# Welby Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第15期(2025/01/01－2025/12/31) (S100XVVP)
> Page: https://vizora.meequs.com/en/company/welby
> Retrieved: 2026-09-30T20:26:02.811Z

## Company

Welby, founded in 2011, is a company in Health Tech listed on TSE Growth. It has 44 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Welby Inc. |
| Ticker | 4438 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4438.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区京橋一丁目11番1号 |
| Representative (per filing) | 代表取締役 比木 武 |
| Founded | Sep 2011 |
| Share capital | ¥1.17B |
| Employees (consolidated) | 44 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | December |
| Website | welby.jp (https://welby.jp/) |
| Corporate number | 9011001070865 |
| EDINET | E34721 |
| Industries (Vizora) | Health Tech |

> Profile source: annual securities report (S100XVVP, filed 2026-03-31). As of filing

## Key points (generated from figures)

- Welby brought in ¥635.7M in revenue.
- It lost about ¥71 for every ¥100 of sales at the operating level.
- Revenue changed +20.4% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥635.7M |  |
| Operating income | -¥452.8M | Margin -71.2% |
| Net income | -¥539.7M | Margin -84.9% |
| Free cash flow | -¥430.7M |  |
| Employees (consolidated) | 44 |  |
| EPS | ¥-51.81 |  |
| Book value per share | ¥32.16 |  |
| Equity ratio | 20.9% |  |
| Shares outstanding | 8,275,582 |  |
| Shareholders | 2,040 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 67.5% | Cash ÷ revenue 111.9% |
| Vs. industry median margin | -85.1 pp | Health Tech |
| ROA | -48.6% | Derived from disclosed figures |

## Notable figures

- FY2025, operating loss is 71 per ¥100 of revenue
- FY2025, cash is 67% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥864644000 | ¥635724000 | — |
| Operating income | ¥-237542000 | ¥-452827000 | — |
| Operating margin | -27.5% | -71.2% | -43.8 pp |
| Employees | 45 people | 44 people | — |
| Cash and equivalents | ¥1098361000 | ¥711426000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 636 | 100.0% | S100XVVP |
| Cost of revenue | 187 | 29.4% | S100XVVP |
| Gross profit | 449 | 70.6% | S100XVVP |
| SG&A | 901 | 141.8% | S100XVVP |
| Operating income | -453 | -71.2% | S100XVVP |
| Ordinary income | -455 | -71.5% | S100XVVP |
| Pretax income | -532 | -83.7% | S100XVVP |
| Income tax | 2 | 0.3% | S100XVVP |
| Net income | -534 | -84.0% | S100XVVP |
| Net income attributable to owners | -540 | -84.9% | S100XVVP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 29 |
| SG&A | 142 |
| Operating income | -71 |
| (Ref.) Net income | -85 |

### Margin funnel

Gross margin 70.6% → Operating margin -71.2% → Net margin -84.9%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 528 | 636 | 108 | +20.4% |
| Gross profit | 380 | 449 | 69 | +18.1% |
| Operating income | -654 | -453 | 202 | — |
| Net income attributable to owners | -805 | -540 | 265 | — |
| Operating cash flow | -604 | -329 | 274 | — |
| Free cash flow | -776 | -431 | 346 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 799 | 17 | 2.1% | -11 | -168 | -234 | S100L0U6 |
| FY ending Dec 2020 | 865 | -238 | -27.5% | -353 | -111 | -155 | S100NQUJ |
| FY ending Dec 2021 | 1,139 | -113 | -9.9% | -131 | -96 | -115 | S100QHR9 |
| FY ending Dec 2022 | 1,051 | 61 | 5.8% | 34 | -114 | -147 | S100QHR9 |
| FY ending Dec 2023 | 575 | -437 | -76.0% | -505 | -174 | -259 | S100VINW |
| FY ending Dec 2024 | 528 | -654 | -123.9% | -805 | -604 | -776 | S100XVVP |
| FY ending Dec 2025 | 636 | -453 | -71.2% | -540 | -329 | -431 | S100XVVP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.4M |
| Operating income per employee (consolidated) | -¥10.3M |
| Net income per employee (consolidated) | -¥12.3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 45 | 40 | 53 | 54 | 44 |
| Average salary (parent company) | ¥7.4M | ¥7.3M | ¥7.8M | ¥8.2M | ¥7.4M |
| Average age (parent company) | 37.8 years | 39.3 years | 41.0 years | 41.6 years | 42.5 years |
| Average tenure (parent company) | 1.9 years | 2.1 years | 2.1 years | 2.9 years | 3.7 years |

Year over year: Employees (consolidated) -18.5% · Revenue (consolidated) +20.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -329 | -51.8% | S100XVVP |
| Capital expenditure | 101 | 15.9% | S100XVVP |
| Free cash flow | -431 | -67.8% | 算出 |
| Investing cash flow | -106 | -16.6% | S100XVVP |
| Financing cash flow | 406 | 63.9% | S100XVVP |
| Change in cash | -29 | -4.6% | S100XVVP |
| Cash and equivalents | 711 | 111.9% | S100XVVP |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 961 | 831 | 883 | 740 | 711 | S100QHR9, S100XVVP |
| Total assets | 1,394 | 1,396 | 1,205 | 1,167 | 1,054 | S100QHR9, S100VINW, S100XVVP |
| Net assets | 1,259 | 1,274 | 1,118 | 838 | 306 | S100QHR9, S100XVVP |
| Share capital | 917 | 917 | 917 | 1,167 | 1,167 | S100QHR9, S100VINW, S100XVVP |
| Property, plant and equipment | 0 | 0 | 0 | 0 | 0 | S100QHR9, S100VINW, S100XVVP |
| Intangible assets excluding goodwill | — | — | — | 123 | 100 | S100XVVP |
| Goodwill | — | — | — | 123 | 100 | S100XVVP |
| Investment securities | — | 2 | 32 | 30 | 30 | S100QHR9, S100VINW, S100XVVP |
| Current assets | 1,320 | 1,352 | 1,132 | 973 | 878 | S100QHR9, S100VINW, S100XVVP |
| Current liabilities | 126 | 120 | 88 | 329 | 360 | S100QHR9, S100VINW, S100XVVP |
| Long-term borrowings | 8 | 1 | — | — | 10 | S100QHR9, S100XVVP |
| Total liabilities | 135 | 121 | 88 | 329 | 748 | S100QHR9, S100VINW, S100XVVP |
| Non-controlling interests | — | — | 27 | 28 | 34 | S100VINW, S100XVVP |
| Equity attributable to owners of parent | 1,212 | 1,246 | 1,063 | 760 | 220 | S100QHR9, S100VINW, S100XVVP |
| Retained earnings | -618 | -584 | -1,090 | -1,894 | -2,434 | S100QHR9, S100VINW, S100XVVP |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QHR9, S100VINW, S100XVVP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 67% | S100XVVP |
| Intangibles and goodwill | 19% | S100XVVP |
| Investment securities | 3% | S100XVVP |
| Other assets | 11% | S100XVVP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 71% | S100XVVP |
| Equity | 29% | S100XVVP |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,394 | 1,396 | 1,205 | 1,167 | 1,054 |
| Equity | 1,259 | 1,274 | 1,118 | 838 | 306 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 961 | 831 | 883 | 740 | 711 |

## 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) | 0.0% | S100XVVP |
| Fixed assets ÷ total assets | 0.0% | S100XVVP |
| Goodwill ÷ parent equity | 45.6% | S100XVVP |

### 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) | 67.5% |
| Cash ÷ revenue | 111.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 210 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 15.9% |
| 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 | — | —× | -9.4% | —× | — | S100QHR9 |
| 2022 | 3.2% | 0.75× | 2.4% | 1.14× | 2.8% | S100QHR9 |
| 2023 | — | —× | -41.9% | —× | — | S100VINW |
| 2024 | — | —× | -67.8% | —× | — | S100XVVP |
| 2025 | — | —× | -48.6% | —× | — | S100XVVP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 比木 武 | Major shareholder | 34.3% | 2025-12-31 |
| 株式会社スズケン | Major shareholder | 20.0% | 2025-12-31 |
| 株式会社ブライトリンクパートナーズ | Major shareholder | 5.4% | 2025-12-31 |
| 中部電力株式会社 | Major shareholder | 5.3% | 2025-12-31 |
| 日本郵政キャピタル株式会社 | Major shareholder | 4.3% | 2025-12-31 |
| 姜 琪鎬 | Major shareholder | 2.9% | 2025-12-31 |
| 株式会社デジタルガレージ | Major shareholder | 2.2% | 2025-12-31 |
| 株式会社ワン | Major shareholder | 1.5% | 2025-12-31 |
| 株式会社キョーエン | Major shareholder | 1.1% | 2025-12-31 |
| サンエイトＯＫ組合 | Major shareholder | 0.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2025/01/01－2025/12/31) | S100XVVP | 2026-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XVVP,, |
| 有価証券報告書－第14期(2024/01/01－2024/12/31) | S100VINW | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VINW,, |
| 有価証券報告書－第13期(2023/01/01－2023/12/31) | S100T6DI | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6DI,, |
| 有価証券報告書－第12期(2022/01/01－2022/12/31) | S100QHR9 | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHR9,, |
| 有価証券報告書－第11期(令和3年1月1日－令和3年12月31日) | S100NQUJ | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQUJ,, |
| 有価証券報告書－第10期(令和2年1月1日－令和2年12月31日) | S100L0U6 | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0U6,, |

## 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).