# WOLVES HAND Co., Ltd.: 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7期(2024/07/01－2025/06/30) (S100WRRL)
> Page: https://vizora.meequs.com/en/company/wolves-hand
> Retrieved: 2026-09-30T22:08:14.715Z

## Company

Wolves Hand, founded in 2000, is a company in Pets listed on TSE Growth. It has 453 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WOLVES HAND Co., Ltd. |
| Ticker | 194A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/194A.T) |
| Listing | TSE Growth |
| Head office | 大阪市西区南堀江三丁目7番22号 |
| Representative (per filing) | 代表取締役CEO兼COO 北井 正志 |
| Founded | Jan 2000 |
| Share capital | ¥107.7M |
| Employees (consolidated) | 453 |
| Average salary (parent only) | ¥3M |
| Fiscal year end | June |
| Website | wolveshand.jp (https://wolveshand.jp/) |
| Corporate number | 7010001199948 |
| EDINET | E39640 |
| Industries (Vizora) | Pets |

> Profile source: annual securities report (S100WRRL, filed 2025-09-26). As of filing

## Five-axis industry profile

Primary industry: Pets (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37.5 | 4 |
| Profitability | 62.5 | 4 |
| Cash conversion | 50 | 3 |
| Efficiency | 37.5 | 4 |

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)

- Wolves Hand brought in ¥5.46B in revenue.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +9.5% from the prior year, operating profit +9.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥5463817000 → ¥593016000
- Net income → operating cash flow: ¥593016000 → ¥948558000（difference ¥355542000）
- Main uses of operating cash flow: CapEx ¥116028000 / dividends — / buybacks —
- Change in cash: ¥-15549000
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 | ¥5.46B |  |
| Operating income | ¥909.5M | Margin 16.6% |
| Net income | ¥593M | Margin 10.9% |
| Free cash flow | ¥832.5M |  |
| Employees (consolidated) | 453 |  |
| EPS | ¥97.13 |  |
| Diluted EPS | ¥95.54 |  |
| Book value per share | ¥365.61 |  |
| Equity ratio | 44.9% |  |
| Shares outstanding | 7,974,000 |  |
| Treasury shares | 500,000 |  |
| Shareholders | 1,603 |  |
| Average salary (parent only) | ¥3M | Filing company only |
| Cash ratio | 14.8% | Cash ÷ revenue 16.4% |
| Vs. industry median margin | +1.6 pp | Pets |
| ROE | 24.6% | Derived from disclosed figures |
| ROA | 10.0% | Derived from disclosed figures |

## What changed in 2 years

| Metric | FY ending Jun 2023 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4651067000 | ¥5463817000 | +17.5% |
| Operating income | ¥803312000 | ¥909462000 | +13.2% |
| Operating margin | 17.3% | 16.6% | -0.6 pp |
| Employees | 397 people | 453 people | +14.1% |
| Cash and equivalents | ¥681565000 | ¥895330000 | +31.4% |

### Change in segment revenue mix

Span: FY ending Jun 2023 → FY ending Jun 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,464 | 100.0% | S100WRRL |
| Cost of revenue | 3,983 | 72.9% | S100WRRL |
| Gross profit | 1,481 | 27.1% | S100WRRL |
| SG&A | 571 | 10.5% | S100WRRL |
| Operating income | 909 | 16.6% | S100WRRL |
| Ordinary income | 909 | 16.6% | S100WRRL |
| Pretax income | 907 | 16.6% | S100WRRL |
| Income tax | 314 | 5.7% | S100WRRL |
| Net income | 593 | 10.9% | S100WRRL |
| Net income attributable to owners | 593 | 10.9% | S100WRRL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 10 |
| Operating income | 17 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 27.1% → Operating margin 16.6% → Net margin 10.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.5%; Core profit growth: +9.9%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.05×
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 | 4,991 | 5,464 | 473 | +9.5% |
| Gross profit | 1,373 | 1,481 | 107 | +7.8% |
| Operating income | 827 | 909 | 82 | +9.9% |
| Net income attributable to owners | 558 | 593 | 35 | +6.2% |
| Operating cash flow | 858 | 949 | 91 | +10.6% |
| Free cash flow | 412 | 833 | 421 | +102.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2023 | 4,651 | 803 | 17.3% | 506 | 951 | 459 | S100UFKF |
| FY ending Jun 2024 | 4,991 | 827 | 16.6% | 558 | 858 | 412 | S100WRRL |
| FY ending Jun 2025 | 5,464 | 909 | 16.6% | 593 | 949 | 833 | S100WRRL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.1M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.3M |

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

| History | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 397 | 411 | 453 |
| Average salary (parent company) | — | ¥3.4M | ¥3M |
| Average age (parent company) | — | 31.6 years | 32.1 years |
| Average tenure (parent company) | — | 2.9 years | 3.0 years |

Year over year: Employees (consolidated) +10.2% · Revenue (consolidated) +9.5%

## 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 | 949 | 17.4% | S100WRRL |
| Capital expenditure | 116 | 2.1% | S100WRRL |
| Free cash flow | 833 | 15.2% | 算出 |
| Investing cash flow | -389 | -7.1% | S100WRRL |
| Financing cash flow | -575 | -10.5% | S100WRRL |
| Change in cash | -16 | -0.3% | S100WRRL |
| Cash and equivalents | 895 | 16.4% | S100WRRL |

## 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 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 682 | 911 | 895 | S100WRRL |
| Total assets | 5,452 | 5,784 | 6,050 | S100UFKF, S100WRRL |
| Net assets | 1,520 | 2,114 | 2,716 | S100WRRL |
| Share capital | 90 | 108 | 108 | S100UFKF, S100WRRL |
| Property, plant and equipment | 2,444 | 2,715 | 2,687 | S100UFKF, S100WRRL |
| Intangible assets excluding goodwill | 1,714 | 1,570 | 1,756 | S100UFKF, S100WRRL |
| Goodwill | 1,618 | 1,471 | 1,653 | S100UFKF, S100WRRL |
| Current assets | 1,040 | 1,297 | 1,387 | S100UFKF, S100WRRL |
| Current liabilities | 1,218 | 1,131 | 1,957 | S100UFKF, S100WRRL |
| Short-term borrowings | 150 | 100 | 100 | S100UFKF, S100WRRL |
| Long-term borrowings | 2,588 | 2,423 | 1,274 | S100UFKF, S100WRRL |
| Total liabilities | 3,932 | 3,671 | 3,334 | S100UFKF, S100WRRL |
| Equity attributable to owners of parent | 1,520 | 2,114 | 2,716 | S100UFKF, S100WRRL |
| Retained earnings | -881 | -323 | 279 | S100UFKF, S100WRRL |
| Treasury stock | -250 | -250 | -250 | S100UFKF, S100WRRL |

### Balance sheet history

| Metric | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 5,452 | 5,784 | 6,050 |
| Equity | 1,520 | 2,114 | 2,716 |
| Interest-bearing debt | — | — | — |
| Cash | 682 | 911 | 895 |

## 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) | 49.2% | S100WRRL |
| Fixed assets ÷ total assets | 44.4% | S100WRRL |
| Goodwill ÷ parent equity | 60.9% | S100WRRL |

### 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) | 14.8% |
| Cash ÷ revenue | 16.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 104.3% |
| Cash vs. profit gap | 356 JPY mn (of net income 60.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 41.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 10.9% | 0.85× | 9.3% | 3.59× | 33.3% | S100UFKF |
| 2024 | 11.2% | 0.89× | 9.9% | 3.09× | 30.7% | S100WRRL |
| 2025 | 10.9% | 0.92× | 10.0% | 2.45× | 24.6% | S100WRRL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 北井 正志 | Major shareholder | 44.0% | 2025-06-30 |
| J-STAR No.3 SS,LP （常任代理人 SMBC日興証券株式会社） | Major shareholder | 15.7% | 2025-06-30 |
| J-STAR No.3 JF,LP （常任代理人 SMBC日興証券株式会社） | Major shareholder | 8.2% | 2025-06-30 |
| J-STAR No.3 JC,LP （常任代理人 SMBC日興証券株式会社) | Major shareholder | 6.7% | 2025-06-30 |
| J-STAR No.3 GF,LP （常任代理人SMBC日興証券株式会社） | Major shareholder | 6.7% | 2025-06-30 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 3.2% | 2025-06-30 |
| 山下 瞬 | Major shareholder | 1.1% | 2025-06-30 |
| J-STAR有限責任事業組合2016 | Major shareholder | 0.8% | 2025-06-30 |
| 第一生命保険株式会社 （常任代理人株式会社日本カストディ銀行） | Major shareholder | 0.8% | 2025-06-30 |
| 株式会社SBI証券 | Major shareholder | 0.7% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第7期(2024/07/01－2025/06/30) | S100WRRL | 2025-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WRRL,, |
| 有価証券報告書－第6期(2023/07/01－2024/06/30) | S100UFKF | 2024-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFKF,, |

## 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).