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32412025 Full YearStandardJGAAP

WILL (3241) FY2025 FY Earnings Report

For FY2025 FY, revenue came to ¥14.9B (+12.6% year on year) and operating income ¥1.3B (+18.5%). The segment drivers and cash flow follow.

WILL,Co.,Ltd.

Real Estate/Real Estate

Financial Highlights

  • Net Sales: ¥14.88B
  • Operating Income: ¥1.33B
  • Net Income: ¥664M
  • EPS: ¥57.58

Income Statement

ItemCurrentPriorYoY %
Net Sales¥14.88B¥13.21B+12.6%
Cost of Sales¥12.44B¥11.09B+12.1%
Gross Profit¥2.44B¥2.12B+15.3%
SG&A Expenses¥1.12B¥1.00B+11.8%
Operating Income¥1.33B¥1.12B+18.5%
Non-operating Income¥19M¥16M+18.8%
Non-operating Expenses¥141M¥117M+20.5%
Ordinary Income¥1.20B¥1.02B+18.2%
Profit Before Tax¥982M¥1.02B−3.6%
Income Tax Expense¥317M¥309M+2.6%
Net Income¥664M¥710M−6.5%
Net Income Attributable to Owners¥664M¥710M−6.5%
Total Comprehensive Income¥664M¥710M−6.5%
Depreciation & Amortization¥126M¥128M−1.6%
Interest Expense¥85M¥64M+32.8%
Basic EPS¥57.58¥61.96−7.1%
Dividend Per Share¥21.00¥0.00-
Total Dividend Paid¥242M¥219M+10.5%

Balance Sheet

ItemCurrent EndPrior EndChange
Current Assets¥11.01B¥9.66B+¥1.34B
Cash and Deposits¥1.82B¥2.32B−¥494M
Accounts Receivable¥1.21B¥869M+¥337M
Inventories¥12M¥12M¥0
Non-current Assets¥5.46B¥5.64B−¥182M
Property, Plant & Equipment¥4.70B¥5.04B−¥339M
Intangible Assets¥33M¥33M¥0
Total Assets¥16.49B¥15.34B+¥1.16B
Current Liabilities¥7.04B¥6.63B+¥408M
Accounts Payable¥559M¥423M+¥136M
Short-term Loans¥3.75B¥2.91B+¥848M
Non-current Liabilities¥4.05B¥3.74B+¥306M
Long-term Loans¥2.88B¥2.41B+¥471M
Total Liabilities¥11.08B¥10.37B+¥713M
Total Equity¥5.41B¥4.96B+¥445M
Capital Stock¥322M¥322M¥0
Capital Surplus¥242M¥242M¥0
Retained Earnings¥4.84B¥4.40B+¥445M
Treasury Stock−¥0−¥0¥0
Owners' Equity¥5.41B¥4.96B+¥445M
Working Capital¥3.97B--

Cash Flow Statement

ItemCurrentPriorChange
Operating Cash Flow−¥418M−¥435M+¥17M
Investing Cash Flow−¥98M−¥158M+¥60M
Financing Cash Flow¥24M¥91M−¥67M
Free Cash Flow−¥516M--

Profitability Ratios

ItemValue
Operating Margin8.9%
ROA (Ordinary Income)7.6%
Payout Ratio36.5%
Dividend on Equity (DOE)4.7%
Book Value Per Share¥468.45
Net Profit Margin4.5%
Gross Profit Margin16.4%
Current Ratio156.4%
Quick Ratio156.3%
Debt-to-Equity Ratio2.05x
Interest Coverage Ratio15.61x
EBITDA Margin9.8%
Effective Tax Rate32.3%

Year-over-Year Comparison

ItemYoY Change
Net Sales YoY Change+12.6%
Operating Income YoY Change+18.5%
Ordinary Income YoY Change+18.2%
Profit Before Tax YoY Change−3.6%
Net Income YoY Change−5.0%
Net Income Attributable to Owners YoY Change−6.4%
Total Comprehensive Income YoY Change−6.4%

Share Information

ItemValue
Shares Outstanding (incl. Treasury)11.55M shares
Treasury Stock113 shares
Average Shares Outstanding11.55M shares
Book Value Per Share¥468.40
EBITDA¥1.45B

Dividend Information

ItemAmount
Q2 Dividend¥0.00
Year-End Dividend¥21.00

Segment Information

SegmentRevenueOperating Income
OperatingSegmentsNotIncludedInReportableSegmentsAndOtherRevenueGeneratingBusiness¥250M¥73M
Rental¥233M−¥22M
SaleOnBrokerageFee¥3.66B¥1.21B
SaleOnBusinessesDerivedFromRealEstateDeal¥270M¥142M
SaleOnConstructionWork¥2.37B¥465M
SaleOnDevelopment¥8.09B¥261M

Full Year Forecast

ItemForecast
Net Sales Forecast¥16.76B
Operating Income Forecast¥1.47B
Ordinary Income Forecast¥1.33B
Net Income Attributable to Owners Forecast¥895M
Basic EPS Forecast¥77.51
Dividend Per Share Forecast¥23.50