# BESTERRA CO., LTD: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第53期(2025/02/01－2026/01/31) (S100XZ7G)
> Page: https://vizora.meequs.com/en/company/besterra
> Retrieved: 2026-09-30T21:03:32.180Z

## Company

Besterra, founded in 1974, is a company in HR & Staffing listed on TSE Prime. It has 185 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BESTERRA CO.,LTD |
| Ticker | 1433 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1433.T) |
| Listing | TSE Prime |
| Head office | 東京都江東区平野三丁目2番6号 |
| Representative (per filing) | 代表取締役社長 本田 豊 |
| Founded | Feb 1974 |
| Share capital | ¥1.11B |
| Employees (consolidated) | 185 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | January |
| Website | www.besterra.co.jp (https://www.besterra.co.jp/) |
| Corporate number | 7010601021305 |
| EDINET | E31731 |
| Industries (Vizora) | HR & Staffing, Plant Engineering & Building Services |

> Profile source: annual securities report (S100XZ7G, filed 2026-04-16). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.1 | 72 |
| Profitability | 29.6 | 76 |
| Cash conversion | 95.3 | 74 |
| Efficiency | 70.4 | 76 |

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 97% of Besterra's sales come from Demolition and maintenance business, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +2.2% from the prior year, operating profit +98.3%.

## Company structure

- Segment revenue mix: Demolition and maintenance business 97.1%、Other 2.9%
- Revenue → net income: ¥11140386000 → ¥732617000
- Net income → operating cash flow: ¥732617000 → ¥1644324000（difference ¥911707000）
- Main uses of operating cash flow: CapEx ¥8307000 / dividends ¥224915000 / buybacks ¥413842000
- Change in cash: ¥-166033000
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 | ¥11.1B |  |
| Operating income | ¥741.1M | Margin 6.7% |
| Net income | ¥732.6M | Margin 6.6% |
| Free cash flow | ¥1.64B |  |
| Largest business | Demolition and maintenance business | of segment revenue 97.1% |
| Employees (consolidated) | 185 |  |
| EPS | ¥66.06 |  |
| Diluted EPS | ¥65.96 |  |
| Book value per share | ¥606.4 |  |
| Equity ratio | 64.8% |  |
| Shares outstanding | 9,297,200 |  |
| Treasury shares | 436,290 |  |
| Shareholders | 8,580 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 17.2% | Cash ÷ revenue 12.9% |
| Vs. industry median margin | -2.4 pp | Plant Engineering & Building Services |
| ROE | 14.6% | Derived from disclosed figures |
| ROA | 7.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, buybacks were 1.8× dividends
- FY2026, employees -19% while operating income rose 98%

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3682864000 | ¥11140386000 | +202.5% |
| Operating income | ¥124501000 | ¥741091000 | +495.2% |
| Operating margin | 3.4% | 6.7% | +3.3 pp |
| Employees | 94 people | 185 people | +96.8% |
| Cash and equivalents | ¥1367126000 | ¥1434387000 | +4.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| プラント解体事業 → 事業再編・廃止 | 92.7% |
| その他 → その他 | 2.9% |
| その他 → 事業再編・廃止 | 4.4% |
| 新設・再編 → 解体・メンテナンス事業 | 97.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,140 | 100.0% | S100XZ7G |
| Cost of revenue | 8,903 | 79.9% | S100XZ7G |
| Gross profit | 2,238 | 20.1% | S100XZ7G |
| SG&A | 1,497 | 13.4% | S100XZ7G |
| Operating income | 741 | 6.7% | S100XZ7G |
| Ordinary income | 764 | 6.9% | S100XZ7G |
| Pretax income | 1,002 | 9.0% | S100XZ7G |
| Income tax | 270 | 2.4% | S100XZ7G |
| Net income | 733 | 6.6% | S100XZ7G |
| Net income attributable to owners | 733 | 6.6% | S100XZ7G |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 13 |
| Operating income | 7 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 20.1% → Operating margin 6.7% → Net margin 6.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.2%; Core profit growth: +98.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 44.12×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,897 | 11,140 | 243 | +2.2% |
| Gross profit | 1,891 | 2,238 | 347 | +18.4% |
| Operating income | 374 | 741 | 367 | +98.3% |
| Net income attributable to owners | 410 | 733 | 323 | +78.8% |
| Operating cash flow | -607 | 1,644 | 2,252 | — |
| Free cash flow | -638 | 1,636 | 2,274 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 3,436 | 93 | 2.7% | 60 | -154 | -192 | S100L7KZ |
| FY ending Jan 2021 | 3,683 | 125 | 3.4% | 143 | -109 | -159 | S100NYS4 |
| FY ending Jan 2022 | 5,967 | 489 | 8.2% | 1,392 | 538 | 488 | S100QOT8 |
| FY ending Jan 2023 | 5,459 | -216 | -4.0% | -64 | -355 | -371 | S100TC0E |
| FY ending Jan 2024 | 9,395 | 247 | 2.6% | 231 | -1,422 | -1,443 | S100VOAE |
| FY ending Jan 2025 | 10,897 | 374 | 3.4% | 410 | -607 | -638 | S100XZ7G |
| FY ending Jan 2026 | 11,140 | 741 | 6.7% | 733 | 1,644 | 1,636 | S100XZ7G |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥60.2M |
| Operating income per employee (consolidated) | ¥4M |
| Net income per employee (consolidated) | ¥4M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 99 | 115 | 195 | 228 | 185 |
| Average salary (parent company) | ¥6.7M | ¥6.3M | ¥6.4M | ¥6.4M | ¥6.5M |
| Average age (parent company) | 41.1 years | 40.9 years | 41.4 years | 41.3 years | 42.2 years |
| Average tenure (parent company) | 5.3 years | 5.8 years | 5.1 years | 4.8 years | 5.3 years |

Year over year: Employees (consolidated) -18.9% · Revenue (consolidated) +2.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Demolition and maintenance business | 10,818 | 97.1% | 2,168 | 20.0% |
| Other | 322 | 2.9% | 69 | 21.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Demolition and maintenance business | 97.1% | 96.9% | -0.2 | 20.0% |
| Other | 2.9% | 3.1% | 0.2 | 21.6% |

Segment → industry: Other → HR & Staffing / Demolition and maintenance business → Plant Engineering & Building Services

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,644 | 14.8% | S100XZ7G |
| Capital expenditure | 8 | 0.1% | S100XZ7G |
| Free cash flow | 1,636 | 14.7% | 算出 |
| Investing cash flow | 1,490 | 13.4% | S100XZ7G |
| Financing cash flow | -3,301 | -29.6% | S100XZ7G |
| Dividends paid | 225 | 2.0% | S100XZ7G |
| Share buyback | 414 | 3.7% | S100XZ7G |
| Change in cash | -166 | -1.5% | S100XZ7G |
| Cash and equivalents | 1,434 | 12.9% | S100XZ7G |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,122 | 1,338 | 1,444 | 1,599 | 1,434 | S100TC0E, S100VOAE, S100XZ7G |
| Total assets | 8,953 | 8,428 | 10,879 | 11,047 | 8,334 | S100QOT8, S100TC0E, S100VOAE, S100XZ7G |
| Net assets | 4,278 | 4,379 | 4,095 | 4,854 | 5,398 | S100TC0E, S100VOAE, S100XZ7G |
| Share capital | 696 | 843 | 843 | 843 | 1,107 | S100QOT8, S100TC0E, S100VOAE, S100XZ7G |
| Property, plant and equipment | 316 | 310 | 324 | 316 | 284 | S100QOT8, S100TC0E, S100VOAE, S100XZ7G |
| Intangible assets excluding goodwill | 170 | 113 | 302 | 126 | 78 | S100QOT8, S100TC0E, S100VOAE, S100XZ7G |
| Goodwill | 126 | 99 | 287 | 116 | 71 | S100QOT8, S100TC0E, S100VOAE, S100XZ7G |
| Investment securities | 3,858 | 4,374 | 3,892 | 3,403 | 2,236 | S100QOT8, S100TC0E, S100VOAE, S100XZ7G |
| Current assets | 4,562 | 3,569 | 6,293 | 7,130 | 5,669 | S100QOT8, S100TC0E, S100VOAE, S100XZ7G |
| Current liabilities | 2,182 | 1,865 | 4,986 | 5,293 | 2,642 | S100QOT8, S100TC0E, S100VOAE, S100XZ7G |
| Short-term borrowings | — | 300 | 2,100 | 3,000 | — | S100TC0E, S100VOAE, S100XZ7G |
| Long-term borrowings | 2,127 | 1,870 | 1,540 | 623 | 118 | S100QOT8, S100TC0E, S100VOAE, S100XZ7G |
| Bonds | — | — | 50 | — | — | S100VOAE |
| Interest-bearing debt | — | — | 3,690 | — | — | 算出 |
| Total liabilities | 4,675 | 4,049 | 6,784 | 6,193 | 2,936 | S100QOT8, S100TC0E, S100VOAE, S100XZ7G |
| Non-controlling interests | 2 | 3 | — | — | — | S100QOT8, S100TC0E |
| Equity attributable to owners of parent | 4,385 | 4,484 | 4,537 | 4,770 | 5,250 | S100QOT8, S100TC0E, S100VOAE, S100XZ7G |
| Retained earnings | 3,232 | 3,037 | 3,091 | 3,324 | 2,384 | S100QOT8, S100TC0E, S100VOAE, S100XZ7G |
| Treasury stock | -200 | -200 | -200 | -200 | -591 | S100QOT8, S100TC0E, S100VOAE, S100XZ7G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100XZ7G |
| Property, plant and equipment | 3% | S100XZ7G |
| Intangibles and goodwill | 2% | S100XZ7G |
| Investment securities | 27% | S100XZ7G |
| Other assets | 51% | S100XZ7G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100XZ7G |
| Equity | 65% | S100XZ7G |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,953 | 8,428 | 10,879 | 11,047 | 8,334 |
| Equity | 4,278 | 4,379 | 4,095 | 4,854 | 5,398 |
| Interest-bearing debt | — | — | 3,690 | — | — |
| Cash | 2,122 | 1,338 | 1,444 | 1,599 | 1,434 |

## 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) | 2.6% | S100XZ7G |
| Fixed assets ÷ total assets | 3.4% | S100XZ7G |
| Goodwill ÷ parent equity | 1.3% | S100XZ7G |

Goodwill over 4 years: 126 → 71 JPY; total investing cash flow: 2,449 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) | 17.2% |
| Cash ÷ revenue | 12.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 221.9% |
| Cash vs. profit gap | 912 JPY mn (of net income 124.4%) |
| Shareholder returns / net income | 87.2% |
| Shareholder returns / FCF | 39.0% |
| Shareholder payments — dividends / net income | 30.7% |
| Shareholder payments — dividends / FCF | 13.7% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 90.6% |

## 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 | 23.3% | 0.67× | 15.5% | 2.04× | 31.7% | S100QOT8 |
| 2023 | — | —× | -0.7% | —× | — | S100TC0E |
| 2024 | 2.5% | 0.97× | 2.4% | 2.14× | 5.1% | S100VOAE |
| 2025 | 3.8% | 0.99× | 3.7% | 2.36× | 8.8% | S100XZ7G |
| 2026 | 6.6% | 1.15× | 7.6% | 1.93× | 14.6% | S100XZ7G |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 吉野 佳秀 | Major shareholder | 10.4% | 2026-01-31 |
| 吉野 炳樹 | Major shareholder | 9.9% | 2026-01-31 |
| 長 泰治 | Major shareholder | 1.9% | 2026-01-31 |
| 五代 俊昭 | Major shareholder | 1.8% | 2026-01-31 |
| 木村 勇 | Major shareholder | 1.7% | 2026-01-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 1.3% | 2026-01-31 |
| 塚本 かや | Major shareholder | 1.2% | 2026-01-31 |
| 森分 志賀子 | Major shareholder | 1.0% | 2026-01-31 |
| ＢＯＦＡＳ ＩＮＣ ＳＥＧＲＥＧＡＴＩＯＮ ＡＣＣＯＵＮＴ | Major shareholder | 1.0% | 2026-01-31 |
| 第一カッター興業株式会社 | Major shareholder | 0.9% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第53期(2025/02/01－2026/01/31) | S100XZ7G | 2026-04-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XZ7G,, |
| 有価証券報告書－第52期(2024/02/01－2025/01/31) | S100VOAE | 2025-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VOAE,, |
| 有価証券報告書－第51期(2023/02/01－2024/01/31) | S100TC0E | 2024-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TC0E,, |
| 訂正有価証券報告書－第50期(2022/02/01－2023/01/31) | S100QOT8 | 2023-05-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QOT8,, |
| 有価証券報告書－第49期(令和3年2月1日－令和4年1月31日) | S100NYS4 | 2022-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NYS4,, |
| 有価証券報告書－第48期(令和2年2月1日－令和3年1月31日) | S100L7KZ | 2021-04-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L7KZ,, |

## 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).