# BP Castrol K.K.: 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49期(2025/01/01－2025/12/31) (S100XT5L)
> Page: https://vizora.meequs.com/en/company/bp-castrol
> Retrieved: 2026-09-30T22:40:39.852Z

## Company

BP Castrol, founded in 1978, is a company in Oil Refining & Fuels listed on TSE Standard. It has 79 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BP Castrol K.K. |
| Ticker | 5015 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5015.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区大崎一丁目11番2号ゲートシティ大崎イーストタワー |
| Representative (per filing) | 代表取締役社長 平川雅規 |
| Founded | Sep 1978 |
| Share capital | ¥1.49B |
| Employees (consolidated) | 79 |
| Average salary (parent only) | ¥9.9M |
| Fiscal year end | December |
| Corporate number | 9010701017069 |
| EDINET | E02800 |
| Industries (Vizora) | Oil Refining & Fuels |

> Profile source: annual securities report (S100XT5L, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Oil Refining & Fuels (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.1 | 11 |
| Profitability | 96.2 | 13 |
| Cash conversion | 4.5 | 11 |
| Efficiency | 34.6 | 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)

- BP Castrol brought in ¥14.7B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +7.6% from the prior year, operating profit +15.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥14689719000 → ¥1050738000
- Net income → operating cash flow: ¥1050738000 → ¥895321000（difference ¥-155417000）
- Main uses of operating cash flow: CapEx ¥115181000 / dividends ¥985327000 / buybacks —
- Change in cash: ¥285031000
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 | ¥14.7B |  |
| Operating income | ¥1.56B | Margin 10.6% |
| Net income | ¥1.05B | Margin 7.2% |
| Free cash flow | ¥780.1M |  |
| Employees (consolidated) | 79 |  |
| EPS | ¥45.76 |  |
| Book value per share | ¥438.89 |  |
| Equity ratio | 77.6% |  |
| Shares outstanding | 22,975,189 |  |
| Treasury shares | 17,400 |  |
| Shareholders | 9,473 |  |
| Average salary (parent only) | ¥9.9M | Filing company only |
| Cash ratio | 7.9% | Cash ÷ revenue 7.0% |
| Vs. industry median margin | +8.3 pp | Oil Refining & Fuels |
| ROE | 10.5% | Derived from disclosed figures |
| ROA | 8.0% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -6% while operating income rose 15%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10829191000 | ¥14689719000 | +35.6% |
| Operating income | ¥2398401000 | ¥1561650000 | -34.9% |
| Operating margin | 22.1% | 10.6% | -11.5 pp |
| Employees | 108 people | 79 people | -26.9% |
| Cash and equivalents | ¥1504597000 | ¥1030760000 | -31.5% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → 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 | 14,690 | 100.0% | S100XT5L |
| Cost of revenue | 9,066 | 61.7% | S100XT5L |
| Gross profit | 5,624 | 38.3% | S100XT5L |
| SG&A | 4,063 | 27.7% | S100XT5L |
| Operating income | 1,562 | 10.6% | S100XT5L |
| Ordinary income | 1,641 | 11.2% | S100XT5L |
| Pretax income | 1,593 | 10.8% | S100XT5L |
| Income tax | 542 | 3.7% | S100XT5L |
| Net income | 1,051 | 7.2% | S100XT5L |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 28 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 38.3% → Operating margin 10.6% → Net margin 7.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.6%; Core profit growth: +15.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.01×
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 | 13,653 | 14,690 | 1,037 | +7.6% |
| Gross profit | 5,075 | 5,624 | 549 | +10.8% |
| Operating income | 1,354 | 1,562 | 207 | +15.3% |
| Operating cash flow | 517 | 895 | 379 | +73.3% |
| Free cash flow | 409 | 780 | 371 | +90.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 12,534 | 2,515 | 20.1% | 1,697 | 1,951 | 1,830 | S100L0WF |
| FY ending Dec 2020 | 10,829 | 2,398 | 22.1% | 1,558 | 1,826 | 1,715 | S100NQ3Z |
| FY ending Dec 2021 | 11,091 | 2,232 | 20.1% | 1,548 | 1,202 | 1,091 | S100QFE6 |
| FY ending Dec 2022 | 11,188 | 869 | 7.8% | 573 | 379 | 104 | S100T4G4 |
| FY ending Dec 2023 | 12,037 | 1,108 | 9.2% | 782 | 645 | 451 | S100VG83 |
| FY ending Dec 2024 | 13,653 | 1,354 | 9.9% | 933 | 517 | 409 | S100XT5L |
| FY ending Dec 2025 | 14,690 | 1,562 | 10.6% | 1,051 | 895 | 780 | S100XT5L |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥185.9M |
| Operating income per employee (consolidated) | ¥19.8M |
| Net income per employee (consolidated) | ¥13.3M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 96 | 91 | 89 | 84 | 79 |
| Average salary (parent company) | ¥9M | ¥9.1M | ¥9.6M | ¥9.4M | ¥9.9M |
| Average age (parent company) | 46.2 years | 46.4 years | 47.6 years | 47.9 years | 48.9 years |
| Average tenure (parent company) | 14.1 years | 14.5 years | 14.9 years | 15.1 years | 15.0 years |

Year over year: Employees (consolidated) -6.0% · Revenue (consolidated) +7.6%

## 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 | 895 | 6.1% | S100XT5L |
| Capital expenditure | 115 | 0.8% | S100XT5L |
| Free cash flow | 780 | 5.3% | 算出 |
| Investing cash flow | 375 | 2.6% | S100XT5L |
| Financing cash flow | -985 | -6.7% | S100XT5L |
| Dividends paid | 985 | 6.7% | S100XT5L |
| Change in cash | 285 | 1.9% | S100XT5L |
| Cash and equivalents | 1,031 | 7.0% | S100XT5L |

## 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 | 1,011 | 1,688 | 1,246 | 746 | 1,031 | S100T4G4, S100VG83, S100XT5L |
| Total assets | 13,570 | 12,749 | 12,813 | 13,438 | 12,986 | S100QFE6, S100T4G4, S100VG83, S100XT5L |
| Net assets | 10,933 | 10,083 | 9,972 | 10,007 | 10,076 | S100T4G4, S100VG83, S100XT5L |
| Share capital | 1,491 | 1,491 | 1,491 | 1,491 | 1,491 | S100QFE6, S100T4G4, S100VG83, S100XT5L |
| Property, plant and equipment | 210 | 453 | 402 | 369 | 340 | S100QFE6, S100T4G4, S100VG83, S100XT5L |
| Intangible assets excluding goodwill | 4 | 3 | 3 | 25 | 19 | S100QFE6, S100T4G4, S100VG83, S100XT5L |
| Investment securities | 54 | 58 | 66 | 66 | 78 | S100QFE6, S100T4G4, S100VG83, S100XT5L |
| Current assets | 12,531 | 11,514 | 11,463 | 11,871 | 11,415 | S100QFE6, S100T4G4, S100VG83, S100XT5L |
| Current liabilities | 2,586 | 2,624 | 2,739 | 3,252 | 2,684 | S100QFE6, S100T4G4, S100VG83, S100XT5L |
| Total liabilities | 2,637 | 2,666 | 2,840 | 3,431 | 2,910 | S100QFE6, S100T4G4, S100VG83, S100XT5L |
| Equity attributable to owners of parent | 10,929 | 10,078 | 9,964 | 10,002 | 10,065 | S100QFE6, S100T4G4, S100VG83, S100XT5L |
| Retained earnings | 7,695 | 6,844 | 6,730 | 6,768 | 6,831 | S100QFE6, S100T4G4, S100VG83, S100XT5L |
| Treasury stock | -7 | -7 | -7 | -7 | -7 | S100QFE6, S100T4G4, S100VG83, S100XT5L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100XT5L |
| Property, plant and equipment | 3% | S100XT5L |
| Intangibles and goodwill | 0% | S100XT5L |
| Investment securities | 0% | S100XT5L |
| Other assets | 89% | S100XT5L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 22% | S100XT5L |
| Equity | 78% | S100XT5L |
| Other liabilities | 0% | S100XT5L |

### 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 | 13,570 | 12,749 | 12,813 | 13,438 | 12,986 |
| Equity | 10,933 | 10,083 | 9,972 | 10,007 | 10,076 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,011 | 1,688 | 1,246 | 746 | 1,031 |

## 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) | 2.3% | S100XT5L |
| Fixed assets ÷ total assets | 2.6% | S100XT5L |
| Goodwill ÷ parent equity | — | —, S100XT5L |

### 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) | 7.9% |
| Cash ÷ revenue | 7.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 57.3% |
| Cash vs. profit gap | -155 JPY mn (of net income -14.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 93.8% |
| Shareholder payments — dividends / FCF | 126.3% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 41.9% |

## 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 | 14.0% | 0.82× | 11.4% | 1.24× | 14.2% | S100QFE6 |
| 2022 | 5.1% | 0.85× | 4.4% | 1.25× | 5.5% | S100T4G4 |
| 2023 | 6.5% | 0.94× | 6.1% | 1.28× | 7.8% | S100VG83 |
| 2024 | 6.8% | 1.04× | 7.1% | 1.31× | 9.3% | S100XT5L |
| 2025 | 7.2% | 1.11× | 8.0% | 1.32× | 10.5% | S100XT5L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| カストロール・リミテッド（常任代理人 ビーピー・ジャパン株式会社） | Major shareholder | 53.3% | 2025-12-31 |
| ティー・ジェイ株式会社 | Major shareholder | 11.6% | 2025-12-31 |
| 日本自動車整備商工組合連合会 | Major shareholder | 5.0% | 2025-12-31 |
| 三島 泰 | Major shareholder | 0.5% | 2025-12-31 |
| 小津 恒子 | Major shareholder | 0.5% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.3% | 2025-12-31 |
| 中外油化学工業株式会社 | Major shareholder | 0.3% | 2025-12-31 |
| 高嶋 博 | Major shareholder | 0.3% | 2025-12-31 |
| 株式会社ＪＳＣｒｅａｔｉｏｎ | Major shareholder | 0.2% | 2025-12-31 |
| 長妻 和男 | Major shareholder | 0.2% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第49期(2025/01/01－2025/12/31) | S100XT5L | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT5L,, |
| 有価証券報告書－第48期(2024/01/01－2024/12/31) | S100VG83 | 2025-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VG83,, |
| 有価証券報告書－第47期(2023/01/01－2023/12/31) | S100T4G4 | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4G4,, |
| 有価証券報告書－第46期(2022/01/01－2022/12/31) | S100QFE6 | 2023-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFE6,, |
| 有価証券報告書－第45期(令和3年1月1日－令和3年12月31日) | S100NQ3Z | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQ3Z,, |
| 有価証券報告書－第44期(令和2年1月1日－令和2年12月31日) | S100L0WF | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0WF,, |

## 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).