# Waqoo: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2024/10/01－2025/09/30) (S100XCAJ)
> Page: https://vizora.meequs.com/en/company/waqoo
> Retrieved: 2026-09-30T21:02:15.303Z

## Company

Waqoo, founded in 2015, is a company in Cosmetics listed on TSE Growth. It has 93 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Waqoo Inc. |
| Ticker | 4937 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4937.T) |
| Listing | TSE Growth |
| Head office | 東京都世田谷区上馬二丁目14番1号 |
| Representative (per filing) | 代表取締役社長 佐俣 文平 |
| Founded | Oct 2015 |
| Share capital | ¥54.6M |
| Employees (consolidated) | 93 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | September |
| Website | waqoo.jp (https://waqoo.jp/) |
| Corporate number | 9010901023800 |
| EDINET | E36697 |
| Industries (Vizora) | Cosmetics, Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100XCAJ, filed 2025-12-23). As of filing

## Five-axis industry profile

Primary industry: Biotech & Regenerative Medicine (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 75 | 6 |
| Cash conversion | 37.5 | 4 |
| Efficiency | 78.6 | 7 |

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 51% of Waqoo's sales come from Medical support, with Direct to Consumer business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +0.9% from the prior year, operating profit +169.0%.

## Company structure

- Segment revenue mix: Medical support 51.2%、Direct to Consumer business 48.8%
- Revenue → net income: ¥1960902000 → ¥44090000
- Net income → operating cash flow: ¥44090000 → ¥136344000（difference ¥92254000）
- Main uses of operating cash flow: CapEx ¥193164000 / dividends — / buybacks ¥99923000
- Change in cash: ¥-203029000
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 | ¥1.96B |  |
| Operating income | ¥150.9M | Margin 7.7% |
| Net income | ¥44.1M | Margin 2.2% |
| Free cash flow | -¥56.8M |  |
| Largest business | Medical support | of segment revenue 51.2% |
| Employees (consolidated) | 93 |  |
| EPS | ¥-12.56 |  |
| Diluted EPS | ¥12.24 |  |
| Book value per share | ¥563.24 |  |
| Equity ratio | 65.1% |  |
| Shares outstanding | 3,622,668 |  |
| Shareholders | 1,144 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 40.7% | Cash ÷ revenue 66.4% |
| Vs. industry median margin | +1.6 pp | Cosmetics |
| ROE | 2.1% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.1× net income
- FY2025, cash is 41% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4504914000 | ¥1960902000 | — |
| Operating income | ¥107328000 | ¥150940000 | — |
| Operating margin | 2.4% | 7.7% | +5.3 pp |
| Employees | 59 people | 93 people | — |
| Cash and equivalents | ¥474065000 | ¥1302301000 | — |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. 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 → D2C事業 | 48.8% |
| 新設・再編 → メディカルサポート事業 | 51.2% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,961 | 100.0% | S100XCAJ |
| Cost of revenue | 402 | 20.5% | S100XCAJ |
| Gross profit | 1,559 | 79.5% | S100XCAJ |
| SG&A | 1,408 | 71.8% | S100XCAJ |
| Operating income | 151 | 7.7% | S100XCAJ |
| Ordinary income | 152 | 7.8% | S100XCAJ |
| Pretax income | 152 | 7.8% | S100XCAJ |
| Income tax | 108 | 5.5% | S100XCAJ |
| Net income | 44 | 2.2% | S100XCAJ |
| Net income attributable to owners | 44 | 2.2% | S100XCAJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 20 |
| SG&A | 72 |
| Operating income | 8 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 79.5% → Operating margin 7.7% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.9%; Core profit growth: +169.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 187.68×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,943 | 1,961 | 17 | +0.9% |
| Gross profit | 1,549 | 1,559 | 10 | +0.6% |
| Operating income | 56 | 151 | 95 | +169.0% |
| Net income attributable to owners | -17 | 44 | 61 | — |
| Operating cash flow | 49 | 136 | 88 | +180.2% |
| Free cash flow | -31 | -57 | -26 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2020 | 4,505 | 107 | 2.4% | 99 | 88 | — | S100N3RX |
| FY ending Sep 2021 | 4,684 | 149 | 3.2% | 116 | -128 | — | S100N3RX |
| FY ending Sep 2022 | 2,731 | -40 | -1.5% | -57 | 169 | — | S100SIBJ |
| FY ending Sep 2023 | 1,726 | 278 | 16.1% | 28 | 456 | — | S100UZCZ |
| FY ending Sep 2024 | 1,943 | 56 | 2.9% | -17 | 49 | -31 | S100XCAJ |
| FY ending Sep 2025 | 1,961 | 151 | 7.7% | 44 | 136 | -57 | S100XCAJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.1M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥474.1K |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 72 | 44 | 50 | 86 | 93 |
| Average salary (parent company) | ¥5.2M | ¥5M | ¥4.7M | ¥5.9M | ¥5.9M |
| Average age (parent company) | 34.0 years | 36.4 years | 37.4 years | 37.4 years | 38.6 years |
| Average tenure (parent company) | 3.7 years | 5.4 years | 4.9 years | 5.2 years | 5.0 years |

Year over year: Employees (consolidated) +8.1% · Revenue (consolidated) +0.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Direct to Consumer business | 953 | 48.8% | 295 | 30.9% |
| Medical support | 999 | 51.2% | 216 | 21.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Direct to Consumer business | 48.8% | 57.7% | 8.9 | 30.9% |
| Medical support | 51.2% | 42.3% | -8.9 | 21.6% |

Segment → industry: Medical support → Cosmetics / Direct to Consumer business → Cosmetics / Medical support → Biotech & Regenerative Medicine

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 136 | 7.0% | S100XCAJ |
| Capital expenditure | 193 | 9.9% | S100XCAJ |
| Free cash flow | -57 | -2.9% | 算出 |
| Investing cash flow | -189 | -9.6% | S100XCAJ |
| Financing cash flow | -150 | -7.7% | S100XCAJ |
| Share buyback | 100 | 5.1% | S100XCAJ |
| Change in cash | -203 | -10.4% | S100XCAJ |
| Cash and equivalents | 1,302 | 66.4% | S100XCAJ |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,043 | 906 | 1,305 | 1,505 | 1,302 | S100N3RX, S100UZCZ, S100XCAJ |
| Total assets | 1,901 | 1,563 | 1,581 | 3,134 | 3,199 | S100N3RX, S100SIBJ, S100UZCZ, S100XCAJ |
| Net assets | 801 | 743 | 773 | 2,140 | 2,092 | S100N3RX, S100UZCZ, S100XCAJ |
| Share capital | 571 | 572 | 51 | 54 | 55 | S100N3RX, S100SIBJ, S100UZCZ, S100XCAJ |
| Property, plant and equipment | 1 | 0 | 0 | 120 | 376 | S100N3RX, S100SIBJ, S100UZCZ, S100XCAJ |
| Intangible assets excluding goodwill | 20 | 14 | 8 | 1,136 | 1,012 | S100N3RX, S100SIBJ, S100UZCZ, S100XCAJ |
| Goodwill | — | — | — | 1,132 | 1,010 | S100XCAJ |
| Current assets | 1,875 | 1,344 | 1,561 | 1,855 | 1,782 | S100N3RX, S100SIBJ, S100UZCZ, S100XCAJ |
| Current liabilities | 712 | 555 | 503 | 598 | 692 | S100N3RX, S100SIBJ, S100UZCZ, S100XCAJ |
| Short-term borrowings | 180 | 170 | 170 | 190 | 190 | S100N3RX, S100SIBJ, S100UZCZ, S100XCAJ |
| Long-term borrowings | 389 | 266 | 305 | 395 | 341 | S100N3RX, S100SIBJ, S100UZCZ, S100XCAJ |
| Total liabilities | 1,101 | 821 | 809 | 993 | 1,108 | S100N3RX, S100SIBJ, S100UZCZ, S100XCAJ |
| Equity attributable to owners of parent | 800 | 742 | 773 | 2,136 | 2,082 | S100N3RX, S100SIBJ, S100UZCZ, S100XCAJ |
| Retained earnings | -333 | -394 | -365 | -383 | -339 | S100N3RX, S100SIBJ, S100UZCZ, S100XCAJ |
| Treasury stock | — | — | -0 | -0 | -100 | S100UZCZ, S100XCAJ |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,901 | 1,563 | 1,581 | 3,134 | 3,199 |
| Equity | 801 | 743 | 773 | 2,140 | 2,092 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,043 | 906 | 1,305 | 1,505 | 1,302 |

## 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) | 19.2% | S100XCAJ |
| Fixed assets ÷ total assets | 11.8% | S100XCAJ |
| Goodwill ÷ parent equity | 48.5% | S100XCAJ |

### 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) | 40.7% |
| Cash ÷ revenue | 66.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 90.3% |
| Cash vs. profit gap | 92 JPY mn (of net income 209.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 9.9% |
| Investing CF relative to operating CF | 138.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.5% | 2.46× | 6.1% | 2.38× | 14.5% | S100N3RX |
| 2022 | — | —× | -3.7% | —× | — | S100SIBJ |
| 2023 | 1.6% | 1.10× | 1.8% | 2.08× | 3.7% | S100UZCZ |
| 2024 | — | —× | -0.7% | —× | — | S100XCAJ |
| 2025 | 2.2% | 0.62× | 1.4% | 1.50× | 2.1% | S100XCAJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 相川 佳之 | Major shareholder | 28.1% | 2025-09-30 |
| 井上 裕基 | Major shareholder | 11.0% | 2025-09-30 |
| SBCメディカルグループ株式会社 | Major shareholder | 10.0% | 2025-09-30 |
| 株式会社M&M | Major shareholder | 6.8% | 2025-09-30 |
| 株式会社MC | Major shareholder | 5.1% | 2025-09-30 |
| 福留 大士 | Major shareholder | 3.1% | 2025-09-30 |
| 前田 敏彦 | Major shareholder | 2.1% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.0% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.6% | 2025-09-30 |
| 佐俣 文平 | Major shareholder | 1.5% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2024/10/01－2025/09/30) | S100XCAJ | 2025-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCAJ,, |
| 有価証券報告書－第19期(2023/10/01－2024/09/30) | S100UZCZ | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZCZ,, |
| 有価証券報告書－第18期(2022/10/01－2023/09/30) | S100SIBJ | 2023-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIBJ,, |
| 有価証券報告書－第17期(令和3年10月1日－令和4年9月30日) | S100PV1X | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PV1X,, |
| 有価証券報告書－第16期(令和2年10月1日－令和3年9月30日) | S100N3RX | 2021-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N3RX,, |

## 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).