# BETREND CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2025/01/01－2025/12/31) (S100XUPN)
> Page: https://vizora.meequs.com/en/company/betrend
> Retrieved: 2026-09-30T20:25:30.503Z

## Company

Betrend, founded in 2000, is a company in Software & SaaS listed on TSE Growth. It has 61 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BETREND CORPORATION |
| Ticker | 4020 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4020.T) |
| Listing | TSE Growth |
| Head office | 東京都品川区北品川五丁目5番15号 大崎ブライトコア6F (注)2025年5月26日より本店は以下から移転しております。 東京都千代田区永田町2丁目13番1号 オカムラ赤坂ビル2F |
| Representative (per filing) | 代表取締役社長 井上 英昭 |
| Founded | Mar 2000 |
| Share capital | ¥316.4M |
| Employees (consolidated) | 61 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | December |
| Website | www.betrend.com (https://www.betrend.com/) |
| Corporate number | 7010401054521 |
| EDINET | E36108 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XUPN, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15.7 | 105 |
| Profitability | 4.5 | 145 |
| Efficiency | 78.3 | 145 |

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)

- Betrend brought in ¥1.16B in revenue.
- It lost about ¥7 for every ¥100 of sales at the operating level.
- Revenue changed +0.3% from the prior year, operating profit -202.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.16B |  |
| Operating income | -¥81.8M | Margin -7.1% |
| Net income | -¥101.4M | Margin -8.7% |
| Free cash flow | -¥147.1M |  |
| Employees (consolidated) | 61 |  |
| EPS | ¥-47.02 |  |
| Book value per share | ¥361.27 |  |
| Equity ratio | 85.7% |  |
| Shares outstanding | 2,200,400 |  |
| Treasury shares | 42,200 |  |
| Shareholders | 2,093 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 51.4% | Cash ÷ revenue 40.3% |
| Vs. industry median margin | -19.5 pp | Software & SaaS |
| ROA | -10.6% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 51% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥857152000 | ¥1159416000 | +35.3% |
| Operating income | ¥110524000 | ¥-81816000 | -174.0% |
| Operating margin | 12.9% | -7.1% | -20 pp |
| Employees | 44 people | 61 people | +38.6% |
| Cash and equivalents | ¥440777000 | ¥467438000 | +6.0% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,159 | 100.0% | S100XUPN |
| Cost of revenue | 615 | 53.0% | S100XUPN |
| Gross profit | 544 | 47.0% | S100XUPN |
| SG&A | 626 | 54.0% | S100XUPN |
| Operating income | -82 | -7.1% | S100XUPN |
| Ordinary income | -81 | -7.0% | S100XUPN |
| Pretax income | -81 | -7.0% | S100XUPN |
| Income tax | 21 | 1.8% | S100XUPN |
| Net income | -101 | -8.7% | S100XUPN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 54 |
| Operating income | -7 |
| (Ref.) Net income | -9 |

### Margin funnel

Gross margin 47.0% → Operating margin -7.1% → Net margin -8.7%
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 Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,156 | 1,159 | 4 | +0.3% |
| Gross profit | 612 | 544 | -68 | -11.1% |
| Operating income | 80 | -82 | -162 | -202.1% |
| Operating cash flow | 141 | 17 | -124 | -87.8% |
| Free cash flow | 71 | -147 | -218 | -307.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 747 | 52 | 6.9% | 38 | 91 | 33 | S100L3H1 |
| FY ending Dec 2020 | 857 | 111 | 12.9% | 76 | 170 | 109 | S100NSYB |
| FY ending Dec 2021 | 1,052 | 89 | 8.4% | 60 | 87 | 29 | S100QIS6 |
| FY ending Dec 2022 | 1,089 | 147 | 13.5% | 100 | 209 | 165 | S100T6MC |
| FY ending Dec 2023 | 1,091 | 99 | 9.1% | 67 | 46 | -7 | S100VJ3S |
| FY ending Dec 2024 | 1,156 | 80 | 6.9% | 60 | 141 | 71 | S100XUPN |
| FY ending Dec 2025 | 1,159 | -82 | -7.1% | -101 | 17 | -147 | S100XUPN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19M |
| Operating income per employee (consolidated) | -¥1.3M |
| Net income per employee (consolidated) | -¥1.7M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 49 | 49 | 46 | 58 | 61 |
| Average salary (parent company) | ¥6.3M | ¥6.4M | ¥6.4M | ¥6.6M | ¥6.6M |
| Average age (parent company) | 39.6 years | 40.2 years | 40.4 years | 38.9 years | 38.9 years |
| Average tenure (parent company) | 6.9 years | 7.4 years | 7.9 years | 6.8 years | 6.7 years |

Year over year: Employees (consolidated) +5.2% · Revenue (consolidated) +0.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 17 | 1.5% | S100XUPN |
| Capital expenditure | 164 | 14.2% | S100XUPN |
| Free cash flow | -147 | -12.7% | 算出 |
| Investing cash flow | -148 | -12.8% | S100XUPN |
| Financing cash flow | 0 | 0.0% | S100XUPN |
| Share buyback | 0 | 0.0% | S100XUPN |
| Change in cash | -130 | -11.3% | S100XUPN |
| Cash and equivalents | 467 | 40.3% | S100XUPN |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 435 | 596 | 568 | 598 | 467 | S100T6MC, S100VJ3S, S100XUPN |
| Total assets | 826 | 941 | 949 | 996 | 909 | S100QIS6, S100T6MC, S100VJ3S, S100XUPN |
| Net assets | 683 | 790 | 836 | 884 | 780 | S100T6MC, S100VJ3S, S100XUPN |
| Share capital | 312 | 315 | 316 | 316 | 316 | S100QIS6, S100T6MC, S100VJ3S, S100XUPN |
| Property, plant and equipment | 27 | 25 | 24 | 8 | 77 | S100QIS6, S100T6MC, S100VJ3S, S100XUPN |
| Intangible assets excluding goodwill | 97 | 86 | 93 | 119 | 155 | S100QIS6, S100T6MC, S100VJ3S, S100XUPN |
| Current assets | 599 | 742 | 762 | 808 | 643 | S100QIS6, S100T6MC, S100VJ3S, S100XUPN |
| Current liabilities | 119 | 128 | 89 | 112 | 112 | S100QIS6, S100T6MC, S100VJ3S, S100XUPN |
| Total liabilities | 143 | 152 | 113 | 112 | 129 | S100QIS6, S100T6MC, S100VJ3S, S100XUPN |
| Equity attributable to owners of parent | 683 | 790 | 836 | 880 | 779 | S100QIS6, S100T6MC, S100VJ3S, S100XUPN |
| Retained earnings | 129 | 230 | 297 | 354 | 251 | S100QIS6, S100T6MC, S100VJ3S, S100XUPN |
| Treasury stock | — | — | -23 | -36 | -34 | S100VJ3S, S100XUPN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 51% | S100XUPN |
| Property, plant and equipment | 9% | S100XUPN |
| Intangibles and goodwill | 17% | S100XUPN |
| Other assets | 23% | S100XUPN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 14% | S100XUPN |
| Equity | 86% | S100XUPN |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 826 | 941 | 949 | 996 | 909 |
| Equity | 683 | 790 | 836 | 884 | 780 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 435 | 596 | 568 | 598 | 467 |

## 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) | 6.7% | S100XUPN |
| Fixed assets ÷ total assets | 8.5% | S100XUPN |
| Goodwill ÷ parent equity | — | —, S100XUPN |

### 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) | 51.4% |
| Cash ÷ revenue | 40.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 119 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 14.2% |
| Investing CF relative to operating CF | 858.8% |

## 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 | 5.7% | 1.27× | 7.3% | 1.21× | 8.8% | S100QIS6 |
| 2022 | 9.2% | 1.23× | 11.4% | 1.20× | 13.6% | S100T6MC |
| 2023 | 6.1% | 1.15× | 7.1% | 1.16× | 8.2% | S100VJ3S |
| 2024 | 5.2% | 1.19× | 6.2% | 1.13× | 7.0% | S100XUPN |
| 2025 | — | —× | -10.6% | —× | — | S100XUPN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 永山 隆昭 | Major shareholder | 47.4% | 2025-12-31 |
| 井上 英昭 | Major shareholder | 15.9% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 4.3% | 2025-12-31 |
| 須山 聖一 | Major shareholder | 1.4% | 2025-12-31 |
| 佐野 力 | Major shareholder | 0.9% | 2025-12-31 |
| 中村 直幹 | Major shareholder | 0.9% | 2025-12-31 |
| 海島 和也 | Major shareholder | 0.8% | 2025-12-31 |
| 齋藤 勇 | Major shareholder | 0.7% | 2025-12-31 |
| 田代 寿一 | Major shareholder | 0.7% | 2025-12-31 |
| 小田 昌平 | Major shareholder | 0.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/01/01－2025/12/31) | S100XUPN | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUPN,, |
| 有価証券報告書－第26期(2024/01/01－2024/12/31) | S100VJ3S | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJ3S,, |
| 有価証券報告書－第25期(2023/01/01－2023/12/31) | S100T6MC | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6MC,, |
| 有価証券報告書－第24期(2022/01/01－2022/12/31) | S100QIS6 | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIS6,, |
| 有価証券報告書－第23期(令和3年1月1日－令和3年12月31日) | S100NSYB | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSYB,, |
| 有価証券報告書－第22期(令和2年1月1日－令和2年12月31日) | S100L3H1 | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3H1,, |

## 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).