025-02-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V85X,, |
| 有価証券報告書－第18期(2022/04/01－2023/03/31) | S100R6S5 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6S5,, |
| 有価証券報告書－第17期(令和3年4月1日－令和4年3月31日) | S100OLI7 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLI7,, |

## 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).