# WILL,Co.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第31期(2025/01/01－2025/12/31) (S100XUX4)
> Page: https://vizora.meequs.com/en/company/will
> Retrieved: 2026-09-30T20:58:03.585Z

## Company

Will, founded in 1995, is a company in Real Estate Brokerage & Management listed on TSE Standard. It has 272 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WILL,Co.,Ltd. |
| Ticker | 3241 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3241.T) |
| Listing | TSE Standard |
| Head office | 兵庫県宝塚市逆瀬川一丁目14番6号 |
| Representative (per filing) | 代表取締役社長 田中 真次 |
| Founded | Jun 1995 |
| Share capital | ¥322M |
| Employees (consolidated) | 272 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | December |
| Website | www.wills.co.jp (https://www.wills.co.jp/) |
| Corporate number | 2140001081230 |
| EDINET | E04068 |
| Industries (Vizora) | Real Estate Brokerage & Management, Homebuilders, Real Estate Development & Leasing |

> Profile source: annual securities report (S100XUX4, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55.3 | 75 |
| Profitability | 40.1 | 86 |
| Cash conversion | 31.1 | 82 |
| Efficiency | 68 | 86 |
| Financial strength | 52.7 | 37 |

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 54% of Will's sales come from Sale on development business, with Sale on brokerage fee business and Sale on construction work business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +12.6% from the prior year, operating profit +18.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥14.9B |  |
| Operating income | ¥1.33B | Margin 8.9% |
| Net income | ¥664M | Margin 4.5% |
| Free cash flow | -¥469M |  |
| Largest business | Sale on development business | of segment revenue 54.4% |
| Employees (consolidated) | 272 |  |
| EPS | ¥23.87 |  |
| Book value per share | ¥164.98 |  |
| Equity ratio | 32.8% |  |
| Shares outstanding | 11,548,000 |  |
| Treasury shares | 100 |  |
| Shareholders | 3,249 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 11.0% | Net cash -¥5.89B · Cash ÷ revenue 12.2% |
| Vs. industry median margin | -1.6 pp | Real Estate Development & Leasing |
| ROE | 12.8% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2025, segment profit share differs by -42 points
- FY2025, parent-company salary changed +22% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7957000000 | ¥14880000000 | +87.0% |
| Operating income | ¥696000000 | ¥1327000000 | +90.7% |
| Operating margin | 8.7% | 8.9% | +0.2 pp |
| Employees | 168 people | 272 people | +61.9% |
| Cash and equivalents | ¥2229000000 | ¥1822000000 | -18.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 流通 → 流通 | 17.3% |
| リフォーム → リフォーム | 15.9% |
| リフォーム → 事業再編・廃止 | 2.7% |
| 開発分譲 → 開発分譲 | 54.4% |
| 開発分譲 → 事業再編・廃止 | 4.0% |
| 賃貸 → 賃貸 | 1.6% |
| 賃貸 → 事業再編・廃止 | 0.6% |
| 不動産取引派生 → 不動産取引派生 | 1.8% |
| 不動産取引派生 → 事業再編・廃止 | 0.2% |
| その他 → その他 | 1.6% |
| 新設・再編 → 流通 | 7.4% |
| 新設・再編 → その他 | 0.1% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Sale on development business | 5 years | +11.7% | ¥8089000000 | 3.2% | 2 |
| Sale on brokerage fee business | 5 years | +21.7% | ¥3664000000 | 33.1% | 2 |
| Sale on construction work business | 5 years | +9.8% | ¥2372000000 | 19.6% | 2 |
| Sale on businesses derived from real-estate deal | 5 years | +11.0% | ¥270000000 | 52.6% | 2 |
| Other | 5 years | +15.1% | ¥250000000 | 29.2% | 2 |
| Rental | 5 years | +6.4% | ¥233000000 | -9.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,880 | 100.0% | S100XUX4 |
| Cost of revenue | 12,435 | 83.6% | S100XUX4 |
| Gross profit | 2,445 | 16.4% | S100XUX4 |
| SG&A | 1,118 | 7.5% | S100XUX4 |
| Operating income | 1,327 | 8.9% | S100XUX4 |
| Ordinary income | 1,204 | 8.1% | S100XUX4 |
| Pretax income | 982 | 6.6% | S100XUX4 |
| Income tax | 317 | 2.1% | S100XUX4 |
| Net income | 664 | 4.5% | S100XUX4 |
| Net income attributable to owners | 664 | 4.5% | S100XUX4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 7 |
| Operating income | 9 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 16.4% → Operating margin 8.9% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.6%; Core profit growth: +18.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.46×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,213 | 14,880 | 1,667 | +12.6% |
| Gross profit | 2,120 | 2,445 | 325 | +15.3% |
| Operating income | 1,120 | 1,327 | 207 | +18.5% |
| Net income attributable to owners | 710 | 664 | -46 | -6.5% |
| Operating cash flow | -435 | -418 | 17 | — |
| Free cash flow | -595 | -469 | 126 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 6,260 | 658 | 10.5% | 439 | -426 | -1,807 | S100L29B |
| FY ending Dec 2020 | 7,957 | 696 | 8.7% | 463 | 1,508 | 993 | S100NRZG |
| FY ending Dec 2021 | 8,681 | 837 | 9.6% | 577 | -401 | -2,053 | S100QGN4 |
| FY ending Dec 2022 | 9,469 | 919 | 9.7% | 594 | -462 | -973 | S100T4JE |
| FY ending Dec 2023 | 11,552 | 998 | 8.6% | 521 | 1,114 | 1,018 | S100VHW9 |
| FY ending Dec 2024 | 13,213 | 1,120 | 8.5% | 710 | -435 | -595 | S100XUX4 |
| FY ending Dec 2025 | 14,880 | 1,327 | 8.9% | 664 | -418 | -469 | S100XUX4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥54.7M |
| Operating income per employee (consolidated) | ¥4.9M |
| Net income per employee (consolidated) | ¥2.4M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 188 | 208 | 229 | 255 | 272 |
| Average salary (parent company) | ¥6.6M | ¥7.1M | ¥6.8M | ¥7.2M | ¥8M |
| Average age (parent company) | 29.6 years | 29.6 years | 29.7 years | 29.4 years | 30.0 years |
| Average tenure (parent company) | 6.2 years | 6.2 years | 6.3 years | 6.1 years | 6.6 years |

Year over year: Employees (consolidated) +6.7% · Revenue (consolidated) +12.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Sale on brokerage fee business | 3,664 | 24.6% | 1,212 | 33.1% |
| Sale on construction work business | 2,372 | 15.9% | 465 | 19.6% |
| Sale on development business | 8,089 | 54.4% | 261 | 3.2% |
| Rental | 233 | 1.6% | -22 | -9.4% |
| Sale on businesses derived from real-estate deal | 270 | 1.8% | 142 | 52.6% |
| Other | 250 | 1.7% | 73 | 29.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Sale on brokerage fee business | 24.6% | 56.3% | 31.7 | 33.1% |
| Sale on construction work business | 15.9% | 21.6% | 5.7 | 19.6% |
| Sale on development business | 54.4% | 12.1% | -42.2 | 3.2% |
| Rental | 1.6% | — | — | -9.4% |
| Sale on businesses derived from real-estate deal | 1.8% | 6.6% | 4.8 | 52.6% |
| Other | 1.7% | 3.4% | 1.7 | 29.2% |

Loss-making segment (excluded from profit shares): Rental -22 JPY mn

Segment → industry: Sale on brokerage fee business → Real Estate Brokerage & Management / Sale on construction work business → Homebuilders / Sale on development business → Real Estate Development & Leasing / Sale on development business → Homebuilders / Rental → Real Estate Development & Leasing / Sale on businesses derived from real-estate deal → Real Estate Brokerage & Management

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -418 | -2.8% | S100XUX4 |
| Capital expenditure | 51 | 0.3% | S100XUX4 |
| Free cash flow | -469 | -3.2% | 算出 |
| Investing cash flow | -98 | -0.7% | S100XUX4 |
| Financing cash flow | 24 | 0.2% | S100XUX4 |
| Dividends paid | 219 | 1.5% | S100XUX4 |
| Share buyback | 0 | 0.0% | S100XUX4 |
| Change in cash | -493 | -3.3% | S100XUX4 |
| Cash and equivalents | 1,822 | 12.2% | S100XUX4 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,871 | 1,643 | 2,818 | 2,316 | 1,822 | S100T4JE, S100VHW9, S100XUX4 |
| Total assets | 12,150 | 13,427 | 14,390 | 15,335 | 16,494 | S100QGN4, S100T4JE, S100VHW9, S100XUX4 |
| Net assets | 3,658 | 4,086 | 4,448 | 4,964 | 5,409 | S100T4JE, S100VHW9, S100XUX4 |
| Share capital | 277 | 284 | 297 | 322 | 322 | S100QGN4, S100T4JE, S100VHW9, S100XUX4 |
| Trade receivables | 478 | — | — | — | — | S100QGN4 |
| Property, plant and equipment | 4,850 | 5,090 | 4,996 | 5,036 | 4,697 | S100QGN4, S100T4JE, S100VHW9, S100XUX4 |
| Intangible assets excluding goodwill | 52 | 50 | 45 | 33 | 33 | S100QGN4, S100T4JE, S100VHW9, S100XUX4 |
| Goodwill | 31 | 22 | 13 | 4 | — | S100QGN4, S100T4JE, S100VHW9, S100XUX4 |
| Current assets | 6,923 | 7,874 | 8,824 | 9,662 | 11,007 | S100QGN4, S100T4JE, S100VHW9, S100XUX4 |
| Current liabilities | 4,868 | 4,578 | 4,110 | 6,628 | 7,036 | S100QGN4, S100T4JE, S100VHW9, S100XUX4 |
| Trade payables | 366 | 451 | 438 | 423 | 559 | S100QGN4, S100T4JE, S100VHW9, S100XUX4 |
| Short-term borrowings | 2,862 | 2,398 | 1,397 | 2,907 | 3,755 | S100QGN4, S100T4JE, S100VHW9, S100XUX4 |
| Long-term borrowings | 2,951 | 3,770 | 3,933 | 2,413 | 2,884 | S100QGN4, S100T4JE, S100VHW9, S100XUX4 |
| Bonds | 582 | 887 | 1,793 | 1,235 | 1,078 | S100QGN4, S100T4JE, S100VHW9, S100XUX4 |
| Interest-bearing debt | 6,395 | 7,055 | 7,123 | 6,555 | 7,717 | 算出 |
| Total liabilities | 8,492 | 9,341 | 9,941 | 10,371 | 11,084 | S100QGN4, S100T4JE, S100VHW9, S100XUX4 |
| Equity attributable to owners of parent | 3,629 | 4,061 | 4,433 | 4,964 | 5,409 | S100QGN4, S100T4JE, S100VHW9, S100XUX4 |
| Retained earnings | 3,153 | 3,572 | 3,917 | 4,399 | 4,844 | S100QGN4, S100T4JE, S100VHW9, S100XUX4 |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100QGN4, S100T4JE, S100VHW9, S100XUX4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100XUX4 |
| Property, plant and equipment | 29% | S100XUX4 |
| Intangibles and goodwill | 0% | S100XUX4 |
| Other assets | 60% | S100XUX4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100XUX4 |
| Interest-bearing debt | 47% | 算出 |
| Other liabilities | 17% | S100XUX4 |
| Equity | 33% | S100XUX4 |
| Other liabilities | 0% | S100XUX4 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 12,150 | 13,427 | 14,390 | 15,335 | 16,494 |
| Equity | 3,658 | 4,086 | 4,448 | 4,964 | 5,409 |
| Interest-bearing debt | 6,395 | 7,055 | 7,123 | 6,555 | 7,717 |
| Cash | 1,871 | 1,643 | 2,818 | 2,316 | 1,822 |

## 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) | 31.6% | S100XUX4 |
| Fixed assets ÷ total assets | 28.5% | S100XUX4 |
| Goodwill ÷ parent equity | — | —, S100XUX4 |

### 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) | 11.0% |
| Cash ÷ revenue | 12.2% |
| Net cash (cash − interest-bearing debt) | -¥5.89B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -31.5% |
| Cash vs. profit gap | -1,082 JPY mn (of net income -163.0%) |
| Shareholder returns / net income | 33.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 6.6% | 0.71× | 4.7% | 3.35× | 15.9% | S100QGN4 |
| 2022 | 6.3% | 0.74× | 4.6% | 3.33× | 15.4% | S100T4JE |
| 2023 | 4.5% | 0.83× | 3.7% | 3.27× | 12.3% | S100VHW9 |
| 2024 | 5.4% | 0.89× | 4.8% | 3.16× | 15.1% | S100XUX4 |
| 2025 | 4.5% | 0.93× | 4.2% | 3.07× | 12.8% | S100XUX4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社岡本俊人 | Major shareholder | 56.8% | 2025-12-31 |
| ウィル従業員持株会 | Major shareholder | 6.8% | 2025-12-31 |
| 岡田 洋子 | Major shareholder | 2.1% | 2025-12-31 |
| 宮前 いずみ | Major shareholder | 1.4% | 2025-12-31 |
| 友野 泉 | Major shareholder | 1.4% | 2025-12-31 |
| 包 賢 | Major shareholder | 1.0% | 2025-12-31 |
| 坂根 勝幸 | Major shareholder | 0.9% | 2025-12-31 |
| 佐藤 慎二郎 | Major shareholder | 0.8% | 2025-12-31 |
| 町田 泰則 | Major shareholder | 0.7% | 2025-12-31 |
| 海山 智 | Major shareholder | 0.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第31期(2025/01/01－2025/12/31) | S100XUX4 | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUX4,, |
| 有価証券報告書－第30期(2024/01/01－2024/12/31) | S100VHW9 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHW9,, |
| 有価証券報告書－第29期(2023/01/01－2023/12/31) | S100T4JE | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4JE,, |
| 有価証券報告書－第28期(2022/01/01－2022/12/31) | S100QGN4 | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGN4,, |
| 有価証券報告書－第27期(令和3年1月1日－令和3年12月31日) | S100NRZG | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRZG,, |
| 有価証券報告書－第26期(令和2年1月1日－令和2年12月31日) | S100L29B | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L29B,, |

## 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).