# Bewith, Inc.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2025/06/01－2026/05/31) (S100YYAI)
> Page: https://vizora.meequs.com/en/company/bewith
> Retrieved: 2026-09-30T19:48:36.520Z

## Company

Bewith is a company in Business Process Outsourcing listed on TSE Prime. It has 793 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Bewith,Inc. |
| Ticker | 9216 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9216.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西新宿三丁目7番1号 |
| Representative (per filing) | 代表取締役社長 飯島 健二 |
| Share capital | ¥1.04B |
| Employees (consolidated) | 793 |
| Fiscal year end | May |
| Website | bewith.premium-yutaiclub.jp (https://bewith.premium-yutaiclub.jp/) |
| Corporate number | 6011101029715 |
| EDINET | E37399 |
| Industries (Vizora) | Business Process Outsourcing |

> Profile source: annual securities report (S100YYAI, filed 2026-08-25). As of filing

## Five-axis industry profile

Primary industry: Business Process Outsourcing (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30.6 | 18 |
| Profitability | 40.5 | 21 |
| Cash conversion | 44.1 | 17 |
| Efficiency | 83.3 | 21 |

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)

- Bewith brought in ¥36.3B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -0.3% from the prior year, operating profit +9.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥36322000000 → ¥574000000
- Net income → operating cash flow: ¥574000000 → ¥1299000000（difference ¥725000000）
- Main uses of operating cash flow: CapEx ¥303000000 / dividends ¥1087000000 / buybacks —
- Change in cash: ¥271000000
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 | ¥36.3B |  |
| Operating income | ¥1.17B | Margin 3.2% |
| Net income | ¥579M | Margin 1.6% |
| Free cash flow | ¥996M |  |
| Employees (consolidated) | 793 |  |
| EPS | ¥46.65 |  |
| Diluted EPS | ¥45.96 |  |
| Book value per share | ¥603.2 |  |
| Equity ratio | 52.7% |  |
| Shares outstanding | 14,368,800 |  |
| Shareholders | 11,426 |  |
| Cash ratio | 38.6% | Cash ÷ revenue 17.5% |
| Vs. industry median margin | -0.7 pp | Business Process Outsourcing |
| ROE | 6.6% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, cash is 39% of total assets

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥28845675000 | ¥36322000000 | +25.9% |
| Operating income | ¥2131532000 | ¥1167000000 | -45.3% |
| Operating margin | 7.4% | 3.2% | -4.2 pp |
| Employees | 620 people | 793 people | +27.9% |
| Cash and equivalents | ¥2628614000 | ¥6357000000 | +141.8% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 36,322 | 100.0% | S100YYAI |
| Cost of revenue | 30,964 | 85.2% | S100YYAI |
| Gross profit | 5,358 | 14.8% | S100YYAI |
| SG&A | 4,191 | 11.5% | S100YYAI |
| Operating income | 1,167 | 3.2% | S100YYAI |
| Ordinary income | 1,181 | 3.3% | S100YYAI |
| Pretax income | 1,013 | 2.8% | S100YYAI |
| Income tax | 438 | 1.2% | S100YYAI |
| Net income | 574 | 1.6% | S100YYAI |
| Net income attributable to owners | 579 | 1.6% | S100YYAI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 12 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 14.8% → Operating margin 3.2% → Net margin 1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.3%; Core profit growth: +9.2%
Operating leverage (core profit growth ÷ revenue growth): -32.74×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 36,424 | 36,322 | -102 | -0.3% |
| Gross profit | 5,187 | 5,358 | 171 | +3.3% |
| Operating income | 1,069 | 1,167 | 98 | +9.2% |
| Net income attributable to owners | 452 | 579 | 127 | +28.1% |
| Operating cash flow | 1,176 | 1,299 | 123 | +10.5% |
| Free cash flow | 673 | 996 | 323 | +48.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2021 | 28,846 | 2,132 | 7.4% | 1,655 | 1,476 | 1,271 | S100P372 |
| FY ending May 2022 | 32,406 | 2,565 | 7.9% | 1,777 | 1,587 | 1,314 | S100RS7S |
| FY ending May 2023 | 35,159 | 2,225 | 6.3% | 1,678 | 1,533 | 1,096 | S100UAG6 |
| FY ending May 2024 | 38,253 | 2,543 | 6.6% | 1,833 | 2,569 | 1,903 | S100WLY3 |
| FY ending May 2025 | 36,424 | 1,069 | 2.9% | 452 | 1,176 | 673 | S100YYAI |
| FY ending May 2026 | 36,322 | 1,167 | 3.2% | 579 | 1,299 | 996 | S100YYAI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.8M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥730.1K |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 661 | 666 | 698 | 749 | 793 |
| Average salary (parent company) | ¥4.9M | ¥4.9M | ¥5.1M | ¥5.2M | — |
| Average age (parent company) | 38.4 years | 38.9 years | 39.5 years | 39.8 years | 40.0 years |
| Average tenure (parent company) | 5.4 years | 6.1 years | 6.5 years | 7.3 years | 7.1 years |

Year over year: Employees (consolidated) +5.9% · Revenue (consolidated) -0.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,299 | 3.6% | S100YYAI |
| Capital expenditure | 303 | 0.8% | S100YYAI |
| Free cash flow | 996 | 2.7% | 算出 |
| Investing cash flow | -1,490 | -4.1% | S100YYAI |
| Financing cash flow | 463 | 1.3% | S100YYAI |
| Dividends paid | 1,087 | 3.0% | S100YYAI |
| Change in cash | 271 | 0.7% | S100YYAI |
| Cash and equivalents | 6,357 | 17.5% | S100YYAI |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,430 | 4,913 | 6,095 | 6,085 | 6,357 | S100UAG6, S100WLY3, S100YYAI |
| Total assets | 10,491 | 12,207 | 14,097 | 14,494 | 16,484 | S100RS7S, S100UAG6, S100WLY3, S100YYAI |
| Net assets | 6,606 | 7,842 | 9,192 | 8,952 | 8,815 | S100UAG6, S100WLY3, S100YYAI |
| Share capital | 692 | 794 | 894 | 915 | 1,044 | S100RS7S, S100UAG6, S100WLY3, S100YYAI |
| Property, plant and equipment | 815 | 900 | 1,104 | 1,463 | 2,060 | S100RS7S, S100UAG6, S100WLY3, S100YYAI |
| Intangible assets excluding goodwill | 167 | 324 | 534 | 587 | 997 | S100RS7S, S100UAG6, S100WLY3, S100YYAI |
| Goodwill | 7 | 14 | 13 | 4 | 684 | S100RS7S, S100UAG6, S100WLY3, S100YYAI |
| Investment securities | — | 168 | 253 | 147 | 135 | S100UAG6, S100WLY3, S100YYAI |
| Current assets | 8,171 | 9,371 | 10,653 | 10,603 | 11,618 | S100RS7S, S100UAG6, S100WLY3, S100YYAI |
| Current liabilities | 3,570 | 3,983 | 4,489 | 4,625 | 5,472 | S100RS7S, S100UAG6, S100WLY3, S100YYAI |
| Short-term borrowings | — | 5 | — | — | 104 | S100UAG6, S100YYAI |
| Long-term borrowings | — | 26 | 22 | 18 | 1,250 | S100UAG6, S100WLY3, S100YYAI |
| Total liabilities | 3,885 | 4,365 | 4,904 | 5,541 | 7,669 | S100RS7S, S100UAG6, S100WLY3, S100YYAI |
| Non-controlling interests | — | — | — | 9 | 126 | S100YYAI |
| Equity attributable to owners of parent | 6,601 | 7,839 | 9,190 | 8,941 | 8,689 | S100RS7S, S100UAG6, S100WLY3, S100YYAI |
| Retained earnings | 5,113 | 6,148 | 7,300 | 7,006 | 6,497 | S100RS7S, S100UAG6, S100WLY3, S100YYAI |
| Treasury stock | — | -0 | -0 | 0 | 0 | S100UAG6, S100WLY3, S100YYAI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 39% | S100YYAI |
| Property, plant and equipment | 12% | S100YYAI |
| Intangibles and goodwill | 10% | S100YYAI |
| Investment securities | 1% | S100YYAI |
| Other assets | 38% | S100YYAI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100YYAI |
| Equity | 53% | S100YYAI |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,491 | 12,207 | 14,097 | 14,494 | 16,484 |
| Equity | 6,606 | 7,842 | 9,192 | 8,952 | 8,815 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,430 | 4,913 | 6,095 | 6,085 | 6,357 |

## 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) | 5.7% | S100YYAI |
| Fixed assets ÷ total assets | 12.5% | S100YYAI |
| Goodwill ÷ parent equity | 7.9% | S100YYAI |

Goodwill over 4 years: 7 → 684 JPY; total investing cash flow: -3,841 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) | 38.6% |
| Cash ÷ revenue | 17.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 111.3% |
| Cash vs. profit gap | 720 JPY mn (of net income 124.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 187.7% |
| Shareholder payments — dividends / FCF | 109.1% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 114.7% |

## 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 | 5.5% | 3.09× | 16.9% | 1.59× | 26.9% | S100RS7S |
| 2023 | 4.8% | 3.10× | 14.8% | 1.57× | 23.2% | S100UAG6 |
| 2024 | 4.8% | 2.91× | 13.9% | 1.54× | 21.5% | S100WLY3 |
| 2025 | 1.2% | 2.55× | 3.2% | 1.58× | 5.0% | S100YYAI |
| 2026 | 1.6% | 2.35× | 3.7% | 1.76× | 6.6% | S100YYAI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社パソナグループ | Major shareholder | 54.4% | 2026-05-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.0% | 2026-05-31 |
| ビーウィズ社員持株会 | Major shareholder | 1.2% | 2026-05-31 |
| 松井 映孝 | Major shareholder | 0.7% | 2026-05-31 |
| 株式会社メディカル・コンシェルジュ | Major shareholder | 0.5% | 2026-05-31 |
| 飯島 健二 | Major shareholder | 0.5% | 2026-05-31 |
| 森本 宏一 | Major shareholder | 0.4% | 2026-05-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.3% | 2026-05-31 |
| ＢＣＳＬ ＣＬＩＥＮＴ ＲＥ ＢＢＰＬＣ ＮＹＢＲ | Major shareholder | 0.2% | 2026-05-31 |
| 竹川 信之 | Major shareholder | 0.2% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/06/01－2026/05/31) | S100YYAI | 2026-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYAI,, |
| 有価証券報告書－第26期(2024/06/01－2025/05/31) | S100WLY3 | 2025-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLY3,, |
| 有価証券報告書－第25期(2023/06/01－2024/05/31) | S100UAG6 | 2024-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UAG6,, |
| 有価証券報告書－第24期(2022/06/01－2023/05/31) | S100RS7S | 2023-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RS7S,, |
| 有価証券報告書－第23期(令和3年6月1日－令和4年5月31日) | S100P372 | 2022-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P372,, |

## 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).