# BENEFIT JAPAN Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第30期(2025/04/01－2026/03/31) (S100YHUS)
> Page: https://vizora.meequs.com/en/company/benefit-japan
> Retrieved: 2026-09-30T20:28:13.361Z

## Company

Benefit Japan, founded in 1996, is a company in Telecom Carriers listed on TSE Standard. It has 279 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BENEFIT JAPAN Co.,LTD. |
| Ticker | 3934 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3934.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区道修町一丁目5番18号 |
| Representative (per filing) | 代表取締役社長 佐久間 寛 |
| Founded | Jun 1996 |
| Share capital | ¥680.5M |
| Employees (consolidated) | 279 |
| Average salary (parent only) | ¥4.4M |
| Fiscal year end | March |
| Website | www.benefitjapan.co.jp (https://www.benefitjapan.co.jp/) |
| Corporate number | 7120001089122 |
| EDINET | E32159 |
| Industries (Vizora) | Telecom Carriers, Beverages & Dairy, Secondhand Retail |

> Profile source: annual securities report (S100YHUS, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Telecom Carriers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.3 | 8 |
| Profitability | 22.7 | 11 |
| Cash conversion | 5 | 10 |
| Efficiency | 86.4 | 11 |

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 60% of Benefit Japan's sales come from Internet communication services business, with robotbusiness and reusebusiness making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +44.3% from the prior year, operating profit +21.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥18.4B |  |
| Operating income | ¥1.48B | Margin 8.1% |
| Net income | ¥995.2M | Margin 5.4% |
| Free cash flow | -¥481.3M |  |
| Largest business | Internet communication services business | of segment revenue 60.4% |
| Employees (consolidated) | 279 |  |
| EPS | ¥117.9 |  |
| Diluted EPS | ¥117.18 |  |
| Book value per share | ¥1383.11 |  |
| Equity ratio | 60.7% |  |
| Shares outstanding | 6,034,748 |  |
| Treasury shares | 139,600 |  |
| Shareholders | 1,611 |  |
| Average salary (parent only) | ¥4.4M | Filing company only |
| Cash ratio | 24.4% | Cash ÷ revenue 19.0% |
| Vs. industry median margin | -3.8 pp | Telecom Carriers |
| ROE | 12.0% | Derived from disclosed figures |
| ROA | 7.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 67% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9945117000 | ¥18393959000 | +85.0% |
| Operating income | ¥1280797000 | ¥1482000000 | +15.7% |
| Operating margin | 12.9% | 8.1% | -4.8 pp |
| Employees | 202 people | 279 people | +38.1% |
| Cash and equivalents | ¥1414539000 | ¥3492165000 | +146.9% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ＭＶＮＯ事業 → 事業再編・廃止 | 48.5% |
| モバイルＷｉ-Ｆｉ事業 → 事業再編・廃止 | 42.1% |
| ロボット事業 → ロボット事業 | 6.4% |
| その他 → その他 | 0.9% |
| その他 → 事業再編・廃止 | 2.2% |
| 新設・再編 → インターネット通信サービス事業 | 60.4% |
| 新設・再編 → ロボット事業 | 8.4% |
| 新設・再編 → ウォーターサーバー事業 | 10.6% |
| 新設・再編 → リユース事業 | 13.3% |

Segment revenue source references: 9 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Internet communication services business | 3 years | +4.9% | ¥11109767000 | 11.9% | 2 |
| robotbusiness | 5 years | +17.1% | ¥2730119000 | 8.9% | 2 |
| reusebusiness | — | — | ¥2451410000 | 3.9% | 2 |
| waterserverbusinss | — | — | ¥1940597000 | 14.4% | 2 |
| Other | 5 years | -22.7% | ¥162064000 | 16.1% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,394 | 100.0% | S100YHUS |
| Cost of revenue | 7,926 | 43.1% | S100YHUS |
| Gross profit | 10,468 | 56.9% | S100YHUS |
| SG&A | 8,986 | 48.9% | S100YHUS |
| Operating income | 1,482 | 8.1% | S100YHUS |
| Ordinary income | 1,520 | 8.3% | S100YHUS |
| Pretax income | 1,489 | 8.1% | S100YHUS |
| Income tax | 494 | 2.7% | S100YHUS |
| Net income | 995 | 5.4% | S100YHUS |
| Net income attributable to owners | 995 | 5.4% | S100YHUS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 43 |
| SG&A | 49 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 56.9% → Operating margin 8.1% → Net margin 5.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +44.3%; Core profit growth: +21.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.48×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 12,745 | 18,394 | 5,649 | +44.3% |
| Gross profit | 7,351 | 10,468 | 3,117 | +42.4% |
| Operating income | 1,221 | 1,482 | 261 | +21.4% |
| Net income attributable to owners | 831 | 995 | 164 | +19.8% |
| Operating cash flow | 1,209 | -332 | -1,542 | -127.5% |
| Free cash flow | 1,108 | -481 | -1,589 | -143.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,701 | 1,124 | 14.6% | 749 | 0 | -41 | S100LOU6 |
| FY ending Mar 2021 | 9,945 | 1,281 | 12.9% | 912 | 547 | 489 | S100OKGX |
| FY ending Mar 2022 | 11,568 | 1,507 | 13.0% | 1,049 | 1,410 | 1,334 | S100R787 |
| FY ending Mar 2023 | 12,557 | 1,024 | 8.2% | 561 | 316 | 34 | S100TVOR |
| FY ending Mar 2024 | 13,066 | 887 | 6.8% | 735 | 964 | 908 | S100W3YU |
| FY ending Mar 2025 | 12,745 | 1,221 | 9.6% | 831 | 1,209 | 1,108 | S100YHUS |
| FY ending Mar 2026 | 18,394 | 1,482 | 8.1% | 995 | -332 | -481 | S100YHUS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥65.9M |
| Operating income per employee (consolidated) | ¥5.3M |
| Net income per employee (consolidated) | ¥3.6M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 251 | 298 | 320 | 245 | 279 |
| Average salary (parent company) | ¥4M | ¥4M | ¥4.2M | ¥4M | ¥4.4M |
| Average age (parent company) | 29.0 years | 28.7 years | 29.9 years | 31.8 years | 32.9 years |
| Average tenure (parent company) | 4.5 years | 4.4 years | 4.5 years | 6.0 years | 7.0 years |

Year over year: Employees (consolidated) +13.9% · Revenue (consolidated) +44.3%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Internet communication services business | 11,110 | 60.4% | 1,319 | 11.9% |
| robotbusiness | 2,730 | 14.8% | 243 | 8.9% |
| waterserverbusinss | 1,941 | 10.6% | 279 | 14.4% |
| reusebusiness | 2,451 | 13.3% | 95 | 3.9% |
| Other | 162 | 0.9% | 26 | 16.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Internet communication services business | 60.4% | 67.2% | 6.8 | 11.9% |
| robotbusiness | 14.8% | 12.4% | -2.5 | 8.9% |
| waterserverbusinss | 10.6% | 14.2% | 3.7 | 14.4% |
| reusebusiness | 13.3% | 4.9% | -8.5 | 3.9% |
| Other | 0.9% | 1.3% | 0.4 | 16.1% |

Segment → industry: Internet communication services business → Telecom Carriers / waterserverbusinss → Beverages & Dairy / reusebusiness → Secondhand Retail

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -332 | -1.8% | S100YHUS |
| Capital expenditure | 149 | 0.8% | S100YHUS |
| Free cash flow | -481 | -2.6% | 算出 |
| Investing cash flow | -276 | -1.5% | S100YHUS |
| Financing cash flow | -129 | -0.7% | S100YHUS |
| Dividends paid | 253 | 1.4% | S100YHUS |
| Share buyback | 7 | 0.0% | S100YHUS |
| Change in cash | -737 | -4.0% | S100YHUS |
| Cash and equivalents | 3,492 | 19.0% | S100YHUS |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,824 | 2,622 | 3,132 | 4,229 | 3,492 | S100TVOR, S100W3YU, S100YHUS |
| Total assets | 10,063 | 10,182 | 11,203 | 11,861 | 14,334 | S100R787, S100TVOR, S100W3YU, S100YHUS |
| Net assets | 6,156 | 6,670 | 7,248 | 7,941 | 8,739 | S100TVOR, S100W3YU, S100YHUS |
| Share capital | 648 | 652 | 657 | 658 | 680 | S100R787, S100TVOR, S100W3YU, S100YHUS |
| Property, plant and equipment | 75 | 241 | 257 | 183 | 248 | S100R787, S100TVOR, S100W3YU, S100YHUS |
| Intangible assets excluding goodwill | 251 | 204 | 212 | 178 | 359 | S100R787, S100TVOR, S100W3YU, S100YHUS |
| Goodwill | 183 | 110 | 62 | 20 | 170 | S100R787, S100TVOR, S100W3YU, S100YHUS |
| Investment securities | 8 | 8 | 11 | 6 | 43 | S100R787, S100TVOR, S100W3YU, S100YHUS |
| Current assets | 9,349 | 9,310 | 10,179 | 11,045 | 13,095 | S100R787, S100TVOR, S100W3YU, S100YHUS |
| Current liabilities | 3,763 | 2,563 | 3,319 | 2,550 | 4,417 | S100R787, S100TVOR, S100W3YU, S100YHUS |
| Trade payables | 269 | 255 | 265 | 306 | 397 | S100R787, S100TVOR, S100W3YU, S100YHUS |
| Short-term borrowings | 2,000 | 800 | 850 | 400 | 750 | S100R787, S100TVOR, S100W3YU, S100YHUS |
| Long-term borrowings | 90 | 895 | 581 | 1,285 | 1,070 | S100R787, S100TVOR, S100W3YU, S100YHUS |
| Total liabilities | 3,907 | 3,512 | 3,955 | 3,921 | 5,595 | S100R787, S100TVOR, S100W3YU, S100YHUS |
| Equity attributable to owners of parent | 6,156 | 6,670 | 7,245 | 7,925 | 8,705 | S100R787, S100TVOR, S100W3YU, S100YHUS |
| Retained earnings | 5,236 | 5,743 | 6,424 | 7,137 | 7,880 | S100R787, S100TVOR, S100W3YU, S100YHUS |
| Treasury stock | -1 | -1 | -116 | -152 | -160 | S100R787, S100TVOR, S100W3YU, S100YHUS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YHUS |
| Property, plant and equipment | 2% | S100YHUS |
| Intangibles and goodwill | 4% | S100YHUS |
| Investment securities | 0% | S100YHUS |
| Other assets | 70% | S100YHUS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YHUS |
| Other liabilities | 36% | S100YHUS |
| Equity | 61% | S100YHUS |
| Other liabilities | 0% | S100YHUS |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,063 | 10,182 | 11,203 | 11,861 | 14,334 |
| Equity | 6,156 | 6,670 | 7,248 | 7,941 | 8,739 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,824 | 2,622 | 3,132 | 4,229 | 3,492 |

## 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) | 1.3% | S100YHUS |
| Fixed assets ÷ total assets | 1.7% | S100YHUS |
| Goodwill ÷ parent equity | 1.9% | S100YHUS |

Goodwill over 4 years: 183 → 170 JPY; total investing cash flow: -823 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) | 24.4% |
| Cash ÷ revenue | 19.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -22.4% |
| Cash vs. profit gap | -1,328 JPY mn (of net income -133.4%) |
| Shareholder returns / net income | 26.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 25.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | — |

## 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 | 9.1% | 1.15× | 10.4% | 1.63× | 17.0% | S100R787 |
| 2023 | 4.5% | 1.24× | 5.5% | 1.58× | 8.7% | S100TVOR |
| 2024 | 5.6% | 1.22× | 6.9% | 1.54× | 10.6% | S100W3YU |
| 2025 | 6.5% | 1.11× | 7.2% | 1.52× | 11.0% | S100YHUS |
| 2026 | 5.4% | 1.40× | 7.6% | 1.58× | 12.0% | S100YHUS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 佐久間 寛 | Major shareholder | 22.7% | 2026-03-31 |
| 有限会社サクマジャパン | Major shareholder | 22.0% | 2026-03-31 |
| UHPartners3投資事業有限責任組合 | Major shareholder | 8.5% | 2026-03-31 |
| エヌオーアイ投資事業有限責任組合 | Major shareholder | 7.6% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 7.5% | 2026-03-31 |
| 株式会社UH6 | Major shareholder | 7.5% | 2026-03-31 |
| UHPartners2投資事業有限責任組合 | Major shareholder | 7.0% | 2026-03-31 |
| アイビー投資事業有限責任組合 | Major shareholder | 2.2% | 2026-03-31 |
| エスアイエル投資事業有限責任組合 | Major shareholder | 1.7% | 2026-03-31 |
| 光通信株式会社 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第30期(2025/04/01－2026/03/31) | S100YHUS | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHUS,, |
| 有価証券報告書－第29期(2024/04/01－2025/03/31) | S100W3YU | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3YU,, |
| 有価証券報告書－第28期(2023/04/01－2024/03/31) | S100TVOR | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVOR,, |
| 有価証券報告書－第27期(2022/04/01－2023/03/31) | S100R787 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R787,, |
| 有価証券報告書－第26期(令和3年4月1日－令和4年3月31日) | S100OKGX | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKGX,, |
| 有価証券報告書－第25期(令和2年4月1日－令和3年3月31日) | S100LOU6 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOU6,, |

## 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).