# BeeX inc.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第10期(2025/03/01－2026/02/28) (S100Y5VS)
> Page: https://vizora.meequs.com/en/company/beex
> Retrieved: 2026-09-30T18:16:43.723Z

## Company

BeeX, founded in 2016, is a company in IT Services & System Integration listed on TSE Growth. It has 256 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BeeX Inc. |
| Ticker | 4270 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4270.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区銀座七丁目14番13号 |
| Representative (per filing) | 代表取締役社長 広木 太 |
| Founded | Mar 2016 |
| Share capital | ¥328.8M |
| Employees (consolidated) | 256 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | February |
| Website | www.beex-inc.com (https://www.beex-inc.com/) |
| Corporate number | 4010001173996 |
| EDINET | E36937 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100Y5VS, filed 2026-05-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 25.8 | 196 |
| Cash conversion | 19.2 | 185 |
| Efficiency | 82.4 | 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)

- BeeX brought in ¥10.6B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +14.8% from the prior year, operating profit -9.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥10626073000 → ¥454338000
- Net income → operating cash flow: ¥454338000 → ¥296809000（difference ¥-157529000）
- Main uses of operating cash flow: CapEx ¥62012000 / dividends — / buybacks —
- Change in cash: ¥296710000
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 | ¥10.6B |  |
| Operating income | ¥592.6M | Margin 5.6% |
| Net income | ¥452.9M | Margin 4.3% |
| Free cash flow | ¥234.8M |  |
| Employees (consolidated) | 256 |  |
| EPS | ¥196.18 |  |
| Diluted EPS | ¥176.66 |  |
| Book value per share | ¥1353.4 |  |
| Equity ratio | 52.8% |  |
| Shares outstanding | 2,251,300 |  |
| Treasury shares | 3,000 |  |
| Shareholders | 791 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 45.5% | Cash ÷ revenue 24.8% |
| Vs. industry median margin | -3.3 pp | IT Services & System Integration |
| ROE | 14.8% | Derived from disclosed figures |
| ROA | 7.8% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 45% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4060437000 | ¥10626073000 | — |
| Operating income | ¥331657000 | ¥592601000 | — |
| Operating margin | 8.2% | 5.6% | -2.6 pp |
| Employees | 115 people | 256 people | — |
| Cash and equivalents | ¥502554000 | ¥2634052000 | — |

### 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, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,626 | 100.0% | S100Y5VS |
| Cost of revenue | 8,819 | 83.0% | S100Y5VS |
| Gross profit | 1,807 | 17.0% | S100Y5VS |
| SG&A | 1,215 | 11.4% | S100Y5VS |
| Operating income | 593 | 5.6% | S100Y5VS |
| Ordinary income | 617 | 5.8% | S100Y5VS |
| Pretax income | 622 | 5.9% | S100Y5VS |
| Income tax | 168 | 1.6% | S100Y5VS |
| Net income | 454 | 4.3% | S100Y5VS |
| Net income attributable to owners | 453 | 4.3% | S100Y5VS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 11 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 17.0% → Operating margin 5.6% → Net margin 4.3%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 9,256 | 10,626 | 1,370 | +14.8% |
| Gross profit | 1,717 | 1,807 | 90 | +5.2% |
| Operating income | 657 | 593 | -64 | -9.8% |
| Operating cash flow | 532 | 297 | -235 | -44.2% |
| Free cash flow | 471 | 235 | -236 | -50.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2021 | 4,060 | 332 | 8.2% | 246 | 58 | -37 | S100O4YK |
| FY ending Feb 2022 | 4,355 | 274 | 6.3% | 191 | 238 | 169 | S100QU75 |
| FY ending Feb 2023 | 5,759 | 403 | 7.0% | 300 | 336 | 279 | S100TIPS |
| FY ending Feb 2024 | 7,700 | 599 | 7.8% | 441 | 785 | 707 | S100VTSI |
| FY ending Feb 2025 | 9,256 | 657 | 7.1% | 499 | 532 | 471 | S100VTSI |
| FY ending Feb 2026 | 10,626 | 593 | 5.6% | 453 | 297 | 235 | S100Y5VS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.5M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 125 | 140 | 166 | 184 | 256 |
| Average salary (parent company) | ¥7.1M | ¥7.4M | ¥7.7M | ¥7.6M | ¥7.8M |
| Average age (parent company) | 40.0 years | 39.8 years | 40.4 years | 40.6 years | 41.2 years |
| Average tenure (parent company) | 2.3 years | 2.8 years | 3.0 years | 3.1 years | 3.5 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 297 | 2.8% | S100Y5VS |
| Capital expenditure | 62 | 0.6% | S100Y5VS |
| Free cash flow | 235 | 2.2% | 算出 |
| Investing cash flow | 83 | 0.8% | S100Y5VS |
| Financing cash flow | -83 | -0.8% | S100Y5VS |
| Change in cash | 297 | 2.8% | S100Y5VS |
| Cash and equivalents | 2,634 | 24.8% | S100Y5VS |

## 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 | 1,021 | 1,163 | 1,870 | 2,337 | 2,634 | S100TIPS, S100VTSI, S100Y5VS |
| Total assets | 2,592 | 3,329 | 4,282 | 5,193 | 5,792 | S100QU75, S100TIPS, S100VTSI, S100Y5VS |
| Net assets | 1,273 | 1,649 | 2,090 | 2,589 | 3,095 | S100TIPS, S100VTSI, S100Y5VS |
| Share capital | 286 | 321 | 321 | 321 | 329 | S100QU75, S100TIPS, S100VTSI, S100Y5VS |
| Property, plant and equipment | 54 | 53 | 52 | 49 | 49 | S100QU75, S100TIPS, S100VTSI, S100Y5VS |
| Intangible assets excluding goodwill | 105 | 122 | 115 | 119 | 122 | S100QU75, S100TIPS, S100VTSI, S100Y5VS |
| Investment securities | 12 | 12 | 12 | 16 | — | S100QU75, S100TIPS, S100VTSI |
| Current assets | 2,328 | 3,039 | 3,987 | 4,885 | 5,521 | S100QU75, S100TIPS, S100VTSI, S100Y5VS |
| Current liabilities | 1,318 | 1,680 | 2,192 | 2,604 | 2,696 | S100QU75, S100TIPS, S100VTSI, S100Y5VS |
| Short-term borrowings | 400 | 200 | 200 | 200 | 200 | S100QU75, S100TIPS, S100VTSI, S100Y5VS |
| Total liabilities | 1,318 | 1,680 | 2,192 | 2,604 | 2,696 | S100QU75, S100TIPS, S100VTSI, S100Y5VS |
| Non-controlling interests | — | — | — | — | 38 | S100Y5VS |
| Equity attributable to owners of parent | 1,273 | 1,649 | 2,090 | 2,589 | 3,058 | S100QU75, S100TIPS, S100VTSI, S100Y5VS |
| Retained earnings | 638 | 944 | 1,385 | 1,885 | 2,338 | S100QU75, S100TIPS, S100VTSI, S100Y5VS |
| Treasury stock | -3 | -3 | -3 | -3 | -3 | S100QU75, S100TIPS, S100VTSI, S100Y5VS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100Y5VS |
| Property, plant and equipment | 1% | S100Y5VS |
| Intangibles and goodwill | 2% | S100Y5VS |
| Other assets | 52% | S100Y5VS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100Y5VS |
| Equity | 53% | S100Y5VS |
| Other liabilities | 0% | S100Y5VS |

### 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 | 2,592 | 3,329 | 4,282 | 5,193 | 5,792 |
| Equity | 1,273 | 1,649 | 2,090 | 2,589 | 3,095 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,021 | 1,163 | 1,870 | 2,337 | 2,634 |

## 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) | 0.5% | S100Y5VS |
| Fixed assets ÷ total assets | 0.9% | S100Y5VS |
| Goodwill ÷ parent equity | — | —, S100Y5VS |

### 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) | 45.5% |
| Cash ÷ revenue | 24.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 50.1% |
| Cash vs. profit gap | -156 JPY mn (of net income -34.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 28.0% |

## 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 | 4.4% | 1.68× | 7.4% | 2.04× | 15.0% | S100QU75 |
| 2023 | 5.2% | 1.95× | 10.1% | 2.03× | 20.5% | S100TIPS |
| 2024 | 5.7% | 2.02× | 11.6% | 2.04× | 23.6% | S100VTSI |
| 2025 | 5.4% | 1.95× | 10.5% | 2.02× | 21.3% | S100VTSI |
| 2026 | 4.3% | 1.83× | 7.8% | 1.89× | 14.8% | S100Y5VS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社テラスカイ | Major shareholder | 62.9% | 2026-02-28 |
| 広木 太 | Major shareholder | 4.8% | 2026-02-28 |
| 株式会社サーバーワークス | Major shareholder | 3.2% | 2026-02-28 |
| 星野 孝平 | Major shareholder | 1.5% | 2026-02-28 |
| 奈良 寿彦 | Major shareholder | 1.4% | 2026-02-28 |
| 楽天証券株式会社共有口 | Major shareholder | 1.1% | 2026-02-28 |
| 速水 裕 | Major shareholder | 1.1% | 2026-02-28 |
| 黒田 典宏 | Major shareholder | 1.0% | 2026-02-28 |
| 三菱ＵＦＪｅスマート証券株式会社 | Major shareholder | 0.8% | 2026-02-28 |
| 上田八木短資株式会社 | Major shareholder | 0.5% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2025/03/01－2026/02/28) | S100Y5VS | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5VS,, |
| 有価証券報告書－第9期(2024/03/01－2025/02/28) | S100VTSI | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTSI,, |
| 有価証券報告書－第8期(2023/03/01－2024/02/29) | S100TIPS | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIPS,, |
| 有価証券報告書－第7期(2022/03/01－2023/02/28) | S100QU75 | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QU75,, |
| 有価証券報告書－第6期(令和3年3月1日－令和4年2月28日) | S100O4YK | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4YK,, |

## 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).