# baudroie,inc.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2025/03/01－2026/02/28) (S100Y6J0)
> Page: https://vizora.meequs.com/en/company/baudroie
> Retrieved: 2026-09-30T17:54:16.272Z

## Company

baudroie is a company in IT Services & System Integration listed on TSE Prime. It has 3,704 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | baudroie,inc. |
| Ticker | 4413 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4413.T) |
| Listing | TSE Prime |
| Head office | 東京都港区麻布台1丁目3番1号 麻布台ヒルズ 森JPタワー17階 |
| Representative (per filing) | 代表取締役社長 冨永 重寛 |
| Share capital | ¥605.3M |
| Employees (consolidated) | 3,704 |
| Average salary (parent only) | ¥4.1M |
| Fiscal year end | February |
| Website | www.baudroie.jp (https://www.baudroie.jp/) |
| Corporate number | 4010401098975 |
| EDINET | E37133 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100Y6J0, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 92.1 | 196 |
| Cash conversion | 57 | 185 |
| Efficiency | 65.6 | 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)

- baudroie brought in ¥17.4B in revenue.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed +49.6% from the prior year, operating profit +37.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥17423340000 → ¥2457800000
- Net income → operating cash flow: ¥2457800000 → ¥2873186000（difference ¥415386000）
- Main uses of operating cash flow: CapEx ¥24835000 / dividends — / buybacks ¥259278000
- Change in cash: ¥885079000
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 | ¥17.4B |  |
| Operating income | ¥3.39B | Margin 19.5% |
| Net income | ¥2.46B | Margin 14.1% |
| Free cash flow | ¥2.85B |  |
| Employees (consolidated) | 3,704 |  |
| EPS | ¥79.09 |  |
| Diluted EPS | ¥78.64 |  |
| Book value per share | ¥193.03 |  |
| Equity ratio | 55.0% | Derived from disclosed figures |
| Shares outstanding | 32,148,708 |  |
| Treasury shares | 953,400 |  |
| Shareholders | 4,046 |  |
| Average salary (parent only) | ¥4.1M | Filing company only |
| Cash ratio | 31.2% | Cash ÷ revenue 25.1% |
| Vs. industry median margin | +10.5 pp | IT Services & System Integration |
| ROE | 40.0% | Derived from disclosed figures |
| ROA | 21.7% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 31% of total assets

## What changed in 5 years

Accounting standard changed in FY2023; percentage changes are omitted.

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3084973000 | ¥17423340000 | — |
| Operating income | ¥509439000 | ¥3391334000 | — |
| Operating margin | 16.5% | 19.5% | +3 pp |
| Employees | 523 people | 3,704 people | — |
| Cash and equivalents | ¥1580707000 | ¥4371492000 | — |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Feb 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,423 | 100.0% | S100Y6J0 |
| Cost of revenue | 11,437 | 65.6% | S100Y6J0 |
| Gross profit | 5,987 | 34.4% | S100Y6J0 |
| SG&A | 2,606 | 15.0% | S100Y6J0 |
| Operating income | 3,391 | 19.5% | S100Y6J0 |
| Pretax income | 3,372 | 19.4% | S100Y6J0 |
| Income tax | 914 | 5.2% | S100Y6J0 |
| Net income | 2,458 | 14.1% | S100Y6J0 |
| Net income attributable to owners | 2,458 | 14.1% | S100Y6J0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 15 |
| Operating income | 19 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 34.4% → Operating margin 19.5% → Net margin 14.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +49.6%; Core profit growth: +37.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.76×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,650 | 17,423 | 5,774 | +49.6% |
| Gross profit | 4,266 | 5,987 | 1,721 | +40.3% |
| Operating income | 2,461 | 3,391 | 931 | +37.8% |
| Net income attributable to owners | 1,799 | 2,458 | 658 | +36.6% |
| Operating cash flow | 1,909 | 2,873 | 964 | +50.5% |
| Free cash flow | 1,907 | 2,848 | 941 | +49.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2021 | 3,085 | 509 | 16.5% | 416 | 353 | 351 | S100O46H |
| FY ending Feb 2022 | 3,923 | 680 | 17.3% | 543 | 493 | 489 | S100O46H |
| FY ending Feb 2023 | 5,244 | 975 | 18.6% | 794 | 852 | 849 | S100THGP |
| FY ending Feb 2024 | 7,330 | 1,586 | 21.6% | 1,161 | 1,255 | 1,090 | S100VTC5 |
| FY ending Feb 2025 | 11,650 | 2,461 | 21.1% | 1,799 | 1,909 | 1,907 | S100Y6J0 |
| FY ending Feb 2026 | 17,423 | 3,391 | 19.5% | 2,458 | 2,873 | 2,848 | S100Y6J0 |

## People and productivity（FY ending Feb 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥4.7M |
| Operating income per employee (consolidated) | ¥915.6K |
| Net income per employee (consolidated) | ¥663.6K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 653 | 908 | 1,213 | 2,238 | 3,704 |
| Average salary (parent company) | ¥3.9M | ¥3.9M | ¥4.1M | ¥4.1M | ¥4.1M |
| Average age (parent company) | 27.7 years | 27.8 years | 28.0 years | 28.0 years | 28.0 years |
| Average tenure (parent company) | 3.5 years | 3.6 years | 3.7 years | 3.5 years | 3.3 years |

Year over year: Employees (consolidated) +65.5% · Revenue (consolidated) +49.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,873 | 16.5% | S100Y6J0 |
| Capital expenditure | 25 | 0.1% | S100Y6J0 |
| Free cash flow | 2,848 | 16.3% | 算出 |
| Investing cash flow | -1,369 | -7.9% | S100Y6J0 |
| Financing cash flow | -619 | -3.6% | S100Y6J0 |
| Share buyback | 259 | 1.5% | S100Y6J0 |
| Change in cash | 885 | 5.1% | S100Y6J0 |
| Cash and equivalents | 4,371 | 25.1% | S100Y6J0 |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,984 | 3,926 | 4,250 | 3,486 | 4,371 | S100O46H, S100VTC5, S100Y6J0 |
| Total assets | 3,901 | 5,442 | 6,939 | 8,603 | 14,025 | S100O46H, S100VTC5, S100Y6J0 |
| Net assets | 2,906 | 3,762 | 4,251 | 4,572 | 7,719 | S100O46H, S100VTC5, S100Y6J0 |
| Share capital | 593 | 599 | 601 | 604 | 605 | S100O46H, S100VTC5, S100Y6J0 |
| Property, plant and equipment | 30 | 31 | 236 | 267 | 290 | S100O46H, S100VTC5, S100Y6J0 |
| Intangible assets excluding goodwill | 0 | 216 | 472 | — | — | S100O46H, S100THGP |
| Goodwill | — | 215 | 547 | 2,032 | 4,936 | S100VTC5, S100Y6J0 |
| Investment securities | 3 | 3 | 3 | — | — | S100O46H, S100THGP |
| Current assets | 3,603 | 4,773 | 5,355 | 5,384 | 7,365 | S100O46H, S100VTC5, S100Y6J0 |
| Current liabilities | 816 | 1,129 | 1,476 | — | — | S100O46H, S100THGP |
| Short-term borrowings | — | — | 17 | — | — | S100THGP |
| Long-term borrowings | 118 | 361 | 577 | — | — | S100O46H, S100THGP |
| Bonds | 62 | 23 | 9 | — | — | S100O46H, S100THGP |
| Interest-bearing debt | — | — | 603 | — | — | 算出 |
| Total liabilities | 995 | 1,680 | 2,688 | 4,031 | 6,306 | S100O46H, S100VTC5, S100Y6J0 |
| Equity attributable to owners of parent | 2,906 | 3,762 | 4,251 | 4,572 | 7,719 | S100O46H, S100VTC5, S100Y6J0 |
| Retained earnings | 1,765 | 2,575 | 3,736 | 5,535 | 7,993 | S100O46H, S100VTC5, S100Y6J0 |
| Treasury stock | — | -0 | -700 | -2,691 | -2,304 | S100VTC5, S100Y6J0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100Y6J0 |
| Property, plant and equipment | 2% | S100Y6J0 |
| Intangibles and goodwill | 35% | — |
| Other assets | 32% | S100Y6J0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100Y6J0 |
| Equity | 55% | S100Y6J0 |
| Other liabilities | 0% | S100Y6J0 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,901 | 5,442 | 6,939 | 8,603 | 14,025 |
| Equity | 2,906 | 3,762 | 4,251 | 4,572 | 7,719 |
| Interest-bearing debt | — | — | 603 | — | — |
| Cash | 2,984 | 3,926 | 4,250 | 3,486 | 4,371 |

## 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) | 1.7% | S100Y6J0 |
| Fixed assets ÷ total assets | 2.1% | S100Y6J0 |
| Goodwill ÷ parent equity | 63.9% | S100Y6J0 |

### 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) | 31.2% |
| Cash ÷ revenue | 25.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 84.7% |
| Cash vs. profit gap | 415 JPY mn (of net income 16.9%) |
| 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 | 47.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 13.8% | 1.01× | 13.9% | 1.34× | 18.7% | S100O46H |
| 2023 | 15.1% | 0.96× | 14.6% | 1.45× | 21.1% | S100THGP, S100VTC5 |
| 2024 | 15.8% | 1.18× | 18.8% | 1.54× | 29.0% | S100VTC5 |
| 2025 | 15.4% | 1.50× | 23.2% | 1.76× | 40.8% | S100Y6J0 |
| 2026 | 14.1% | 1.54× | 21.7% | 1.84× | 40.0% | S100Y6J0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 冨 永 重 寛 | Major shareholder | 39.0% | 2026-02-28 |
| 藤 井 和 也 | Major shareholder | 14.5% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.6% | 2026-02-28 |
| 小 林 剛 士 | Major shareholder | 4.2% | 2026-02-28 |
| 程 島 義 明 | Major shareholder | 4.0% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.7% | 2026-02-28 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ３８５８３９ （常任代理人 株式会社みずほ銀行） | Major shareholder | 2.5% | 2026-02-28 |
| ＧＯＶＥＲＮＭＥＮＴ ＯＦ ＮＯＲＷＡＹ（常任代理人 シティバンク・エヌ・エイ東京支店） | Major shareholder | 2.2% | 2026-02-28 |
| 會 田 祐 規 | Major shareholder | 1.1% | 2026-02-28 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ ＭＥＬＬＯＷ １４００４２（常任代理人 株式会社みずほ銀行） | Major shareholder | 0.9% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/03/01－2026/02/28) | S100Y6J0 | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6J0,, |
| 有価証券報告書－第18期(2024/03/01－2025/02/28) | S100VTC5 | 2025-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTC5,, |
| 有価証券報告書－第17期(2023/03/01－2024/02/29) | S100THGP | 2024-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THGP,, |
| 有価証券報告書－第16期(2022/03/01－2023/02/28) | S100QTUD | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTUD,, |
| 有価証券報告書－第15期(令和3年3月1日－令和4年2月28日) | S100O46H | 2022-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O46H,, |

## 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).