# 株式会社ベルシステム２４ホールディングス: 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) (S100Y5Z2)
> Page: https://vizora.meequs.com/en/company/bell24
> Retrieved: 2026-09-30T19:42:05.746Z

## Company

株式会社ベルシステム24ホールディングス, founded in 1982, is a company in Business Process Outsourcing listed on TSE Prime. It has 2,500 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BELLSYSTEM24 HОLDINGS, INC. |
| Ticker | 6183 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6183.T) |
| Listing | TSE Prime |
| Head office | 東京都港区虎ノ門四丁目1番1号 |
| Representative (per filing) | 代表取締役 社長執行役員CEO 梶原浩 |
| Founded | Sep 1982 |
| Share capital | ¥27.5B |
| Employees (consolidated) | 2,500 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | February |
| Website | www.bell24.co.jp (https://www.bell24.co.jp/) |
| Corporate number | 4010001161381 |
| EDINET | E31896 |
| Industries (Vizora) | Business Process Outsourcing |

> Profile source: annual securities report (S100Y5Z2, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: Business Process Outsourcing (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 19.4 | 18 |
| Profitability | 78.6 | 21 |
| Cash conversion | 55.9 | 17 |
| Efficiency | 16.7 | 21 |

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 100% of 株式会社ベルシステム24ホールディングス's sales come from CRM Business, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +1.5% from the prior year, operating profit +9.2%.

## Company structure

- Segment revenue mix: CRM Business 99.8%、Other 0.2%
- Revenue → net income: ¥145826000000 → ¥8359000000
- Net income → operating cash flow: ¥8359000000 → ¥16533000000（difference ¥8174000000）
- Main uses of operating cash flow: CapEx ¥1025000000 / dividends ¥4437000000 / buybacks ¥0
- Change in cash: ¥202000000
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 | ¥145.8B |  |
| Operating income | ¥12.7B | Margin 8.7% |
| Net income | ¥8.18B | Margin 5.6% |
| Free cash flow | ¥15.5B |  |
| Largest business | CRM Business | of segment revenue 99.8% |
| Employees (consolidated) | 2,500 |  |
| EPS | ¥110.22 |  |
| Diluted EPS | ¥110.06 |  |
| Book value per share | ¥583.31 |  |
| Equity ratio | 43.5% | Derived from disclosed figures |
| Shares outstanding | 74,522,695 |  |
| Treasury shares | 300 |  |
| Shareholders | 13,476 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 4.2% | Cash ÷ revenue 4.9% |
| Vs. industry median margin | +4.8 pp | Business Process Outsourcing |
| ROE | 11.4% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.0× net income
- FY2026, employees -6% while operating income rose 9%
- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥135735000000 | ¥145826000000 | +7.4% |
| Operating income | ¥11799000000 | ¥12652000000 | +7.2% |
| Operating margin | 8.7% | 8.7% | 0 pp |
| Employees | 9,791 people | 2,500 people | -74.5% |
| Cash and equivalents | ¥5518000000 | ¥7194000000 | +30.4% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| CRM事業 → CRM事業 | 99.1% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 0.7% |
| 新設・再編 → CRM事業 | 0.7% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Feb 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 145,826 | 100.0% | S100Y5Z2 |
| Cost of revenue | 118,309 | 81.1% | S100Y5Z2 |
| Gross profit | 27,517 | 18.9% | S100Y5Z2 |
| SG&A | 15,606 | 10.7% | S100Y5Z2 |
| Operating income | 12,652 | 8.7% | S100Y5Z2 |
| Pretax income | 12,290 | 8.4% | S100Y5Z2 |
| Income tax | 3,931 | 2.7% | S100Y5Z2 |
| Net income | 8,359 | 5.7% | S100Y5Z2 |
| Net income attributable to owners | 8,181 | 5.6% | S100Y5Z2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 11 |
| Other operating | -1 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 18.9% → Operating margin 8.7% → Net margin 5.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.5%; Core profit growth: +9.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.95×
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 | 143,607 | 145,826 | 2,219 | +1.5% |
| Gross profit | 25,412 | 27,517 | 2,105 | +8.3% |
| Operating income | 11,587 | 12,652 | 1,065 | +9.2% |
| Net income attributable to owners | 8,003 | 8,181 | 178 | +2.2% |
| Operating cash flow | 17,391 | 16,533 | -858 | -4.9% |
| Free cash flow | 15,713 | 15,508 | -205 | -1.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2017 | 108,916 | — | — | 4,304 | 6,791 | — | S100LEY3 |
| FY ending Feb 2018 | 115,618 | — | — | 5,604 | 8,948 | — | S100O4J4 |
| FY ending Feb 2019 | 121,113 | — | — | 5,397 | 11,981 | — | S100QU5Z |
| FY ending Feb 2020 | 126,663 | 11,105 | 8.8% | 7,006 | 16,717 | 14,906 | S100LEY3 |
| FY ending Feb 2021 | 135,735 | 11,799 | 8.7% | 7,252 | 14,886 | 12,751 | S100O4J4 |
| FY ending Feb 2022 | 146,479 | 13,234 | 9.0% | 8,943 | 16,278 | 14,206 | S100QU5Z |
| FY ending Feb 2023 | 156,054 | 14,917 | 9.6% | 9,330 | 18,172 | 16,401 | S100TH9V |
| FY ending Feb 2024 | 148,717 | 11,479 | 7.7% | 7,545 | 13,587 | 11,391 | S100VUCM |
| FY ending Feb 2025 | 143,607 | 11,587 | 8.1% | 8,003 | 17,391 | 15,713 | S100Y5Z2 |
| FY ending Feb 2026 | 145,826 | 12,652 | 8.7% | 8,181 | 16,533 | 15,508 | S100Y5Z2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥58.3M |
| Operating income per employee (consolidated) | ¥5.1M |
| Net income per employee (consolidated) | ¥3.3M |

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) | 10,461 | 10,920 | 2,965 | 2,672 | 2,500 |
| Average salary (parent company) | ¥6.4M | ¥6.5M | ¥7.1M | ¥6.7M | ¥7M |
| Average age (parent company) | 43.0 years | 43.0 years | 44.0 years | 45.0 years | 46.0 years |
| Average tenure (parent company) | 10.0 years | 10.0 years | 13.0 years | 14.0 years | 15.0 years |

Year over year: Employees (consolidated) -6.4% · Revenue (consolidated) +1.5%

## Segments（FY ending Feb 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| CRM Business | 145,556 | 99.8% | — | — |
| Other | 270 | 0.2% | — | — |

### 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 |
| --- | ---: |
| CRM Business | 99.8% |
| Other | 0.2% |

Segment → industry: CRM Business → Business Process Outsourcing

## 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 | 16,533 | 11.3% | S100Y5Z2 |
| Capital expenditure | 1,025 | 0.7% | S100Y5Z2 |
| Free cash flow | 15,508 | 10.6% | 算出 |
| Investing cash flow | -571 | -0.4% | S100Y5Z2 |
| Financing cash flow | -15,782 | -10.8% | S100Y5Z2 |
| Dividends paid | 4,437 | 3.0% | S100Y5Z2 |
| Share buyback | 0 | 0.0% | S100Y5Z2 |
| Change in cash | 202 | 0.1% | S100Y5Z2 |
| Cash and equivalents | 7,194 | 4.9% | S100Y5Z2 |

## 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 | 6,196 | 6,998 | 7,213 | 6,992 | 7,194 | S100TH9V, S100VUCM, S100Y5Z2 |
| Total assets | 178,312 | 176,250 | 175,465 | 174,413 | 169,821 | S100QU5Z, S100TH9V, S100VUCM, S100Y5Z2 |
| Net assets | 59,489 | 64,911 | 67,739 | 70,837 | 74,782 | S100TH9V, S100VUCM, S100Y5Z2 |
| Share capital | 27,079 | 27,079 | 27,097 | 27,097 | 27,456 | S100QU5Z, S100TH9V, S100VUCM, S100Y5Z2 |
| Property, plant and equipment | 40,067 | 37,007 | 35,828 | 31,563 | 25,556 | S100QU5Z, S100TH9V, S100VUCM, S100Y5Z2 |
| Goodwill | 94,900 | 94,900 | 96,772 | 94,651 | 94,669 | S100QU5Z, S100TH9V, S100VUCM, S100Y5Z2 |
| Current assets | 28,809 | 30,673 | 28,297 | 28,042 | 29,717 | S100QU5Z, S100TH9V, S100VUCM, S100Y5Z2 |
| Total liabilities | 118,823 | 111,339 | 107,726 | 103,576 | 95,039 | S100QU5Z, S100TH9V, S100VUCM, S100Y5Z2 |
| Equity attributable to owners of parent | 58,986 | 64,224 | 66,730 | 70,160 | 73,928 | S100QU5Z, S100TH9V, S100VUCM, S100Y5Z2 |
| Retained earnings | 28,783 | 35,837 | 43,382 | 51,385 | 59,566 | S100QU5Z, S100TH9V, S100VUCM, S100Y5Z2 |
| Treasury stock | -297 | -285 | -378 | -312 | -296 | S100QU5Z, S100TH9V, S100VUCM, S100Y5Z2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100Y5Z2 |
| Property, plant and equipment | 15% | S100Y5Z2 |
| Intangibles and goodwill | 56% | — |
| Other assets | 25% | S100Y5Z2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 56% | S100Y5Z2 |
| Equity | 44% | S100Y5Z2 |

### 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 | 178,312 | 176,250 | 175,465 | 174,413 | 169,821 |
| Equity | 59,489 | 64,911 | 67,739 | 70,837 | 74,782 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,196 | 6,998 | 7,213 | 6,992 | 7,194 |

## 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) | 17.5% | S100Y5Z2 |
| Fixed assets ÷ total assets | 15.0% | S100Y5Z2 |
| Goodwill ÷ parent equity | 128.1% | S100Y5Z2 |

Goodwill over 4 years: 94,900 → 94,669 JPY; total investing cash flow: -11,595 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) | 4.2% |
| Cash ÷ revenue | 4.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 130.7% |
| Cash vs. profit gap | 8,352 JPY mn (of net income 102.1%) |
| Shareholder returns / net income | 54.2% |
| Shareholder returns / FCF | 28.6% |
| Shareholder payments — dividends / net income | 54.2% |
| Shareholder payments — dividends / FCF | 28.6% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 3.5% |

## 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 | 6.1% | 0.82× | 5.0% | 3.02× | 15.2% | S100QU5Z |
| 2023 | 6.0% | 0.88× | 5.3% | 2.88× | 15.1% | S100TH9V |
| 2024 | 5.1% | 0.85× | 4.3% | 2.69× | 11.5% | S100VUCM |
| 2025 | 5.6% | 0.82× | 4.6% | 2.56× | 11.7% | S100Y5Z2 |
| 2026 | 5.6% | 0.85× | 4.8% | 2.39× | 11.4% | S100Y5Z2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊藤忠商事㈱ | Major shareholder | 40.3% | 2026-02-28 |
| ＴＯＰＰＡＮ㈱ | Major shareholder | 14.3% | 2026-02-28 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 14.0% | 2026-02-28 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 7.2% | 2026-02-28 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ（常任代理人 モルガン・スタンレーＭＵＦＧ証券㈱） | Major shareholder | 0.8% | 2026-02-28 |
| ＴＨＥ ＮＯＭＵＲＡ ＴＲＵＳＴ ＡＮＤ ＢＡＮＫＩＮＧ ＣＯ．， ＬＴＤ．ＡＳ ＴＨＥ ＴＲＵＳＴＥＥ ＯＦ ＲＥＰＵＲＣＨＡＳＥ ＡＧＲＥＥＭＥＮＴ ＭＯＴＨＥＲ ＦＵＮＤ（常任代理人 シティバンク エヌ・エイ東京支店） | Major shareholder | 0.7% | 2026-02-28 |
| 野村證券㈱ | Major shareholder | 0.7% | 2026-02-28 |
| ＧＯＶＥＲＮＭＥＮＴ ＯＦ ＮＯＲＷＡＹ（常任代理人 シティバンク エヌ・エイ東京支店 | Major shareholder | 0.7% | 2026-02-28 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１ （常任代理人 ㈱みずほ銀行） | Major shareholder | 0.6% | 2026-02-28 |
| ベルシステム24グループ従業員持株会 | Major shareholder | 0.6% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/03/01－2026/02/28) | S100Y5Z2 | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5Z2,, |
| 有価証券報告書－第11期(2024/03/01－2025/02/28) | S100VUCM | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUCM,, |
| 有価証券報告書－第10期(2023/03/01－2024/02/29) | S100TH9V | 2024-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TH9V,, |
| 有価証券報告書－第9期(2022/03/01－2023/02/28) | S100QU5Z | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QU5Z,, |
| 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) | S100O4J4 | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4J4,, |
| 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) | S100LEY3 | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEY3,, |

## 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).