# Wealth Management, Inc.: 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27期(2025/04/01－2026/03/31) (S100YGX4)
> Page: https://vizora.meequs.com/en/company/wealth-management
> Retrieved: 2026-09-30T21:35:04.228Z

## Company

Wealth Management, founded in 1999, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 403 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Wealth Management, Inc. |
| Ticker | 3772 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3772.T) |
| Listing | TSE Standard |
| Head office | 東京都港区赤坂一丁目12番32号 |
| Representative (per filing) | 代表取締役社長執行役員 千野 和俊 |
| Founded | Dec 1999 |
| Share capital | ¥2.36B |
| Employees (consolidated) | 403 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.wealth-mngt.com (https://www.wealth-mngt.com/) |
| Corporate number | 9010001096862 |
| EDINET | E03801 |
| Industries (Vizora) | Real Estate Development & Leasing, Hotels & Inns |

> Profile source: annual securities report (S100YGX4, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Hotels & Inns (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.4 | 16 |
| Profitability | 14.7 | 17 |
| Efficiency | 2.9 | 17 |

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 69% of Wealth Management's sales come from Hotel Management, with Real estate and Asset Management making up much of the rest.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed -17.5% from the prior year, operating profit -104.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥15.1B |  |
| Operating income | -¥107.7M | Margin -0.7% |
| Net income | -¥1.18B | Margin -7.8% |
| Free cash flow | -¥25.6B |  |
| Largest business | Hotel Management | of segment revenue 68.7% |
| Employees (consolidated) | 403 |  |
| EPS | ¥-62.84 |  |
| Book value per share | ¥682.87 |  |
| Equity ratio | 19.8% |  |
| Shares outstanding | 19,179,800 |  |
| Treasury shares | 1,200 |  |
| Shareholders | 7,739 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 4.6% | Cash ÷ revenue 27.5% |
| Vs. industry median margin | -11.4 pp | Hotels & Inns |
| ROA | -1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 89% of positive segment profit
- FY2026, segment profit share differs by 20 points
- FY2026, cash is 5% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5309731000 | ¥15109435000 | +184.6% |
| Operating income | ¥-690704000 | ¥-107688000 | — |
| Operating margin | -13.0% | -0.7% | +12.3 pp |
| Employees | 204 people | 403 people | +97.5% |
| Cash and equivalents | ¥2104891000 | ¥4151495000 | +97.2% |

### 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 |
| --- | ---: |
| 不動産金融事業 → 事業再編・廃止 | 86.2% |
| ホテル運営事業 → ホテル運営事業 | 13.8% |
| 新設・再編 → アセットマネジメント事業 | 6.0% |
| 新設・再編 → 不動産事業 | 25.3% |
| 新設・再編 → ホテル運営事業 | 54.9% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Hotel Management | 5 years | +70.0% | ¥10383442000 | 22.7% | 2 |
| Real estate | 4 years | -38.8% | ¥3816080000 | -38.5% | 2 |
| Asset Management | 4 years | +25.8% | ¥909912000 | 32.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,109 | 100.0% | S100YGX4 |
| Cost of revenue | 12,086 | 80.0% | S100YGX4 |
| Gross profit | 3,024 | 20.0% | S100YGX4 |
| SG&A | 3,131 | 20.7% | S100YGX4 |
| Operating income | -108 | -0.7% | S100YGX4 |
| Ordinary income | -2,063 | -13.7% | S100YGX4 |
| Pretax income | -1,494 | -9.9% | S100YGX4 |
| Income tax | -316 | -2.1% | S100YGX4 |
| Net income | -1,178 | -7.8% | S100YGX4 |
| Net income attributable to owners | -1,178 | -7.8% | S100YGX4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 21 |
| Operating income | -1 |
| (Ref.) Net income | -8 |

### Margin funnel

Gross margin 20.0% → Operating margin -0.7% → Net margin -7.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 18,310 | 15,109 | -3,201 | -17.5% |
| Gross profit | 5,840 | 3,024 | -2,817 | -48.2% |
| Operating income | 2,520 | -108 | -2,628 | -104.3% |
| Net income attributable to owners | 1,103 | -1,178 | -2,281 | -206.8% |
| Operating cash flow | -3,079 | -25,198 | -22,119 | — |
| Free cash flow | -3,651 | -25,594 | -21,943 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 13,221 | 2,708 | 20.5% | 2,427 | -8,917 | -8,961 | S100LKYR |
| FY ending Mar 2021 | 5,310 | -691 | -13.0% | -1,060 | -3,724 | -3,757 | S100OCDD |
| FY ending Mar 2022 | 29,030 | 5,676 | 19.6% | 3,514 | 19,282 | 19,227 | S100RQ5B |
| FY ending Mar 2023 | 14,801 | 3,815 | 25.8% | 3,733 | -3,258 | -3,355 | S100U5K1 |
| FY ending Mar 2024 | 28,625 | 3,029 | 10.6% | 1,824 | 7,030 | 6,715 | S100W6D4 |
| FY ending Mar 2025 | 18,310 | 2,520 | 13.8% | 1,103 | -3,079 | -3,651 | S100YGX4 |
| FY ending Mar 2026 | 15,109 | -108 | -0.7% | -1,178 | -25,198 | -25,594 | S100YGX4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.5M |
| Operating income per employee (consolidated) | -¥267.2K |
| Net income per employee (consolidated) | -¥2.9M |

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) | 202 | 235 | 344 | 396 | 403 |
| Average salary (parent company) | ¥8.5M | ¥8M | ¥7.2M | ¥7.4M | ¥7M |
| Average age (parent company) | 40.1 years | 41.3 years | 37.2 years | 37.6 years | 36.8 years |
| Average tenure (parent company) | 2.8 years | 1.9 years | 1.4 years | 2.5 years | 2.3 years |

Year over year: Employees (consolidated) +1.8% · Revenue (consolidated) -17.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Asset Management | 910 | 6.0% | 297 | 32.7% |
| Real estate | 3,816 | 25.3% | -1,467 | -38.5% |
| Hotel Management | 10,383 | 68.7% | 2,356 | 22.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Asset Management | 6.0% | 11.2% | 5.2 | 32.7% |
| Real estate | 25.3% | — | — | -38.5% |
| Hotel Management | 68.7% | 88.8% | 20.1 | 22.7% |

Loss-making segment (excluded from profit shares): Real estate -1,467 JPY mn

Segment → industry: Real estate → Real Estate Development & Leasing / Asset Management → Real Estate Development & Leasing / Hotel Management → Hotels & Inns

## 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 | -25,198 | -166.8% | S100YGX4 |
| Capital expenditure | 396 | 2.6% | S100YGX4 |
| Free cash flow | -25,594 | -169.4% | 算出 |
| Investing cash flow | -5,454 | -36.1% | S100YGX4 |
| Financing cash flow | 25,886 | 171.3% | S100YGX4 |
| Dividends paid | 383 | 2.5% | S100YGX4 |
| Change in cash | -4,766 | -31.5% | S100YGX4 |
| Cash and equivalents | 4,151 | 27.5% | S100YGX4 |

## 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 | 5,565 | 8,580 | 13,924 | 8,918 | 4,151 | S100U5K1, S100W6D4, S100YGX4 |
| Total assets | 39,386 | 49,905 | 55,230 | 62,102 | 89,302 | S100RQ5B, S100U5K1, S100W6D4, S100YGX4 |
| Net assets | 10,926 | 15,788 | 18,546 | 19,399 | 17,673 | S100U5K1, S100W6D4, S100YGX4 |
| Share capital | 987 | 1,677 | 2,296 | 2,356 | 2,356 | S100RQ5B, S100U5K1, S100W6D4, S100YGX4 |
| Property, plant and equipment | 45 | 423 | 486 | 2,021 | 1,998 | S100RQ5B, S100U5K1, S100W6D4, S100YGX4 |
| Intangible assets excluding goodwill | 660 | 538 | 415 | 368 | 323 | S100RQ5B, S100U5K1, S100W6D4, S100YGX4 |
| Goodwill | 628 | 503 | 377 | 305 | 166 | S100RQ5B, S100U5K1, S100W6D4, S100YGX4 |
| Investment securities | 741 | 703 | 836 | 3,749 | 8,687 | S100RQ5B, S100U5K1, S100W6D4, S100YGX4 |
| Current assets | 37,567 | 47,448 | 51,659 | 53,697 | 75,824 | S100RQ5B, S100U5K1, S100W6D4, S100YGX4 |
| Current liabilities | 4,549 | 3,673 | 10,654 | 7,237 | 32,507 | S100RQ5B, S100U5K1, S100W6D4, S100YGX4 |
| Short-term borrowings | 830 | 340 | 4,700 | 720 | 7,431 | S100RQ5B, S100U5K1, S100W6D4, S100YGX4 |
| Long-term borrowings | 4,445 | 11,722 | 19,648 | 23,849 | 26,410 | S100RQ5B, S100U5K1, S100W6D4, S100YGX4 |
| Total liabilities | 28,460 | 34,117 | 36,684 | 42,703 | 71,629 | S100RQ5B, S100U5K1, S100W6D4, S100YGX4 |
| Non-controlling interests | — | — | — | — | 3 | S100YGX4 |
| Equity attributable to owners of parent | 10,926 | 15,784 | 18,544 | 19,398 | 17,669 | S100RQ5B, S100U5K1, S100W6D4, S100YGX4 |
| Retained earnings | 9,529 | 13,006 | 14,522 | 15,262 | 13,701 | S100RQ5B, S100U5K1, S100W6D4, S100YGX4 |
| Treasury stock | -1 | -1 | -1 | -1 | -1 | S100RQ5B, S100U5K1, S100W6D4, S100YGX4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YGX4 |
| Property, plant and equipment | 2% | S100YGX4 |
| Intangibles and goodwill | 0% | S100YGX4 |
| Investment securities | 10% | S100YGX4 |
| Other assets | 83% | S100YGX4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 80% | S100YGX4 |
| Equity | 20% | S100YGX4 |

### 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 | 39,386 | 49,905 | 55,230 | 62,102 | 89,302 |
| Equity | 10,926 | 15,788 | 18,546 | 19,399 | 17,673 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,565 | 8,580 | 13,924 | 8,918 | 4,151 |

## 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) | 13.2% | S100YGX4 |
| Fixed assets ÷ total assets | 2.2% | S100YGX4 |
| Goodwill ÷ parent equity | 0.9% | S100YGX4 |

Goodwill over 4 years: 628 → 166 JPY; total investing cash flow: -14,668 JPY. This does not imply causation.

### 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) | 4.6% |
| Cash ÷ revenue | 27.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -24,020 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | — |

## 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 | 12.1% | 0.74× | 8.9% | 3.60× | 32.2% | S100RQ5B |
| 2023 | 25.2% | 0.33× | 8.4% | 3.34× | 28.0% | S100U5K1 |
| 2024 | 6.4% | 0.54× | 3.5% | 3.06× | 10.6% | S100W6D4 |
| 2025 | 6.0% | 0.31× | 1.9% | 3.09× | 5.8% | S100YGX4 |
| 2026 | — | —× | -1.6% | —× | — | S100YGX4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社第一ライフグループ（旧会社名 第一生命ホールディングス株式会社） | Major shareholder | 28.5% | 2026-03-31 |
| 赤坂社中有限責任事業組合 | Major shareholder | 17.5% | 2026-03-31 |
| 千野 和俊 | Major shareholder | 8.4% | 2026-03-31 |
| 目時 伴雄 | Major shareholder | 2.6% | 2026-03-31 |
| 小島 秀明 | Major shareholder | 1.4% | 2026-03-31 |
| 麻布社中有限責任事業組合 | Major shareholder | 1.3% | 2026-03-31 |
| 三原 大介 | Major shareholder | 0.7% | 2026-03-31 |
| 奥山 泰 | Major shareholder | 0.7% | 2026-03-31 |
| 今田 昭博 | Major shareholder | 0.6% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/04/01－2026/03/31) | S100YGX4 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGX4,, |
| 有価証券報告書－第26期(2024/04/01－2025/03/31) | S100W6D4 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6D4,, |
| 訂正有価証券報告書－第25期(2023/04/01－2024/03/31) | S100U5K1 | 2024-08-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U5K1,, |
| 訂正有価証券報告書－第24期(2022/04/01－2023/03/31) | S100RQ5B | 2023-08-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RQ5B,, |
| 有価証券報告書－第23期(令和3年4月1日－令和4年3月31日) | S100OCDD | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCDD,, |
| 有価証券報告書－第22期(令和2年4月1日－令和3年3月31日) | S100LKYR | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKYR,, |

## 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).