# Billing System Corporation: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2025/01/01－2025/12/31) (S100XSRU)
> Page: https://vizora.meequs.com/en/company/billing-system
> Retrieved: 2026-09-30T19:05:59.451Z

## Company

Billing System, founded in 2000, is a company in Cashless Payments listed on TSE Growth. It has 97 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Billing System Corporation |
| Ticker | 3623 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3623.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区内幸町一丁目2番2号 |
| Representative (per filing) | 代表取締役社長 石塚 昭浩 |
| Founded | Jun 2000 |
| Share capital | ¥1.24B |
| Employees (consolidated) | 97 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | December |
| Website | www.billingsystem.co.jp (https://www.billingsystem.co.jp/) |
| Corporate number | 6010001139434 |
| EDINET | E05741 |
| Industries (Vizora) | Cashless Payments |

> Profile source: annual securities report (S100XSRU, filed 2026-03-23). As of filing

## Key points (generated from figures)

- Billing System brought in ¥4.55B in revenue.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +7.8% from the prior year, operating profit +3.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4546706000 → ¥432296000
- Net income → operating cash flow: ¥432296000 → ¥4201455000（difference ¥3769159000）
- Main uses of operating cash flow: CapEx ¥37557000 / dividends ¥141248000 / buybacks —
- Change in cash: ¥4016180000
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 | ¥4.55B |  |
| Operating income | ¥647.4M | Margin 14.2% |
| Net income | ¥408M | Margin 9.0% |
| Free cash flow | ¥4.16B |  |
| Employees (consolidated) | 97 |  |
| EPS | ¥49.77 |  |
| Book value per share | ¥414.46 |  |
| Equity ratio | 10.4% |  |
| Shares outstanding | 6,564,400 |  |
| Treasury shares | 275,000 |  |
| Shareholders | 3,493 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 91.8% | Cash ÷ revenue 608.6% |
| Vs. industry median margin | +1 pp | Cashless Payments |
| ROE | 13.8% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 10.3× net income
- FY2025, cash is 92% of total assets
- FY2025, parent-company salary changed +25% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2887459000 | ¥4546706000 | +57.5% |
| Operating income | ¥228294000 | ¥647366000 | +183.6% |
| Operating margin | 7.9% | 14.2% | +6.3 pp |
| Employees | 71 people | 97 people | +36.6% |
| Cash and equivalents | ¥8642791000 | ¥27669879000 | +220.1% |

### 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,547 | 100.0% | S100XSRU |
| Cost of revenue | 2,926 | 64.4% | S100XSRU |
| Gross profit | 1,621 | 35.6% | S100XSRU |
| SG&A | 973 | 21.4% | S100XSRU |
| Operating income | 647 | 14.2% | S100XSRU |
| Ordinary income | 652 | 14.3% | S100XSRU |
| Pretax income | 601 | 13.2% | S100XSRU |
| Income tax | 169 | 3.7% | S100XSRU |
| Net income | 432 | 9.5% | S100XSRU |
| Net income attributable to owners | 408 | 9.0% | S100XSRU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 22 |
| Operating income | 14 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 35.6% → Operating margin 14.2% → Net margin 9.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.8%; Core profit growth: +3.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.44×
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 | 4,218 | 4,547 | 328 | +7.8% |
| Gross profit | 1,534 | 1,621 | 87 | +5.7% |
| Operating income | 626 | 647 | 21 | +3.4% |
| Net income attributable to owners | 407 | 408 | 1 | +0.3% |
| Operating cash flow | 4,356 | 4,201 | -155 | -3.6% |
| Free cash flow | 4,307 | 4,164 | -144 | -3.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 2,291 | 108 | 4.7% | -24 | 1,846 | 1,809 | S100L0QV |
| FY ending Dec 2020 | 2,887 | 228 | 7.9% | 142 | 1,895 | 1,870 | S100NPQZ |
| FY ending Dec 2021 | 3,143 | 345 | 11.0% | 224 | 6,331 | 6,256 | S100QFER |
| FY ending Dec 2022 | 3,435 | 482 | 14.0% | 323 | -1,124 | -1,141 | S100T3U6 |
| FY ending Dec 2023 | 3,783 | 466 | 12.3% | 300 | 6,131 | 5,998 | S100VGBF |
| FY ending Dec 2024 | 4,218 | 626 | 14.8% | 407 | 4,356 | 4,307 | S100XSRU |
| FY ending Dec 2025 | 4,547 | 647 | 14.2% | 408 | 4,201 | 4,164 | S100XSRU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.9M |
| Operating income per employee (consolidated) | ¥6.7M |
| Net income per employee (consolidated) | ¥4.2M |

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) | 72 | 77 | 82 | 93 | 97 |
| Average salary (parent company) | ¥5.6M | ¥5.7M | ¥6.6M | ¥6.5M | ¥6.9M |
| Average age (parent company) | 36.5 years | 38.0 years | 38.3 years | 39.2 years | 38.4 years |
| Average tenure (parent company) | 4.9 years | 5.8 years | 6.1 years | 6.3 years | 6.4 years |

Year over year: Employees (consolidated) +4.3% · Revenue (consolidated) +7.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,201 | 92.4% | S100XSRU |
| Capital expenditure | 38 | 0.8% | S100XSRU |
| Free cash flow | 4,164 | 91.6% | 算出 |
| Investing cash flow | -38 | -0.8% | S100XSRU |
| Financing cash flow | -148 | -3.3% | S100XSRU |
| Dividends paid | 141 | 3.1% | S100XSRU |
| Change in cash | 4,016 | 88.3% | S100XSRU |
| Cash and equivalents | 27,670 | 608.6% | S100XSRU |

## 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 | 14,733 | 13,429 | 19,427 | 23,654 | 27,670 | S100T3U6, S100VGBF, S100XSRU |
| Total assets | 16,023 | 15,162 | 21,292 | 25,954 | 30,147 | S100QFER, S100T3U6, S100VGBF, S100XSRU |
| Net assets | 2,095 | 2,363 | 2,614 | 2,959 | 3,277 | S100T3U6, S100VGBF, S100XSRU |
| Share capital | 1,238 | 1,238 | 1,238 | 1,238 | 1,238 | S100QFER, S100T3U6, S100VGBF, S100XSRU |
| Property, plant and equipment | 48 | 34 | 119 | 102 | 87 | S100QFER, S100T3U6, S100VGBF, S100XSRU |
| Intangible assets excluding goodwill | 103 | 89 | 113 | 131 | 89 | S100QFER, S100T3U6, S100VGBF, S100XSRU |
| Investment securities | 4 | 4 | 4 | 4 | 50 | S100QFER, S100T3U6, S100VGBF, S100XSRU |
| Current assets | 15,755 | 14,787 | 20,900 | 25,559 | 29,740 | S100QFER, S100T3U6, S100VGBF, S100XSRU |
| Current liabilities | 13,921 | 12,729 | 18,602 | 22,938 | 26,828 | S100QFER, S100T3U6, S100VGBF, S100XSRU |
| Total liabilities | 13,928 | 12,798 | 18,678 | 22,996 | 26,870 | S100QFER, S100T3U6, S100VGBF, S100XSRU |
| Non-controlling interests | 91 | 100 | 112 | 126 | 144 | S100QFER, S100T3U6, S100VGBF, S100XSRU |
| Equity attributable to owners of parent | 2,004 | 2,264 | 2,501 | 2,832 | 3,099 | S100QFER, S100T3U6, S100VGBF, S100XSRU |
| Retained earnings | 831 | 1,091 | 1,328 | 1,660 | 1,926 | S100QFER, S100T3U6, S100VGBF, S100XSRU |
| Treasury stock | -149 | -149 | -149 | -149 | -149 | S100QFER, S100T3U6, S100VGBF, S100XSRU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 92% | S100XSRU |
| Property, plant and equipment | 0% | S100XSRU |
| Intangibles and goodwill | 0% | S100XSRU |
| Investment securities | 0% | S100XSRU |
| Other assets | 8% | S100XSRU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 89% | S100XSRU |
| Equity | 11% | S100XSRU |
| Other liabilities | 0% | S100XSRU |

### 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 | 16,023 | 15,162 | 21,292 | 25,954 | 30,147 |
| Equity | 2,095 | 2,363 | 2,614 | 2,959 | 3,277 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 14,733 | 13,429 | 19,427 | 23,654 | 27,670 |

## 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) | 1.9% | S100XSRU |
| Fixed assets ÷ total assets | 0.3% | S100XSRU |
| Goodwill ÷ parent equity | — | —, S100XSRU |

### 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) | 91.8% |
| Cash ÷ revenue | 608.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 649.0% |
| Cash vs. profit gap | 3,793 JPY mn (of net income 929.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 34.6% |
| Shareholder payments — dividends / FCF | 3.4% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 0.9% |

## 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 | 7.1% | 0.20× | 1.4% | 8.00× | 11.2% | S100QFER |
| 2022 | 9.4% | 0.22× | 2.1% | 7.31× | 15.1% | S100T3U6 |
| 2023 | 7.9% | 0.21× | 1.6% | 7.65× | 12.6% | S100VGBF |
| 2024 | 9.6% | 0.18× | 1.7% | 8.86× | 15.3% | S100XSRU |
| 2025 | 9.0% | 0.16× | 1.5% | 9.46× | 13.8% | S100XSRU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Ｔ－ＳＫＹ | Major shareholder | 9.5% | 2025-12-31 |
| ＯＫＡＳＡＮ ＩＮＴＥＲＮＡＴＩＯＮＡＬ (ＡＳＩＡ) ＬＩＭＩＴＥＤ Ａ／Ｃ ＣＬＩＥＮＴ(常任代理人 岡三証券株式会社) | Major shareholder | 7.0% | 2025-12-31 |
| 株式会社ＮＴＴデータ | Major shareholder | 7.0% | 2025-12-31 |
| 住原 智彦 | Major shareholder | 3.7% | 2025-12-31 |
| 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 | 3.4% | 2025-12-31 |
| 宗教法人宗三寺 | Major shareholder | 2.7% | 2025-12-31 |
| 江田 敏彦 | Major shareholder | 2.6% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 2.3% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.1% | 2025-12-31 |
| ＢＯＯＭ ＳＥＣＵＲＩＴＩＥＳ（Ｈ．Ｋ．）ＬＩＭＩＴＥＤ―ＣＬＩＥＮＴＳ’ＡＣＣＯＵＮＴ（常任代理人 マネックス証券株式会社） | Major shareholder | 1.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/01/01－2025/12/31) | S100XSRU | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSRU,, |
| 有価証券報告書－第25期(2024/01/01－2024/12/31) | S100VGBF | 2025-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGBF,, |
| 有価証券報告書－第24期(2023/01/01－2023/12/31) | S100T3U6 | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3U6,, |
| 有価証券報告書－第23期(2022/01/01－2022/12/31) | S100QFER | 2023-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFER,, |
| 有価証券報告書－第22期(令和3年1月1日－令和3年12月31日) | S100NPQZ | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPQZ,, |
| 有価証券報告書－第21期(令和2年1月1日－令和2年12月31日) | S100L0QV | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0QV,, |

## 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).