# BIKE O & COMPANY Ltd.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第28期(2024/12/01－2025/11/30) (S100XLTO)
> Page: https://vizora.meequs.com/en/company/bike-o-and
> Retrieved: 2026-09-30T22:26:47.751Z

## Company

Bike O & Company, founded in 1994, is a company in Car Dealers & Used Cars listed on TSE Standard. It has 1,029 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BIKE O & COMPANY Ltd. |
| Ticker | 3377 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3377.T) |
| Listing | TSE Standard |
| Head office | 東京都世田谷区若林三丁目15番4号 |
| Representative (per filing) | 代表取締役 CEO 澤 篤史 |
| Founded | Sep 1994 |
| Share capital | ¥590.3M |
| Employees (consolidated) | 1,029 |
| Average salary (parent only) | ¥4.2M |
| Fiscal year end | November |
| Website | www.8190.co.jp (https://www.8190.co.jp/) |
| Corporate number | 4011001034569 |
| EDINET | E02988 |
| Industries (Vizora) | Car Dealers & Used Cars |

> Profile source: annual securities report (S100XLTO, filed 2026-02-18). As of filing

## Five-axis industry profile

Primary industry: Car Dealers & Used Cars (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 20.5 | 22 |
| Cash conversion | 42.5 | 20 |
| Efficiency | 97.7 | 22 |

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)

- Bike O & Company brought in ¥38.6B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +13.6% from the prior year, operating profit +104.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥38574085000 → ¥327270000
- Net income → operating cash flow: ¥327270000 → ¥371720000（difference ¥44450000）
- Main uses of operating cash flow: CapEx ¥269818000 / dividends ¥160083000 / buybacks —
- Change in cash: ¥-16299000
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 | ¥38.6B |  |
| Operating income | ¥585.7M | Margin 1.5% |
| Net income | ¥327.3M | Margin 0.8% |
| Free cash flow | ¥101.9M |  |
| Employees (consolidated) | 1,029 |  |
| EPS | ¥22.1 |  |
| Book value per share | ¥473.9 |  |
| Equity ratio | 53.8% |  |
| Shares outstanding | 15,315,600 |  |
| Treasury shares | 796,000 |  |
| Shareholders | 7,589 |  |
| Average salary (parent only) | ¥4.2M | Filing company only |
| Cash ratio | 15.8% | Cash ÷ revenue 5.3% |
| Vs. industry median margin | -1.7 pp | Car Dealers & Used Cars |
| ROE | 4.8% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22349284000 | ¥38574085000 | — |
| Operating income | ¥707606000 | ¥585745000 | — |
| Operating margin | 3.2% | 1.5% | -1.6 pp |
| Employees | 858 people | 1,029 people | — |
| Cash and equivalents | ¥1680820000 | ¥2054950000 | — |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 38,574 | 100.0% | S100XLTO |
| Cost of revenue | 25,595 | 66.4% | S100XLTO |
| Gross profit | 12,979 | 33.6% | S100XLTO |
| SG&A | 12,394 | 32.1% | S100XLTO |
| Operating income | 586 | 1.5% | S100XLTO |
| Ordinary income | 829 | 2.2% | S100XLTO |
| Pretax income | 657 | 1.7% | S100XLTO |
| Income tax | 330 | 0.9% | S100XLTO |
| Net income | 327 | 0.8% | S100XLTO |
| Net income attributable to owners | 327 | 0.8% | S100XLTO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 32 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 33.6% → Operating margin 1.5% → Net margin 0.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.6%; Core profit growth: +104.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.70×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 33,966 | 38,574 | 4,608 | +13.6% |
| Gross profit | 12,624 | 12,979 | 355 | +2.8% |
| Operating income | 286 | 586 | 299 | +104.5% |
| Net income attributable to owners | 187 | 327 | 140 | +74.7% |
| Operating cash flow | 1,770 | 372 | -1,398 | -79.0% |
| Free cash flow | 1,537 | 102 | -1,435 | -93.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 20,120 | 211 | 1.0% | 206 | 213 | -220 | S100KV8J |
| FY ending Nov 2020 | 22,349 | 708 | 3.2% | 594 | 1,071 | 530 | S100NKFL |
| FY ending Nov 2021 | 26,570 | 1,559 | 5.9% | 1,226 | -584 | -968 | S100QAI8 |
| FY ending Nov 2022 | 33,481 | 1,654 | 4.9% | 1,550 | 2,103 | 1,737 | S100SY96 |
| FY ending Nov 2023 | 33,068 | -166 | -0.5% | -111 | -123 | -795 | S100SY96 |
| FY ending Nov 2024 | 33,966 | 286 | 0.8% | 187 | 1,770 | 1,537 | S100XLTO |
| FY ending Nov 2025 | 38,574 | 586 | 1.5% | 327 | 372 | 102 | S100XLTO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.5M |
| Operating income per employee (consolidated) | ¥569.2K |
| Net income per employee (consolidated) | ¥318K |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 949 | 980 | 1,035 | 1,005 | 1,029 |
| Average salary (parent company) | ¥4.2M | ¥4.2M | ¥4.1M | ¥4.1M | ¥4.2M |
| Average age (parent company) | 33.6 years | 34.2 years | 34.2 years | 35.4 years | 35.8 years |
| Average tenure (parent company) | 7.4 years | 7.8 years | 7.8 years | 8.6 years | 8.9 years |

Year over year: Employees (consolidated) +2.4% · Revenue (consolidated) +13.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 372 | 1.0% | S100XLTO |
| Capital expenditure | 270 | 0.7% | S100XLTO |
| Free cash flow | 102 | 0.3% | 算出 |
| Investing cash flow | -400 | -1.0% | S100XLTO |
| Financing cash flow | 12 | 0.0% | S100XLTO |
| Dividends paid | 160 | 0.4% | S100XLTO |
| Change in cash | -16 | -0.0% | S100XLTO |
| Cash and equivalents | 2,055 | 5.3% | S100XLTO |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 944 | 2,769 | 1,987 | 2,071 | 2,055 | S100SY96, S100XLTO |
| Total assets | 9,249 | 12,017 | 12,055 | 12,458 | 13,044 | S100QAI8, S100SY96, S100XLTO |
| Net assets | 5,660 | 6,926 | 6,394 | 6,491 | 7,017 | S100SY96, S100XLTO |
| Share capital | 590 | 590 | 590 | 590 | 590 | S100QAI8, S100SY96, S100XLTO |
| Property, plant and equipment | 853 | 1,050 | 1,380 | 1,578 | 1,358 | S100QAI8, S100SY96, S100XLTO |
| Intangible assets excluding goodwill | 710 | 613 | 588 | 517 | 309 | S100QAI8, S100SY96, S100XLTO |
| Goodwill | — | — | — | 44 | 18 | S100XLTO |
| Investment securities | 1 | 1 | 0 | 580 | 688 | S100QAI8, S100SY96, S100XLTO |
| Current assets | 6,752 | 9,103 | 8,234 | 8,743 | 9,762 | S100QAI8, S100SY96, S100XLTO |
| Current liabilities | 3,054 | 4,328 | 4,611 | 4,708 | 4,623 | S100QAI8, S100SY96, S100XLTO |
| Short-term borrowings | 600 | 1,100 | 2,200 | 1,200 | 1,200 | S100QAI8, S100SY96, S100XLTO |
| Long-term borrowings | — | — | 57 | 332 | 603 | S100SY96, S100XLTO |
| Total liabilities | 3,589 | 5,092 | 5,661 | 5,967 | 6,027 | S100QAI8, S100SY96, S100XLTO |
| Equity attributable to owners of parent | 5,660 | 6,925 | 6,394 | 6,491 | 7,017 | S100QAI8, S100SY96, S100XLTO |
| Retained earnings | 4,816 | 6,081 | 5,550 | 5,647 | 5,814 | S100QAI8, S100SY96, S100XLTO |
| Treasury stock | -356 | -847 | -846 | -846 | -487 | S100QAI8, S100SY96, S100XLTO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100XLTO |
| Property, plant and equipment | 10% | S100XLTO |
| Intangibles and goodwill | 3% | S100XLTO |
| Investment securities | 5% | S100XLTO |
| Other assets | 66% | S100XLTO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100XLTO |
| Equity | 54% | S100XLTO |
| Other liabilities | 0% | S100XLTO |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 9,249 | 12,017 | 12,055 | 12,458 | 13,044 |
| Equity | 5,660 | 6,926 | 6,394 | 6,491 | 7,017 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 944 | 2,769 | 1,987 | 2,071 | 2,055 |

## 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) | 3.5% | S100XLTO |
| Fixed assets ÷ total assets | 10.4% | S100XLTO |
| Goodwill ÷ parent equity | 0.3% | S100XLTO |

### 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) | 15.8% |
| Cash ÷ revenue | 5.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 63.5% |
| Cash vs. profit gap | 44 JPY mn (of net income 13.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 48.9% |
| Shareholder payments — dividends / FCF | 157.1% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 107.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.6% | 2.87× | 13.3% | 1.63× | 21.7% | S100QAI8 |
| 2022 | 4.6% | 3.15× | 14.6% | 1.69× | 24.6% | S100SY96 |
| 2023 | — | —× | -0.9% | —× | — | S100SY96 |
| 2024 | 0.6% | 2.73× | 1.5% | 1.92× | 2.9% | S100XLTO |
| 2025 | 0.8% | 3.03× | 2.6% | 1.89× | 4.8% | S100XLTO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 石川 秋彦 | Major shareholder | 27.0% | 2025-11-30 |
| 加藤 義博 | Major shareholder | 21.1% | 2025-11-30 |
| 有限会社ケイ | Major shareholder | 6.2% | 2025-11-30 |
| 株式会社ユー・エス・エス | Major shareholder | 5.3% | 2025-11-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.0% | 2025-11-30 |
| 石川 ゆかり | Major shareholder | 2.9% | 2025-11-30 |
| 加藤 信子 | Major shareholder | 2.0% | 2025-11-30 |
| バイク王＆カンパニー従業員持株会 | Major shareholder | 1.5% | 2025-11-30 |
| 株式会社Ｇ‐７ホールディングス | Major shareholder | 1.5% | 2025-11-30 |
| 楽天証券株式会社共有口 | Major shareholder | 0.8% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2024/12/01－2025/11/30) | S100XLTO | 2026-02-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XLTO,, |
| 有価証券報告書－第27期(2023/12/01－2024/11/30) | S100VAFK | 2025-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VAFK,, |
| 有価証券報告書－第26期(2022/12/01－2023/11/30) | S100SY96 | 2024-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SY96,, |
| 有価証券報告書－第25期(2021/12/01－2022/11/30) | S100QAI8 | 2023-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QAI8,, |
| 有価証券報告書－第24期(令和2年12月1日－令和3年11月30日) | S100NKFL | 2022-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NKFL,, |
| 有価証券報告書－第23期(令和1年12月1日－令和2年11月30日) | S100KV8J | 2021-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KV8J,, |

## 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).