Will Group, Inc. (6089) AI Stock Analysis

• Market Cap: ¥29.57B
• Dividend Yield: 3.86%
• Average Volume (3M): 28.32K
• Price to Earnings (P/E): 14.7
• Beta (1Y): 0.62
• Revenue Growth: 1.18%
• EPS Growth: -5.05%
• Country: JP
• Employees: 7,004
• Sector: Industrials
• Sector Strength: 72
• Industry: Staffing & Employment Services
• EPS (TTM): 36.28
• Shares Outstanding: 23,118,900
• 10 Day Avg. Volume: 22,850
• 30 Day Avg. Volume: 28,320
• PEG Ratio: -0.32
• Price to Book (P/B): 1.25
• Price to Sales (P/S): 0.16
• P/FCF Ratio: 15.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Outperform
• Price Target: ¥1,389.00 ▲(23.47% Upside)
• Action: Reiterated Date: 02/11/26
• Date: Action: Reiterated 02/11/26

The score is driven mainly by improving financial performance and a strengthened balance sheet, alongside supportive technical momentum. Reasonable valuation and a solid dividend yield add support, though thin margins and past earnings/cash-flow volatility keep the score from being higher.

Positive Factors

De-risked Balance Sheet

Material deleveraging to a ~0.25 debt-to-equity ratio materially improves financial flexibility and lowers solvency risk. A stronger capital structure reduces interest burden and supports sustained dividends, targeted reinvestment or opportunistic M&A, enhancing resilience across business cycles.

Positive Free Cash Flow

Sizable positive free cash flow (~¥4.0B) with FCF roughly matching net income signals solid earnings quality and internal funding capacity. Reliable cash generation enables debt paydown, capital spending and shareholder distributions without heavy external financing, strengthening medium-term strategic optionality.

Rebound in Sales and Profitability

A pronounced TTM sales rebound (~147%) and rising margins versus prior year indicate demand recovery and potential for restoring operating leverage. If sustained, this revenue momentum supports a rebuilding of earnings power and funding for growth initiatives over the coming quarters.

Negative Factors

Thin Net Margins

Very low net margins (~1.4% TTM) leave limited buffer against cost inflation or demand shocks. Thin profitability constrains free cash flow expansion and hampers the firm's ability to self-fund strategic investments, reducing resilience and the margin for error in slower periods.

Volatile Earnings & Cash Flow

Historic swings in earnings and cash flow undermine predictability of future performance and complicate capital allocation. Volatility raises the chance of recurring down cycles that could force conservative spending, disrupt hiring plans and weaken investor confidence over the medium term.

Limited Operating Cash Cushion

A small operating cash flow relative to revenue means weaker internal liquidity to fund working capital or capex growth. This structural constraint increases dependence on maintaining narrow margins or accessing external capital to scale, reducing operational flexibility in stress scenarios.

Will Group, Inc. Business Overview & Revenue Model

Company Description

Will Group, Inc. (6089) is a Japanese company specializing in human resource services and workforce solutions. Operating primarily in the staffing and recruitment sector, it provides a range of services including temporary staffing, permanent placement, and outsourcing solutions. The company caters to various industries, enhancing workforce efficiency and flexibility through its innovative staffing strategies and technology-driven approaches.

How the Company Makes Money

Will Group generates revenue primarily through its staffing and recruitment services, charging clients fees for temporary and permanent placements of personnel. The company typically earns money by marking up the hourly wages of its temporary staff, which allows them to cover operational costs and generate profit. Additionally, the company may engage in outsourcing contracts, providing comprehensive workforce management solutions, which can yield recurring revenue streams. Key partnerships with various businesses across different sectors also enhance their service offerings and contribute to consistent earnings.

Will Group, Inc. Financial Statement Overview

Summary

Financials show a clear TTM rebound in sales growth and improving profitability, supported by a materially de-risked balance sheet (much lower debt-to-equity). Offsetting this, margins remain thin and profitability/cash-flow have been volatile historically, making the recovery less proven.

Income Statement

TTM (Trailing-Twelve-Months) shows a sharp rebound in sales growth (~147%) and improved profitability versus FY2025 (net margin ~1.4% vs ~0.8%; EBIT margin ~2.4% vs ~1.7%). However, profitability remains thin for the industry and is well below the stronger margin profile seen in FY2022–FY2024 (net margin ~2.0–2.5% and higher operating margins). This points to improving momentum, but earnings power looks volatile and still rebuilding.

Balance Sheet

Leverage has improved materially over the cycle: debt-to-equity is ~0.25 in TTM (Trailing-Twelve-Months), down from elevated levels in FY2021–FY2023 (>1.1–1.8). Equity has grown while debt declined, supporting a sturdier capital structure. Return on equity is moderate in TTM (~10%), below the very strong FY2022–FY2023 levels, suggesting reduced (but healthier) balance-sheet risk alongside less amplified returns.

Cash Flow

Cash generation is solid in TTM (Trailing-Twelve-Months): free cash flow is positive (~¥4.0B) and nearly matches net income (free cash flow to net income ~0.89), indicating decent earnings quality. Free cash flow growth is strong in TTM, but cash flow has been uneven historically (negative growth in FY2024 and FY2025), and operating cash flow remains a relatively small share of revenue, which limits cushion in weaker demand environments.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	142.98B	139.71B	138.23B	143.93B	131.08B	118.25B
Gross Profit	31.25B	29.38B	28.30B	31.74B	28.77B	24.06B
EBITDA	5.53B	4.48B	6.91B	7.59B	7.56B	6.26B
Net Income	2.02B	1.15B	2.78B	3.24B	3.29B	2.36B
Balance Sheet
Total Assets	54.21B	49.92B	51.54B	54.94B	52.35B	46.76B
Cash, Cash Equivalents and Short-Term Investments	6.99B	6.94B	7.11B	9.73B	9.10B	7.46B
Total Debt	4.90B	6.61B	11.60B	17.09B	15.45B	15.19B
Total Liabilities	34.59B	32.56B	34.02B	39.06B	39.23B	36.73B
Stockholders Equity	19.65B	17.39B	17.51B	14.64B	11.40B	8.24B
Cash Flow
Free Cash Flow	4.00B	1.45B	3.03B	4.42B	3.61B	3.73B
Operating Cash Flow	4.51B	1.81B	3.83B	4.82B	4.35B	4.32B
Investing Cash Flow	-724.00M	-695.00M	-575.00M	-1.76B	-306.00M	-433.00M
Financing Cash Flow	-3.88B	-1.23B	-6.23B	-2.78B	-2.96B	-2.65B

Will Group, Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1125.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:6089, the sentiment is Positive. The current price of 1125 is below the 20-day moving average (MA) of 1256.30, below the 50-day MA of 1214.70, and above the 200-day MA of 1050.70, indicating a bullish trend. The MACD of 23.78 indicates Positive momentum. The RSI at 64.24 is Neutral, neither overbought nor oversold. The STOCH value of 23.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:6089.

Will Group, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2163	84 Outperform	¥21.73B	16.31	―	4.05%	8.88%	12.64%
2146	79 Outperform	¥128.89B	20.70	―	7.51%	8.28%	-36.32%
2429	74 Outperform	¥51.12B	7.72	―	3.16%	15.79%	113.14%
9332	73 Outperform	¥22.67B	14.55	―	3.09%	4.92%	-27.88%
6089	70 Outperform	¥29.57B	14.70	―	3.86%	1.18%	-5.05%
6070	64 Neutral	¥33.25B	12.15	―	4.69%	-1.06%	3.51%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

Will Group, Inc. Corporate Events

Will Group Announces Q3 FY2026 Results and Full-Year Outlook

Will Group, Inc. has released its financial results for the third quarter of the fiscal year ending March 31, 2026, outlining performance in both its domestic and overseas working businesses. The disclosure also includes an earnings and dividend forecast for the full fiscal year, providing investors and stakeholders with updated guidance on expected profitability and shareholder returns.

While detailed figures are not included in the summary materials, the company’s focus on segmenting domestic and overseas operations indicates continued emphasis on managing its diversified staffing portfolio. The inclusion of a dividend forecast suggests an intention to maintain transparency on capital policy and may signal confidence in the company’s earnings stability going into the remainder of FY2026.

The most recent analyst rating on (JP:6089) stock is a Hold with a Yen1193.00 price target. To see the full list of analyst forecasts on Will Group, Inc. stock, see the JP:6089 Stock Forecast page.

Will Group Finalizes New Premium Shareholder Benefits Plan for 2026

Will Group, Inc. has finalized the details of a new shareholder benefits plan, applicable to investors holding 300 or more shares and recorded on the shareholder register as of March 31, 2026. Eligible shareholders will receive benefits in the form of gift certificates, electronic money, or points worth 5,000 yen for holdings between 300 and under 500 shares, and 10,000 yen for holdings of 500 shares or more.

Under the new “WILL GROUP Premium Benefit Club,” points can be exchanged for over 3,000 items, including food, beverages, home appliances, and experience gifts, or converted into common shareholder benefit coins usable with other participating companies. The old plan will be discontinued after April 2026 for shareholders with fewer than 300 shares, indicating a strategic shift to reward larger, more stable shareholders and strengthen engagement through a richer, more flexible benefit ecosystem supported by a dedicated online platform.

The most recent analyst rating on (JP:6089) stock is a Hold with a Yen1193.00 price target. To see the full list of analyst forecasts on Will Group, Inc. stock, see the JP:6089 Stock Forecast page.

Will Group Posts Strong Profit Rebound and Confirms Full-Year Outlook

Will Group, Inc. reported consolidated revenue of ¥108.6 billion for the nine months ended December 31, 2025, up 3.1% year on year, with operating profit surging 59.2% to ¥2.85 billion as profitability recovered from the prior year’s slump. Profit attributable to owners of parent jumped 77.2% to ¥1.98 billion, while equity attributable to owners rose to ¥19.65 billion, lifting the equity ratio to 36.2% and underscoring an improvement in the company’s financial soundness.

The company kept its dividend policy unchanged, paying no interim dividend but forecasting a year-end dividend of ¥44 per share for the fiscal year ending March 31, 2026. It also maintained its full-year earnings forecast, projecting revenue of ¥143.5 billion and a 32.6% rise in operating profit, signaling management confidence in sustained earnings recovery and offering reassurance to investors about stable shareholder returns and margin improvement.

The most recent analyst rating on (JP:6089) stock is a Hold with a Yen1193.00 price target. To see the full list of analyst forecasts on Will Group, Inc. stock, see the JP:6089 Stock Forecast page.

Will Group Issues Q3 FY2026 Update and Outlines Capital-Efficient Growth Strategy

Will Group, Inc. has released supplementary materials for the third quarter of the fiscal year ending March 31, 2026, outlining its Q3 FY2026 results and segment performance, including domestic and overseas working businesses. The materials also present the company’s full-year earnings and dividend forecasts, progress on its medium-term management plan “WILL-being 2026,” analysis of the external environment, and initiatives to enhance management with a focus on cost of capital and stock price, signaling a continued emphasis on shareholder value and strategic growth.

The disclosure highlights that Will Group is integrating financial performance updates with strategic narratives, such as its TOPIX-related information and capital market-focused initiatives. By addressing both operational outcomes and capital efficiency measures, the company appears to be positioning itself for improved market evaluation and long-term competitiveness, which may be closely watched by investors assessing its execution against medium-term goals.

The most recent analyst rating on (JP:6089) stock is a Hold with a Yen1193.00 price target. To see the full list of analyst forecasts on Will Group, Inc. stock, see the JP:6089 Stock Forecast page.

Will Group, Inc. Revamps Shareholder Benefits Plan for Enhanced Investment Appeal

Will Group, Inc. announced changes to its shareholder benefits plan, aiming to increase the investment appeal of its shares and encourage long-term holding. The revised plan, effective from April 2026, introduces new benefits for shareholders holding 300 or more shares, replacing the old plan and eliminating conditions related to the shareholding period.

The most recent analyst rating on (JP:6089) stock is a Buy with a Yen1217.00 price target. To see the full list of analyst forecasts on Will Group, Inc. stock, see the JP:6089 Stock Forecast page.