# BASE, 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13期(2025/01/01－2025/12/31) (S100XSMS)
> Page: https://vizora.meequs.com/en/company/base
> Retrieved: 2026-09-30T20:23:16.572Z

## Company

Base, founded in 2012, is a company in Software & SaaS listed on TSE Growth. It has 401 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BASE,Inc. |
| Ticker | 4477 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4477.T) |
| Listing | TSE Growth |
| Head office | 東京都港区六本木三丁目2番1号 |
| Representative (per filing) | 代表取締役上級執行役員CEO 鶴岡 裕太 |
| Founded | Dec 2012 |
| Share capital | ¥8.85B |
| Employees (consolidated) | 401 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | December |
| Website | binc.jp (https://binc.jp/) |
| Corporate number | 7010401103229 |
| EDINET | E35163 |
| Industries (Vizora) | Software & SaaS, E-commerce, Cashless Payments |

> Profile source: annual securities report (S100XSMS, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90 | 25 |
| Profitability | 66.2 | 34 |
| Cash conversion | 75.9 | 27 |
| Efficiency | 10.3 | 34 |

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 52% of Base's sales come from BASE business, with PAYJP business and Estore shop serve business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +29.7% from the prior year, operating profit +118.4%.

## Company structure

- Segment revenue mix: BASE business 52.3%、PAYJP business 30.5%、Estore shop serve business 6.3%、Want jp business 5.5%、YELL BANK business 5.4%
- Revenue → net income: ¥20729000000 → ¥1831000000
- Net income → operating cash flow: ¥1831000000 → ¥3283000000（difference ¥1452000000）
- Main uses of operating cash flow: CapEx ¥15000000 / dividends — / buybacks ¥1007000000
- Change in cash: ¥-864000000
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 | ¥20.7B |  |
| Operating income | ¥1.69B | Margin 8.1% |
| Net income | ¥1.83B | Margin 8.8% |
| Free cash flow | ¥3.27B |  |
| Largest business | BASE business | of segment revenue 52.3% |
| Employees (consolidated) | 401 |  |
| EPS | ¥13.03 |  |
| Diluted EPS | ¥12.85 |  |
| Book value per share | ¥122.21 |  |
| Equity ratio | 25.3% |  |
| Shares outstanding | 117,847,657 |  |
| Shareholders | 29,742 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 43.0% | Cash ÷ revenue 120.0% |
| Vs. industry median margin | +3.2 pp | E-commerce |
| ROE | 13.0% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.1× its level five years ago
- FY2025, parent-company salary changed +33% over five years
- FY2025, cash is 43% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8288000000 | ¥20729000000 | +150.1% |
| Operating income | ¥803000000 | ¥1686000000 | +110.0% |
| Operating margin | 9.7% | 8.1% | -1.6 pp |
| Employees | 162 people | 401 people | +147.5% |
| Cash and equivalents | ¥22271000000 | ¥24865000000 | +11.6% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| BASE事業 → BASE事業 | 52.3% |
| BASE事業 → 事業再編・廃止 | 36.4% |
| PAY事業 → 事業再編・廃止 | 11.4% |
| 新設・再編 → PAYJP事業 | 30.5% |
| 新設・再編 → YELL BANK事業 | 5.4% |
| 新設・再編 → want jp事業 | 5.5% |
| 新設・再編 → Ｅストアーショップサーブ事業 | 6.3% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| BASE business | 5 years | +8.2% | ¥10832000000 | 13.0% | 2 |
| PAYJP business | 3 years | +44.4% | ¥6326000000 | 5.2% | 2 |
| Estore shop serve business | — | — | ¥1309000000 | 14.3% | 2 |
| Want jp business | — | — | ¥1139000000 | -3.2% | 2 |
| YELL BANK business | 2 years | +90.7% | ¥1120000000 | 46.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,729 | 100.0% | S100XSMS |
| Cost of revenue | 10,739 | 51.8% | S100XSMS |
| Gross profit | 9,989 | 48.2% | S100XSMS |
| SG&A | 8,303 | 40.1% | S100XSMS |
| Operating income | 1,686 | 8.1% | S100XSMS |
| Ordinary income | 1,644 | 7.9% | S100XSMS |
| Pretax income | 1,644 | 7.9% | S100XSMS |
| Income tax | -187 | -0.9% | S100XSMS |
| Net income | 1,831 | 8.8% | S100XSMS |
| Net income attributable to owners | 1,826 | 8.8% | S100XSMS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 40 |
| Operating income | 8 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 48.2% → Operating margin 8.1% → Net margin 8.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +29.7%; Core profit growth: +118.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.98×
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 | 15,981 | 20,729 | 4,748 | +29.7% |
| Gross profit | 7,166 | 9,989 | 2,823 | +39.4% |
| Operating income | 772 | 1,686 | 914 | +118.4% |
| Net income attributable to owners | 340 | 1,826 | 1,486 | +437.1% |
| Operating cash flow | 3,657 | 3,283 | -374 | -10.2% |
| Free cash flow | 3,631 | 3,268 | -363 | -10.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 3,850 | -442 | -11.5% | -460 | 870 | 844 | S100L1PB |
| FY ending Dec 2020 | 8,288 | 803 | 9.7% | 584 | 3,128 | 3,094 | S100NQ04 |
| FY ending Dec 2021 | 9,931 | -977 | -9.8% | -1,194 | 1,782 | 1,761 | S100QGKX |
| FY ending Dec 2022 | 9,739 | -1,508 | -15.5% | -1,732 | -1,706 | -1,734 | S100T57E |
| FY ending Dec 2023 | 11,680 | -425 | -3.6% | -606 | -80 | -133 | S100VI9G |
| FY ending Dec 2024 | 15,981 | 772 | 4.8% | 340 | 3,657 | 3,631 | S100XSMS |
| FY ending Dec 2025 | 20,729 | 1,686 | 8.1% | 1,826 | 3,283 | 3,268 | S100XSMS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥51.7M |
| Operating income per employee (consolidated) | ¥4.2M |
| Net income per employee (consolidated) | ¥4.6M |

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) | 211 | 266 | 274 | 304 | 401 |
| Average salary (parent company) | ¥6M | ¥6M | ¥7M | ¥7M | ¥8M |
| Average age (parent company) | 32.8 years | 33.3 years | 34.3 years | 35.1 years | 36.3 years |
| Average tenure (parent company) | 2.6 years | 2.7 years | 2.8 years | 3.8 years | 4.5 years |

Year over year: Employees (consolidated) +31.9% · Revenue (consolidated) +29.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| BASE business | 10,832 | 52.3% | 1,404 | 13.0% |
| PAYJP business | 6,326 | 30.5% | 329 | 5.2% |
| YELL BANK business | 1,120 | 5.4% | 520 | 46.4% |
| Want jp business | 1,139 | 5.5% | -36 | -3.2% |
| Estore shop serve business | 1,309 | 6.3% | 187 | 14.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| BASE business | 52.3% | 57.5% | 5.3 | 13.0% |
| PAYJP business | 30.5% | 13.5% | -17.0 | 5.2% |
| YELL BANK business | 5.4% | 21.3% | 15.9 | 46.4% |
| Want jp business | 5.5% | — | — | -3.2% |
| Estore shop serve business | 6.3% | 7.7% | 1.3 | 14.3% |

Loss-making segment (excluded from profit shares): Want jp business -36 JPY mn

Segment → industry: Estore shop serve business → Software & SaaS / Estore shop serve business → E-commerce / Want jp business → E-commerce / BASE business → E-commerce / YELL BANK business → Cashless Payments / PAYJP business → Cashless Payments

## 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 | 3,283 | 15.8% | S100XSMS |
| Capital expenditure | 15 | 0.1% | S100XSMS |
| Free cash flow | 3,268 | 15.8% | 算出 |
| Investing cash flow | -3,074 | -14.8% | S100XSMS |
| Financing cash flow | -1,073 | -5.2% | S100XSMS |
| Share buyback | 1,007 | 4.9% | S100XSMS |
| Change in cash | -864 | -4.2% | S100XSMS |
| Cash and equivalents | 24,865 | 120.0% | S100XSMS |

## 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 | 24,053 | 22,344 | 22,227 | 25,730 | 24,865 | S100T57E, S100VI9G, S100XSMS |
| Total assets | 31,991 | 31,278 | 37,297 | 46,288 | 57,803 | S100QGKX, S100T57E, S100VI9G, S100XSMS |
| Net assets | 15,105 | 13,501 | 13,000 | 13,600 | 15,119 | S100T57E, S100VI9G, S100XSMS |
| Share capital | 8,552 | 8,614 | 8,669 | 8,735 | 8,847 | S100QGKX, S100T57E, S100VI9G, S100XSMS |
| Property, plant and equipment | 101 | — | — | 17 | 170 | S100QGKX, S100XSMS |
| Intangible assets excluding goodwill | 3 | — | — | 1 | 2,591 | S100QGKX, S100XSMS |
| Goodwill | — | — | — | — | 1,393 | S100XSMS |
| Investment securities | 183 | 39 | 36 | 32 | 918 | S100QGKX, S100T57E, S100VI9G, S100XSMS |
| Current assets | 31,433 | 30,946 | 36,965 | 45,252 | 52,324 | S100QGKX, S100T57E, S100VI9G, S100XSMS |
| Current liabilities | 16,823 | 17,720 | 24,244 | 31,888 | 41,311 | S100QGKX, S100T57E, S100VI9G, S100XSMS |
| Long-term borrowings | — | — | — | 427 | 596 | S100XSMS |
| Bonds | — | — | — | 300 | 300 | S100XSMS |
| Total liabilities | 16,885 | 17,777 | 24,297 | 32,687 | 42,683 | S100QGKX, S100T57E, S100VI9G, S100XSMS |
| Non-controlling interests | — | — | — | — | 196 | S100XSMS |
| Equity attributable to owners of parent | 15,102 | 13,494 | 12,995 | 13,468 | 14,520 | S100QGKX, S100T57E, S100VI9G, S100XSMS |
| Retained earnings | -813 | -2,545 | -606 | -266 | 2,016 | S100QGKX, S100T57E, S100VI9G, S100XSMS |
| Treasury stock | — | 0 | 0 | 0 | -999 | S100T57E, S100VI9G, S100XSMS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 43% | S100XSMS |
| Property, plant and equipment | 0% | S100XSMS |
| Intangibles and goodwill | 7% | S100XSMS |
| Investment securities | 2% | S100XSMS |
| Other assets | 48% | S100XSMS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 74% | S100XSMS |
| Equity | 26% | S100XSMS |
| Other liabilities | 0% | S100XSMS |

### 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 | 31,991 | 31,278 | 37,297 | 46,288 | 57,803 |
| Equity | 15,105 | 13,501 | 13,000 | 13,600 | 15,119 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 24,053 | 22,344 | 22,227 | 25,730 | 24,865 |

## 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) | 0.8% | S100XSMS |
| Fixed assets ÷ total assets | 0.3% | S100XSMS |
| Goodwill ÷ parent equity | 9.6% | S100XSMS |

### 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) | 43.0% |
| Cash ÷ revenue | 120.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 194.7% |
| Cash vs. profit gap | 1,457 JPY mn (of net income 79.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 93.6% |

## 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 | — | —× | -3.7% | —× | — | S100QGKX |
| 2022 | — | —× | -5.5% | —× | — | S100T57E |
| 2023 | — | —× | -1.8% | —× | — | S100VI9G |
| 2024 | 2.1% | 0.38× | 0.8% | 3.16× | 2.6% | S100XSMS |
| 2025 | 8.8% | 0.40× | 3.5% | 3.72× | 13.0% | S100XSMS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 鶴岡 裕太 | Major shareholder | 16.2% | 2025-12-31 |
| 立花証券株式会社 | Major shareholder | 14.4% | 2025-12-31 |
| 牧 寛之 | Major shareholder | 6.6% | 2025-12-31 |
| MORGAN STANLEY SMITH BARNEY LLC CLIENTS FULLY PAID SEG ACCOUNT（常任代理人 シティバンク、エヌ・エイ東京支店）株式会社 | Major shareholder | 2.4% | 2025-12-31 |
| 柳澤 安慶 | Major shareholder | 2.3% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.2% | 2025-12-31 |
| 株式会社サイバーエージェント | Major shareholder | 1.9% | 2025-12-31 |
| 上田八木短資株式会社 | Major shareholder | 1.6% | 2025-12-31 |
| THE BANK OF NEY YORK 133612 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.5% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2025/01/01－2025/12/31) | S100XSMS | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSMS,, |
| 有価証券報告書－第12期(2024/01/01－2024/12/31) | S100VI9G | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI9G,, |
| 有価証券報告書－第11期(2023/01/01－2023/12/31) | S100T57E | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T57E,, |
| 有価証券報告書－第10期(2022/01/01－2022/12/31) | S100QGKX | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGKX,, |
| 有価証券報告書－第9期(令和3年1月1日－令和3年12月31日) | S100NQ04 | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQ04,, |
| 有価証券報告書－第8期(令和2年1月1日－令和2年12月31日) | S100L1PB | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1PB,, |

## 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).