# W-SCOPE Corporation: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2025/02/01－2026/01/31) (S100XZF3)
> Page: https://vizora.meequs.com/en/company/w-scope
> Retrieved: 2026-09-30T17:48:59.122Z

## Company

W-Scope, founded in 2011, is a company in Batteries listed on TSE Prime. It has 274 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | W-SCOPE Corporation |
| Ticker | 6619 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6619.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区東五反田一丁目22番6号 |
| Representative (per filing) | 代表取締役社長 崔 元根 |
| Founded | Feb 2011 |
| Share capital | ¥15.6B |
| Employees (consolidated) | 274 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | January |
| Website | w-scope.co.jp (https://w-scope.co.jp/) |
| Corporate number | 2020001077950 |
| EDINET | E26082 |
| Industries (Vizora) | Batteries, Chemicals |

> Profile source: annual securities report (S100XZF3, filed 2026-04-17). As of filing

## Five-axis industry profile

Primary industry: Batteries (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.3 | 8 |
| Profitability | 6.3 | 8 |
| Efficiency | 6.3 | 8 |

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 61% of W-Scope's sales come from Separator, with Ion Exchange Membrane making up much of the rest.
- It lost about ¥136 for every ¥100 of sales at the operating level.
- Revenue changed -88.3% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.63B |  |
| Operating income | -¥4.92B | Margin -135.5% |
| Net income | -¥12.5B | Margin -343.4% |
| Free cash flow | -¥390M |  |
| Largest business | Separator | of segment revenue 60.9% |
| Employees (consolidated) | 274 |  |
| EPS | ¥-103.69 |  |
| Book value per share | ¥435.23 |  |
| Equity ratio | 78.5% |  |
| Shares outstanding | 58,025,700 |  |
| Treasury shares | 300,600 |  |
| Shareholders | 25,822 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 0.5% | Cash ÷ revenue 7.5% |
| Vs. industry median margin | -142.7 pp | Batteries |
| ROA | -22.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating loss is 136 per ¥100 of revenue
- FY2026, cash is 1% of total assets

## What changed in 4 years

| Metric | FY ending Dec 2022 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥45100000000 | ¥3630000000 | -92.0% |
| Operating income | ¥7829000000 | ¥-4919000000 | -162.8% |
| Operating margin | 17.4% | -135.5% | -152.9 pp |
| Employees | 1,391 people | 274 people | -80.3% |
| Cash and equivalents | ¥32841000000 | ¥271000000 | -99.2% |

### Change in segment revenue mix

Span: FY ending Dec 2022 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → セパレータ | 60.9% |
| 新設・再編 → イオン交換膜 | 39.1% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,630 | 100.0% | S100XZF3 |
| Cost of revenue | 7,605 | 209.5% | S100XZF3 |
| Gross profit | -3,974 | -109.5% | S100XZF3 |
| SG&A | 945 | 26.0% | S100XZF3 |
| Operating income | -4,919 | -135.5% | S100XZF3 |
| Ordinary income | -11,412 | -314.4% | S100XZF3 |
| Pretax income | -12,460 | -343.3% | S100XZF3 |
| Income tax | 5 | 0.1% | S100XZF3 |
| Net income | -12,465 | -343.4% | S100XZF3 |
| Net income attributable to owners | -12,465 | -343.4% | S100XZF3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 210 |
| SG&A | 26 |
| Operating income | -136 |
| (Ref.) Net income | -343 |

### Margin funnel

Gross margin -109.5% → Operating margin -135.5% → Net margin -343.4%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 31,047 | 3,630 | -27,417 | -88.3% |
| Gross profit | 1,087 | -3,974 | -5,061 | -465.6% |
| Operating income | -1,008 | -4,919 | -3,911 | — |
| Net income attributable to owners | -3,713 | -12,465 | -8,752 | — |
| Operating cash flow | 4,008 | 745 | -3,263 | -81.4% |
| Free cash flow | -24,149 | -390 | 23,759 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2022 | 45,100 | 7,829 | 17.4% | 4,413 | 6,597 | -21,602 | S100TBUX |
| FY ending Jan 2024 | 48,043 | 3,865 | 8.0% | 939 | 13,215 | -37,336 | S100VNR0 |
| FY ending Jan 2025 | 31,047 | -1,008 | -3.2% | -3,713 | 4,008 | -24,149 | S100XZF3 |
| FY ending Jan 2026 | 3,630 | -4,919 | -135.5% | -12,465 | 745 | -390 | S100XZF3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.2M |
| Operating income per employee (consolidated) | -¥18M |
| Net income per employee (consolidated) | -¥45.5M |

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

| History | FY ending Dec 2022 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,391 | 1,508 | 314 | 274 |
| Average salary (parent company) | — | ¥7.5M | ¥7.8M | ¥7.7M |
| Average age (parent company) | — | 43.0 years | 44.0 years | 41.0 years |
| Average tenure (parent company) | — | 6.0 years | 7.0 years | 6.0 years |

Year over year: Employees (consolidated) -12.7% · Revenue (consolidated) -88.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Separator | 2,211 | 60.9% | — | — |
| Ion Exchange Membrane | 1,419 | 39.1% | — | — |

### 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 |
| --- | ---: |
| Separator | 60.9% |
| Ion Exchange Membrane | 39.1% |

Segment → industry: Separator → Batteries / Ion Exchange Membrane → Chemicals

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 745 | 20.5% | S100XZF3 |
| Capital expenditure | 1,135 | 31.3% | S100XZF3 |
| Free cash flow | -390 | -10.7% | 算出 |
| Investing cash flow | -727 | -20.0% | S100XZF3 |
| Financing cash flow | 22 | 0.6% | S100XZF3 |
| Share buyback | 0 | 0.0% | S100XZF3 |
| Change in cash | 9 | 0.2% | S100XZF3 |
| Cash and equivalents | 271 | 7.5% | S100XZF3 |

## 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 2022 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 32,841 | 12,014 | 262 | 271 | S100VNR0, S100XZF3 |
| Total assets | 139,526 | 171,000 | 60,079 | 52,004 | S100TBUX, S100VNR0, S100XZF3 |
| Net assets | 113,264 | 123,797 | 49,674 | 40,933 | S100VNR0, S100XZF3 |
| Share capital | 15,353 | 15,360 | 15,360 | 15,577 | S100TBUX, S100VNR0, S100XZF3 |
| Property, plant and equipment | 78,628 | 129,829 | 13,254 | 11,829 | S100TBUX, S100VNR0, S100XZF3 |
| Intangible assets excluding goodwill | 144 | 157 | 53 | 14 | S100TBUX, S100VNR0, S100XZF3 |
| Investment securities | 1,072 | 1,307 | 38,334 | 34,616 | S100TBUX, S100VNR0, S100XZF3 |
| Current assets | 56,848 | 36,264 | 6,761 | 3,863 | S100TBUX, S100VNR0, S100XZF3 |
| Current liabilities | 16,847 | 33,232 | 8,492 | 8,566 | S100TBUX, S100VNR0, S100XZF3 |
| Trade payables | 2,150 | 1,929 | 153 | 444 | S100TBUX, S100VNR0, S100XZF3 |
| Short-term borrowings | 7,039 | 15,452 | 7,506 | 6,671 | S100TBUX, S100VNR0, S100XZF3 |
| Long-term borrowings | 7,856 | 11,858 | 807 | 1,182 | S100TBUX, S100VNR0, S100XZF3 |
| Total liabilities | 26,262 | 47,202 | 10,404 | 11,071 | S100TBUX, S100VNR0, S100XZF3 |
| Non-controlling interests | 62,850 | 70,171 | — | — | S100TBUX, S100VNR0 |
| Equity attributable to owners of parent | 46,557 | 46,854 | 42,526 | 30,495 | S100TBUX, S100VNR0, S100XZF3 |
| Retained earnings | -12,305 | -11,365 | -15,693 | -28,158 | S100TBUX, S100VNR0, S100XZF3 |
| Treasury stock | 0 | -338 | -338 | -338 | S100TBUX, S100VNR0, S100XZF3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 0% | S100XZF3 |
| Property, plant and equipment | 23% | S100XZF3 |
| Intangibles and goodwill | 0% | S100XZF3 |
| Investment securities | 67% | S100XZF3 |
| Other assets | 10% | S100XZF3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100XZF3 |
| Other liabilities | 20% | S100XZF3 |
| Equity | 79% | S100XZF3 |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 139,526 | 171,000 | 60,079 | 52,004 |
| Equity | 113,264 | 123,797 | 49,674 | 40,933 |
| Interest-bearing debt | — | — | — | — |
| Cash | 32,841 | 12,014 | 262 | 271 |

## 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) | 325.9% | S100XZF3 |
| Fixed assets ÷ total assets | 22.7% | S100XZF3 |
| Goodwill ÷ parent equity | — | —, S100XZF3 |

### 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) | 0.5% |
| Cash ÷ revenue | 7.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 13,210 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 31.3% |
| Investing CF relative to operating CF | 97.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 9.8% | 0.32× | 3.2% | 3.00× | 9.5% | S100TBUX |
| 2024 | 2.0% | 0.28× | 0.5% | 3.65× | 2.0% | S100VNR0 |
| 2025 | — | —× | -3.2% | —× | — | S100XZF3 |
| 2026 | — | —× | -22.2% | —× | — | S100XZF3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 崔元根(CHOI WON-KUN)(弁護士法人R&G横浜法律事務所) | Major shareholder | 8.4% | 2026-01-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.4% | 2026-01-31 |
| KOREA SECURITIES DEPOSITORY-SHINHAN INVESTMENT(シティバンク、エヌ・エイ東京支店) | Major shareholder | 3.1% | 2026-01-31 |
| BBH CO FOR ARCUS JAPAN VALUE FUND(株式会社三菱ＵＦＪ銀行) | Major shareholder | 2.5% | 2026-01-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.8% | 2026-01-31 |
| KOREA SECURITIES DEPOSITORY-SAMSUNG(シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.3% | 2026-01-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.2% | 2026-01-31 |
| 株式会社SBI証券 | Major shareholder | 1.1% | 2026-01-31 |
| JP JPMSE LUX RE NOMURA INT PLC 1 EQ CO(株式会社三菱ＵＦＪ銀行) | Major shareholder | 0.8% | 2026-01-31 |
| KSD-MIRAE ASSET SECURITIES (CLIENT)(シティバンク、エヌ・エイ東京支店) | Major shareholder | 0.7% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/02/01－2026/01/31) | S100XZF3 | 2026-04-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XZF3,, |
| 有価証券報告書－第20期(2024/02/01－2025/01/31) | S100VNR0 | 2025-04-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VNR0,, |
| 有価証券報告書－第19期(2023/01/01－2024/01/31) | S100TBUX | 2024-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TBUX,, |

## 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).