Overview
Information & Communication

Welby Inc.

Welby develops and operates PHR (Personal Health Record) platform services that enable patients with chronic diseases—including lifestyle-related diseases such as diabetes and hypertension, as well as cancer and other conditions—to self-manage their health and share medical information with healthcare providers via smartphone apps and web services. The company's primary revenue stream is its Disease Solution Service, where pharmaceutical companies commission the development of disease-specific PHR platforms to promote appropriate drug use and support patient treatment adherence, accounting for approximately 80% of total revenues. Welby also leverages accumulated patient-reported outcome (PRO) data for pharmaceutical marketing and clinical research purposes, with total cumulative app downloads reaching approximately 1.18 million as of December 2024.

Market Cap
¥2.56B
US$16.3M
EV
¥2.64B
US$16.9M
Stock¥303▲+2.36%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
NM
LTM EV/EBIT
NM
LTM PER
NM
LTM PBR
45.1
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-20.6%pt
1001234
Oct 24, 25 – Oct 23, 26StockTOPIX
1Nov 10, 25Q3 FY guidance raised: op. profit +40%
2Feb 27, 26Q4 FY results: operating profit strong
3Sep 16, 26Announced third-party allotment of new shares (disclosed Sep 15)
4Oct 8, 26Third-party allotment of 100,000 shares at ¥500/share to top shareholder/CEO Takeshi Hiki
MC → EV Bridge
2.56BUS$16.3MMarket Cap0.54BUS$3.41M+ Debt0.44BUS$2.78M− Cash0.03BUS$0.19M− Inv. Sec.0.02BUS$0.12M+ NCI2.64BUS$16.9MEV
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Performance & Balance
Revenue 5Y (¥B)
1.14US$7.27M'21/121.05US$6.70M'22/120.58US$3.67M'23/120.53US$3.37M'24/120.64US$4.05M'25/12
EBITDA 5Y (¥B)
-0.11-US$0.72M'21/120.06US$0.40M'22/12-0.43-US$2.77M'23/12-0.64-US$4.10M'24/12-0.45-US$2.84M'25/12
Net Income 5Y (¥B)
0.03US$0.21M'22/12-0.51-US$3.22M'23/12-0.80-US$5.13M'24/12-0.54-US$3.44M'25/12
Capital Structure
90%
EquityD/E 9.44xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
0.96US$6.13M0.02US$0.10M'21/120.83US$5.31M'22/120.92US$5.84M0.00US$0.01M'23/120.77US$4.91M0.20US$1.28M'24/120.74US$4.73M0.61US$3.86M'25/12
Shareholders
Top 10 hold 77.3%
1
Takeshi HIKI
33.67%
2
SUZUKEN CO.,LTD.
19.65%
3
Bright Link Partners Co., Ltd.
5.26%
4
Chubu Electric Power Company,Incorporated
5.15%
5
Japan Post Capital Co., Ltd.
4.20%
6
Kiho KANG
2.87%
7
Digital Garage,Inc.
2.13%
8
Morgan Stanley MUFG Securities Co., Ltd.
1.67%
9
One Co., Ltd.
1.43%
10
Milestone Capital Management Co., Ltd.
1.25%
Management
7 officers
Takeshi HIKI
Representative Director
Apr 1996 Joined Sumitomo Corporation Sep 2007 Joined Rakuten Group, Inc. Jan 2009 Joined MedPeer, Inc.; Director and COO Sep 2011 Established the Company; assumed Representative Director (current)
1973-08-19
Nobuya NAKANO
Director
Apr 1992 Joined Mochida Pharmaceutical Co., Ltd. Jan 2001 Joined CTC Laboratory Systems Co., Ltd. (now ITOCHU Techno-Solutions Corporation) Jun 2016 Joined Daiichi Sankyo Co., Ltd. Nov 2022 Joined FRONTEO, Inc. Oct 2023 Joined the Company Mar 2026 Assumed Director of the Company (current)
1969-12-16
Kenichiro SHIMIZU
Director
May 2004 Joined National Center of Neurology and Psychiatry Konodai Hospital (now National Center for Global Health and Medicine Kohnodai Hospital) Apr 2006 Joined Tochigi Saiseikai Utsunomiya Hospital Apr 2015 Joined Johnson & Johnson K.K. Apr 2017 Joined Novo Nordisk Pharma, Ltd. Jul 2019 Joined Abbott Japan LLC Mar 2026 Assumed Director of the Company (current)
1979-05-07
Taro ISHIBASHI
Director (Audit and Supervisory Committee Member, Full-time)
Apr 1983 Joined Torii Pharmaceutical Co., Ltd. Jul 1985 Joined Pharmacia K.K. (now Pfizer Japan Inc.) Jan 2001 Joined VIX Inc. Oct 2001 Joined TM Marketing Co., Ltd. (now Intage Healthcare Inc.) Jan 2008 Established Office T&M LLC; assumed Representative Partner (current) Mar 2018 Assumed Director (Audit and Supervisory Committee Member) of the Company (current)
1959-01-29
Naoya MATSUMOTO
Director (Audit and Supervisory Committee Member)
Oct 2000 Joined Asahi Audit Corporation (now Azusa Audit LLC) Jan 2008 Opened Naoya Matsumoto CPA Office (current) Mar 2015 Assumed Audit & Supervisory Board Member of the Company Aug 2016 Assumed Director (Audit and Supervisory Committee Member) of the Company (current)
1974-06-18
Yuko KARIYA
Director (Audit and Supervisory Committee Member)
Apr 1983 Joined Torii Pharmaceutical Co., Ltd. Jun 2013 Assumed Director of Torii Pharmaceutical Co., Ltd. (resigned Mar 2020) Jun 2022 Assumed Outside Director of Nippon Kinzoku Co., Ltd. (current) Jun 2022 Outside Director of Kanto Denka Kogyo Co., Ltd. (current) Mar 2024 Assumed Director (Audit and Supervisory Committee Member) of the Company (current)
1960-04-15
Masafumi HIRANO
Director (Audit and Supervisory Committee Member)
Apr 1994 Joined Shinkin Central Bank Oct 2007 Joined Rakuten Group, Inc. Feb 2014 Joined Frontier Turnaround Inc. (now Frontier Management Inc.) Apr 2021 Assumed Director, CSO and CFO of GCE Institute Inc. (now illuminus Inc.) Dec 2022 Established Hizuru Strategic Partners Inc.; assumed Representative Director (current) Jun 2023 Assumed Representative Director of illuminus Inc. (current) Mar 2026 Assumed Director (Audit and Supervisory Committee Member) of the Company (current)
1971-08-10
Large Shareholding Reports
Milestone Capital Management Co., Ltd.
2026-03-18
19.93%→19.66%
Annual report (as of 2026-06-30): 1.25%
Milestone Capital Management Co., Ltd.
2025-12-04
19.93%
Annual report (as of 2026-06-30): 1.25%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-08-14
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-08-13
Q2 Earnings Flash
FY ending Dec 2026
TDnet
2026-05-15
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-03-31
Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2026-03-18
Large Shareholding Report
EDINET
2025-12-04
Large Shareholding Report
TDnet
2025-11-14
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-11-14
Securities Registration Statement
EDINET
2025-08-14
Semi-Annual Securities Report
Period: Jan 2025 – Jun 2025
TDnet
2025-05-15
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-28
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-08-14
Semi-Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-05-15
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-04-10
Securities Registration Statement
EDINET
2024-03-29
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-05-15
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
EDINET
2023-03-29
Annual Securities Report
Period: Jan 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-12
Quarterly Securities Report
EDINET
2022-05-16
Quarterly Securities Report
EDINET
2022-03-28
Annual Securities Report
EDINET
2021-11-11
Quarterly Securities Report
EDINET
2021-08-12
Quarterly Securities Report
EDINET
2021-05-14
Quarterly Securities Report
EDINET
2021-03-26
Annual Securities Report
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