# Wesco Holdings Inc.: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2024/08/01－2025/07/31) (S100WWUT)
> Page: https://vizora.meequs.com/en/company/wesco-holdings
> Retrieved: 2026-09-30T22:34:43.251Z

## Company

Wesco Holdings, founded in 2014, is a company in Theme Parks & Leisure Facilities listed on TSE Standard. It has 797 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Wesco Holdings Inc. |
| Ticker | 6091 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6091.T) |
| Listing | TSE Standard |
| Head office | 岡山市北区島田本町2丁目5番35号 |
| Representative (per filing) | 代表取締役社長 松原 利直 |
| Founded | Feb 2014 |
| Share capital | ¥400M |
| Employees (consolidated) | 797 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | July |
| Corporate number | 6260001026756 |
| EDINET | E30042 |
| Industries (Vizora) | Theme Parks & Leisure Facilities, Printing, Sporting Goods & Fitness, Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100WWUT, filed 2025-10-27). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 24.3 | 35 |
| Profitability | 31.3 | 40 |
| Cash conversion | 82.9 | 38 |
| Efficiency | 31.3 | 40 |

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 Wesco Holdings's sales come from Civil engineering consultants, with Aquarium management administrator and Sports facility operation making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +2.5% from the prior year, operating profit +4.8%.

## Company structure

- Segment revenue mix: Civil engineering consultants 85.9%、Aquarium management administrator 7.8%、Sports facility operation 4.7%、Other 1.7%
- Revenue → net income: ¥16114809000 → ¥774166000
- Net income → operating cash flow: ¥774166000 → ¥1176311000（difference ¥402145000）
- Main uses of operating cash flow: CapEx ¥132795000 / dividends ¥313588000 / buybacks ¥426231000
- Change in cash: ¥433578000
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 | ¥16.1B |  |
| Operating income | ¥987.6M | Margin 6.1% |
| Net income | ¥774.2M | Margin 4.8% |
| Free cash flow | ¥1.04B |  |
| Largest business | Civil engineering consultants | of segment revenue 85.9% |
| Employees (consolidated) | 797 |  |
| EPS | ¥30.96 |  |
| Book value per share | ¥908.33 |  |
| Equity ratio | 76.5% |  |
| Shares outstanding | 13,727,000 |  |
| Treasury shares | 150,200 |  |
| Shareholders | 17,381 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 45.0% | Cash ÷ revenue 59.4% |
| Vs. industry median margin | -2.6 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 4.9% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.4× dividends
- FY2025, one segment accounts for 90% of positive segment profit
- FY2025, cash is 45% of total assets

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13745277000 | ¥16114809000 | +17.2% |
| Operating income | ¥795235000 | ¥987620000 | +24.2% |
| Operating margin | 5.8% | 6.1% | +0.3 pp |
| Employees | 655 people | 797 people | +21.7% |
| Cash and equivalents | ¥8717341000 | ¥9567755000 | +9.8% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 総合建設コンサルタント事業 → 総合建設コンサルタント事業 | 85.9% |
| 総合建設コンサルタント事業 → 事業再編・廃止 | 0.3% |
| スポーツ施設運営事業 → スポーツ施設運営事業 | 4.3% |
| 水族館運営事業 → 水族館運営事業 | 7.1% |
| その他 → その他 | 1.7% |
| その他 → 事業再編・廃止 | 0.8% |
| 新設・再編 → スポーツ施設運営事業 | 0.4% |
| 新設・再編 → 水族館運営事業 | 0.7% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Civil engineering consultants | 5 years | +3.2% | ¥13835917000 | 7.9% | 2 |
| Aquarium management administrator | 5 years | +5.2% | ¥1250125000 | 6.9% | 2 |
| Sports facility operation | 5 years | +5.2% | ¥759042000 | 1.0% | 2 |
| Other | 5 years | -4.5% | ¥269724000 | 9.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,115 | 100.0% | S100WWUT |
| Cost of revenue | 11,836 | 73.4% | S100WWUT |
| Gross profit | 4,279 | 26.6% | S100WWUT |
| SG&A | 3,291 | 20.4% | S100WWUT |
| Operating income | 988 | 6.1% | S100WWUT |
| Ordinary income | 1,215 | 7.5% | S100WWUT |
| Pretax income | 1,183 | 7.3% | S100WWUT |
| Income tax | 409 | 2.5% | S100WWUT |
| Net income | 774 | 4.8% | S100WWUT |
| Net income attributable to owners | 774 | 4.8% | S100WWUT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 20 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 26.6% → Operating margin 6.1% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.5%; Core profit growth: +4.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.94×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 15,725 | 16,115 | 389 | +2.5% |
| Gross profit | 4,150 | 4,279 | 129 | +3.1% |
| Operating income | 942 | 988 | 45 | +4.8% |
| Net income attributable to owners | 768 | 774 | 6 | +0.8% |
| Operating cash flow | 738 | 1,176 | 438 | +59.3% |
| Free cash flow | 548 | 1,044 | 495 | +90.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 13,170 | 744 | 5.7% | 941 | 630 | 335 | S100JZ0H |
| FY ending Jul 2020 | 13,745 | 795 | 5.8% | 514 | 1,689 | 1,542 | S100MNLM |
| FY ending Jul 2021 | 13,774 | 826 | 6.0% | 785 | 614 | 221 | S100PEII |
| FY ending Jul 2022 | 15,673 | 888 | 5.7% | 775 | 398 | 99 | S100S2F5 |
| FY ending Jul 2023 | 15,593 | 893 | 5.7% | 673 | 473 | 245 | S100UTP0 |
| FY ending Jul 2024 | 15,725 | 942 | 6.0% | 768 | 738 | 548 | S100WWUT |
| FY ending Jul 2025 | 16,115 | 988 | 6.1% | 774 | 1,176 | 1,044 | S100WWUT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.2M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥971.4K |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 699 | 728 | 767 | 780 | 797 |
| Average salary (parent company) | ¥6.9M | ¥6.7M | ¥6.5M | ¥6M | ¥6.1M |
| Average age (parent company) | 45.8 years | 45.5 years | 47.7 years | 47.8 years | 47.7 years |
| Average tenure (parent company) | 9.7 years | 11.1 years | 13.5 years | 14.5 years | 13.5 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) +2.5%

## Segments（FY ending Jul 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Civil engineering consultants | 13,836 | 85.9% | 1,093 | 7.9% |
| Sports facility operation | 759 | 4.7% | 8 | 1.0% |
| Aquarium management administrator | 1,250 | 7.8% | 86 | 6.9% |
| Other | 270 | 1.7% | 27 | 9.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Civil engineering consultants | 85.9% | 90.1% | 4.2 | 7.9% |
| Sports facility operation | 4.7% | 0.6% | -4.1 | 1.0% |
| Aquarium management administrator | 7.8% | 7.1% | -0.6 | 6.9% |
| Other | 1.7% | 2.2% | 0.5 | 9.8% |

Segment → industry: Aquarium management administrator → Theme Parks & Leisure Facilities / Other → Printing / Sports facility operation → Sporting Goods & Fitness / Civil engineering consultants → Disaster Prevention & Infrastructure Maintenance

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,176 | 7.3% | S100WWUT |
| Capital expenditure | 133 | 0.8% | S100WWUT |
| Free cash flow | 1,044 | 6.5% | 算出 |
| Investing cash flow | 37 | 0.2% | S100WWUT |
| Financing cash flow | -780 | -4.8% | S100WWUT |
| Dividends paid | 314 | 1.9% | S100WWUT |
| Share buyback | 426 | 2.6% | S100WWUT |
| Change in cash | 434 | 2.7% | S100WWUT |
| Cash and equivalents | 9,568 | 59.4% | S100WWUT |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,012 | 8,114 | 8,527 | 9,134 | 9,568 | S100S2F5, S100UTP0, S100WWUT |
| Total assets | 19,650 | 20,202 | 19,950 | 20,760 | 21,242 | S100PEII, S100S2F5, S100UTP0, S100WWUT |
| Net assets | 14,489 | 15,180 | 15,698 | 16,177 | 16,256 | S100S2F5, S100UTP0, S100WWUT |
| Share capital | 400 | 400 | 400 | 400 | 400 | S100PEII, S100S2F5, S100UTP0, S100WWUT |
| Property, plant and equipment | 3,458 | 3,482 | 3,232 | 3,171 | 3,029 | S100PEII, S100S2F5, S100UTP0, S100WWUT |
| Intangible assets excluding goodwill | 136 | 114 | 116 | 95 | 79 | S100PEII, S100S2F5, S100UTP0, S100WWUT |
| Investment securities | 2,672 | 2,580 | 2,538 | 2,198 | 2,207 | S100PEII, S100S2F5, S100UTP0, S100WWUT |
| Current assets | 11,587 | 12,092 | 12,273 | 13,455 | 14,048 | S100PEII, S100S2F5, S100UTP0, S100WWUT |
| Current liabilities | 4,879 | 4,714 | 3,928 | 4,146 | 4,542 | S100PEII, S100S2F5, S100UTP0, S100WWUT |
| Total liabilities | 5,161 | 5,022 | 4,253 | 4,582 | 4,987 | S100PEII, S100S2F5, S100UTP0, S100WWUT |
| Equity attributable to owners of parent | 14,360 | 15,020 | 15,458 | 15,691 | 15,725 | S100PEII, S100S2F5, S100UTP0, S100WWUT |
| Retained earnings | 4,993 | 5,654 | 6,091 | 6,624 | 7,084 | S100PEII, S100S2F5, S100UTP0, S100WWUT |
| Treasury stock | -879 | -879 | -880 | -379 | -91 | S100PEII, S100S2F5, S100UTP0, S100WWUT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100WWUT |
| Property, plant and equipment | 14% | S100WWUT |
| Intangibles and goodwill | 0% | S100WWUT |
| Investment securities | 11% | S100WWUT |
| Other assets | 30% | S100WWUT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100WWUT |
| Equity | 77% | S100WWUT |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 19,650 | 20,202 | 19,950 | 20,760 | 21,242 |
| Equity | 14,489 | 15,180 | 15,698 | 16,177 | 16,256 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,012 | 8,114 | 8,527 | 9,134 | 9,568 |

## 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) | 18.8% | S100WWUT |
| Fixed assets ÷ total assets | 14.3% | S100WWUT |
| Goodwill ÷ parent equity | — | —, S100WWUT |

### 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) | 45.0% |
| Cash ÷ revenue | 59.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 119.1% |
| Cash vs. profit gap | 402 JPY mn (of net income 51.9%) |
| Shareholder returns / net income | 95.6% |
| Shareholder returns / FCF | 70.9% |
| Shareholder payments — dividends / net income | 40.5% |
| Shareholder payments — dividends / FCF | 30.1% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 3.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 5.7% | 0.70× | 4.0% | 1.37× | 5.5% | S100PEII |
| 2022 | 4.9% | 0.79× | 3.9% | 1.36× | 5.3% | S100S2F5 |
| 2023 | 4.3% | 0.78× | 3.4% | 1.32× | 4.4% | S100UTP0 |
| 2024 | 4.9% | 0.77× | 3.8% | 1.31× | 4.9% | S100WWUT |
| 2025 | 4.8% | 0.77× | 3.7% | 1.34× | 4.9% | S100WWUT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人ウエスコ学術振興財団 | Major shareholder | 14.3% | 2025-07-31 |
| 公益財団法人加納美術振興財団 | Major shareholder | 7.4% | 2025-07-31 |
| ウエスコ社員持株会 | Major shareholder | 7.0% | 2025-07-31 |
| 内藤 征吾 | Major shareholder | 2.8% | 2025-07-31 |
| 森 一成 | Major shareholder | 2.7% | 2025-07-31 |
| 住友生命保険相互会社 | Major shareholder | 2.2% | 2025-07-31 |
| 光通信株式会社 | Major shareholder | 2.1% | 2025-07-31 |
| 株式会社建設技術研究所 | Major shareholder | 1.3% | 2025-07-31 |
| 加納 佳世子 | Major shareholder | 0.9% | 2025-07-31 |
| ASGJapan株式会社 | Major shareholder | 0.8% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2024/08/01－2025/07/31) | S100WWUT | 2025-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WWUT,, |
| 訂正有価証券報告書－第11期(2023/08/01－2024/07/31) | S100UTP0 | 2024-11-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UTP0,, |
| 有価証券報告書－第10期(2022/08/01－2023/07/31) | S100S2F5 | 2023-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S2F5,, |
| 有価証券報告書－第9期(令和3年8月1日－令和4年7月31日) | S100PEII | 2022-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PEII,, |
| 有価証券報告書－第8期(令和2年8月1日－令和3年7月31日) | S100MNLM | 2021-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MNLM,, |
| 有価証券報告書－第7期(令和1年8月1日－令和2年7月31日) | S100JZ0H | 2020-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JZ0H,, |

## 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).