# BEING HOLDINGS CO., LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第40期(2025/01/01－2025/12/31) (S100Y37Z)
> Page: https://vizora.meequs.com/en/company/being-group
> Retrieved: 2026-09-30T19:42:05.213Z

## Company

Being Holdings, founded in 1986, is a company in Warehouses & Logistics Facilities listed on TSE Standard. It has 1,012 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BEING HOLDINGS CO., LTD. |
| Ticker | 9145 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9145.T) |
| Listing | TSE Standard |
| Head office | 石川県金沢市専光寺町レ3番地18 |
| Representative (per filing) | 代表取締役社長 喜多 甚一 |
| Founded | Sep 1986 |
| Share capital | ¥696M |
| Employees (consolidated) | 1,012 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | December |
| Website | being-group.jp (https://being-group.jp/) |
| Corporate number | 8220001007865 |
| EDINET | E36140 |
| Industries (Vizora) | Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100Y37Z, filed 2026-05-12). As of filing

## Five-axis industry profile

Primary industry: Warehouses & Logistics Facilities (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.2 | 37 |
| Profitability | 73.1 | 39 |
| Cash conversion | 14.5 | 38 |
| Efficiency | 96.2 | 39 |

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)

- Being Holdings brought in ¥33.5B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +11.0% from the prior year, operating profit +2.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥33515000000 → ¥1579000000
- Net income → operating cash flow: ¥1579000000 → ¥2213000000（difference ¥634000000）
- Main uses of operating cash flow: CapEx ¥2023000000 / dividends ¥373000000 / buybacks ¥0
- Change in cash: ¥-166000000
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 | ¥33.5B |  |
| Operating income | ¥2.3B | Margin 6.9% |
| Net income | ¥1.4B | Margin 4.2% |
| Free cash flow | ¥190M |  |
| Employees (consolidated) | 1,012 |  |
| EPS | ¥31.29 |  |
| Book value per share | ¥172.09 |  |
| Equity ratio | 40.1% |  |
| Shares outstanding | 24,100,000 |  |
| Treasury shares | 700 |  |
| Shareholders | 1,427 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 22.7% | Cash ÷ revenue 13.7% |
| Vs. industry median margin | +1.1 pp | Warehouses & Logistics Facilities |
| ROE | 18.5% | Derived from disclosed figures |
| ROA | 7.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18390000000 | ¥33515000000 | +82.2% |
| Operating income | ¥755000000 | ¥2304000000 | +205.2% |
| Operating margin | 4.1% | 6.9% | +2.8 pp |
| Employees | 874 people | 1,012 people | +15.8% |
| Cash and equivalents | ¥4279000000 | ¥4607000000 | +7.7% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 33,515 | 100.0% | S100Y37Z |
| SG&A | 1,477 | 4.4% | S100Y37Z |
| Operating income | 2,304 | 6.9% | S100Y37Z |
| Ordinary income | 2,266 | 6.8% | S100Y37Z |
| Pretax income | 2,269 | 6.8% | S100Y37Z |
| Income tax | 689 | 2.1% | S100Y37Z |
| Net income | 1,579 | 4.7% | S100Y37Z |
| Net income attributable to owners | 1,402 | 4.2% | S100Y37Z |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 93 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Operating margin 6.9% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.0%; Core profit growth: +2.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.25×
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 | 30,190 | 33,515 | 3,325 | +11.0% |
| Operating income | 2,243 | 2,304 | 61 | +2.7% |
| Net income attributable to owners | 1,374 | 1,402 | 28 | +2.0% |
| Operating cash flow | 2,466 | 2,213 | -253 | -10.3% |
| Free cash flow | 1,664 | 190 | -1,474 | -88.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 16,219 | 540 | 3.3% | 409 | 1,222 | 962 | S100L217 |
| FY ending Dec 2020 | 18,390 | 755 | 4.1% | 470 | 1,074 | 994 | S100NRBE |
| FY ending Dec 2021 | 20,029 | 1,117 | 5.6% | 851 | 1,540 | 289 | S100QH1J |
| FY ending Dec 2022 | 23,022 | 1,301 | 5.7% | 873 | 1,269 | 647 | S100T60H |
| FY ending Dec 2023 | 26,322 | 1,796 | 6.8% | 1,123 | 1,899 | 404 | S100VIM9 |
| FY ending Dec 2024 | 30,190 | 2,243 | 7.4% | 1,374 | 2,466 | 1,664 | S100Y37Z |
| FY ending Dec 2025 | 33,515 | 2,304 | 6.9% | 1,402 | 2,213 | 190 | S100Y37Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.1M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 901 | 897 | 941 | 956 | 1,012 |
| Average salary (parent company) | ¥5.5M | ¥5.7M | ¥5.9M | ¥6.1M | ¥6.6M |
| Average age (parent company) | 45.0 years | 45.6 years | 46.7 years | 46.7 years | 47.2 years |
| Average tenure (parent company) | 9.3 years | 10.7 years | 11.7 years | 11.5 years | 12.5 years |

Year over year: Employees (consolidated) +5.9% · Revenue (consolidated) +11.0%

## 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 | 2,213 | 6.6% | S100Y37Z |
| Capital expenditure | 2,023 | 6.0% | S100Y37Z |
| Free cash flow | 190 | 0.6% | 算出 |
| Investing cash flow | -2,110 | -6.3% | S100Y37Z |
| Financing cash flow | -269 | -0.8% | S100Y37Z |
| Dividends paid | 373 | 1.1% | S100Y37Z |
| Share buyback | 0 | 0.0% | S100Y37Z |
| Change in cash | -166 | -0.5% | S100Y37Z |
| Cash and equivalents | 4,607 | 13.7% | S100Y37Z |

## 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 | 3,782 | 3,587 | 4,049 | 4,774 | 4,607 | S100T60H, S100VIM9, S100Y37Z |
| Total assets | 14,088 | 14,562 | 16,845 | 18,222 | 20,266 | S100QH1J, S100T60H, S100VIM9, S100Y37Z |
| Net assets | 4,300 | 5,105 | 6,209 | 7,498 | 8,662 | S100T60H, S100VIM9, S100Y37Z |
| Share capital | 661 | 677 | 690 | 696 | 696 | S100QH1J, S100T60H, S100VIM9, S100Y37Z |
| Property, plant and equipment | 6,974 | 7,351 | 8,550 | 8,898 | 10,538 | S100QH1J, S100T60H, S100VIM9, S100Y37Z |
| Intangible assets excluding goodwill | 47 | 31 | 16 | 21 | 12 | S100QH1J, S100T60H, S100VIM9, S100Y37Z |
| Current assets | 6,617 | 6,711 | 7,651 | 8,676 | 9,145 | S100QH1J, S100T60H, S100VIM9, S100Y37Z |
| Current liabilities | 5,111 | 5,861 | 7,634 | 6,467 | 6,187 | S100QH1J, S100T60H, S100VIM9, S100Y37Z |
| Short-term borrowings | — | 1,000 | 2,600 | 1,000 | 500 | S100T60H, S100VIM9, S100Y37Z |
| Long-term borrowings | 3,854 | 2,898 | 2,212 | 3,443 | 4,289 | S100QH1J, S100T60H, S100VIM9, S100Y37Z |
| Total liabilities | 9,787 | 9,456 | 10,636 | 10,724 | 11,604 | S100QH1J, S100T60H, S100VIM9, S100Y37Z |
| Non-controlling interests | 151 | 193 | 291 | 395 | 522 | S100QH1J, S100T60H, S100VIM9, S100Y37Z |
| Equity attributable to owners of parent | 4,119 | 4,891 | 5,888 | 7,071 | 8,100 | S100QH1J, S100T60H, S100VIM9, S100Y37Z |
| Retained earnings | 2,844 | 3,585 | 4,555 | 5,727 | 6,755 | S100QH1J, S100T60H, S100VIM9, S100Y37Z |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100QH1J, S100T60H, S100VIM9, S100Y37Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100Y37Z |
| Property, plant and equipment | 52% | S100Y37Z |
| Intangibles and goodwill | 0% | S100Y37Z |
| Other assets | 25% | S100Y37Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100Y37Z |
| Equity | 43% | S100Y37Z |

### 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 | 14,088 | 14,562 | 16,845 | 18,222 | 20,266 |
| Equity | 4,300 | 5,105 | 6,209 | 7,498 | 8,662 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,782 | 3,587 | 4,049 | 4,774 | 4,607 |

## 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) | 31.4% | S100Y37Z |
| Fixed assets ÷ total assets | 52.0% | S100Y37Z |
| Goodwill ÷ parent equity | — | —, S100Y37Z |

### 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) | 22.7% |
| Cash ÷ revenue | 13.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 96.1% |
| Cash vs. profit gap | 811 JPY mn (of net income 57.8%) |
| Shareholder returns / net income | 26.6% |
| Shareholder returns / FCF | 196.3% |
| Shareholder payments — dividends / net income | 26.6% |
| Shareholder payments — dividends / FCF | 196.3% |
| CapEx intensity (capex ÷ revenue) | 6.0% |
| Investing CF relative to operating CF | 95.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.2% | 1.42× | 6.0% | 3.42× | 20.7% | S100QH1J |
| 2022 | 3.8% | 1.61× | 6.1% | 3.18× | 19.4% | S100T60H |
| 2023 | 4.3% | 1.68× | 7.2% | 2.91× | 20.8% | S100VIM9 |
| 2024 | 4.6% | 1.72× | 7.8% | 2.71× | 21.2% | S100Y37Z |
| 2025 | 4.2% | 1.74× | 7.3% | 2.54× | 18.5% | S100Y37Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社喜多商店 | Major shareholder | 47.0% | 2025-12-31 |
| 喜多甚一 | Major shareholder | 11.4% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 5.4% | 2025-12-31 |
| 三菱ＵＦＪｅスマート証券株式会社 | Major shareholder | 3.3% | 2025-12-31 |
| 日本マスタートラスト信託銀行 （信託口） | Major shareholder | 2.5% | 2025-12-31 |
| 田中孝一 | Major shareholder | 2.5% | 2025-12-31 |
| 喜多和行 | Major shareholder | 2.1% | 2025-12-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.6% | 2025-12-31 |
| 高桑和浩 | Major shareholder | 1.5% | 2025-12-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 1.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第40期(2025/01/01－2025/12/31) | S100Y37Z | 2026-05-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y37Z,, |
| 有価証券報告書－第39期(2024/01/01－2024/12/31) | S100VIM9 | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIM9,, |
| 有価証券報告書－第38期(2023/01/01－2023/12/31) | S100T60H | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T60H,, |
| 有価証券報告書－第37期(2022/01/01－2022/12/31) | S100QH1J | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH1J,, |
| 有価証券報告書－第36期(令和3年1月1日－令和3年12月31日) | S100NRBE | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRBE,, |
| 有価証券報告書－第35期(令和2年1月1日－令和2年12月31日) | S100L217 | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L217,, |

## 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).