# WDB HOLDINGS CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第41期(2025/04/01－2026/03/31) (S100YDOC)
> Page: https://vizora.meequs.com/en/company/wdb-holdings
> Retrieved: 2026-09-30T19:52:17.836Z

## Company

WDB Holdings, founded in 1985, is a company in HR & Staffing listed on TSE Prime. It has 5,489 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WDB HOLDINGS CO., LTD. |
| Ticker | 2475 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2475.T) |
| Listing | TSE Prime |
| Head office | 神戸市中央区江戸町101番地 |
| Representative (per filing) | 代表取締役社長 中野 敏光 |
| Founded | Jul 1985 |
| Share capital | ¥1B |
| Employees (consolidated) | 5,489 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.wdbhd.co.jp (https://www.wdbhd.co.jp/) |
| Corporate number | 5140001062244 |
| EDINET | E05560 |
| Industries (Vizora) | HR & Staffing, CRO & Clinical Testing |

> Profile source: annual securities report (S100YDOC, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 9.6 | 68 |
| Profitability | 52.8 | 88 |
| Cash conversion | 19.4 | 80 |
| Efficiency | 36.9 | 88 |

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 WDB Holdings's sales come from Human resource, with CRO business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -1.6% from the prior year, operating profit -11.9%.

## Company structure

- Segment revenue mix: Human resource 86.6%、CRO business 13.4%
- Revenue → net income: ¥50304985000 → ¥2978769000
- Net income → operating cash flow: ¥2978769000 → ¥2793093000（difference ¥-185676000）
- Main uses of operating cash flow: CapEx ¥3818565000 / dividends ¥1246760000 / buybacks ¥725952000
- Change in cash: ¥-3148266000
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 | ¥50.3B |  |
| Operating income | ¥4.46B | Margin 8.9% |
| Net income | ¥2.76B | Margin 5.5% |
| Free cash flow | -¥1.03B |  |
| Largest business | Human resource | of segment revenue 86.6% |
| Employees (consolidated) | 5,489 |  |
| EPS | ¥76.09 |  |
| Book value per share | ¥852.95 |  |
| Equity ratio | 77.3% |  |
| Shares outstanding | 20,060,000 |  |
| Treasury shares | 877,000 |  |
| Shareholders | 10,461 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 41.1% | Cash ÷ revenue 34.6% |
| Vs. industry median margin | +0.3 pp | HR & Staffing |
| ROE | 8.6% | Derived from disclosed figures |
| ROA | 6.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 80% of positive segment profit
- FY2026, cash is 41% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥44126189000 | ¥50304985000 | +14.0% |
| Operating income | ¥5109387000 | ¥4464428000 | -12.6% |
| Operating margin | 11.6% | 8.9% | -2.7 pp |
| Employees | 4,830 people | 5,489 people | +13.6% |
| Cash and equivalents | ¥19360521000 | ¥17426313000 | -10.0% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 人材サービス事業 → 人材サービス事業 | 86.6% |
| 人材サービス事業 → 事業再編・廃止 | 1.9% |
| ＣＲＯ事業 → ＣＲＯ事業 | 11.0% |
| その他 → 事業再編・廃止 | 0.6% |
| 新設・再編 → ＣＲＯ事業 | 2.5% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 50,305 | 100.0% | S100YDOC |
| Cost of revenue | 38,728 | 77.0% | S100YDOC |
| Gross profit | 11,577 | 23.0% | S100YDOC |
| SG&A | 7,112 | 14.1% | S100YDOC |
| Operating income | 4,464 | 8.9% | S100YDOC |
| Ordinary income | 4,597 | 9.1% | S100YDOC |
| Pretax income | 4,586 | 9.1% | S100YDOC |
| Income tax | 1,607 | 3.2% | S100YDOC |
| Net income | 2,979 | 5.9% | S100YDOC |
| Net income attributable to owners | 2,755 | 5.5% | S100YDOC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 14 |
| Operating income | 9 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 23.0% → Operating margin 8.9% → Net margin 5.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.6%; Core profit growth: -11.9%
Operating leverage (core profit growth ÷ revenue growth): 7.33×
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 | 51,137 | 50,305 | -832 | -1.6% |
| Gross profit | 11,742 | 11,577 | -166 | -1.4% |
| Operating income | 5,068 | 4,464 | -604 | -11.9% |
| Net income attributable to owners | 3,051 | 2,755 | -296 | -9.7% |
| Operating cash flow | 4,367 | 2,793 | -1,574 | -36.0% |
| Free cash flow | 1,184 | -1,025 | -2,210 | -186.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 43,108 | 4,956 | 11.5% | 3,114 | 3,043 | 2,714 | S100LQSA |
| FY ending Mar 2021 | 44,126 | 5,109 | 11.6% | 3,405 | 4,202 | 4,084 | S100OH17 |
| FY ending Mar 2022 | 46,876 | 6,314 | 13.5% | 4,171 | 4,026 | -2,241 | S100R4HT |
| FY ending Mar 2023 | 47,602 | 5,508 | 11.6% | 3,541 | 3,553 | 3,248 | S100TTVB |
| FY ending Mar 2024 | 49,298 | 5,468 | 11.1% | 3,548 | 4,494 | 3,720 | S100W38K |
| FY ending Mar 2025 | 51,137 | 5,068 | 9.9% | 3,051 | 4,367 | 1,184 | S100YDOC |
| FY ending Mar 2026 | 50,305 | 4,464 | 8.9% | 2,755 | 2,793 | -1,025 | S100YDOC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥9.2M |
| Operating income per employee (consolidated) | ¥813.3K |
| Net income per employee (consolidated) | ¥501.9K |

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) | 5,069 | 5,291 | 5,391 | 5,452 | 5,489 |
| Average salary (parent company) | ¥6.6M | ¥6.9M | ¥7.4M | ¥7.1M | ¥7.6M |
| Average age (parent company) | 48.6 years | 49.4 years | 49.6 years | 43.1 years | 48.9 years |
| Average tenure (parent company) | 11.3 years | 14.3 years | 14.2 years | 15.5 years | 16.2 years |

Year over year: Employees (consolidated) +0.7% · Revenue (consolidated) -1.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Human resource | 43,548 | 86.6% | 4,301 | 9.9% |
| CRO business | 6,757 | 13.4% | 1,048 | 15.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Human resource | 86.6% | 80.4% | -6.2 | 9.9% |
| CRO business | 13.4% | 19.6% | 6.2 | 15.5% |

Segment → industry: Human resource → HR & Staffing / CRO business → CRO & Clinical Testing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,793 | 5.6% | S100YDOC |
| Capital expenditure | 3,819 | 7.6% | S100YDOC |
| Free cash flow | -1,025 | -2.0% | 算出 |
| Investing cash flow | -3,944 | -7.8% | S100YDOC |
| Financing cash flow | -2,071 | -4.1% | S100YDOC |
| Dividends paid | 1,247 | 2.5% | S100YDOC |
| Share buyback | 726 | 1.4% | S100YDOC |
| Change in cash | -3,148 | -6.3% | S100YDOC |
| Cash and equivalents | 17,426 | 34.6% | S100YDOC |

## 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 | 16,426 | 18,371 | 20,942 | 20,575 | 17,426 | S100TTVB, S100W38K, S100YDOC |
| Total assets | 33,828 | 36,199 | 39,828 | 41,753 | 42,425 | S100R4HT, S100TTVB, S100W38K, S100YDOC |
| Net assets | 25,796 | 28,464 | 31,151 | 33,241 | 34,306 | S100TTVB, S100W38K, S100YDOC |
| Share capital | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | S100R4HT, S100TTVB, S100W38K, S100YDOC |
| Inventories | 38 | 41 | 51 | 65 | 2 | S100R4HT, S100TTVB, S100W38K, S100YDOC |
| Property, plant and equipment | 8,599 | 8,693 | 9,093 | 12,068 | 15,145 | S100R4HT, S100TTVB, S100W38K, S100YDOC |
| Intangible assets excluding goodwill | 159 | 74 | 150 | 149 | 86 | S100R4HT, S100TTVB, S100W38K, S100YDOC |
| Goodwill | 96 | — | — | — | — | S100R4HT |
| Investment securities | 91 | 109 | 130 | 128 | 295 | S100R4HT, S100TTVB, S100W38K, S100YDOC |
| Current assets | 23,095 | 25,458 | 28,647 | 27,406 | 24,901 | S100R4HT, S100TTVB, S100W38K, S100YDOC |
| Current liabilities | 6,560 | 6,288 | 7,143 | 6,936 | 6,616 | S100R4HT, S100TTVB, S100W38K, S100YDOC |
| Total liabilities | 8,032 | 7,735 | 8,677 | 8,512 | 8,119 | S100R4HT, S100TTVB, S100W38K, S100YDOC |
| Non-controlling interests | 683 | 857 | 1,106 | 1,347 | 1,512 | S100R4HT, S100TTVB, S100W38K, S100YDOC |
| Equity attributable to owners of parent | 25,157 | 27,483 | 29,852 | 31,576 | 32,358 | S100R4HT, S100TTVB, S100W38K, S100YDOC |
| Retained earnings | 24,505 | 27,049 | 29,419 | 31,145 | 32,653 | S100R4HT, S100TTVB, S100W38K, S100YDOC |
| Treasury stock | -1,019 | -1,277 | -1,277 | -1,277 | -2,003 | S100R4HT, S100TTVB, S100W38K, S100YDOC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 41% | S100YDOC |
| Inventories | 0% | S100YDOC |
| Property, plant and equipment | 36% | S100YDOC |
| Intangibles and goodwill | 0% | S100YDOC |
| Investment securities | 1% | S100YDOC |
| Other assets | 22% | S100YDOC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 19% | S100YDOC |
| Equity | 81% | S100YDOC |
| Other liabilities | 0% | S100YDOC |

### 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 | 33,828 | 36,199 | 39,828 | 41,753 | 42,425 |
| Equity | 25,796 | 28,464 | 31,151 | 33,241 | 34,306 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,426 | 18,371 | 20,942 | 20,575 | 17,426 |

## 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) | 30.1% | S100YDOC |
| Fixed assets ÷ total assets | 35.7% | S100YDOC |
| Goodwill ÷ parent equity | — | —, S100YDOC |

### 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) | 41.1% |
| Cash ÷ revenue | 34.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 62.6% |
| Cash vs. profit gap | 38 JPY mn (of net income 1.4%) |
| Shareholder returns / net income | 71.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 45.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.6% |
| Investing CF relative to operating CF | 141.2% |

## 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 | 8.9% | 1.39× | 12.3% | 1.34× | 16.6% | S100R4HT |
| 2023 | 7.4% | 1.36× | 10.1% | 1.33× | 13.5% | S100TTVB |
| 2024 | 7.2% | 1.30× | 9.3% | 1.33× | 12.4% | S100W38K |
| 2025 | 6.0% | 1.25× | 7.5% | 1.33× | 9.9% | S100YDOC |
| 2026 | 5.5% | 1.20× | 6.5% | 1.32× | 8.6% | S100YDOC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中野商店株式会社 | Major shareholder | 50.4% | 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 | 3.7% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 3.5% | 2026-03-31 |
| BBH FOR FIDELITY LOW-PRICED STOCK FUND（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 3.3% | 2026-03-31 |
| 中野 敏光 | Major shareholder | 3.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505044（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.9% | 2026-03-31 |
| 大塚 美樹 | Major shareholder | 2.5% | 2026-03-31 |
| 日本生命保険相互会社（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.1% | 2026-03-31 |
| 野村信託銀行株式会社（信託口） | Major shareholder | 1.6% | 2026-03-31 |
| 特定有価証券信託受託者 株式会社ＳＭＢＣ信託銀行 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第41期(2025/04/01－2026/03/31) | S100YDOC | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDOC,, |
| 有価証券報告書－第40期(2024/04/01－2025/03/31) | S100W38K | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W38K,, |
| 有価証券報告書－第39期(2023/04/01－2024/03/31) | S100TTVB | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTVB,, |
| 有価証券報告書－第38期(2022/04/01－2023/03/31) | S100R4HT | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4HT,, |
| 有価証券報告書－第37期(令和3年4月1日－令和4年3月31日) | S100OH17 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH17,, |
| 有価証券報告書－第36期(令和2年4月1日－令和3年3月31日) | S100LQSA | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQSA,, |

## 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).