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

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第8期(2025/04/01－2026/03/31) (S100YNO3)
> Page: https://vizora.meequs.com/en/company/batonz
> Retrieved: 2026-09-30T19:41:59.363Z

## Company

Batonz, founded in 2018, is a company in M&A Advisory listed on TSE Growth. It has 126 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Batonz. Co., Ltd. |
| Ticker | 554A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/554A.T) |
| Listing | TSE Growth |
| Head office | 東京都港区港南一丁目8番23号 |
| Representative (per filing) | 代表取締役社長CEO 神瀬 悠一 |
| Founded | Apr 2018 |
| Share capital | ¥100M |
| Employees (consolidated) | 126 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | batonz.jp (https://batonz.jp/) |
| Corporate number | 7010001190989 |
| EDINET | E41514 |
| Industries (Vizora) | M&A Advisory |

> Profile source: annual securities report (S100YNO3, filed 2026-06-30). As of filing

## Five-axis industry profile

Primary industry: M&A Advisory (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.7 | 6 |
| Profitability | 50 | 9 |
| Cash conversion | 92.9 | 7 |
| Efficiency | 94.4 | 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)

- Batonz brought in ¥2B in revenue.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed +45.3% from the prior year, operating profit +600.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2004484000 → ¥262328000
- Net income → operating cash flow: ¥262328000 → ¥543300000（difference ¥280972000）
- Main uses of operating cash flow: CapEx ¥76442000 / dividends — / buybacks —
- Change in cash: ¥466857000
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 | ¥2B |  |
| Operating income | ¥363.6M | Margin 18.1% |
| Net income | ¥262.3M | Margin 13.1% |
| Free cash flow | ¥466.9M |  |
| Employees (consolidated) | 126 |  |
| EPS | ¥60.83 |  |
| Book value per share | ¥163.75 |  |
| Equity ratio | 59.5% |  |
| Shares outstanding | 4,312,300 |  |
| Shareholders | 23 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 66.6% | Cash ÷ revenue 39.4% |
| Vs. industry median margin | 0 pp | M&A Advisory |
| ROE | 45.6% | Derived from disclosed figures |
| ROA | 28.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, cash is 67% of total assets

## What changed in 1 years

| Metric | FY ending Mar 2025 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1379603000 | ¥2004484000 | +45.3% |
| Operating income | ¥51917000 | ¥363601000 | +600.4% |
| Operating margin | 3.8% | 18.1% | +14.4 pp |
| Employees | 100 people | 126 people | +26.0% |
| Cash and equivalents | ¥323705000 | ¥790563000 | +144.2% |

### Change in segment revenue mix

Span: FY ending Mar 2025 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,004 | 100.0% | S100YNO3 |
| Cost of revenue | 308 | 15.3% | S100YNO3 |
| Gross profit | 1,697 | 84.7% | S100YNO3 |
| SG&A | 1,333 | 66.5% | S100YNO3 |
| Operating income | 364 | 18.1% | S100YNO3 |
| Ordinary income | 367 | 18.3% | S100YNO3 |
| Pretax income | 367 | 18.3% | S100YNO3 |
| Income tax | 105 | 5.2% | S100YNO3 |
| Net income | 262 | 13.1% | S100YNO3 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 15 |
| SG&A | 67 |
| Operating income | 18 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 84.7% → Operating margin 18.1% → Net margin 13.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +45.3%; Core profit growth: +600.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 13.25×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,380 | 2,004 | 625 | +45.3% |
| Gross profit | 1,131 | 1,697 | 566 | +50.0% |
| Operating income | 52 | 364 | 312 | +600.4% |
| Operating cash flow | 146 | 543 | 398 | +273.0% |
| Free cash flow | 88 | 467 | 379 | +432.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2025 | 1,380 | 52 | 3.8% | 41 | 146 | 88 | S100YNO3 |
| FY ending Mar 2026 | 2,004 | 364 | 18.1% | 262 | 543 | 467 | S100YNO3 |

## People and productivity（FY ending Mar 2026, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.9M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥2.1M |

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

| History | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: |
| Employees (consolidated) | 100 | 126 |
| Average salary (parent company) | — | ¥6.9M |
| Average age (parent company) | — | 34.6 years |
| Average tenure (parent company) | — | 2.7 years |

Year over year: Employees (consolidated) +26.0% · Revenue (consolidated) +45.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 543 | 27.1% | S100YNO3 |
| Capital expenditure | 76 | 3.8% | S100YNO3 |
| Free cash flow | 467 | 23.3% | 算出 |
| Investing cash flow | -76 | -3.8% | S100YNO3 |
| Change in cash | 467 | 23.3% | S100YNO3 |
| Cash and equivalents | 791 | 39.4% | S100YNO3 |

## 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 Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 324 | 791 | S100YNO3 |
| Total assets | 688 | 1,188 | S100YNO3 |
| Net assets | 444 | 706 | S100YNO3 |
| Share capital | 100 | 100 | S100YNO3 |
| Property, plant and equipment | 21 | 16 | S100YNO3 |
| Intangible assets excluding goodwill | 120 | 155 | S100YNO3 |
| Current assets | 520 | 973 | S100YNO3 |
| Current liabilities | 245 | 482 | S100YNO3 |
| Total liabilities | 245 | 482 | S100YNO3 |
| Equity attributable to owners of parent | 444 | 706 | S100YNO3 |
| Retained earnings | 137 | 399 | S100YNO3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 67% | S100YNO3 |
| Property, plant and equipment | 1% | S100YNO3 |
| Intangibles and goodwill | 13% | S100YNO3 |
| Other assets | 19% | S100YNO3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 41% | S100YNO3 |
| Equity | 59% | S100YNO3 |
| Other liabilities | 0% | S100YNO3 |

### Balance sheet history

| Metric | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: |
| Total assets | 688 | 1,188 |
| Equity | 444 | 706 |
| Interest-bearing debt | — | — |
| Cash | 324 | 791 |

## 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% | S100YNO3 |
| Fixed assets ÷ total assets | 1.3% | S100YNO3 |
| Goodwill ÷ parent equity | — | —, S100YNO3 |

### 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) | 66.6% |
| Cash ÷ revenue | 39.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 149.4% |
| Cash vs. profit gap | 281 JPY mn (of net income 107.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | 14.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | 3.0% | 2.00× | 6.0% | 1.55× | 9.3% | S100YNO3 |
| 2026 | 13.1% | 2.14× | 28.0% | 1.63× | 45.6% | S100YNO3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社日本Ｍ＆Ａセンターホールディングス | Major shareholder | 32.5% | 2026-03-31 |
| 神瀬 悠一 | Major shareholder | 22.0% | 2026-03-31 |
| 宮竹 秀太郎 | Major shareholder | 13.9% | 2026-03-31 |
| XTech２号投資事業有限責任組合 | Major shareholder | 8.5% | 2026-03-31 |
| アニマルスピリッツ１号投資事業有限責任組合 | Major shareholder | 8.2% | 2026-03-31 |
| DIMENSION２号投資事業有限責任組合 | Major shareholder | 7.3% | 2026-03-31 |
| バトンズ社員持株会 | Major shareholder | 2.0% | 2026-03-31 |
| 鈴木 安夫 | Major shareholder | 1.5% | 2026-03-31 |
| 渡部 恒郎 | Major shareholder | 0.7% | 2026-03-31 |
| 朝倉 祐介 | Major shareholder | 0.5% | 2026-03-31 |
| 林田 幸一 | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第8期(2025/04/01－2026/03/31) | S100YNO3 | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YNO3,, |

## 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).