# Bizmates, Inc.: 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14期(2025/01/01－2025/12/31) (S100XUK8)
> Page: https://vizora.meequs.com/en/company/bizmates
> Retrieved: 2026-09-30T20:34:03.609Z

## Company

Bizmates, founded in 2012, is a company in HR & Staffing listed on TSE Growth. It has 189 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Bizmates, Inc. |
| Ticker | 9345 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9345.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区神田須田町二丁目19番地23 |
| Representative (per filing) | 代表取締役社長 鈴木 伸明 |
| Founded | Jul 2012 |
| Share capital | ¥132.9M |
| Employees (consolidated) | 189 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | December |
| Website | www.bizmates.co.jp (https://www.bizmates.co.jp/) |
| Corporate number | 8010001147872 |
| EDINET | E38450 |
| Industries (Vizora) | HR & Staffing, Education |

> Profile source: annual securities report (S100XUK8, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Education (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.3 | 26 |
| Profitability | 55 | 30 |
| Cash conversion | 23.2 | 28 |
| Efficiency | 58.3 | 30 |

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 95% of Bizmates's sales come from Language Solution, with Talent Solution making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +0.5% from the prior year, operating profit -25.2%.

## Company structure

- Segment revenue mix: Language Solution 95.2%、Talent Solution 4.8%
- Revenue → net income: ¥3491179000 → ¥197145000
- Net income → operating cash flow: ¥197145000 → ¥224631000（difference ¥27486000）
- Main uses of operating cash flow: CapEx ¥173935000 / dividends ¥48075000 / buybacks —
- Change in cash: ¥30415000
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 | ¥3.49B |  |
| Operating income | ¥283.4M | Margin 8.1% |
| Net income | ¥197.1M | Margin 5.6% |
| Free cash flow | ¥50.7M |  |
| Largest business | Language Solution | of segment revenue 95.2% |
| Employees (consolidated) | 189 |  |
| EPS | ¥53.08 |  |
| Diluted EPS | ¥52.43 |  |
| Book value per share | ¥525.79 |  |
| Equity ratio | 71.3% |  |
| Shares outstanding | 3,248,104 |  |
| Treasury shares | 70 |  |
| Shareholders | 1,942 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 63.1% | Cash ÷ revenue 48.4% |
| Vs. industry median margin | +0.8 pp | Education |
| ROE | 10.9% | Derived from disclosed figures |
| ROA | 7.3% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 63% of total assets

## What changed in 4 years

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2452113000 | ¥3491179000 | +42.4% |
| Operating income | ¥267407000 | ¥283416000 | +6.0% |
| Operating margin | 10.9% | 8.1% | -2.8 pp |
| Employees | 128 people | 189 people | +47.7% |
| Cash and equivalents | ¥811093000 | ¥1688175000 | +108.1% |

### Change in segment revenue mix

Span: FY ending Dec 2021 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ランゲージソリューション事業 → ランゲージソリューション事業 | 95.2% |
| ランゲージソリューション事業 → 事業再編・廃止 | 2.9% |
| タレントソリューション事業 → タレントソリューション事業 | 2.0% |
| 新設・再編 → タレントソリューション事業 | 2.9% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,491 | 100.0% | S100XUK8 |
| Cost of revenue | 837 | 24.0% | S100XUK8 |
| Gross profit | 2,654 | 76.0% | S100XUK8 |
| SG&A | 2,371 | 67.9% | S100XUK8 |
| Operating income | 283 | 8.1% | S100XUK8 |
| Ordinary income | 268 | 7.7% | S100XUK8 |
| Pretax income | 265 | 7.6% | S100XUK8 |
| Income tax | 68 | 1.9% | S100XUK8 |
| Net income | 197 | 5.6% | S100XUK8 |
| Net income attributable to owners | 197 | 5.6% | S100XUK8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 24 |
| SG&A | 68 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 76.0% → Operating margin 8.1% → Net margin 5.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.5%; Core profit growth: -25.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -51.17×
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 | 3,474 | 3,491 | 17 | +0.5% |
| Gross profit | 2,641 | 2,654 | 13 | +0.5% |
| Operating income | 379 | 283 | -95 | -25.2% |
| Net income attributable to owners | 230 | 197 | -33 | -14.2% |
| Operating cash flow | 431 | 225 | -206 | -47.9% |
| Free cash flow | 65 | 51 | -15 | -22.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2021 | 2,452 | 267 | 10.9% | 185 | 317 | 248 | S100QJ0B |
| FY ending Dec 2022 | 2,837 | 344 | 12.1% | 226 | 287 | 197 | S100T5JO |
| FY ending Dec 2023 | 3,135 | 349 | 11.1% | 199 | 254 | 130 | S100VHAH |
| FY ending Dec 2024 | 3,474 | 379 | 10.9% | 230 | 431 | 65 | S100XUK8 |
| FY ending Dec 2025 | 3,491 | 283 | 8.1% | 197 | 225 | 51 | S100XUK8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.5M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥1M |

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) | 128 | 153 | 177 | 182 | 189 |
| Average salary (parent company) | — | ¥5M | ¥5.9M | ¥5.8M | ¥4.6M |
| Average age (parent company) | — | 34.6 years | 35.2 years | 34.3 years | 35.7 years |
| Average tenure (parent company) | — | 2.1 years | 2.3 years | 2.4 years | 2.2 years |

Year over year: Employees (consolidated) +3.8% · Revenue (consolidated) +0.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Language Solution | 3,322 | 95.2% | 1,020 | 30.7% |
| Talent Solution | 169 | 4.8% | -110 | -64.8% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Language Solution | 95.2% | 100.0% | 4.8 | 30.7% |
| Talent Solution | 4.8% | — | — | -64.8% |

Loss-making segment (excluded from profit shares): Talent Solution -110 JPY mn

Segment → industry: Talent Solution → HR & Staffing / Language Solution → Education

## 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 | 225 | 6.4% | S100XUK8 |
| Capital expenditure | 174 | 5.0% | S100XUK8 |
| Free cash flow | 51 | 1.5% | 算出 |
| Investing cash flow | -97 | -2.8% | S100XUK8 |
| Financing cash flow | -94 | -2.7% | S100XUK8 |
| Dividends paid | 48 | 1.4% | S100XUK8 |
| Change in cash | 30 | 0.9% | S100XUK8 |
| Cash and equivalents | 1,688 | 48.4% | S100XUK8 |

## 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 | 811 | 891 | 1,468 | 1,658 | 1,688 | S100T5JO, S100VHAH, S100XUK8 |
| Total assets | 1,191 | 1,338 | 2,055 | 2,696 | 2,676 | S100QJ0B, S100T5JO, S100VHAH, S100XUK8 |
| Net assets | 468 | 699 | 1,506 | 1,756 | 1,909 | S100T5JO, S100VHAH, S100XUK8 |
| Share capital | 5 | 5 | 125 | 129 | 133 | S100QJ0B, S100T5JO, S100VHAH, S100XUK8 |
| Property, plant and equipment | 69 | 74 | 47 | 332 | 314 | S100QJ0B, S100T5JO, S100VHAH, S100XUK8 |
| Intangible assets excluding goodwill | 94 | 144 | 220 | 356 | 416 | S100QJ0B, S100T5JO, S100VHAH, S100XUK8 |
| Current assets | 896 | 1,001 | 1,587 | 1,812 | 1,835 | S100QJ0B, S100T5JO, S100VHAH, S100XUK8 |
| Current liabilities | 616 | 595 | 537 | 730 | 606 | S100QJ0B, S100T5JO, S100VHAH, S100XUK8 |
| Long-term borrowings | 100 | 35 | — | 90 | 37 | S100QJ0B, S100T5JO, S100XUK8 |
| Total liabilities | 723 | 639 | 550 | 940 | 767 | S100QJ0B, S100T5JO, S100VHAH, S100XUK8 |
| Non-controlling interests | 0 | 0 | 0 | 0 | 0 | S100QJ0B, S100T5JO, S100VHAH, S100XUK8 |
| Equity attributable to owners of parent | 460 | 686 | 1,484 | 1,722 | 1,879 | S100QJ0B, S100T5JO, S100VHAH, S100XUK8 |
| Retained earnings | 459 | 685 | 885 | 1,115 | 1,264 | S100QJ0B, S100T5JO, S100VHAH, S100XUK8 |
| Treasury stock | -4 | -4 | — | -0 | -0 | S100QJ0B, S100T5JO, S100XUK8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 63% | S100XUK8 |
| Property, plant and equipment | 12% | S100XUK8 |
| Intangibles and goodwill | 15% | S100XUK8 |
| Other assets | 10% | S100XUK8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100XUK8 |
| Equity | 71% | S100XUK8 |
| Other liabilities | 0% | S100XUK8 |

### 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 | 1,191 | 1,338 | 2,055 | 2,696 | 2,676 |
| Equity | 468 | 699 | 1,506 | 1,756 | 1,909 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 811 | 891 | 1,468 | 1,658 | 1,688 |

## 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) | 9.0% | S100XUK8 |
| Fixed assets ÷ total assets | 11.7% | S100XUK8 |
| Goodwill ÷ parent equity | — | —, S100XUK8 |

### 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) | 63.1% |
| Cash ÷ revenue | 48.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 79.3% |
| Cash vs. profit gap | 27 JPY mn (of net income 13.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.4% |
| Shareholder payments — dividends / FCF | 94.8% |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 43.4% |

## 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 | 7.5% | 2.06× | 15.5% | 2.59× | 40.1% | S100QJ0B |
| 2022 | 8.0% | 2.24× | 17.9% | 2.21× | 39.4% | S100T5JO |
| 2023 | 6.4% | 1.85× | 11.8% | 1.56× | 18.4% | S100VHAH |
| 2024 | 6.6% | 1.46× | 9.7% | 1.48× | 14.3% | S100XUK8 |
| 2025 | 5.6% | 1.30× | 7.3% | 1.49× | 10.9% | S100XUK8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社SUZ | Major shareholder | 42.3% | 2025-12-31 |
| 鈴木 伸明 | Major shareholder | 9.3% | 2025-12-31 |
| 日加株式会社 | Major shareholder | 8.3% | 2025-12-31 |
| ＦＲＡＮＣＩＳＣＯ ＡＮＮＡ ＭＡＲＩＡ ＴＯＢＩＡＳ （常任代理人 みずほ証券株式会社） | Major shareholder | 3.7% | 2025-12-31 |
| 伊藤 日加 | Major shareholder | 2.8% | 2025-12-31 |
| 崎谷 春夫 | Major shareholder | 2.1% | 2025-12-31 |
| 藤本 淳 | Major shareholder | 1.8% | 2025-12-31 |
| 木村 健 | Major shareholder | 1.7% | 2025-12-31 |
| 大沼 晴也 | Major shareholder | 1.4% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2025/01/01－2025/12/31) | S100XUK8 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUK8,, |
| 有価証券報告書－第13期(2024/01/01－2024/12/31) | S100VHAH | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHAH,, |
| 有価証券報告書－第12期(2023/01/01－2023/12/31) | S100T5JO | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5JO,, |
| 有価証券報告書－第11期(2022/01/01－2022/12/31) | S100QJ0B | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QJ0B,, |

## 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).