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

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第43期(2025/04/01－2026/03/31) (S100YFVI)
> Page: https://vizora.meequs.com/en/company/wdbcoco
> Retrieved: 2026-09-30T19:48:28.266Z

## Company

WDB coco, founded in 1984, is a company in CRO & Clinical Testing listed on TSE Growth. It has 516 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WDB coco CO., LTD. |
| Ticker | 7079 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7079.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区晴海一丁目8番11号 トリトンスクエアY棟27F |
| Representative (per filing) | 代表取締役社長 谷口 晴彦 |
| Founded | Aug 1984 |
| Share capital | ¥280M |
| Employees (consolidated) | 516 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | March |
| Website | www.wdbcoco.com (https://www.wdbcoco.com/) |
| Corporate number | 9010001139654 |
| EDINET | E35335 |
| Industries (Vizora) | CRO & Clinical Testing |

> Profile source: annual securities report (S100YFVI, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: CRO & Clinical Testing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 87.5 | 12 |
| Profitability | 96.2 | 13 |
| Cash conversion | 4.5 | 11 |
| Efficiency | 73.1 | 13 |

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)

- WDB coco brought in ¥4.82B in revenue.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed -9.6% from the prior year, operating profit -26.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4815813000 → ¥679306000
- Net income → operating cash flow: ¥679306000 → ¥570538000（difference ¥-108768000）
- Main uses of operating cash flow: CapEx ¥49289000 / dividends ¥192389000 / buybacks —
- Change in cash: ¥282975000
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 | ¥4.82B |  |
| Operating income | ¥957.2M | Margin 19.9% |
| Net income | ¥679.3M | Margin 14.1% |
| Free cash flow | ¥521.2M |  |
| Employees (consolidated) | 516 |  |
| EPS | ¥282.47 |  |
| Book value per share | ¥1988.87 |  |
| Equity ratio | 83.8% |  |
| Shares outstanding | 2,405,000 |  |
| Treasury shares | 100 |  |
| Shareholders | 1,098 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 65.9% | Cash ÷ revenue 78.1% |
| Vs. industry median margin | +14.4 pp | CRO & Clinical Testing |
| ROE | 15.0% | Derived from disclosed figures |
| ROA | 12.0% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 66% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2570747000 | ¥4815813000 | +87.3% |
| Operating income | ¥524702000 | ¥957203000 | +82.4% |
| Operating margin | 20.4% | 19.9% | -0.5 pp |
| Employees | 342 people | 516 people | +50.9% |
| Cash and equivalents | ¥1280271000 | ¥3761639000 | +193.8% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,816 | 100.0% | S100YFVI |
| Cost of revenue | 3,106 | 64.5% | S100YFVI |
| Gross profit | 1,710 | 35.5% | S100YFVI |
| SG&A | 753 | 15.6% | S100YFVI |
| Operating income | 957 | 19.9% | S100YFVI |
| Ordinary income | 964 | 20.0% | S100YFVI |
| Pretax income | 964 | 20.0% | S100YFVI |
| Income tax | 285 | 5.9% | S100YFVI |
| Net income | 679 | 14.1% | S100YFVI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 16 |
| Operating income | 20 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 35.5% → Operating margin 19.9% → Net margin 14.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -9.6%; Core profit growth: -26.7%
Operating leverage (core profit growth ÷ revenue growth): 2.79×
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 | 5,327 | 4,816 | -511 | -9.6% |
| Gross profit | 2,077 | 1,710 | -367 | -17.7% |
| Operating income | 1,306 | 957 | -349 | -26.7% |
| Operating cash flow | 1,104 | 571 | -534 | -48.3% |
| Free cash flow | 1,089 | 521 | -567 | -52.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,286 | 473 | 20.7% | 307 | 372 | 335 | S100LRV4 |
| FY ending Mar 2021 | 2,571 | 525 | 20.4% | 373 | 294 | 292 | S100OH3N |
| FY ending Mar 2022 | 3,615 | 963 | 26.6% | 648 | 748 | 706 | S100R3F2 |
| FY ending Mar 2023 | 4,071 | 1,086 | 26.7% | 744 | 517 | 452 | S100TXM0 |
| FY ending Mar 2024 | 4,596 | 1,273 | 27.7% | 858 | 772 | 685 | S100W96N |
| FY ending Mar 2025 | 5,327 | 1,306 | 24.5% | 913 | 1,104 | 1,089 | S100YFVI |
| FY ending Mar 2026 | 4,816 | 957 | 19.9% | 679 | 571 | 521 | S100YFVI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥9.3M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 403 | 471 | 504 | 566 | 516 |
| Average salary (parent company) | ¥4.2M | ¥4.1M | ¥4.1M | ¥4.7M | ¥4.6M |
| Average age (parent company) | 34.5 years | 34.6 years | 35.4 years | 35.6 years | 36.6 years |
| Average tenure (parent company) | 3.2 years | 3.4 years | 3.9 years | 3.5 years | 4.7 years |

Year over year: Employees (consolidated) -8.8% · Revenue (consolidated) -9.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 571 | 11.8% | S100YFVI |
| Capital expenditure | 49 | 1.0% | S100YFVI |
| Free cash flow | 521 | 10.8% | 算出 |
| Investing cash flow | -81 | -1.7% | S100YFVI |
| Financing cash flow | -207 | -4.3% | S100YFVI |
| Dividends paid | 192 | 4.0% | S100YFVI |
| Change in cash | 283 | 5.9% | S100YFVI |
| Cash and equivalents | 3,762 | 78.1% | S100YFVI |

## 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 | 1,889 | 2,002 | 2,659 | 3,479 | 3,762 | S100TXM0, S100W96N, S100YFVI |
| Total assets | 3,134 | 3,661 | 4,659 | 5,586 | 5,704 | S100R3F2, S100TXM0, S100W96N, S100YFVI |
| Net assets | 2,148 | 2,803 | 3,564 | 4,296 | 4,783 | S100TXM0, S100W96N, S100YFVI |
| Share capital | 276 | 279 | 280 | 280 | 280 | S100R3F2, S100TXM0, S100W96N, S100YFVI |
| Property, plant and equipment | 154 | 131 | 136 | 134 | 224 | S100R3F2, S100TXM0, S100W96N, S100YFVI |
| Intangible assets excluding goodwill | 14 | 31 | 239 | 211 | 177 | S100R3F2, S100TXM0, S100W96N, S100YFVI |
| Goodwill | — | — | 134 | 122 | 110 | S100W96N, S100YFVI |
| Current assets | 2,759 | 3,048 | 4,060 | 4,895 | 4,967 | S100R3F2, S100TXM0, S100W96N, S100YFVI |
| Current liabilities | 855 | 719 | 929 | 1,080 | 636 | S100R3F2, S100TXM0, S100W96N, S100YFVI |
| Total liabilities | 986 | 858 | 1,095 | 1,290 | 921 | S100R3F2, S100TXM0, S100W96N, S100YFVI |
| Equity attributable to owners of parent | 2,148 | 2,803 | 3,564 | 4,296 | 4,783 | S100R3F2, S100TXM0, S100W96N, S100YFVI |
| Retained earnings | 1,597 | 2,245 | 3,004 | 3,737 | 4,224 | S100R3F2, S100TXM0, S100W96N, S100YFVI |
| Treasury stock | -0 | -0 | -0 | -1 | -1 | S100R3F2, S100TXM0, S100W96N, S100YFVI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 66% | S100YFVI |
| Property, plant and equipment | 4% | S100YFVI |
| Intangibles and goodwill | 5% | S100YFVI |
| Other assets | 25% | S100YFVI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 16% | S100YFVI |
| Equity | 84% | S100YFVI |
| Other liabilities | 0% | S100YFVI |

### 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 | 3,134 | 3,661 | 4,659 | 5,586 | 5,704 |
| Equity | 2,148 | 2,803 | 3,564 | 4,296 | 4,783 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,889 | 2,002 | 2,659 | 3,479 | 3,762 |

## 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) | 4.6% | S100YFVI |
| Fixed assets ÷ total assets | 3.9% | S100YFVI |
| Goodwill ÷ parent equity | 2.3% | S100YFVI |

### 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) | 65.9% |
| Cash ÷ revenue | 78.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 59.6% |
| Cash vs. profit gap | -109 JPY mn (of net income -16.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.3% |
| Shareholder payments — dividends / FCF | 36.9% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 14.1% |

## 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 | 17.9% | 1.15× | 20.7% | 1.46× | 30.2% | S100R3F2 |
| 2023 | 18.3% | 1.20× | 21.9% | 1.37× | 30.0% | S100TXM0 |
| 2024 | 18.7% | 1.10× | 20.6% | 1.31× | 26.9% | S100W96N |
| 2025 | 17.1% | 1.04× | 17.8% | 1.30× | 23.2% | S100YFVI |
| 2026 | 14.1% | 0.85× | 12.0% | 1.24× | 15.0% | S100YFVI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＷＤＢホールディングス株式会社 | Major shareholder | 67.7% | 2026-03-31 |
| 光通信株式会社 | Major shareholder | 4.0% | 2026-03-31 |
| 谷口 晴彦 | Major shareholder | 2.5% | 2026-03-31 |
| 五味 大輔 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.2% | 2026-03-31 |
| ＷＤＢココ従業員持株会 | Major shareholder | 0.9% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 0.8% | 2026-03-31 |
| 西森 初音 | Major shareholder | 0.7% | 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 | 0.7% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第43期(2025/04/01－2026/03/31) | S100YFVI | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFVI,, |
| 有価証券報告書－第42期(2024/04/01－2025/03/31) | S100W96N | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W96N,, |
| 有価証券報告書－第41期(2023/04/01－2024/03/31) | S100TXM0 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXM0,, |
| 有価証券報告書－第40期(2022/04/01－2023/03/31) | S100R3F2 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3F2,, |
| 有価証券報告書－第39期(令和3年4月1日－令和4年3月31日) | S100OH3N | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH3N,, |
| 有価証券報告書－第38期(令和2年4月1日－令和3年3月31日) | S100LRV4 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRV4,, |

## 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).