WELLNET CORPORATION
2428・Standard Market・Services
Wellnet Corporation (Payment and Authentication Business)
A single-business company providing non-face-to-face payment and authentication services utilizing convenience stores, etc.
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (9-month cumulative) | ¥7,621 million | ¥8,309 million (same period prior year) | ↓ |
| Operating profit (9-month cumulative) | ¥1,117 million | ¥1,259 million (same period prior year) | ↓ |
| Ordinary profit (9-month cumulative) | ¥1,204 million | ¥1,421 million (same period prior year) | ↓ |
| Quarterly net profit (9-month cumulative) | ¥835 million | ¥913 million (same period prior year) | ↓ |
| Gross profit margin | 24.5% | 23.6% (same period prior year) | ↑ |
| Operating profit margin | 14.7% | 15.2% (same period prior year) | ↓ |
| Quarterly net profit per share | ¥44.26 | ¥48.79 (same period prior year) | ↓ |
| Total assets | ¥28,218 million | ¥29,302 million (end of prior fiscal year) | ↓ |
| Net assets | ¥9,007 million | ¥8,860 million (end of prior fiscal year) | ↑ |
| Equity ratio | 31.7% | 29.9% (end of prior fiscal year) | ↑ |
| Real equity ratio | 75.8% | 73.4% (end of prior fiscal year) | ↑ |
| Full-year forecast - Net sales (revised) | ¥10,000 million | ¥11,500 million (forecast before revision) | ↓ |
| Full-year forecast - Operating profit (revised) | ¥1,350 million | ¥1,680 million (forecast before revision) | ↓ |
| Full-year forecast - Net profit (revised) | ¥1,000 million | ¥1,100 million (forecast before revision) | ↓ |
| Annual dividend forecast | ¥29.50 (year-end ¥17.50) | ¥29.00 (prior fiscal year actual) | ↑ |
Business Details
Centered on payment services connecting businesses and consumers, the company operates multi-payment services (Billing / E-Billing), remittance services, electronic money services (Shiharai Hisho), and transportation-related DX solutions (Busmori! / Altair Triple Star), among others. It leverages a nationwide convenience store infrastructure to enable 24/7, 365-day payment processing. It is a single-segment, non-consolidated company focused on the domestic market.
Recent Overview
Both revenue and profit declined due to the reversal effect of a large-scale project in the prior-year period and a decrease from a major client, leading to a downward revision of the full-year forecast
For the cumulative nine months of FY2026 (ending March 2026) (July 2025 to March 2026), net sales were ¥7,621 million (down 8.3% year-on-year) and operating profit was ¥1,117 million (down 11.3% year-on-year), reflecting a decline in both revenue and profit. The main causes were the reversal effect of a large-scale project recorded in the same period of the prior fiscal year, weak results in securing new contracts related to benefit payment programs, and a greater-than-expected decline in transaction volume from a major client. The full-year forecast was revised downward to net sales of ¥10,000 million (previously ¥11,500 million) and operating profit of ¥1,350 million (previously ¥1,680 million). Meanwhile, the dividend forecast (annual ¥29.50) was left unchanged. In the transportation DX field, business progress continued, including the delivery of 18 multilingual automatic ticket vending machines for Kansai Airport Transportation, the launch of "Gurutto Hokkaido," and new digital signage deliveries. SG&A expenses increased to 107.1% year-on-year, reflecting continued investment for future growth. Progress against the full-year forecast through the cumulative nine months stood at 76.2% for net sales, 82.7% for operating profit, and 83.5% for net profit.
Key Products
Growth Drivers
- Expansion of operators adopting the transportation DX platform "Altair Triple Star" and expansion of ticket types (delivery of 18 multilingual automatic ticket vending machines for Kansai Airport Transportation, expansion of digital signage)
- Promotion of social implementation and commercialization of identity-authenticated electronic money (including the OEM-supply type) in collaboration with Japan Communications Inc.
- Expansion into the transportation and tourism fields through regional DX platforms such as "Gurutto Hokkaido"
- Expansion of adoption of the smartphone barcode payment service "stanp" to other convenience store chains
- Expansion of the "Payment Plus Platform," including the electronic invoice issuance and storage service "Shimaeru"
- Cultivation of new businesses (electronic money, authentication) and maximization of profitability of existing services under the five-year management plan "Think Wild."
- Continued expansion of DX demand (growing investment in addressing labor shortages, improving operational efficiency, and labor-saving)
Risks
- Risk of concentration among major clients (in the prior fiscal year, DEGICA at 19.2% and Amazon at 16.3% accounted for a combined 35.5% of net sales) and risk of fluctuation in transaction volume from major clients (one factor behind the downward revision this fiscal year)
- Risk of fluctuation in net sales and profit due to the reversal effect of a large-scale project recorded in the same period of the prior fiscal year (materialized in the cumulative 9-month period this fiscal year)
- Uncertainty regarding new contract wins related to benefit payment programs, etc. (one of the main causes of the downward revision this fiscal year)
- Dependence on convenience store infrastructure (premised on maintaining partnerships with approximately 55,200 stores nationwide)
- System trouble and operational risk (given the high reliability required of payment infrastructure)
- Intensifying competition from other companies (increasing entrants into the cashless and fintech markets)
- Risk related to management of personal information and payment data (given the nature of the business, which handles large volumes of personal and financial data)
- Increased investment burden for new businesses (electronic money, authentication, transportation DX) (SG&A expenses rose to 107.1% year-on-year) and uncertainty regarding monetization
- Uncertainty in the business environment outlook due to macroeconomic risks such as unstable international conditions and tariff issues
Last updated: September 25, 2025