# B&P Co.,Ltd.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第40期(2024/11/01－2025/10/31) (S100XHVC)
> Page: https://vizora.meequs.com/en/company/bandp
> Retrieved: 2026-09-30T21:34:35.838Z

## Company

B&P, founded in 1985, is a company in Printing listed on TSE Standard. It has 207 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | B&P Co.,Ltd. |
| Ticker | 7804 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7804.T) |
| Listing | TSE Standard |
| Head office | 大阪市西区江戸堀二丁目6番33号 |
| Representative (per filing) | 代表取締役社長執行役員 和田山 朋弥 |
| Founded | Oct 1985 |
| Share capital | ¥300.5M |
| Employees (consolidated) | 207 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | October |
| Website | www.bandp.co.jp (https://www.bandp.co.jp/) |
| Corporate number | 7120001046701 |
| EDINET | E34800 |
| Industries (Vizora) | Printing |

> Profile source: annual securities report (S100XHVC, filed 2026-01-28). As of filing

## Five-axis industry profile

Primary industry: Printing (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 94.6 | 28 |
| Cash conversion | 22.9 | 24 |
| Efficiency | 48.2 | 28 |

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)

- B&P brought in ¥4.5B in revenue.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +27.1% from the prior year, operating profit +27.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4495008000 → ¥491324000
- Net income → operating cash flow: ¥491324000 → ¥743009000（difference ¥251685000）
- Main uses of operating cash flow: CapEx ¥97058000 / dividends ¥137582000 / buybacks —
- Change in cash: ¥362615000
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 | ¥4.5B |  |
| Operating income | ¥701.7M | Margin 15.6% |
| Net income | ¥491.3M | Margin 10.9% |
| Free cash flow | ¥646M |  |
| Employees (consolidated) | 207 |  |
| EPS | ¥217.51 |  |
| Diluted EPS | ¥215.7 |  |
| Book value per share | ¥1646.67 |  |
| Equity ratio | 81.2% |  |
| Shares outstanding | 2,326,800 |  |
| Treasury shares | 7,300 |  |
| Shareholders | 3,494 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 71.2% | Cash ÷ revenue 74.4% |
| Vs. industry median margin | +12.2 pp | Printing |
| ROE | 12.9% | Derived from disclosed figures |
| ROA | 10.5% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 71% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2441353000 | ¥4495008000 | — |
| Operating income | ¥207745000 | ¥701655000 | — |
| Operating margin | 8.5% | 15.6% | +7.1 pp |
| Employees | 183 people | 207 people | — |
| Cash and equivalents | ¥2264344000 | ¥3345647000 | — |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,495 | 100.0% | S100XHVC |
| Cost of revenue | 2,577 | 57.3% | S100XHVC |
| Gross profit | 1,918 | 42.7% | S100XHVC |
| SG&A | 1,217 | 27.1% | S100XHVC |
| Operating income | 702 | 15.6% | S100XHVC |
| Ordinary income | 710 | 15.8% | S100XHVC |
| Pretax income | 704 | 15.7% | S100XHVC |
| Income tax | 213 | 4.7% | S100XHVC |
| Net income | 491 | 10.9% | S100XHVC |
| Net income attributable to owners | 491 | 10.9% | S100XHVC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 27 |
| Operating income | 16 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 42.7% → Operating margin 15.6% → Net margin 10.9%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,536 | 4,495 | 959 | +27.1% |
| Gross profit | 1,562 | 1,918 | 356 | +22.8% |
| Operating income | 551 | 702 | 151 | +27.5% |
| Operating cash flow | 442 | 743 | 301 | +68.1% |
| Free cash flow | 340 | 646 | 306 | +89.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 3,011 | 427 | 14.2% | 311 | 439 | 355 | S100KL3U |
| FY ending Oct 2020 | 2,441 | 208 | 8.5% | 140 | 265 | 236 | S100NAFK |
| FY ending Oct 2021 | 2,549 | 222 | 8.7% | 190 | 196 | 135 | S100Q0YD |
| FY ending Oct 2022 | 2,915 | 376 | 12.9% | 240 | 298 | 255 | S100SOKL |
| FY ending Oct 2023 | 3,174 | 452 | 14.2% | 300 | 406 | 341 | S100V58Y |
| FY ending Oct 2024 | 3,536 | 551 | 15.6% | 392 | 442 | 340 | S100V58Y |
| FY ending Oct 2025 | 4,495 | 702 | 15.6% | 491 | 743 | 646 | S100XHVC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.7M |
| Operating income per employee (consolidated) | ¥3.4M |
| Net income per employee (consolidated) | ¥2.4M |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 173 | 179 | 180 | 191 | 207 |
| Average salary (parent company) | ¥4.9M | ¥5.3M | ¥5.2M | ¥5.6M | ¥5.8M |
| Average age (parent company) | 35.1 years | 36.7 years | 37.4 years | 37.6 years | 38.4 years |
| Average tenure (parent company) | 7.7 years | 8.4 years | 8.6 years | 9.0 years | 9.7 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 743 | 16.5% | S100XHVC |
| Capital expenditure | 97 | 2.2% | S100XHVC |
| Free cash flow | 646 | 14.4% | 算出 |
| Investing cash flow | -266 | -5.9% | S100XHVC |
| Financing cash flow | -115 | -2.5% | S100XHVC |
| Dividends paid | 138 | 3.1% | S100XHVC |
| Change in cash | 363 | 8.1% | S100XHVC |
| Cash and equivalents | 3,346 | 74.4% | S100XHVC |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,331 | 2,500 | 2,739 | 2,983 | 3,346 | S100SOKL, S100V58Y, S100XHVC |
| Total assets | 3,192 | 3,518 | 3,787 | 4,137 | 4,696 | S100Q0YD, S100SOKL, S100V58Y, S100XHVC |
| Net assets | 2,753 | 2,917 | 3,121 | 3,426 | 3,810 | S100SOKL, S100V58Y, S100XHVC |
| Share capital | 286 | 286 | 286 | 288 | 300 | S100Q0YD, S100SOKL, S100V58Y, S100XHVC |
| Property, plant and equipment | 87 | 89 | 98 | 122 | 171 | S100Q0YD, S100SOKL, S100V58Y, S100XHVC |
| Intangible assets excluding goodwill | 42 | 33 | 20 | 29 | 126 | S100Q0YD, S100SOKL, S100V58Y, S100XHVC |
| Goodwill | 24 | 20 | 15 | 10 | 58 | S100Q0YD, S100SOKL, S100V58Y, S100XHVC |
| Current assets | 2,931 | 3,246 | 3,501 | 3,800 | 4,235 | S100Q0YD, S100SOKL, S100V58Y, S100XHVC |
| Current liabilities | 310 | 448 | 514 | 558 | 680 | S100Q0YD, S100SOKL, S100V58Y, S100XHVC |
| Trade payables | — | — | — | — | 251 | S100XHVC |
| Total liabilities | 439 | 601 | 666 | 711 | 885 | S100Q0YD, S100SOKL, S100V58Y, S100XHVC |
| Equity attributable to owners of parent | 2,753 | 2,917 | 3,121 | 3,426 | 3,810 | S100Q0YD, S100SOKL, S100V58Y, S100XHVC |
| Retained earnings | 2,191 | 2,360 | 2,582 | 2,876 | 3,229 | S100Q0YD, S100SOKL, S100V58Y, S100XHVC |
| Treasury stock | — | -5 | -24 | -16 | -11 | S100SOKL, S100V58Y, S100XHVC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 71% | S100XHVC |
| Property, plant and equipment | 4% | S100XHVC |
| Intangibles and goodwill | 4% | S100XHVC |
| Other assets | 21% | S100XHVC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100XHVC |
| Other liabilities | 14% | S100XHVC |
| Equity | 81% | S100XHVC |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,192 | 3,518 | 3,787 | 4,137 | 4,696 |
| Equity | 2,753 | 2,917 | 3,121 | 3,426 | 3,810 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,331 | 2,500 | 2,739 | 2,983 | 3,346 |

## 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) | 3.8% | S100XHVC |
| Fixed assets ÷ total assets | 3.6% | S100XHVC |
| Goodwill ÷ parent equity | 1.5% | S100XHVC |

### 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) | 71.2% |
| Cash ÷ revenue | 74.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 105.9% |
| Cash vs. profit gap | 252 JPY mn (of net income 51.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.0% |
| Shareholder payments — dividends / FCF | 21.3% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 35.8% |

## 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 | 7.4% | 0.80× | 5.9% | 1.16× | 6.9% | S100Q0YD |
| 2022 | 8.2% | 0.87× | 7.2% | 1.18× | 8.5% | S100SOKL |
| 2023 | 9.5% | 0.87× | 8.2% | 1.21× | 9.9% | S100V58Y |
| 2024 | 11.1% | 0.89× | 9.9% | 1.21× | 12.0% | S100V58Y |
| 2025 | 10.9% | 0.96× | 10.5% | 1.23× | 12.9% | S100XHVC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 英知興産株式会社 | Major shareholder | 54.8% | 2025-10-31 |
| 吉岡 裕之 | Major shareholder | 4.9% | 2025-10-31 |
| 小島 洲雄 | Major shareholder | 2.6% | 2025-10-31 |
| ビーアンドピー従業員持株会 | Major shareholder | 1.8% | 2025-10-31 |
| 永井 詳二 | Major shareholder | 1.6% | 2025-10-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.2% | 2025-10-31 |
| 和田山 朋弥 | Major shareholder | 1.2% | 2025-10-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG（FE－AC） （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.7% | 2025-10-31 |
| 和田山 英一 | Major shareholder | 0.7% | 2025-10-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.6% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第40期(2024/11/01－2025/10/31) | S100XHVC | 2026-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHVC,, |
| 有価証券報告書－第39期(2023/11/01－2024/10/31) | S100V58Y | 2025-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V58Y,, |
| 有価証券報告書－第38期(2022/11/01－2023/10/31) | S100SOKL | 2024-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOKL,, |
| 有価証券報告書－第37期(2021/11/01－2022/10/31) | S100Q0YD | 2023-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q0YD,, |
| 有価証券報告書－第36期(令和2年11月1日－令和3年10月31日) | S100NAFK | 2022-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NAFK,, |
| 有価証券報告書－第35期(令和1年11月1日－令和2年10月31日) | S100KL3U | 2021-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KL3U,, |

## 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).