# BOOKOFF GROUP HOLDINGS LIMITED: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第8期(2025/06/01－2026/05/31) (S100YY2G)
> Page: https://vizora.meequs.com/en/company/bookoffgroup
> Retrieved: 2026-09-30T20:18:10.742Z

## Company

Bookoff Group Holdings, founded in 1955, is a company in Secondhand Retail listed on TSE Prime. It has 1,964 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BOOKOFF GROUP HOLDINGS LIMITED |
| Ticker | 9278 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9278.T) |
| Listing | TSE Prime |
| Head office | 神奈川県相模原市南区古淵二丁目14番20号 |
| Representative (per filing) | 代表取締役社長 堀内 康隆 |
| Founded | Dec 1955 |
| Share capital | ¥100M |
| Employees (consolidated) | 1,964 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | May |
| Website | www.bookoffgroup.co.jp (https://www.bookoffgroup.co.jp/) |
| Corporate number | 4021001065745 |
| EDINET | E34102 |
| Industries (Vizora) | Secondhand Retail |

> Profile source: annual securities report (S100YY2G, filed 2026-08-21). As of filing

## Five-axis industry profile

Primary industry: Secondhand Retail (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 52.5 | 20 |
| Cash conversion | 63.3 | 15 |
| Efficiency | 67.5 | 20 |

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 87% of Bookoff Group Holdings's sales come from Domestic bookoff business, with Premium service business and Overseas business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +9.2% from the prior year, operating profit +27.8%.

## Company structure

- Segment revenue mix: Domestic bookoff business 86.6%、Premium service business 6.6%、Overseas business 5.5%、Other 1.4%
- Revenue → net income: ¥130123000000 → ¥2863000000
- Net income → operating cash flow: ¥2863000000 → ¥4894000000（difference ¥2031000000）
- Main uses of operating cash flow: CapEx ¥2462000000 / dividends ¥438000000 / buybacks —
- Change in cash: ¥-168000000
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 | ¥130.1B |  |
| Operating income | ¥4.41B | Margin 3.4% |
| Net income | ¥2.76B | Margin 2.1% |
| Free cash flow | ¥2.43B |  |
| Largest business | Domestic bookoff business | of segment revenue 86.6% |
| Employees (consolidated) | 1,964 |  |
| EPS | ¥119.08 |  |
| Book value per share | ¥798.05 |  |
| Equity ratio | 34.7% |  |
| Shares outstanding | 20,547,000 |  |
| Treasury shares | 2,994,000 |  |
| Shareholders | 42,384 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 10.6% | Net cash -¥9.7B · Cash ÷ revenue 5.0% |
| Vs. industry median margin | +0.1 pp | Secondhand Retail |
| ROE | 14.2% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## What changed in 6 years

| Metric | FY ending Mar 2020 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥84389000000 | ¥130123000000 | +54.2% |
| Operating income | ¥1428000000 | ¥4405000000 | +208.5% |
| Operating margin | 1.7% | 3.4% | +1.7 pp |
| Employees | 1,403 people | 1,964 people | +40.0% |
| Cash and equivalents | ¥6094000000 | ¥6459000000 | +6.0% |

### Change in segment revenue mix

Span: FY ending Mar 2020 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 国内ブックオフ事業 | 86.6% |
| 新設・再編 → プレミアムサービス事業 | 6.6% |
| 新設・再編 → 海外事業 | 5.5% |
| 新設・再編 → その他 | 1.4% |

Segment revenue source references: 4 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Domestic bookoff business | 3 years | +7.2% | ¥112665000000 | 5.7% | 2 |
| Premium service business | 3 years | +16.1% | ¥8527000000 | 1.9% | 2 |
| Overseas business | 3 years | +20.9% | ¥7153000000 | 9.7% | 2 |
| Other | 3 years | +30.6% | ¥1776000000 | -18.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 130,123 | 100.0% | S100YY2G |
| Cost of revenue | 56,295 | 43.3% | S100YY2G |
| Gross profit | 73,827 | 56.7% | S100YY2G |
| SG&A | 69,422 | 53.4% | S100YY2G |
| Operating income | 4,405 | 3.4% | S100YY2G |
| Ordinary income | 4,720 | 3.6% | S100YY2G |
| Pretax income | 4,396 | 3.4% | S100YY2G |
| Income tax | 1,532 | 1.2% | S100YY2G |
| Net income | 2,863 | 2.2% | S100YY2G |
| Net income attributable to owners | 2,763 | 2.1% | S100YY2G |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 43 |
| SG&A | 53 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 56.7% → Operating margin 3.4% → Net margin 2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.2%; Core profit growth: +27.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.03×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 119,205 | 130,123 | 10,918 | +9.2% |
| Gross profit | 67,751 | 73,827 | 6,076 | +9.0% |
| Operating income | 3,448 | 4,405 | 957 | +27.8% |
| Net income attributable to owners | 2,101 | 2,763 | 662 | +31.5% |
| Operating cash flow | 3,062 | 4,894 | 1,832 | +59.8% |
| Free cash flow | 577 | 2,432 | 1,855 | +321.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 84,389 | 1,428 | 1.7% | 240 | 3,543 | 1,933 | S100MCRS |
| FY ending May 2022 | 91,538 | 1,766 | 1.9% | 1,449 | 2,782 | 895 | S100RR93 |
| FY ending May 2023 | 101,843 | 2,578 | 2.5% | 2,769 | 243 | -3,049 | S100UK91 |
| FY ending May 2024 | 111,657 | 3,051 | 2.7% | 1,705 | 4,084 | 1,919 | S100WJSD |
| FY ending May 2025 | 119,205 | 3,448 | 2.9% | 2,101 | 3,062 | 577 | S100YY2G |
| FY ending May 2026 | 130,123 | 4,405 | 3.4% | 2,763 | 4,894 | 2,432 | S100YY2G |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥66.3M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.4M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,488 | 1,572 | 1,689 | 1,838 | 1,964 |
| Average salary (parent company) | ¥7.1M | ¥7.1M | ¥7.3M | ¥7.1M | ¥7.5M |
| Average age (parent company) | 46.2 years | 46.8 years | 47.1 years | 47.9 years | 49.3 years |
| Average tenure (parent company) | 14.4 years | 15.7 years | 16.4 years | 16.1 years | 17.4 years |

Year over year: Employees (consolidated) +6.9% · Revenue (consolidated) +9.2%

## Segments（FY ending May 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic bookoff business | 112,665 | 86.6% | 6,369 | 5.7% |
| Premium service business | 8,527 | 6.6% | 160 | 1.9% |
| Overseas business | 7,153 | 5.5% | 691 | 9.7% |
| Other | 1,776 | 1.4% | -325 | -18.3% |

### 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 |
| --- | ---: |
| Domestic bookoff business | 86.6% |
| Premium service business | 6.6% |
| Overseas business | 5.5% |
| Other | 1.4% |

Segment → industry: Overseas business → Secondhand Retail / Premium service business → Secondhand Retail / Domestic bookoff business → Secondhand Retail

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,894 | 3.8% | S100YY2G |
| Capital expenditure | 2,462 | 1.9% | S100YY2G |
| Free cash flow | 2,432 | 1.9% | 算出 |
| Investing cash flow | -3,042 | -2.3% | S100YY2G |
| Financing cash flow | -2,100 | -1.6% | S100YY2G |
| Dividends paid | 438 | 0.3% | S100YY2G |
| Change in cash | -168 | -0.1% | S100YY2G |
| Cash and equivalents | 6,459 | 5.0% | S100YY2G |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,203 | 5,544 | 7,180 | 6,628 | 6,459 | S100UK91, S100WJSD, S100YY2G |
| Total assets | 45,096 | 50,213 | 54,542 | 57,380 | 60,937 | S100RR93, S100UK91, S100WJSD, S100YY2G |
| Net assets | 16,482 | 19,057 | 20,507 | 18,867 | 21,431 | S100UK91, S100WJSD, S100YY2G |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100RR93, S100UK91, S100WJSD, S100YY2G |
| Property, plant and equipment | 6,214 | 8,852 | 9,854 | 11,742 | 12,847 | S100RR93, S100UK91, S100WJSD, S100YY2G |
| Intangible assets excluding goodwill | 1,607 | 2,443 | 2,428 | 2,118 | 1,864 | S100RR93, S100UK91, S100WJSD, S100YY2G |
| Goodwill | 87 | — | — | — | — | S100P3EV |
| Investment securities | 348 | 334 | 305 | 296 | 231 | S100RR93, S100UK91, S100WJSD, S100YY2G |
| Current assets | 28,329 | 29,112 | 32,208 | 33,517 | 35,870 | S100RR93, S100UK91, S100WJSD, S100YY2G |
| Current liabilities | 16,289 | 17,945 | 20,551 | 20,192 | 20,873 | S100RR93, S100UK91, S100WJSD, S100YY2G |
| Short-term borrowings | 4,883 | 6,383 | 6,333 | 6,433 | 3,775 | S100RR93, S100UK91, S100WJSD, S100YY2G |
| Long-term borrowings | 7,693 | 7,341 | 7,287 | 7,901 | 9,699 | S100RR93, S100UK91, S100WJSD, S100YY2G |
| Bonds | 1,000 | 1,000 | 1,000 | 4,340 | 2,680 | S100RR93, S100UK91, S100WJSD, S100YY2G |
| Interest-bearing debt | 13,576 | 14,724 | 14,620 | 18,674 | 16,154 | 算出 |
| Total liabilities | 28,614 | 31,155 | 34,034 | 38,513 | 39,505 | S100RR93, S100UK91, S100WJSD, S100YY2G |
| Non-controlling interests | 123 | 198 | 271 | 240 | 283 | S100RR93, S100UK91, S100WJSD, S100YY2G |
| Equity attributable to owners of parent | 16,310 | 18,691 | 19,909 | 18,295 | 20,629 | S100RR93, S100UK91, S100WJSD, S100YY2G |
| Retained earnings | 9,948 | 12,322 | 13,534 | 15,140 | 17,465 | S100RR93, S100UK91, S100WJSD, S100YY2G |
| Treasury stock | -596 | -591 | -587 | -3,813 | -3,805 | S100RR93, S100UK91, S100WJSD, S100YY2G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YY2G |
| Property, plant and equipment | 21% | S100YY2G |
| Intangibles and goodwill | 3% | S100YY2G |
| Investment securities | 0% | S100YY2G |
| Other assets | 65% | S100YY2G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 27% | 算出 |
| Other liabilities | 38% | S100YY2G |
| Equity | 35% | S100YY2G |
| Other liabilities | 0% | S100YY2G |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 45,096 | 50,213 | 54,542 | 57,380 | 60,937 |
| Equity | 16,482 | 19,057 | 20,507 | 18,867 | 21,431 |
| Interest-bearing debt | 13,576 | 14,724 | 14,620 | 18,674 | 16,154 |
| Cash | 8,203 | 5,544 | 7,180 | 6,628 | 6,459 |

## 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) | 9.9% | S100YY2G |
| Fixed assets ÷ total assets | 21.1% | S100YY2G |
| Goodwill ÷ parent equity | — | —, S100YY2G |

### 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) | 10.6% |
| Cash ÷ revenue | 5.0% |
| Net cash (cash − interest-bearing debt) | -¥9.7B |
| Net debt ÷ operating cash flow | 1.98× |
| Cash conversion (operating CF ÷ operating income) | 111.1% |
| Cash vs. profit gap | 2,131 JPY mn (of net income 77.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 15.9% |
| Shareholder payments — dividends / FCF | 18.0% |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 62.2% |

## 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 | 1.6% | 2.03× | 3.2% | 2.76× | 8.9% | S100RR93 |
| 2023 | 2.7% | 2.14× | 5.8% | 2.72× | 15.8% | S100UK91 |
| 2024 | 1.5% | 2.13× | 3.3% | 2.71× | 8.8% | S100WJSD |
| 2025 | 1.8% | 2.13× | 3.8% | 2.93× | 11.0% | S100YY2G |
| 2026 | 2.1% | 2.20× | 4.7% | 3.04× | 14.2% | S100YY2G |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ハードオフコーポレーション | Major shareholder | 8.2% | 2026-05-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.7% | 2026-05-31 |
| ブックオフグループホールディングス従業員持株会 | Major shareholder | 5.1% | 2026-05-31 |
| 伊藤忠商事株式会社 | Major shareholder | 5.0% | 2026-05-31 |
| 丸善雄松堂株式会社 | Major shareholder | 3.5% | 2026-05-31 |
| 株式会社小学館 | Major shareholder | 3.1% | 2026-05-31 |
| 株式会社集英社 | Major shareholder | 3.1% | 2026-05-31 |
| 株式会社講談社 | Major shareholder | 3.1% | 2026-05-31 |
| 株式会社図書館流通センター | Major shareholder | 2.1% | 2026-05-31 |
| ブックオフコーポレーション加盟店持株会 | Major shareholder | 2.0% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第8期(2025/06/01－2026/05/31) | S100YY2G | 2026-08-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YY2G,, |
| 有価証券報告書－第7期(2024/06/01－2025/05/31) | S100WJSD | 2025-08-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WJSD,, |
| 有価証券報告書－第6期(2023/06/01－2024/05/31) | S100UK91 | 2024-10-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UK91,, |
| 有価証券報告書－第5期(2022/06/01－2023/05/31) | S100RR93 | 2023-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RR93,, |
| 有価証券報告書－第4期(令和3年6月1日－令和4年5月31日) | S100P3EV | 2022-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3EV,, |
| 有価証券報告書－第3期(令和2年4月1日－令和3年5月31日) | S100MCRS | 2021-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCRS,, |

## 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).