# Wellness Communications 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20期(2025/04/01－2026/03/31) (S100YKON)
> Page: https://vizora.meequs.com/en/company/wellcoms
> Retrieved: 2026-09-30T20:25:04.174Z

## Company

Wellness Communications, founded in 2006, is a company in Health Tech listed on TSE Growth. It has 263 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Wellness Communications Corporation |
| Ticker | 366A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/366A.T) |
| Listing | TSE Growth |
| 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 松田 泰秀 |
| Founded | Jul 2006 |
| Share capital | ¥1.3B |
| Employees (consolidated) | 263 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | wellcoms.jp (https://wellcoms.jp/) |
| Corporate number | 2010601032208 |
| EDINET | E37743 |
| Industries (Vizora) | Health Tech |

> Profile source: annual securities report (S100YKON, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Health Tech (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 19.4 | 18 |
| Cash conversion | 73.5 | 17 |
| Efficiency | 91.7 | 18 |

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 88% of Wellness Communications's sales come from Medical checkup solution business, with Health management cloud business and Medical institution support business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +5.1% from the prior year, operating profit +6.9%.

## Company structure

- Segment revenue mix: Medical checkup solution business 88.1%、Health management cloud business 10.3%、Medical institution support business 1.6%
- Revenue → net income: ¥14778359000 → ¥822134000
- Net income → operating cash flow: ¥822134000 → ¥1099998000（difference ¥277864000）
- Main uses of operating cash flow: CapEx ¥233330000 / dividends ¥232910000 / buybacks —
- Change in cash: ¥2473690000
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 | ¥14.8B |  |
| Operating income | ¥1.19B | Margin 8.0% |
| Net income | ¥822.1M | Margin 5.6% |
| Free cash flow | ¥866.7M |  |
| Largest business | Medical checkup solution business | of segment revenue 88.1% |
| Employees (consolidated) | 263 |  |
| EPS | ¥66.7 |  |
| Diluted EPS | ¥65.99 |  |
| Book value per share | ¥466.14 |  |
| Equity ratio | 59.9% |  |
| Shares outstanding | 12,463,400 |  |
| Shareholders | 3,231 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 54.1% | Cash ÷ revenue 35.6% |
| Vs. industry median margin | -5.8 pp | Health Tech |
| ROE | 14.1% | Derived from disclosed figures |
| ROA | 8.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 65% of positive segment profit
- FY2026, segment profit share differs by -56 points
- FY2026, cash is 54% of total assets

## What changed in 2 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2024 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13266798000 | ¥14778359000 | — |
| Operating income | ¥967140000 | ¥1186226000 | — |
| Operating margin | 7.3% | 8.0% | +0.7 pp |
| Employees | 108 people | 263 people | — |
| Cash and equivalents | ¥1583479000 | ¥5260149000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2024 → 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 |
| --- | ---: |
| 健診ソリューション事業 → 健診ソリューション事業 | 88.1% |
| 健診ソリューション事業 → 事業再編・廃止 | 1.3% |
| 健康管理クラウド事業 → 健康管理クラウド事業 | 8.3% |
| 医療機関等支援事業 → 医療機関等支援事業 | 1.6% |
| 医療機関等支援事業 → 事業再編・廃止 | 0.7% |
| 新設・再編 → 健康管理クラウド事業 | 2.0% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Medical checkup solution business | — | — | ¥13018494000 | 2.9% | 2 |
| Health management cloud business | — | — | ¥1523763000 | 50.4% | 2 |
| Medical institution support business | — | — | ¥236100000 | 16.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,778 | 100.0% | S100YKON |
| Cost of revenue | 11,669 | 79.0% | S100YKON |
| Gross profit | 3,109 | 21.0% | S100YKON |
| SG&A | 1,923 | 13.0% | S100YKON |
| Operating income | 1,186 | 8.0% | S100YKON |
| Ordinary income | 1,164 | 7.9% | S100YKON |
| Pretax income | 1,164 | 7.9% | S100YKON |
| Income tax | 342 | 2.3% | S100YKON |
| Net income | 822 | 5.6% | S100YKON |
| Net income attributable to owners | 822 | 5.6% | S100YKON |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 13 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 21.0% → Operating margin 8.0% → Net margin 5.6%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 14,058 | 14,778 | 721 | +5.1% |
| Gross profit | 2,807 | 3,109 | 303 | +10.8% |
| Operating income | 1,109 | 1,186 | 77 | +6.9% |
| Operating cash flow | 1,686 | 1,100 | -586 | -34.7% |
| Free cash flow | 1,416 | 867 | -550 | -38.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2024 | 13,267 | 967 | 7.3% | 680 | 555 | 130 | S100W8AL |
| FY ending Mar 2025 | 14,058 | 1,109 | 7.9% | 776 | 1,686 | 1,416 | S100W8AL |
| FY ending Mar 2026 | 14,778 | 1,186 | 8.0% | 822 | 1,100 | 867 | S100YKON |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥56.2M |
| Operating income per employee (consolidated) | ¥4.5M |
| Net income per employee (consolidated) | ¥3.1M |

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

| History | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 108 | 122 | 263 |
| Average salary (parent company) | — | ¥5.5M | ¥6.1M |
| Average age (parent company) | — | 39.0 years | 40.0 years |
| Average tenure (parent company) | — | 5.0 years | 5.0 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Medical checkup solution business | 13,018 | 88.1% | 379 | 2.9% |
| Health management cloud business | 1,524 | 10.3% | 767 | 50.4% |
| Medical institution support business | 236 | 1.6% | 40 | 16.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Medical checkup solution business | 88.1% | 32.0% | -56.1 | 2.9% |
| Health management cloud business | 10.3% | 64.7% | 54.4 | 50.4% |
| Medical institution support business | 1.6% | 3.4% | 1.8 | 16.9% |

Segment → industry: Medical institution support business → Health Tech / Health management cloud business → Health Tech / Medical checkup solution business → Health Tech

## 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 | 1,100 | 7.4% | S100YKON |
| Capital expenditure | 233 | 1.6% | S100YKON |
| Free cash flow | 867 | 5.9% | 算出 |
| Investing cash flow | -112 | -0.8% | S100YKON |
| Financing cash flow | 1,486 | 10.1% | S100YKON |
| Dividends paid | 233 | 1.6% | S100YKON |
| Change in cash | 2,474 | 16.7% | S100YKON |
| Cash and equivalents | 5,260 | 35.6% | S100YKON |

## 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 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,583 | 2,786 | 5,260 | S100W8AL, S100YKON |
| Total assets | 4,630 | 5,183 | 9,729 | S100W8AL, S100YKON |
| Net assets | 2,886 | 3,457 | 5,833 | S100W8AL, S100YKON |
| Share capital | 409 | 409 | 1,302 | S100W8AL, S100YKON |
| Property, plant and equipment | 339 | 332 | 138 | S100W8AL, S100YKON |
| Intangible assets excluding goodwill | 773 | 784 | 2,667 | S100W8AL, S100YKON |
| Goodwill | — | — | 1,835 | S100YKON |
| Current assets | 3,410 | 3,954 | 6,591 | S100W8AL, S100YKON |
| Current liabilities | 1,689 | 1,669 | 2,930 | S100W8AL, S100YKON |
| Long-term borrowings | — | — | 931 | S100YKON |
| Total liabilities | 1,744 | 1,725 | 3,897 | S100W8AL, S100YKON |
| Equity attributable to owners of parent | 2,880 | 3,452 | 5,827 | S100W8AL, S100YKON |
| Retained earnings | 2,090 | 2,662 | 3,251 | S100W8AL, S100YKON |

### Balance sheet history

| Metric | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 4,630 | 5,183 | 9,729 |
| Equity | 2,886 | 3,457 | 5,833 |
| Interest-bearing debt | — | — | — |
| Cash | 1,583 | 2,786 | 5,260 |

## 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) | 0.9% | S100YKON |
| Fixed assets ÷ total assets | 1.4% | S100YKON |
| Goodwill ÷ parent equity | 31.5% | S100YKON |

### 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) | 54.1% |
| Cash ÷ revenue | 35.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 92.7% |
| Cash vs. profit gap | 278 JPY mn (of net income 33.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.3% |
| Shareholder payments — dividends / FCF | 26.9% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 10.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 5.1% | 2.87× | 14.7% | 1.61× | 23.6% | S100W8AL |
| 2025 | 5.5% | 2.87× | 15.8% | 1.55× | 24.5% | S100W8AL |
| 2026 | 5.6% | 1.52× | 8.5% | 1.67× | 14.1% | S100YKON |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| SOMPOホールディングス㈱ | Major shareholder | 32.1% | 2026-03-31 |
| LHP Holdings, L.P.(常任代理人 ㈱イントリム) | Major shareholder | 28.6% | 2026-03-31 |
| ㈱アドバンテッジ リスク マネジメント | Major shareholder | 4.4% | 2026-03-31 |
| ㈱ベルシステム24ホールディングス | Major shareholder | 3.2% | 2026-03-31 |
| 伊藤忠商事㈱ | Major shareholder | 2.7% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.4% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.4% | 2026-03-31 |
| 伊藤忠テクノソリューションズ㈱ | Major shareholder | 1.1% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 0.8% | 2026-03-31 |
| 野村證券株式会社（常任代理人 株式会社三井住友銀行） | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/04/01－2026/03/31) | S100YKON | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKON,, |
| 有価証券報告書－第19期(2024/04/01－2025/03/31) | S100W8AL | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8AL,, |

## 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).