# Aoba-BBT, Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第28期(2025/04/01－2026/03/31) (S100YE51)
> Page: https://vizora.meequs.com/en/company/aoba-bbt
> Retrieved: 2026-09-30T20:25:34.251Z

## Company

Aoba-BBT, founded in 1998, is a company in Education listed on TSE Standard. It has 629 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Aoba-BBT, Inc. |
| Ticker | 2464 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2464.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区六番町1番7号 |
| Representative (per filing) | 代表取締役社長 柴田 巌 |
| Founded | Apr 1998 |
| Share capital | ¥1.82B |
| Employees (consolidated) | 629 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Corporate number | 9010001027297 |
| EDINET | E05524 |
| Industries (Vizora) | Education |

> Profile source: annual securities report (S100YE51, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Education (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 36.5 | 26 |
| Profitability | 31.7 | 30 |
| Cash conversion | 58.9 | 28 |
| Efficiency | 35 | 30 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 55% of Aoba-BBT's sales come from Platform, with Recurrent Education Program and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -0.4% from the prior year, operating profit +3.3%.

## Company structure

- Segment revenue mix: Platform 54.8%、Recurrent Education Program 45.1%、Other 0.2%
- Revenue → net income: ¥7668820000 → ¥274390000
- Net income → operating cash flow: ¥274390000 → ¥526655000（difference ¥252265000）
- Main uses of operating cash flow: CapEx ¥109449000 / dividends ¥152246000 / buybacks —
- Change in cash: ¥247536000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥7.67B |  |
| Operating income | ¥455.2M | Margin 5.9% |
| Net income | ¥274.4M | Margin 3.6% |
| Free cash flow | ¥417.2M |  |
| Largest business | Platform | of segment revenue 54.8% |
| Employees (consolidated) | 629 |  |
| EPS | ¥15.65 |  |
| Book value per share | ¥270.72 |  |
| Equity ratio | 63.6% |  |
| Shares outstanding | 14,264,100 |  |
| Treasury shares | 400,700 |  |
| Shareholders | 3,292 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 40.9% | Cash ÷ revenue 39.3% |
| Vs. industry median margin | -1.4 pp | Education |
| ROE | 5.9% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 84% of positive segment profit
- FY2026, segment profit share differs by -30 points
- FY2026, cash is 41% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5888994000 | ¥7668820000 | +30.2% |
| Operating income | ¥200498000 | ¥455171000 | +127.0% |
| Operating margin | 3.4% | 5.9% | +2.5 pp |
| Employees | 432 people | 629 people | +45.6% |
| Cash and equivalents | ¥1893132000 | ¥3012556000 | +59.1% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| プラットフォームサービス → プラットフォームサービス | 46.6% |
| リカレント教育 → リカレント教育 | 45.1% |
| リカレント教育 → 事業再編・廃止 | 8.1% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → プラットフォームサービス | 8.2% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Platform | 5 years | +9.6% | ¥4199232000 | 9.2% | 2 |
| Recurrent Education Program | 5 years | +2.6% | ¥3457278000 | 2.0% | 2 |
| Other | 5 years | -1.6% | ¥12309000 | 12.1% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,669 | 100.0% | S100YE51 |
| Cost of revenue | 4,680 | 61.0% | S100YE51 |
| Gross profit | 2,989 | 39.0% | S100YE51 |
| SG&A | 2,534 | 33.0% | S100YE51 |
| Operating income | 455 | 5.9% | S100YE51 |
| Ordinary income | 464 | 6.0% | S100YE51 |
| Pretax income | 464 | 6.0% | S100YE51 |
| Income tax | 190 | 2.5% | S100YE51 |
| Net income | 274 | 3.6% | S100YE51 |
| Net income attributable to owners | 274 | 3.6% | S100YE51 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 33 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 39.0% → Operating margin 5.9% → Net margin 3.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.4%; Core profit growth: +3.3%
Operating leverage (core profit growth ÷ revenue growth): -8.09×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,700 | 7,669 | -31 | -0.4% |
| Gross profit | 3,051 | 2,989 | -62 | -2.0% |
| Operating income | 441 | 455 | 14 | +3.3% |
| Net income attributable to owners | 243 | 274 | 32 | +13.1% |
| Operating cash flow | 1,097 | 527 | -571 | -52.0% |
| Free cash flow | 994 | 417 | -576 | -58.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,601 | 160 | 2.9% | 44 | 328 | 50 | S100LM0M |
| FY ending Mar 2021 | 5,889 | 200 | 3.4% | 100 | 870 | 522 | S100OCYA |
| FY ending Mar 2022 | 6,757 | 471 | 7.0% | 222 | 583 | -65 | S100R812 |
| FY ending Mar 2023 | 7,257 | 329 | 4.5% | 724 | 1,117 | 957 | S100TVWL |
| FY ending Mar 2024 | 7,475 | 383 | 5.1% | 243 | -428 | -586 | S100W5NW |
| FY ending Mar 2025 | 7,700 | 441 | 5.7% | 243 | 1,097 | 994 | S100YE51 |
| FY ending Mar 2026 | 7,669 | 455 | 5.9% | 274 | 527 | 417 | S100YE51 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.2M |
| Operating income per employee (consolidated) | ¥723.6K |
| Net income per employee (consolidated) | ¥436.2K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 475 | 667 | 702 | 637 | 629 |
| Average salary (parent company) | ¥5.9M | ¥6.2M | ¥6M | ¥6.2M | ¥6.4M |
| Average age (parent company) | 40.8 years | 41.5 years | 42.7 years | 43.8 years | 44.9 years |
| Average tenure (parent company) | 7.4 years | 7.4 years | 8.0 years | 8.6 years | 9.1 years |

Year over year: Employees (consolidated) -1.3% · Revenue (consolidated) -0.4%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Platform | 4,199 | 54.8% | 384 | 9.2% |
| Recurrent Education Program | 3,457 | 45.1% | 69 | 2.0% |
| Other | 12 | 0.2% | 1 | 12.1% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Platform | 54.8% | 84.4% | 29.7 | 9.2% |
| Recurrent Education Program | 45.1% | 15.2% | -29.8 | 2.0% |
| Other | 0.2% | 0.3% | 0.2 | 12.1% |

Segment → industry: Recurrent Education Program → Education / Platform → Education

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 527 | 6.9% | S100YE51 |
| Capital expenditure | 109 | 1.4% | S100YE51 |
| Free cash flow | 417 | 5.4% | 算出 |
| Investing cash flow | -100 | -1.3% | S100YE51 |
| Financing cash flow | -180 | -2.3% | S100YE51 |
| Dividends paid | 152 | 2.0% | S100YE51 |
| Change in cash | 248 | 3.2% | S100YE51 |
| Cash and equivalents | 3,013 | 39.3% | S100YE51 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,644 | 3,218 | 2,292 | 2,765 | 3,013 | S100TVWL, S100W5NW, S100YE51 |
| Total assets | 8,855 | 8,618 | 7,491 | 7,402 | 7,370 | S100R812, S100TVWL, S100W5NW, S100YE51 |
| Net assets | 4,430 | 5,005 | 4,774 | 4,563 | 4,685 | S100TVWL, S100W5NW, S100YE51 |
| Share capital | 1,818 | 1,818 | 1,818 | 1,818 | 1,818 | S100R812, S100TVWL, S100W5NW, S100YE51 |
| Property, plant and equipment | 4,109 | 2,682 | 2,370 | 2,219 | 2,159 | S100R812, S100TVWL, S100W5NW, S100YE51 |
| Intangible assets excluding goodwill | 1,986 | 1,839 | 1,680 | 1,570 | 1,393 | S100R812, S100TVWL, S100W5NW, S100YE51 |
| Goodwill | 1,649 | 1,507 | 1,362 | 1,280 | 1,127 | S100R812, S100TVWL, S100W5NW, S100YE51 |
| Investment securities | 13 | 13 | 13 | 13 | 11 | S100R812, S100TVWL, S100W5NW, S100YE51 |
| Current assets | 2,268 | 3,667 | 2,998 | 3,179 | 3,416 | S100R812, S100TVWL, S100W5NW, S100YE51 |
| Current liabilities | 3,014 | 3,109 | 2,293 | 2,452 | 2,315 | S100R812, S100TVWL, S100W5NW, S100YE51 |
| Short-term borrowings | 675 | — | — | — | — | S100R812 |
| Long-term borrowings | 1,085 | 174 | 113 | 88 | 63 | S100R812, S100TVWL, S100W5NW, S100YE51 |
| Total liabilities | 4,425 | 3,613 | 2,717 | 2,839 | 2,684 | S100R812, S100TVWL, S100W5NW, S100YE51 |
| Non-controlling interests | 19 | 24 | 29 | 0 | 0 | S100R812, S100TVWL, S100W5NW, S100YE51 |
| Equity attributable to owners of parent | 4,407 | 4,976 | 4,737 | 4,556 | 4,678 | S100R812, S100TVWL, S100W5NW, S100YE51 |
| Retained earnings | 1,109 | 1,678 | 1,695 | 1,783 | 1,905 | S100R812, S100TVWL, S100W5NW, S100YE51 |
| Treasury stock | -64 | -64 | -321 | -586 | -586 | S100R812, S100TVWL, S100W5NW, S100YE51 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,855 | 8,618 | 7,491 | 7,402 | 7,370 |
| Equity | 4,430 | 5,005 | 4,774 | 4,563 | 4,685 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,644 | 3,218 | 2,292 | 2,765 | 3,013 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 28.2% | S100YE51 |
| Fixed assets ÷ total assets | 29.3% | S100YE51 |
| Goodwill ÷ parent equity | 24.1% | S100YE51 |

Goodwill over 4 years: 1,649 → 1,127 JPY; total investing cash flow: 1,035 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 40.9% |
| Cash ÷ revenue | 39.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 115.7% |
| Cash vs. profit gap | 252 JPY mn (of net income 91.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 55.5% |
| Shareholder payments — dividends / FCF | 36.5% |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | 18.9% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 3.3% | 0.76× | 2.5% | 2.01× | 5.0% | S100R812 |
| 2023 | 10.0% | 0.83× | 8.3% | 1.86× | 15.4% | S100TVWL |
| 2024 | 3.2% | 0.93× | 3.0% | 1.66× | 5.0% | S100W5NW |
| 2025 | 3.2% | 1.03× | 3.3% | 1.60× | 5.2% | S100YE51 |
| 2026 | 3.6% | 1.04× | 3.7% | 1.60× | 5.9% | S100YE51 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大前 研一 | Major shareholder | 34.6% | 2026-03-31 |
| ㈱日本カストディ銀行（信託Ｅ口） | Major shareholder | 8.7% | 2026-03-31 |
| THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD - SINGAPORE BRANCH PRIVATE BANKING DIVISION CLIENTS A/C 8221 - 623793 （常任代理人 香港上海銀行東京支店） | Major shareholder | 4.1% | 2026-03-31 |
| 久保 博昭 | Major shareholder | 1.7% | 2026-03-31 |
| 上原 俊彦 | Major shareholder | 1.7% | 2026-03-31 |
| 酒井 拓 | Major shareholder | 1.6% | 2026-03-31 |
| 宮本 雅史 | Major shareholder | 1.4% | 2026-03-31 |
| Aoba－BBT従業員持株会 | Major shareholder | 1.4% | 2026-03-31 |
| 大西 寛 | Major shareholder | 1.3% | 2026-03-31 |
| 日森 潤 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2025/04/01－2026/03/31) | S100YE51 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE51,, |
| 有価証券報告書－第27期(2024/04/01－2025/03/31) | S100W5NW | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5NW,, |
| 有価証券報告書－第26期(2023/04/01－2024/03/31) | S100TVWL | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVWL,, |
| 有価証券報告書－第25期(2022/04/01－2023/03/31) | S100R812 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R812,, |
| 有価証券報告書－第24期(令和3年4月1日－令和4年3月31日) | S100OCYA | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCYA,, |
| 有価証券報告書－第23期(令和2年4月1日－令和3年3月31日) | S100LM0M | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM0M,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).