# BALMUDA Inc.: 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23期(2025/01/01－2025/12/31) (S100XTCP)
> Page: https://vizora.meequs.com/en/company/balmuda
> Retrieved: 2026-09-30T22:08:16.125Z

## Company

Balmuda, founded in 2003, is a company in Home Appliances listed on TSE Growth. It has 104 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BALMUDA Inc. |
| Ticker | 6612 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6612.T) |
| Listing | TSE Growth |
| Head office | 東京都武蔵野市境南町五丁目1番21号 |
| Representative (per filing) | 代表取締役社長 寺尾 玄 |
| Founded | Mar 2003 |
| Share capital | ¥37M |
| Employees (consolidated) | 104 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | December |
| Website | corp.balmud (https://corp.balmud/) |
| Corporate number | 1012701010928 |
| EDINET | E36091 |
| Industries (Vizora) | Home Appliances |

> Profile source: annual securities report (S100XTCP, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Home Appliances (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 7.1 | 7 |
| Profitability | 15 | 10 |
| Efficiency | 95 | 10 |

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)

- Balmuda brought in ¥10.1B in revenue.
- It lost about ¥8 for every ¥100 of sales at the operating level.
- Revenue changed -18.8% from the prior year, operating profit -7316.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥10.1B |  |
| Operating income | -¥866M | Margin -8.6% |
| Net income | -¥1.6B | Margin -15.8% |
| Free cash flow | -¥965M |  |
| Employees (consolidated) | 104 |  |
| EPS | ¥-188.57 |  |
| Book value per share | ¥324.35 |  |
| Equity ratio | 60.3% |  |
| Shares outstanding | 8,526,200 |  |
| Treasury shares | 5,500 |  |
| Shareholders | 7,072 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 14.4% | Cash ÷ revenue 6.7% |
| Vs. industry median margin | -14.3 pp | Home Appliances |
| ROA | -29.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12587000000 | ¥10115000000 | -19.6% |
| Operating income | ¥1317000000 | ¥-866000000 | -165.8% |
| Operating margin | 10.5% | -8.6% | -19 pp |
| Employees | 110 people | 104 people | -5.5% |
| Cash and equivalents | ¥4452000000 | ¥673000000 | -84.9% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,115 | 100.0% | S100XTCP |
| Cost of revenue | 6,808 | 67.3% | S100XTCP |
| Gross profit | 3,307 | 32.7% | S100XTCP |
| SG&A | 4,173 | 41.3% | S100XTCP |
| Operating income | -866 | -8.6% | S100XTCP |
| Ordinary income | -904 | -8.9% | S100XTCP |
| Pretax income | -1,591 | -15.7% | S100XTCP |
| Income tax | 5 | 0.0% | S100XTCP |
| Net income | -1,596 | -15.8% | S100XTCP |
| Net income attributable to owners | -1,596 | -15.8% | S100XTCP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 41 |
| Operating income | -8 |
| (Ref.) Net income | -16 |

### Margin funnel

Gross margin 32.7% → Operating margin -8.6% → Net margin -15.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 12,462 | 10,115 | -2,347 | -18.8% |
| Gross profit | 3,885 | 3,307 | -578 | -14.9% |
| Operating income | 12 | -866 | -878 | -7316.7% |
| Net income attributable to owners | 67 | -1,596 | -1,663 | -2482.1% |
| Operating cash flow | 1,348 | -577 | -1,925 | -142.8% |
| Free cash flow | 1,148 | -965 | -2,113 | -184.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 10,849 | 1,071 | 9.9% | 632 | 307 | -4 | S100L01C |
| FY ending Dec 2020 | 12,587 | 1,317 | 10.5% | 834 | 1,582 | 1,168 | S100NPYD |
| FY ending Dec 2021 | 18,379 | 1,518 | 8.3% | 1,015 | -3,238 | -4,119 | S100QFPZ |
| FY ending Dec 2022 | 17,595 | 75 | 0.4% | 3 | 840 | 231 | S100T3UY |
| FY ending Dec 2023 | 13,011 | -1,375 | -10.6% | -2,071 | 246 | -192 | S100VHD7 |
| FY ending Dec 2024 | 12,462 | 12 | 0.1% | 67 | 1,348 | 1,148 | S100XTCP |
| FY ending Dec 2025 | 10,115 | -866 | -8.6% | -1,596 | -577 | -965 | S100XTCP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥97.3M |
| Operating income per employee (consolidated) | -¥8.3M |
| Net income per employee (consolidated) | -¥15.3M |

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) | 147 | 168 | 137 | 100 | 104 |
| Average salary (parent company) | ¥9.2M | ¥8M | ¥7.3M | ¥7.7M | ¥8.1M |
| Average age (parent company) | 41.5 years | 41.8 years | 40.8 years | 41.6 years | 43.0 years |
| Average tenure (parent company) | 3.2 years | 3.1 years | 3.6 years | 4.1 years | 4.5 years |

Year over year: Employees (consolidated) +4.0% · Revenue (consolidated) -18.8%

## 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 | -577 | -5.7% | S100XTCP |
| Capital expenditure | 388 | 3.8% | S100XTCP |
| Free cash flow | -965 | -9.5% | 算出 |
| Investing cash flow | -429 | -4.2% | S100XTCP |
| Financing cash flow | 341 | 3.4% | S100XTCP |
| Share buyback | 0 | 0.0% | S100XTCP |
| Change in cash | -672 | -6.6% | S100XTCP |
| Cash and equivalents | 673 | 6.7% | S100XTCP |

## 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 | 1,000 | 1,246 | 1,167 | 1,345 | 673 | S100T3UY, S100VHD7, S100XTCP |
| Total assets | 10,881 | 9,907 | 7,803 | 6,182 | 4,659 | S100QFPZ, S100T3UY, S100VHD7, S100XTCP |
| Net assets | 6,292 | 6,312 | 4,265 | 4,349 | 2,810 | S100T3UY, S100VHD7, S100XTCP |
| Share capital | 1,407 | 1,414 | 1,423 | 90 | 37 | S100QFPZ, S100T3UY, S100VHD7, S100XTCP |
| Property, plant and equipment | 743 | 761 | 632 | 464 | 511 | S100QFPZ, S100T3UY, S100VHD7, S100XTCP |
| Intangible assets excluding goodwill | 405 | 490 | 203 | 147 | 116 | S100QFPZ, S100T3UY, S100VHD7, S100XTCP |
| Current assets | 9,424 | 8,313 | 6,893 | 5,532 | 3,972 | S100QFPZ, S100T3UY, S100VHD7, S100XTCP |
| Current liabilities | 4,440 | 3,310 | 3,209 | 1,807 | 1,704 | S100QFPZ, S100T3UY, S100VHD7, S100XTCP |
| Short-term borrowings | 800 | 800 | 600 | 100 | 500 | S100QFPZ, S100T3UY, S100VHD7, S100XTCP |
| Long-term borrowings | 148 | 284 | 328 | 25 | 144 | S100QFPZ, S100T3UY, S100VHD7, S100XTCP |
| Total liabilities | 4,589 | 3,595 | 3,537 | 1,832 | 1,849 | S100QFPZ, S100T3UY, S100VHD7, S100XTCP |
| Equity attributable to owners of parent | 6,289 | 6,307 | 4,252 | 4,325 | 2,784 | S100QFPZ, S100T3UY, S100VHD7, S100XTCP |
| Retained earnings | 3,477 | 3,480 | 1,409 | 1,476 | -120 | S100QFPZ, S100T3UY, S100VHD7, S100XTCP |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100QFPZ, S100T3UY, S100VHD7, S100XTCP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100XTCP |
| Property, plant and equipment | 11% | S100XTCP |
| Intangibles and goodwill | 3% | S100XTCP |
| Other assets | 72% | S100XTCP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 40% | S100XTCP |
| Equity | 60% | S100XTCP |

### 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 | 10,881 | 9,907 | 7,803 | 6,182 | 4,659 |
| Equity | 6,292 | 6,312 | 4,265 | 4,349 | 2,810 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,000 | 1,246 | 1,167 | 1,345 | 673 |

## 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) | 5.1% | S100XTCP |
| Fixed assets ÷ total assets | 11.0% | S100XTCP |
| Goodwill ÷ parent equity | — | —, S100XTCP |

### 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) | 14.4% |
| Cash ÷ revenue | 6.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 1,019 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| 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 | 5.5% | 1.69× | 9.3% | 1.73× | 16.1% | S100QFPZ |
| 2022 | 0.0% | 1.69× | 0.0% | 1.65× | 0.0% | S100T3UY |
| 2023 | — | —× | -23.4% | —× | — | S100VHD7 |
| 2024 | 0.5% | 1.78× | 1.0% | 1.63× | 1.6% | S100XTCP |
| 2025 | — | —× | -29.4% | —× | — | S100XTCP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 寺尾 玄 | Major shareholder | 67.9% | 2025-12-31 |
| KOREA SECURITIES DEPOSITORY-SAMSUNG (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 3.1% | 2025-12-31 |
| 株式会社ミツバ | Major shareholder | 1.5% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.4% | 2025-12-31 |
| 中嶋 恵 | Major shareholder | 0.4% | 2025-12-31 |
| 永井 崇久 | Major shareholder | 0.4% | 2025-12-31 |
| 塩川 万造 | Major shareholder | 0.4% | 2025-12-31 |
| 伊藤 充淳 | Major shareholder | 0.4% | 2025-12-31 |
| 塔筋 幸造 | Major shareholder | 0.3% | 2025-12-31 |
| 鞍田 直子 | Major shareholder | 0.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/01/01－2025/12/31) | S100XTCP | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTCP,, |
| 有価証券報告書－第22期(2024/01/01－2024/12/31) | S100VHD7 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHD7,, |
| 有価証券報告書－第21期(2023/01/01－2023/12/31) | S100T3UY | 2024-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3UY,, |
| 有価証券報告書－第20期(2022/01/01－2022/12/31) | S100QFPZ | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFPZ,, |
| 有価証券報告書－第19期(令和3年1月1日－令和3年12月31日) | S100NPYD | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPYD,, |
| 有価証券報告書－第18期(令和2年1月1日－令和2年12月31日) | S100L01C | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L01C,, |

## 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).