# Berg Earth co.,Ltd.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2024/11/01－2025/10/31) (S100XHX5)
> Page: https://vizora.meequs.com/en/company/berg-earth
> Retrieved: 2026-09-30T21:35:53.397Z

## Company

Berg Earth, founded in 2004, is a company in Agriculture & Seeds listed on TSE Standard. It has 313 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Berg Earth co.,ltd. |
| Ticker | 1383 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1383.T) |
| Listing | TSE Standard |
| Head office | 愛媛県宇和島市津島町北灘甲88番地1 |
| Representative (per filing) | 代表取締役社長兼CEO兼COO 山口 一彦 |
| Founded | Jan 2004 |
| Share capital | ¥729.4M |
| Employees (consolidated) | 313 |
| Average salary (parent only) | ¥4M |
| Fiscal year end | October |
| Website | www.bergearth.co.jp (https://www.bergearth.co.jp/) |
| Corporate number | 9500001015681 |
| EDINET | E25969 |
| Industries (Vizora) | Agriculture & Seeds |

> Profile source: annual securities report (S100XHX5, filed 2026-01-28). As of filing

## Five-axis industry profile

Primary industry: Agriculture & Seeds (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62.5 | 4 |
| Profitability | 12.5 | 4 |
| Efficiency | 62.5 | 4 |

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 87% of Berg Earth's sales come from Vegetable seedling and Seedling related, with Agriculture and horticultural seed material sales and Retail making up much of the rest.
- Operating profit was close to zero, a slight loss per ¥100 of sales.
- Revenue changed +2.9% from the prior year, operating profit -245.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥7.3B |  |
| Operating income | -¥32.6M | Margin -0.4% |
| Net income | ¥48.3M | Margin 0.7% |
| Free cash flow | -¥239.4M |  |
| Largest business | Vegetable seedling and Seedling related | of segment revenue 87.4% |
| Employees (consolidated) | 313 |  |
| EPS | ¥3.21 |  |
| Book value per share | ¥1149.75 |  |
| Equity ratio | 34.9% |  |
| Shares outstanding | 1,613,580 |  |
| Treasury shares | 13,100 |  |
| Shareholders | 5,425 |  |
| Average salary (parent only) | ¥4M | Filing company only |
| Cash ratio | 14.4% | Cash ÷ revenue 12.0% |
| Vs. industry median margin | -5.3 pp | Agriculture & Seeds |
| ROE | 2.3% | Derived from disclosed figures |
| ROA | 0.8% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 6.8× net income
- FY2025, one segment accounts for 97% of positive segment profit

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5197096000 | ¥7303461000 | +40.5% |
| Operating income | ¥-124479000 | ¥-32624000 | — |
| Operating margin | -2.4% | -0.4% | +1.9 pp |
| Employees | 280 people | 313 people | +11.8% |
| Cash and equivalents | ¥728771000 | ¥873211000 | +19.8% |

### Change in segment revenue mix

Span: FY ending Oct 2020 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 野菜苗・苗関連事業 → 事業再編・廃止 | 97.4% |
| 農業・園芸用タネ資材販売事業 → 事業再編・廃止 | 1.6% |
| 海外事業 → 事業再編・廃止 | 0.9% |
| 新設・再編 → 野菜苗・苗関連事業 | 87.4% |
| 新設・再編 → 農業・園芸用タネ資材販売事業 | 11.2% |
| 新設・再編 → 小売事業 | 1.5% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Vegetable seedling and Seedling related | 3 years | +4.8% | ¥6380056000 | 7.0% | 2 |
| Agriculture and horticultural seed material sales | 3 years | +4.1% | ¥815816000 | 1.5% | 2 |
| Retail | 3 years | -6.6% | ¥107587000 | -11.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,303 | 100.0% | S100XHX5 |
| Cost of revenue | 5,586 | 76.5% | S100XHX5 |
| Gross profit | 1,717 | 23.5% | S100XHX5 |
| SG&A | 1,750 | 24.0% | S100XHX5 |
| Operating income | -33 | -0.4% | S100XHX5 |
| Ordinary income | -29 | -0.4% | S100XHX5 |
| Pretax income | 152 | 2.1% | S100XHX5 |
| Income tax | 98 | 1.3% | S100XHX5 |
| Net income | 53 | 0.7% | S100XHX5 |
| Net income attributable to owners | 48 | 0.7% | S100XHX5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 24 |
| Operating income | 0 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 23.5% → Operating margin -0.4% → Net margin 0.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Oct 2024 → FY ending Oct 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,095 | 7,303 | 209 | +2.9% |
| Gross profit | 1,742 | 1,717 | -25 | -1.4% |
| Operating income | 22 | -33 | -55 | -245.3% |
| Net income attributable to owners | 40 | 48 | 8 | +21.0% |
| Operating cash flow | 111 | 330 | 218 | +196.0% |
| Free cash flow | -134 | -239 | -105 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 4,886 | 73 | 1.5% | -4 | 257 | 154 | S100KLSB |
| FY ending Oct 2020 | 5,197 | -124 | -2.4% | -214 | 311 | -297 | S100NARK |
| FY ending Oct 2021 | 5,372 | -54 | -1.0% | 122 | 482 | -31 | S100Q1RC |
| FY ending Oct 2022 | 6,394 | -59 | -0.9% | 202 | 345 | -110 | S100SP77 |
| FY ending Oct 2023 | 7,061 | 77 | 1.1% | 78 | 177 | 105 | S100V5TN |
| FY ending Oct 2024 | 7,095 | 22 | 0.3% | 40 | 111 | -134 | S100XHX5 |
| FY ending Oct 2025 | 7,303 | -33 | -0.4% | 48 | 330 | -239 | S100XHX5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.3M |
| Operating income per employee (consolidated) | -¥104.2K |
| Net income per employee (consolidated) | ¥154.4K |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 273 | 295 | 290 | 299 | 313 |
| Average salary (parent company) | ¥3.7M | ¥3.8M | ¥3.9M | ¥4M | ¥4M |
| Average age (parent company) | 36.7 years | 39.2 years | 39.2 years | 39.2 years | 38.9 years |
| Average tenure (parent company) | 7.2 years | 7.7 years | 8.1 years | 8.3 years | 8.7 years |

Year over year: Employees (consolidated) +4.7% · Revenue (consolidated) +2.9%

## Segments（FY ending Oct 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Vegetable seedling and Seedling related | 6,380 | 87.4% | 449 | 7.0% |
| Agriculture and horticultural seed material sales | 816 | 11.2% | 12 | 1.5% |
| Retail | 108 | 1.5% | -13 | -11.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Vegetable seedling and Seedling related | 87.4% | 97.4% | 10.1 | 7.0% |
| Agriculture and horticultural seed material sales | 11.2% | 2.6% | -8.6 | 1.5% |
| Retail | 1.5% | — | — | -11.8% |

Loss-making segment (excluded from profit shares): Retail -13 JPY mn

Segment → industry: Agriculture and horticultural seed material sales → Agriculture & Seeds / Vegetable seedling and Seedling related → Agriculture & Seeds

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 330 | 4.5% | S100XHX5 |
| Capital expenditure | 569 | 7.8% | S100XHX5 |
| Free cash flow | -239 | -3.3% | 算出 |
| Investing cash flow | -574 | -7.9% | S100XHX5 |
| Financing cash flow | 197 | 2.7% | S100XHX5 |
| Dividends paid | 16 | 0.2% | S100XHX5 |
| Change in cash | -47 | -0.6% | S100XHX5 |
| Cash and equivalents | 873 | 12.0% | S100XHX5 |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 964 | 1,081 | 989 | 920 | 873 | S100SP77, S100V5TN, S100XHX5 |
| Total assets | 5,094 | 6,074 | 5,672 | 5,678 | 6,059 | S100Q1RC, S100SP77, S100V5TN, S100XHX5 |
| Net assets | 1,245 | 1,667 | 2,082 | 2,120 | 2,174 | S100SP77, S100V5TN, S100XHX5 |
| Share capital | 331 | 552 | 724 | 724 | 729 | S100Q1RC, S100SP77, S100V5TN, S100XHX5 |
| Trade receivables | 835 | — | — | — | — | S100Q1RC |
| Property, plant and equipment | 2,444 | 2,809 | 2,596 | 2,568 | 2,922 | S100Q1RC, S100SP77, S100V5TN, S100XHX5 |
| Intangible assets excluding goodwill | 47 | 59 | 61 | 75 | 67 | S100Q1RC, S100SP77, S100V5TN, S100XHX5 |
| Investment securities | 28 | 20 | 25 | 25 | 36 | S100Q1RC, S100SP77, S100V5TN, S100XHX5 |
| Current assets | 2,427 | 2,984 | 2,761 | 2,822 | 2,839 | S100Q1RC, S100SP77, S100V5TN, S100XHX5 |
| Current liabilities | 2,345 | 2,747 | 2,109 | 1,973 | 2,030 | S100Q1RC, S100SP77, S100V5TN, S100XHX5 |
| Trade payables | 461 | 945 | 598 | 546 | 532 | S100Q1RC, S100SP77, S100V5TN, S100XHX5 |
| Short-term borrowings | 750 | 918 | 600 | 600 | 650 | S100Q1RC, S100SP77, S100V5TN, S100XHX5 |
| Long-term borrowings | 1,210 | 1,281 | 1,128 | 1,238 | 1,407 | S100Q1RC, S100SP77, S100V5TN, S100XHX5 |
| Total liabilities | 3,849 | 4,407 | 3,590 | 3,557 | 3,884 | S100Q1RC, S100SP77, S100V5TN, S100XHX5 |
| Non-controlling interests | 230 | 45 | 49 | 54 | 59 | S100Q1RC, S100SP77, S100V5TN, S100XHX5 |
| Equity attributable to owners of parent | 1,018 | 1,628 | 2,037 | 2,060 | 2,102 | S100Q1RC, S100SP77, S100V5TN, S100XHX5 |
| Retained earnings | 441 | 675 | 739 | 763 | 795 | S100Q1RC, S100SP77, S100V5TN, S100XHX5 |
| Treasury stock | -0 | -33 | -33 | -33 | -33 | S100Q1RC, S100SP77, S100V5TN, S100XHX5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100XHX5 |
| Property, plant and equipment | 48% | S100XHX5 |
| Intangibles and goodwill | 1% | S100XHX5 |
| Investment securities | 1% | S100XHX5 |
| Other assets | 36% | S100XHX5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100XHX5 |
| Other liabilities | 55% | S100XHX5 |
| Equity | 36% | S100XHX5 |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,094 | 6,074 | 5,672 | 5,678 | 6,059 |
| Equity | 1,245 | 1,667 | 2,082 | 2,120 | 2,174 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 964 | 1,081 | 989 | 920 | 873 |

## 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) | 40.0% | S100XHX5 |
| Fixed assets ÷ total assets | 48.2% | S100XHX5 |
| Goodwill ÷ parent equity | — | —, S100XHX5 |

### 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) | 14.4% |
| Cash ÷ revenue | 12.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 282 JPY mn (of net income 582.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 32.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.8% |
| Investing CF relative to operating CF | 173.9% |

## 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 | 2.3% | 1.05× | 2.4% | 5.01× | 12.0% | S100Q1RC |
| 2022 | 3.2% | 1.14× | 3.6% | 4.22× | 15.3% | S100SP77 |
| 2023 | 1.1% | 1.20× | 1.3% | 3.21× | 4.3% | S100V5TN |
| 2024 | 0.6% | 1.25× | 0.7% | 2.77× | 1.9% | S100XHX5 |
| 2025 | 0.7% | 1.24× | 0.8% | 2.82× | 2.3% | S100XHX5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山口 一彦 | Major shareholder | 10.1% | 2025-10-31 |
| アグリビジネス投資育成株式会社 | Major shareholder | 7.0% | 2025-10-31 |
| 松岡 馨 | Major shareholder | 4.3% | 2025-10-31 |
| 株式会社伊予銀行 | Major shareholder | 3.7% | 2025-10-31 |
| ベルグアース共栄会 | Major shareholder | 3.3% | 2025-10-31 |
| ＯＡＴアグリオ株式会社 | Major shareholder | 3.1% | 2025-10-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.4% | 2025-10-31 |
| ベルグアース従業員持株会 | Major shareholder | 1.8% | 2025-10-31 |
| 株式会社高知前川種苗 | Major shareholder | 1.6% | 2025-10-31 |
| 山口 眞由子 | Major shareholder | 1.6% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2024/11/01－2025/10/31) | S100XHX5 | 2026-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHX5,, |
| 有価証券報告書－第24期(2023/11/01－2024/10/31) | S100V5TN | 2025-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5TN,, |
| 有価証券報告書－第23期(2022/11/01－2023/10/31) | S100SP77 | 2024-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SP77,, |
| 有価証券報告書－第22期(2021/11/01－2022/10/31) | S100Q1RC | 2023-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q1RC,, |
| 有価証券報告書－第21期(令和2年11月1日－令和3年10月31日) | S100NARK | 2022-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NARK,, |
| 有価証券報告書－第20期(令和1年11月1日－令和2年10月31日) | S100KLSB | 2021-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KLSB,, |

## 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).