# BML, INC.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第71期(2025/04/01－2026/03/31) (S100YFSM)
> Page: https://vizora.meequs.com/en/company/bml
> Retrieved: 2026-09-30T22:22:22.095Z

## Company

BML, founded in 1955, is a company in CRO & Clinical Testing listed on TSE Prime. It has 4,612 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BML, INC. |
| Ticker | 4694 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4694.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区千駄ヶ谷五丁目21番3号 |
| Representative (per filing) | 代表取締役社長 近藤健介 |
| Founded | Jul 1955 |
| Share capital | ¥6.04B |
| Employees (consolidated) | 4,612 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.bml.co.jp (https://www.bml.co.jp/) |
| Corporate number | 7011001019237 |
| EDINET | E05056 |
| Industries (Vizora) | CRO & Clinical Testing |

> Profile source: annual securities report (S100YFSM, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: CRO & Clinical Testing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 29.2 | 12 |
| Profitability | 73.1 | 13 |
| Cash conversion | 68.2 | 11 |
| Efficiency | 65.4 | 13 |

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)

- BML brought in ¥150.3B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +4.9% from the prior year, operating profit +11.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥150262000000 → ¥8009000000
- Net income → operating cash flow: ¥8009000000 → ¥20715000000（difference ¥12706000000）
- Main uses of operating cash flow: CapEx ¥10124000000 / dividends ¥4979000000 / buybacks ¥5382000000
- Change in cash: ¥673000000
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 | ¥150.3B |  |
| Operating income | ¥10.4B | Margin 6.9% |
| Net income | ¥7.75B | Margin 5.2% |
| Free cash flow | ¥10.6B |  |
| Employees (consolidated) | 4,612 |  |
| EPS | ¥186.45 |  |
| Diluted EPS | ¥186.37 |  |
| Book value per share | ¥2635.06 |  |
| Equity ratio | 69.7% |  |
| Shares outstanding | 40,749,426 |  |
| Treasury shares | 3,265,800 |  |
| Shareholders | 8,530 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 35.3% | Cash ÷ revenue 43.0% |
| Vs. industry median margin | +1.5 pp | CRO & Clinical Testing |
| ROE | 6.2% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.7× net income
- FY2026, buybacks were 1.1× dividends
- FY2026, cash is 35% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥138571000000 | ¥150262000000 | +8.4% |
| Operating income | ¥19936000000 | ¥10421000000 | -47.7% |
| Operating margin | 14.4% | 6.9% | -7.5 pp |
| Employees | 4,178 people | 4,612 people | +10.4% |
| Cash and equivalents | ¥59853000000 | ¥64602000000 | +7.9% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 150,262 | 100.0% | S100YFSM |
| Cost of revenue | 101,572 | 67.6% | S100YFSM |
| Gross profit | 48,689 | 32.4% | S100YFSM |
| SG&A | 38,267 | 25.5% | S100YFSM |
| Operating income | 10,421 | 6.9% | S100YFSM |
| Ordinary income | 11,014 | 7.3% | S100YFSM |
| Pretax income | 11,987 | 8.0% | S100YFSM |
| Income tax | 3,977 | 2.6% | S100YFSM |
| Net income | 8,009 | 5.3% | S100YFSM |
| Net income attributable to owners | 7,748 | 5.2% | S100YFSM |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 25 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 32.4% → Operating margin 6.9% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.9%; Core profit growth: +11.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.29×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 143,191 | 150,262 | 7,071 | +4.9% |
| Gross profit | 45,861 | 48,689 | 2,828 | +6.2% |
| Operating income | 9,364 | 10,421 | 1,057 | +11.3% |
| Net income attributable to owners | 6,263 | 7,748 | 1,485 | +23.7% |
| Operating cash flow | 15,809 | 20,715 | 4,906 | +31.0% |
| Free cash flow | -849 | 10,591 | 11,440 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 120,732 | 9,763 | 8.1% | 6,375 | 12,771 | 8,664 | S100LT5I |
| FY ending Mar 2021 | 138,571 | 19,936 | 14.4% | 13,711 | 19,574 | 15,377 | S100OJ9Z |
| FY ending Mar 2022 | 186,067 | 48,889 | 26.3% | 33,741 | 45,603 | 38,518 | S100R7AA |
| FY ending Mar 2023 | 159,462 | 23,936 | 15.0% | 15,578 | 11,742 | 5,282 | S100TS3F |
| FY ending Mar 2024 | 137,964 | 9,167 | 6.6% | 6,034 | 14,446 | -6,481 | S100XQYT |
| FY ending Mar 2025 | 143,191 | 9,364 | 6.5% | 6,263 | 15,809 | -849 | S100YFSM |
| FY ending Mar 2026 | 150,262 | 10,421 | 6.9% | 7,748 | 20,715 | 10,591 | S100YFSM |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.6M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.7M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 4,290 | 4,415 | 4,513 | 4,558 | 4,612 |
| Average salary (parent company) | ¥5.7M | ¥5.6M | ¥5.4M | ¥5.4M | ¥5.5M |
| Average age (parent company) | 41.6 years | 40.9 years | 41.0 years | 40.9 years | 41.4 years |
| Average tenure (parent company) | 11.7 years | 11.0 years | 10.9 years | 10.3 years | 11.0 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) +4.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 20,715 | 13.8% | S100YFSM |
| Capital expenditure | 10,124 | 6.7% | S100YFSM |
| Free cash flow | 10,591 | 7.0% | 算出 |
| Investing cash flow | -7,689 | -5.1% | S100YFSM |
| Financing cash flow | -12,351 | -8.2% | S100YFSM |
| Dividends paid | 4,979 | 3.3% | S100YFSM |
| Share buyback | 5,382 | 3.6% | S100YFSM |
| Change in cash | 673 | 0.4% | S100YFSM |
| Cash and equivalents | 64,602 | 43.0% | S100YFSM |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 88,360 | 82,760 | 70,338 | 63,928 | 64,602 | S100TS3F, S100XQYT, S100YFSM |
| Total assets | 179,200 | 168,943 | 176,384 | 182,873 | 183,247 | S100R7AA, S100TS3F, S100XQYT, S100YFSM |
| Net assets | 121,684 | 126,751 | 130,140 | 133,772 | 132,129 | S100TS3F, S100XQYT, S100YFSM |
| Share capital | 6,045 | 6,045 | 6,045 | 6,045 | 6,045 | S100R7AA, S100TS3F, S100XQYT, S100YFSM |
| Trade receivables | 36,405 | 26,783 | 24,978 | 26,824 | 26,827 | S100R7AA, S100TS3F, S100XQYT, S100YFSM |
| Property, plant and equipment | 32,337 | 35,150 | 51,833 | 62,489 | 63,527 | S100R7AA, S100TS3F, S100XQYT, S100YFSM |
| Intangible assets excluding goodwill | 3,973 | 4,542 | 4,792 | 4,987 | 4,695 | S100R7AA, S100TS3F, S100XQYT, S100YFSM |
| Investment securities | 1,701 | 2,673 | 3,102 | 3,127 | 3,269 | S100R7AA, S100TS3F, S100XQYT, S100YFSM |
| Current assets | 137,070 | 122,877 | 107,977 | 102,259 | 101,707 | S100R7AA, S100TS3F, S100XQYT, S100YFSM |
| Current liabilities | 52,022 | 35,383 | 34,648 | 37,595 | 40,887 | S100R7AA, S100TS3F, S100XQYT, S100YFSM |
| Trade payables | 21,672 | 20,094 | 18,731 | 19,714 | 20,229 | S100R7AA, S100TS3F, S100XQYT, S100YFSM |
| Total liabilities | 57,516 | 42,192 | 46,244 | 49,100 | 51,117 | S100R7AA, S100TS3F, S100XQYT, S100YFSM |
| Non-controlling interests | 5,485 | 4,260 | 4,273 | 4,370 | 4,461 | S100R7AA, S100TS3F, S100XQYT, S100YFSM |
| Equity attributable to owners of parent | 115,094 | 122,169 | 124,193 | 127,016 | 124,480 | S100R7AA, S100TS3F, S100XQYT, S100YFSM |
| Retained earnings | 110,458 | 118,378 | 119,730 | 122,484 | 120,945 | S100R7AA, S100TS3F, S100XQYT, S100YFSM |
| Treasury stock | -8,057 | -8,902 | -8,229 | -8,173 | -9,157 | S100R7AA, S100TS3F, S100XQYT, S100YFSM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100YFSM |
| Receivables | 15% | S100YFSM |
| Property, plant and equipment | 35% | S100YFSM |
| Intangibles and goodwill | 2% | S100YFSM |
| Investment securities | 2% | S100YFSM |
| Other assets | 11% | S100YFSM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YFSM |
| Other liabilities | 17% | S100YFSM |
| Equity | 72% | S100YFSM |
| Other liabilities | 0% | S100YFSM |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 179,200 | 168,943 | 176,384 | 182,873 | 183,247 |
| Equity | 121,684 | 126,751 | 130,140 | 133,772 | 132,129 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 88,360 | 82,760 | 70,338 | 63,928 | 64,602 |

## 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) | 42.3% | S100YFSM |
| Fixed assets ÷ total assets | 34.7% | S100YFSM |
| Goodwill ÷ parent equity | — | —, S100YFSM |

### 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) | 35.3% |
| Cash ÷ revenue | 43.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 198.8% |
| Cash vs. profit gap | 12,967 JPY mn (of net income 167.4%) |
| Shareholder returns / net income | 133.7% |
| Shareholder returns / FCF | 97.8% |
| Shareholder payments — dividends / net income | 64.3% |
| Shareholder payments — dividends / FCF | 47.0% |
| CapEx intensity (capex ÷ revenue) | 6.7% |
| Investing CF relative to operating CF | 37.1% |

## 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 | 18.1% | 1.04× | 18.8% | 1.56× | 29.3% | S100R7AA |
| 2023 | 9.8% | 0.92× | 8.9% | 1.47× | 13.1% | S100TS3F |
| 2024 | 4.4% | 0.80× | 3.5% | 1.40× | 4.9% | S100XQYT |
| 2025 | 4.4% | 0.80× | 3.5% | 1.43× | 5.0% | S100YFSM |
| 2026 | 5.2% | 0.82× | 4.2% | 1.46× | 6.2% | S100YFSM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱ビーエムエル企画 | Major shareholder | 27.1% | 2026-03-31 |
| 近 藤 健 介 | Major shareholder | 9.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱(信託口) | Major shareholder | 8.4% | 2026-03-31 |
| THE CHASE MANHATTAN BANK,N.A LONDONSECS LENDING OMNIBUS ACCOUNT（常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 2.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 2.2% | 2026-03-31 |
| ㈲エステート興業 | Major shareholder | 2.1% | 2026-03-31 |
| 福 田 眞 由 美 | Major shareholder | 2.1% | 2026-03-31 |
| ㈲マトバリース | Major shareholder | 2.0% | 2026-03-31 |
| 島 野 瑠 美 | Major shareholder | 2.0% | 2026-03-31 |
| (株)日本カストディ銀行（信託口） | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第71期(2025/04/01－2026/03/31) | S100YFSM | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFSM,, |
| 訂正有価証券報告書－第70期(2024/04/01－2025/03/31) | S100XQYT | 2026-03-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XQYT,, |
| 有価証券報告書－第69期(2023/04/01－2024/03/31) | S100TS3F | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS3F,, |
| 有価証券報告書－第68期(2022/04/01－2023/03/31) | S100R7AA | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7AA,, |
| 有価証券報告書－第67期(令和3年4月1日－令和4年3月31日) | S100OJ9Z | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ9Z,, |
| 有価証券報告書－第66期(令和2年4月1日－令和3年3月31日) | S100LT5I | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT5I,, |

## 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).