# WEDS 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61期(2025/04/01－2026/03/31) (S100YFMB)
> Page: https://vizora.meequs.com/en/company/weds
> Retrieved: 2026-09-30T17:58:17.781Z

## Company

Weds, founded in 1965, is a company in Car Accessories listed on TSE Standard. It has 477 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WEDS CO., LTD. |
| Ticker | 7551 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7551.T) |
| Listing | TSE Standard |
| Head office | 東京都大田区大森北一丁目6番8号 |
| Representative (per filing) | 代表取締役社長 石田 純一 |
| Founded | Oct 1965 |
| Share capital | ¥852.8M |
| Employees (consolidated) | 477 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.weds.co.jp (https://www.weds.co.jp/) |
| Corporate number | 7010801014505 |
| EDINET | E02870 |
| Industries (Vizora) | Car Accessories, Real Estate Development & Leasing, Nursing Care, Specialty Trading & Wholesale, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YFMB, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Car Accessories (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16.7 | 15 |
| Profitability | 43.3 | 15 |
| Cash conversion | 16.7 | 15 |
| Efficiency | 63.3 | 15 |

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 72% of Weds's sales come from Automotive parts wholesale business, with Logistics business and Automotive parts retail business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -1.7% from the prior year, operating profit -15.2%.

## Company structure

- Segment revenue mix: Automotive parts wholesale business 71.9%、Logistics business 18.6%、Automotive parts retail business 7.7%、Welfare busines 1.6%、Other 0.3%
- Revenue → net income: ¥34530726000 → ¥1041900000
- Net income → operating cash flow: ¥1041900000 → ¥1247408000（difference ¥205508000）
- Main uses of operating cash flow: CapEx ¥762365000 / dividends ¥432424000 / buybacks ¥25000
- Change in cash: ¥-34817000
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 | ¥1.9B | Margin 5.5% |
| Net income | ¥975.9M | Margin 2.8% |
| Free cash flow | ¥485M |  |
| Largest business | Automotive parts wholesale business | of segment revenue 71.9% |
| Employees (consolidated) | 477 |  |
| EPS | ¥17.4 |  |
| Book value per share | ¥974.86 |  |
| Equity ratio | 67.2% |  |
| Shares outstanding | 16,118,166 |  |
| Treasury shares | 80,000 |  |
| Shareholders | 4,427 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 32.1% | Cash ÷ revenue 24.7% |
| Vs. industry median margin | -0.2 pp | Car Accessories |
| ROE | 5.7% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 68% of positive segment profit
- FY2026, cash is 32% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥30867230000 | ¥34530726000 | +11.9% |
| Operating income | ¥1549240000 | ¥1904662000 | +22.9% |
| Operating margin | 5.0% | 5.5% | +0.5 pp |
| Employees | 452 people | 477 people | +5.5% |
| Cash and equivalents | ¥4930338000 | ¥8516100000 | +72.7% |

### 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 |
| --- | ---: |
| 自動車関連卸売事業 → 自動車関連卸売事業 | 71.9% |
| 自動車関連卸売事業 → 事業再編・廃止 | 0.4% |
| 物流事業 → 物流事業 | 15.7% |
| 自動車関連小売事業 → 自動車関連小売事業 | 7.1% |
| 福祉事業 → 福祉事業 | 1.4% |
| その他 → その他 | 0.3% |
| その他 → 事業再編・廃止 | 3.2% |
| 新設・再編 → 物流事業 | 2.9% |
| 新設・再編 → 自動車関連小売事業 | 0.5% |
| 新設・再編 → 福祉事業 | 0.2% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Automotive parts wholesale business | 5 years | +2.2% | ¥24816912000 | 5.2% | 2 |
| Logistics business | 5 years | +5.7% | ¥6412301000 | 5.3% | 2 |
| Automotive parts retail business | 5 years | +3.8% | ¥2648436000 | 5.2% | 2 |
| Welfare busines | 5 years | +4.8% | ¥539814000 | 13.6% | 2 |
| Other | 5 years | -36.4% | ¥113261000 | 57.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 34,531 | 100.0% | S100YFMB |
| Cost of revenue | 27,002 | 78.2% | S100YFMB |
| Gross profit | 7,529 | 21.8% | S100YFMB |
| SG&A | 5,624 | 16.3% | S100YFMB |
| Operating income | 1,905 | 5.5% | S100YFMB |
| Ordinary income | 1,961 | 5.7% | S100YFMB |
| Pretax income | 1,876 | 5.4% | S100YFMB |
| Income tax | 834 | 2.4% | S100YFMB |
| Net income | 1,042 | 3.0% | S100YFMB |
| Net income attributable to owners | 976 | 2.8% | S100YFMB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 16 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 21.8% → Operating margin 5.5% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.7%; Core profit growth: -15.2%
Operating leverage (core profit growth ÷ revenue growth): 8.81×
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 | 35,138 | 34,531 | -608 | -1.7% |
| Gross profit | 7,530 | 7,529 | -1 | -0.0% |
| Operating income | 2,247 | 1,905 | -342 | -15.2% |
| Net income attributable to owners | 1,431 | 976 | -455 | -31.8% |
| Operating cash flow | 2,427 | 1,247 | -1,180 | -48.6% |
| Free cash flow | 2,086 | 485 | -1,601 | -76.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 30,108 | 1,311 | 4.4% | 843 | 1,644 | 809 | S100LN0A |
| FY ending Mar 2021 | 30,867 | 1,549 | 5.0% | 1,001 | 2,159 | 704 | S100OHIX |
| FY ending Mar 2022 | 34,773 | 1,520 | 4.4% | 863 | 551 | 396 | S100R5IB |
| FY ending Mar 2023 | 36,498 | 2,529 | 6.9% | 1,764 | 2,199 | 2,089 | S100TUPB |
| FY ending Mar 2024 | 34,782 | 1,983 | 5.7% | 1,506 | 1,839 | 1,598 | S100W29E |
| FY ending Mar 2025 | 35,138 | 2,247 | 6.4% | 1,431 | 2,427 | 2,086 | S100YFMB |
| FY ending Mar 2026 | 34,531 | 1,905 | 5.5% | 976 | 1,247 | 485 | S100YFMB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥72.4M |
| Operating income per employee (consolidated) | ¥4M |
| Net income per employee (consolidated) | ¥2M |

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) | 473 | 480 | 460 | 458 | 477 |
| Average salary (parent company) | ¥6.2M | ¥6.3M | ¥6.4M | ¥6.7M | ¥6.6M |
| Average age (parent company) | 43.3 years | 43.8 years | 44.1 years | 44.3 years | 44.1 years |
| Average tenure (parent company) | 15.6 years | 15.4 years | 15.8 years | 16.4 years | 15.0 years |

Year over year: Employees (consolidated) +4.1% · Revenue (consolidated) -1.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Automotive parts wholesale business | 24,817 | 71.9% | 1,288 | 5.2% |
| Logistics business | 6,412 | 18.6% | 339 | 5.3% |
| Automotive parts retail business | 2,648 | 7.7% | 139 | 5.2% |
| Welfare busines | 540 | 1.6% | 73 | 13.6% |
| Other | 113 | 0.3% | 65 | 57.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Automotive parts wholesale business | 71.9% | 67.6% | -4.2 | 5.2% |
| Logistics business | 18.6% | 17.8% | -0.8 | 5.3% |
| Automotive parts retail business | 7.7% | 7.3% | -0.4 | 5.2% |
| Welfare busines | 1.6% | 3.9% | 2.3 | 13.6% |
| Other | 0.3% | 3.4% | 3.1 | 57.1% |

Segment → industry: Automotive parts retail business → Car Accessories / Automotive parts wholesale business → Car Accessories / Other → Real Estate Development & Leasing / Welfare busines → Nursing Care / Automotive parts wholesale business → Specialty Trading & Wholesale / Logistics business → Warehouses & Logistics Facilities

## 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 | 1,247 | 3.6% | S100YFMB |
| Capital expenditure | 762 | 2.2% | S100YFMB |
| Free cash flow | 485 | 1.4% | 算出 |
| Investing cash flow | -605 | -1.8% | S100YFMB |
| Financing cash flow | -677 | -2.0% | S100YFMB |
| Dividends paid | 432 | 1.3% | S100YFMB |
| Share buyback | 0 | 0.0% | S100YFMB |
| Change in cash | -35 | -0.1% | S100YFMB |
| Cash and equivalents | 8,516 | 24.7% | S100YFMB |

## 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 | 4,878 | 6,470 | 7,462 | 8,551 | 8,516 | S100TUPB, S100W29E, S100YFMB |
| Total assets | 22,483 | 23,969 | 24,961 | 25,871 | 26,514 | S100R5IB, S100TUPB, S100W29E, S100YFMB |
| Net assets | 15,227 | 16,571 | 17,734 | 18,818 | 19,550 | S100TUPB, S100W29E, S100YFMB |
| Share capital | 853 | 853 | 853 | 853 | 853 | S100R5IB, S100TUPB, S100W29E, S100YFMB |
| Trade receivables | 3,974 | 3,836 | 3,617 | 3,375 | 3,405 | S100R5IB, S100TUPB, S100W29E, S100YFMB |
| Property, plant and equipment | 7,155 | 6,926 | 6,834 | 6,797 | 6,771 | S100R5IB, S100TUPB, S100W29E, S100YFMB |
| Intangible assets excluding goodwill | 150 | 155 | 194 | 204 | 200 | S100R5IB, S100TUPB, S100W29E, S100YFMB |
| Goodwill | 85 | 67 | 49 | 30 | 12 | S100R5IB, S100TUPB, S100W29E, S100YFMB |
| Investment securities | 455 | 461 | 546 | 635 | 752 | S100R5IB, S100TUPB, S100W29E, S100YFMB |
| Current assets | 13,654 | 15,199 | 16,124 | 16,907 | 17,680 | S100R5IB, S100TUPB, S100W29E, S100YFMB |
| Current liabilities | 4,664 | 4,896 | 4,799 | 4,760 | 4,509 | S100R5IB, S100TUPB, S100W29E, S100YFMB |
| Trade payables | 2,801 | 2,629 | 2,597 | 2,632 | 2,557 | S100R5IB, S100TUPB, S100W29E, S100YFMB |
| Short-term borrowings | 245 | 259 | 277 | 133 | 133 | S100R5IB, S100TUPB, S100W29E, S100YFMB |
| Long-term borrowings | 1,589 | 1,455 | 1,322 | 1,188 | 1,055 | S100R5IB, S100TUPB, S100W29E, S100YFMB |
| Total liabilities | 7,256 | 7,398 | 7,227 | 7,053 | 6,964 | S100R5IB, S100TUPB, S100W29E, S100YFMB |
| Non-controlling interests | 1,369 | 1,471 | 1,579 | 1,708 | 1,724 | S100R5IB, S100TUPB, S100W29E, S100YFMB |
| Equity attributable to owners of parent | 13,405 | 14,848 | 15,825 | 16,791 | 17,334 | S100R5IB, S100TUPB, S100W29E, S100YFMB |
| Retained earnings | 11,754 | 13,197 | 14,174 | 15,140 | 15,683 | S100R5IB, S100TUPB, S100W29E, S100YFMB |
| Treasury stock | -48 | -48 | -48 | -48 | -48 | S100R5IB, S100TUPB, S100W29E, S100YFMB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100YFMB |
| Receivables | 13% | S100YFMB |
| Property, plant and equipment | 25% | S100YFMB |
| Intangibles and goodwill | 1% | S100YFMB |
| Investment securities | 3% | S100YFMB |
| Other assets | 26% | S100YFMB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YFMB |
| Other liabilities | 16% | S100YFMB |
| Equity | 74% | S100YFMB |
| Other liabilities | 0% | S100YFMB |

### 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 | 22,483 | 23,969 | 24,961 | 25,871 | 26,514 |
| Equity | 15,227 | 16,571 | 17,734 | 18,818 | 19,550 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,878 | 6,470 | 7,462 | 8,551 | 8,516 |

## 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) | 19.6% | S100YFMB |
| Fixed assets ÷ total assets | 25.5% | S100YFMB |
| Goodwill ÷ parent equity | 0.1% | S100YFMB |

Goodwill over 4 years: 85 → 12 JPY; total investing cash flow: -1,374 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) | 32.1% |
| Cash ÷ revenue | 24.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 65.5% |
| Cash vs. profit gap | 272 JPY mn (of net income 27.8%) |
| Shareholder returns / net income | 44.3% |
| Shareholder returns / FCF | 89.2% |
| Shareholder payments — dividends / net income | 44.3% |
| Shareholder payments — dividends / FCF | 89.2% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 48.5% |

## 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 | 2.5% | 1.55× | 3.8% | 1.68× | 6.4% | S100R5IB |
| 2023 | 4.8% | 1.57× | 7.6% | 1.64× | 12.5% | S100TUPB |
| 2024 | 4.3% | 1.42× | 6.2% | 1.60× | 9.8% | S100W29E |
| 2025 | 4.1% | 1.38× | 5.6% | 1.56× | 8.8% | S100YFMB |
| 2026 | 2.8% | 1.32× | 3.7% | 1.54× | 5.7% | S100YFMB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中央精機株式会社 | Major shareholder | 38.5% | 2026-03-31 |
| 碧海信用金庫 | Major shareholder | 3.2% | 2026-03-31 |
| 石原勝成 | Major shareholder | 3.0% | 2026-03-31 |
| 新海秀治 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.8% | 2026-03-31 |
| 六和機械股份有限公司 （常任代理人 東海東京証券株式会社） | Major shareholder | 1.6% | 2026-03-31 |
| 伊澤秀 | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社ホットマン | Major shareholder | 0.6% | 2026-03-31 |
| 加藤博久 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第61期(2025/04/01－2026/03/31) | S100YFMB | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFMB,, |
| 有価証券報告書－第60期(2024/04/01－2025/03/31) | S100W29E | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W29E,, |
| 有価証券報告書－第59期(2023/04/01－2024/03/31) | S100TUPB | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUPB,, |
| 有価証券報告書－第58期(2022/04/01－2023/03/31) | S100R5IB | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5IB,, |
| 有価証券報告書－第57期(令和3年4月1日－令和4年3月31日) | S100OHIX | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHIX,, |
| 有価証券報告書－第56期(令和2年4月1日－令和3年3月31日) | S100LN0A | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN0A,, |

## 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).