# WILLPLUS Holdings Corporation: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第18期(2024/07/01－2025/06/30) (S100WQBH)
> Page: https://vizora.meequs.com/en/company/willplus-holdings
> Retrieved: 2026-09-30T20:25:08.293Z

## Company

WILLPLUS Holdings, founded in 1997, is a company in Car Dealers & Used Cars listed on TSE Standard. It has 759 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WILLPLUS Holdings Corporation |
| Ticker | 3538 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3538.T) |
| Listing | TSE Standard |
| Head office | 東京都港区芝5丁目13番15号 |
| Representative (per filing) | 代表取締役社長 成瀬 隆章 |
| Founded | Jan 1997 |
| Share capital | ¥397.9M |
| Employees (consolidated) | 759 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | June |
| Website | www.willplus.co.jp (https://www.willplus.co.jp/) |
| Corporate number | 8010801017606 |
| EDINET | E32181 |
| Industries (Vizora) | Car Dealers & Used Cars |

> Profile source: annual securities report (S100WQBH, filed 2025-09-24). As of filing

## Five-axis industry profile

Primary industry: Car Dealers & Used Cars (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.1 | 18 |
| Profitability | 25 | 22 |
| Cash conversion | 2.5 | 20 |
| Efficiency | 84.1 | 22 |

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 61% of WILLPLUS Holdings's sales come from Imported car dealer, with Used car export business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +85.6% from the prior year, operating profit +23.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥88.6B |  |
| Operating income | ¥1.85B | Margin 2.1% |
| Net income | ¥1.44B | Margin 1.6% |
| Free cash flow | -¥1.63B |  |
| Largest business | Imported car dealer | of segment revenue 61.2% |
| Employees (consolidated) | 759 |  |
| EPS | ¥469.6 |  |
| Diluted EPS | ¥468.84 |  |
| Book value per share | ¥482.5 |  |
| Equity ratio | 29.0% |  |
| Shares outstanding | 10,412,300 |  |
| Treasury shares | 1,065,000 |  |
| Shareholders | 4,914 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 22.1% | Cash ÷ revenue 9.3% |
| Vs. industry median margin | -1.1 pp | Car Dealers & Used Cars |
| ROE | 14.0% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.2× its level five years ago
- FY2025, one segment accounts for 85% of positive segment profit
- FY2025, parent-company salary changed +25% over five years

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥35068288000 | ¥88614291000 | +152.7% |
| Operating income | ¥1160765000 | ¥1849606000 | +59.3% |
| Operating margin | 3.3% | 2.1% | -1.2 pp |
| Employees | 487 people | 759 people | +55.9% |
| Cash and equivalents | ¥2522127000 | ¥8234313000 | +226.5% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 輸入車ディーラー事業 | 61.2% |
| 新設・再編 → 中古車輸出関連事業 | 38.8% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 88,614 | 100.0% | S100WQBH |
| Cost of revenue | 76,182 | 86.0% | S100WQBH |
| Gross profit | 12,432 | 14.0% | S100WQBH |
| SG&A | 10,583 | 11.9% | S100WQBH |
| Operating income | 1,850 | 2.1% | S100WQBH |
| Ordinary income | 1,898 | 2.1% | S100WQBH |
| Pretax income | 1,946 | 2.2% | S100WQBH |
| Income tax | 388 | 0.4% | S100WQBH |
| Net income | 1,558 | 1.8% | S100WQBH |
| Net income attributable to owners | 1,444 | 1.6% | S100WQBH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 12 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 14.0% → Operating margin 2.1% → Net margin 1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +85.6%; Core profit growth: +23.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.27×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 47,745 | 88,614 | 40,869 | +85.6% |
| Gross profit | 9,364 | 12,432 | 3,068 | +32.8% |
| Operating income | 1,498 | 1,850 | 352 | +23.5% |
| Net income attributable to owners | 1,120 | 1,444 | 323 | +28.8% |
| Operating cash flow | 2,506 | -1,303 | -3,809 | -152.0% |
| Free cash flow | 2,064 | -1,626 | -3,689 | -178.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 29,860 | 1,118 | 3.7% | 730 | 57 | -930 | S100JQE6 |
| FY ending Jun 2020 | 35,068 | 1,161 | 3.3% | 802 | 1,717 | 572 | S100MH16 |
| FY ending Jun 2021 | 40,776 | 2,290 | 5.6% | 1,533 | 2,891 | 2,176 | S100P7P6 |
| FY ending Jun 2022 | 39,696 | 2,366 | 6.0% | 1,551 | 1,910 | 1,716 | S100RWUW |
| FY ending Jun 2023 | 44,116 | 1,867 | 4.2% | 1,302 | -2,266 | -2,621 | S100UJLI |
| FY ending Jun 2024 | 47,745 | 1,498 | 3.1% | 1,120 | 2,506 | 2,064 | S100WQBH |
| FY ending Jun 2025 | 88,614 | 1,850 | 2.1% | 1,444 | -1,303 | -1,626 | S100WQBH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥116.8M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥1.9M |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 527 | 523 | 575 | 660 | 759 |
| Average salary (parent company) | ¥4.9M | ¥4.9M | ¥5.2M | ¥6.1M | ¥6.1M |
| Average age (parent company) | 40.7 years | 42.7 years | 41.9 years | 41.8 years | 40.6 years |
| Average tenure (parent company) | 4.6 years | 5.3 years | 5.2 years | 6.1 years | 6.2 years |

Year over year: Employees (consolidated) +15.0% · Revenue (consolidated) +85.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Imported car dealer | 54,231 | 61.2% | 2,516 | 4.6% |
| Used car export business | 34,384 | 38.8% | 434 | 1.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Imported car dealer | 61.2% | 85.3% | 24.1 | 4.6% |
| Used car export business | 38.8% | 14.7% | -24.1 | 1.3% |

Segment → industry: Used car export business → Car Dealers & Used Cars / Imported car dealer → Car Dealers & Used Cars

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,303 | -1.5% | S100WQBH |
| Capital expenditure | 322 | 0.4% | S100WQBH |
| Free cash flow | -1,626 | -1.8% | 算出 |
| Investing cash flow | -545 | -0.6% | S100WQBH |
| Financing cash flow | 2,579 | 2.9% | S100WQBH |
| Dividends paid | 417 | 0.5% | S100WQBH |
| Share buyback | 53 | 0.1% | S100WQBH |
| Change in cash | 730 | 0.8% | S100WQBH |
| Cash and equivalents | 8,234 | 9.3% | S100WQBH |

## 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 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,377 | 5,538 | 4,290 | 7,504 | 8,234 | S100RWUW, S100UJLI, S100WQBH |
| Total assets | 16,972 | 18,630 | 23,645 | 32,151 | 37,231 | S100P7P6, S100RWUW, S100UJLI, S100WQBH |
| Net assets | 7,531 | 8,830 | 9,746 | 11,074 | 12,205 | S100RWUW, S100UJLI, S100WQBH |
| Share capital | 222 | 232 | 256 | 389 | 398 | S100P7P6, S100RWUW, S100UJLI, S100WQBH |
| Property, plant and equipment | 6,389 | 6,274 | 7,039 | 7,997 | 8,865 | S100P7P6, S100RWUW, S100UJLI, S100WQBH |
| Intangible assets excluding goodwill | 260 | 174 | 98 | 313 | 266 | S100P7P6, S100RWUW, S100UJLI, S100WQBH |
| Goodwill | 231 | 157 | 84 | 24 | 7 | S100P7P6, S100RWUW, S100UJLI, S100WQBH |
| Current assets | 9,488 | 11,375 | 15,620 | 22,920 | 26,675 | S100P7P6, S100RWUW, S100UJLI, S100WQBH |
| Current liabilities | 8,510 | 8,255 | 9,534 | 13,968 | 18,051 | S100P7P6, S100RWUW, S100UJLI, S100WQBH |
| Short-term borrowings | 3,000 | 2,900 | 1,600 | 5,150 | 8,100 | S100P7P6, S100RWUW, S100UJLI, S100WQBH |
| Long-term borrowings | 467 | 1,067 | 3,818 | 6,415 | 6,172 | S100P7P6, S100RWUW, S100UJLI, S100WQBH |
| Total liabilities | 9,441 | 9,800 | 13,898 | 21,078 | 25,026 | S100P7P6, S100RWUW, S100UJLI, S100WQBH |
| Non-controlling interests | — | — | — | 1,251 | 1,365 | S100WQBH |
| Equity attributable to owners of parent | 7,531 | 8,830 | 9,746 | 9,800 | 10,793 | S100P7P6, S100RWUW, S100UJLI, S100WQBH |
| Retained earnings | 6,287 | 7,567 | 8,436 | 9,140 | 10,167 | S100P7P6, S100RWUW, S100UJLI, S100WQBH |
| Treasury stock | -134 | -134 | -134 | -1,052 | -1,104 | S100P7P6, S100RWUW, S100UJLI, S100WQBH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100WQBH |
| Property, plant and equipment | 24% | S100WQBH |
| Intangibles and goodwill | 1% | S100WQBH |
| Other assets | 53% | S100WQBH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 67% | S100WQBH |
| Equity | 33% | S100WQBH |
| Other liabilities | 0% | S100WQBH |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 16,972 | 18,630 | 23,645 | 32,151 | 37,231 |
| Equity | 7,531 | 8,830 | 9,746 | 11,074 | 12,205 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,377 | 5,538 | 4,290 | 7,504 | 8,234 |

## 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) | 10.0% | S100WQBH |
| Fixed assets ÷ total assets | 23.8% | S100WQBH |
| Goodwill ÷ parent equity | 0.1% | S100WQBH |

Goodwill over 4 years: 231 → 7 JPY; total investing cash flow: -5,709 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) | 22.1% |
| Cash ÷ revenue | 9.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -70.5% |
| Cash vs. profit gap | -2,747 JPY mn (of net income -190.3%) |
| Shareholder returns / net income | 32.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| 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 | 3.8% | 2.40× | 9.0% | 2.25× | 20.4% | S100P7P6 |
| 2022 | 3.9% | 2.23× | 8.7% | 2.18× | 19.0% | S100RWUW |
| 2023 | 3.0% | 2.09× | 6.2% | 2.28× | 14.0% | S100UJLI |
| 2024 | 2.3% | 1.71× | 4.0% | 2.85× | 11.5% | S100WQBH |
| 2025 | 1.6% | 2.55× | 4.2% | 3.37× | 14.0% | S100WQBH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 成瀬 隆章 | Major shareholder | 23.6% | 2025-06-30 |
| 株式会社ICS | Major shareholder | 8.0% | 2025-06-30 |
| 株式会社MMZ | Major shareholder | 8.0% | 2025-06-30 |
| 株式会社ETH | Major shareholder | 8.0% | 2025-06-30 |
| 株式会社ゼロ | Major shareholder | 5.6% | 2025-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.0% | 2025-06-30 |
| 齊田 勇 | Major shareholder | 3.7% | 2025-06-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.1% | 2025-06-30 |
| ＮＯＭＵＲＡ ＰＢ ＮＯＭＩＮＥＥＳ ＬＩＭＩＴＥＤ ＯＭＮＩＢＵＳ－ＭＡＲＧＩＮ （ＣＡＳＨＰＢ）常任代理人野村證券株式会社 | Major shareholder | 2.8% | 2025-06-30 |
| 内藤 征吾 | Major shareholder | 2.2% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2024/07/01－2025/06/30) | S100WQBH | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQBH,, |
| 訂正有価証券報告書－第17期(2023/07/01－2024/06/30) | S100UJLI | 2024-10-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UJLI,, |
| 有価証券報告書－第16期(2022/07/01－2023/06/30) | S100RWUW | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWUW,, |
| 有価証券報告書－第15期(令和3年7月1日－令和4年6月30日) | S100P7P6 | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P7P6,, |
| 有価証券報告書－第14期(令和2年7月1日－令和3年6月30日) | S100MH16 | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MH16,, |
| 有価証券報告書－第13期(令和1年7月1日－令和2年6月30日) | S100JQE6 | 2020-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JQE6,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| Stellantisジャパン㈱ | Supply/OEM | ジープ/フィアット/アルファロメオ/アバルト・プジョー/シトロエン/DS製品の供給を受け販売 | S100WQBH |
| ビー・エム・ダブリュー㈱ | Supply/OEM | BMW/MINI製品の供給を受け販売 | S100WQBH |
| ボルボ・カー・ジャパン㈱ | Supply/OEM | ボルボ製品の供給を受け販売 | S100WQBH |
| ポルシェ・ジャパン㈱ | Supply/OEM | ポルシェ製品の供給を受け販売 | S100WQBH |
| ジャガー・ランドローバー・ジャパン㈱ | Supply/OEM | ジャガー・ランドローバー製品の供給を受け販売 | S100WQBH |
| BYD Auto Japan㈱ | Supply/OEM | BYD Auto製品の供給を受け販売 | S100WQBH |
| Hyundai Mobility Japan㈱ | Supply/OEM | Hyundai Mobility製品の供給を受け販売 | S100WQBH |

## 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).