Overview
Services

WILL GROUP,INC.

Will Group is a human resources services company providing staffing (temporary dispatch), outsourcing, and placement services across specialized domestic verticals including sales outsourcing (consumer electronics retail, mobile devices), call center outsourcing, factory outsourcing (food and manufacturing), nursing care staffing, and construction management engineer staffing. Internationally, the group operates primarily in Singapore and Australia, focusing on government and public sector staffing as well as broad-based recruitment across finance and industrial sectors. The company differentiates through deep category specialization and hybrid dispatch models, targeting recession-resilient sectors to deliver stable, high-quality workforce solutions.

Market Cap
¥26.5B
US$169M
EV
¥30.2B
US$193M
Stock¥1,158▲+0.26%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
4.8
x
LTM EV/EBIT
7.9
x
LTM PER
10.5
x
LTM PBR
1.3
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-10.8%pt
1001
Oct 24, 25 – Oct 23, 26StockTOPIX
1Nov 10, 25Strong Q1 FY2025 June earnings
MC → EV Bridge
26.5BUS$169MMarket Cap10.3BUS$65.5M+ Debt6.49BUS$41.4M− Cash0.09BUS$0.56M− Inv. Sec.30.2BUS$193MEV
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Performance & Balance
Revenue 5Y (¥B)
131US$836M'22/3144US$918M'23/3138US$882M'24/3140US$891M'25/3147US$937M'26/3
EBITDA 5Y (¥B)
7.56US$48.2M'22/37.46US$47.5M'23/36.81US$43.4M'24/34.42US$28.2M'25/35.63US$35.9M'26/3
Net Income 5Y (¥B)
3.29US$21.0M'22/33.24US$20.6M'23/32.78US$17.7M'24/31.16US$7.37M'25/32.31US$14.8M'26/3
Capital Structure
66%
34%
EquityD/E 0.51xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
8.97US$57.2M7.67US$48.9M'22/39.59US$61.2M10.0US$63.8M'23/37.11US$45.3M5.21US$33.2M'24/36.94US$44.2M11.1US$71.0M'25/37.97US$50.9M11.0US$70.2M'26/3
Shareholders
Top 10 hold 50.5%
1
Ryosuke IKEDA
16.48%
2
Ikeda Kikaku Jimusho Co., Ltd.
8.41%
3
The Master Trust Bank of Japan, Ltd. (Trust Account)
6.75%
4
Shigeru OHARA
6.54%
5
BBH FOR FIDELITY LOW-PRICED STOCK FUND (Standing Proxy: MUFG Bank, Ltd.)
3.66%
6
WILL GROUP,INC. Employee Stock Ownership Association
2.30%
7
STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02 505002 (Standing Proxy: Mizuho Bank, Ltd.)
1.85%
8
Ryoichi TAIRA
1.51%
9
Yuichi SUMI
1.50%
10
Takashi TSUGENO
1.49%
Management
9 officers
Ryosuke IKEDA
Director and Chairman
Apr 1992 Joined Takaoka Accounting Office Sep 1995 Joined Able Co., Ltd. Oct 1997 Joined Big Aid Co., Ltd. Feb 2000 Appointed Representative Director, Cent Media, Inc. (current: Will of Work, Inc.) Apr 2006 Appointed Representative Director and President, Will Holdings, Inc. (current: the Company) Sep 2011 Appointed Representative Director, Ikeda Kikaku Jimusho Co., Ltd. (current) Feb 2014 Appointed Director, WILL GROUP Asia Pacific Pte. Ltd. Aug 2014 Appointed Director, Scientec Consulting Pte. Ltd. Feb 2016 Appointed Director, Oriental Aviation International Pte. Ltd. Jun 2016 Appointed Representative Director and Chairman, the Company Appointed Director, Cent Media, Inc. (current: Will of Work, Inc.) Jan 2018 Appointed Director, DFP Recruitment Holdings Pty Ltd Aug 2019 Appointed Outside Director, Shikigaku Inc. Mar 2021 Appointed Outside Director, Ageha Inc. Jun 2022 Appointed Director and Chairman, the Company (current) Jul 2022 Appointed Outside Director, Jinjib Inc. (current)
1968-12-05
Yuichi SUMI
Representative Director, President
Apr 2003 Joined Cent Media, Inc. (current: Will of Work, Inc.) Apr 2006 Joined Will Holdings, Inc. (current: the Company) Apr 2009 Joined Cent Media Field Agent, Inc. (current: Will of Work, Inc.) Apr 2014 General Manager, Sales Division, Cent Media Field Agent, Inc. Apr 2016 Appointed Director, Cent Media Field Agent, Inc. Jul 2018 Executive Officer and General Manager, Human Resources Division, the Company Jun 2019 Appointed Director, Cent Media, Inc. (current: Will of Work, Inc.) Apr 2021 Appointed Representative Director, Will of Construction Inc. Jun 2022 Appointed Director, the Company Apr 2023 Appointed Director, Will of Work, Inc. (current) Appointed Director, Will of Construction Inc. (current) Appointed Director, WILL GROUP Asia Pacific Pte. Ltd. (current) Jun 2023 Appointed Representative Director, President, the Company (current) Jun 2026 Appointed Chairman (Representative Director), Japan Staffing Services Association (current)
1980-10-06
Kunihiro KOSHIZUKA
Director
Apr 1981 Joined Konishiroku Photo Industry Co., Ltd. (current: Konica Minolta, Inc.) Apr 2012 Executive Officer and General Manager, Technology Strategy Department, Development Division, Konica Minolta, Inc. Apr 2013 Executive Officer; General Manager, Technology Strategy Department and Head of Development Division, Konica Minolta, Inc. Apr 2014 Managing Executive Officer; Head of Development Division and General Manager, Technology Strategy Department, Konica Minolta, Inc. Apr 2015 Managing Executive Officer; Head of Business Development Division and Head of Development Division, Konica Minolta, Inc. Jun 2015 Director and Managing Executive Officer; Head of Business Development Division and Head of Development Division, Konica Minolta, Inc. Apr 2016 Director and Managing Executive Officer; Head of Business Development Division and Chief Technology Officer (CTO), Konica Minolta, Inc. Jun 2019 Senior Technology Advisor, Konica Minolta, Inc. May 2020 Appointed Outside Director, AEON MALL Co., Ltd. (current) Jun 2021 Appointed Outside Director, Tokyu Construction Co., Ltd. Jun 2022 Appointed Outside Director, the Company (current) Appointed Outside Director, F.C.C. Co., Ltd. (current) Apr 2023 Appointed Outside Director, MIC Co., Ltd. (current)
1955-09-30
Masato TAKAHASHI
Director
Apr 1982 Joined Recruit Co., Ltd. (current: Recruit Holdings Co., Ltd.) Sep 2007 Joined Rakuten, Inc. (current: Rakuten Group, Inc.) Oct 2011 Appointed Managing Executive Officer, Rakuten, Inc. Jun 2013 Appointed Outside Director, LIFULL Co., Ltd. Jun 2018 Appointed Outside Director, Fringe81 Inc. (current: Unipos Inc.) Nov 2019 Appointed Representative Director, HBIP Inc. (current) Mar 2021 Appointed Outside Director, Addish Inc. (current) Jun 2022 Appointed Outside Director, the Company (current) May 2023 Appointed Outside Director, property technologies Inc. (current) Nov 2024 Appointed Representative Director, MAiKI Inc. (current) Appointed Outside Director, Linet Japan Group Co., Ltd. (current)
1959-04-24
Yuko ICHIKAWA
Director
Jun 2016 Head of Investor Relations Department, Rakuten, Inc. (current: Rakuten Group, Inc.) Mar 2018 Appointed Outside Director, Allied Architects Inc. May 2019 Established Market River Inc.; Appointed Representative Director (current) Mar 2020 Appointed Outside Director and Audit and Supervisory Committee Member, Allied Architects Inc. Oct 2020 Appointed Outside Director and Audit and Supervisory Committee Member, Classiccom Inc. (current) Jun 2021 Appointed Outside Director, Asahi Diamond Industrial Co., Ltd. (current) Jun 2024 Appointed Outside Director, the Company (current)
1970-12-26
Hideo MURAKAMI
Director
Aug 2002 Joined Cent Media, Inc. (current: Will of Work, Inc.) Apr 2012 General Manager, Business Division, Cent Media, Inc. Apr 2015 Appointed Director, Cent Media, Inc. Apr 2023 Appointed Representative Director, President, Will of Work, Inc. (current) Executive Officer; General Manager, Domestic Strategy Division, the Company (current) Appointed Director, Will of Construction Inc. (current) Apr 2026 Appointed Director, WILL GROUP Asia Pacific Pte. Ltd. (current)
Yukie IKEDA
Audit and Supervisory Board Member
Oct 1997 Joined Asahi Audit Corporation (currently Azusa Audit LLC) Apr 2001 Registered as Certified Public Accountant Jun 2018 Appointed Partner, Asahi Audit Corporation (currently Azusa Audit LLC) Jun 2024 Appointed Audit and Supervisory Board Member, Will of Work, Inc. (current) Appointed Audit and Supervisory Board Member, Will of Construction Inc. (current) Appointed Audit and Supervisory Board Member, Creative Bank Inc. (current) Appointed Full-time Outside Audit and Supervisory Board Member, the Company (current)
1974-04-17
Shizuka SAWADA
Audit and Supervisory Board Member
Oct 1997 Joined Asahi Audit Corporation (currently Azusa Audit LLC) Apr 2001 Registered as Certified Public Accountant Jan 2004 Established Shizuka Sawada CPA Office; Office Director (current) Jul 2006 Appointed Audit and Supervisory Board Member, Sun Bridge Co., Ltd. Jul 2011 Registered as Certified Tax Accountant Mar 2012 Appointed Audit and Supervisory Board Member, Cross Marketing Inc. (currently Cross Marketing Group Inc.) Dec 2012 Appointed Audit and Supervisory Board Member, Minna no Wedding Inc. (currently Kufu Wedding Inc.) Jun 2016 Appointed Outside Audit and Supervisory Board Member, the Company Jan 2017 Appointed Full-time Outside Audit and Supervisory Board Member, the Company Jun 2017 Appointed Audit and Supervisory Board Member, Cent Media, Inc. (current: Will of Work, Inc.) Appointed Audit and Supervisory Board Member, Net Jinzai Bank Inc. (currently Force Startups Inc.) Jun 2018 Appointed Audit and Supervisory Board Member, Creative Bank Inc. Jun 2020 Appointed Audit and Supervisory Board Member, Will of Construction Inc. Feb 2022 Appointed Outside Audit and Supervisory Board Member, Opro Inc. (current) May 2023 Appointed Outside Audit and Supervisory Board Member, TSI Holdings Co., Ltd. (current) Mar 2025 Appointed Outside Audit and Supervisory Board Member, CARTA HOLDINGS, Inc. Appointed Outside Audit and Supervisory Board Member, the Company (current)
1971-02-11
Katsumi NAKAMURA
Audit and Supervisory Board Member
Apr 1993 Joined All Nippon Airways Co., Ltd. Apr 1997 Seconded to Ministry of Finance, Institute of Fiscal and Monetary Policy, International Exchange Office Apr 1999 Joined Legal Department, All Nippon Airways Co., Ltd. Oct 2006 Registered as attorney; joined Kunihiro Sogo Law Office Jan 2012 Appointed Partner, Kunihiro Sogo Law Office (current) Aug 2020 Appointed Outside Director and Audit and Supervisory Committee Member, UMC Electronics Co., Ltd. (current) Jun 2021 Appointed Outside Audit and Supervisory Board Member, the Company (current) Jun 2023 Appointed Outside Audit and Supervisory Board Member, NH Foods Ltd. (current)
1970-10-28
Large Shareholding Reports
Shigeru OHARA
2026-07-17
—
Annual report (as of 2026-03-31): 6.54%
Shigeru OHARA
2026-07-10
7.16%→6.12%
Annual report (as of 2026-03-31): 6.54%
Fidelity Management & Research Company LLC
2026-06-17
7.26%→7.48%
Fidelity Management & Research Company LLC
2026-06-17
4.45%→5.51%
Fidelity Management & Research Company LLC
2026-06-17
6.26%→7.26%
Fidelity Management & Research Company LLC
2026-06-17
5.51%→6.26%
Fidelity Management & Research Company LLC
2026-06-17
4.08%→4.45%
Fidelity Management & Research Company LLC
2026-06-17
7.48%→7.48%
FMR LLC
2026-06-17
—
FMR LLC
2026-06-17
—
FMR LLC
2026-06-17
—
FMR LLC
2026-06-17
—
FMR LLC
2026-06-17
—
FMR LLC
2026-06-17
9.96%→9.96%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Fidelity Management & Research Company LLC
2026-06-16
4.08%
FMR LLC
2026-04-22
9.96%→9.96%
FMR LLC
2026-04-07
9.86%→9.96%
Ryosuke IKEDA
2025-10-03
18.54%→17.32%
Annual report (as of 2026-03-31): 16.48%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-07
Q1 Earnings Flash
FY ending Mar 2027
EDINETAmended
2026-07-17
Change Report
EDINET
2026-07-10
Large Shareholding Report
EDINET
2026-06-19
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-06-17
Large Shareholding Report
EDINETAmended
2026-06-17
Change Report
EDINETAmended
2026-06-17
Change Report
EDINET
2026-06-17
Large Shareholding Report
EDINET
2026-06-17
Large Shareholding Report
EDINET
2026-06-17
Large Shareholding Report
EDINET
2026-06-17
Large Shareholding Report
EDINET
2026-06-17
Large Shareholding Report
EDINETAmended
2026-06-17
Change Report
EDINETAmended
2026-06-17
Change Report
EDINETAmended
2026-06-17
Change Report
EDINETAmended
2026-06-17
Change Report
EDINET
2026-06-16
Large Shareholding Report
TDnet
2026-06-02
株主総会招集通知
EDINET
2026-04-22
Large Shareholding Report
EDINET
2026-04-07
Large Shareholding Report
TDnet
2026-02-09
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-07
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-10-03
Large Shareholding Report
TDnet
2025-08-08
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-23
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-10
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-08
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-08
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-24
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-07
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
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