# WELLNET CORPORATION: business model and financials

> Latest period: FY ending Jun 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第44期(2025/07/01－2026/06/30) (S100Z3QG)
> Page: https://vizora.meequs.com/en/company/wellnet
> Retrieved: 2026-09-30T20:58:31.203Z

## Company

Wellnet, founded in 1983, is a company in Cashless Payments listed on TSE Standard. It has 137 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WELLNET CORPORATION |
| Ticker | 2428 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2428.T) |
| Listing | TSE Standard |
| Head office | 北海道札幌市中央区大通東十丁目11番地4 |
| Representative (per filing) | 代表取締役社長 宮澤 一洋 |
| Founded | Apr 1983 |
| Share capital | ¥667.8M |
| Employees (consolidated) | 137 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | June |
| Website | www.wellnet.co.jp (https://www.wellnet.co.jp/) |
| Corporate number | 5010001125807 |
| EDINET | E05458 |
| Industries (Vizora) | Cashless Payments |

> Profile source: annual securities report (S100Z3QG, filed 2026-09-24). As of filing

## Key points (generated from figures)

- Wellnet brought in ¥10.1B in revenue.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed -7.9% from the prior year, operating profit -6.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥10.1B |  |
| Operating income | ¥1.41B | Margin 14.0% |
| Net income | ¥1.08B | Margin 10.8% |
| Free cash flow | -¥2.39B |  |
| Employees (consolidated) | 137 |  |
| EPS | ¥57.27 |  |
| Diluted EPS | ¥56.87 |  |
| Book value per share | ¥484.47 |  |
| Equity ratio | 35.4% |  |
| Shares outstanding | 19,400,000 |  |
| Treasury shares | 428,400 |  |
| Shareholders | 15,689 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 51.3% | Cash ÷ revenue 132.4% |
| Vs. industry median margin | +0.8 pp | Cashless Payments |
| ROE | 12.0% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 51% of total assets
- FY2026, parent-company salary changed +31% over five years

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8842004000 | ¥10059578000 | +13.8% |
| Operating income | ¥567519000 | ¥1411053000 | +148.6% |
| Operating margin | 6.4% | 14.0% | +7.6 pp |
| Employees | 129 people | 137 people | +6.2% |
| Cash and equivalents | ¥10423938000 | ¥13322122000 | +27.8% |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,060 | 100.0% | S100Z3QG |
| Cost of revenue | 7,563 | 75.2% | S100Z3QG |
| Gross profit | 2,497 | 24.8% | S100Z3QG |
| SG&A | 1,086 | 10.8% | S100Z3QG |
| Operating income | 1,411 | 14.0% | S100Z3QG |
| Ordinary income | 1,505 | 15.0% | S100Z3QG |
| Pretax income | 1,506 | 15.0% | S100Z3QG |
| Income tax | 424 | 4.2% | S100Z3QG |
| Net income | 1,082 | 10.8% | S100Z3QG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 11 |
| Operating income | 14 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 24.8% → Operating margin 14.0% → Net margin 10.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -7.9%; Core profit growth: -6.1%
Operating leverage (core profit growth ÷ revenue growth): 0.77×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,919 | 10,060 | -859 | -7.9% |
| Gross profit | 2,519 | 2,497 | -22 | -0.9% |
| Operating income | 1,502 | 1,411 | -91 | -6.1% |
| Operating cash flow | 2,406 | -2,116 | -4,523 | -188.0% |
| Free cash flow | 2,014 | -2,395 | -4,408 | -218.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 9,380 | 817 | 8.7% | 494 | -1,827 | -2,965 | S100MHA2 |
| FY ending Jun 2021 | 8,842 | 568 | 6.4% | 394 | 2,600 | 945 | S100P834 |
| FY ending Jun 2022 | 8,950 | 736 | 8.2% | 532 | 3,283 | 2,991 | S100RVU8 |
| FY ending Jun 2023 | 9,424 | 939 | 10.0% | 636 | 1,114 | 891 | S100UKWJ |
| FY ending Jun 2024 | 10,132 | 1,222 | 12.1% | 837 | 2,645 | 2,566 | S100WQVK |
| FY ending Jun 2025 | 10,919 | 1,502 | 13.8% | 1,078 | 2,406 | 2,014 | S100Z3QG |
| FY ending Jun 2026 | 10,060 | 1,411 | 14.0% | 1,082 | -2,116 | -2,395 | S100Z3QG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥73.4M |
| Operating income per employee (consolidated) | ¥10.3M |
| Net income per employee (consolidated) | ¥7.9M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 125 | 127 | 128 | 131 | 137 |
| Average salary (parent company) | ¥4.6M | ¥5M | ¥5.1M | ¥5.4M | ¥6.1M |
| Average age (parent company) | 35.0 years | 35.6 years | 36.7 years | 37.7 years | 39.0 years |
| Average tenure (parent company) | 6.9 years | 7.2 years | 7.9 years | 8.2 years | 8.3 years |

Year over year: Employees (consolidated) +4.6% · Revenue (consolidated) -7.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -2,116 | -21.0% | S100Z3QG |
| Capital expenditure | 278 | 2.8% | S100Z3QG |
| Free cash flow | -2,395 | -23.8% | 算出 |
| Investing cash flow | -1,259 | -12.5% | S100Z3QG |
| Financing cash flow | -798 | -7.9% | S100Z3QG |
| Dividends paid | 771 | 7.7% | S100Z3QG |
| Change in cash | -4,173 | -41.5% | S100Z3QG |
| Cash and equivalents | 13,322 | 132.4% | S100Z3QG |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 13,049 | 14,071 | 16,657 | 17,495 | 13,322 | S100UKWJ, S100WQVK, S100Z3QG |
| Total assets | 23,643 | 24,892 | 27,141 | 29,302 | 25,984 | S100RVU8, S100UKWJ, S100WQVK, S100Z3QG |
| Net assets | 7,411 | 7,827 | 8,379 | 8,861 | 9,261 | S100UKWJ, S100WQVK, S100Z3QG |
| Share capital | 668 | 668 | 668 | 668 | 668 | S100RVU8, S100UKWJ, S100WQVK, S100Z3QG |
| Property, plant and equipment | 4,207 | 3,888 | 3,791 | 3,772 | 3,628 | S100RVU8, S100UKWJ, S100WQVK, S100Z3QG |
| Intangible assets excluding goodwill | 565 | 444 | 341 | 393 | 508 | S100RVU8, S100UKWJ, S100WQVK, S100Z3QG |
| Investment securities | 275 | 52 | 153 | 84 | 799 | S100RVU8, S100UKWJ, S100WQVK, S100Z3QG |
| Current assets | 16,864 | 18,756 | 21,747 | 23,250 | 19,010 | S100RVU8, S100UKWJ, S100WQVK, S100Z3QG |
| Current liabilities | 14,206 | 15,106 | 16,918 | 18,683 | 15,055 | S100RVU8, S100UKWJ, S100WQVK, S100Z3QG |
| Long-term borrowings | 1,800 | 1,725 | 1,600 | 1,500 | 1,400 | S100RVU8, S100UKWJ, S100WQVK, S100Z3QG |
| Total liabilities | 16,232 | 17,065 | 18,762 | 20,442 | 16,723 | S100RVU8, S100UKWJ, S100WQVK, S100Z3QG |
| Equity attributable to owners of parent | 7,354 | 7,738 | 8,272 | 8,780 | 9,200 | S100RVU8, S100UKWJ, S100WQVK, S100Z3QG |
| Retained earnings | 3,907 | 4,264 | 4,766 | 5,317 | 5,548 | S100RVU8, S100UKWJ, S100WQVK, S100Z3QG |
| Treasury stock | -730 | -703 | -671 | -714 | -525 | S100RVU8, S100UKWJ, S100WQVK, S100Z3QG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 51% | S100Z3QG |
| Property, plant and equipment | 14% | S100Z3QG |
| Intangibles and goodwill | 2% | S100Z3QG |
| Investment securities | 3% | S100Z3QG |
| Other assets | 30% | S100Z3QG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 64% | S100Z3QG |
| Equity | 36% | S100Z3QG |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 23,643 | 24,892 | 27,141 | 29,302 | 25,984 |
| Equity | 7,411 | 7,827 | 8,379 | 8,861 | 9,261 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,049 | 14,071 | 16,657 | 17,495 | 13,322 |

## 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) | 36.1% | S100Z3QG |
| Fixed assets ÷ total assets | 14.0% | S100Z3QG |
| Goodwill ÷ parent equity | — | —, S100Z3QG |

### 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) | 51.3% |
| Cash ÷ revenue | 132.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -150.0% |
| Cash vs. profit gap | -3,198 JPY mn (of net income -295.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 71.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 5.9% | 0.38× | 2.3% | 3.21× | 7.2% | S100RVU8 |
| 2023 | 6.7% | 0.39× | 2.6% | 3.22× | 8.4% | S100UKWJ |
| 2024 | 8.3% | 0.39× | 3.2% | 3.25× | 10.5% | S100WQVK |
| 2025 | 9.9% | 0.39× | 3.8% | 3.31× | 12.6% | S100Z3QG |
| 2026 | 10.8% | 0.36× | 3.9% | 3.07× | 12.0% | S100Z3QG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社三井住友銀行 | Major shareholder | 4.8% | 2026-06-30 |
| 東京中小企業投資育成株式会社 | Major shareholder | 3.2% | 2026-06-30 |
| 宮澤 一洋 | Major shareholder | 3.0% | 2026-06-30 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 2.6% | 2026-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.5% | 2026-06-30 |
| 須田忠雄 | Major shareholder | 2.3% | 2026-06-30 |
| ＲＥ ＦＵＮＤ １０７－ＣＬＩＥＮＴ ＡＣ （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.9% | 2026-06-30 |
| 渡辺 佳昭 | Major shareholder | 1.8% | 2026-06-30 |
| 日本生命保険相互会社 | Major shareholder | 1.8% | 2026-06-30 |
| 高橋 雅行 | Major shareholder | 1.7% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2025/07/01－2026/06/30) | S100Z3QG | 2026-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3QG,, |
| 有価証券報告書－第43期(2024/07/01－2025/06/30) | S100WQVK | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQVK,, |
| 訂正有価証券報告書－第42期(2023/07/01－2024/06/30) | S100UKWJ | 2024-10-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UKWJ,, |
| 有価証券報告書－第41期(2022/07/01－2023/06/30) | S100RVU8 | 2023-09-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RVU8,, |
| 有価証券報告書－第40期(令和3年7月1日－令和4年6月30日) | S100P834 | 2022-09-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P834,, |
| 有価証券報告書－第39期(令和2年7月1日－令和3年6月30日) | S100MHA2 | 2021-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MHA2,, |

## 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).