# b-style holdings,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7期(2025/04/01－2026/03/31) (S100YF60)
> Page: https://vizora.meequs.com/en/company/b-style-holdings
> Retrieved: 2026-09-30T20:42:21.821Z

## Company

b-style holdings, founded in 2020, is a company in HR & Staffing listed on TSE Growth. It has 336 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | b-style holdings, Inc. |
| Ticker | 302A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/302A.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区西新宿六丁目18番1号 |
| Representative (per filing) | 代表取締役社長 三原 邦彦 |
| Founded | Feb 2020 |
| Share capital | ¥310.1M |
| Employees (consolidated) | 336 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.bstylegroup.co.jp (https://www.bstylegroup.co.jp/) |
| Corporate number | 7011101090501 |
| EDINET | E40215 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100YF60, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22.8 | 68 |
| Profitability | 11.9 | 88 |
| Cash conversion | 3.1 | 80 |
| Efficiency | 91.5 | 88 |

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 b-style holdings's sales come from Staffing and employment business, with Media business and DX business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +7.1% from the prior year, operating profit -41.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥12B |  |
| Operating income | ¥189.7M | Margin 1.6% |
| Net income | ¥51.5M | Margin 0.4% |
| Free cash flow | -¥278.2M |  |
| Largest business | Staffing and employment business | of segment revenue 55.5% |
| Employees (consolidated) | 336 |  |
| EPS | ¥43.17 |  |
| Diluted EPS | ¥41.62 |  |
| Book value per share | ¥148.54 |  |
| Equity ratio | 33.9% |  |
| Shares outstanding | 1,454,984 |  |
| Shareholders | 781 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 46.9% | Cash ÷ revenue 15.1% |
| Vs. industry median margin | -7 pp | HR & Staffing |
| ROE | 4.0% | Derived from disclosed figures |
| ROA | 1.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 80% of positive segment profit
- FY2026, segment profit share differs by 43 points
- FY2026, cash is 47% of total assets

## What changed in 2 years

| Metric | FY ending Mar 2024 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10826944000 | ¥12008754000 | +10.9% |
| Operating income | ¥276052000 | ¥189695000 | -31.3% |
| Operating margin | 2.5% | 1.6% | -1 pp |
| Employees | 295 people | 336 people | +13.9% |
| Cash and equivalents | ¥1763274000 | ¥1816135000 | +3.0% |

### Change in segment revenue mix

Span: FY ending Mar 2024 → 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 |
| --- | ---: |
| 派遣・紹介事業 → 派遣・紹介事業 | 55.5% |
| 派遣・紹介事業 → 事業再編・廃止 | 11.7% |
| メディア事業 → メディア事業 | 24.6% |
| DX事業 → DX事業 | 6.0% |
| フィールドワーク支援事業 → 事業再編・廃止 | 2.2% |
| 新設・再編 → メディア事業 | 12.3% |
| 新設・再編 → DX事業 | 1.6% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Staffing and employment business | 2 years | -4.4% | ¥6654842000 | 4.3% | 2 |
| Media business | 2 years | +29.0% | ¥4424931000 | 30.7% | 2 |
| DX business | 2 years | +18.7% | ¥920582000 | 7.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,009 | 100.0% | S100YF60 |
| Cost of revenue | 6,141 | 51.1% | S100YF60 |
| Gross profit | 5,868 | 48.9% | S100YF60 |
| SG&A | 5,678 | 47.3% | S100YF60 |
| Operating income | 190 | 1.6% | S100YF60 |
| Ordinary income | 177 | 1.5% | S100YF60 |
| Pretax income | 155 | 1.3% | S100YF60 |
| Income tax | 104 | 0.9% | S100YF60 |
| Net income | 51 | 0.4% | S100YF60 |
| Net income attributable to owners | 51 | 0.4% | S100YF60 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 51 |
| SG&A | 47 |
| Operating income | 2 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 48.9% → Operating margin 1.6% → Net margin 0.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +7.1%; Core profit growth: -41.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -5.83×
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 | 11,214 | 12,009 | 795 | +7.1% |
| Gross profit | 4,911 | 5,868 | 957 | +19.5% |
| Operating income | 323 | 190 | -133 | -41.3% |
| Net income attributable to owners | 196 | 51 | -144 | -73.7% |
| Operating cash flow | 290 | -120 | -410 | -141.5% |
| Free cash flow | 244 | -278 | -522 | -214.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2024 | 10,827 | 276 | 2.5% | 345 | 493 | 411 | S100WDP6 |
| FY ending Mar 2025 | 11,214 | 323 | 2.9% | 196 | 290 | 244 | S100YF60 |
| FY ending Mar 2026 | 12,009 | 190 | 1.6% | 51 | -120 | -278 | S100YF60 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.7M |
| Operating income per employee (consolidated) | ¥564.6K |
| Net income per employee (consolidated) | ¥153.2K |

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

| History | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 295 | 303 | 336 |
| Average salary (parent company) | — | ¥6M | ¥6.3M |
| Average age (parent company) | — | 42.9 years | 42.9 years |
| Average tenure (parent company) | — | 6.7 years | 6.7 years |

Year over year: Employees (consolidated) +10.9% · Revenue (consolidated) +7.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Staffing and employment business | 6,655 | 55.5% | 283 | 4.3% |
| Media business | 4,425 | 36.9% | 1,359 | 30.7% |
| DX business | 921 | 7.7% | 64 | 7.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Staffing and employment business | 55.5% | 16.6% | -38.9 | 4.3% |
| Media business | 36.9% | 79.7% | 42.8 | 30.7% |
| DX business | 7.7% | 3.8% | -3.9 | 7.0% |

Segment → industry: DX business → HR & Staffing / Media business → HR & Staffing / Staffing and employment business → HR & Staffing

## 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 | -120 | -1.0% | S100YF60 |
| Capital expenditure | 158 | 1.3% | S100YF60 |
| Free cash flow | -278 | -2.3% | 算出 |
| Investing cash flow | -155 | -1.3% | S100YF60 |
| Financing cash flow | -155 | -1.3% | S100YF60 |
| Change in cash | -430 | -3.6% | S100YF60 |
| Cash and equivalents | 1,816 | 15.1% | S100YF60 |

## 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 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,763 | 2,246 | 1,816 | S100YF60 |
| Total assets | 3,718 | 4,151 | 3,875 | S100WDP6, S100YF60 |
| Net assets | 621 | 1,263 | 1,315 | S100YF60 |
| Share capital | 86 | 310 | 310 | S100WDP6, S100YF60 |
| Property, plant and equipment | 222 | 198 | 174 | S100WDP6, S100YF60 |
| Intangible assets excluding goodwill | 278 | 209 | 281 | S100WDP6, S100YF60 |
| Goodwill | — | — | 17 | S100YF60 |
| Investment securities | 46 | 27 | 26 | S100WDP6, S100YF60 |
| Current assets | 3,130 | 3,653 | 3,359 | S100WDP6, S100YF60 |
| Current liabilities | 1,474 | 1,458 | 1,283 | S100WDP6, S100YF60 |
| Long-term borrowings | 1,522 | 1,379 | 1,236 | S100WDP6, S100YF60 |
| Total liabilities | 3,096 | 2,888 | 2,560 | S100WDP6, S100YF60 |
| Equity attributable to owners of parent | 617 | 1,259 | 1,312 | S100WDP6, S100YF60 |
| Retained earnings | 518 | 714 | 766 | S100WDP6, S100YF60 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100YF60 |
| Property, plant and equipment | 4% | S100YF60 |
| Intangibles and goodwill | 8% | S100YF60 |
| Investment securities | 1% | S100YF60 |
| Other assets | 40% | S100YF60 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 66% | S100YF60 |
| Equity | 34% | S100YF60 |

### Balance sheet history

| Metric | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 3,718 | 4,151 | 3,875 |
| Equity | 621 | 1,263 | 1,315 |
| Interest-bearing debt | — | — | — |
| Cash | 1,763 | 2,246 | 1,816 |

## 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) | 1.5% | S100YF60 |
| Fixed assets ÷ total assets | 4.5% | S100YF60 |
| Goodwill ÷ parent equity | 1.3% | S100YF60 |

### 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) | 46.9% |
| Cash ÷ revenue | 15.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -63.3% |
| Cash vs. profit gap | -172 JPY mn (of net income -333.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 3.2% | 2.91× | 9.3% | 6.03× | 55.8% | S100WDP6 |
| 2025 | 1.7% | 2.85× | 5.0% | 4.19× | 20.9% | S100YF60 |
| 2026 | 0.4% | 2.99× | 1.3% | 3.12× | 4.0% | S100YF60 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社Ｏｒｉｇｉｎａｌ３ 代表社員三原邦彦 | Major shareholder | 20.9% | 2026-03-31 |
| 合同会社ファースト・ステージ代表社員増村一郎 | Major shareholder | 15.7% | 2026-03-31 |
| 島田亨 | Major shareholder | 10.7% | 2026-03-31 |
| 増村一郎 | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社ファースティ | Major shareholder | 3.5% | 2026-03-31 |
| ビー・スタイル従業員持株会 | Major shareholder | 3.0% | 2026-03-31 |
| 笠原朗 | Major shareholder | 3.0% | 2026-03-31 |
| 水元公仁 | Major shareholder | 2.9% | 2026-03-31 |
| 稲見吉邦 | Major shareholder | 2.4% | 2026-03-31 |
| 肥田義光 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第7期(2025/04/01－2026/03/31) | S100YF60 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF60,, |
| 訂正有価証券報告書－第6期(2024/04/01－2025/03/31) | S100WDP6 | 2025-07-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WDP6,, |

## 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).