Wellco Holdings Corporation
7831・Standard Market・Other Products
Business
Wilco Holdings, Inc. was founded in 1979 in Kanazawa City, Ishikawa Prefecture as a commercial printing business, and transitioned to a holding company structure in 2012. It is listed on the TSE Standard Market. The group consists of the company, 7 subsidiaries, and 2 affiliated companies, and operates across three segments: "Information & Printing Business," "Educational Toys Business," and "Mail Order Business." In its core Information & Printing Business, in addition to manufacturing and selling Commercial Printing such as flyers, direct mail, and POP displays, the company also engages in Digital Content Production and the development, manufacturing, and sale of FA (Factory Automation) Equipment. The Educational Toys Business handles book publishing and sales of teaching materials, while the Mail Order Business sells Beauty Foods and Health Supplements. In July 2025, the company made Wave Co., Ltd. a subsidiary, incorporating FA equipment and paper processing operations.
Business Model
In the Information & Printing Business, the company manufactures and sells Commercial Printing such as flyers, DM, and labels, utilizing its own production facilities including the Hokkoku Plant and Kanto Plant. Orders are captured through multi-channel sales combining EC site orders with a nationwide agency network, and digital tools such as "Kenja no Hanshoku" and "Kenja no DM" are also used to approach new and dormant customers. The Educational Toys Business complements earnings through publishing and teaching material sales, while the Mail Order Business complements earnings through health food mail order centered on subscription-based recurring courses.
Company Strengths
In the mainstay Information & Printing Business, orders received via the EC site have been trending steadily, with order volume for FY2025 (ending October 2025) reaching ¥7,824 million (up 0.4% year on year) and order backlog rising to ¥1,476 million (up 5.1% year on year). Digital channels are playing a role in offsetting, to a certain extent, the decline in existing printing orders.
The company owns multiple in-house production sites, including the Hokkoku Factory and the Direct Marketing Factory in Hakusan City, Ishikawa Prefecture, as well as the Kanto factory cluster in Chiba Prefecture, enabling integrated production of Commercial Printing. In FY2025 (ending October 2025), capital expenditure of ¥282 million was made, centered on printing equipment at the Hokkoku Factory, continuing to maintain and strengthen production capacity.
In July 2025, the company acquired all shares of Wave Corporation, making it a consolidated subsidiary, thereby gaining a new business domain in the development, manufacturing, and sale of FA (Factory Automation) Equipment in addition to printing and paper processing. Within four months of the subsidiary's consolidation, it has already contributed to increased sales in the Information & Printing Business, and synergies are expected from proposing added value to existing customers, mutually complementing production equipment, and optimizing materials procurement.
ENVALITH's Perspective
Performance Trend
From FY2021 to FY2025, revenue declined for five consecutive periods, from ¥10,676 million to ¥8,478 million, while operating profit deteriorated rapidly, from ¥330 million to -¥623 million. In the first half of FY2026 (ending October 2026), revenue turned to growth at ¥4,688 million (up 11.3% year on year), driven by the full contribution of Wave Corporation and other factors. The operating loss was ¥200 million, roughly flat compared with the same period of the previous year (¥201 million); however, after extraordinary gains and losses including a gain on sale of the Kanto plant of ¥823 million and an impairment loss of ¥88 million, net income attributable to owners of the parent for the interim period came to ¥467 million. As an external factor, elevated crude oil prices, yen depreciation, and rising fuel and transportation costs stemming from Middle East tensions have kept raw material costs and electricity charges elevated, impeding improvement in core business profitability. The full-year forecast (revised) calls for revenue of ¥8,500 million, an operating loss of ¥400 million, and net income of ¥30 million.
Growth Strategy
Aiming for earnings recovery through three pillars: leveraging synergies with Wave Corporation, promoting price pass-through, and improving profitability in the Educational Toys Business
With Wave Co., Ltd. now a wholly owned subsidiary, its FA (Factory Automation) Equipment and paper processing business made a full contribution to revenue, driving a 12.3% year-on-year increase in sales for the Information & Printing Business. The company will continue to expand repeat orders via its EC site and deepen synergies within the group.
In the second half, the company has designated the review of unprofitable projects as its top priority and is implementing aggressive price pass-through in response to rising raw material and labor costs. It aims to control costs through optimization of materials, more efficient production systems, and automation using AI. First-half segment profit remained at only ¥3 million, making improvement in the second half essential.
In the Early Childhood Education Business (Teaching Materials & Products for Kindergartens/Nurseries) segment, the company is focusing on high-margin, differentiated products such as electronic whiteboards, LED equipment, and kitchen equipment, while strengthening its sales structure. In the publishing segment, it aims to expand sales of required reading books for junior high schools ahead of the summer sales season. The first-half loss narrowed by ¥29 million year on year (from -¥42 million to -¥12 million), showing an improving trend.
The company is promoting improved response rates through the reorganization and unification of its call reception system, including its call center, as well as improving LTV through stronger acquisition of subscription customers and higher retention rates. In the first half, sales were ¥16 million (down 28.4% year on year) with a segment loss of ¥13 million, indicating a worsening trend that requires urgent, fundamental turnaround measures.
Using the ¥823 million gain from the sale of the land and buildings of the Kanto plant, the company fully repaid ¥1,000 million in short-term borrowings. The equity ratio improved from 17.9% to 26.6%, and the going concern note was also resolved. The company achieved a more stable management foundation through improved financial soundness.
Last updated: July 17, 2026