# WDI Corporation.: 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72期(2025/04/01－2026/03/31) (S100YKH9)
> Page: https://vizora.meequs.com/en/company/wdi
> Retrieved: 2026-09-30T20:24:34.399Z

## Company

WDI, founded in 1954, is a company in Restaurants & Pubs listed on TSE Standard. It has 2,386 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WDI Corporation |
| Ticker | 3068 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3068.T) |
| Listing | TSE Standard |
| Head office | 東京都港区虎ノ門二丁目4番7号 |
| Representative (per filing) | 代表取締役 清水 謙 |
| Founded | Apr 1954 |
| Share capital | ¥50M |
| Employees (consolidated) | 2,386 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.wdi.co.jp (https://www.wdi.co.jp/) |
| Corporate number | 8010401022997 |
| EDINET | E03496 |
| Industries (Vizora) | Restaurants & Pubs |

> Profile source: annual securities report (S100YKH9, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 77.7 | 56 |
| Profitability | 46.2 | 66 |
| Cash conversion | 40.9 | 55 |
| Efficiency | 53.8 | 66 |

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 76% of WDI's sales come from Japan, with North America and Micronesia making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +8.0% from the prior year, operating profit +69.9%.

## Company structure

- Segment revenue mix: Japan 76.4%、North America 19.1%、Micronesia 3.5%、Asia 1.0%
- Revenue → net income: ¥34518241000 → ¥76484000
- Net income → operating cash flow: ¥76484000 → ¥1722042000（difference ¥1645558000）
- Main uses of operating cash flow: CapEx ¥1871072000 / dividends ¥106011000 / buybacks ¥137000
- Change in cash: ¥623857000
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 | ¥34.5B |  |
| Operating income | ¥1.27B | Margin 3.7% |
| Net income | ¥235.9M | Margin 0.7% |
| Free cash flow | -¥149M |  |
| Largest business | Japan | of segment revenue 76.4% |
| Employees (consolidated) | 2,386 |  |
| EPS | ¥11.53 |  |
| Book value per share | ¥624.84 |  |
| Equity ratio | 27.4% |  |
| Shares outstanding | 6,331,000 |  |
| Treasury shares | 66,400 |  |
| Shareholders | 14,309 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 24.1% | Cash ÷ revenue 16.7% |
| Vs. industry median margin | -0.2 pp | Restaurants & Pubs |
| ROE | 3.4% | Derived from disclosed figures |
| ROA | 1.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 7.3× net income
- FY2026, one segment accounts for 98% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15815429000 | ¥34518241000 | +118.3% |
| Operating income | ¥-1423068000 | ¥1272860000 | — |
| Operating margin | -9.0% | 3.7% | +12.7 pp |
| Employees | 1,476 people | 2,386 people | +61.7% |
| Cash and equivalents | ¥7418752000 | ¥5776476000 | -22.1% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 76.4% |
| 日本 → 事業再編・廃止 | 4.5% |
| 北米 → 北米 | 14.6% |
| ミクロネシア → ミクロネシア | 3.5% |
| ミクロネシア → 事業再編・廃止 | 0.6% |
| アジア → アジア | 0.4% |
| 新設・再編 → 北米 | 4.5% |
| 新設・再編 → アジア | 0.6% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +15.6% | ¥26358548000 | 8.3% | 2 |
| North America | 5 years | +23.4% | ¥6600550000 | -4.4% | 2 |
| Micronesia | 5 years | +13.1% | ¥1212848000 | 3.9% | 2 |
| Asia | 5 years | +39.4% | ¥346293000 | -7.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 34,518 | 100.0% | S100YKH9 |
| Cost of revenue | 10,013 | 29.0% | S100YKH9 |
| Gross profit | 24,506 | 71.0% | S100YKH9 |
| SG&A | 23,233 | 67.3% | S100YKH9 |
| Operating income | 1,273 | 3.7% | S100YKH9 |
| Ordinary income | 1,386 | 4.0% | S100YKH9 |
| Pretax income | 788 | 2.3% | S100YKH9 |
| Income tax | 711 | 2.1% | S100YKH9 |
| Net income | 76 | 0.2% | S100YKH9 |
| Net income attributable to owners | 236 | 0.7% | S100YKH9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 29 |
| SG&A | 67 |
| Operating income | 4 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 71.0% → Operating margin 3.7% → Net margin 0.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.0%; Core profit growth: +69.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 8.70×
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 | 31,953 | 34,518 | 2,565 | +8.0% |
| Gross profit | 22,869 | 24,506 | 1,636 | +7.2% |
| Operating income | 749 | 1,273 | 524 | +69.9% |
| Net income attributable to owners | 930 | 236 | -694 | -74.6% |
| Operating cash flow | 331 | 1,722 | 1,391 | +420.2% |
| Free cash flow | -1,279 | -149 | 1,130 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 29,877 | 407 | 1.4% | -622 | 1,002 | -401 | S100LQ2P |
| FY ending Mar 2021 | 15,815 | -1,423 | -9.0% | 1,685 | -1,386 | -1,607 | S100QJTW |
| FY ending Mar 2022 | 19,183 | -837 | -4.4% | 726 | 1,344 | -2,983 | S100R2NO |
| FY ending Mar 2023 | 26,174 | 831 | 3.2% | 941 | 1,680 | 582 | S100TRPR |
| FY ending Mar 2024 | 30,950 | 1,403 | 4.5% | 1,054 | 1,786 | 567 | S100W4NQ |
| FY ending Mar 2025 | 31,953 | 749 | 2.3% | 930 | 331 | -1,279 | S100YKH9 |
| FY ending Mar 2026 | 34,518 | 1,273 | 3.7% | 236 | 1,722 | -149 | S100YKH9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.5M |
| Operating income per employee (consolidated) | ¥533.5K |
| Net income per employee (consolidated) | ¥98.9K |

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) | 1,576 | 1,870 | 2,146 | 2,266 | 2,386 |
| Average salary (parent company) | ¥6.8M | ¥6M | ¥6.7M | ¥6.5M | ¥6.5M |
| Average age (parent company) | 43.4 years | 38.7 years | 39.7 years | 38.5 years | 41.5 years |
| Average tenure (parent company) | 13.6 years | 10.2 years | 11.2 years | 9.1 years | 10.7 years |

Year over year: Employees (consolidated) +5.3% · Revenue (consolidated) +8.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 26,359 | 76.4% | 2,187 | 8.3% |
| North America | 6,601 | 19.1% | -287 | -4.4% |
| Micronesia | 1,213 | 3.5% | 48 | 3.9% |
| Asia | 346 | 1.0% | -27 | -7.9% |
| Europe | — | 0.0% | -62 | — |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| Japan | 97.9% | 8.3% |
| North America | — | -4.4% |
| Micronesia | 2.1% | 3.9% |
| Asia | — | -7.9% |
| Europe | — | — |

Loss-making segment (excluded from profit shares): North America -287 JPY mn

Loss-making segment (excluded from profit shares): Asia -27 JPY mn

Loss-making segment (excluded from profit shares): Europe -62 JPY mn

Segment → industry: Europe → Restaurants & Pubs / Asia → Restaurants & Pubs / Micronesia → Restaurants & Pubs / North America → Restaurants & Pubs / Japan → Restaurants & Pubs

## 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 | 1,722 | 5.0% | S100YKH9 |
| Capital expenditure | 1,871 | 5.4% | S100YKH9 |
| Free cash flow | -149 | -0.4% | 算出 |
| Investing cash flow | -2,108 | -6.1% | S100YKH9 |
| Financing cash flow | 765 | 2.2% | S100YKH9 |
| Dividends paid | 106 | 0.3% | S100YKH9 |
| Share buyback | 0 | 0.0% | S100YKH9 |
| Change in cash | 624 | 1.8% | S100YKH9 |
| Cash and equivalents | 5,776 | 16.7% | S100YKH9 |

## 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 | 6,174 | 5,447 | 5,941 | 5,153 | 5,776 | S100TRPR, S100W4NQ, S100YKH9 |
| Total assets | 16,977 | 21,120 | 23,049 | 22,550 | 23,986 | S100R2NO, S100TRPR, S100W4NQ, S100YKH9 |
| Net assets | 5,249 | 6,266 | 7,375 | 8,110 | 7,937 | S100TRPR, S100W4NQ, S100YKH9 |
| Share capital | 50 | 50 | 50 | 50 | 50 | S100R2NO, S100TRPR, S100W4NQ, S100YKH9 |
| Inventories | 612 | 749 | 1,002 | 1,158 | 1,288 | S100R2NO, S100TRPR, S100W4NQ, S100YKH9 |
| Property, plant and equipment | 6,690 | 11,101 | 11,794 | 11,510 | 11,556 | S100R2NO, S100TRPR, S100W4NQ, S100YKH9 |
| Intangible assets excluding goodwill | 224 | 203 | 172 | 141 | 139 | S100R2NO, S100TRPR, S100W4NQ, S100YKH9 |
| Investment securities | — | — | 32 | 318 | 233 | S100W4NQ, S100YKH9 |
| Current assets | 8,280 | 8,027 | 9,072 | 8,457 | 9,555 | S100R2NO, S100TRPR, S100W4NQ, S100YKH9 |
| Current liabilities | 4,206 | 5,156 | 6,036 | 5,197 | 6,617 | S100R2NO, S100TRPR, S100W4NQ, S100YKH9 |
| Long-term borrowings | 5,955 | 4,388 | 4,496 | 4,310 | 4,798 | S100R2NO, S100TRPR, S100W4NQ, S100YKH9 |
| Total liabilities | 11,728 | 14,854 | 15,674 | 14,440 | 16,049 | S100R2NO, S100TRPR, S100W4NQ, S100YKH9 |
| Non-controlling interests | 1,077 | 1,563 | 1,846 | 1,683 | 1,370 | S100R2NO, S100TRPR, S100W4NQ, S100YKH9 |
| Equity attributable to owners of parent | 4,427 | 5,198 | 6,072 | 6,946 | 7,108 | S100R2NO, S100TRPR, S100W4NQ, S100YKH9 |
| Retained earnings | 3,254 | 4,112 | 5,090 | 5,927 | 6,056 | S100R2NO, S100TRPR, S100W4NQ, S100YKH9 |
| Treasury stock | -1 | -88 | -199 | -174 | -149 | S100R2NO, S100TRPR, S100W4NQ, S100YKH9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YKH9 |
| Inventories | 5% | S100YKH9 |
| Property, plant and equipment | 48% | S100YKH9 |
| Intangibles and goodwill | 1% | S100YKH9 |
| Investment securities | 1% | S100YKH9 |
| Other assets | 21% | S100YKH9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 67% | S100YKH9 |
| Equity | 33% | S100YKH9 |
| Other liabilities | 0% | S100YKH9 |

### 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 | 16,977 | 21,120 | 23,049 | 22,550 | 23,986 |
| Equity | 5,249 | 6,266 | 7,375 | 8,110 | 7,937 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,174 | 5,447 | 5,941 | 5,153 | 5,776 |

## 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) | 33.5% | S100YKH9 |
| Fixed assets ÷ total assets | 48.2% | S100YKH9 |
| Goodwill ÷ parent equity | — | —, S100YKH9 |

### 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) | 24.1% |
| Cash ÷ revenue | 16.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 135.3% |
| Cash vs. profit gap | 1,486 JPY mn (of net income 630.0%) |
| Shareholder returns / net income | 45.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 44.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.4% |
| Investing CF relative to operating CF | 122.4% |

## 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 | 3.8% | 1.13× | 4.3% | 3.83× | 16.4% | S100R2NO |
| 2023 | 3.6% | 1.37× | 4.9% | 3.96× | 19.5% | S100TRPR |
| 2024 | 3.4% | 1.40× | 4.8% | 3.92× | 18.7% | S100W4NQ |
| 2025 | 2.9% | 1.40× | 4.1% | 3.50× | 14.3% | S100YKH9 |
| 2026 | 0.7% | 1.48× | 1.0% | 3.31× | 3.4% | S100YKH9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Soken Corp. | Major shareholder | 24.1% | 2026-03-31 |
| 清水 洋二 | Major shareholder | 9.4% | 2026-03-31 |
| 清水 謙 | Major shareholder | 2.5% | 2026-03-31 |
| WDI従業員持株会 | Major shareholder | 1.1% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| サントリー株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 0.7% | 2026-03-31 |
| 麒麟麦酒株式会社 | Major shareholder | 0.6% | 2026-03-31 |
| 宮内 義彦 | Major shareholder | 0.6% | 2026-03-31 |
| 孫 正義 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第72期(2025/04/01－2026/03/31) | S100YKH9 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKH9,, |
| 有価証券報告書－第71期(2024/04/01－2025/03/31) | S100W4NQ | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4NQ,, |
| 有価証券報告書－第70期(2023/04/01－2024/03/31) | S100TRPR | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRPR,, |
| 有価証券報告書－第69期(2022/04/01－2023/03/31) | S100R2NO | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2NO,, |
| 訂正有価証券報告書－第68期(2021/04/01－2022/03/31) | S100QJTW | 2023-04-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QJTW,, |
| 有価証券報告書－第67期(令和2年4月1日－令和3年3月31日) | S100LQ2P | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ2P,, |

## 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).