ENVALITH
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WILLs Inc.

4482・Growth Market・Information & Communication

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株式会社ウィルズ logo
WILLs Inc.4482

Business

WILLs Inc. operates a platform business connecting listed companies with institutional and individual investors via the cloud, under the slogan "MAXIMIZE CORPORATE VALUE." Its core services consist of three pillars: "Premium Yutai Club" (110 contracted companies), which combines point-based shareholder benefits with shareholder digitalization; "IR-navi" (375 contracted companies), an institutional investor marketing platform; and "Sustainability Solutions," which produces integrated reports and similar materials. Its main customers are domestic listed companies, and the company is capturing demand for shareholder management DX amid tailwinds from the increase in individual shareholders following the introduction of the new NISA and corporate governance reforms. Founded in 2004, it listed on the Tokyo Stock Exchange Mothers market (now the Growth Market) in 2019.

Business Model

The core of revenue is the stock-type system usage fees from "Premium Yutai Club" and "IR-navi", which expand steadily along with the accumulation of contracted companies. "Premium Yutai Club" has a structure in which revenue is boosted by an increase in the number of shareholders of client companies and a rise in the unit price of point sales per company. The main components of cost of sales are the procurement of yutai (shareholder benefit) products and the production costs of Sustainability Solutions, and in FY2025 (ending December 2025), the company achieved a gross profit margin of approximately 46.9% and an operating profit margin of 21.5%.

Company Strengths

Revenue grew for five consecutive fiscal years, from ¥3,378 million in FY2021 (ended December 2021) to ¥6,052 million in FY2025 (ended December 2025). Operating profit also expanded from ¥522 million to ¥1,302 million over the same period, and the operating margin in FY2025 (ended December 2025) reached 21.5%, exceeding the company's own target of 20.0%, demonstrating a highly profitable business structure.

Revenue from the two core services is centered on stock-type system usage fees. The number of contracted companies for Premium Yutai Club continued to expand from 71 at the end of 2021 to 110 at the end of 2025, while IR-navi grew from 316 to 375 companies over the same period. This accumulation-type contract model supports stable growth in both revenue and profit.

The number of individual shareholders increased for the 11th consecutive year to a record high of 83.59 million, and the number of companies adopting shareholder benefit (yutai) programs reached 1,659, up 133 companies year on year. The introduction of the Growth Market listing maintenance criteria (market capitalization of ¥10 billion) is also stimulating demand for shareholder benefit programs, and structural demand growth for the company's services continues.

ENVALITH's Perspective

For the cumulative 1Q of FY2026 (ending December 2026), net sales of ¥1,049 million, operating profit of ¥115 million, and quarterly net profit of ¥81 million represent progress rates of approximately 15.5%, 7.7%, and 8.5%, respectively, against full-year guidance (net sales of ¥6,750 million, operating profit of ¥1,500 million, and net profit of ¥950 million). The fact that Premium Yutai Club secured net sales of ¥887 million despite a net decrease of 2 contracted companies (to 108 companies) indicates the resilience of stock-type income driven by an increase in unit price per company, and it can be judged that the foundation for achieving the full-year targets is being maintained.

The Advertising Business continued to post losses in the cumulative 1Q of FY2026 (ending December 2026), with net sales of ¥49 million and a segment loss of ¥26 million, generating a loss equivalent to approximately 23% of the company-wide operating profit of ¥115 million. Following the absorption-type merger with Net Mile, the consolidated subsidiary ceased to exist and the company shifted to non-consolidated accounting, further increasing the concentration of the business portfolio in the Shareholder Management Platform Business. If the improvement in the Advertising Business's profit and loss is delayed, it will need to be continuously monitored as a factor depressing the company-wide profit margin.

As a result of the absorption-type merger with Net Mile, goodwill increased sharply from ¥9 million at the end of the previous fiscal year to ¥163 million at the end of 1Q FY2026 (ending December 2026). At the same time, short-term loans receivable from affiliated companies of ¥410 million and an allowance for doubtful accounts of ¥293 million were eliminated, while short-term borrowings of ¥400 million were newly recorded, resulting in an increase in total liabilities from ¥2,096 million to ¥2,303 million. The equity ratio declined from 56.6% to 53.8%. Goodwill amortization for the cumulative 1Q was ¥5 million (approximately ¥20 million on an annualized basis), and while the impact on profit is expected to be limited for the time being, the recoverability of goodwill will require continuous monitoring.

Growth Strategy

Revenue diversification through unit price improvement in Premium Yutai Club and IR-navi, alongside expansion into Sustainability Solutions and new services

Aims to increase the number of shareholders for client companies and raise the average revenue per client through expansion of the shareholder benefit product lineup. In 1Q FY2026 (ending March 2026), despite a net decrease of 2 contracted companies (108 companies), revenue of ¥887 million was secured, confirming the effectiveness of the unit price improvement strategy.

Launched "Premium Yutai Club Furusato Nozei" in August 2025, and the electronic money/point-based shareholder benefit service "Digital Yutai Club" in March 2026. Expanding the range of services to which shareholder benefit points can be applied, aiming to acquire new customers and promote usage among existing customers.

IR-navi was renewed in March 2025, implementing meeting coordination and web meeting setup functions. In 1Q FY2026 (ending March 2026), despite a net decrease of 6 contracted companies (369 companies), revenue of ¥78 million was secured through an increase in average revenue per client.

Orders for the production of integrated reports, annual reports, and similar materials have remained steady. A shift from spot projects to recurring (stock-type) projects is underway, with 1Q FY2026 revenue of ¥27 million (stock-type integrated report projects shifted to the second half). Order expansion is expected against the backdrop of the institutionalization of sustainability information disclosure.

Orders for virtual shareholders meetings and online earnings briefings have increased against the backdrop of DX promotion in shareholder management. In 1Q FY2026, revenue in the "Other" segment was ¥6 million. The company continues to provide the electronic voting rights exercise platform WILLsVote, capturing demand for shareholders meeting DX among listed companies.

Last updated: July 17, 2026