# WILL GROUP, INC.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2025/04/01－2026/03/31) (S100YFJF)
> Page: https://vizora.meequs.com/en/company/willgroup
> Retrieved: 2026-09-30T22:22:22.510Z

## Company

Will Group, founded in 1997, is a company in HR & Staffing listed on TSE Prime. It has 9,005 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WILL GROUP, INC. |
| Ticker | 6089 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6089.T) |
| Listing | TSE Prime |
| Head office | 東京都中野区本町一丁目32番2号 |
| Representative (per filing) | 代表取締役社長 角 裕一 |
| Founded | Aug 1997 |
| Share capital | ¥2.22B |
| Employees (consolidated) | 9,005 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | willgroup.co.jp (https://willgroup.co.jp/) |
| Corporate number | 9011001061435 |
| EDINET | E30140 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100YFJF, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 19.9 | 68 |
| Profitability | 15.3 | 88 |
| Cash conversion | 88.1 | 80 |
| Efficiency | 88.1 | 88 |

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 60% of Will Group's sales come from Domestic Working Business, with Overseas Working Business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +5.1% from the prior year, operating profit +40.2%.

## Company structure

- Segment revenue mix: Domestic Working Business 60.1%、Overseas Working Business 39.8%、Other 0.1%
- Revenue → net income: ¥146856000000 → ¥2202000000
- Net income → operating cash flow: ¥2202000000 → ¥4957000000（difference ¥2755000000）
- Main uses of operating cash flow: CapEx ¥567000000 / dividends ¥1016000000 / buybacks —
- Change in cash: ¥1038000000
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 | ¥146.9B |  |
| Operating income | ¥3.28B | Margin 2.2% |
| Net income | ¥2.31B | Margin 1.6% |
| Free cash flow | ¥4.39B |  |
| Largest business | Domestic Working Business | of segment revenue 60.1% |
| Employees (consolidated) | 9,005 |  |
| EPS | ¥101.01 |  |
| Diluted EPS | ¥100.95 |  |
| Book value per share | ¥661.23 |  |
| Equity ratio | 35.8% | Derived from disclosed figures |
| Shares outstanding | 23,118,900 |  |
| Treasury shares | 5,500 |  |
| Shareholders | 33,780 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 14.1% | Cash ÷ revenue 5.4% |
| Vs. industry median margin | -6.4 pp | HR & Staffing |
| ROE | 12.3% | Derived from disclosed figures |
| ROA | 4.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥118249000000 | ¥146856000000 | +24.2% |
| Operating income | ¥4030000000 | ¥3279000000 | -18.6% |
| Operating margin | 3.4% | 2.2% | -1.2 pp |
| Employees | 4,845 people | 9,005 people | +85.9% |
| Cash and equivalents | ¥7455000000 | ¥7974000000 | +7.0% |

### 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 |
| --- | ---: |
| 国内WORK事業 → 事業再編・廃止 | 67.7% |
| 海外WORK事業 → 事業再編・廃止 | 31.2% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 1.0% |
| 新設・再編 → 国内Working事業 | 60.1% |
| 新設・再編 → 海外Working事業 | 39.8% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Domestic Working Business | 4 years | +2.3% | ¥88262000000 | 4.1% | 2 |
| Overseas Working Business | 4 years | +4.7% | ¥58501000000 | 4.1% | 2 |
| Other | 5 years | -40.9% | ¥92000000 | -332.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 146,856 | 100.0% | S100YFJF |
| Cost of revenue | 114,464 | 77.9% | S100YFJF |
| Gross profit | 32,392 | 22.1% | S100YFJF |
| SG&A | 29,510 | 20.1% | S100YFJF |
| Operating income | 3,279 | 2.2% | S100YFJF |
| Pretax income | 3,139 | 2.1% | S100YFJF |
| Income tax | 936 | 0.6% | S100YFJF |
| Net income | 2,202 | 1.5% | S100YFJF |
| Net income attributable to owners | 2,314 | 1.6% | S100YFJF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 20 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 22.1% → Operating margin 2.2% → Net margin 1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.1%; Core profit growth: +40.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.86×
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 | 139,705 | 146,856 | 7,151 | +5.1% |
| Gross profit | 29,383 | 32,392 | 3,009 | +10.2% |
| Operating income | 2,338 | 3,279 | 941 | +40.2% |
| Net income attributable to owners | 1,155 | 2,314 | 1,159 | +100.3% |
| Operating cash flow | 1,806 | 4,957 | 3,151 | +174.5% |
| Free cash flow | 1,445 | 4,390 | 2,945 | +203.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2018 | 79,273 | — | — | 1,451 | 4,462 | — | S100OAYD |
| FY ending Mar 2019 | 103,300 | — | — | 1,539 | 2,807 | — | S100R3CP |
| FY ending Mar 2020 | 121,916 | 4,145 | 3.4% | 2,380 | 4,908 | 4,351 | S100LLJC |
| FY ending Mar 2021 | 118,249 | 4,030 | 3.4% | 2,363 | 4,316 | 3,727 | S100OAYD |
| FY ending Mar 2022 | 131,080 | 5,472 | 4.2% | 3,286 | 4,350 | 3,609 | S100R3CP |
| FY ending Mar 2023 | 143,932 | 5,318 | 3.7% | 3,236 | 4,816 | 4,420 | S100TPJP |
| FY ending Mar 2024 | 138,227 | 4,525 | 3.3% | 2,778 | 3,828 | 3,026 | S100W14P |
| FY ending Mar 2025 | 139,705 | 2,338 | 1.7% | 1,155 | 1,806 | 1,445 | S100YFJF |
| FY ending Mar 2026 | 146,856 | 3,279 | 2.2% | 2,314 | 4,957 | 4,390 | S100YFJF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.3M |
| Operating income per employee (consolidated) | ¥364.1K |
| Net income per employee (consolidated) | ¥257K |

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) | 5,363 | 6,212 | 7,004 | 7,929 | 9,005 |
| Average salary (parent company) | ¥6.2M | ¥6.5M | ¥6.6M | ¥6.8M | ¥6.9M |
| Average age (parent company) | 35.6 years | 37.3 years | 38.1 years | 38.9 years | 40.2 years |
| Average tenure (parent company) | 6.0 years | 6.8 years | 7.7 years | 8.0 years | 8.8 years |

Year over year: Employees (consolidated) +13.6% · Revenue (consolidated) +5.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic Working Business | 88,262 | 60.1% | 3,579 | 4.1% |
| Overseas Working Business | 58,501 | 39.8% | 2,427 | 4.1% |
| Other | 92 | 0.1% | -306 | -332.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic Working Business | 60.1% | 59.6% | -0.5 | 4.1% |
| Overseas Working Business | 39.8% | 40.4% | 0.6 | 4.1% |
| Other | 0.1% | — | — | -332.6% |

Loss-making segment (excluded from profit shares): Other -306 JPY mn

Segment → industry: Overseas Working Business → HR & Staffing / Domestic Working Business → HR & Staffing

## 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 | 4,957 | 3.4% | S100YFJF |
| Capital expenditure | 567 | 0.4% | S100YFJF |
| Free cash flow | 4,390 | 3.0% | 算出 |
| Investing cash flow | -1,354 | -0.9% | S100YFJF |
| Financing cash flow | -3,119 | -2.1% | S100YFJF |
| Dividends paid | 1,016 | 0.7% | S100YFJF |
| Change in cash | 1,038 | 0.7% | S100YFJF |
| Cash and equivalents | 7,974 | 5.4% | S100YFJF |

## 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 | 8,973 | 9,590 | 7,106 | 6,936 | 7,974 | S100TPJP, S100W14P, S100YFJF |
| Total assets | 52,350 | 54,939 | 51,543 | 49,923 | 56,552 | S100R3CP, S100TPJP, S100W14P, S100YFJF |
| Net assets | 13,121 | 15,877 | 17,518 | 17,359 | 20,168 | S100TPJP, S100W14P, S100YFJF |
| Share capital | 2,163 | 2,187 | 2,198 | 2,217 | 2,222 | S100R3CP, S100TPJP, S100W14P, S100YFJF |
| Property, plant and equipment | 1,223 | 1,139 | 1,275 | 1,109 | 1,405 | S100R3CP, S100TPJP, S100W14P, S100YFJF |
| Goodwill | 6,514 | 8,120 | 8,737 | 8,166 | 9,856 | S100R3CP, S100TPJP, S100W14P, S100YFJF |
| Current assets | 27,289 | 28,666 | 26,129 | 26,551 | 29,944 | S100R3CP, S100TPJP, S100W14P, S100YFJF |
| Total liabilities | 39,228 | 39,062 | 34,024 | 32,563 | 36,384 | S100R3CP, S100TPJP, S100W14P, S100YFJF |
| Equity attributable to owners of parent | 11,398 | 14,638 | 17,508 | 17,392 | 20,240 | S100R3CP, S100TPJP, S100W14P, S100YFJF |
| Retained earnings | 11,310 | 13,758 | 15,528 | 15,536 | 16,852 | S100R3CP, S100TPJP, S100W14P, S100YFJF |
| Treasury stock | -274 | -274 | -204 | -204 | -198 | S100R3CP, S100TPJP, S100W14P, S100YFJF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YFJF |
| Property, plant and equipment | 3% | S100YFJF |
| Intangibles and goodwill | 17% | — |
| Other assets | 66% | S100YFJF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 64% | S100YFJF |
| Equity | 36% | S100YFJF |

### 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 | 52,350 | 54,939 | 51,543 | 49,923 | 56,552 |
| Equity | 13,121 | 15,877 | 17,518 | 17,359 | 20,168 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,973 | 9,590 | 7,106 | 6,936 | 7,974 |

## 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) | 1.0% | S100YFJF |
| Fixed assets ÷ total assets | 2.5% | S100YFJF |
| Goodwill ÷ parent equity | 48.7% | S100YFJF |

Goodwill over 4 years: 6,514 → 9,856 JPY; total investing cash flow: -4,691 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) | 14.1% |
| Cash ÷ revenue | 5.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 151.2% |
| Cash vs. profit gap | 2,643 JPY mn (of net income 114.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 43.9% |
| Shareholder payments — dividends / FCF | 23.1% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 27.3% |

## 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 | 2.5% | 2.50× | 6.3% | 4.59× | 28.8% | S100R3CP |
| 2023 | 2.2% | 2.68× | 6.0% | 4.12× | 24.9% | S100TPJP |
| 2024 | 2.0% | 2.60× | 5.2% | 3.31× | 17.3% | S100W14P |
| 2025 | 0.8% | 2.75× | 2.3% | 2.91× | 6.6% | S100YFJF |
| 2026 | 1.6% | 2.76× | 4.3% | 2.83× | 12.3% | S100YFJF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 池田 良介 | Major shareholder | 16.5% | 2026-03-31 |
| 株式会社池田企画事務所 | Major shareholder | 8.4% | 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 | 6.8% | 2026-03-31 |
| 大原 茂 | Major shareholder | 6.5% | 2026-03-31 |
| ＢＢＨ ＦＯＲ ＦＩＤＥＬＩＴＹ ＬＯＷ－ＰＲＩＣＥＤ ＳＴＯＣＫ ＦＵＮＤ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 3.7% | 2026-03-31 |
| ウィルグループ従業員持株会 | Major shareholder | 2.3% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＬＩＥＮＴ ＯＭＮＩＢＵＳ ＡＣＣＯＵＮＴ ＯＭ０２ ５０５００２ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2026-03-31 |
| 平 良一 | Major shareholder | 1.5% | 2026-03-31 |
| 角 裕一 | Major shareholder | 1.5% | 2026-03-31 |
| 告野 崇 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/04/01－2026/03/31) | S100YFJF | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFJF,, |
| 有価証券報告書－第19期(2024/04/01－2025/03/31) | S100W14P | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W14P,, |
| 有価証券報告書－第18期(2023/04/01－2024/03/31) | S100TPJP | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPJP,, |
| 有価証券報告書－第17期(2022/04/01－2023/03/31) | S100R3CP | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3CP,, |
| 有価証券報告書－第16期(令和3年4月1日－令和4年3月31日) | S100OAYD | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAYD,, |
| 有価証券報告書－第15期(令和2年4月1日－令和3年3月31日) | S100LLJC | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLJC,, |

## 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).