# BALNIBARBI Co., Ltd.: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第34期(2024/08/01－2025/07/31) (S100WX0H)
> Page: https://vizora.meequs.com/en/company/balnibarbi
> Retrieved: 2026-09-30T19:52:18.193Z

## Company

Balnibarbi, founded in 1991, is a company in Real Estate Development & Leasing listed on TSE Growth. It has 695 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BALNIBARBI Co., Ltd. |
| Ticker | 3418 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3418.T) |
| Listing | TSE Growth |
| Head office | 大阪市西区南堀江一丁目14番26号 |
| Representative (per filing) | 代表取締役 佐藤 裕久 |
| Founded | Sep 1991 |
| Share capital | ¥1.61B |
| Employees (consolidated) | 695 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | July |
| Website | www.balnibarbi.com (https://www.balnibarbi.com/) |
| Corporate number | 1120001087528 |
| EDINET | E31815 |
| Industries (Vizora) | Real Estate Development & Leasing, Restaurants & Pubs, Cafés |

> Profile source: annual securities report (S100WX0H, filed 2025-10-27). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22.3 | 56 |
| Profitability | 53.8 | 66 |
| Cash conversion | 66.4 | 55 |
| Efficiency | 22 | 66 |

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 89% of Balnibarbi's sales come from Restaurant project, with Estate build up project making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +6.6% from the prior year, operating profit -1.4%.

## Company structure

- Segment revenue mix: Restaurant project 88.7%、Estate build up project 11.3%
- Revenue → net income: ¥14336766000 → ¥431607000
- Net income → operating cash flow: ¥431607000 → ¥1120373000（difference ¥688766000）
- Main uses of operating cash flow: CapEx ¥1896588000 / dividends ¥71270000 / buybacks —
- Change in cash: ¥1542330000
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 | ¥14.3B |  |
| Operating income | ¥638.7M | Margin 4.5% |
| Net income | ¥428.8M | Margin 3.0% |
| Free cash flow | -¥776.2M |  |
| Largest business | Restaurant project | of segment revenue 88.7% |
| Employees (consolidated) | 695 |  |
| EPS | ¥35.4 |  |
| Book value per share | ¥460.93 |  |
| Equity ratio | 43.9% |  |
| Shares outstanding | 10,962,380 |  |
| Treasury shares | 167,400 |  |
| Shareholders | 17,953 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 24.8% | Cash ÷ revenue 23.4% |
| Vs. industry median margin | +0.5 pp | Restaurants & Pubs |
| ROE | 9.3% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.6× net income
- FY2025, one segment accounts for 85% of positive segment profit
- FY2025, parent-company salary changed +20% over five years

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9433679000 | ¥14336766000 | +52.0% |
| Operating income | ¥-893388000 | ¥638671000 | — |
| Operating margin | -9.5% | 4.5% | +13.9 pp |
| Employees | 598 people | 695 people | +16.2% |
| Cash and equivalents | ¥1776356000 | ¥3351512000 | +88.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → レストラン事業 | 88.7% |
| 新設・再編 → エステートビルドアップ事業 | 11.3% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,337 | 100.0% | S100WX0H |
| Cost of revenue | 3,677 | 25.6% | S100WX0H |
| Gross profit | 10,660 | 74.4% | S100WX0H |
| SG&A | 10,021 | 69.9% | S100WX0H |
| Operating income | 639 | 4.5% | S100WX0H |
| Ordinary income | 622 | 4.3% | S100WX0H |
| Pretax income | 616 | 4.3% | S100WX0H |
| Income tax | 184 | 1.3% | S100WX0H |
| Net income | 432 | 3.0% | S100WX0H |
| Net income attributable to owners | 429 | 3.0% | S100WX0H |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 26 |
| SG&A | 70 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 74.4% → Operating margin 4.5% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +6.6%; Core profit growth: -1.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.22×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,453 | 14,337 | 884 | +6.6% |
| Gross profit | 9,909 | 10,660 | 751 | +7.6% |
| Operating income | 648 | 639 | -9 | -1.4% |
| Net income attributable to owners | 538 | 429 | -109 | -20.3% |
| Operating cash flow | 425 | 1,120 | 696 | +163.8% |
| Free cash flow | -350 | -776 | -426 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 11,512 | 509 | 4.4% | 304 | 1,091 | -46 | S100K02S |
| FY ending Jul 2020 | 9,434 | -893 | -9.5% | -920 | -450 | -1,292 | S100MO9D |
| FY ending Jul 2021 | 8,046 | -1,213 | -15.1% | 358 | -101 | -539 | S100PF1Z |
| FY ending Jul 2022 | 9,970 | -447 | -4.5% | 124 | 1,207 | 763 | S100S2XF |
| FY ending Jul 2023 | 13,363 | 1,161 | 8.7% | 673 | 549 | -190 | S100ULNC |
| FY ending Jul 2024 | 13,453 | 648 | 4.8% | 538 | 425 | -350 | S100WX0H |
| FY ending Jul 2025 | 14,337 | 639 | 4.5% | 429 | 1,120 | -776 | S100WX0H |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.6M |
| Operating income per employee (consolidated) | ¥919K |
| Net income per employee (consolidated) | ¥617K |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 562 | 569 | 600 | 653 | 695 |
| Average salary (parent company) | ¥4.4M | ¥4.9M | ¥5.6M | ¥5.2M | ¥5.3M |
| Average age (parent company) | 37.8 years | 38.4 years | 38.4 years | 37.8 years | 38.8 years |
| Average tenure (parent company) | 6.2 years | 7.3 years | 7.0 years | 6.5 years | 6.9 years |

Year over year: Employees (consolidated) +6.4% · Revenue (consolidated) +6.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Restaurant project | 12,723 | 88.7% | 546 | 4.3% |
| Estate build up project | 1,614 | 11.3% | 93 | 5.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Restaurant project | 88.7% | 85.5% | -3.3 | 4.3% |
| Estate build up project | 11.3% | 14.5% | 3.3 | 5.8% |

Segment → industry: Estate build up project → Real Estate Development & Leasing / Restaurant project → Restaurants & Pubs / Restaurant project → Cafés

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,120 | 7.8% | S100WX0H |
| Capital expenditure | 1,897 | 13.2% | S100WX0H |
| Free cash flow | -776 | -5.4% | 算出 |
| Investing cash flow | -1,807 | -12.6% | S100WX0H |
| Financing cash flow | 2,231 | 15.6% | S100WX0H |
| Dividends paid | 71 | 0.5% | S100WX0H |
| Change in cash | 1,542 | 10.8% | S100WX0H |
| Cash and equivalents | 3,352 | 23.4% | S100WX0H |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,302 | 2,681 | 1,535 | 1,809 | 3,352 | S100S2XF, S100ULNC, S100WX0H |
| Total assets | 8,367 | 8,893 | 8,826 | 10,172 | 13,537 | S100PF1Z, S100S2XF, S100ULNC, S100WX0H |
| Net assets | 2,223 | 2,368 | 2,977 | 3,429 | 6,071 | S100S2XF, S100ULNC, S100WX0H |
| Share capital | 425 | 467 | 467 | 467 | 1,608 | S100PF1Z, S100S2XF, S100ULNC, S100WX0H |
| Property, plant and equipment | 2,787 | 1,879 | 2,202 | 3,863 | 4,872 | S100PF1Z, S100S2XF, S100ULNC, S100WX0H |
| Intangible assets excluding goodwill | 378 | 361 | 344 | 332 | 341 | S100PF1Z, S100S2XF, S100ULNC, S100WX0H |
| Goodwill | — | — | — | — | 25 | S100WX0H |
| Investment securities | 3 | 3 | 173 | 171 | 2 | S100PF1Z, S100S2XF, S100ULNC, S100WX0H |
| Current assets | 4,097 | 5,237 | 4,845 | 4,470 | 7,065 | S100PF1Z, S100S2XF, S100ULNC, S100WX0H |
| Current liabilities | 3,255 | 4,230 | 2,567 | 3,567 | 3,146 | S100PF1Z, S100S2XF, S100ULNC, S100WX0H |
| Short-term borrowings | 1,250 | 1,850 | — | 866 | 538 | S100PF1Z, S100S2XF, S100WX0H |
| Long-term borrowings | 2,375 | 1,423 | 2,506 | 2,386 | 3,556 | S100PF1Z, S100S2XF, S100ULNC, S100WX0H |
| Total liabilities | 6,144 | 6,525 | 5,849 | 6,743 | 7,465 | S100PF1Z, S100S2XF, S100ULNC, S100WX0H |
| Non-controlling interests | 119 | 121 | 123 | 125 | 128 | S100PF1Z, S100S2XF, S100ULNC, S100WX0H |
| Equity attributable to owners of parent | 2,104 | 2,247 | 2,854 | 3,303 | 5,943 | S100PF1Z, S100S2XF, S100ULNC, S100WX0H |
| Retained earnings | 1,078 | 1,137 | 1,744 | 2,194 | 2,552 | S100PF1Z, S100S2XF, S100ULNC, S100WX0H |
| Treasury stock | -173 | -173 | -173 | -173 | -173 | S100PF1Z, S100S2XF, S100ULNC, S100WX0H |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100WX0H |
| Property, plant and equipment | 36% | S100WX0H |
| Intangibles and goodwill | 3% | S100WX0H |
| Investment securities | 0% | S100WX0H |
| Other assets | 36% | S100WX0H |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100WX0H |
| Equity | 45% | S100WX0H |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,367 | 8,893 | 8,826 | 10,172 | 13,537 |
| Equity | 2,223 | 2,368 | 2,977 | 3,429 | 6,071 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,302 | 2,681 | 1,535 | 1,809 | 3,352 |

## 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) | 34.0% | S100WX0H |
| Fixed assets ÷ total assets | 36.0% | S100WX0H |
| Goodwill ÷ parent equity | 0.4% | S100WX0H |

### 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) | 24.8% |
| Cash ÷ revenue | 23.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 175.4% |
| Cash vs. profit gap | 692 JPY mn (of net income 161.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 13.2% |
| Investing CF relative to operating CF | 161.3% |

## 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 | 4.4% | 0.96× | 4.3% | 3.98× | 17.0% | S100PF1Z |
| 2022 | 1.2% | 1.16× | 1.4% | 3.97× | 5.7% | S100S2XF |
| 2023 | 5.0% | 1.51× | 7.6% | 3.47× | 26.4% | S100ULNC |
| 2024 | 4.0% | 1.42× | 5.7% | 3.09× | 17.5% | S100WX0H |
| 2025 | 3.0% | 1.21× | 3.6% | 2.56× | 9.3% | S100WX0H |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＨＵＭＯ | Major shareholder | 26.7% | 2025-07-31 |
| 佐藤 裕久 | Major shareholder | 7.4% | 2025-07-31 |
| SBIホールディングス株式会社 | Major shareholder | 5.6% | 2025-07-31 |
| 麒麟麦酒株式会社 | Major shareholder | 1.7% | 2025-07-31 |
| 中島 邦子 | Major shareholder | 1.6% | 2025-07-31 |
| 石田 敏和 | Major shareholder | 1.1% | 2025-07-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.9% | 2025-07-31 |
| CITIBANK (SWITZERLAND)AG （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.7% | 2025-07-31 |
| バルニバービ従業員持株会 | Major shareholder | 0.6% | 2025-07-31 |
| 田中 亮平 | Major shareholder | 0.6% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第34期(2024/08/01－2025/07/31) | S100WX0H | 2025-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WX0H,, |
| 有価証券報告書－第33期(2023/08/01－2024/07/31) | S100ULNC | 2024-10-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ULNC,, |
| 有価証券報告書－第32期(2022/08/01－2023/07/31) | S100S2XF | 2023-10-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S2XF,, |
| 有価証券報告書－第31期(令和3年8月1日－令和4年7月31日) | S100PF1Z | 2022-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PF1Z,, |
| 有価証券報告書－第30期(令和2年8月1日－令和3年7月31日) | S100MO9D | 2021-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MO9D,, |
| 有価証券報告書－第29期(令和1年8月1日－令和2年7月31日) | S100K02S | 2020-10-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K02S,, |

## 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).