# Bell-Park Co.,Ltd.: 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33期(2025/01/01－2025/12/31) (S100XT5G)
> Page: https://vizora.meequs.com/en/company/bell-park
> Retrieved: 2026-09-30T21:01:41.576Z

## Company

Bell-Park, founded in 1993, is a company in Electronics Retailers listed on TSE Standard. It has 2,108 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Bell-Park Co.,Ltd. |
| Ticker | 9441 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9441.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区平河町一丁目4番12号 |
| Representative (per filing) | 代表取締役社長 西川 健土 |
| Founded | Feb 1993 |
| Share capital | ¥1.15B |
| Employees (consolidated) | 2,108 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | December |
| Website | www.pronexus.co.jp (https://www.pronexus.co.jp/) |
| Corporate number | 7010001028883 |
| EDINET | E03342 |
| Industries (Vizora) | Electronics Retailers |

> Profile source: annual securities report (S100XT5G, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Electronics Retailers (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 80.8 | 13 |
| Profitability | 60.7 | 14 |
| Cash conversion | 17.9 | 14 |
| Efficiency | 96.4 | 14 |

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)

- Bell-Park brought in ¥129.3B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +11.4% from the prior year, operating profit +37.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥129301029000 → ¥4128557000
- Net income → operating cash flow: ¥4128557000 → ¥4654587000（difference ¥526030000）
- Main uses of operating cash flow: CapEx ¥118886000 / dividends ¥991513000 / buybacks ¥10339002000
- Change in cash: ¥-6782937000
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 | ¥129.3B |  |
| Operating income | ¥5.88B | Margin 4.5% |
| Net income | ¥4.13B | Margin 3.2% |
| Free cash flow | ¥4.54B |  |
| Employees (consolidated) | 2,108 |  |
| EPS | ¥288.35 |  |
| Book value per share | ¥2141.44 |  |
| Equity ratio | 61.8% |  |
| Shares outstanding | 12,240,712 |  |
| Shareholders | 4,048 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 30.8% | Cash ÷ revenue 10.4% |
| Vs. industry median margin | +1.2 pp | Electronics Retailers |
| ROE | 13.5% | Derived from disclosed figures |
| ROA | 8.8% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 10.4× dividends
- FY2025, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥98843080000 | ¥129301029000 | +30.8% |
| Operating income | ¥5052632000 | ¥5880182000 | +16.4% |
| Operating margin | 5.1% | 4.5% | -0.6 pp |
| Employees | 1,855 people | 2,108 people | +13.6% |
| Cash and equivalents | ¥22042949000 | ¥13424252000 | -39.1% |

### 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 | 129,301 | 100.0% | S100XT5G |
| Cost of revenue | 98,117 | 75.9% | S100XT5G |
| Gross profit | 31,184 | 24.1% | S100XT5G |
| SG&A | 25,304 | 19.6% | S100XT5G |
| Operating income | 5,880 | 4.5% | S100XT5G |
| Ordinary income | 6,017 | 4.7% | S100XT5G |
| Pretax income | 5,911 | 4.6% | S100XT5G |
| Income tax | 1,783 | 1.4% | S100XT5G |
| Net income | 4,129 | 3.2% | S100XT5G |
| Net income attributable to owners | 4,129 | 3.2% | S100XT5G |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 20 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 24.1% → Operating margin 4.5% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.4%; Core profit growth: +37.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.32×
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 | 116,039 | 129,301 | 13,262 | +11.4% |
| Gross profit | 26,911 | 31,184 | 4,273 | +15.9% |
| Operating income | 4,264 | 5,880 | 1,616 | +37.9% |
| Net income attributable to owners | 3,177 | 4,129 | 951 | +29.9% |
| Operating cash flow | 3,411 | 4,655 | 1,243 | +36.5% |
| Free cash flow | 3,299 | 4,536 | 1,237 | +37.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 103,304 | 4,376 | 4.2% | 3,041 | 8,585 | 8,196 | S100L0DD |
| FY ending Dec 2020 | 98,843 | 5,053 | 5.1% | 3,620 | 2,426 | 2,020 | S100NPJ9 |
| FY ending Dec 2021 | 107,282 | 4,678 | 4.4% | 3,277 | 3,673 | 3,259 | S100QFC0 |
| FY ending Dec 2022 | 102,779 | 3,535 | 3.4% | 2,522 | 73 | -163 | S100T3B3 |
| FY ending Dec 2023 | 115,485 | 3,531 | 3.1% | 2,381 | 5,152 | 4,884 | S100VGNP |
| FY ending Dec 2024 | 116,039 | 4,264 | 3.7% | 3,177 | 3,411 | 3,299 | S100XT5G |
| FY ending Dec 2025 | 129,301 | 5,880 | 4.5% | 4,129 | 4,655 | 4,536 | S100XT5G |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥61.3M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥2M |

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) | 1,883 | 1,829 | 1,897 | 2,001 | 2,108 |
| Average salary (parent company) | ¥4.8M | ¥4.8M | ¥5M | ¥5.2M | ¥5.3M |
| Average age (parent company) | 31.4 years | 32.1 years | 32.3 years | 32.4 years | 32.7 years |
| Average tenure (parent company) | 5.8 years | 6.3 years | 6.6 years | 6.7 years | 6.9 years |

Year over year: Employees (consolidated) +5.3% · Revenue (consolidated) +11.4%

## 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 | 4,655 | 3.6% | S100XT5G |
| Capital expenditure | 119 | 0.1% | S100XT5G |
| Free cash flow | 4,536 | 3.5% | 算出 |
| Investing cash flow | -87 | -0.1% | S100XT5G |
| Financing cash flow | -11,351 | -8.8% | S100XT5G |
| Dividends paid | 992 | 0.8% | S100XT5G |
| Share buyback | 10,339 | 8.0% | S100XT5G |
| Change in cash | -6,783 | -5.2% | S100XT5G |
| Cash and equivalents | 13,424 | 10.4% | S100XT5G |

## 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 | 18,332 | 17,617 | 19,722 | 20,207 | 13,424 | S100T3B3, S100VGNP, S100XT5G |
| Total assets | 43,367 | 43,624 | 47,535 | 50,664 | 43,598 | S100QFC0, S100T3B3, S100VGNP, S100XT5G |
| Net assets | 28,771 | 30,341 | 31,924 | 34,167 | 26,951 | S100T3B3, S100VGNP, S100XT5G |
| Share capital | 1,148 | 1,148 | 1,148 | 1,148 | 1,148 | S100QFC0, S100T3B3, S100VGNP, S100XT5G |
| Property, plant and equipment | 2,100 | 2,121 | 1,944 | 1,727 | 1,600 | S100QFC0, S100T3B3, S100VGNP, S100XT5G |
| Intangible assets excluding goodwill | 530 | 255 | 119 | 68 | 43 | S100QFC0, S100T3B3, S100VGNP, S100XT5G |
| Goodwill | 436 | 189 | 74 | 32 | 12 | S100QFC0, S100T3B3, S100VGNP, S100XT5G |
| Investment securities | 180 | 158 | 2,227 | 4,076 | 3,970 | S100QFC0, S100T3B3, S100VGNP, S100XT5G |
| Current assets | 37,000 | 37,948 | 40,122 | 41,681 | 34,947 | S100QFC0, S100T3B3, S100VGNP, S100XT5G |
| Current liabilities | 13,807 | 12,611 | 14,841 | 15,776 | 15,902 | S100QFC0, S100T3B3, S100VGNP, S100XT5G |
| Short-term borrowings | 15 | — | — | — | — | S100QFC0 |
| Long-term borrowings | — | — | 90 | 70 | 50 | S100VGNP, S100XT5G |
| Total liabilities | 14,596 | 13,284 | 15,611 | 16,497 | 16,647 | S100QFC0, S100T3B3, S100VGNP, S100XT5G |
| Equity attributable to owners of parent | 28,741 | 30,316 | 31,890 | 34,230 | 27,070 | S100QFC0, S100T3B3, S100VGNP, S100XT5G |
| Retained earnings | 26,331 | 27,907 | 29,480 | 31,821 | 24,319 | S100QFC0, S100T3B3, S100VGNP, S100XT5G |
| Treasury stock | -612 | -612 | -612 | -612 | — | S100QFC0, S100T3B3, S100VGNP, S100XT5G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100XT5G |
| Property, plant and equipment | 4% | S100XT5G |
| Intangibles and goodwill | 0% | S100XT5G |
| Investment securities | 9% | S100XT5G |
| Other assets | 56% | S100XT5G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100XT5G |
| Equity | 62% | S100XT5G |
| Other liabilities | 0% | S100XT5G |

### 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 | 43,367 | 43,624 | 47,535 | 50,664 | 43,598 |
| Equity | 28,771 | 30,341 | 31,924 | 34,167 | 26,951 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,332 | 17,617 | 19,722 | 20,207 | 13,424 |

## 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) | 1.2% | S100XT5G |
| Fixed assets ÷ total assets | 3.7% | S100XT5G |
| Goodwill ÷ parent equity | 0.0% | S100XT5G |

Goodwill over 4 years: 436 → 12 JPY; total investing cash flow: -5,561 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) | 30.8% |
| Cash ÷ revenue | 10.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 79.2% |
| Cash vs. profit gap | 526 JPY mn (of net income 12.7%) |
| Shareholder returns / net income | 274.4% |
| Shareholder returns / FCF | 249.8% |
| Shareholder payments — dividends / net income | 24.0% |
| Shareholder payments — dividends / FCF | 21.9% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 1.9% |

## 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 | 3.1% | 2.47× | 7.6% | 1.51× | 11.4% | S100QFC0 |
| 2022 | 2.5% | 2.36× | 5.8% | 1.47× | 8.5% | S100T3B3 |
| 2023 | 2.1% | 2.53× | 5.2% | 1.47× | 7.7% | S100VGNP |
| 2024 | 2.7% | 2.36× | 6.5% | 1.49× | 9.6% | S100XT5G |
| 2025 | 3.2% | 2.74× | 8.8% | 1.54× | 13.5% | S100XT5G |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社オリーブグラス | Major shareholder | 32.4% | 2025-12-31 |
| 株式会社日本ビジネス開発 | Major shareholder | 10.9% | 2025-12-31 |
| UH Partners 2投資事業有限責任組合 無限責任組合員 株式会社UH Partners 2 | Major shareholder | 7.8% | 2025-12-31 |
| エヌオーアイ投資事業有限責任組合 無限責任組合員 株式会社エヌオーアイ | Major shareholder | 7.8% | 2025-12-31 |
| UH Partners 3投資事業有限責任組合 無限責任組合員 株式会社UH Partners 3 | Major shareholder | 7.8% | 2025-12-31 |
| アイビー投資事業有限責任組合 無限責任組合員 株式会社アイビー | Major shareholder | 7.8% | 2025-12-31 |
| ソフトバンク株式会社 | Major shareholder | 5.9% | 2025-12-31 |
| 西川 猛 | Major shareholder | 3.0% | 2025-12-31 |
| 光通信KK投資事業有限責任組合 無限責任組合員 光通信株式会社 | Major shareholder | 1.8% | 2025-12-31 |
| 高橋 新 | Major shareholder | 1.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第33期(2025/01/01－2025/12/31) | S100XT5G | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT5G,, |
| 有価証券報告書－第32期(2024/01/01－2024/12/31) | S100VGNP | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGNP,, |
| 有価証券報告書－第31期(2023/01/01－2023/12/31) | S100T3B3 | 2024-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3B3,, |
| 有価証券報告書－第30期(2022/01/01－2022/12/31) | S100QFC0 | 2023-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFC0,, |
| 有価証券報告書－第29期(令和3年1月1日－令和3年12月31日) | S100NPJ9 | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPJ9,, |
| 有価証券報告書－第28期(令和2年1月1日－令和2年12月31日) | S100L0DD | 2021-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0DD,, |

## 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).