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

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第34期(2025/04/01－2026/03/31) (S100YHRI)
> Page: https://vizora.meequs.com/en/company/willtec
> Retrieved: 2026-09-30T20:56:33.643Z

## Company

Willtec is a company in HR & Staffing listed on TSE Standard. It has 4,744 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WILLTEC Co.,Ltd. |
| Ticker | 7087 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7087.T) |
| Listing | TSE Standard |
| Head office | 大阪市淀川区東三国四丁目3番1号 |
| Representative (per filing) | 代表取締役社長執行役員 宮城 力 |
| Share capital | ¥162M |
| Employees (consolidated) | 4,744 |
| Average salary (parent only) | ¥3.8M |
| Fiscal year end | March |
| Website | www.willtec.jp (https://www.willtec.jp/) |
| Corporate number | 3120001157048 |
| EDINET | E35470 |
| Industries (Vizora) | HR & Staffing, Electronic Components |

> Profile source: annual securities report (S100YHRI, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55.1 | 68 |
| Profitability | 19.9 | 88 |
| Cash conversion | 21.9 | 80 |
| Efficiency | 83.5 | 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 29% of Willtec's sales come from Human resources field, with Manufacturing and creating fields and EMS business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +3.0% from the prior year, operating profit +26.9%.

## Company structure

- Segment revenue mix: Human resources field 29.0%、Manufacturing and creating fields 20.9%、EMS business 18.6%、Engineer dispatch business 15.5%、Manufacturing contract and manufacturing staffing business 13.5%
- Revenue → net income: ¥45936000000 → ¥897000000
- Net income → operating cash flow: ¥897000000 → ¥943000000（difference ¥46000000）
- Main uses of operating cash flow: CapEx ¥632000000 / dividends ¥254000000 / buybacks ¥109000000
- Change in cash: ¥408000000
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 | ¥45.9B |  |
| Operating income | ¥1.33B | Margin 2.9% |
| Net income | ¥897M | Margin 2.0% |
| Free cash flow | ¥311M |  |
| Largest business | Human resources field | of segment revenue 29.0% |
| Employees (consolidated) | 4,744 |  |
| EPS | ¥105.69 |  |
| Diluted EPS | ¥104.63 |  |
| Book value per share | ¥733.46 |  |
| Equity ratio | 45.0% |  |
| Shares outstanding | 6,477,200 |  |
| Treasury shares | 153,700 |  |
| Shareholders | 4,003 |  |
| Average salary (parent only) | ¥3.8M | Filing company only |
| Cash ratio | 25.5% | Cash ÷ revenue 10.7% |
| Vs. industry median margin | -5.7 pp | HR & Staffing |
| ROE | 10.7% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 27%
- FY2026, cash is 25% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥25277000000 | ¥45936000000 | +81.7% |
| Operating income | ¥440000000 | ¥1330000000 | +202.3% |
| Operating margin | 1.7% | 2.9% | +1.2 pp |
| Employees | 4,246 people | 4,744 people | +11.7% |
| Cash and equivalents | ¥4054000000 | ¥4905000000 | +21.0% |

### 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 |
| --- | ---: |
| マニュファクチャリングサポート事業 → 事業再編・廃止 | 67.9% |
| コンストラクションサポート事業 → 事業再編・廃止 | 14.4% |
| ＩＴサポート事業 → 事業再編・廃止 | 3.6% |
| ＥＭＳ事業 → ＥＭＳ事業 | 12.3% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 1.6% |
| 新設・再編 → 製造請負・派遣事業 | 13.5% |
| 新設・再編 → 技術者派遣事業 | 15.5% |
| 新設・再編 → 人財系フィールド | 29.0% |
| 新設・再編 → ＥＭＳ事業 | 6.3% |
| 新設・再編 → 社会サポート事業 | 2.4% |
| 新設・再編 → モノ・コトづくりフィールド | 20.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Human resources field | — | — | ¥26630000000 | 4.4% | 2 |
| Manufacturing and creating fields | — | — | ¥19223000000 | 2.1% | 2 |
| EMS business | 5 years | +40.5% | ¥17056000000 | 2.3% | 2 |
| Engineer dispatch business | — | — | ¥14264000000 | 4.8% | 2 |
| Manufacturing contract and manufacturing staffing business | — | — | ¥12366000000 | 3.9% | 2 |
| Social Support Business | — | — | ¥2166000000 | 0.5% | 2 |
| Other | 5 years | -28.4% | ¥81000000 | -43.2% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 45,936 | 100.0% | S100YHRI |
| Cost of revenue | 36,801 | 80.1% | S100YHRI |
| Gross profit | 9,134 | 19.9% | S100YHRI |
| SG&A | 7,804 | 17.0% | S100YHRI |
| Operating income | 1,330 | 2.9% | S100YHRI |
| Ordinary income | 1,463 | 3.2% | S100YHRI |
| Pretax income | 1,340 | 2.9% | S100YHRI |
| Income tax | 442 | 1.0% | S100YHRI |
| Net income | 897 | 2.0% | S100YHRI |
| Net income attributable to owners | 897 | 2.0% | S100YHRI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 17 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 19.9% → Operating margin 2.9% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.0%; Core profit growth: +26.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 8.83×
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 | 44,578 | 45,936 | 1,358 | +3.0% |
| Gross profit | 8,468 | 9,134 | 666 | +7.9% |
| Operating income | 1,048 | 1,330 | 282 | +26.9% |
| Net income attributable to owners | 710 | 897 | 187 | +26.3% |
| Operating cash flow | 1,197 | 943 | -254 | -21.2% |
| Free cash flow | 385 | 311 | -74 | -19.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 24,801 | 1,130 | 4.6% | 765 | 643 | 552 | S100LT8D |
| FY ending Mar 2021 | 25,277 | 440 | 1.7% | 780 | 1,373 | 1,152 | S100OBS8 |
| FY ending Mar 2022 | 29,971 | 384 | 1.3% | 292 | 167 | 31 | S100R5XJ |
| FY ending Mar 2023 | 33,231 | 991 | 3.0% | 656 | 1,157 | 1,007 | S100TVPH |
| FY ending Mar 2024 | 35,696 | 327 | 0.9% | 666 | 610 | 508 | S100W6C9 |
| FY ending Mar 2025 | 44,578 | 1,048 | 2.4% | 710 | 1,197 | 385 | S100YHRI |
| FY ending Mar 2026 | 45,936 | 1,330 | 2.9% | 897 | 943 | 311 | S100YHRI |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥9.7M |
| Operating income per employee (consolidated) | ¥280.4K |
| Net income per employee (consolidated) | ¥189.1K |

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) | 4,481 | 4,759 | 4,784 | 4,768 | 4,744 |
| Average salary (parent company) | ¥3.4M | ¥3.5M | ¥3.6M | ¥3.6M | ¥3.8M |
| Average age (parent company) | 38.6 years | 39.0 years | 38.9 years | 39.2 years | 39.2 years |
| Average tenure (parent company) | 4.2 years | 4.6 years | 4.9 years | 5.3 years | 5.5 years |

Year over year: Employees (consolidated) -0.5% · Revenue (consolidated) +3.0%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Manufacturing contract and manufacturing staffing business | 12,366 | 13.5% | 477 | 3.9% |
| Engineer dispatch business | 14,264 | 15.5% | 689 | 4.8% |
| Human resources field | 26,630 | 29.0% | 1,167 | 4.4% |
| EMS business | 17,056 | 18.6% | 394 | 2.3% |
| Social Support Business | 2,166 | 2.4% | 11 | 0.5% |
| Manufacturing and creating fields | 19,223 | 20.9% | 405 | 2.1% |
| Other | 81 | 0.1% | -35 | -43.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Manufacturing contract and manufacturing staffing business | 13.5% | 15.2% | 1.7 | 3.9% |
| Engineer dispatch business | 15.5% | 21.9% | 6.4 | 4.8% |
| Human resources field | 29.0% | 37.1% | 8.1 | 4.4% |
| EMS business | 18.6% | 12.5% | -6.0 | 2.3% |
| Social Support Business | 2.4% | 0.3% | -2.0 | 0.5% |
| Manufacturing and creating fields | 20.9% | 12.9% | -8.1 | 2.1% |
| Other | 0.1% | — | — | -43.2% |

Loss-making segment (excluded from profit shares): Other -35 JPY mn

Segment → industry: Human resources field → HR & Staffing / Engineer dispatch business → HR & Staffing / Manufacturing contract and manufacturing staffing business → HR & Staffing / Manufacturing and creating fields → Electronic Components / EMS business → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 943 | 2.1% | S100YHRI |
| Capital expenditure | 632 | 1.4% | S100YHRI |
| Free cash flow | 311 | 0.7% | 算出 |
| Investing cash flow | -206 | -0.4% | S100YHRI |
| Financing cash flow | -329 | -0.7% | S100YHRI |
| Dividends paid | 254 | 0.6% | S100YHRI |
| Share buyback | 109 | 0.2% | S100YHRI |
| Change in cash | 408 | 0.9% | S100YHRI |
| Cash and equivalents | 4,905 | 10.7% | S100YHRI |

## 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 | 3,148 | 3,529 | 4,228 | 4,497 | 4,905 | S100TVPH, S100W6C9, S100YHRI |
| Total assets | 11,809 | 12,670 | 18,484 | 18,123 | 19,263 | S100R5XJ, S100TVPH, S100W6C9, S100YHRI |
| Net assets | 6,830 | 7,294 | 7,686 | 8,076 | 8,676 | S100TVPH, S100W6C9, S100YHRI |
| Share capital | 136 | 151 | 155 | 155 | 162 | S100R5XJ, S100TVPH, S100W6C9, S100YHRI |
| Property, plant and equipment | 793 | 757 | 1,021 | 1,591 | 1,841 | S100R5XJ, S100TVPH, S100W6C9, S100YHRI |
| Intangible assets excluding goodwill | 868 | 794 | 559 | 528 | 499 | S100R5XJ, S100TVPH, S100W6C9, S100YHRI |
| Goodwill | 633 | 542 | 302 | 257 | 212 | S100R5XJ, S100TVPH, S100W6C9, S100YHRI |
| Investment securities | 59 | 230 | 42 | 41 | 48 | S100R5XJ, S100TVPH, S100W6C9, S100YHRI |
| Current assets | 9,415 | 10,203 | 15,939 | 15,120 | 15,998 | S100R5XJ, S100TVPH, S100W6C9, S100YHRI |
| Current liabilities | 3,814 | 4,311 | 7,762 | 6,955 | 7,751 | S100R5XJ, S100TVPH, S100W6C9, S100YHRI |
| Trade payables | — | 404 | 2,062 | 1,821 | 1,903 | S100TVPH, S100W6C9, S100YHRI |
| Short-term borrowings | 120 | 118 | 221 | 275 | 333 | S100R5XJ, S100TVPH, S100W6C9, S100YHRI |
| Long-term borrowings | 506 | 388 | 574 | 799 | 761 | S100R5XJ, S100TVPH, S100W6C9, S100YHRI |
| Total liabilities | 4,979 | 5,375 | 10,797 | 10,046 | 10,587 | S100R5XJ, S100TVPH, S100W6C9, S100YHRI |
| Equity attributable to owners of parent | 6,833 | 7,284 | 7,671 | 8,064 | 8,644 | S100R5XJ, S100TVPH, S100W6C9, S100YHRI |
| Retained earnings | 5,980 | 6,386 | 6,746 | 7,201 | 7,844 | S100R5XJ, S100TVPH, S100W6C9, S100YHRI |
| Treasury stock | -124 | -93 | -62 | -120 | -190 | S100R5XJ, S100TVPH, S100W6C9, S100YHRI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YHRI |
| Property, plant and equipment | 10% | S100YHRI |
| Intangibles and goodwill | 4% | S100YHRI |
| Investment securities | 0% | S100YHRI |
| Other assets | 61% | S100YHRI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YHRI |
| Other liabilities | 45% | S100YHRI |
| Equity | 45% | S100YHRI |

### 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 | 11,809 | 12,670 | 18,484 | 18,123 | 19,263 |
| Equity | 6,830 | 7,294 | 7,686 | 8,076 | 8,676 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,148 | 3,529 | 4,228 | 4,497 | 4,905 |

## 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) | 4.0% | S100YHRI |
| Fixed assets ÷ total assets | 9.6% | S100YHRI |
| Goodwill ÷ parent equity | 2.5% | S100YHRI |

Goodwill over 4 years: 633 → 212 JPY; total investing cash flow: -1,525 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) | 25.5% |
| Cash ÷ revenue | 10.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 70.9% |
| Cash vs. profit gap | 46 JPY mn (of net income 5.1%) |
| Shareholder returns / net income | 40.5% |
| Shareholder returns / FCF | 116.7% |
| Shareholder payments — dividends / net income | 28.3% |
| Shareholder payments — dividends / FCF | 81.7% |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | 21.8% |

## 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 | 1.0% | 2.54× | 2.5% | 1.73× | 4.3% | S100R5XJ |
| 2023 | 2.0% | 2.72× | 5.4% | 1.73× | 9.3% | S100TVPH |
| 2024 | 1.9% | 2.29× | 4.3% | 2.08× | 8.9% | S100W6C9 |
| 2025 | 1.6% | 2.44× | 3.9% | 2.33× | 9.0% | S100YHRI |
| 2026 | 2.0% | 2.46× | 4.8% | 2.24× | 10.7% | S100YHRI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 小倉 秀司 | Major shareholder | 41.1% | 2026-03-31 |
| 株式会社ＲＡＳアセット | Major shareholder | 13.6% | 2026-03-31 |
| 宮城 力 | Major shareholder | 6.9% | 2026-03-31 |
| ウイルテックグループ従業員持株会 | Major shareholder | 3.1% | 2026-03-31 |
| ＴＨＥ ＨＯＮＧＫＯＮＧ ＡＮＤ ＳＨＡＮＧＨＡＩ ＢＡＮＫＩＮＧ ＣＯＲＰＯＲＡＴＩＯＮ ＬＩＭＩＴＥＤ － ＨＯＮＧＫＯＮＧ ＰＲＩＶＡＴＥ ＢＡＮＫＩＮＧ ＤＩＶＩＳＩＯＮ ＣＬＩＥＮＴ Ａ／Ｃ ８０２８－３９４８４１ （常任代理人モルガン・スタンレーＭＵＦＧ証券株式会社オペレーション本部長 アンドリューハーシャン） | Major shareholder | 2.5% | 2026-03-31 |
| 野地 恭雄 | Major shareholder | 1.5% | 2026-03-31 |
| 渡邊 剛 | Major shareholder | 1.1% | 2026-03-31 |
| 西 隆弘 | Major shareholder | 1.0% | 2026-03-31 |
| 東 和登 | Major shareholder | 0.8% | 2026-03-31 |
| 森 俊彦 | Major shareholder | 0.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第34期(2025/04/01－2026/03/31) | S100YHRI | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHRI,, |
| 有価証券報告書－第33期(2024/04/01－2025/03/31) | S100W6C9 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6C9,, |
| 有価証券報告書－第32期(2023/04/01－2024/03/31) | S100TVPH | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVPH,, |
| 有価証券報告書－第31期(2022/04/01－2023/03/31) | S100R5XJ | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5XJ,, |
| 有価証券報告書－第30期(令和3年4月1日－令和4年3月31日) | S100OBS8 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBS8,, |
| 有価証券報告書－第29期(令和2年4月1日－令和3年3月31日) | S100LT8D | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT8D,, |

## 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).