# Wedge Holdings CO., LTD.: 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24期(2024/10/01－2025/09/30) (S100XDIK)
> Page: https://vizora.meequs.com/en/company/wedge-holdings
> Retrieved: 2026-09-30T22:19:07.050Z

## Company

Wedge Holdings, founded in 2001, is a company in Toys & Hobbies listed on TSE Growth. It has 63 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Wedge Holdings CO.,LTD. |
| Ticker | 2388 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2388.T) |
| Listing | TSE Growth |
| Head office | 東京都江東区南砂二丁目36番10号 光陽ビル |
| Representative (per filing) | 代表取締役社長 此下竜矢 |
| Founded | Oct 2001 |
| Share capital | ¥4.38B |
| Employees (consolidated) | 63 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | September |
| Website | www.wedge-hd.com (https://www.wedge-hd.com/) |
| Corporate number | 7010001085875 |
| EDINET | E00745 |
| Industries (Vizora) | Toys & Hobbies |

> Profile source: annual securities report (S100XDIK, filed 2025-12-26). As of filing

## Key points (generated from figures)

- Wedge Holdings brought in ¥816.2M in revenue.
- It lost about ¥11 for every ¥100 of sales at the operating level.
- Revenue changed -5.2% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥816.2M |  |
| Operating income | -¥91.3M | Margin -11.2% |
| Net income | -¥226.6M | Margin -27.8% |
| Free cash flow | — |  |
| Employees (consolidated) | 63 |  |
| EPS | ¥-2.66 |  |
| Book value per share | ¥65.58 |  |
| Equity ratio | 78.8% |  |
| Shares outstanding | 42,494,478 |  |
| Treasury shares | 39,400 |  |
| Shareholders | 6,495 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 45.0% | Cash ÷ revenue 203.1% |
| Vs. industry median margin | -18.6 pp | Toys & Hobbies |
| ROA | -6.1% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 0.1× its level five years ago
- FY2025, cash is 45% of total assets
- FY2025, operating loss is 11 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7750542000 | ¥816181000 | -89.5% |
| Operating income | ¥342474000 | ¥-91283000 | -126.7% |
| Operating margin | 4.4% | -11.2% | -15.6 pp |
| Employees | 2,616 people | 63 people | -97.6% |
| Cash and equivalents | ¥12984397000 | ¥1657300000 | -87.2% |

### 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 |
| --- | ---: |
| Digital Finance事業 → 事業再編・廃止 | 93.4% |
| コンテンツ事業 → 事業再編・廃止 | 6.6% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 816 | 100.0% | S100XDIK |
| Cost of revenue | 533 | 65.3% | S100XDIK |
| Gross profit | 283 | 34.7% | S100XDIK |
| SG&A | 375 | 45.9% | S100XDIK |
| Operating income | -91 | -11.2% | S100XDIK |
| Ordinary income | -297 | -36.4% | S100XDIK |
| Pretax income | -196 | -24.1% | S100XDIK |
| Income tax | 30 | 3.7% | S100XDIK |
| Net income | -227 | -27.8% | S100XDIK |
| Net income attributable to owners | -227 | -27.8% | S100XDIK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 65 |
| SG&A | 46 |
| Operating income | -11 |
| (Ref.) Net income | -28 |

### Margin funnel

Gross margin 34.7% → Operating margin -11.2% → Net margin -27.8%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 861 | 816 | -45 | -5.2% |
| Gross profit | 397 | 283 | -114 | -28.6% |
| Operating income | -15 | -91 | -77 | — |
| Net income attributable to owners | -943 | -227 | 716 | — |
| Operating cash flow | -15 | -16 | -1 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 9,319 | 599 | 6.4% | -448 | 4,936 | 4,834 | S100L4B6 |
| FY ending Sep 2020 | 7,751 | 342 | 4.4% | -1,839 | 3,938 | 3,807 | S100N5G2 |
| FY ending Sep 2021 | 5,773 | 227 | 3.9% | -1,183 | 4,604 | 4,491 | S100PVZ9 |
| FY ending Sep 2022 | 683 | 85 | 12.5% | 55 | 44 | 37 | S100SJJS |
| FY ending Sep 2023 | 766 | 37 | 4.8% | -513 | 86 | — | S100V4S6 |
| FY ending Sep 2024 | 861 | -15 | -1.7% | -943 | -15 | -16 | S100XDIK |
| FY ending Sep 2025 | 816 | -91 | -11.2% | -227 | -16 | — | S100XDIK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13M |
| Operating income per employee (consolidated) | -¥1.4M |
| Net income per employee (consolidated) | -¥3.6M |

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) | 49 | 47 | 60 | 60 | 63 |
| Average salary (parent company) | ¥4M | ¥4.4M | ¥4.3M | ¥4.4M | ¥4.7M |
| Average age (parent company) | 38.5 years | 39.0 years | 39.3 years | 39.4 years | 40.3 years |
| Average tenure (parent company) | 10.0 years | 10.0 years | 11.0 years | 10.0 years | 11.0 years |

Year over year: Employees (consolidated) +5.0% · Revenue (consolidated) -5.2%

## 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 | -16 | -2.0% | S100XDIK |
| Investing cash flow | 1,172 | 143.6% | S100XDIK |
| Financing cash flow | -10 | -1.2% | S100XDIK |
| Change in cash | 1,146 | 140.4% | S100XDIK |
| Cash and equivalents | 1,657 | 203.1% | S100XDIK |

## 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 | 177 | 234 | 677 | 512 | 1,657 | S100SJJS, S100V4S6, S100XDIK |
| Total assets | 4,231 | 3,508 | 4,038 | 3,791 | 3,685 | S100PVZ9, S100SJJS, S100V4S6, S100XDIK |
| Net assets | 3,611 | 2,903 | 3,386 | 3,049 | 2,971 | S100SJJS, S100V4S6, S100XDIK |
| Share capital | 4,008 | 4,008 | 4,378 | 4,378 | 4,378 | S100PVZ9, S100SJJS, S100V4S6, S100XDIK |
| Trade receivables | 84 | 119 | 98 | 107 | 111 | S100PVZ9, S100SJJS, S100V4S6, S100XDIK |
| Property, plant and equipment | 0 | 7 | 6 | 7 | 5 | S100PVZ9, S100SJJS, S100V4S6, S100XDIK |
| Intangible assets excluding goodwill | — | — | 1 | 1 | 0 | S100V4S6, S100XDIK |
| Current assets | 521 | 667 | 1,427 | 1,477 | 2,946 | S100PVZ9, S100SJJS, S100V4S6, S100XDIK |
| Current liabilities | 620 | 227 | 274 | 280 | 257 | S100PVZ9, S100SJJS, S100V4S6, S100XDIK |
| Trade payables | 20 | 28 | 28 | 23 | 23 | S100PVZ9, S100SJJS, S100V4S6, S100XDIK |
| Short-term borrowings | 69 | 18 | 19 | 19 | 3 | S100PVZ9, S100SJJS, S100V4S6, S100XDIK |
| Long-term borrowings | — | — | — | 55 | 50 | S100XDIK |
| Total liabilities | 620 | 605 | 652 | 742 | 714 | S100PVZ9, S100SJJS, S100V4S6, S100XDIK |
| Equity attributable to owners of parent | 4,261 | 4,356 | 4,583 | 3,655 | 3,428 | S100PVZ9, S100SJJS, S100V4S6, S100XDIK |
| Retained earnings | -5,825 | -5,730 | -6,243 | -7,171 | -7,398 | S100PVZ9, S100SJJS, S100V4S6, S100XDIK |
| Treasury stock | -41 | -41 | -41 | -41 | -41 | S100PVZ9, S100SJJS, S100V4S6, S100XDIK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100XDIK |
| Receivables | 3% | S100XDIK |
| Property, plant and equipment | 0% | S100XDIK |
| Intangibles and goodwill | 0% | S100XDIK |
| Other assets | 52% | S100XDIK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100XDIK |
| Other liabilities | 19% | S100XDIK |
| Equity | 80% | S100XDIK |
| Other liabilities | 0% | S100XDIK |

### 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 | 4,231 | 3,508 | 4,038 | 3,791 | 3,685 |
| Equity | 3,611 | 2,903 | 3,386 | 3,049 | 2,971 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 177 | 234 | 677 | 512 | 1,657 |

## 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) | 0.6% | S100XDIK |
| Fixed assets ÷ total assets | 0.1% | S100XDIK |
| Goodwill ÷ parent equity | — | —, S100XDIK |

### 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) | 45.0% |
| Cash ÷ revenue | 203.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 211 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -28.0% | —× | — | S100PVZ9 |
| 2022 | 8.1% | 0.18× | 1.4% | 0.90× | 1.3% | S100SJJS |
| 2023 | — | —× | -13.6% | —× | — | S100V4S6 |
| 2024 | — | —× | -24.1% | —× | — | S100XDIK |
| 2025 | — | —× | -6.1% | —× | — | S100XDIK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| SIX SIS LTD.（常任代理人株式会社三菱UFJ銀行） | Major shareholder | 30.9% | 2025-09-30 |
| 昭和ホールディングス株式会社 | Major shareholder | 25.5% | 2025-09-30 |
| 前田 喜美子 | Major shareholder | 1.4% | 2025-09-30 |
| JPモルガン証券株式会社 | Major shareholder | 1.1% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 0.9% | 2025-09-30 |
| 田村 結城 | Major shareholder | 0.8% | 2025-09-30 |
| BARCLAYS CAPITAL SECURITIES LIMITED | Major shareholder | 0.8% | 2025-09-30 |
| 新藤 浩 | Major shareholder | 0.7% | 2025-09-30 |
| 濱田 誠 | Major shareholder | 0.7% | 2025-09-30 |
| 株式会社SBI証券 | Major shareholder | 0.6% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2024/10/01－2025/09/30) | S100XDIK | 2025-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XDIK,, |
| 訂正有価証券報告書－第23期(2023/10/01－2024/09/30) | S100V4S6 | 2025-01-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V4S6,, |
| 有価証券報告書－第22期(2022/10/01－2023/09/30) | S100SJJS | 2023-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJJS,, |
| 有価証券報告書－第21期(令和3年10月1日－令和4年9月30日) | S100PVZ9 | 2022-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVZ9,, |
| 有価証券報告書－第20期(令和2年10月1日－令和3年9月30日) | S100N5G2 | 2021-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N5G2,, |
| 訂正有価証券報告書－第19期(令和1年10月1日－令和2年9月30日) | S100L4B6 | 2021-04-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L4B6,, |

## 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).