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

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第35期(2025/01/01－2025/12/31) (S100Y7FJ)
> Page: https://vizora.meequs.com/en/company/barcos
> Retrieved: 2026-09-30T19:49:35.720Z

## Company

Barcos, founded in 1991, is a company in Internet Services & Apps listed on Nagoya. It has 128 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BARCOS Co., Ltd. |
| Ticker | 7790 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7790.T) |
| Listing | Nagoya |
| Head office | 鳥取県倉吉市河北町1番地 (上記は登記上の本店所在地であり、実際の業務は下記の場所で行っております。) |
| Representative (per filing) | 代表取締役社長 山本 敬 |
| Founded | May 1991 |
| Share capital | ¥74M |
| Employees (consolidated) | 128 |
| Average salary (parent only) | ¥4.5M |
| Fiscal year end | December |
| Website | www.barcos.jp (https://www.barcos.jp/) |
| Corporate number | 8270001005096 |
| EDINET | E36031 |
| Industries (Vizora) | Internet Services & Apps, Shoes & Bags, Catalog & TV Shopping |

> Profile source: annual securities report (S100Y7FJ, filed 2026-05-29). As of filing

## Five-axis industry profile

Primary industry: Shoes & Bags (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92.9 | 7 |
| Profitability | 50 | 9 |
| Cash conversion | 25 | 6 |
| Efficiency | 61.1 | 9 |

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 95% of Barcos's sales come from Lifestyle proposal business, with Media creative business and Development Business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +9.6% from the prior year, operating profit -58.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥5.5B |  |
| Operating income | ¥105.2M | Margin 1.9% |
| Net income | ¥50.7M | Margin 0.9% |
| Free cash flow | -¥226.9M |  |
| Largest business | Lifestyle proposal business | of segment revenue 95.4% |
| Employees (consolidated) | 128 |  |
| EPS | ¥13.23 |  |
| Book value per share | ¥468.24 |  |
| Equity ratio | 17.0% |  |
| Shares outstanding | 1,208,300 |  |
| Shareholders | 494 |  |
| Average salary (parent only) | ¥4.5M | Filing company only |
| Cash ratio | 3.9% | Cash ÷ revenue 3.3% |
| Vs. industry median margin | 0 pp | Shoes & Bags |
| ROE | 7.2% | Derived from disclosed figures |
| ROA | 1.1% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 4% of total assets

## What changed in 2 years

| Metric | FY ending Dec 2023 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3857816000 | ¥5504338000 | +42.7% |
| Operating income | ¥118562000 | ¥105177000 | -11.3% |
| Operating margin | 3.1% | 1.9% | -1.2 pp |
| Employees | 112 people | 128 people | +14.3% |
| Cash and equivalents | ¥679990000 | ¥179874000 | -73.5% |

### Change in segment revenue mix

Span: FY ending Dec 2023 → 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 |
| --- | ---: |
| ライフスタイル提案事業 → ライフスタイル提案事業 | 92.3% |
| メディアクリエイティブ事業 → メディアクリエイティブ事業 | 4.2% |
| メディアクリエイティブ事業 → 事業再編・廃止 | 2.9% |
| ディベロップメント事業 → ディベロップメント事業 | 0.4% |
| ディベロップメント事業 → 事業再編・廃止 | 0.3% |
| 新設・再編 → ライフスタイル提案事業 | 3.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Lifestyle proposal business | 2 years | +21.4% | ¥5250336000 | 7.4% | 2 |
| Media creative business | 2 years | -7.9% | ¥230612000 | -2.6% | 2 |
| Development Business | 2 years | -5.3% | ¥23389000 | -2.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,504 | 100.0% | S100Y7FJ |
| Cost of revenue | 1,779 | 32.3% | S100Y7FJ |
| Gross profit | 3,725 | 67.7% | S100Y7FJ |
| SG&A | 3,620 | 65.8% | S100Y7FJ |
| Operating income | 105 | 1.9% | S100Y7FJ |
| Ordinary income | 120 | 2.2% | S100Y7FJ |
| Pretax income | 175 | 3.2% | S100Y7FJ |
| Income tax | 124 | 2.3% | S100Y7FJ |
| Net income | 51 | 0.9% | S100Y7FJ |
| Net income attributable to owners | 51 | 0.9% | S100Y7FJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 32 |
| SG&A | 66 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 67.7% → Operating margin 1.9% → Net margin 0.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +9.6%; Core profit growth: -58.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -6.15×
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 | 5,024 | 5,504 | 481 | +9.6% |
| Gross profit | 3,491 | 3,725 | 234 | +6.7% |
| Operating income | 255 | 105 | -150 | -58.8% |
| Net income attributable to owners | 154 | 51 | -103 | -67.0% |
| Operating cash flow | 376 | -33 | -409 | -108.7% |
| Free cash flow | 359 | -227 | -586 | -163.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2023 | 3,858 | 119 | 3.1% | 43 | 74 | 17 | S100VIC4 |
| FY ending Dec 2024 | 5,024 | 255 | 5.1% | 154 | 376 | 359 | S100Y7FJ |
| FY ending Dec 2025 | 5,504 | 105 | 1.9% | 51 | -33 | -227 | S100Y7FJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43M |
| Operating income per employee (consolidated) | ¥821.7K |
| Net income per employee (consolidated) | ¥395.8K |

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

| History | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 112 | 117 | 128 |
| Average salary (parent company) | — | ¥4.3M | ¥4.5M |
| Average age (parent company) | — | 45.4 years | 45.1 years |
| Average tenure (parent company) | — | 4.5 years | 4.8 years |

Year over year: Employees (consolidated) +9.4% · Revenue (consolidated) +9.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Lifestyle proposal business | 5,250 | 95.4% | 386 | 7.4% |
| Media creative business | 231 | 4.2% | -6 | -2.6% |
| Development Business | 23 | 0.4% | -1 | -2.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Lifestyle proposal business | 95.4% | 100.0% | 4.6 | 7.4% |
| Media creative business | 4.2% | — | — | -2.6% |
| Development Business | 0.4% | — | — | -2.9% |

Loss-making segment (excluded from profit shares): Media creative business -6 JPY mn

Loss-making segment (excluded from profit shares): Development Business -1 JPY mn

Segment → industry: Media creative business → Internet Services & Apps / Lifestyle proposal business → Shoes & Bags / Lifestyle proposal business → Catalog & TV Shopping

## 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 | -33 | -0.6% | S100Y7FJ |
| Capital expenditure | 194 | 3.5% | S100Y7FJ |
| Free cash flow | -227 | -4.1% | 算出 |
| Investing cash flow | -410 | -7.5% | S100Y7FJ |
| Financing cash flow | -157 | -2.9% | S100Y7FJ |
| Change in cash | -599 | -10.9% | S100Y7FJ |
| Cash and equivalents | 180 | 3.3% | S100Y7FJ |

## 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 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 680 | 779 | 180 | S100Y7FJ |
| Total assets | 4,195 | 4,468 | 4,580 | S100VIC4, S100Y7FJ |
| Net assets | 491 | 652 | 778 | S100Y7FJ |
| Share capital | 30 | 30 | 74 | S100VIC4, S100Y7FJ |
| Trade receivables | 559 | 553 | 603 | S100VIC4, S100Y7FJ |
| Property, plant and equipment | 680 | 677 | 501 | S100VIC4, S100Y7FJ |
| Intangible assets excluding goodwill | 1,306 | 1,259 | 1,395 | S100VIC4, S100Y7FJ |
| Goodwill | 791 | 709 | 715 | S100VIC4, S100Y7FJ |
| Investment securities | 37 | 50 | 115 | S100VIC4, S100Y7FJ |
| Current assets | 1,995 | 2,241 | 2,259 | S100VIC4, S100Y7FJ |
| Current liabilities | 1,644 | 1,855 | 1,914 | S100VIC4, S100Y7FJ |
| Trade payables | 63 | 123 | 181 | S100VIC4, S100Y7FJ |
| Short-term borrowings | 850 | 800 | 900 | S100VIC4, S100Y7FJ |
| Long-term borrowings | 1,841 | 1,737 | 1,594 | S100VIC4, S100Y7FJ |
| Total liabilities | 3,704 | 3,816 | 3,802 | S100VIC4, S100Y7FJ |
| Equity attributable to owners of parent | 485 | 639 | 777 | S100VIC4, S100Y7FJ |
| Retained earnings | 433 | 587 | 637 | S100VIC4, S100Y7FJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100Y7FJ |
| Receivables | 13% | S100Y7FJ |
| Property, plant and equipment | 11% | S100Y7FJ |
| Intangibles and goodwill | 46% | S100Y7FJ |
| Investment securities | 3% | S100Y7FJ |
| Other assets | 23% | S100Y7FJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100Y7FJ |
| Other liabilities | 79% | S100Y7FJ |
| Equity | 17% | S100Y7FJ |

### Balance sheet history

| Metric | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 4,195 | 4,468 | 4,580 |
| Equity | 491 | 652 | 778 |
| Interest-bearing debt | — | — | — |
| Cash | 680 | 779 | 180 |

## 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) | 9.1% | S100Y7FJ |
| Fixed assets ÷ total assets | 10.9% | S100Y7FJ |
| Goodwill ÷ parent equity | 92.1% | S100Y7FJ |

### 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) | 3.9% |
| Cash ÷ revenue | 3.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -31.2% |
| Cash vs. profit gap | -83 JPY mn (of net income -164.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.5% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 1.1% | 0.92× | 1.0% | 8.65× | 8.8% | S100VIC4 |
| 2024 | 3.1% | 1.16× | 3.5% | 7.71× | 27.3% | S100Y7FJ |
| 2025 | 0.9% | 1.22× | 1.1% | 6.39× | 7.2% | S100Y7FJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社グリーン | Major shareholder | 60.7% | 2025-12-31 |
| 山本 敬 | Major shareholder | 29.1% | 2025-12-31 |
| 渡邉 栄治 | Major shareholder | 0.4% | 2025-12-31 |
| 福田 憲史 | Major shareholder | 0.4% | 2025-12-31 |
| 古瀨 博 | Major shareholder | 0.3% | 2025-12-31 |
| 平塚 和幸 | Major shareholder | 0.2% | 2025-12-31 |
| 杉本 典子 | Major shareholder | 0.2% | 2025-12-31 |
| 浦 悠起 | Major shareholder | 0.2% | 2025-12-31 |
| 田中 真紀 | Major shareholder | 0.2% | 2025-12-31 |
| 大舘 真子 | Major shareholder | 0.2% | 2025-12-31 |
| 小沼 滋紀 | Major shareholder | 0.2% | 2025-12-31 |
| 植松 圭一 | Major shareholder | 0.2% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第35期(2025/01/01－2025/12/31) | S100Y7FJ | 2026-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y7FJ,, |
| 有価証券報告書－第34期(2024/01/01－2024/12/31) | S100VIC4 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIC4,, |

## 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).