# WIN-Partners 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13期(2025/04/01－2026/03/31) (S100YEHT)
> Page: https://vizora.meequs.com/en/company/win-partners
> Retrieved: 2026-09-30T20:24:13.413Z

## Company

WIN-Partners, founded in 2012, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 653 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WIN-Partners Co., Ltd. |
| Ticker | 3183 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3183.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区京橋二丁目2番1号 |
| Representative (per filing) | 代表取締役社長 秋沢 英海 |
| Founded | Nov 2012 |
| Share capital | ¥550M |
| Employees (consolidated) | 653 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.win-partners.co.jp (https://www.win-partners.co.jp/) |
| Corporate number | 9010501035080 |
| EDINET | E27210 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YEHT, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 71.2 | 179 |
| Profitability | 59.7 | 185 |
| Cash conversion | 48.9 | 179 |
| Efficiency | 66.2 | 185 |

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)

- WIN-Partners brought in ¥90.4B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +11.0% from the prior year, operating profit +7.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥90391603000 → ¥2118327000
- Net income → operating cash flow: ¥2118327000 → ¥2930560000（difference ¥812233000）
- Main uses of operating cash flow: CapEx ¥227048000 / dividends ¥1486676000 / buybacks ¥1436196000
- Change in cash: ¥-277785000
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 | ¥90.4B |  |
| Operating income | ¥3.02B | Margin 3.3% |
| Net income | ¥2.12B | Margin 2.3% |
| Free cash flow | ¥2.7B |  |
| Employees (consolidated) | 653 |  |
| EPS | ¥73 |  |
| Book value per share | ¥743.02 |  |
| Equity ratio | 46.0% |  |
| Shares outstanding | 30,503,310 |  |
| Treasury shares | 3,004,400 |  |
| Shareholders | 22,617 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 21.6% | Cash ÷ revenue 12.1% |
| Vs. industry median margin | +0.5 pp | Specialty Trading & Wholesale |
| ROE | 9.0% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥62123939000 | ¥90391603000 | +45.5% |
| Operating income | ¥2255287000 | ¥3020761000 | +33.9% |
| Operating margin | 3.6% | 3.3% | -0.3 pp |
| Employees | 547 people | 653 people | +19.4% |
| Cash and equivalents | ¥12122053000 | ¥10931743000 | -9.8% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 90,392 | 100.0% | S100YEHT |
| Cost of revenue | 79,730 | 88.2% | S100YEHT |
| Gross profit | 10,661 | 11.8% | S100YEHT |
| SG&A | 7,641 | 8.5% | S100YEHT |
| Operating income | 3,021 | 3.3% | S100YEHT |
| Ordinary income | 3,060 | 3.4% | S100YEHT |
| Pretax income | 3,084 | 3.4% | S100YEHT |
| Income tax | 966 | 1.1% | S100YEHT |
| Net income | 2,118 | 2.3% | S100YEHT |
| Net income attributable to owners | 2,118 | 2.3% | S100YEHT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 9 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 11.8% → Operating margin 3.3% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.0%; Core profit growth: +7.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.69×
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 | 81,410 | 90,392 | 8,981 | +11.0% |
| Gross profit | 9,895 | 10,661 | 767 | +7.7% |
| Operating income | 2,808 | 3,021 | 212 | +7.6% |
| Net income attributable to owners | 2,019 | 2,118 | 99 | +4.9% |
| Operating cash flow | 2,058 | 2,931 | 873 | +42.4% |
| Free cash flow | 1,595 | 2,704 | 1,109 | +69.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 64,538 | 2,649 | 4.1% | 1,873 | 3,220 | 3,112 | S100LLNF |
| FY ending Mar 2021 | 62,124 | 2,255 | 3.6% | 1,541 | 1,851 | 674 | S100ODAR |
| FY ending Mar 2022 | 66,392 | 2,762 | 4.2% | 1,832 | 2,622 | -137 | S100R0IK |
| FY ending Mar 2023 | 70,854 | 2,470 | 3.5% | 2,047 | 445 | -525 | S100TNAL |
| FY ending Mar 2024 | 77,064 | 2,627 | 3.4% | 1,836 | 3,044 | 2,541 | S100VZI0 |
| FY ending Mar 2025 | 81,410 | 2,808 | 3.4% | 2,019 | 2,058 | 1,595 | S100YEHT |
| FY ending Mar 2026 | 90,392 | 3,021 | 3.3% | 2,118 | 2,931 | 2,704 | S100YEHT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥138.4M |
| Operating income per employee (consolidated) | ¥4.6M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 548 | 609 | 629 | 630 | 653 |
| Average salary (parent company) | ¥6.4M | ¥6.5M | ¥6.5M | ¥6.7M | ¥6.7M |
| Average age (parent company) | 42.7 years | 42.1 years | 42.4 years | 41.8 years | 42.4 years |
| Average tenure (parent company) | 8.7 years | 7.8 years | 8.6 years | 8.9 years | 8.9 years |

Year over year: Employees (consolidated) +3.7% · Revenue (consolidated) +11.0%

## 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 | 2,931 | 3.2% | S100YEHT |
| Capital expenditure | 227 | 0.3% | S100YEHT |
| Free cash flow | 2,704 | 3.0% | 算出 |
| Investing cash flow | -132 | -0.1% | S100YEHT |
| Financing cash flow | -3,076 | -3.4% | S100YEHT |
| Dividends paid | 1,487 | 1.6% | S100YEHT |
| Share buyback | 1,436 | 1.6% | S100YEHT |
| Change in cash | -278 | -0.3% | S100YEHT |
| Cash and equivalents | 10,932 | 12.1% | S100YEHT |

## 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 | 10,573 | 11,772 | 13,151 | 11,210 | 10,932 | S100TNAL, S100VZI0, S100YEHT |
| Total assets | 41,565 | 43,883 | 47,730 | 46,620 | 50,632 | S100R0IK, S100TNAL, S100VZI0, S100YEHT |
| Net assets | 21,722 | 22,782 | 23,385 | 24,069 | 23,290 | S100TNAL, S100VZI0, S100YEHT |
| Share capital | 550 | 550 | 550 | 550 | 550 | S100R0IK, S100TNAL, S100VZI0, S100YEHT |
| Trade receivables | 14,542 | 15,676 | 17,280 | 16,256 | 18,526 | S100R0IK, S100TNAL, S100VZI0, S100YEHT |
| Property, plant and equipment | 5,749 | 3,900 | 4,254 | 4,474 | 4,526 | S100R0IK, S100TNAL, S100VZI0, S100YEHT |
| Intangible assets excluding goodwill | 157 | 372 | 376 | 401 | 939 | S100R0IK, S100TNAL, S100VZI0, S100YEHT |
| Goodwill | — | 132 | 123 | 87 | 583 | S100TNAL, S100VZI0, S100YEHT |
| Investment securities | 88 | 71 | 67 | 1,078 | 1,067 | S100R0IK, S100TNAL, S100VZI0, S100YEHT |
| Current assets | 34,746 | 38,672 | 42,083 | 39,725 | 42,862 | S100R0IK, S100TNAL, S100VZI0, S100YEHT |
| Current liabilities | 18,699 | 19,884 | 23,069 | 21,387 | 25,245 | S100R0IK, S100TNAL, S100VZI0, S100YEHT |
| Trade payables | 14,881 | 16,543 | 18,519 | 17,212 | 19,641 | S100R0IK, S100TNAL, S100VZI0, S100YEHT |
| Total liabilities | 19,843 | 21,101 | 24,344 | 22,551 | 27,342 | S100R0IK, S100TNAL, S100VZI0, S100YEHT |
| Equity attributable to owners of parent | 21,674 | 22,727 | 23,292 | 23,840 | 23,039 | S100R0IK, S100TNAL, S100VZI0, S100YEHT |
| Retained earnings | 19,688 | 20,741 | 21,156 | 21,747 | 22,378 | S100R0IK, S100TNAL, S100VZI0, S100YEHT |
| Treasury stock | -836 | -836 | -778 | -1,051 | -2,483 | S100R0IK, S100TNAL, S100VZI0, S100YEHT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YEHT |
| Receivables | 36% | S100YEHT |
| Property, plant and equipment | 9% | S100YEHT |
| Intangibles and goodwill | 3% | S100YEHT |
| Investment securities | 2% | S100YEHT |
| Other assets | 28% | S100YEHT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 39% | S100YEHT |
| Other liabilities | 15% | S100YEHT |
| Equity | 46% | S100YEHT |

### 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 | 41,565 | 43,883 | 47,730 | 46,620 | 50,632 |
| Equity | 21,722 | 22,782 | 23,385 | 24,069 | 23,290 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,573 | 11,772 | 13,151 | 11,210 | 10,932 |

## 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) | 5.0% | S100YEHT |
| Fixed assets ÷ total assets | 8.9% | S100YEHT |
| Goodwill ÷ parent equity | 2.5% | S100YEHT |

### 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) | 21.6% |
| Cash ÷ revenue | 12.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 97.0% |
| Cash vs. profit gap | 812 JPY mn (of net income 38.3%) |
| Shareholder returns / net income | 138.0% |
| Shareholder returns / FCF | 108.1% |
| Shareholder payments — dividends / net income | 70.2% |
| Shareholder payments — dividends / FCF | 55.0% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 4.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.8% | 1.60× | 4.4% | 1.92× | 8.5% | S100R0IK |
| 2023 | 2.9% | 1.66× | 4.8% | 1.92× | 9.2% | S100TNAL |
| 2024 | 2.4% | 1.68× | 4.0% | 1.99× | 8.0% | S100VZI0 |
| 2025 | 2.5% | 1.73× | 4.3% | 2.00× | 8.6% | S100YEHT |
| 2026 | 2.3% | 1.86× | 4.4% | 2.07× | 9.0% | S100YEHT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈲オフィスＡ | Major shareholder | 25.8% | 2026-03-31 |
| ＢＢＨ ＦＯＲ ＦＩＤＥＬＩＴＹ ＬＯＷ－ＰＲＩＣＥＤ ＳＴＯＣＫ ＦＵＮＤ (常任代理人 ㈱三菱ＵＦＪ銀行) | Major shareholder | 7.2% | 2026-03-31 |
| ㈱キエマ企画 | Major shareholder | 6.9% | 2026-03-31 |
| 秋田 裕二 | Major shareholder | 6.2% | 2026-03-31 |
| グリーンホスピタルサプライ㈱ | Major shareholder | 5.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 4.3% | 2026-03-31 |
| 秋沢 英海 | Major shareholder | 3.3% | 2026-03-31 |
| 古川 國久 | Major shareholder | 2.6% | 2026-03-31 |
| 伊藤 成幸 | Major shareholder | 2.1% | 2026-03-31 |
| 日本生命保険相互会社(常任代理人 日本マスタートラスト信託銀行㈱) | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2025/04/01－2026/03/31) | S100YEHT | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEHT,, |
| 有価証券報告書－第12期(2024/04/01－2025/03/31) | S100VZI0 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZI0,, |
| 有価証券報告書－第11期(2023/04/01－2024/03/31) | S100TNAL | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNAL,, |
| 有価証券報告書－第10期(2022/04/01－2023/03/31) | S100R0IK | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0IK,, |
| 有価証券報告書－第9期(令和3年4月1日－令和4年3月31日) | S100ODAR | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODAR,, |
| 有価証券報告書－第8期(令和2年4月1日－令和3年3月31日) | S100LLNF | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLNF,, |

## 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).