# WELLNEO SUGAR Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第15期(2025/04/01－2026/03/31) (S100YIPK)
> Page: https://vizora.meequs.com/en/company/wellneo-sugar
> Retrieved: 2026-09-30T20:29:26.041Z

## Company

Wellneo Sugar, founded in 2011, is a company in Food Ingredients listed on TSE Prime. It has 755 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WELLNEO SUGAR Co., Ltd. |
| Ticker | 2117 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2117.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋小網町14番1号 |
| Representative (per filing) | 代表取締役社長 山本 貢司 |
| Founded | May 2011 |
| Share capital | ¥7B |
| Employees (consolidated) | 755 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | www.wellneo-sugar.co.jp (https://www.wellneo-sugar.co.jp/) |
| Corporate number | 2010001142672 |
| EDINET | E25648 |
| Industries (Vizora) | Food Ingredients, Sporting Goods & Fitness |

> Profile source: annual securities report (S100YIPK, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Food Ingredients (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.7 | 22 |
| Profitability | 68.8 | 24 |
| Cash conversion | 39.6 | 24 |
| Efficiency | 52.1 | 24 |

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 86% of Wellneo Sugar's sales come from Sugar, with Food and Wellness making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +16.3% from the prior year, operating profit +25.8%.

## Company structure

- Segment revenue mix: Sugar 85.7%、Food and Wellness 14.3%
- Revenue → net income: ¥112904000000 → ¥6508000000
- Net income → operating cash flow: ¥6508000000 → ¥10764000000（difference ¥4256000000）
- Main uses of operating cash flow: CapEx ¥4560000000 / dividends ¥3588000000 / buybacks ¥186000000
- Change in cash: ¥-4983000000
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 | ¥112.9B |  |
| Operating income | ¥10.3B | Margin 9.1% |
| Net income | ¥6.47B | Margin 5.7% |
| Free cash flow | ¥6.2B |  |
| Largest business | Sugar | of segment revenue 85.7% |
| Employees (consolidated) | 755 |  |
| EPS | ¥197.88 |  |
| Book value per share | ¥2261.24 |  |
| Equity ratio | 72.9% | Derived from disclosed figures |
| Shares outstanding | 32,800,000 |  |
| Treasury shares | 2,100 |  |
| Shareholders | 39,278 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 9.9% | Cash ÷ revenue 9.3% |
| Vs. industry median margin | +3.8 pp | Food Ingredients |
| ROE | 8.6% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.5× its level five years ago
- FY2026, one segment accounts for 99% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥43767000000 | ¥112904000000 | +158.0% |
| Operating income | ¥2206000000 | ¥10324000000 | +368.0% |
| Operating margin | 5.0% | 9.1% | +4.1 pp |
| Employees | 496 people | 755 people | +52.2% |
| Cash and equivalents | ¥8524000000 | ¥10461000000 | +22.7% |

### 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 |
| --- | ---: |
| 砂糖その他食品 → 事業再編・廃止 | 92.1% |
| 健康産業 → 事業再編・廃止 | 4.6% |
| 倉庫 → 事業再編・廃止 | 3.3% |
| 新設・再編 → Sugar | 85.7% |
| 新設・再編 → Food＆Wellness | 14.3% |

Segment revenue source references: 5 (derived)

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 112,904 | 100.0% | S100YIPK |
| Cost of revenue | 89,125 | 78.9% | S100YIPK |
| Gross profit | 23,778 | 21.1% | S100YIPK |
| SG&A | 12,886 | 11.4% | S100YIPK |
| Operating income | 10,324 | 9.1% | S100YIPK |
| Pretax income | 9,764 | 8.6% | S100YIPK |
| Income tax | 3,255 | 2.9% | S100YIPK |
| Net income | 6,508 | 5.8% | S100YIPK |
| Net income attributable to owners | 6,472 | 5.7% | S100YIPK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 11 |
| Other operating | 1 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 21.1% → Operating margin 9.1% → Net margin 5.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.3%; Core profit growth: +25.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.58×
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 | 97,069 | 112,904 | 15,835 | +16.3% |
| Gross profit | 19,474 | 23,778 | 4,304 | +22.1% |
| Operating income | 8,206 | 10,324 | 2,118 | +25.8% |
| Net income attributable to owners | 5,746 | 6,472 | 726 | +12.6% |
| Operating cash flow | 8,927 | 10,764 | 1,837 | +20.6% |
| Free cash flow | 6,107 | 6,204 | 97 | +1.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2019 | 47,829 | — | — | 2,561 | 4,814 | — | S100R6YT |
| FY ending Mar 2020 | 47,809 | 2,858 | 6.0% | 2,173 | 3,972 | 2,466 | S100LPY5 |
| FY ending Mar 2021 | 43,767 | 2,206 | 5.0% | 1,132 | 3,319 | 2,709 | S100OI8B |
| FY ending Mar 2022 | 46,062 | 2,164 | 4.7% | 1,715 | 2,178 | 1,438 | S100R6YT |
| FY ending Mar 2023 | 58,347 | 1,606 | 2.8% | 1,062 | -1,625 | -2,201 | S100TT6Z |
| FY ending Mar 2024 | 92,192 | 5,802 | 6.3% | 5,524 | 6,662 | 4,962 | S100W5A7 |
| FY ending Mar 2025 | 97,069 | 8,206 | 8.5% | 5,746 | 8,927 | 6,107 | S100YIPK |
| FY ending Mar 2026 | 112,904 | 10,324 | 9.1% | 6,472 | 10,764 | 6,204 | S100YIPK |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥149.5M |
| Operating income per employee (consolidated) | ¥13.7M |
| Net income per employee (consolidated) | ¥8.6M |

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) | 503 | 643 | 644 | 739 | 755 |
| Average salary (parent company) | ¥7.3M | — | — | ¥7.7M | ¥7.9M |
| Average age (parent company) | 44.0 years | — | — | 43.3 years | 42.3 years |
| Average tenure (parent company) | 19.3 years | — | — | 18.4 years | 17.8 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) +16.3%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Sugar | 96,712 | 85.7% | 11,084 | 11.5% |
| Food and Wellness | 16,192 | 14.3% | 118 | 0.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Sugar | 85.7% | 98.9% | 13.3 | 11.5% |
| Food and Wellness | 14.3% | 1.1% | -13.3 | 0.7% |

Segment → industry: Food and Wellness → Food Ingredients / Sugar → Food Ingredients / Food and Wellness → Sporting Goods & Fitness

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 10,764 | 9.5% | S100YIPK |
| Capital expenditure | 4,560 | 4.0% | S100YIPK |
| Free cash flow | 6,204 | 5.5% | 算出 |
| Investing cash flow | -4,707 | -4.2% | S100YIPK |
| Financing cash flow | -11,039 | -9.8% | S100YIPK |
| Dividends paid | 3,588 | 3.2% | S100YIPK |
| Share buyback | 186 | 0.2% | S100YIPK |
| Change in cash | -4,983 | -4.4% | S100YIPK |
| Cash and equivalents | 10,461 | 9.3% | S100YIPK |

## 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 | 7,649 | 11,263 | 12,509 | 15,445 | 10,461 | S100TT6Z, S100W5A7, S100YIPK |
| Total assets | 61,134 | 93,572 | 95,918 | 110,585 | 105,827 | S100R6YT, S100TT6Z, S100W5A7, S100YIPK |
| Net assets | 48,904 | 68,264 | 71,107 | 74,586 | 77,197 | S100TT6Z, S100W5A7, S100YIPK |
| Share capital | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | S100R6YT, S100TT6Z, S100W5A7, S100YIPK |
| Property, plant and equipment | 11,238 | 18,403 | 18,115 | 19,718 | 21,315 | S100R6YT, S100TT6Z, S100W5A7, S100YIPK |
| Goodwill | 2,515 | 14,280 | 14,280 | 13,769 | 13,553 | S100R6YT, S100TT6Z, S100W5A7, S100YIPK |
| Current assets | 25,078 | 34,983 | 37,927 | 47,051 | 40,835 | S100R6YT, S100TT6Z, S100W5A7, S100YIPK |
| Total liabilities | 12,230 | 25,308 | 24,810 | 35,998 | 28,630 | S100R6YT, S100TT6Z, S100W5A7, S100YIPK |
| Equity attributable to owners of parent | 48,904 | 68,264 | 71,107 | 73,074 | 77,197 | S100R6YT, S100TT6Z, S100W5A7, S100YIPK |
| Retained earnings | 29,093 | 28,563 | 31,012 | 33,566 | 36,391 | S100R6YT, S100TT6Z, S100W5A7, S100YIPK |
| Treasury stock | -292 | -3,534 | -3,528 | -662 | -161 | S100R6YT, S100TT6Z, S100W5A7, S100YIPK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YIPK |
| Property, plant and equipment | 20% | S100YIPK |
| Intangibles and goodwill | 13% | — |
| Other assets | 57% | S100YIPK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 27% | S100YIPK |
| Equity | 73% | S100YIPK |

### 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 | 61,134 | 93,572 | 95,918 | 110,585 | 105,827 |
| Equity | 48,904 | 68,264 | 71,107 | 74,586 | 77,197 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,649 | 11,263 | 12,509 | 15,445 | 10,461 |

## 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) | 18.9% | S100YIPK |
| Fixed assets ÷ total assets | 20.1% | S100YIPK |
| Goodwill ÷ parent equity | 17.6% | S100YIPK |

Goodwill over 4 years: 2,515 → 13,553 JPY; total investing cash flow: -10,548 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) | 9.9% |
| Cash ÷ revenue | 9.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 104.3% |
| Cash vs. profit gap | 4,292 JPY mn (of net income 66.3%) |
| Shareholder returns / net income | 58.3% |
| Shareholder returns / FCF | 60.8% |
| Shareholder payments — dividends / net income | 55.4% |
| Shareholder payments — dividends / FCF | 57.8% |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 43.7% |

## 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 | 3.7% | 0.75× | 2.8% | 1.25× | 3.5% | S100R6YT |
| 2023 | 1.8% | 0.75× | 1.4% | 1.32× | 1.8% | S100TT6Z |
| 2024 | 6.0% | 0.97× | 5.8% | 1.36× | 7.9% | S100W5A7 |
| 2025 | 5.9% | 0.94× | 5.6% | 1.43× | 8.0% | S100YIPK |
| 2026 | 5.7% | 1.04× | 6.0% | 1.44× | 8.6% | S100YIPK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊藤忠商事株式会社 | Major shareholder | 37.0% | 2026-03-31 |
| 住友商事株式会社 | Major shareholder | 24.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.3% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.5% | 2026-03-31 |
| DFA INTL SMALL CAP VALUE PORTFOLIO （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.5% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 0.5% | 2026-03-31 |
| むさし証券株式会社 | Major shareholder | 0.5% | 2026-03-31 |
| 関 定夫 | Major shareholder | 0.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2025/04/01－2026/03/31) | S100YIPK | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIPK,, |
| 有価証券報告書－第14期(2024/04/01－2025/03/31) | S100W5A7 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5A7,, |
| 有価証券報告書－第13期(2023/04/01－2024/03/31) | S100TT6Z | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT6Z,, |
| 有価証券報告書－第12期(2022/04/01－2023/03/31) | S100R6YT | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6YT,, |
| 有価証券報告書－第11期(令和3年4月1日－令和4年3月31日) | S100OI8B | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI8B,, |
| 有価証券報告書－第10期(令和2年4月1日－令和3年3月31日) | S100LPY5 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPY5,, |

## 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).