# WILSON LEARNING WORLDWIDE INC.: 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45期(2025/04/01－2026/03/31) (S100YNLK)
> Page: https://vizora.meequs.com/en/company/wilson-learning-worldwide
> Retrieved: 2026-09-30T21:38:04.855Z

## Company

Wilson Learning Worldwide, founded in 1981, is a company in Education listed on TSE Standard. It has 69 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WILSON LEARNING WORLDWIDE INC. |
| Ticker | 9610 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9610.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区築地二丁目1番4号 |
| Representative (per filing) | 代表取締役社長 根岸 正州 |
| Founded | Dec 1981 |
| Share capital | ¥988.5M |
| Employees (consolidated) | 69 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Corporate number | 5010401089759 |
| EDINET | E04916 |
| Industries (Vizora) | Education, Consulting |

> Profile source: annual securities report (S100YNLK, filed 2026-06-30). As of filing

## Five-axis industry profile

Primary industry: Education (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 28.8 | 26 |
| Profitability | 1.7 | 30 |
| Efficiency | 61.7 | 30 |

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 58% of Wilson Learning Worldwide's sales come from North America, with JAPAN and APAC making up much of the rest.
- It lost about ¥4 for every ¥100 of sales at the operating level.
- Revenue changed +13.8% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.92B |  |
| Operating income | -¥70.7M | Margin -3.7% |
| Net income | -¥140.2M | Margin -7.3% |
| Free cash flow | -¥25.9M |  |
| Largest business | North America | of segment revenue 57.7% |
| Employees (consolidated) | 69 |  |
| EPS | ¥-9.36 |  |
| Book value per share | ¥13.21 |  |
| Equity ratio | 54.8% |  |
| Shares outstanding | 11,155,580 |  |
| Treasury shares | 600 |  |
| Shareholders | 3,545 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 24.6% | Cash ÷ revenue 18.0% |
| Vs. industry median margin | -11 pp | Education |
| ROA | -9.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1480042000 | ¥1921825000 | +29.8% |
| Operating income | ¥-770030000 | ¥-70733000 | — |
| Operating margin | -52.0% | -3.7% | +48.3 pp |
| Employees | 108 people | 69 people | -36.1% |
| Cash and equivalents | ¥1149774000 | ¥346745000 | -69.8% |

### 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 → 国内 | 34.6% |
| 国内 → 事業再編・廃止 | 9.6% |
| 北米 → 北米 | 32.6% |
| 欧州 → 事業再編・廃止 | 14.0% |
| 中国 → 中国 | 0.2% |
| 中国 → 事業再編・廃止 | 4.8% |
| アジア・パシフィック → アジア・パシフィック | 4.2% |
| 新設・再編 → 北米 | 25.0% |
| 新設・再編 → アジア・パシフィック | 3.4% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| North America | 5 years | +18.1% | ¥1107956000 | -19.7% | 2 |
| JAPAN | 5 years | +0.3% | ¥664224000 | -7.6% | 2 |
| APAC | 5 years | +18.5% | ¥146353000 | -29.8% | 2 |
| China | 5 years | -46.2% | ¥3289000 | -589.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,922 | 100.0% | S100YNLK |
| Cost of revenue | 521 | 27.1% | S100YNLK |
| Gross profit | 1,400 | 72.9% | S100YNLK |
| SG&A | 1,471 | 76.6% | S100YNLK |
| Operating income | -71 | -3.7% | S100YNLK |
| Ordinary income | -92 | -4.8% | S100YNLK |
| Pretax income | -111 | -5.8% | S100YNLK |
| Income tax | 29 | 1.5% | S100YNLK |
| Net income | -140 | -7.3% | S100YNLK |
| Net income attributable to owners | -140 | -7.3% | S100YNLK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 27 |
| SG&A | 77 |
| Operating income | -4 |
| (Ref.) Net income | -7 |

### Margin funnel

Gross margin 72.9% → Operating margin -3.7% → Net margin -7.3%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,689 | 1,922 | 233 | +13.8% |
| Gross profit | 1,254 | 1,400 | 146 | +11.6% |
| Operating income | -394 | -71 | 323 | — |
| Net income attributable to owners | -386 | -140 | 246 | — |
| Operating cash flow | -348 | -4 | 345 | — |
| Free cash flow | -352 | -26 | 326 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,408 | -487 | -20.2% | -829 | -246 | -304 | S100LUFQ |
| FY ending Mar 2021 | 1,480 | -770 | -52.0% | -629 | -491 | -493 | S100OL3C |
| FY ending Mar 2022 | 1,788 | -535 | -29.9% | -309 | -525 | -526 | S100R95B |
| FY ending Mar 2023 | 2,492 | 146 | 5.9% | -27 | -128 | -140 | S100TY6O |
| FY ending Mar 2024 | 1,751 | -556 | -31.8% | -519 | -446 | -450 | S100WLV9 |
| FY ending Mar 2025 | 1,689 | -394 | -23.3% | -386 | -348 | -352 | S100YNLK |
| FY ending Mar 2026 | 1,922 | -71 | -3.7% | -140 | -4 | -26 | S100YNLK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.9M |
| Operating income per employee (consolidated) | -¥1M |
| Net income per employee (consolidated) | -¥2M |

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) | 90 | 88 | 85 | 74 | 69 |
| Average salary (parent company) | ¥6.1M | ¥5.7M | ¥6.2M | ¥6.4M | ¥6.4M |
| Average age (parent company) | 50.5 years | 51.9 years | 52.7 years | 53.7 years | 54.1 years |
| Average tenure (parent company) | 18.0 years | 19.7 years | 19.3 years | 18.7 years | 17.7 years |

Year over year: Employees (consolidated) -6.8% · Revenue (consolidated) +13.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| JAPAN | 664 | 34.6% | -50 | -7.6% |
| North America | 1,108 | 57.7% | -218 | -19.7% |
| Europe | — | 0.0% | -16 | — |
| China | 3 | 0.2% | -19 | -589.9% |
| APAC | 146 | 7.6% | -44 | -29.8% |

### 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 | Margin |
| --- | ---: |
| JAPAN | -7.6% |
| North America | -19.7% |
| Europe | — |
| China | -589.9% |
| APAC | -29.8% |

Loss-making segment (excluded from profit shares): JAPAN -50 JPY mn

Loss-making segment (excluded from profit shares): North America -218 JPY mn

Loss-making segment (excluded from profit shares): Europe -16 JPY mn

Loss-making segment (excluded from profit shares): China -19 JPY mn

Loss-making segment (excluded from profit shares): APAC -44 JPY mn

Segment → industry: JAPAN → Education / JAPAN → Consulting / North America → Education / North America → Consulting / Europe → Education / Europe → Consulting / China → Education / China → Consulting / APAC → Education / APAC → Consulting

## 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 | -4 | -0.2% | S100YNLK |
| Capital expenditure | 22 | 1.2% | S100YNLK |
| Free cash flow | -26 | -1.3% | 算出 |
| Investing cash flow | -32 | -1.7% | S100YNLK |
| Financing cash flow | 171 | 8.9% | S100YNLK |
| Change in cash | 142 | 7.4% | S100YNLK |
| Cash and equivalents | 347 | 18.0% | S100YNLK |

## 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 | 807 | 680 | 415 | 205 | 347 | S100TY6O, S100WLV9, S100YNLK |
| Total assets | 1,809 | 2,125 | 1,791 | 1,515 | 1,407 | S100R95B, S100TY6O, S100WLV9, S100YNLK |
| Net assets | 991 | 1,110 | 861 | 697 | 777 | S100TY6O, S100WLV9, S100YNLK |
| Share capital | 723 | 723 | 810 | 888 | 989 | S100R95B, S100TY6O, S100WLV9, S100YNLK |
| Inventories | 7 | 4 | 19 | 14 | 10 | S100R95B, S100TY6O, S100WLV9, S100YNLK |
| Property, plant and equipment | 20 | 2 | 3 | 3 | 5 | S100R95B, S100TY6O, S100WLV9, S100YNLK |
| Intangible assets excluding goodwill | 0 | 0 | 0 | 0 | 0 | S100R95B, S100TY6O, S100WLV9, S100YNLK |
| Investment securities | 50 | 50 | 50 | 50 | 50 | S100R95B, S100TY6O, S100WLV9, S100YNLK |
| Current assets | 1,568 | 1,465 | 1,115 | 1,238 | 1,302 | S100R95B, S100TY6O, S100WLV9, S100YNLK |
| Current liabilities | 599 | 612 | 535 | 619 | 514 | S100R95B, S100TY6O, S100WLV9, S100YNLK |
| Short-term borrowings | 101 | 61 | 20 | — | — | S100R95B, S100TY6O, S100WLV9 |
| Long-term borrowings | 93 | 83 | 73 | 61 | 47 | S100R95B, S100TY6O, S100WLV9, S100YNLK |
| Total liabilities | 818 | 1,016 | 930 | 818 | 630 | S100R95B, S100TY6O, S100WLV9, S100YNLK |
| Equity attributable to owners of parent | 670 | 644 | 300 | 107 | 167 | S100R95B, S100TY6O, S100WLV9, S100YNLK |
| Retained earnings | -609 | -636 | -1,155 | -1,504 | -1,644 | S100R95B, S100TY6O, S100WLV9, S100YNLK |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R95B, S100TY6O, S100WLV9, S100YNLK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YNLK |
| Inventories | 1% | S100YNLK |
| Property, plant and equipment | 0% | S100YNLK |
| Investment securities | 3% | S100YNLK |
| Other assets | 71% | S100YNLK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100YNLK |
| Equity | 55% | S100YNLK |

### 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 | 1,809 | 2,125 | 1,791 | 1,515 | 1,407 |
| Equity | 991 | 1,110 | 861 | 697 | 777 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 807 | 680 | 415 | 205 | 347 |

## 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) | 0.3% | S100YNLK |
| Fixed assets ÷ total assets | 0.4% | S100YNLK |
| Goodwill ÷ parent equity | — | —, S100YNLK |

### 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) | 24.6% |
| Cash ÷ revenue | 18.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 137 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -17.1% | —× | — | S100R95B |
| 2023 | — | —× | -1.4% | —× | — | S100TY6O |
| 2024 | — | —× | -26.5% | —× | — | S100WLV9 |
| 2025 | — | —× | -23.4% | —× | — | S100YNLK |
| 2026 | — | —× | -9.6% | —× | — | S100YNLK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 根岸 正州 | Major shareholder | 8.6% | 2026-03-31 |
| 株式会社マネジメントベース | Major shareholder | 7.2% | 2026-03-31 |
| 飯塚 健 | Major shareholder | 4.3% | 2026-03-31 |
| 奥津 泰彦 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社ベルシステム | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社ＤＫマネジメント | Major shareholder | 3.6% | 2026-03-31 |
| 渡辺 誠 | Major shareholder | 3.5% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 3.2% | 2026-03-31 |
| 田島 大輔 | Major shareholder | 2.6% | 2026-03-31 |
| 山下 博 | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第45期(2025/04/01－2026/03/31) | S100YNLK | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YNLK,, |
| 訂正有価証券報告書－第44期(2024/04/01－2025/03/31) | S100WLV9 | 2025-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLV9,, |
| 有価証券報告書－第43期(2023/04/01－2024/03/31) | S100TY6O | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TY6O,, |
| 有価証券報告書－第42期(2022/04/01－2023/03/31) | S100R95B | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R95B,, |
| 有価証券報告書－第41期(令和3年4月1日－令和4年3月31日) | S100OL3C | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL3C,, |
| 有価証券報告書－第40期(令和2年4月1日－令和3年3月31日) | S100LUFQ | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUFQ,, |

## 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).