WILLs Inc. develops and offers a shareholder management platform utilizing blockchain technology in Japan and internationally. It offers Premium preferential treatment Club, a digital transformation support service for shareholder management; IR-navi, a marketing tool for institutional investors; and online financial results briefing and virtual shareholder meeting support services. The company is also involved in planning and production of reports, ESG disclosure support, sustainability reports, etc., as well as shareholder identification survey services. WILLs Inc. was incorporated in 2004 and is headquartered in Minato, Japan.
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Financials
Ownership
Material Events
Income Statement
Balance Sheet
Cash Flow
Ratios & Growth
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
FY 2020
EDINET ↗
Net Sales
¥6.1B
¥5.1B
¥4.5B
¥3.8B
¥3.4B
¥2.4B
Cost of Sales
¥3.2B
¥2.6B
¥2.4B
¥2.1B
¥1.9B
¥1.4B
Gross Profit
¥2.8B
¥2.5B
¥2.1B
¥1.7B
¥1.4B
¥1.1B
SG&A
¥1.5B
¥1.4B
¥1.2B
¥1.0B
¥925M
¥674M
Operating Income
¥1.3B
¥1.0B
¥915M
¥703M
¥522M
¥400M
Non-Operating Income
¥5M
¥15M
¥4M
¥0M
¥3M
¥3M
Interest Income
¥4M
¥7M
¥0M
¥0M
¥0M
¥0M
Non-Operating Expenses
¥6M
¥10M
¥7M
¥10M
¥5M
¥1M
Interest Expense
¥3M
¥5M
¥5M
¥4M
¥4M
¥1M
Ordinary Income
¥1.3B
¥1.0B
¥911M
¥693M
¥520M
¥401M
Pre-tax Income
¥1.3B
¥1.0B
¥744M
¥655M
¥515M
¥398M
Income Taxes
¥430M
¥346M
¥238M
¥237M
¥165M
¥119M
Current Tax
¥438M
¥308M
¥288M
¥264M
¥170M
¥120M
Deferred Tax
¥-7M
¥38M
¥-50M
¥-27M
¥-5M
¥-2M
Net Income (owners)
¥839M
¥671M
¥507M
¥418M
¥350M
¥280M
Comprehensive Income
¥839M
¥671M
¥507M
¥418M
¥350M
¥280M
EBITDA
¥1.4B
¥1.1B
¥1.0B
¥806M
¥613M
¥468M
Goodwill Amort. (J-GAAP)
¥23M
¥23M
¥23M
¥23M
¥23M
¥11M
EPS
¥41.41
¥32.45
¥24.39
¥21.03
¥17.92
¥14.95
Shares Outstanding
20.2M
20.5M
20.7M
20.9M
19.7M
19.3M
Shares Issued (total)
21.1M
21.1M
21.1M
21.1M
19.7M
19.3M
Treasury Shares
0.8M
0.6M
0.3M
0.2M
0.0M
0.0M
Metric
FY 2025
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FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
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FY 2020
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Total Assets
¥4.8B
¥4.3B
¥3.7B
¥3.3B
¥2.6B
¥2.1B
Current Assets
¥3.6B
¥3.3B
¥2.8B
¥2.4B
¥1.9B
¥1.5B
Cash & Deposits
¥3.1B
¥2.9B
¥2.4B
¥2.1B
¥1.6B
¥1.1B
Trade Receivables
¥437M
¥378M
¥295M
¥254M
¥231M
¥225M
Inventories
¥2M
¥2M
¥2M
¥2M
¥2M
¥2M
Non-Current Assets
¥1.2B
¥934M
¥867M
¥894M
¥720M
¥626M
PP&E
¥45M
¥50M
¥49M
¥56M
¥14M
¥11M
Goodwill
¥170M
¥193M
¥216M
¥239M
¥262M
¥285M
Intangible Assets
¥913M
¥667M
¥581M
¥672M
¥636M
¥550M
Investment Securities
¥30M
¥30M
¥30M
—
¥20M
¥20M
Deferred Tax Assets
¥56M
¥49M
¥87M
¥37M
¥10M
¥6M
Total Liabilities
¥2.2B
¥2.1B
¥1.8B
¥1.6B
¥1.3B
¥1.1B
Current Liabilities
¥2.2B
¥2.1B
¥1.8B
¥1.5B
¥1.2B
¥1.0B
ST Debt
¥9M
¥339M
¥290M
¥302M
¥299M
¥126M
Taxes Payable
¥299M
¥211M
¥171M
¥169M
¥118M
¥92M
Non-Current Liabilities
¥16M
¥25M
¥40M
¥63M
¥88M
¥112M
Total LT Borrowings
¥14M
¥22M
¥38M
¥61M
¥86M
¥112M
Total Equity
¥2.6B
¥2.1B
¥1.9B
¥1.7B
¥1.3B
¥970M
Capital Stock
¥247M
¥247M
¥247M
¥247M
¥219M
¥209M
Capital Surplus
¥246M
¥246M
¥246M
¥246M
¥218M
¥209M
Retained Earnings
¥2.6B
¥2.0B
¥1.6B
¥1.3B
¥901M
¥551M
Treasury Stock
¥-500M
¥-353M
¥-200M
¥-100M
¥-0M
¥-0M
Equity (owners)
¥2.6B
¥2.1B
¥1.9B
¥1.7B
¥1.3B
¥969M
Total Interest-Bearing Debt ⓘ
¥22M
¥362M
¥327M
¥362M
¥385M
¥238M
Net Cash ⓘ
¥3.1B
¥2.5B
¥2.1B
¥1.7B
¥1.3B
¥898M
NCAV ⓘ
¥1.4B
¥1.2B
¥986M
¥769M
¥618M
¥344M
NCAV/Share
¥70
¥59
¥48
¥37
¥31
¥18
BV/Share
¥127
¥104
¥89
¥80
¥68
¥50
Metric
FY 2025
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FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
FY 2020
EDINET ↗
Operating CF
¥1.4B
¥1.1B
¥948M
¥796M
¥536M
¥476M
Interest Paid
¥-3M
¥-5M
¥-5M
¥-1M
¥-3M
¥-1M
Interest Received
¥4M
¥7M
¥0M
¥0M
¥0M
¥0M
D&A
¥115M
¥90M
¥94M
¥80M
¥68M
¥58M
Goodwill Amort.
¥23M
¥23M
¥23M
¥23M
¥23M
¥11M
Investing CF
¥-409M
¥753M
¥-1.2B
¥-258M
¥-195M
¥-190M
CapEx
¥0M
¥9M
¥41M
¥8M
¥4M
¥3M
Purchase Investments
—
—
¥-30M
—
—
¥-20M
Proceeds from Invest.
—
—
—
¥20M
—
—
Financing CF
¥-729M
¥-355M
¥-354M
¥-115M
¥165M
¥62M
Dividends Paid
¥-243M
¥-237M
¥-219M
¥-49M
¥-0M
¥-46M
Share Buybacks
¥-147M
¥-153M
¥-100M
¥-99M
¥-0M
¥-0M
LT Debt Repaid
¥-15M
¥-23M
¥-25M
¥-26M
¥-26M
¥-26M
Free Cash Flow
¥1.4B
¥1.1B
¥907M
¥788M
¥532M
¥472M
Net Change in Cash
¥246M
¥1.5B
¥-653M
¥423M
¥507M
¥348M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
FY 2020
EDINET ↗
Return on Equity (ROE) ⓘ
35.4%
33.6%
28.8%
27.8%
30.3%
28.8%
Return on Assets (ROA) ⓘ
18.5%
16.9%
14.6%
14.1%
14.7%
13.3%
Gross Margin ⓘ
46.9%
48.6%
46.6%
45.1%
42.8%
44.1%
Operating Margin ⓘ
21.5%
20.4%
20.4%
18.4%
15.5%
16.4%
Net Margin ⓘ
13.9%
13.2%
11.3%
10.9%
10.4%
11.5%
Current Ratio ⓘ
1.65x
1.59x
1.58x
1.54x
1.58x
1.45x
Quick Ratio ⓘ
1.65x
1.59x
1.58x
1.54x
1.58x
1.45x
Revenue / Share ⓘ
¥299
¥248
¥216
¥183
¥171
¥126
BV/Share ⓘ
¥127
¥104
¥89
¥80
¥68
¥50
NCAV/Share ⓘ
¥70
¥59
¥48
¥37
¥31
¥18
EPS ⓘ
¥41.41
¥32.45
¥24.39
¥21.03
¥17.92
¥14.95
DPS ⓘ
¥13.00
¥11.00
¥9.50
¥7.00
¥2.50
¥0.00
Payout Ratio ⓘ
31.4%
33.9%
39.0%
33.3%
14.0%
0.0%
FCF/Share ⓘ
¥68.41
¥51.97
¥43.78
¥37.70
¥26.97
¥24.49
Market Valuation
Avg daily close price for calendar year × most recently reported EPS / DPS
Metric
CY2023
CY2024
CY2025
Avg P/E ⓘ
23.5×
EPS from 2023-12
19.6×
EPS from 2024-12
16.3×
EPS from 2025-12
Avg Div Yield ⓘ
1.66%
DPS from 2023-12
1.73%
DPS from 2024-12
1.92%
DPS from 2025-12
Avg Daily Close
¥572
¥637
¥676
Growth Rates (CAGR)
Metric
3yr CAGR (FY2022–2025)
5yr CAGR (FY2020–2025)
Stock Price
+6.0%
-5.3%
Sales
+16.6%
+20.0%
FCF/Share
+22.0%
+22.8%
EPS
+25.3%
+22.6%
DPS
+22.9%
—
BV/Share
+17.0%
+20.5%
NCAV/Share
+24.0%
+31.5%
No capital allocation signals recorded for this company.
Top 10 Shareholders
Ownership DNA
Large Shareholder Reports 3
#
Shareholder
Shares (thou.)
% of Total
1
杉 本 光 生
6,089,600
2
蓮 本 泰 之
2,832,000
3
ＳＵＧアセット株式会社
1,320,000
4
青 山 洋 一
579,900
5
神 保 株 式 会 社
480,000
6
W H I T T E N D A R R E L E U G E N E
W H I T T E N D A R R E L E U G E N E
352,500
7
杉 本 久 子
314,900
8
角 田 久 美
287,500
9
杉 本 明 子
255,000
10
株式会社アスピレーション
252,000
Domestic Nominees
0.0%
+0.0% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
0.0%
+0.0% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
63.1%
+0.7% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2021
2022
2023
2024
2025
杉 本 光 生
—
29.15%
29.40%
29.77%
30.11%
+0.34%
蓮 本 泰 之
—
13.55%
13.67%
13.84%
14.00%
+0.16%
SUGアセット
13.38%
6.32%
6.37%
6.45%
6.53%
+0.08%
青 山 洋 一
5.88%
2.78%
2.80%
2.83%
2.87%
+0.04%
神 保 株 式 会 社
4.86%
2.30%
2.32%
2.35%
2.37%
+0.02%
W H I T T E N D A R R E L E U G E N E
W H I T T E N D A R R E L E U G E N E
3.58%
1.69%
1.70%
1.72%
1.74%
+0.02%
杉 本 久 子
3.20%
1.51%
1.52%
1.54%
1.56%
+0.02%
角 田 久 美
—
1.38%
1.39%
1.41%
1.42%
+0.01%
杉 本 明 子
—
—
1.23%
1.25%
1.26%
+0.01%
式会社アスピレーション
—
—
1.22%
1.23%
1.25%
+0.02%
角 田 久 実
last seen 2021
Exited Top 10
2.92%
—
—
—
—
上 川 博 史
last seen 2021
Exited Top 10
4.30%
—
—
—
—
The Master Trust Bank of Japan, Ltd. (Trust Account)
日本マスタートラスト信託銀行
last seen 2022
Exited Top 10
—
1.31%
—
—
—
NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB)
last seen 2022
Exited Top 10
7.74%
1.73%
—
—
—
蓮本 泰之
last seen 2021
Exited Top 10
27.10%
—
—
—
—
杉本 光生
last seen 2021
Exited Top 10
49.58%
—
—
—
—
Concentration (HHI)
ⓘ
3540
1098
1115
1143
1170
5 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
↓ CSV
Date Shareholder Stake Event Flag Demands Source
2025-09-01
SUG Asset Co., Ltd.
35.19%
change
Passive
—
2025-04-09
SUG Asset Co., Ltd.
35.19%
correction
Passive
—
2025-04-04
SUG Asset Co., Ltd.
35.19%
change
Passive
—
Date
Category
Summary
Amount
2026-02-16
💥 Financial
Impairment
The company reversed a debt guarantee loss reserve of ¥145 million related to subsidiary NetMyth Co., Ltd., while simultaneously recording a bad debt reserve of ¥293 million for receivables from the same subsidiary as of the fiscal year ending December 31, 2025. These adjustments reflect changes in the subsidiary's financial condition and have no net impact on consolidated earnings as they are eliminated in consolidation.
¥-0M
›
Summary
The company reversed a debt guarantee loss reserve of ¥145 million related to subsidiary NetMyth Co., Ltd., while simultaneously recording a bad debt reserve of ¥293 million for receivables from the same subsidiary as of the fiscal year ending December 31, 2025. These adjustments reflect changes in the subsidiary's financial condition and have no net impact on consolidated earnings as they are eliminated in consolidation.
Counterparty: 株式会社ネットマイル (NetMyth Co., Ltd.)
債務保証損失引当金戻入額145百万円を特別利益として計上、貸倒引当金繰入額293百万円を特別損失として計上
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