# BayCurrent, 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12期(2025/03/01－2026/02/28) (S100Y69G)
> Page: https://vizora.meequs.com/en/company/baycurrent
> Retrieved: 2026-09-30T19:48:27.625Z

## Company

BayCurrent, founded in 2014, is a company in Consulting listed on TSE Prime. It has 6,788 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BayCurrent, Inc. |
| Ticker | 6532 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6532.T) |
| Listing | TSE Prime |
| Head office | 東京都港区麻布台一丁目3番1号 |
| Representative (per filing) | 代表取締役会長兼社長 阿部 義之 |
| Founded | Apr 2014 |
| Share capital | ¥282M |
| Employees (consolidated) | 6,788 |
| Average salary (parent only) | ¥13.3M |
| Fiscal year end | February |
| Website | www.baycurrent.co.jp (https://www.baycurrent.co.jp/) |
| Corporate number | 7010401111553 |
| EDINET | E32549 |
| Industries (Vizora) | Consulting |

> Profile source: annual securities report (S100Y69G, filed 2026-05-26). As of filing

## Five-axis industry profile

Primary industry: Consulting (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 92 | 44 |
| Cash conversion | 35.2 | 44 |
| Efficiency | 30.7 | 44 |

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)

- BayCurrent brought in ¥148.3B in revenue.
- Out of every ¥100 of sales, about ¥34 is left as operating profit.
- Revenue changed +27.8% from the prior year, operating profit +19.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥148332000000 → ¥37840000000
- Net income → operating cash flow: ¥37840000000 → ¥37616000000（difference ¥-224000000）
- Main uses of operating cash flow: CapEx ¥2645000000 / dividends ¥13218000000 / buybacks ¥3006000000
- Change in cash: ¥11756000000
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 | ¥148.3B |  |
| Operating income | ¥50.9B | Margin 34.3% |
| Net income | ¥37.8B | Margin 25.5% |
| Free cash flow | ¥35B |  |
| Employees (consolidated) | 6,788 |  |
| EPS | ¥249.16 |  |
| Book value per share | ¥400.53 |  |
| Equity ratio | 74.3% | Derived from disclosed figures |
| Shares outstanding | 155,411,410 |  |
| Treasury shares | 3,557,200 |  |
| Shareholders | 13,827 |  |
| Average salary (parent only) | ¥13.3M | Filing company only |
| Cash ratio | 45.9% | Cash ÷ revenue 48.7% |
| Vs. industry median margin | +24.8 pp | Consulting |
| ROE | 35.8% | Derived from disclosed figures |
| ROA | 26.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating income keeps 34 per ¥100 of revenue
- FY2026, cash is 46% of total assets

## What changed in 3 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Feb 2023 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥76090000000 | ¥148332000000 | — |
| Employees | 3,310 people | 6,788 people | — |
| Cash and equivalents | ¥36606000000 | ¥72308000000 | — |

### Change in segment revenue mix

Span: FY ending Feb 2023 → 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 | 148,332 | 100.0% | S100Y69G |
| Cost of revenue | 64,346 | 43.4% | S100Y69G |
| Gross profit | 83,986 | 56.6% | S100Y69G |
| SG&A | 33,069 | 22.3% | S100Y69G |
| Operating income | 50,931 | 34.3% | S100Y69G |
| Pretax income | 50,988 | 34.4% | S100Y69G |
| Income tax | 13,148 | 8.9% | S100Y69G |
| Net income | 37,840 | 25.5% | S100Y69G |
| Net income attributable to owners | 37,840 | 25.5% | S100Y69G |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 44 |
| SG&A | 22 |
| Operating income | 34 |
| (Ref.) Net income | 26 |

### Margin funnel

Gross margin 56.6% → Operating margin 34.3% → Net margin 25.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +27.8%; Core profit growth: +19.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.70×
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 | 116,056 | 148,332 | 32,276 | +27.8% |
| Gross profit | 62,455 | 83,986 | 21,531 | +34.5% |
| Operating income | 42,615 | 50,931 | 8,316 | +19.5% |
| Net income attributable to owners | 30,760 | 37,840 | 7,080 | +23.0% |
| Operating cash flow | 32,648 | 37,616 | 4,968 | +15.2% |
| Free cash flow | 31,782 | 34,971 | 3,189 | +10.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2021 | 42,873 | — | — | 10,014 | 12,135 | — | S100VTPA |
| FY ending Feb 2021 | 42,873 | 13,551 | 31.6% | 10,014 | 12,135 | 11,931 | S100NXKY |
| FY ending Feb 2022 | 57,642 | 21,518 | 37.3% | 15,544 | 16,018 | 15,943 | S100Q8UT |
| FY ending Feb 2022 | 57,642 | — | — | 15,544 | 16,018 | — | S100Y69G |
| FY ending Feb 2023 | 76,090 | — | — | 21,910 | 21,635 | — | S100Y69G |
| FY ending Feb 2023 | 76,090 | 29,916 | 39.3% | 21,910 | 21,635 | 21,249 | S100TI4B |
| FY ending Feb 2024 | 93,909 | 34,219 | 36.4% | 25,382 | 24,348 | 20,716 | S100TI4B |
| FY ending Feb 2024 | 93,909 | 34,219 | 36.4% | 25,382 | 24,348 | 20,716 | S100VTPA |
| FY ending Feb 2025 | 116,056 | 42,615 | 36.7% | 30,760 | 32,648 | 31,782 | S100Y69G |
| FY ending Feb 2026 | 148,332 | 50,931 | 34.3% | 37,840 | 37,616 | 34,971 | S100Y69G |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.9M |
| Operating income per employee (consolidated) | ¥7.5M |
| Net income per employee (consolidated) | ¥5.6M |

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

| History | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 3,310 | 4,321 | 4,321 | 5,467 | 6,788 |
| Average salary (parent company) | ¥11.2M | ¥10.7M | — | ¥13.5M | ¥13.3M |
| Average age (parent company) | 32.1 years | 31.4 years | — | 31.2 years | 31.3 years |
| Average tenure (parent company) | 3.5 years | 3.2 years | — | 4.0 years | 3.8 years |

Year over year: Employees (consolidated) +24.2% · Revenue (consolidated) +27.8%

## 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 | 37,616 | 25.4% | S100Y69G |
| Capital expenditure | 2,645 | 1.8% | S100Y69G |
| Free cash flow | 34,971 | 23.6% | 算出 |
| Investing cash flow | -6,508 | -4.4% | S100Y69G |
| Financing cash flow | -19,352 | -13.0% | S100Y69G |
| Dividends paid | 13,218 | 8.9% | S100Y69G |
| Share buyback | 3,006 | 2.0% | S100Y69G |
| Change in cash | 11,756 | 7.9% | S100Y69G |
| Cash and equivalents | 72,308 | 48.7% | S100Y69G |

## 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 2023 | FY ending Feb 2024 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 36,606 | 45,778 | 45,778 | 60,552 | 72,308 | S100TI4B, S100Y69G |
| Total assets | 75,265 | 99,883 | 99,883 | 124,665 | 157,485 | S100TI4B, S100VTPA, S100Y69G |
| Net assets | 57,341 | 74,127 | 74,127 | 94,401 | 117,038 | S100TI4B, S100Y69G |
| Share capital | 282 | 282 | 282 | 282 | 282 | S100TI4B, S100VTPA, S100Y69G |
| Property, plant and equipment | 1,621 | 11,949 | 11,949 | 11,620 | 13,631 | S100TI4B, S100VTPA, S100Y69G |
| Intangible assets excluding goodwill | 10,673 | 9,743 | — | — | — | S100TI4B |
| Goodwill | 19,187 | 19,187 | 19,187 | 19,187 | 19,187 | S100TI4B, S100VTPA, S100Y69G |
| Current assets | 49,705 | 64,011 | 64,011 | 88,599 | 114,292 | S100TI4B, S100VTPA, S100Y69G |
| Current liabilities | 13,547 | 15,316 | — | — | — | S100TI4B |
| Long-term borrowings | 2,363 | 1,313 | — | — | — | S100TI4B |
| Total liabilities | 17,924 | 25,756 | 25,756 | 30,264 | 40,447 | S100TI4B, S100VTPA, S100Y69G |
| Equity attributable to owners of parent | 50,421 | 66,487 | 74,127 | 94,401 | 117,038 | S100TI4B, S100VTPA, S100Y69G |
| Retained earnings | 52,382 | 71,489 | 71,489 | 94,624 | 119,245 | S100TI4B, S100VTPA, S100Y69G |
| Treasury stock | -3,114 | -5,834 | -5,834 | -8,574 | -11,025 | S100TI4B, S100VTPA, S100Y69G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 46% | S100Y69G |
| Property, plant and equipment | 9% | S100Y69G |
| Intangibles and goodwill | 12% | — |
| Other assets | 33% | S100Y69G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 26% | S100Y69G |
| Equity | 74% | S100Y69G |

### Balance sheet history

| Metric | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 75,265 | 99,883 | 99,883 | 124,665 | 157,485 |
| Equity | 57,341 | 74,127 | 74,127 | 94,401 | 117,038 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 36,606 | 45,778 | 45,778 | 60,552 | 72,308 |

## 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) | 9.2% | S100Y69G |
| Fixed assets ÷ total assets | 8.7% | S100Y69G |
| Goodwill ÷ parent equity | 16.4% | S100Y69G |

### 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) | 45.9% |
| Cash ÷ revenue | 48.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 73.9% |
| Cash vs. profit gap | -224 JPY mn (of net income -0.6%) |
| Shareholder returns / net income | 42.9% |
| Shareholder returns / FCF | 46.4% |
| Shareholder payments — dividends / net income | 34.9% |
| Shareholder payments — dividends / FCF | 37.8% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 17.3% |

## 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 | 28.8% | 1.01× | 29.1% | 1.49× | 43.5% | S100TI4B |
| 2024 | 27.0% | 1.07× | 29.0% | 1.50× | 43.4% | S100TI4B |
| 2024 | 27.0% | 0.94× | 25.4% | 1.35× | 34.2% | S100VTPA |
| 2025 | 26.5% | 1.03× | 27.4% | 1.33× | 36.5% | S100Y69G |
| 2026 | 25.5% | 1.05× | 26.8% | 1.33× | 35.8% | S100Y69G |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 24.4% | 2026-02-28 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 10.6% | 2026-02-28 |
| 江口 新 | Major shareholder | 5.3% | 2026-02-28 |
| MSIP CLIENT SECURITIES(常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社) | Major shareholder | 3.6% | 2026-02-28 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 3.3% | 2026-02-28 |
| STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02 505002(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.8% | 2026-02-28 |
| STATE STREET BANK AND TRUST COMPANY 505103(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.0% | 2026-02-28 |
| 萩平 和巳 | Major shareholder | 1.9% | 2026-02-28 |
| BNYM AS AGT/CLTS NON TREATY JASDEC(常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 1.5% | 2026-02-28 |
| HSBC BANK PLC (UK) A/C CLIENTS RE UCIT5 JAPAN OMNIBUS TREATY(常任代理人 香港上海銀行東京支店セキュリティーズ・サービシズ・オペレーションズ) | Major shareholder | 1.4% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/03/01－2026/02/28) | S100Y69G | 2026-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y69G,, |
| 有価証券報告書－第11期(2024/03/01－2025/02/28) | S100VTPA | 2025-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTPA,, |
| 有価証券報告書－第10期(2023/03/01－2024/02/29) | S100TI4B | 2024-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TI4B,, |
| 有価証券報告書－第9期(2022/03/01－2023/02/28) | S100Q8UT | 2023-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q8UT,, |
| 有価証券報告書－第8期(令和3年3月1日－令和4年2月28日) | S100NXKY | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NXKY,, |
| 有価証券報告書－第7期(令和2年3月1日－令和3年2月28日) | S100LE04 | 2021-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LE04,, |

## 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).