# BIC CAMERA INC.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第45期(2024/09/01－2025/08/31) (S100X5J8)
> Page: https://vizora.meequs.com/en/company/bic-camera
> Retrieved: 2026-09-30T19:09:16.776Z

## Company

BIC Camera, founded in 1968, is a company in Broadcasting & Newspapers listed on TSE Prime. It has 12,039 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BIC CAMERA INC. |
| Ticker | 3048 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3048.T) |
| Listing | TSE Prime |
| Head office | 東京都豊島区高田三丁目23番23号 (上記は登記上の本店所在地であり、実際の業務は下記の場所で行っております。) |
| Representative (per filing) | 代表取締役社長 秋保 徹 |
| Founded | Mar 1968 |
| Share capital | ¥25.9B |
| Employees (consolidated) | 12,039 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | August |
| Website | www.biccamera.co.jp (https://www.biccamera.co.jp/) |
| Corporate number | 9013301010402 |
| EDINET | E03481 |
| Industries (Vizora) | Broadcasting & Newspapers, Electronics Retailers |

> Profile source: annual securities report (S100X5J8, filed 2025-11-19). As of filing

## Five-axis industry profile

Primary industry: Electronics Retailers (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 73.1 | 13 |
| Profitability | 39.3 | 14 |
| Cash conversion | 25 | 14 |
| Efficiency | 82.1 | 14 |

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 99% of BIC Camera's sales come from Merchandise sales, with BS Digital Broadcasting and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +5.6% from the prior year, operating profit +24.1%.

## Company structure

- Segment revenue mix: Merchandise sales 98.7%、BS Digital Broadcasting 1.1%、Other 0.2%
- Revenue → net income: ¥974483000000 → ¥20397000000
- Net income → operating cash flow: ¥20397000000 → ¥25355000000（difference ¥4958000000）
- Main uses of operating cash flow: CapEx ¥10200000000 / dividends ¥7178000000 / buybacks —
- Change in cash: ¥-5411000000
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 | ¥974.5B |  |
| Operating income | ¥30.3B | Margin 3.1% |
| Net income | ¥17.5B | Margin 1.8% |
| Free cash flow | ¥15.2B |  |
| Largest business | Merchandise sales | of segment revenue 98.7% |
| Employees (consolidated) | 12,039 |  |
| EPS | ¥63.26 |  |
| Diluted EPS | ¥63.24 |  |
| Book value per share | ¥571.51 |  |
| Equity ratio | 34.2% |  |
| Shares outstanding | 188,146,304 |  |
| Treasury shares | 16,927,500 |  |
| Shareholders | 315,534 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 11.8% | Cash ÷ revenue 6.0% |
| Vs. industry median margin | -0.3 pp | Electronics Retailers |
| ROE | 11.9% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2025, parent-company salary changed +27% over five years

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥847905000000 | ¥974483000000 | +14.9% |
| Operating income | ¥12066000000 | ¥30274000000 | +150.9% |
| Operating margin | 1.4% | 3.1% | +1.7 pp |
| Employees | 9,024 people | 12,039 people | +33.4% |
| Cash and equivalents | ¥117211000000 | ¥57984000000 | -50.5% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 物品販売事業 → 物品販売事業 | 98.5% |
| ＢＳデジタル放送事業 → ＢＳデジタル放送事業 | 1.1% |
| ＢＳデジタル放送事業 → 事業再編・廃止 | 0.1% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 物品販売事業 | 0.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Merchandise sales | 5 years | +2.9% | ¥961978000000 | 3.1% | 2 |
| BS Digital Broadcasting | 5 years | +0.8% | ¥10971000000 | 18.6% | 2 |
| Other | 5 years | -2.5% | ¥1533000000 | 2.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 974,483 | 100.0% | S100X5J8 |
| Cost of revenue | 713,972 | 73.3% | S100X5J8 |
| Gross profit | 260,511 | 26.7% | S100X5J8 |
| SG&A | 230,236 | 23.6% | S100X5J8 |
| Operating income | 30,274 | 3.1% | S100X5J8 |
| Ordinary income | 31,929 | 3.3% | S100X5J8 |
| Pretax income | 29,862 | 3.1% | S100X5J8 |
| Income tax | 9,464 | 1.0% | S100X5J8 |
| Net income | 20,397 | 2.1% | S100X5J8 |
| Net income attributable to owners | 17,476 | 1.8% | S100X5J8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 24 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 26.7% → Operating margin 3.1% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.6%; Core profit growth: +24.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.29×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 922,572 | 974,483 | 51,911 | +5.6% |
| Gross profit | 243,646 | 260,511 | 16,865 | +6.9% |
| Operating income | 24,388 | 30,274 | 5,886 | +24.1% |
| Net income attributable to owners | 13,908 | 17,476 | 3,568 | +25.7% |
| Operating cash flow | 41,994 | 25,355 | -16,639 | -39.6% |
| Free cash flow | 34,995 | 15,155 | -19,840 | -56.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 894,021 | 22,943 | 2.6% | 14,047 | 13,192 | 864 | S100K8EM |
| FY ending Aug 2020 | 847,905 | 12,066 | 1.4% | 5,450 | 52,004 | 36,094 | S100MX71 |
| FY ending Aug 2021 | 834,060 | 18,217 | 2.2% | 8,761 | 7,763 | -1,608 | S100PNT4 |
| FY ending Aug 2022 | 792,368 | 17,863 | 2.3% | 5,765 | 25,317 | 13,991 | S100SCP0 |
| FY ending Aug 2023 | 815,560 | 14,215 | 1.7% | 2,936 | 10,078 | -744 | S100UTTK |
| FY ending Aug 2024 | 922,572 | 24,388 | 2.6% | 13,908 | 41,994 | 34,995 | S100X5J8 |
| FY ending Aug 2025 | 974,483 | 30,274 | 3.1% | 17,476 | 25,355 | 15,155 | S100X5J8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥80.9M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥1.5M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 9,466 | 9,699 | 10,200 | 11,588 | 12,039 |
| Average salary (parent company) | ¥4.4M | ¥4.7M | ¥4.8M | ¥5.2M | ¥5.6M |
| Average age (parent company) | 35.1 years | 36.5 years | 36.5 years | 37.1 years | 37.0 years |
| Average tenure (parent company) | 11.4 years | 12.2 years | 12.3 years | 12.8 years | 13.0 years |

Year over year: Employees (consolidated) +3.9% · Revenue (consolidated) +5.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Merchandise sales | 961,978 | 98.7% | 29,842 | 3.1% |
| BS Digital Broadcasting | 10,971 | 1.1% | 2,043 | 18.6% |
| Other | 1,533 | 0.2% | 42 | 2.7% |

### 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 |
| --- | ---: |
| Merchandise sales | 98.7% |
| BS Digital Broadcasting | 1.1% |
| Other | 0.2% |

Segment → industry: BS Digital Broadcasting → Broadcasting & Newspapers / Merchandise sales → Electronics Retailers

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 25,355 | 2.6% | S100X5J8 |
| Capital expenditure | 10,200 | 1.0% | S100X5J8 |
| Free cash flow | 15,155 | 1.6% | 算出 |
| Investing cash flow | -14,772 | -1.5% | S100X5J8 |
| Financing cash flow | -15,994 | -1.6% | S100X5J8 |
| Dividends paid | 7,178 | 0.7% | S100X5J8 |
| Change in cash | -5,411 | -0.6% | S100X5J8 |
| Cash and equivalents | 57,984 | 6.0% | S100X5J8 |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 108,857 | 89,536 | 75,135 | 63,396 | 57,984 | S100SCP0, S100UTTK, S100X5J8 |
| Total assets | 454,466 | 456,466 | 449,840 | 478,248 | 492,531 | S100PNT4, S100SCP0, S100UTTK, S100X5J8 |
| Net assets | 179,523 | 169,133 | 176,383 | 193,179 | 211,767 | S100SCP0, S100UTTK, S100X5J8 |
| Share capital | 25,929 | 25,929 | 25,929 | 25,929 | 25,929 | S100PNT4, S100SCP0, S100UTTK, S100X5J8 |
| Property, plant and equipment | 85,774 | 87,030 | 83,104 | 80,031 | 79,136 | S100PNT4, S100SCP0, S100UTTK, S100X5J8 |
| Intangible assets excluding goodwill | 31,040 | 30,222 | 31,990 | 39,354 | 38,875 | S100PNT4, S100SCP0, S100UTTK, S100X5J8 |
| Goodwill | 4,742 | 5,496 | 5,303 | 9,649 | 8,597 | S100PNT4, S100SCP0, S100UTTK, S100X5J8 |
| Investment securities | 12,229 | 13,192 | 16,918 | 25,468 | 32,642 | S100PNT4, S100SCP0, S100UTTK, S100X5J8 |
| Current assets | 258,077 | 252,258 | 247,245 | 263,467 | 278,158 | S100PNT4, S100SCP0, S100UTTK, S100X5J8 |
| Current liabilities | 173,589 | 197,781 | 204,862 | 213,009 | 213,426 | S100PNT4, S100SCP0, S100UTTK, S100X5J8 |
| Short-term borrowings | 56,496 | 65,006 | 78,000 | 61,190 | 64,404 | S100PNT4, S100SCP0, S100UTTK, S100X5J8 |
| Long-term borrowings | 66,491 | 43,945 | 24,022 | 25,559 | 23,039 | S100PNT4, S100SCP0, S100UTTK, S100X5J8 |
| Bonds | 600 | 400 | 200 | — | — | S100PNT4, S100SCP0, S100UTTK |
| Interest-bearing debt | 123,587 | 109,351 | 102,222 | — | — | 算出 |
| Total liabilities | 274,942 | 287,332 | 273,456 | 285,068 | 280,764 | S100PNT4, S100SCP0, S100UTTK, S100X5J8 |
| Non-controlling interests | 35,640 | 37,574 | 38,998 | 40,729 | 43,190 | S100PNT4, S100SCP0, S100UTTK, S100X5J8 |
| Equity attributable to owners of parent | 142,287 | 130,097 | 130,764 | 141,408 | 151,773 | S100PNT4, S100SCP0, S100UTTK, S100X5J8 |
| Retained earnings | 105,983 | 98,753 | 99,438 | 110,094 | 120,381 | S100PNT4, S100SCP0, S100UTTK, S100X5J8 |
| Treasury stock | -16,729 | -21,693 | -21,684 | -21,670 | -21,624 | S100PNT4, S100SCP0, S100UTTK, S100X5J8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100X5J8 |
| Property, plant and equipment | 16% | S100X5J8 |
| Intangibles and goodwill | 10% | S100X5J8 |
| Investment securities | 6% | S100X5J8 |
| Other assets | 56% | S100X5J8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100X5J8 |
| Equity | 43% | S100X5J8 |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 454,466 | 456,466 | 449,840 | 478,248 | 492,531 |
| Equity | 179,523 | 169,133 | 176,383 | 193,179 | 211,767 |
| Interest-bearing debt | 123,587 | 109,351 | 102,222 | — | — |
| Cash | 108,857 | 89,536 | 75,135 | 63,396 | 57,984 |

## 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) | 8.1% | S100X5J8 |
| Fixed assets ÷ total assets | 16.1% | S100X5J8 |
| Goodwill ÷ parent equity | 5.7% | S100X5J8 |

Goodwill over 4 years: 4,742 → 8,597 JPY; total investing cash flow: -86,395 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) | 11.8% |
| Cash ÷ revenue | 6.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 83.8% |
| Cash vs. profit gap | 7,879 JPY mn (of net income 45.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 41.1% |
| Shareholder payments — dividends / FCF | 47.4% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 58.3% |

## 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 | 1.1% | 1.84× | 1.9% | 3.19× | 6.2% | S100PNT4 |
| 2022 | 0.7% | 1.74× | 1.3% | 3.34× | 4.2% | S100SCP0 |
| 2023 | 0.4% | 1.80× | 0.6% | 3.47× | 2.3% | S100UTTK |
| 2024 | 1.5% | 1.99× | 3.0% | 3.41× | 10.2% | S100X5J8 |
| 2025 | 1.8% | 2.01× | 3.6% | 3.31× | 11.9% | S100X5J8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 管理信託 (A001) 受託者 株式会社ＳＭＢＣ信託銀行 | Major shareholder | 9.2% | 2025-08-31 |
| 株式会社日本カストディ銀行 (信託口) | Major shareholder | 8.5% | 2025-08-31 |
| みずほ信託銀行株式会社有価証券管理信託0700026 | Major shareholder | 7.4% | 2025-08-31 |
| 日本マスタートラスト信託銀行株式会社 (信託口) | Major shareholder | 6.2% | 2025-08-31 |
| 株式会社ラ・ホールディングス | Major shareholder | 5.6% | 2025-08-31 |
| 三井住友信託銀行株式会社（信託口 甲１号） | Major shareholder | 5.0% | 2025-08-31 |
| 野村信託銀行株式会社 (信託口2052152) | Major shareholder | 4.4% | 2025-08-31 |
| 株式会社ＴＢＳテレビ | Major shareholder | 3.6% | 2025-08-31 |
| 日本マスタートラスト信託銀行株式会社 (リテール信託口820079254) | Major shareholder | 2.7% | 2025-08-31 |
| 野村信託銀行株式会社 (信託口2052116) | Major shareholder | 1.3% | 2025-08-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Aug 2025 was ¥974.5B, up +5.6% from ¥922.6B.
- Profit grew faster than sales: operating income rose +24.1% to ¥30.3B and net income attributable to owners rose +25.7% to ¥17.5B.
- Cash generation weakened, though. Operating cash flow dropped from ¥42B to ¥25.4B (-39.6%), and free cash flow fell -56.7% to ¥15.2B.

### Drivers

- Smartphones and other telecom devices sold well, and home appliances such as air conditioners and drugstore goods held up; TVs and other audio-visual products were weak
- Gross profit grew with sales, while SG&A rose on higher variable costs and staff costs
- Operating cash flow was held back by higher receivables and income tax payments

### Risks

- Unusual weather, such as a cool summer or warm winter, can cut demand for seasonal products like air conditioners
- Stores are concentrated around Tokyo and the Kanto region, so a major disaster there could disrupt operations
- Competition with other retailers on price and service could get tougher

Cited: Annual securities report, 45th fiscal year (Sep 2024 – Aug 2025) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report, 45th fiscal year (Sep 2024 – Aug 2025) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第45期(2024/09/01－2025/08/31) | S100X5J8 | 2025-11-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X5J8,, |
| 有価証券報告書－第44期(2023/09/01－2024/08/31) | S100UTTK | 2024-11-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UTTK,, |
| 有価証券報告書－第43期(2022/09/01－2023/08/31) | S100SCP0 | 2023-11-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SCP0,, |
| 有価証券報告書－第42期(令和3年9月1日－令和4年8月31日) | S100PNT4 | 2022-11-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PNT4,, |
| 有価証券報告書－第41期(令和2年9月1日－令和3年8月31日) | S100MX71 | 2021-11-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MX71,, |
| 有価証券報告書－第40期(令和1年9月1日－令和2年8月31日) | S100K8EM | 2020-11-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K8EM,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| コジマ | Capital alliance | 資本業務提携（第三者割当増資を引受け連結子会社化） | S100X5J8 |

## 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).