# WILLs Inc.: 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22期(2025/01/01－2025/12/31) (S100XUGF)
> Page: https://vizora.meequs.com/en/company/wills
> Retrieved: 2026-09-30T20:18:01.910Z

## Company

WILLs, founded in 2004, is a company in PR & IR Services listed on TSE Growth. It has 115 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WILLs Inc. |
| Ticker | 4482 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4482.T) |
| Listing | TSE Growth |
| Head office | 東京都港区虎ノ門二丁目3番17号 虎ノ門2丁目タワー6階 |
| Representative (per filing) | 代表取締役社長CEO 杉本 光生 |
| Founded | Oct 2004 |
| Share capital | ¥246.9M |
| Employees (consolidated) | 115 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | December |
| Website | www.wills-net.co.jp (https://www.wills-net.co.jp/) |
| Corporate number | 5011001056678 |
| EDINET | E35284 |
| Industries (Vizora) | PR & IR Services, Advertising |

> Profile source: annual securities report (S100XUGF, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: PR & IR Services (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 94.4 | 9 |
| Profitability | 86.4 | 11 |
| Cash conversion | 68.2 | 11 |
| Efficiency | 68.2 | 11 |

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 96% of WILLs's sales come from Shareholder Management Platform Business, with Advertising business making up much of the rest.
- Out of every ¥100 of sales, about ¥22 is left as operating profit.
- Revenue changed +19.3% from the prior year, operating profit +25.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥6.05B |  |
| Operating income | ¥1.3B | Margin 21.5% |
| Net income | ¥839.1M | Margin 13.9% |
| Free cash flow | — |  |
| Largest business | Shareholder Management Platform Business | of segment revenue 96.0% |
| Employees (consolidated) | 115 |  |
| EPS | ¥43.55 |  |
| Diluted EPS | ¥43.54 |  |
| Book value per share | ¥136.2 |  |
| Equity ratio | 53.5% |  |
| Shares outstanding | 21,054,400 |  |
| Treasury shares | 832,100 |  |
| Shareholders | 4,920 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 64.9% | Cash ÷ revenue 51.7% |
| Vs. industry median margin | +8.1 pp | PR & IR Services |
| ROE | 35.6% | Derived from disclosed figures |
| ROA | 18.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 65% of total assets
- 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 | ¥2433433000 | ¥6051801000 | +148.7% |
| Operating income | ¥399661000 | ¥1302338000 | +225.9% |
| Operating margin | 16.4% | 21.5% | +5.1 pp |
| Employees | 83 people | 115 people | +38.6% |
| Cash and equivalents | ¥1135797000 | ¥3131568000 | +175.7% |

### 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 |
| --- | ---: |
| 株主管理プラットフォーム事業 → 株主管理プラットフォーム事業 | 90.3% |
| 広告事業 → 広告事業 | 4.0% |
| 広告事業 → 事業再編・廃止 | 5.8% |
| 新設・再編 → 株主管理プラットフォーム事業 | 5.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,052 | 100.0% | S100XUGF |
| Cost of revenue | 3,215 | 53.1% | S100XUGF |
| Gross profit | 2,837 | 46.9% | S100XUGF |
| SG&A | 1,535 | 25.4% | S100XUGF |
| Operating income | 1,302 | 21.5% | S100XUGF |
| Ordinary income | 1,301 | 21.5% | S100XUGF |
| Pretax income | 1,269 | 21.0% | S100XUGF |
| Income tax | 430 | 7.1% | S100XUGF |
| Net income | 839 | 13.9% | S100XUGF |
| Net income attributable to owners | 839 | 13.9% | S100XUGF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 25 |
| Operating income | 22 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 46.9% → Operating margin 21.5% → Net margin 13.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.3%; Core profit growth: +25.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.33×
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 | 5,072 | 6,052 | 979 | +19.3% |
| Gross profit | 2,466 | 2,837 | 371 | +15.1% |
| Operating income | 1,036 | 1,302 | 267 | +25.8% |
| Net income attributable to owners | 671 | 839 | 168 | +25.1% |
| Operating cash flow | 1,072 | 1,383 | 312 | +29.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 2,433 | 400 | 16.4% | 280 | 476 | 342 | S100NSZI |
| FY ending Dec 2021 | 3,378 | 522 | 15.5% | 350 | 536 | 351 | S100QIQ0 |
| FY ending Dec 2022 | 3,816 | 703 | 18.4% | 418 | 796 | 611 | S100T3Q4 |
| FY ending Dec 2023 | 4,481 | 915 | 20.4% | 507 | 948 | 724 | S100VHIG |
| FY ending Dec 2024 | 5,072 | 1,036 | 20.4% | 671 | 1,072 | 871 | S100XUGF |
| FY ending Dec 2025 | 6,052 | 1,302 | 21.5% | 839 | 1,383 | — | S100XUGF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52.6M |
| Operating income per employee (consolidated) | ¥11.3M |
| Net income per employee (consolidated) | ¥7.3M |

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) | 83 | 89 | 95 | 112 | 115 |
| Average salary (parent company) | ¥5.1M | ¥5.3M | ¥5.8M | ¥6.1M | ¥6.3M |
| Average age (parent company) | 39.0 years | 38.6 years | 39.8 years | 40.0 years | 39.7 years |
| Average tenure (parent company) | 3.6 years | 3.6 years | 3.1 years | 2.9 years | 3.3 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) +19.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Shareholder Management Platform Business | 5,811 | 96.0% | 1,378 | 23.7% |
| Advertising business | 241 | 4.0% | -76 | -31.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Shareholder Management Platform Business | 96.0% | 100.0% | 4.0 | 23.7% |
| Advertising business | 4.0% | — | — | -31.4% |

Loss-making segment (excluded from profit shares): Advertising business -76 JPY mn

Segment → industry: Shareholder Management Platform Business → PR & IR Services / Advertising business → Advertising

## 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 | 1,383 | 22.9% | S100XUGF |
| Investing cash flow | -409 | -6.8% | S100XUGF |
| Financing cash flow | -729 | -12.0% | S100XUGF |
| Dividends paid | 243 | 4.0% | S100XUGF |
| Share buyback | 147 | 2.4% | S100XUGF |
| Change in cash | 246 | 4.1% | S100XUGF |
| Cash and equivalents | 3,132 | 51.7% | S100XUGF |

## 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 | 1,642 | 2,065 | 1,412 | 2,885 | 3,132 | S100T3Q4, S100VHIG, S100XUGF |
| Total assets | 2,649 | 3,261 | 3,663 | 4,264 | 4,823 | S100QIQ0, S100T3Q4, S100VHIG, S100XUGF |
| Net assets | 1,338 | 1,663 | 1,853 | 2,140 | 2,596 | S100T3Q4, S100VHIG, S100XUGF |
| Share capital | 219 | 247 | 247 | 247 | 247 | S100QIQ0, S100T3Q4, S100VHIG, S100XUGF |
| Property, plant and equipment | 14 | 56 | 49 | 50 | 45 | S100QIQ0, S100T3Q4, S100VHIG, S100XUGF |
| Intangible assets excluding goodwill | 636 | 672 | 581 | 667 | 913 | S100QIQ0, S100T3Q4, S100VHIG, S100XUGF |
| Goodwill | 262 | 239 | 216 | 193 | 170 | S100QIQ0, S100T3Q4, S100VHIG, S100XUGF |
| Investment securities | 20 | — | 30 | 30 | 30 | S100QIQ0, S100VHIG, S100XUGF |
| Current assets | 1,929 | 2,367 | 2,795 | 3,330 | 3,646 | S100QIQ0, S100T3Q4, S100VHIG, S100XUGF |
| Current liabilities | 1,223 | 1,535 | 1,770 | 2,099 | 2,211 | S100QIQ0, S100T3Q4, S100VHIG, S100XUGF |
| Short-term borrowings | 272 | 276 | 266 | 324 | — | S100QIQ0, S100T3Q4, S100VHIG, S100XUGF |
| Long-term borrowings | 86 | 61 | 37 | 23 | 14 | S100QIQ0, S100T3Q4, S100VHIG, S100XUGF |
| Total liabilities | 1,311 | 1,598 | 1,810 | 2,124 | 2,227 | S100QIQ0, S100T3Q4, S100VHIG, S100XUGF |
| Equity attributable to owners of parent | 1,337 | 1,663 | 1,851 | 2,130 | 2,578 | S100QIQ0, S100T3Q4, S100VHIG, S100XUGF |
| Retained earnings | 901 | 1,269 | 1,557 | 1,989 | 2,585 | S100QIQ0, S100T3Q4, S100VHIG, S100XUGF |
| Treasury stock | -0 | -100 | -200 | -353 | -500 | S100QIQ0, S100T3Q4, S100VHIG, S100XUGF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 65% | S100XUGF |
| Property, plant and equipment | 1% | S100XUGF |
| Intangibles and goodwill | 22% | S100XUGF |
| Investment securities | 1% | S100XUGF |
| Other assets | 11% | S100XUGF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100XUGF |
| Equity | 54% | S100XUGF |
| Other liabilities | 0% | S100XUGF |

### 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 | 2,649 | 3,261 | 3,663 | 4,264 | 4,823 |
| Equity | 1,338 | 1,663 | 1,853 | 2,140 | 2,596 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,642 | 2,065 | 1,412 | 2,885 | 3,132 |

## 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) | 0.8% | S100XUGF |
| Fixed assets ÷ total assets | 0.9% | S100XUGF |
| Goodwill ÷ parent equity | 6.6% | S100XUGF |

Goodwill over 4 years: 262 → 170 JPY; total investing cash flow: -1,355 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) | 64.9% |
| Cash ÷ revenue | 51.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 106.2% |
| Cash vs. profit gap | 544 JPY mn (of net income 64.9%) |
| Shareholder returns / net income | 46.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 29.5% |

## 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 | 10.4% | 1.28× | 13.2% | 1.98× | 26.2% | S100QIQ0 |
| 2022 | 10.9% | 1.29× | 14.1% | 1.97× | 27.8% | S100T3Q4 |
| 2023 | 11.3% | 1.29× | 14.6% | 1.97× | 28.8% | S100VHIG |
| 2024 | 13.2% | 1.28× | 16.9% | 1.99× | 33.7% | S100XUGF |
| 2025 | 13.9% | 1.33× | 18.5% | 1.93× | 35.6% | S100XUGF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 杉 本 光 生 | Major shareholder | 30.1% | 2025-12-31 |
| 蓮 本 泰 之 | Major shareholder | 14.0% | 2025-12-31 |
| ＳＵＧアセット株式会社 | Major shareholder | 6.5% | 2025-12-31 |
| 青 山 洋 一 | Major shareholder | 2.9% | 2025-12-31 |
| 神 保 株 式 会 社 | Major shareholder | 2.4% | 2025-12-31 |
| W H I T T E N D A R R E L E U G E N E | Major shareholder | 1.7% | 2025-12-31 |
| 杉 本 久 子 | Major shareholder | 1.6% | 2025-12-31 |
| 角 田 久 美 | Major shareholder | 1.4% | 2025-12-31 |
| 杉 本 明 子 | Major shareholder | 1.3% | 2025-12-31 |
| 株式会社アスピレーション | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/01/01－2025/12/31) | S100XUGF | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUGF,, |
| 有価証券報告書－第21期(2024/01/01－2024/12/31) | S100VHIG | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHIG,, |
| 有価証券報告書－第20期(2023/01/01－2023/12/31) | S100T3Q4 | 2024-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3Q4,, |
| 有価証券報告書－第19期(2022/01/01－2022/12/31) | S100QIQ0 | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIQ0,, |
| 有価証券報告書－第18期(令和3年1月1日－令和3年12月31日) | S100NSZI | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSZI,, |
| 有価証券報告書－第17期(令和2年1月1日－令和2年12月31日) | S100L3JQ | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3JQ,, |

## 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).