# BASE CO.,LTD.: 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29期(2025/01/01－2025/12/31) (S100XUKI)
> Page: https://vizora.meequs.com/en/company/base-4481
> Retrieved: 2026-09-30T21:32:08.535Z

## Company

Base, founded in 1997, is a company in IT Services & System Integration listed on TSE Prime. It has 1,332 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BASE CO., LTD. |
| Ticker | 4481 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4481.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区外神田四丁目14番1号 |
| Representative (per filing) | 代表取締役社長 中山 克成 |
| Founded | Jan 1997 |
| Share capital | ¥1.12B |
| Employees (consolidated) | 1,332 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | December |
| Website | www.basenet.co.jp (https://www.basenet.co.jp/) |
| Corporate number | 9010001063813 |
| EDINET | E35164 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XUKI, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 72.3 | 157 |
| Profitability | 96.7 | 196 |
| Cash conversion | 43 | 185 |
| Efficiency | 44.1 | 196 |

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)

- Base brought in ¥21.8B in revenue.
- Out of every ¥100 of sales, about ¥26 is left as operating profit.
- Revenue changed +7.7% from the prior year, operating profit +10.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥21787441000 → ¥4228477000
- Net income → operating cash flow: ¥4228477000 → ¥4462890000（difference ¥234413000）
- Main uses of operating cash flow: CapEx ¥2667000 / dividends ¥2013636000 / buybacks ¥1206054000
- Change in cash: ¥1321505000
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 | ¥21.8B |  |
| Operating income | ¥5.75B | Margin 26.4% |
| Net income | ¥4.22B | Margin 19.4% |
| Free cash flow | ¥4.46B |  |
| Employees (consolidated) | 1,332 |  |
| EPS | ¥228.75 |  |
| Diluted EPS | ¥226.9 |  |
| Book value per share | ¥762.9 |  |
| Equity ratio | 75.3% |  |
| Shares outstanding | 18,805,200 |  |
| Treasury shares | 667,800 |  |
| Shareholders | 3,168 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 68.4% | Cash ÷ revenue 59.4% |
| Vs. industry median margin | +17.5 pp | IT Services & System Integration |
| ROE | 31.6% | Derived from disclosed figures |
| ROA | 23.0% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 68% of total assets
- FY2025, operating income keeps 26 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12400700000 | ¥21787441000 | +75.7% |
| Operating income | ¥2438544000 | ¥5749844000 | +135.8% |
| Operating margin | 19.7% | 26.4% | +6.7 pp |
| Employees | 855 people | 1,332 people | +55.8% |
| Cash and equivalents | ¥7182805000 | ¥12940009000 | +80.2% |

### 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 | 21,787 | 100.0% | S100XUKI |
| Cost of revenue | 14,740 | 67.7% | S100XUKI |
| Gross profit | 7,047 | 32.3% | S100XUKI |
| SG&A | 1,297 | 6.0% | S100XUKI |
| Operating income | 5,750 | 26.4% | S100XUKI |
| Ordinary income | 5,800 | 26.6% | S100XUKI |
| Pretax income | 5,800 | 26.6% | S100XUKI |
| Income tax | 1,572 | 7.2% | S100XUKI |
| Net income | 4,228 | 19.4% | S100XUKI |
| Net income attributable to owners | 4,222 | 19.4% | S100XUKI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 6 |
| Operating income | 26 |
| (Ref.) Net income | 19 |

### Margin funnel

Gross margin 32.3% → Operating margin 26.4% → Net margin 19.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.7%; Core profit growth: +10.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.30×
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 | 20,230 | 21,787 | 1,557 | +7.7% |
| Gross profit | 6,459 | 7,047 | 588 | +9.1% |
| Operating income | 5,227 | 5,750 | 523 | +10.0% |
| Net income attributable to owners | 3,871 | 4,222 | 351 | +9.1% |
| Operating cash flow | 3,876 | 4,463 | 587 | +15.2% |
| Free cash flow | 3,855 | 4,460 | 605 | +15.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 9,715 | 1,679 | 17.3% | 1,139 | 1,215 | 1,199 | S100L3CI |
| FY ending Dec 2020 | 12,401 | 2,439 | 19.7% | 1,743 | 2,558 | 2,542 | S100NT1F |
| FY ending Dec 2021 | 13,294 | 3,002 | 22.6% | 2,126 | 1,438 | 1,383 | S100QIUW |
| FY ending Dec 2022 | 17,046 | 3,910 | 22.9% | 2,726 | 3,667 | 3,643 | S100T6MR |
| FY ending Dec 2023 | 18,709 | 4,702 | 25.1% | 3,433 | 3,281 | 3,243 | S100VJ7T |
| FY ending Dec 2024 | 20,230 | 5,227 | 25.8% | 3,871 | 3,876 | 3,855 | S100XUKI |
| FY ending Dec 2025 | 21,787 | 5,750 | 26.4% | 4,222 | 4,463 | 4,460 | S100XUKI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.4M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 890 | 1,014 | 1,134 | 1,243 | 1,332 |
| Average salary (parent company) | ¥6.3M | ¥6.1M | ¥6.2M | ¥6M | ¥6M |
| Average age (parent company) | 36.8 years | 36.0 years | 35.0 years | 34.6 years | 34.7 years |
| Average tenure (parent company) | 5.1 years | 5.1 years | 5.0 years | 5.0 years | 5.1 years |

Year over year: Employees (consolidated) +7.2% · Revenue (consolidated) +7.7%

## 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 | 4,463 | 20.5% | S100XUKI |
| Capital expenditure | 3 | 0.0% | S100XUKI |
| Free cash flow | 4,460 | 20.5% | 算出 |
| Investing cash flow | 53 | 0.2% | S100XUKI |
| Financing cash flow | -3,218 | -14.8% | S100XUKI |
| Dividends paid | 2,014 | 9.2% | S100XUKI |
| Share buyback | 1,206 | 5.5% | S100XUKI |
| Change in cash | 1,322 | 6.1% | S100XUKI |
| Cash and equivalents | 12,940 | 59.4% | S100XUKI |

## 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 | 7,489 | 10,191 | 10,553 | 11,619 | 12,940 | S100T6MR, S100VJ7T, S100XUKI |
| Total assets | 11,441 | 14,560 | 16,323 | 17,745 | 18,923 | S100QIUW, S100T6MR, S100VJ7T, S100XUKI |
| Net assets | 8,585 | 10,599 | 12,457 | 13,587 | 14,621 | S100T6MR, S100VJ7T, S100XUKI |
| Share capital | 1,051 | 1,069 | 1,119 | 1,121 | 1,122 | S100QIUW, S100T6MR, S100VJ7T, S100XUKI |
| Property, plant and equipment | 69 | 61 | 83 | 81 | 68 | S100QIUW, S100T6MR, S100VJ7T, S100XUKI |
| Intangible assets excluding goodwill | 11 | 4 | 4 | 3 | 4 | S100QIUW, S100T6MR, S100VJ7T, S100XUKI |
| Goodwill | 5 | — | — | — | — | S100QIUW |
| Investment securities | 922 | 938 | 970 | 1,084 | 1,008 | S100QIUW, S100T6MR, S100VJ7T, S100XUKI |
| Current assets | 9,990 | 12,962 | 14,645 | 15,902 | 16,106 | S100QIUW, S100T6MR, S100VJ7T, S100XUKI |
| Current liabilities | 2,748 | 3,934 | 3,852 | 4,145 | 4,289 | S100QIUW, S100T6MR, S100VJ7T, S100XUKI |
| Long-term borrowings | 93 | 12 | — | — | — | S100QIUW, S100T6MR |
| Total liabilities | 2,856 | 3,961 | 3,866 | 4,159 | 4,302 | S100QIUW, S100T6MR, S100VJ7T, S100XUKI |
| Non-controlling interests | 217 | 265 | 309 | 354 | 372 | S100QIUW, S100T6MR, S100VJ7T, S100XUKI |
| Equity attributable to owners of parent | 8,145 | 10,096 | 11,880 | 12,840 | 13,850 | S100QIUW, S100T6MR, S100VJ7T, S100XUKI |
| Retained earnings | 6,105 | 8,020 | 9,702 | 11,659 | 13,867 | S100QIUW, S100T6MR, S100VJ7T, S100XUKI |
| Treasury stock | -1 | -1 | -1 | -1,001 | -2,202 | S100QIUW, S100T6MR, S100VJ7T, S100XUKI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 69% | S100XUKI |
| Property, plant and equipment | 0% | S100XUKI |
| Intangibles and goodwill | 0% | S100XUKI |
| Investment securities | 5% | S100XUKI |
| Other assets | 26% | S100XUKI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100XUKI |
| Equity | 77% | S100XUKI |

### 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 | 11,441 | 14,560 | 16,323 | 17,745 | 18,923 |
| Equity | 8,585 | 10,599 | 12,457 | 13,587 | 14,621 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,489 | 10,191 | 10,553 | 11,619 | 12,940 |

## 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) | 0.3% | S100XUKI |
| Fixed assets ÷ total assets | 0.4% | S100XUKI |
| Goodwill ÷ parent equity | — | —, S100XUKI |

### 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) | 68.4% |
| Cash ÷ revenue | 59.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.6% |
| Cash vs. profit gap | 241 JPY mn (of net income 5.7%) |
| Shareholder returns / net income | 76.3% |
| Shareholder returns / FCF | 72.2% |
| Shareholder payments — dividends / net income | 47.7% |
| Shareholder payments — dividends / FCF | 45.1% |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 1.2% |

## 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 | 16.0% | 1.16× | 18.6% | 1.40× | 26.1% | S100QIUW |
| 2022 | 16.0% | 1.31× | 21.0% | 1.43× | 29.9% | S100T6MR |
| 2023 | 18.4% | 1.21× | 22.2% | 1.41× | 31.2% | S100VJ7T |
| 2024 | 19.1% | 1.19× | 22.7% | 1.38× | 31.3% | S100XUKI |
| 2025 | 19.4% | 1.19× | 23.0% | 1.37× | 31.6% | S100XUKI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中山アセット株式会社 | Major shareholder | 37.1% | 2025-12-31 |
| 伊藤商事株式会社 | Major shareholder | 7.4% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.1% | 2025-12-31 |
| 野村信託銀行株式会社（信託口2052309） | Major shareholder | 5.5% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.1% | 2025-12-31 |
| 村崎 小雪 | Major shareholder | 2.3% | 2025-12-31 |
| ベース社員持株会 | Major shareholder | 2.0% | 2025-12-31 |
| 秦 小虎 | Major shareholder | 1.8% | 2025-12-31 |
| 後藤 督一 | Major shareholder | 1.5% | 2025-12-31 |
| 和田 成史 | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2025/01/01－2025/12/31) | S100XUKI | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUKI,, |
| 有価証券報告書－第28期(2024/01/01－2024/12/31) | S100VJ7T | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJ7T,, |
| 有価証券報告書－第27期(2023/01/01－2023/12/31) | S100T6MR | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6MR,, |
| 有価証券報告書－第26期(2022/01/01－2022/12/31) | S100QIUW | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIUW,, |
| 有価証券報告書－第25期(令和3年1月1日－令和3年12月31日) | S100NT1F | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NT1F,, |
| 有価証券報告書－第24期(令和2年1月1日－令和2年12月31日) | S100L3CI | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3CI,, |

## 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).