ENVALITH
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WILL,Co.,Ltd.

3241・Standard Market・Real Estate

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株式会社ウィル logo
WILL,Co.,Ltd.3241

Business

Will Co., Ltd. is a comprehensive real estate services company founded in 1995. With 24 distribution (brokerage) locations across the three major metropolitan areas (Kansai, Chubu, and Tokyo regions), the company integrates real estate sales brokerage (distribution business) as its core, along with used home renovation (renovation business), planning, development and sales of detached houses and residential land (development and subdivision sales business), operation of commercial facilities and share houses (leasing business), and insurance, financial planning, loan agency services, and other real estate transaction-derivative businesses. Its main customers are individuals considering purchasing or selling homes, and it provides a "one-stop housing service" centered on its distribution outlets. Net sales for FY2025 (ending December 2025) reached ¥14,880 million, marking a record high for the ninth consecutive fiscal period. The group operates through a structure that includes five consolidated subsidiaries.

Business Model

The structure positions the Distribution Business (brokerage commissions) as a hub for customer contact points and market information, cross-selling renovation proposals, in-house condominium/lot introductions, and financial planning/insurance/loan agency services to store visitors. In the Development Sales Business, land is acquired at appropriate prices through negotiated purchases leveraging sale information from distribution outlets, while customer data from distribution reduces customer acquisition costs. The Real Estate Transaction-Derived Business is highly profitable, with an operating margin of 52.6%, and profits expand in line with growth in transaction volume. The "fee business" comprising Distribution, Renovation, and Transaction-Derived operations forms a stable earnings base, while Development Sales drives revenue scale, creating a two-tier structure.

Company Strengths

In FY2025 (ending December 2025), the Distribution segment achieved net sales of ¥4,069 million (up 20.4% year-on-year), operating profit of ¥1,212 million (up 38.1% year-on-year), and an operating margin of 29.8%, marking record highs for both net sales and operating profit. The store expansion strategy targeting Tokyo's 23 wards and Osaka City proved effective, with brokerage fee unit prices rising 8.8% for purchases and 11.1% for sales.

The Real Estate Transaction Derivative Business achieved extremely high profitability, with net sales of ¥270 million and an operating margin of 52.6%. The number of properties delivered under the "used property × renovation × financial planning" scheme increased 12.6% year-on-year, while the Renovation segment also posted record highs, with net sales of ¥2,471 million and operating profit of ¥465 million (up 9.9% year-on-year), driven by an 18.8% increase in the number of contract agreements and a 7.5% rise in unit prices. The synergy from collaboration among the various segments is confirmed numerically.

Net sales expanded 71% over four years, from ¥8,681 million in FY2021 (ending December 2021) to ¥14,880 million in FY2025 (ending December 2025). Operating profit and ordinary profit also marked record highs for six consecutive periods. Leading indicators pointing to future revenue contribution have also been accumulating, including a contract backlog of ¥2,158 million (54 units) for the Development and Sales segment at period-end and a renovation order backlog of ¥823 million (up 52.3% year-on-year).

ENVALITH's Perspective

For 1Q of FY2026 (ending December 2026), net sales of ¥4,143 million and operating profit of ¥434 million represent progress rates of 24.7% and 29.6%, respectively, against the full-year forecast (net sales of ¥16,758 million and operating profit of ¥1,468 million). These significantly exceed the progress rates in the same period of the prior year (net sales 20.8%, operating profit 14.7%), suggesting room for the full-year forecast to be revised upward. Management has kept its previous forecast unchanged, conservatively factoring in uncertainties such as Middle East tensions, rising prices, and policy interest rate trends, but the fact that mortgage interest rates remain at low levels as an external factor is also functioning as a tailwind, and the possibility of an upward revision warrants close attention.

Against total assets of ¥17,179 million as of the end of March 2026, interest-bearing debt is at elevated levels, comprising short-term borrowings of ¥4,201 million, bonds payable (current and fixed combined) of ¥1,927 million, and long-term borrowings (current and fixed combined) of ¥4,304 million. The equity ratio has been on a declining trend at 31.5% (32.8% at the end of the previous fiscal year), with fixed liabilities increasing by ¥843 million from the end of the previous fiscal year for the purpose of financing inventory procurement for the Development Sales Business. As an external factor, in a phase where the Bank of Japan is gradually raising its policy interest rate, there is a risk that increased interest expenses (¥29 million in the current 1Q, up 52.6% year on year) could squeeze profits, and financial leverage trends require ongoing monitoring.

In the Renovation Business, net sales grew 9.2% year on year to ¥465 million, while operating profit declined slightly to ¥46 million (down 2.1% year on year) due to a rising cost ratio on some large-scale projects. The operating profit margin, at 9.9%, is at a low level compared to other segments, and while the accumulation of order backlog (¥1,144 million) will contribute to future sales growth, cost management remains a challenge. The Leasing Business turned profitable (operating profit of ¥2 million) due to improved occupancy rates at commercial facilities, but the number of Share House Operation tenants continues to decline, and it appears it will take time to improve the profitability of the overall leasing portfolio.

Growth Strategy

Sustainable growth through new distribution store openings in the three major metropolitan areas and maximization of one-stop synergies

The Myogadani Sales Office (Bunkyo-ku, Tokyo) was opened in March 2026, expanding customer acquisition channels in the Tokyo metropolitan area. Commission unit prices are rising due to growth in the number of contracts concluded in Tokyo's 23 wards, where property prices are high, and revenue contribution from additional store openings is expected.

Through a sales approach in which renovation staff join meetings from the home-purchase consideration stage, the number of contracted renovation orders increased 15.3% year on year, and the unit price rose 11.3%. The order backlog at fiscal year-end reached ¥1,144 million (up 74.7% year on year), and sales contribution is expected from the next fiscal period onward.

Efforts to secure stable property acquisitions through collaboration between the dedicated acquisition team and distribution stores, along with measures to shift from a fourth-quarter-weighted pattern to a stable full-year pattern, have proven effective. In the first quarter of FY2026 (ending December 2026), development and subdivision sales surged 47.9% year on year to ¥2,602 million, and operating margin improved by 2.6 percentage points.

Sales from various referral services, including moving and furniture, increased 41.0% year on year. Casualty insurance agency commissions also maintained high growth, up 36.5% year on year. The structure whereby derivative revenue automatically expands in line with the increase in distribution and development/subdivision transaction volumes is being strengthened.

The company is deepening its online customer acquisition efforts centered on its proprietary property search website, resulting in a 12.3% year-on-year increase in store visits. By strengthening digital marketing, it aims to improve acquisition efficiency and expand customer touchpoints while containing store expansion costs.

Last updated: July 17, 2026