# Blue innovation Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2025/01/01－2025/12/31) (S100XVG3)
> Page: https://vizora.meequs.com/en/company/blue-innovation
> Retrieved: 2026-09-30T22:15:53.388Z

## Company

Blue innovation, founded in 1999, is a company in Disaster Prevention & Infrastructure Maintenance listed on TSE Growth. It has 68 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Blue innovation Co., Ltd. |
| Ticker | 5597 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5597.T) |
| Listing | TSE Growth |
| Head office | 東京都文京区本郷五丁目33番10号 |
| Representative (per filing) | 代表取締役社長 最高執行役員 熊田 貴之 |
| Founded | Jun 1999 |
| Share capital | ¥797.4M |
| Employees (consolidated) | 68 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | December |
| Website | www.blue-i.co.jp (https://www.blue-i.co.jp/) |
| Corporate number | 7010002053617 |
| EDINET | E39114 |
| Industries (Vizora) | Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100XVG3, filed 2026-03-30). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 1.4 | 35 |
| Profitability | 3.8 | 40 |
| Efficiency | 28.8 | 40 |

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)

- Blue innovation brought in ¥1.05B in revenue.
- It lost about ¥52 for every ¥100 of sales at the operating level.
- Revenue changed -14.0% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.05B |  |
| Operating income | -¥548.1M | Margin -52.1% |
| Net income | -¥635.5M | Margin -60.4% |
| Free cash flow | -¥355.6M |  |
| Employees (consolidated) | 68 |  |
| EPS | ¥-160.55 |  |
| Book value per share | ¥50.02 |  |
| Equity ratio | 14.4% |  |
| Shares outstanding | 4,025,671 |  |
| Shareholders | 4,757 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 70.4% | Cash ÷ revenue 94.0% |
| Vs. industry median margin | -60.9 pp | Disaster Prevention & Infrastructure Maintenance |
| ROA | -46.3% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 70% of total assets
- FY2025, operating loss is 52 per ¥100 of revenue

## What changed in 3 years

| Metric | FY ending Dec 2022 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥908399000 | ¥1051466000 | +15.7% |
| Operating income | ¥-349526000 | ¥-548051000 | — |
| Operating margin | -38.5% | -52.1% | -13.6 pp |
| Employees | 65 people | 68 people | +4.6% |
| Cash and equivalents | ¥527304000 | ¥988216000 | +87.4% |

### Change in segment revenue mix

Span: FY ending Dec 2022 → 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,051 | 100.0% | S100XVG3 |
| Cost of revenue | 641 | 61.0% | S100XVG3 |
| Gross profit | 410 | 39.0% | S100XVG3 |
| SG&A | 959 | 91.2% | S100XVG3 |
| Operating income | -548 | -52.1% | S100XVG3 |
| Ordinary income | -561 | -53.4% | S100XVG3 |
| Pretax income | -633 | -60.2% | S100XVG3 |
| Income tax | 3 | 0.3% | S100XVG3 |
| Net income | -635 | -60.4% | S100XVG3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 91 |
| Operating income | -52 |
| (Ref.) Net income | -60 |

### Margin funnel

Gross margin 39.0% → Operating margin -52.1% → Net margin -60.4%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,223 | 1,051 | -172 | -14.0% |
| Gross profit | 511 | 410 | -100 | -19.6% |
| Operating income | -398 | -548 | -150 | — |
| Operating cash flow | -494 | -328 | 167 | — |
| Free cash flow | -532 | -356 | 176 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2022 | 908 | -350 | -38.5% | -345 | -365 | -378 | S100T6IA |
| FY ending Dec 2023 | 1,265 | -290 | -22.9% | -299 | -320 | -351 | S100VJ3L |
| FY ending Dec 2024 | 1,223 | -398 | -32.6% | -395 | -494 | -532 | S100XVG3 |
| FY ending Dec 2025 | 1,051 | -548 | -52.1% | -635 | -328 | -356 | S100XVG3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.5M |
| Operating income per employee (consolidated) | -¥8.1M |
| Net income per employee (consolidated) | -¥9.3M |

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

| History | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 65 | 69 | 71 | 68 |
| Average salary (parent company) | — | ¥6.7M | ¥7M | ¥7.1M |
| Average age (parent company) | — | 41.7 years | 42.5 years | 41.4 years |
| Average tenure (parent company) | — | 4.1 years | 4.4 years | 4.6 years |

Year over year: Employees (consolidated) -4.2% · Revenue (consolidated) -14.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -328 | -31.2% | S100XVG3 |
| Capital expenditure | 28 | 2.7% | S100XVG3 |
| Free cash flow | -356 | -33.8% | 算出 |
| Investing cash flow | -28 | -2.7% | S100XVG3 |
| Financing cash flow | 675 | 64.2% | S100XVG3 |
| Change in cash | 320 | 30.4% | S100XVG3 |
| Cash and equivalents | 988 | 94.0% | S100XVG3 |

## 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 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 527 | 1,222 | 669 | 988 | S100VJ3L, S100XVG3 |
| Total assets | 937 | 1,785 | 1,343 | 1,403 | S100T6IA, S100VJ3L, S100XVG3 |
| Net assets | 366 | 1,028 | 633 | 205 | S100VJ3L, S100XVG3 |
| Share capital | 215 | 696 | 696 | 797 | S100T6IA, S100VJ3L, S100XVG3 |
| Property, plant and equipment | 69 | 83 | 82 | — | S100T6IA, S100VJ3L, S100XVG3 |
| Intangible assets excluding goodwill | 25 | 16 | 7 | — | S100T6IA, S100VJ3L, S100XVG3 |
| Current assets | 833 | 1,678 | 1,236 | 1,389 | S100T6IA, S100VJ3L, S100XVG3 |
| Current liabilities | 177 | 282 | 251 | 264 | S100T6IA, S100VJ3L, S100XVG3 |
| Long-term borrowings | 393 | 473 | 457 | 431 | S100T6IA, S100VJ3L, S100XVG3 |
| Bonds | — | — | — | 500 | S100XVG3 |
| Total liabilities | 571 | 757 | 709 | 1,197 | S100T6IA, S100VJ3L, S100XVG3 |
| Equity attributable to owners of parent | 366 | 1,028 | 633 | 201 | S100T6IA, S100VJ3L, S100XVG3 |
| Retained earnings | -345 | -299 | -694 | -1,329 | S100T6IA, S100VJ3L, S100XVG3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 70% | S100XVG3 |
| Other assets | 30% | S100XVG3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 85% | S100XVG3 |
| Equity | 15% | S100XVG3 |
| Other liabilities | 0% | S100XVG3 |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 937 | 1,785 | 1,343 | 1,403 |
| Equity | 366 | 1,028 | 633 | 205 |
| Interest-bearing debt | — | — | — | — |
| Cash | 527 | 1,222 | 669 | 988 |

### 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) | 70.4% |
| Cash ÷ revenue | 94.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 308 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -36.8% | —× | — | S100T6IA |
| 2023 | — | —× | -22.0% | —× | — | S100VJ3L |
| 2024 | — | —× | -25.2% | —× | — | S100XVG3 |
| 2025 | — | —× | -46.3% | —× | — | S100XVG3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 熊田 貴之 | Major shareholder | 37.0% | 2025-12-31 |
| 福田 重男 | Major shareholder | 4.5% | 2025-12-31 |
| 熊田 雅之 | Major shareholder | 2.8% | 2025-12-31 |
| いであ株式会社 | Major shareholder | 2.0% | 2025-12-31 |
| MSCO CUSTOMER SECURITIES （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 1.6% | 2025-12-31 |
| FUSOグループホールディングス株式会社 | Major shareholder | 1.2% | 2025-12-31 |
| 大成温調株式会社 | Major shareholder | 1.2% | 2025-12-31 |
| DRONE FUND３号投資事業有限責任組合 | Major shareholder | 1.1% | 2025-12-31 |
| 横田 賢司 | Major shareholder | 1.1% | 2025-12-31 |
| 大成株式会社 | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/01/01－2025/12/31) | S100XVG3 | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XVG3,, |
| 有価証券報告書－第26期(2024/01/01－2024/12/31) | S100VJ3L | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJ3L,, |
| 有価証券報告書－第25期(2023/01/01－2023/12/31) | S100T6IA | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6IA,, |

## 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).