# Wagokoro co., ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第23期(2025/01/01－2025/12/31) (S100XUPT)
> Page: https://vizora.meequs.com/en/company/wagokoro
> Retrieved: 2026-09-30T19:50:58.692Z

## Company

Wagokoro, founded in 2003, is a company in Furniture, Interior & Lifestyle Goods listed on TSE Growth. It has 48 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Wagokoro co., ltd. |
| Ticker | 9271 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9271.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区千駄ケ谷三丁目20番12号 |
| Representative (per filing) | 代表取締役 森 智宏 |
| Founded | Feb 2003 |
| Share capital | ¥50M |
| Employees (consolidated) | 48 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | December |
| Website | www.wagokoro.co.jp (https://www.wagokoro.co.jp/) |
| Corporate number | 6011001072625 |
| EDINET | E33858 |
| Industries (Vizora) | Furniture, Interior & Lifestyle Goods |

> Profile source: annual securities report (S100XUPT, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Furniture, Interior & Lifestyle Goods (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 91.7 | 18 |
| Cash conversion | 61.8 | 17 |
| Efficiency | 75 | 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)

- Wagokoro brought in ¥2.78B in revenue.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +32.9% from the prior year, operating profit +36.3%.

## Company structure

- Segment revenue mix: Segment of inboundMD 100.0%
- Revenue → net income: ¥2783840000 → ¥706854000
- Net income → operating cash flow: ¥706854000 → ¥610154000（difference ¥-96700000）
- Main uses of operating cash flow: CapEx ¥203530000 / dividends — / buybacks —
- Change in cash: ¥409449000
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 | ¥2.78B |  |
| Operating income | ¥567.7M | Margin 20.4% |
| Net income | ¥706.9M | Margin 25.4% |
| Free cash flow | ¥406.6M |  |
| Largest business | Segment of inboundMD | of segment revenue 100.0% |
| Employees (consolidated) | 48 |  |
| EPS | ¥108.5 |  |
| Diluted EPS | ¥88.53 |  |
| Book value per share | ¥178.7 |  |
| Equity ratio | 66.4% |  |
| Shares outstanding | 6,511,724 |  |
| Shareholders | 1,404 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 32.1% | Cash ÷ revenue 21.5% |
| Vs. industry median margin | +16.1 pp | Furniture, Interior & Lifestyle Goods |
| ROE | 80.3% | Derived from disclosed figures |
| ROA | 45.0% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 3.1× its level five years ago
- FY2025, parent-company salary changed +32% over five years
- FY2025, cash is 32% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1288995000 | ¥2783840000 | +116.0% |
| Operating income | ¥-996932000 | ¥567712000 | — |
| Operating margin | -77.3% | 20.4% | +97.7 pp |
| Employees | 45 people | 48 people | +6.7% |
| Cash and equivalents | ¥253198000 | ¥599863000 | +136.9% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| モノ事業 → 事業再編・廃止 | 39.0% |
| モノ事業 → 事業再編・廃止 | 39.0% |
| コト事業 → 事業再編・廃止 | 11.0% |
| コト事業 → 事業再編・廃止 | 11.0% |
| 新設・再編 → インバウンドMD事業 | 100.0% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,784 | 100.0% | S100XUPT |
| Cost of revenue | 827 | 29.7% | S100XUPT |
| Gross profit | 1,957 | 70.3% | S100XUPT |
| SG&A | 1,389 | 49.9% | S100XUPT |
| Operating income | 568 | 20.4% | S100XUPT |
| Ordinary income | 532 | 19.1% | S100XUPT |
| Pretax income | 556 | 20.0% | S100XUPT |
| Income tax | -151 | -5.4% | S100XUPT |
| Net income | 707 | 25.4% | S100XUPT |
| Net income attributable to owners | 707 | 25.4% | S100XUPT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 30 |
| SG&A | 50 |
| Operating income | 20 |
| (Ref.) Net income | 25 |

### Margin funnel

Gross margin 70.3% → Operating margin 20.4% → Net margin 25.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +32.9%; Core profit growth: +36.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.10×
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 | 2,095 | 2,784 | 689 | +32.9% |
| Gross profit | 1,422 | 1,957 | 535 | +37.6% |
| Operating income | 417 | 568 | 151 | +36.3% |
| Net income attributable to owners | 398 | 707 | 309 | +77.5% |
| Operating cash flow | 198 | 610 | 412 | +208.4% |
| Free cash flow | 142 | 407 | 265 | +186.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 1,289 | -997 | -77.3% | -1,256 | -384 | -566 | S100NT21 |
| FY ending Dec 2021 | 902 | -488 | -54.1% | -555 | -311 | -365 | S100QIHA |
| FY ending Dec 2022 | 997 | -203 | -20.4% | -83 | -126 | -189 | S100T6SG |
| FY ending Dec 2023 | 1,331 | 49 | 3.7% | -13 | -345 | -412 | S100VJDA |
| FY ending Dec 2024 | 2,095 | 417 | 19.9% | 398 | 198 | 142 | S100XUPT |
| FY ending Dec 2025 | 2,784 | 568 | 20.4% | 707 | 610 | 407 | S100XUPT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥58M |
| Operating income per employee (consolidated) | ¥11.8M |
| Net income per employee (consolidated) | ¥14.7M |

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) | 42 | 32 | 34 | 39 | 48 |
| Average salary (parent company) | ¥3.5M | ¥3.8M | ¥4.5M | ¥4.7M | ¥4.6M |
| Average age (parent company) | 33.0 years | 34.0 years | 35.0 years | 37.0 years | 34.9 years |
| Average tenure (parent company) | 3.1 years | 3.6 years | 4.3 years | 3.3 years | 3.4 years |

Year over year: Employees (consolidated) +23.1% · Revenue (consolidated) +32.9%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Segment of inboundMD | 2,587 | 100.0% | 786 | 30.4% |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 610 | 21.9% | S100XUPT |
| Capital expenditure | 204 | 7.3% | S100XUPT |
| Free cash flow | 407 | 14.6% | 算出 |
| Investing cash flow | -145 | -5.2% | S100XUPT |
| Financing cash flow | -56 | -2.0% | S100XUPT |
| Change in cash | 409 | 14.7% | S100XUPT |
| Cash and equivalents | 600 | 21.5% | S100XUPT |

## 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 | 127 | 123 | 284 | 190 | 600 | S100T6SG, S100VJDA, S100XUPT |
| Total assets | 567 | 666 | 1,025 | 1,275 | 1,866 | S100QIHA, S100T6SG, S100VJDA, S100XUPT |
| Net assets | -433 | -442 | 143 | 568 | 1,268 | S100T6SG, S100VJDA, S100XUPT |
| Share capital | 603 | 640 | 937 | 50 | 50 | S100QIHA, S100T6SG, S100VJDA, S100XUPT |
| Property, plant and equipment | 129 | 149 | 167 | 178 | 341 | S100QIHA, S100T6SG, S100VJDA, S100XUPT |
| Intangible assets excluding goodwill | 18 | 18 | 2 | 23 | 3 | S100QIHA, S100T6SG, S100VJDA, S100XUPT |
| Goodwill | — | — | — | 22 | — | S100XUPT |
| Current assets | 245 | 299 | 670 | 841 | 1,071 | S100QIHA, S100T6SG, S100VJDA, S100XUPT |
| Current liabilities | 640 | 871 | 804 | 612 | 437 | S100QIHA, S100T6SG, S100VJDA, S100XUPT |
| Short-term borrowings | 83 | 83 | 80 | 74 | 176 | S100QIHA, S100T6SG, S100VJDA, S100XUPT |
| Long-term borrowings | 360 | 236 | 72 | 78 | 154 | S100QIHA, S100T6SG, S100VJDA, S100XUPT |
| Total liabilities | 1,000 | 1,108 | 882 | 707 | 598 | S100QIHA, S100T6SG, S100VJDA, S100XUPT |
| Non-controlling interests | 15 | 16 | 19 | 21 | — | S100QIHA, S100T6SG, S100VJDA, S100XUPT |
| Equity attributable to owners of parent | -473 | -482 | 96 | 520 | 1,240 | S100QIHA, S100T6SG, S100VJDA, S100XUPT |
| Retained earnings | -1,686 | -1,769 | -1,782 | -485 | 222 | S100QIHA, S100T6SG, S100VJDA, S100XUPT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100XUPT |
| Property, plant and equipment | 18% | S100XUPT |
| Intangibles and goodwill | 0% | S100XUPT |
| Other assets | 50% | S100XUPT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100XUPT |
| Equity | 68% | S100XUPT |

### 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 | 567 | 666 | 1,025 | 1,275 | 1,866 |
| Equity | -433 | -442 | 143 | 568 | 1,268 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 127 | 123 | 284 | 190 | 600 |

## 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) | 12.2% | S100XUPT |
| Fixed assets ÷ total assets | 18.3% | S100XUPT |
| Goodwill ÷ parent equity | — | —, S100XUPT |

### 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) | 32.1% |
| Cash ÷ revenue | 21.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 107.5% |
| Cash vs. profit gap | -97 JPY mn (of net income -13.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.3% |
| Investing CF relative to operating CF | 23.7% |

## 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 | — | —× | -97.9% | —× | — | S100QIHA |
| 2022 | — | —× | -13.4% | —× | — | S100T6SG |
| 2023 | — | —× | -1.6% | —× | — | S100VJDA |
| 2024 | 19.0% | 1.82× | 34.6% | 3.73× | 129.3% | S100XUPT |
| 2025 | 25.4% | 1.77× | 45.0% | 1.79× | 80.3% | S100XUPT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 森 智宏 | Major shareholder | 25.2% | 2025-12-31 |
| 株式会社フォレスト | Major shareholder | 15.5% | 2025-12-31 |
| 佐野 健一 | Major shareholder | 11.0% | 2025-12-31 |
| 吉村 英毅 | Major shareholder | 5.4% | 2025-12-31 |
| 最上 夢人 | Major shareholder | 4.1% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 3.5% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 2.4% | 2025-12-31 |
| 吉村 英毅 | Major shareholder | 2.4% | 2025-12-31 |
| 株式会社ローカル | Major shareholder | 1.7% | 2025-12-31 |
| GOLDMANSACHSINTERNATIONAL | Major shareholder | 1.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/01/01－2025/12/31) | S100XUPT | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUPT,, |
| 有価証券報告書－第22期(2024/01/01－2024/12/31) | S100VJDA | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJDA,, |
| 有価証券報告書－第21期(2023/01/01－2023/12/31) | S100T6SG | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6SG,, |
| 有価証券報告書－第20期(2022/01/01－2022/12/31) | S100QIHA | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIHA,, |
| 有価証券報告書－第19期(令和3年1月1日－令和3年12月31日) | S100NT21 | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NT21,, |
| 有価証券報告書－第18期(令和2年1月1日－令和2年12月31日) | S100L34A | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L34A,, |

## 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).