# Bestone.Com Co.,Ltd.: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2024/08/01－2025/07/31) (S100WW3R)
> Page: https://vizora.meequs.com/en/company/besutowandottokomu
> Retrieved: 2026-09-30T22:48:28.943Z

## Company

Bestone.Com, founded in 2005, is a company in Travel Agencies listed on TSE Growth. It has 19 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Bestone.Com Co.,Ltd. |
| Ticker | 6577 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6577.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区富久町16番6号西倉LKビル2階 |
| Representative (per filing) | 代表取締役社長 野本 洋平 |
| Founded | Sep 2005 |
| Share capital | ¥570.4M |
| Employees (consolidated) | 19 |
| Average salary (parent only) | ¥3.8M |
| Fiscal year end | July |
| Corporate number | 9011001045578 |
| EDINET | E33948 |
| Industries (Vizora) | Travel Agencies |

> Profile source: annual securities report (S100WW3R, filed 2025-10-27). As of filing

## Five-axis industry profile

Primary industry: Travel Agencies (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 22.7 | 11 |
| Cash conversion | 5.6 | 9 |
| Efficiency | 40.9 | 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)

- Bestone.Com brought in ¥2.54B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -18.9% from the prior year, operating profit -88.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.54B |  |
| Operating income | ¥29.2M | Margin 1.1% |
| Net income | ¥9.5M | Margin 0.4% |
| Free cash flow | -¥206.7M |  |
| Largest business | Travel agency | of segment revenue 100.0% |
| Employees (consolidated) | 19 |  |
| EPS | ¥3.75 |  |
| Diluted EPS | ¥3.68 |  |
| Book value per share | ¥757.89 |  |
| Equity ratio | 28.4% |  |
| Shares outstanding | 1,524,700 |  |
| Treasury shares | 13,800 |  |
| Shareholders | 3,257 |  |
| Average salary (parent only) | ¥3.8M | Filing company only |
| Cash ratio | 65.4% | Cash ÷ revenue 103.2% |
| Vs. industry median margin | -1.3 pp | Travel Agencies |
| ROE | 0.8% | Derived from disclosed figures |
| ROA | 0.3% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 30.3× its level five years ago
- FY2025, cash is 65% of total assets
- FY2025, parent-company salary changed +37% over five years

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1111508000 | ¥2543844000 | +128.9% |
| Operating income | ¥-60451000 | ¥29192000 | — |
| Operating margin | -5.4% | 1.1% | +6.6 pp |
| Employees | 26 people | 19 people | -26.9% |
| Cash and equivalents | ¥1964653000 | ¥2624504000 | +33.6% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 旅行業 | 100.0% |

Segment revenue source references: 1 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,544 | 100.0% | S100WW3R |
| Cost of revenue | 2,037 | 80.1% | S100WW3R |
| Gross profit | 507 | 19.9% | S100WW3R |
| SG&A | 478 | 18.8% | S100WW3R |
| Operating income | 29 | 1.1% | S100WW3R |
| Ordinary income | 28 | 1.1% | S100WW3R |
| Pretax income | 28 | 1.1% | S100WW3R |
| Income tax | 18 | 0.7% | S100WW3R |
| Net income | 10 | 0.4% | S100WW3R |
| Net income attributable to owners | 10 | 0.4% | S100WW3R |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 19 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 19.9% → Operating margin 1.1% → Net margin 0.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -18.9%; Core profit growth: -88.9%
Operating leverage (core profit growth ÷ revenue growth): 4.70×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,137 | 2,544 | -593 | -18.9% |
| Gross profit | 735 | 507 | -228 | -31.0% |
| Operating income | 264 | 29 | -235 | -88.9% |
| Net income attributable to owners | 249 | 10 | -239 | -96.2% |
| Operating cash flow | 289 | -187 | -475 | -164.6% |
| Free cash flow | 267 | -207 | -473 | -177.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 2,174 | 134 | 6.2% | 84 | 172 | 157 | S100K0GI |
| FY ending Jul 2020 | 1,112 | -60 | -5.4% | -53 | -269 | -291 | S100MI2F |
| FY ending Jul 2021 | 84 | -139 | -165.1% | -130 | -136 | -157 | S100PBLY |
| FY ending Jul 2022 | 247 | -187 | -76.0% | -218 | -145 | -174 | S100RZZX |
| FY ending Jul 2023 | 1,332 | 20 | 1.5% | 27 | 119 | 87 | S100ULQO |
| FY ending Jul 2024 | 3,137 | 264 | 8.4% | 249 | 289 | 267 | S100WW3R |
| FY ending Jul 2025 | 2,544 | 29 | 1.1% | 10 | -187 | -207 | S100WW3R |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥133.9M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥500.9K |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 24 | 22 | 21 | 25 | 19 |
| Average salary (parent company) | ¥2.8M | ¥3.3M | ¥3.5M | ¥3.5M | ¥3.8M |
| Average age (parent company) | 31.6 years | 31.4 years | 31.7 years | 32.1 years | 32.5 years |
| Average tenure (parent company) | 3.8 years | 4.3 years | 3.6 years | 3.8 years | 3.9 years |

Year over year: Employees (consolidated) -24.0% · Revenue (consolidated) -18.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Travel agency | 2,505 | 100.0% | 17 | 0.7% |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -187 | -7.3% | S100WW3R |
| Capital expenditure | 20 | 0.8% | S100WW3R |
| Free cash flow | -207 | -8.1% | 算出 |
| Investing cash flow | -14 | -0.5% | S100WW3R |
| Financing cash flow | 1,116 | 43.9% | S100WW3R |
| Share buyback | 0 | 0.0% | S100WW3R |
| Change in cash | 925 | 36.4% | S100WW3R |
| Cash and equivalents | 2,625 | 103.2% | S100WW3R |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,572 | 1,390 | 1,267 | 1,699 | 2,625 | S100RZZX, S100ULQO, S100WW3R |
| Total assets | 2,307 | 2,251 | 2,662 | 2,869 | 4,013 | S100PBLY, S100RZZX, S100ULQO, S100WW3R |
| Net assets | 562 | 531 | 716 | 1,151 | 1,147 | S100RZZX, S100ULQO, S100WW3R |
| Share capital | 303 | 397 | 475 | 567 | 570 | S100PBLY, S100RZZX, S100ULQO, S100WW3R |
| Property, plant and equipment | 147 | 143 | 140 | 136 | 133 | S100PBLY, S100RZZX, S100ULQO, S100WW3R |
| Intangible assets excluding goodwill | 85 | 111 | 124 | 126 | 126 | S100PBLY, S100RZZX, S100ULQO, S100WW3R |
| Goodwill | 30 | 40 | 37 | 33 | 29 | S100PBLY, S100RZZX, S100ULQO, S100WW3R |
| Investment securities | 214 | 177 | 220 | 209 | 197 | S100PBLY, S100RZZX, S100ULQO, S100WW3R |
| Current assets | 1,823 | 1,755 | 2,095 | 2,293 | 3,455 | S100PBLY, S100RZZX, S100ULQO, S100WW3R |
| Current liabilities | 498 | 682 | 1,149 | 964 | 1,226 | S100PBLY, S100RZZX, S100ULQO, S100WW3R |
| Long-term borrowings | 1,236 | 1,027 | 786 | 743 | 1,629 | S100PBLY, S100RZZX, S100ULQO, S100WW3R |
| Total liabilities | 1,745 | 1,720 | 1,946 | 1,718 | 2,866 | S100PBLY, S100RZZX, S100ULQO, S100WW3R |
| Equity attributable to owners of parent | 562 | 531 | 715 | 1,149 | 1,141 | S100PBLY, S100RZZX, S100ULQO, S100WW3R |
| Retained earnings | 75 | -143 | -116 | 133 | 120 | S100PBLY, S100RZZX, S100ULQO, S100WW3R |
| Treasury stock | -35 | -35 | -35 | -35 | -35 | S100PBLY, S100RZZX, S100ULQO, S100WW3R |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 65% | S100WW3R |
| Property, plant and equipment | 3% | S100WW3R |
| Intangibles and goodwill | 4% | S100WW3R |
| Investment securities | 5% | S100WW3R |
| Other assets | 23% | S100WW3R |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 71% | S100WW3R |
| Equity | 29% | S100WW3R |
| Other liabilities | 0% | S100WW3R |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,307 | 2,251 | 2,662 | 2,869 | 4,013 |
| Equity | 562 | 531 | 716 | 1,151 | 1,147 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,572 | 1,390 | 1,267 | 1,699 | 2,625 |

## 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) | 5.2% | S100WW3R |
| Fixed assets ÷ total assets | 3.3% | S100WW3R |
| Goodwill ÷ parent equity | 2.6% | S100WW3R |

Goodwill over 4 years: 30 → 29 JPY; total investing cash flow: -239 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) | 65.4% |
| Cash ÷ revenue | 103.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -639.1% |
| Cash vs. profit gap | -196 JPY mn (of net income -2060.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -5.6% | —× | — | S100PBLY |
| 2022 | — | —× | -9.6% | —× | — | S100RZZX |
| 2023 | 2.0% | 0.54× | 1.1% | 3.94× | 4.3% | S100ULQO |
| 2024 | 7.9% | 1.13× | 9.0% | 2.97× | 26.7% | S100WW3R |
| 2025 | 0.4% | 0.74× | 0.3% | 3.01× | 0.8% | S100WW3R |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 澤田 秀太 | Major shareholder | 31.6% | 2025-07-31 |
| GOLDMAN SACHS INTERNATIONAL(常任代理人ゴールドマン・サックス証券株式会社) | Major shareholder | 9.2% | 2025-07-31 |
| 米山 実香 | Major shareholder | 8.1% | 2025-07-31 |
| 有限会社秀インター | Major shareholder | 7.8% | 2025-07-31 |
| 株式会社松井証券 | Major shareholder | 4.3% | 2025-07-31 |
| 諸藤 周平 | Major shareholder | 2.6% | 2025-07-31 |
| JPM株式会社 | Major shareholder | 2.1% | 2025-07-31 |
| 小川 隆生 | Major shareholder | 0.9% | 2025-07-31 |
| 岩崎 泰次 | Major shareholder | 0.7% | 2025-07-31 |
| 野本 洋平 | Major shareholder | 0.5% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2024/08/01－2025/07/31) | S100WW3R | 2025-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WW3R,, |
| 有価証券報告書－第19期(2023/08/01－2024/07/31) | S100ULQO | 2024-10-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ULQO,, |
| 有価証券報告書－第18期(2022/08/01－2023/07/31) | S100RZZX | 2023-10-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RZZX,, |
| 有価証券報告書－第17期(令和3年8月1日－令和4年7月31日) | S100PBLY | 2022-10-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PBLY,, |
| 有価証券報告書－第16期(令和2年8月1日－令和3年7月31日) | S100MI2F | 2021-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MI2F,, |
| 訂正有価証券報告書－第15期(令和1年8月1日－令和2年7月31日) | S100K0GI | 2020-11-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K0GI,, |

## 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).