# WA,Inc.: 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25期(2025/02/01－2026/01/31) (S100Y159)
> Page: https://vizora.meequs.com/en/company/wa
> Retrieved: 2026-09-30T22:08:10.312Z

## Company

WA, founded in 2002, is a company in Shoes & Bags listed on TSE Prime. It has 566 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WA,Inc. |
| Ticker | 7683 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7683.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区恵比寿一丁目20番18号 |
| Representative (per filing) | 代表取締役 肖 俊偉 |
| Founded | Feb 2002 |
| Share capital | ¥1.66B |
| Employees (consolidated) | 566 |
| Average salary (parent only) | ¥4.1M |
| Fiscal year end | January |
| Website | www.wa-jp.com (https://www.wa-jp.com/) |
| Corporate number | 2011001053257 |
| EDINET | E35170 |
| Industries (Vizora) | Shoes & Bags, Apparel |

> Profile source: annual securities report (S100Y159, filed 2026-04-27). As of filing

## Five-axis industry profile

Primary industry: Shoes & Bags (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.6 | 7 |
| Profitability | 61.1 | 9 |
| Cash conversion | 75 | 6 |
| Efficiency | 94.4 | 9 |

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 87% of WA's sales come from Planning and sales of women's shoes, with Planning and sales of women's clothing making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +2.3% from the prior year, operating profit -36.2%.

## Company structure

- Segment revenue mix: Planning and sales of women's shoes 87.2%、Planning and sales of women's clothing 12.8%
- Revenue → net income: ¥23327358000 → ¥688073000
- Net income → operating cash flow: ¥688073000 → ¥968552000（difference ¥280479000）
- Main uses of operating cash flow: CapEx ¥451286000 / dividends ¥372011000 / buybacks —
- Change in cash: ¥28565000
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 | ¥23.3B |  |
| Operating income | ¥1.07B | Margin 4.6% |
| Net income | ¥688.1M | Margin 2.9% |
| Free cash flow | ¥517.3M |  |
| Largest business | Planning and sales of women's shoes | of segment revenue 87.2% |
| Employees (consolidated) | 566 |  |
| EPS | ¥33.84 |  |
| Diluted EPS | ¥33.75 |  |
| Book value per share | ¥471.53 |  |
| Equity ratio | 82.2% |  |
| Shares outstanding | 19,079,920 |  |
| Treasury shares | 200 |  |
| Shareholders | 28,717 |  |
| Average salary (parent only) | ¥4.1M | Filing company only |
| Cash ratio | 19.0% | Cash ÷ revenue 11.0% |
| Vs. industry median margin | +2.7 pp | Shoes & Bags |
| ROE | 6.5% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13081490000 | ¥23327358000 | +78.3% |
| Operating income | ¥300732000 | ¥1066414000 | +254.6% |
| Operating margin | 2.3% | 4.6% | +2.3 pp |
| Employees | 507 people | 566 people | +11.6% |
| Cash and equivalents | ¥2687310000 | ¥2558107000 | -4.8% |

### Change in segment revenue mix

Span: FY ending Jan 2021 → 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 → 婦人靴の企画・販売事業 | 87.2% |
| 新設・再編 → 婦人服の企画・販売事業 | 12.8% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,327 | 100.0% | S100Y159 |
| Cost of revenue | 9,142 | 39.2% | S100Y159 |
| Gross profit | 14,185 | 60.8% | S100Y159 |
| SG&A | 13,119 | 56.2% | S100Y159 |
| Operating income | 1,066 | 4.6% | S100Y159 |
| Ordinary income | 1,187 | 5.1% | S100Y159 |
| Pretax income | 1,120 | 4.8% | S100Y159 |
| Income tax | 432 | 1.9% | S100Y159 |
| Net income | 688 | 2.9% | S100Y159 |
| Net income attributable to owners | 688 | 2.9% | S100Y159 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 39 |
| SG&A | 56 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 60.8% → Operating margin 4.6% → Net margin 2.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.3%; Core profit growth: -36.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -15.67×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 22,801 | 23,327 | 526 | +2.3% |
| Gross profit | 14,021 | 14,185 | 164 | +1.2% |
| Operating income | 1,671 | 1,066 | -605 | -36.2% |
| Net income attributable to owners | 997 | 688 | -309 | -31.0% |
| Operating cash flow | 919 | 969 | 50 | +5.4% |
| Free cash flow | 502 | 517 | 15 | +3.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 14,010 | 1,365 | 9.7% | 757 | 1,720 | 1,432 | S100L95V |
| FY ending Jan 2021 | 13,081 | 301 | 2.3% | 240 | -304 | -491 | S100P10N |
| FY ending Jan 2022 | 15,702 | 1,038 | 6.6% | 708 | 1,465 | 1,310 | S100QO98 |
| FY ending Jan 2023 | 17,598 | 1,187 | 6.7% | 689 | 315 | 103 | S100TCF7 |
| FY ending Jan 2024 | 21,261 | 1,763 | 8.3% | 1,164 | 605 | 367 | S100VOO8 |
| FY ending Jan 2025 | 22,801 | 1,671 | 7.3% | 997 | 919 | 502 | S100Y159 |
| FY ending Jan 2026 | 23,327 | 1,066 | 4.6% | 688 | 969 | 517 | S100Y159 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.2M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.2M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 473 | 432 | 483 | 512 | 566 |
| Average salary (parent company) | ¥3.6M | ¥3.7M | ¥3.9M | ¥4M | ¥4.1M |
| Average age (parent company) | 30.2 years | 30.7 years | 29.7 years | 29.8 years | 29.0 years |
| Average tenure (parent company) | 6.1 years | 6.6 years | 4.5 years | 5.2 years | 4.5 years |

Year over year: Employees (consolidated) +10.5% · Revenue (consolidated) +2.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Planning and sales of women's shoes | 20,348 | 87.2% | 3,094 | 15.2% |
| Planning and sales of women's clothing | 2,979 | 12.8% | -94 | -3.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Planning and sales of women's shoes | 87.2% | 100.0% | 12.8 | 15.2% |
| Planning and sales of women's clothing | 12.8% | — | — | -3.2% |

Loss-making segment (excluded from profit shares): Planning and sales of women's clothing -94 JPY mn

Segment → industry: Planning and sales of women's shoes → Shoes & Bags / Planning and sales of women's clothing → Apparel

## 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 | 969 | 4.2% | S100Y159 |
| Capital expenditure | 451 | 1.9% | S100Y159 |
| Free cash flow | 517 | 2.2% | 算出 |
| Investing cash flow | -469 | -2.0% | S100Y159 |
| Financing cash flow | -680 | -2.9% | S100Y159 |
| Dividends paid | 372 | 1.6% | S100Y159 |
| Change in cash | 29 | 0.1% | S100Y159 |
| Cash and equivalents | 2,558 | 11.0% | S100Y159 |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,704 | 3,085 | 2,864 | 2,530 | 2,558 | S100TCF7, S100VOO8, S100Y159 |
| Total assets | 10,069 | 10,834 | 12,377 | 13,135 | 13,457 | S100QO98, S100TCF7, S100VOO8, S100Y159 |
| Net assets | 8,113 | 8,760 | 9,939 | 10,750 | 11,064 | S100TCF7, S100VOO8, S100Y159 |
| Share capital | 1,649 | 1,651 | 1,652 | 1,655 | 1,655 | S100QO98, S100TCF7, S100VOO8, S100Y159 |
| Trade receivables | — | — | 1,506 | 2,003 | 1,969 | S100VOO8, S100Y159 |
| Inventories | 2,571 | 3,368 | 4,413 | 4,582 | 4,994 | S100QO98, S100TCF7, S100VOO8, S100Y159 |
| Property, plant and equipment | 1,101 | 1,227 | 1,252 | 1,343 | 1,485 | S100QO98, S100TCF7, S100VOO8, S100Y159 |
| Intangible assets excluding goodwill | 86 | 62 | 44 | 25 | 19 | S100QO98, S100TCF7, S100VOO8, S100Y159 |
| Investment securities | 121 | 119 | 175 | 205 | 267 | S100QO98, S100TCF7, S100VOO8, S100Y159 |
| Current assets | 7,478 | 8,148 | 9,391 | 10,002 | 9,951 | S100QO98, S100TCF7, S100VOO8, S100Y159 |
| Current liabilities | 1,442 | 1,461 | 1,847 | 1,820 | 1,831 | S100QO98, S100TCF7, S100VOO8, S100Y159 |
| Total liabilities | 1,956 | 2,074 | 2,439 | 2,385 | 2,393 | S100QO98, S100TCF7, S100VOO8, S100Y159 |
| Equity attributable to owners of parent | 8,116 | 8,690 | 9,737 | 10,458 | 10,775 | S100QO98, S100TCF7, S100VOO8, S100Y159 |
| Retained earnings | 4,868 | 5,438 | 6,483 | 7,199 | 7,515 | S100QO98, S100TCF7, S100VOO8, S100Y159 |
| Treasury stock | — | -0 | -0 | -0 | -0 | S100TCF7, S100VOO8, S100Y159 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100Y159 |
| Receivables | 15% | S100Y159 |
| Inventories | 37% | S100Y159 |
| Property, plant and equipment | 11% | S100Y159 |
| Intangibles and goodwill | 0% | S100Y159 |
| Investment securities | 2% | S100Y159 |
| Other assets | 16% | S100Y159 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 18% | S100Y159 |
| Equity | 82% | S100Y159 |
| Other liabilities | 0% | S100Y159 |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,069 | 10,834 | 12,377 | 13,135 | 13,457 |
| Equity | 8,113 | 8,760 | 9,939 | 10,750 | 11,064 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,704 | 3,085 | 2,864 | 2,530 | 2,558 |

## 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) | 6.4% | S100Y159 |
| Fixed assets ÷ total assets | 11.0% | S100Y159 |
| Goodwill ÷ parent equity | — | —, S100Y159 |

### 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) | 19.0% |
| Cash ÷ revenue | 11.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 90.8% |
| Cash vs. profit gap | 280 JPY mn (of net income 40.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 54.1% |
| Shareholder payments — dividends / FCF | 71.9% |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 48.4% |

## 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 | 4.5% | 1.56× | 7.0% | 1.24× | 8.7% | S100QO98 |
| 2023 | 3.9% | 1.68× | 6.6% | 1.24× | 8.2% | S100TCF7 |
| 2024 | 5.5% | 1.83× | 10.0% | 1.26× | 12.6% | S100VOO8 |
| 2025 | 4.4% | 1.79× | 7.8% | 1.26× | 9.9% | S100Y159 |
| 2026 | 2.9% | 1.75× | 5.2% | 1.25× | 6.5% | S100Y159 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 肖 俊偉 | Major shareholder | 51.1% | 2026-01-31 |
| 趙 陽 | Major shareholder | 6.2% | 2026-01-31 |
| 丁 蘊 | Major shareholder | 4.2% | 2026-01-31 |
| PANG KWAN KIN （常任代理人 みずほ証券株式会社） | Major shareholder | 2.5% | 2026-01-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 2.1% | 2026-01-31 |
| 野村證券株式会社 | Major shareholder | 1.0% | 2026-01-31 |
| 舘 慶生 | Major shareholder | 0.7% | 2026-01-31 |
| 日塔 大補 | Major shareholder | 0.5% | 2026-01-31 |
| 中井 康代 | Major shareholder | 0.4% | 2026-01-31 |
| LIU CHENG | Major shareholder | 0.3% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/02/01－2026/01/31) | S100Y159 | 2026-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y159,, |
| 有価証券報告書－第24期(2024/02/01－2025/01/31) | S100VOO8 | 2025-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VOO8,, |
| 有価証券報告書－第23期(2023/02/01－2024/01/31) | S100TCF7 | 2024-04-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TCF7,, |
| 有価証券報告書－第22期(2022/02/01－2023/01/31) | S100QO98 | 2023-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QO98,, |
| 訂正有価証券報告書－第21期(令和3年2月1日－令和4年1月31日) | S100P10N | 2022-08-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P10N,, |
| 有価証券報告書－第20期(令和2年2月1日－令和3年1月31日) | S100L95V | 2021-04-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L95V,, |

## 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).