# Beaglee 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) (S100XUQE)
> Page: https://vizora.meequs.com/en/company/beaglee
> Retrieved: 2026-09-30T22:08:15.105Z

## Company

Beaglee, founded in 2013, is a company in Publishing & Bookstores listed on TSE Standard. It has 227 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Beaglee Inc. |
| Ticker | 3981 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3981.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区永田町二丁目13番10号 |
| Representative (per filing) | 代表取締役社長 吉田仁平 |
| Founded | Nov 2013 |
| Share capital | ¥1.91B |
| Employees (consolidated) | 227 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | December |
| Website | www.beaglee.com (https://www.beaglee.com/) |
| Corporate number | 3010401109114 |
| EDINET | E32992 |
| Industries (Vizora) | Publishing & Bookstores |

> Profile source: annual securities report (S100XUQE, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Publishing & Bookstores (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 85.3 | 17 |
| Profitability | 71.1 | 19 |
| Cash conversion | 65.6 | 16 |
| Efficiency | 50 | 19 |

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 63% of Beaglee's sales come from Platform segment, with Contents segment making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -9.4% from the prior year, operating profit -23.4%.

## Company structure

- Segment revenue mix: Platform segment 63.2%、Contents segment 36.8%
- Revenue → net income: ¥16720153000 → ¥683683000
- Net income → operating cash flow: ¥683683000 → ¥1539397000（difference ¥855714000）
- Main uses of operating cash flow: CapEx ¥272231000 / dividends ¥128052000 / buybacks —
- Change in cash: ¥175271000
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 | ¥16.7B |  |
| Operating income | ¥1.37B | Margin 8.2% |
| Net income | ¥683.7M | Margin 4.1% |
| Free cash flow | ¥1.27B |  |
| Largest business | Platform segment | of segment revenue 63.2% |
| Employees (consolidated) | 227 |  |
| EPS | ¥119.8 |  |
| Diluted EPS | ¥119.51 |  |
| Book value per share | ¥988.59 |  |
| Equity ratio | 48.6% |  |
| Shares outstanding | 6,301,986 |  |
| Treasury shares | 713,600 |  |
| Shareholders | 4,170 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 32.0% | Cash ÷ revenue 31.7% |
| Vs. industry median margin | +2.7 pp | Publishing & Bookstores |
| ROE | 8.8% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.3× net income
- FY2025, one segment accounts for 68% of positive segment profit
- FY2025, segment profit share differs by -32 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12378124000 | ¥16720153000 | +35.1% |
| Operating income | ¥1104468000 | ¥1368394000 | +23.9% |
| Operating margin | 8.9% | 8.2% | -0.7 pp |
| Employees | 199 people | 227 people | +14.1% |
| Cash and equivalents | ¥3230336000 | ¥5293996000 | +63.9% |

### 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 |
| --- | ---: |
| プラットフォームセグメント → プラットフォームセグメント | 63.2% |
| プラットフォームセグメント → 事業再編・廃止 | 26.5% |
| コンテンツセグメント → コンテンツセグメント | 10.3% |
| 新設・再編 → コンテンツセグメント | 26.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,720 | 100.0% | S100XUQE |
| Cost of revenue | 11,013 | 65.9% | S100XUQE |
| Gross profit | 5,707 | 34.1% | S100XUQE |
| SG&A | 4,339 | 25.9% | S100XUQE |
| Operating income | 1,368 | 8.2% | S100XUQE |
| Ordinary income | 1,320 | 7.9% | S100XUQE |
| Pretax income | 1,286 | 7.7% | S100XUQE |
| Income tax | 602 | 3.6% | S100XUQE |
| Net income | 684 | 4.1% | S100XUQE |
| Net income attributable to owners | 684 | 4.1% | S100XUQE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 26 |
| Operating income | 8 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 34.1% → Operating margin 8.2% → Net margin 4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -9.4%; Core profit growth: -23.4%
Operating leverage (core profit growth ÷ revenue growth): 2.50×
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 | 18,447 | 16,720 | -1,727 | -9.4% |
| Gross profit | 6,341 | 5,707 | -634 | -10.0% |
| Operating income | 1,787 | 1,368 | -419 | -23.4% |
| Net income attributable to owners | 1,304 | 684 | -620 | -47.6% |
| Operating cash flow | 2,342 | 1,539 | -802 | -34.3% |
| Free cash flow | 2,162 | 1,267 | -895 | -41.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 12,378 | 1,104 | 8.9% | 452 | 902 | 484 | S100PUTB |
| FY ending Dec 2021 | 18,637 | 1,345 | 7.2% | 445 | 1,574 | 1,203 | S100QHT0 |
| FY ending Dec 2022 | 18,713 | 1,756 | 9.4% | 665 | 2,379 | 2,134 | S100T542 |
| FY ending Dec 2023 | 19,081 | 1,497 | 7.8% | 689 | 1,860 | 1,686 | S100VHVP |
| FY ending Dec 2024 | 18,447 | 1,787 | 9.7% | 1,304 | 2,342 | 2,162 | S100XUQE |
| FY ending Dec 2025 | 16,720 | 1,368 | 8.2% | 684 | 1,539 | 1,267 | S100XUQE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥73.7M |
| Operating income per employee (consolidated) | ¥6M |
| Net income per employee (consolidated) | ¥3M |

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) | 197 | 197 | 207 | 213 | 227 |
| Average salary (parent company) | ¥5.6M | ¥5.6M | ¥6M | ¥6.2M | ¥6.2M |
| Average age (parent company) | 34.5 years | 35.1 years | 35.2 years | 35.7 years | 36.2 years |
| Average tenure (parent company) | 5.0 years | 5.2 years | 5.5 years | 5.7 years | 5.2 years |

Year over year: Employees (consolidated) +6.6% · Revenue (consolidated) -9.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Platform segment | 10,572 | 63.2% | 432 | 4.1% |
| Contents segment | 6,148 | 36.8% | 936 | 15.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Platform segment | 63.2% | 31.6% | -31.6 | 4.1% |
| Contents segment | 36.8% | 68.4% | 31.6 | 15.2% |

Segment → industry: Contents segment → Publishing & Bookstores / Platform segment → Publishing & Bookstores

## 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 | 1,539 | 9.2% | S100XUQE |
| Capital expenditure | 272 | 1.6% | S100XUQE |
| Free cash flow | 1,267 | 7.6% | 算出 |
| Investing cash flow | -222 | -1.3% | S100XUQE |
| Financing cash flow | -1,142 | -6.8% | S100XUQE |
| Dividends paid | 128 | 0.8% | S100XUQE |
| Change in cash | 175 | 1.0% | S100XUQE |
| Cash and equivalents | 5,294 | 31.7% | S100XUQE |

## 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 | 3,545 | 4,218 | 4,825 | 5,119 | 5,294 | S100T542, S100VHVP, S100XUQE |
| Total assets | 19,458 | 19,040 | 18,385 | 17,295 | 16,557 | S100QHT0, S100T542, S100VHVP, S100XUQE |
| Net assets | 5,672 | 6,315 | 6,953 | 7,487 | 8,064 | S100T542, S100VHVP, S100XUQE |
| Share capital | 1,883 | 1,893 | 1,901 | 1,906 | 1,911 | S100QHT0, S100T542, S100VHVP, S100XUQE |
| Trade receivables | 4,372 | — | — | — | — | S100QHT0 |
| Property, plant and equipment | 62 | 67 | 67 | 63 | 131 | S100QHT0, S100T542, S100VHVP, S100XUQE |
| Intangible assets excluding goodwill | 11,004 | 9,982 | 9,142 | 8,338 | 7,584 | S100QHT0, S100T542, S100VHVP, S100XUQE |
| Goodwill | 9,590 | 8,919 | 8,328 | 7,738 | 7,147 | S100QHT0, S100T542, S100VHVP, S100XUQE |
| Current assets | 8,176 | 8,808 | 9,009 | 8,580 | 8,624 | S100QHT0, S100T542, S100VHVP, S100XUQE |
| Current liabilities | 8,036 | 8,677 | 8,467 | 8,023 | 7,728 | S100QHT0, S100T542, S100VHVP, S100XUQE |
| Trade payables | 3,057 | 3,311 | 3,437 | 3,229 | 3,090 | S100QHT0, S100T542, S100VHVP, S100XUQE |
| Short-term borrowings | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | S100QHT0, S100T542, S100VHVP, S100XUQE |
| Long-term borrowings | 5,425 | 3,825 | 2,805 | 1,785 | 765 | S100QHT0, S100T542, S100VHVP, S100XUQE |
| Total liabilities | 13,787 | 12,725 | 11,432 | 9,808 | 8,493 | S100QHT0, S100T542, S100VHVP, S100XUQE |
| Equity attributable to owners of parent | 5,672 | 6,315 | 6,953 | 7,481 | 8,050 | S100QHT0, S100T542, S100VHVP, S100XUQE |
| Retained earnings | 2,268 | 2,885 | 3,501 | 4,713 | 5,268 | S100QHT0, S100T542, S100VHVP, S100XUQE |
| Treasury stock | -363 | -357 | -350 | -1,044 | -1,040 | S100QHT0, S100T542, S100VHVP, S100XUQE |

### 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 | 19,458 | 19,040 | 18,385 | 17,295 | 16,557 |
| Equity | 5,672 | 6,315 | 6,953 | 7,487 | 8,064 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,545 | 4,218 | 4,825 | 5,119 | 5,294 |

## 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% | S100XUQE |
| Fixed assets ÷ total assets | 0.8% | S100XUQE |
| Goodwill ÷ parent equity | 88.8% | S100XUQE |

Goodwill over 4 years: 9,590 → 7,147 JPY; total investing cash flow: -1,216 JPY. This does not imply causation.

### 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) | 32.0% |
| Cash ÷ revenue | 31.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 112.5% |
| Cash vs. profit gap | 856 JPY mn (of net income 125.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 18.7% |
| Shareholder payments — dividends / FCF | 10.1% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 14.4% |

## 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 | 2.4% | 0.96× | 2.3% | 3.43× | 7.8% | S100QHT0 |
| 2022 | 3.6% | 0.97× | 3.5% | 3.21× | 11.1% | S100T542 |
| 2023 | 3.6% | 1.02× | 3.7% | 2.82× | 10.4% | S100VHVP |
| 2024 | 7.1% | 1.03× | 7.3% | 2.47× | 18.1% | S100XUQE |
| 2025 | 4.1% | 0.99× | 4.0% | 2.18× | 8.8% | S100XUQE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本テレビ放送網株式会社 | Major shareholder | 27.1% | 2025-12-31 |
| 株式会社小学館 | Major shareholder | 9.7% | 2025-12-31 |
| ＨＡＩＴＯＮＧ ＩＮＴ ＳＥＣ－ＣＬ ＡＣ－１５．３１５（ＰＥＲＣＥＮＴＡＧＥ） （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 6.3% | 2025-12-31 |
| 吉田 仁平 | Major shareholder | 6.2% | 2025-12-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 5.1% | 2025-12-31 |
| 大和証券株式会社 | Major shareholder | 3.7% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.4% | 2025-12-31 |
| 光通信株式会社 | Major shareholder | 1.1% | 2025-12-31 |
| 山下 良久 | Major shareholder | 1.0% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2025/01/01－2025/12/31) | S100XUQE | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUQE,, |
| 有価証券報告書－第12期(2024/01/01－2024/12/31) | S100VHVP | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHVP,, |
| 有価証券報告書－第11期(2023/01/01－2023/12/31) | S100T542 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T542,, |
| 有価証券報告書－第10期(2022/01/01－2022/12/31) | S100QHT0 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHT0,, |
| 訂正有価証券報告書－第9期(令和3年1月1日－令和3年12月31日) | S100PUTB | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUTB,, |
| 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) | S100L2UU | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2UU,, |

## 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).