# Boutiques, Inc.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2025/04/01－2026/03/31) (S100YJV7)
> Page: https://vizora.meequs.com/en/company/boutiques
> Retrieved: 2026-09-30T21:35:19.182Z

## Company

Boutiques, founded in 2006, is a company in HR & Staffing listed on TSE Growth. It has 234 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Boutiques,Inc. |
| Ticker | 9272 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9272.T) |
| Listing | TSE Growth |
| Head office | 東京都港区三田一丁目4番28号 |
| Representative (per filing) | 代表取締役社長 新村 祐三 |
| Founded | Nov 2006 |
| Share capital | ¥50M |
| Employees (consolidated) | 234 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | btix.jp (https://btix.jp/) |
| Corporate number | 7010701023374 |
| EDINET | E33882 |
| Industries (Vizora) | HR & Staffing, M&A Advisory, Events & Ticketing |

> Profile source: annual securities report (S100YJV7, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Events & Ticketing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 94.4 | 9 |
| Cash conversion | 50 | 9 |
| Efficiency | 38.9 | 9 |

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 55% of Boutiques's sales come from Exhibition, with Company mergers and acquisitions and Recruitment Support Service making up much of the rest.
- Out of every ¥100 of sales, about ¥28 is left as operating profit.
- Revenue changed +5.8% from the prior year, operating profit +27.0%.

## Company structure

- Segment revenue mix: Exhibition 54.5%、Company mergers and acquisitions 41.3%、Recruitment Support Service 4.2%、Other 0.0%
- Revenue → net income: ¥5469877000 → ¥619545000
- Net income → operating cash flow: ¥619545000 → ¥1397538000（difference ¥777993000）
- Main uses of operating cash flow: CapEx ¥91890000 / dividends — / buybacks —
- Change in cash: ¥1006684000
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 | ¥5.47B |  |
| Operating income | ¥1.56B | Margin 28.5% |
| Net income | ¥619.5M | Margin 11.3% |
| Free cash flow | ¥1.31B |  |
| Largest business | Exhibition | of segment revenue 54.5% |
| Employees (consolidated) | 234 |  |
| EPS | ¥63.35 |  |
| Diluted EPS | ¥60.41 |  |
| Book value per share | ¥268.45 |  |
| Equity ratio | 47.0% |  |
| Shares outstanding | 10,160,400 |  |
| Treasury shares | 375,100 |  |
| Shareholders | 704 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 84.0% | Cash ÷ revenue 85.8% |
| Vs. industry median margin | +21.1 pp | Events & Ticketing |
| ROE | 23.6% | Derived from disclosed figures |
| ROA | 11.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income
- FY2026, cash is 84% of total assets
- FY2026, operating income keeps 28 per ¥100 of revenue

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2091050000 | ¥5469877000 | — |
| Operating income | ¥586577000 | ¥1559681000 | — |
| Operating margin | 28.1% | 28.5% | +0.5 pp |
| Employees | 86 people | 234 people | — |
| Cash and equivalents | ¥1947766000 | ¥4690531000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2022 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 展示会事業 → 展示会事業 | 37.1% |
| Ｍ＆Ａ仲介事業 → Ｍ＆Ａ仲介事業 | 41.3% |
| Ｍ＆Ａ仲介事業 → 事業再編・廃止 | 21.3% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 展示会事業 | 17.4% |
| 新設・再編 → 人材採用支援事業 | 4.2% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Exhibition | 4 years | +40.0% | ¥2981688000 | 38.5% | 2 |
| Company mergers and acquisitions | 4 years | +14.6% | ¥2258908000 | 44.3% | 2 |
| Recruitment Support Service | — | — | ¥228611000 | 22.7% | 2 |
| Other | 4 years | -42.9% | ¥669000 | 100.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,470 | 100.0% | S100YJV7 |
| Cost of revenue | 808 | 14.8% | S100YJV7 |
| Gross profit | 4,662 | 85.2% | S100YJV7 |
| SG&A | 3,102 | 56.7% | S100YJV7 |
| Operating income | 1,560 | 28.5% | S100YJV7 |
| Ordinary income | 1,566 | 28.6% | S100YJV7 |
| Pretax income | 952 | 17.4% | S100YJV7 |
| Income tax | 333 | 6.1% | S100YJV7 |
| Net income | 620 | 11.3% | S100YJV7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 15 |
| SG&A | 57 |
| Operating income | 28 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 85.2% → Operating margin 28.5% → Net margin 11.3%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,171 | 5,470 | 298 | +5.8% |
| Gross profit | 4,451 | 4,662 | 211 | +4.7% |
| Operating income | 1,228 | 1,560 | 331 | +27.0% |
| Operating cash flow | 1,592 | 1,398 | -195 | -12.2% |
| Free cash flow | 1,429 | 1,306 | -124 | -8.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,359 | 187 | 13.8% | 131 | 201 | 132 | S100LSIZ |
| FY ending Mar 2021 | 1,278 | 281 | 22.0% | 199 | 130 | 77 | S100OGC3 |
| FY ending Mar 2022 | 2,091 | 587 | 28.1% | 349 | 879 | 808 | S100S05W |
| FY ending Mar 2023 | 3,047 | 946 | 31.0% | 622 | 836 | 694 | S100S05W |
| FY ending Mar 2024 | 4,414 | 916 | 20.8% | 608 | 774 | 735 | S100W4GN |
| FY ending Mar 2025 | 4,342 | 1,371 | 31.6% | 251 | 1,592 | — | S100YJV7 |
| FY ending Mar 2025 | 5,171 | 1,228 | 23.8% | 251 | 1,592 | 1,429 | S100W4GN |
| FY ending Mar 2026 | 5,470 | 1,560 | 28.5% | 620 | 1,398 | 1,306 | S100YJV7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.4M |
| Operating income per employee (consolidated) | ¥6.7M |
| Net income per employee (consolidated) | ¥2.6M |

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

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 114 | 196 | 161 | 225 | 234 |
| Average salary (parent company) | ¥6.7M | ¥6.2M | — | ¥6.5M | ¥6.4M |
| Average age (parent company) | 34.8 years | 33.6 years | — | 34.6 years | 32.6 years |
| Average tenure (parent company) | 2.3 years | 2.4 years | — | 2.4 years | 2.6 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Exhibition | 2,982 | 54.5% | 1,147 | 38.5% |
| Company mergers and acquisitions | 2,259 | 41.3% | 1,000 | 44.3% |
| Recruitment Support Service | 229 | 4.2% | 52 | 22.7% |
| Other | 1 | 0.0% | 1 | 100.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Exhibition | 54.5% | 52.1% | -2.4 | 38.5% |
| Company mergers and acquisitions | 41.3% | 45.5% | 4.2 | 44.3% |
| Recruitment Support Service | 4.2% | 2.4% | -1.8 | 22.7% |
| Other | 0.0% | 0.0% | 0.0 | 100.0% |

Segment → industry: Recruitment Support Service → HR & Staffing / Company mergers and acquisitions → M&A Advisory / Exhibition → Events & Ticketing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,398 | 25.5% | S100YJV7 |
| Capital expenditure | 92 | 1.7% | S100YJV7 |
| Free cash flow | 1,306 | 23.9% | 算出 |
| Investing cash flow | -91 | -1.7% | S100YJV7 |
| Financing cash flow | -300 | -5.5% | S100YJV7 |
| Change in cash | 1,007 | 18.4% | S100YJV7 |
| Cash and equivalents | 4,691 | 85.8% | S100YJV7 |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,837 | 3,118 | 3,590 | 3,772 | 4,691 | S100S05W, S100W4GN, S100YJV7 |
| Total assets | 4,326 | 4,857 | 4,766 | 5,110 | 5,584 | S100S05W, S100W4GN, S100YJV7 |
| Net assets | 1,854 | 2,206 | 2,241 | 2,241 | 2,989 | S100S05W, S100W4GN, S100YJV7 |
| Share capital | 261 | 50 | 50 | 50 | 50 | S100S05W, S100W4GN, S100YJV7 |
| Property, plant and equipment | 61 | 80 | 170 | 176 | 177 | S100S05W, S100W4GN, S100YJV7 |
| Intangible assets excluding goodwill | 174 | 1,242 | 154 | 586 | 157 | S100S05W, S100W4GN, S100YJV7 |
| Goodwill | — | 855 | — | 238 | — | S100W4GN |
| Current assets | 3,932 | 3,300 | 3,721 | 4,006 | 4,873 | S100S05W, S100W4GN, S100YJV7 |
| Current liabilities | 1,279 | 1,565 | 1,908 | 2,100 | 2,204 | S100S05W, S100W4GN, S100YJV7 |
| Short-term borrowings | 30 | 30 | — | — | — | S100S05W, S100W4GN |
| Long-term borrowings | 1,193 | 1,011 | 612 | 698 | 383 | S100S05W, S100W4GN, S100YJV7 |
| Total liabilities | 2,472 | 2,650 | 2,524 | 2,869 | 2,595 | S100S05W, S100W4GN, S100YJV7 |
| Equity attributable to owners of parent | 1,724 | 2,021 | 2,003 | 2,003 | 2,627 | S100S05W, S100W4GN, S100YJV7 |
| Retained earnings | 1,411 | 1,993 | 2,244 | 2,244 | 2,863 | S100S05W, S100W4GN, S100YJV7 |
| Treasury stock | -137 | -381 | -587 | -587 | -518 | S100S05W, S100W4GN, S100YJV7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 84% | S100YJV7 |
| Property, plant and equipment | 3% | S100YJV7 |
| Intangibles and goodwill | 3% | S100YJV7 |
| Other assets | 10% | S100YJV7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100YJV7 |
| Equity | 54% | S100YJV7 |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,326 | 4,857 | 4,766 | 5,110 | 5,584 |
| Equity | 1,854 | 2,206 | 2,241 | 2,241 | 2,989 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,837 | 3,118 | 3,590 | 3,772 | 4,691 |

## 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) | 3.2% | S100YJV7 |
| Fixed assets ÷ total assets | 3.2% | S100YJV7 |
| Goodwill ÷ parent equity | — | —, S100YJV7 |

### 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) | 84.0% |
| Cash ÷ revenue | 85.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 89.6% |
| Cash vs. profit gap | 778 JPY mn (of net income 125.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 6.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 20.4% | 0.70× | 14.4% | 2.51× | 36.1% | S100S05W |
| 2024 | 13.8% | 0.91× | 12.5% | 2.40× | 30.1% | S100W4GN |
| 2025 | 5.8% | 0.91× | 5.3% | 2.38× | 12.5% | S100YJV7 |
| 2025 | 4.9% | 1.01× | 4.9% | 2.55× | 12.5% | S100W4GN |
| 2026 | 11.3% | 0.98× | 11.1% | 2.13× | 23.6% | S100YJV7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 新村 祐三 | Major shareholder | 48.9% | 2026-03-31 |
| 新村 佐麻美 | Major shareholder | 6.5% | 2026-03-31 |
| 山口 貴弘 | Major shareholder | 5.0% | 2026-03-31 |
| 天池 祥子 | Major shareholder | 4.9% | 2026-03-31 |
| 速水 健史 | Major shareholder | 3.8% | 2026-03-31 |
| 田原 学 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社日本カストディ（信託口） | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.3% | 2026-03-31 |
| 太田 丈史 | Major shareholder | 1.7% | 2026-03-31 |
| 新村 理紗 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/04/01－2026/03/31) | S100YJV7 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJV7,, |
| 有価証券報告書－第19期(2024/04/01－2025/03/31) | S100W4GN | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4GN,, |
| 有価証券報告書－第18期(2023/04/01－2024/03/31) | S100TTN2 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTN2,, |
| 訂正有価証券報告書－第17期(2022/04/01－2023/03/31) | S100S05W | 2023-10-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S05W,, |
| 有価証券報告書－第16期(令和3年4月1日－令和4年3月31日) | S100OGC3 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGC3,, |
| 有価証券報告書－第15期(令和2年4月1日－令和3年3月31日) | S100LSIZ | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSIZ,, |

## 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).