# B-Lot Company Limited: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第18期(2025/01/01－2025/12/31) (S100XTWZ)
> Page: https://vizora.meequs.com/en/company/b-lot
> Retrieved: 2026-09-30T19:49:45.046Z

## Company

B-Lot, founded in 2008, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 234 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | B-Lot Company Limited |
| Ticker | 3452 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3452.T) |
| Listing | TSE Standard |
| Head office | 東京都港区新橋一丁目11番7号 |
| Representative (per filing) | 代表取締役会長 宮内 誠 |
| Founded | Oct 2008 |
| Share capital | ¥1.99B |
| Employees (consolidated) | 234 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | December |
| Website | www.b-lot.co.jp (https://www.b-lot.co.jp/) |
| Corporate number | 2010401078582 |
| EDINET | E31024 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100XTWZ, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 36.7 | 75 |
| Profitability | 83.1 | 86 |
| Cash conversion | 10.4 | 82 |
| Efficiency | 36.6 | 86 |
| Financial strength | 23 | 37 |

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 83% of B-Lot's sales come from Real Estate Investment and Development Business, with Property Management Business and Real Estate Brokerage Business making up much of the rest.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +22.1% from the prior year, operating profit +19.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥37.8B |  |
| Operating income | ¥7.58B | Margin 20.1% |
| Net income | ¥4.42B | Margin 11.7% |
| Free cash flow | -¥10.3B |  |
| Largest business | Real Estate Investment and Development Business | of segment revenue 82.6% |
| Employees (consolidated) | 234 |  |
| EPS | ¥280.77 |  |
| Diluted EPS | ¥280.07 |  |
| Book value per share | ¥1020.49 |  |
| Equity ratio | 19.7% |  |
| Shares outstanding | 20,032,400 |  |
| Treasury shares | 1,396,800 |  |
| Shareholders | 12,825 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 14.5% | Net cash -¥44.2B · Cash ÷ revenue 38.9% |
| Vs. industry median margin | +9.5 pp | Real Estate Development & Leasing |
| ROE | 23.6% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.6× its level five years ago
- FY2025, buybacks were 1.2× dividends
- FY2025, one segment accounts for 67% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥26481000000 | ¥37778000000 | +42.7% |
| Operating income | ¥1719000000 | ¥7579000000 | +340.9% |
| Operating margin | 6.5% | 20.1% | +13.6 pp |
| Employees | 176 people | 234 people | +33.0% |
| Cash and equivalents | ¥11555000000 | ¥14680000000 | +27.0% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 不動産投資開発事業 → 不動産投資開発事業 | 82.6% |
| 不動産投資開発事業 → 事業再編・廃止 | 3.0% |
| 不動産コンサルティング事業 → 不動産コンサルティング事業 | 4.3% |
| 不動産コンサルティング事業 → 事業再編・廃止 | 0.5% |
| 不動産マネジメント事業 → 不動産マネジメント事業 | 9.6% |
| 新設・再編 → 不動産マネジメント事業 | 3.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Real Estate Investment and Development Business | 5 years | +6.6% | ¥31218000000 | 20.9% | 2 |
| Property Management Business | 5 years | +14.1% | ¥4950000000 | 50.4% | 2 |
| Real Estate Brokerage Business | 5 years | +5.1% | ¥1609000000 | 43.6% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 37,778 | 100.0% | S100XTWZ |
| Cost of revenue | 24,994 | 66.2% | S100XTWZ |
| Gross profit | 12,784 | 33.8% | S100XTWZ |
| SG&A | 5,204 | 13.8% | S100XTWZ |
| Operating income | 7,579 | 20.1% | S100XTWZ |
| Ordinary income | 6,450 | 17.1% | S100XTWZ |
| Pretax income | 6,810 | 18.0% | S100XTWZ |
| Income tax | 2,394 | 6.3% | S100XTWZ |
| Net income | 4,415 | 11.7% | S100XTWZ |
| Net income attributable to owners | 4,420 | 11.7% | S100XTWZ |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 14 |
| Operating income | 20 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 33.8% → Operating margin 20.1% → Net margin 11.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +22.1%; Core profit growth: +19.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.88×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 30,933 | 37,778 | 6,845 | +22.1% |
| Gross profit | 10,048 | 12,784 | 2,736 | +27.2% |
| Operating income | 6,340 | 7,579 | 1,239 | +19.5% |
| Net income attributable to owners | 3,941 | 4,420 | 479 | +12.2% |
| Operating cash flow | 6,149 | -9,451 | -15,600 | -253.7% |
| Free cash flow | 5,809 | -10,284 | -16,093 | -277.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 25,130 | 3,985 | 15.9% | 2,428 | -4,057 | -4,637 | S100LHNJ |
| FY ending Dec 2020 | 26,481 | 1,719 | 6.5% | 344 | -7,122 | -7,221 | S100NR2W |
| FY ending Dec 2021 | 14,751 | 2,030 | 13.8% | 953 | 298 | 167 | S100QG0W |
| FY ending Dec 2022 | 19,911 | 2,913 | 14.6% | 1,637 | -4,050 | -4,095 | S100TCEN |
| FY ending Dec 2023 | 23,510 | 5,498 | 23.4% | 3,297 | 5,014 | 4,880 | S100VHZT |
| FY ending Dec 2024 | 30,933 | 6,340 | 20.5% | 3,941 | 6,149 | 5,809 | S100XTWZ |
| FY ending Dec 2025 | 37,778 | 7,579 | 20.1% | 4,420 | -9,451 | -10,284 | S100XTWZ |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥161.4M |
| Operating income per employee (consolidated) | ¥32.4M |
| Net income per employee (consolidated) | ¥18.9M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 178 | 173 | 175 | 175 | 234 |
| Average salary (parent company) | ¥6.6M | ¥6.5M | ¥6.8M | ¥7.3M | ¥7.6M |
| Average age (parent company) | 36.9 years | 37.2 years | 36.9 years | 37.9 years | 37.1 years |
| Average tenure (parent company) | 2.4 years | 2.9 years | 3.6 years | 4.0 years | 4.4 years |

Year over year: Employees (consolidated) +33.7% · Revenue (consolidated) +22.1%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real Estate Investment and Development Business | 31,218 | 82.6% | 6,529 | 20.9% |
| Real Estate Brokerage Business | 1,609 | 4.3% | 701 | 43.6% |
| Property Management Business | 4,950 | 13.1% | 2,494 | 50.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Real Estate Investment and Development Business | 82.6% | 67.1% | -15.5 | 20.9% |
| Real Estate Brokerage Business | 4.3% | 7.2% | 2.9 | 43.6% |
| Property Management Business | 13.1% | 25.6% | 12.5 | 50.4% |

Segment → industry: Real Estate Investment and Development Business → Real Estate Development & Leasing / Property Management Business → Real Estate Brokerage & Management / Real Estate Brokerage Business → Real Estate Brokerage & Management

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -9,451 | -25.0% | S100XTWZ |
| Capital expenditure | 833 | 2.2% | S100XTWZ |
| Free cash flow | -10,284 | -27.2% | 算出 |
| Investing cash flow | -6,352 | -16.8% | S100XTWZ |
| Financing cash flow | 18,227 | 48.2% | S100XTWZ |
| Dividends paid | 1,173 | 3.1% | S100XTWZ |
| Share buyback | 1,368 | 3.6% | S100XTWZ |
| Change in cash | 2,435 | 6.4% | S100XTWZ |
| Cash and equivalents | 14,680 | 38.9% | S100XTWZ |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 12,172 | 9,919 | 10,342 | 12,245 | 14,680 | S100TCEN, S100VHZT, S100XTWZ |
| Total assets | 48,753 | 56,005 | 57,240 | 56,900 | 101,439 | S100QG0W, S100TCEN, S100VHZT, S100XTWZ |
| Net assets | 10,632 | 12,043 | 15,040 | 17,670 | 20,040 | S100TCEN, S100VHZT, S100XTWZ |
| Share capital | 1,992 | 1,992 | 1,992 | 1,992 | 1,992 | S100QG0W, S100TCEN, S100VHZT, S100XTWZ |
| Property, plant and equipment | 1,045 | 1,040 | 5,299 | 5,253 | 6,097 | S100QG0W, S100TCEN, S100VHZT, S100XTWZ |
| Intangible assets excluding goodwill | 914 | 857 | 1,323 | 1,300 | 1,279 | S100QG0W, S100TCEN, S100VHZT, S100XTWZ |
| Goodwill | 215 | 171 | 140 | 122 | 104 | S100QG0W, S100TCEN, S100VHZT, S100XTWZ |
| Current assets | 44,342 | 51,781 | 48,263 | 48,171 | 90,053 | S100QG0W, S100TCEN, S100VHZT, S100XTWZ |
| Current liabilities | 17,798 | 17,018 | 16,747 | 16,144 | 30,117 | S100QG0W, S100TCEN, S100VHZT, S100XTWZ |
| Short-term borrowings | 5,514 | 7,402 | 2,494 | 3,869 | 8,780 | S100QG0W, S100TCEN, S100VHZT, S100XTWZ |
| Long-term borrowings | 19,000 | 25,366 | 23,530 | 22,360 | 48,509 | S100QG0W, S100TCEN, S100VHZT, S100XTWZ |
| Bonds | 1,233 | 1,033 | 1,133 | 202 | 1,605 | S100QG0W, S100TCEN, S100VHZT, S100XTWZ |
| Interest-bearing debt | 25,747 | 33,801 | 27,157 | 26,431 | 58,894 | 算出 |
| Total liabilities | 38,120 | 43,961 | 42,200 | 39,230 | 81,399 | S100QG0W, S100TCEN, S100VHZT, S100XTWZ |
| Non-controlling interests | 22 | 29 | 323 | 11 | 7 | S100QG0W, S100TCEN, S100VHZT, S100XTWZ |
| Equity attributable to owners of parent | 10,583 | 11,928 | 14,602 | 17,568 | 19,945 | S100QG0W, S100TCEN, S100VHZT, S100XTWZ |
| Retained earnings | 6,794 | 8,114 | 11,022 | 13,987 | 17,234 | S100QG0W, S100TCEN, S100VHZT, S100XTWZ |
| Treasury stock | -221 | -227 | -495 | -584 | -1,533 | S100QG0W, S100TCEN, S100VHZT, S100XTWZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100XTWZ |
| Property, plant and equipment | 6% | S100XTWZ |
| Intangibles and goodwill | 1% | S100XTWZ |
| Other assets | 78% | S100XTWZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 58% | 算出 |
| Other liabilities | 22% | S100XTWZ |
| Equity | 20% | S100XTWZ |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 48,753 | 56,005 | 57,240 | 56,900 | 101,439 |
| Equity | 10,632 | 12,043 | 15,040 | 17,670 | 20,040 |
| Interest-bearing debt | 25,747 | 33,801 | 27,157 | 26,431 | 58,894 |
| Cash | 12,172 | 9,919 | 10,342 | 12,245 | 14,680 |

## 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) | 16.1% | S100XTWZ |
| Fixed assets ÷ total assets | 6.0% | S100XTWZ |
| Goodwill ÷ parent equity | 0.5% | S100XTWZ |

Goodwill over 4 years: 215 → 104 JPY; total investing cash flow: -8,132 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) | 14.5% |
| Cash ÷ revenue | 38.9% |
| Net cash (cash − interest-bearing debt) | -¥44.2B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -124.7% |
| Cash vs. profit gap | -13,871 JPY mn (of net income -313.8%) |
| Shareholder returns / net income | 57.5% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 26.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 6.5% | 0.30× | 2.0% | 4.61× | 9.0% | S100QG0W |
| 2022 | 8.2% | 0.38× | 3.1% | 4.65× | 14.5% | S100TCEN |
| 2023 | 14.0% | 0.42× | 5.8% | 4.27× | 24.9% | S100VHZT |
| 2024 | 12.7% | 0.54× | 6.9% | 3.55× | 24.5% | S100XTWZ |
| 2025 | 11.7% | 0.48× | 5.6% | 4.22× | 23.6% | S100XTWZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 望月 雅博 | Major shareholder | 11.8% | 2025-12-31 |
| 合同会社エムアンドエム | Major shareholder | 8.8% | 2025-12-31 |
| 宮内 誠 | Major shareholder | 6.2% | 2025-12-31 |
| シルク・キャピタル株式会社 | Major shareholder | 5.4% | 2025-12-31 |
| 望月 文恵 | Major shareholder | 2.5% | 2025-12-31 |
| 熊岡 秀史 | Major shareholder | 2.1% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 1.7% | 2025-12-31 |
| 江﨑 憲太郎 | Major shareholder | 1.6% | 2025-12-31 |
| 外川 太郎 | Major shareholder | 1.4% | 2025-12-31 |
| 大塚 満 | Major shareholder | 1.2% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/01/01－2025/12/31) | S100XTWZ | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTWZ,, |
| 有価証券報告書－第17期(2024/01/01－2024/12/31) | S100VHZT | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHZT,, |
| 訂正有価証券報告書－第16期(2023/01/01－2023/12/31) | S100TCEN | 2024-04-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TCEN,, |
| 有価証券報告書－第15期(2022/01/01－2022/12/31) | S100QG0W | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG0W,, |
| 有価証券報告書－第14期(令和3年1月1日－令和3年12月31日) | S100NR2W | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NR2W,, |
| 訂正有価証券報告書－第13期(令和2年1月1日－令和2年12月31日) | S100LHNJ | 2021-06-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LHNJ,, |

## 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).