# Will Smart: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2025/01/01－2025/12/31) (S100XT2X)
> Page: https://vizora.meequs.com/en/company/will-smart
> Retrieved: 2026-09-30T18:16:43.303Z

## Company

Will Smart, founded in 2012, is a company in IT Services & System Integration listed on TSE Growth. It has 50 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Will Smart Co.,LTD. |
| Ticker | 175A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/175A.T) |
| Listing | TSE Growth |
| Head office | 東京都江東区富岡二丁目11番6号 |
| Representative (per filing) | 代表取締役社長 石井 康弘 |
| Founded | Dec 2012 |
| Share capital | ¥635.2M |
| Employees (consolidated) | 50 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | December |
| Website | willsmart.co.jp (https://willsmart.co.jp/) |
| Corporate number | 3010401103249 |
| EDINET | E39487 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XT2X, filed 2026-03-24). As of filing

## Key points (generated from figures)

- Will Smart brought in ¥805.2M in revenue.
- It lost about ¥35 for every ¥100 of sales at the operating level.
- Revenue changed +57.0% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥805.2M |  |
| Operating income | -¥283.1M | Margin -35.2% |
| Net income | -¥415.6M | Margin -51.6% |
| Free cash flow | -¥183.7M |  |
| Employees (consolidated) | 50 |  |
| EPS | ¥-283.2 |  |
| Book value per share | ¥2.16 |  |
| Equity ratio | 0.7% |  |
| Shares outstanding | 1,471,400 |  |
| Shareholders | 1,455 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 23.9% | Cash ÷ revenue 13.0% |
| Vs. industry median margin | -44.1 pp | IT Services & System Integration |
| ROA | -76.0% | Derived from disclosed figures |

## Notable figures

- FY2025, operating loss is 35 per ¥100 of revenue

## What changed in 1 years

| Metric | FY ending Mar 2024 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1085861000 | ¥805211000 | -25.8% |
| Operating income | ¥36124000 | ¥-283087000 | -883.7% |
| Operating margin | 3.3% | -35.2% | -38.5 pp |
| Employees | 50 people | 50 people | 0.0% |
| Cash and equivalents | ¥147356000 | ¥104621000 | -29.0% |

### Change in segment revenue mix

Span: FY ending Mar 2024 → 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 805 | 100.0% | S100XT2X |
| Cost of revenue | 574 | 71.3% | 算出 |
| Gross profit | 231 | 28.7% | S100XT2X |
| SG&A | 514 | 63.9% | S100XT2X |
| Operating income | -283 | -35.2% | S100XT2X |
| Ordinary income | -260 | -32.3% | S100XT2X |
| Pretax income | -414 | -51.4% | S100XT2X |
| Income tax | 1 | 0.2% | S100XT2X |
| Net income | -416 | -51.6% | S100XT2X |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 64 |
| Operating income | -35 |
| (Ref.) Net income | -52 |

### Margin funnel

Gross margin 28.7% → Operating margin -35.2% → Net margin -51.6%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 513 | 805 | 292 | +57.0% |
| Gross profit | 157 | 231 | 74 | +47.0% |
| Operating income | -228 | -283 | -55 | — |
| Operating cash flow | -182 | -122 | 60 | — |
| Free cash flow | -197 | -184 | 13 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2024 | 1,086 | 36 | 3.3% | 27 | 6 | -28 | S100VINB |
| FY ending Dec 2024 | 513 | -228 | -44.5% | -224 | -182 | -197 | S100XT2X |
| FY ending Dec 2025 | 805 | -283 | -35.2% | -416 | -122 | -184 | S100XT2X |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.1M |
| Operating income per employee (consolidated) | -¥5.7M |
| Net income per employee (consolidated) | -¥8.3M |

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 Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 50 | 50 | 50 |
| Average salary (parent company) | — | ¥7M | ¥7.4M |
| Average age (parent company) | — | 37.7 years | 41.8 years |
| Average tenure (parent company) | — | 3.6 years | 3.1 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -122 | -15.2% | S100XT2X |
| Capital expenditure | 61 | 7.6% | S100XT2X |
| Free cash flow | -184 | -22.8% | 算出 |
| Investing cash flow | -61 | -7.6% | S100XT2X |
| Financing cash flow | 180 | 22.4% | S100XT2X |
| Change in cash | -3 | -0.4% | S100XT2X |
| Cash and equivalents | 105 | 13.0% | S100XT2X |

## 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 Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 147 | 108 | 105 | S100XT2X |
| Total assets | 776 | 657 | 437 | S100VINB, S100XT2X |
| Net assets | 312 | 410 | 3 | S100XT2X |
| Share capital | 546 | 631 | 635 | S100VINB, S100XT2X |
| Inventories | 10 | 11 | 18 | S100VINB, S100XT2X |
| Property, plant and equipment | 28 | 29 | 4 | S100VINB, S100XT2X |
| Intangible assets excluding goodwill | 154 | 118 | — | S100VINB, S100XT2X |
| Goodwill | 63 | 49 | — | S100VINB, S100XT2X |
| Current assets | 569 | 482 | 406 | S100VINB, S100XT2X |
| Current liabilities | 452 | 237 | 427 | S100VINB, S100XT2X |
| Short-term borrowings | 300 | 145 | 326 | S100VINB, S100XT2X |
| Long-term borrowings | 10 | 9 | 7 | S100VINB, S100XT2X |
| Total liabilities | 463 | 247 | 434 | S100VINB, S100XT2X |
| Equity attributable to owners of parent | 312 | 409 | 3 | S100VINB, S100XT2X |
| Retained earnings | -260 | -484 | -900 | S100VINB, S100XT2X |
| Treasury stock | -91 | — | — | S100VINB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100XT2X |
| Inventories | 4% | S100XT2X |
| Property, plant and equipment | 1% | S100XT2X |
| Other assets | 71% | S100XT2X |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 99% | S100XT2X |
| Equity | 1% | S100XT2X |

### Balance sheet history

| Metric | FY ending Mar 2024 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 776 | 657 | 437 |
| Equity | 312 | 410 | 3 |
| Interest-bearing debt | — | — | — |
| Cash | 147 | 108 | 105 |

## 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) | 0.5% | S100XT2X |
| Fixed assets ÷ total assets | 0.9% | S100XT2X |
| Goodwill ÷ parent equity | — | —, S100XT2X |

### 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) | 23.9% |
| Cash ÷ revenue | 13.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 293 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.6% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 2.5% | 1.40× | 3.5% | 2.49× | 8.7% | S100VINB |
| 2024 | — | —× | -34.1% | —× | — | S100XT2X |
| 2025 | — | —× | -76.0% | —× | — | S100XT2X |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ゼンリン | Major shareholder | 43.8% | 2025-12-31 |
| ＥＮＥＯＳ株式会社 | Major shareholder | 5.6% | 2025-12-31 |
| 日本証券金融株式会社 | Major shareholder | 4.9% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 2.1% | 2025-12-31 |
| 岡谷鋼機株式会社 | Major shareholder | 1.5% | 2025-12-31 |
| 飛島建設株式会社 | Major shareholder | 1.5% | 2025-12-31 |
| 石 井 康 弘 | Major shareholder | 1.3% | 2025-12-31 |
| NOMURA INTERNATIONAL PLC A/C JAPAN FLOW （常任代理人 野村證券株式会社） | Major shareholder | 1.1% | 2025-12-31 |
| Ｊ．Ｐ．Ｍｏｒｇａｎ Ｓｅｃｕｒｉｔｉ ｅｓ ｐｌｃ （常任代理人 ＪＰモルガン証券株式会社） | Major shareholder | 0.9% | 2025-12-31 |
| ＷｉｌｌＳｍａｒｔ社員持株会 | Major shareholder | 0.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2025/01/01－2025/12/31) | S100XT2X | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT2X,, |
| 有価証券報告書－第13期(2024/04/01－2024/12/31) | S100VINB | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VINB,, |

## 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).