# BPLATS,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20期(2025/04/01－2026/03/31) (S100YDPE)
> Page: https://vizora.meequs.com/en/company/bplats
> Retrieved: 2026-09-30T19:42:01.663Z

## Company

Bplats, founded in 2006, is a company in Software & SaaS listed on TSE Growth. It has 43 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BPLATS,Inc. |
| Ticker | 4381 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4381.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区神田練塀町3番地 |
| Representative (per filing) | 代表取締役社長 藤田健治 |
| Founded | Nov 2006 |
| Share capital | ¥146.4M |
| Employees (consolidated) | 43 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Website | www.bplats.co.jp (https://www.bplats.co.jp/) |
| Corporate number | 6010001119584 |
| EDINET | E33825 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100YDPE, filed 2026-06-18). As of filing

## Key points (generated from figures)

- Bplats brought in ¥727.2M in revenue.
- It lost about ¥17 for every ¥100 of sales at the operating level.
- Revenue changed +3.0% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥727.2M |  |
| Operating income | -¥126.4M | Margin -17.4% |
| Net income | -¥925.6M | Margin -127.3% |
| Free cash flow | — |  |
| Employees (consolidated) | 43 |  |
| EPS | ¥-362.33 |  |
| Book value per share | ¥-157.47 |  |
| Shares outstanding | 2,911,799 |  |
| Treasury shares | 3,300 |  |
| Shareholders | 3,058 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 71.0% | Cash ÷ revenue 40.1% |
| Vs. industry median margin | -29.8 pp | Software & SaaS |
| ROA | -123.5% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 71% of total assets
- FY2026, operating loss is 17 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥754742000 | ¥727157000 | -3.7% |
| Operating income | ¥35644000 | ¥-126351000 | -454.5% |
| Operating margin | 4.7% | -17.4% | -22.1 pp |
| Employees | 51 people | 43 people | -15.7% |
| Cash and equivalents | ¥283667000 | ¥291602000 | +2.8% |

### 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 | 727 | 100.0% | S100YDPE |
| Cost of revenue | 444 | 61.1% | S100YDPE |
| Gross profit | 283 | 38.9% | S100YDPE |
| SG&A | 409 | 56.3% | S100YDPE |
| Operating income | -126 | -17.4% | S100YDPE |
| Ordinary income | -142 | -19.6% | S100YDPE |
| Pretax income | -913 | -125.6% | S100YDPE |
| Income tax | 13 | 1.7% | S100YDPE |
| Net income | -926 | -127.3% | S100YDPE |
| Net income attributable to owners | -926 | -127.3% | S100YDPE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 56 |
| Operating income | -17 |
| (Ref.) Net income | -127 |

### Margin funnel

Gross margin 38.9% → Operating margin -17.4% → Net margin -127.3%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 706 | 727 | 21 | +3.0% |
| Gross profit | 156 | 283 | 127 | +81.7% |
| Operating income | -207 | -126 | 81 | — |
| Net income attributable to owners | -298 | -926 | -628 | — |
| Operating cash flow | 48 | 200 | 152 | +316.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 537 | -175 | -32.5% | -185 | 34 | -242 | S100LPSV |
| FY ending Mar 2021 | 755 | 36 | 4.7% | 31 | 266 | 46 | S100OD98 |
| FY ending Mar 2022 | 809 | 19 | 2.3% | 11 | 203 | -98 | S100R14P |
| FY ending Mar 2023 | 945 | 180 | 19.1% | 183 | 333 | 30 | S100TO5V |
| FY ending Mar 2024 | 898 | -77 | -8.5% | -98 | 117 | -215 | S100W0KB |
| FY ending Mar 2025 | 706 | -207 | -29.4% | -298 | 48 | -268 | S100YDPE |
| FY ending Mar 2026 | 727 | -126 | -17.4% | -926 | 200 | — | S100YDPE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.9M |
| Operating income per employee (consolidated) | -¥2.9M |
| Net income per employee (consolidated) | -¥21.5M |

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) | 59 | 61 | 66 | 51 | 43 |
| Average salary (parent company) | ¥4.7M | ¥5M | ¥5M | ¥5.2M | ¥5.4M |
| Average age (parent company) | 34.5 years | 32.7 years | 33.7 years | 34.0 years | 35.8 years |
| Average tenure (parent company) | 3.9 years | 3.9 years | 4.0 years | 4.6 years | 5.7 years |

Year over year: Employees (consolidated) -15.7% · Revenue (consolidated) +3.0%

## 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 | 200 | 27.5% | S100YDPE |
| Investing cash flow | -166 | -22.9% | S100YDPE |
| Financing cash flow | 190 | 26.1% | S100YDPE |
| Change in cash | 224 | 30.7% | S100YDPE |
| Cash and equivalents | 292 | 40.1% | S100YDPE |

## 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 | 246 | 350 | 232 | 68 | 292 | S100TO5V, S100W0KB, S100YDPE |
| Total assets | 964 | 1,350 | 1,368 | 1,088 | 411 | S100R14P, S100TO5V, S100W0KB, S100YDPE |
| Net assets | 441 | 640 | 562 | 285 | -447 | S100TO5V, S100W0KB, S100YDPE |
| Share capital | 519 | 527 | 540 | 550 | 146 | S100R14P, S100TO5V, S100W0KB, S100YDPE |
| Property, plant and equipment | 10 | 13 | 13 | 10 | 0 | S100R14P, S100TO5V, S100W0KB, S100YDPE |
| Intangible assets excluding goodwill | 517 | 692 | 842 | 869 | 0 | S100R14P, S100TO5V, S100W0KB, S100YDPE |
| Investment securities | 1 | 51 | 50 | 0 | 0 | S100R14P, S100TO5V, S100W0KB, S100YDPE |
| Current assets | 409 | 546 | 436 | 195 | 411 | S100R14P, S100TO5V, S100W0KB, S100YDPE |
| Current liabilities | 273 | 427 | 480 | 645 | 492 | S100R14P, S100TO5V, S100W0KB, S100YDPE |
| Short-term borrowings | — | — | — | 300 | 250 | S100YDPE |
| Long-term borrowings | 250 | 283 | 324 | 157 | 65 | S100R14P, S100TO5V, S100W0KB, S100YDPE |
| Total liabilities | 524 | 711 | 805 | 803 | 858 | S100R14P, S100TO5V, S100W0KB, S100YDPE |
| Non-controlling interests | 5 | 5 | — | — | — | S100R14P, S100TO5V |
| Equity attributable to owners of parent | 435 | 635 | 562 | 285 | -448 | S100R14P, S100TO5V, S100W0KB, S100YDPE |
| Retained earnings | -471 | -288 | -386 | -684 | -917 | S100R14P, S100TO5V, S100W0KB, S100YDPE |
| Treasury stock | -2 | -2 | -2 | -2 | -2 | S100R14P, S100TO5V, S100W0KB, S100YDPE |

### 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 | 964 | 1,350 | 1,368 | 1,088 | 411 |
| Equity | 441 | 640 | 562 | 285 | -447 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 246 | 350 | 232 | 68 | 292 |

## 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) | 0.0% | S100YDPE |
| Fixed assets ÷ total assets | 0.0% | S100YDPE |
| Goodwill ÷ parent equity | — | —, S100YDPE |

### 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) | 71.0% |
| Cash ÷ revenue | 40.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 1,126 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 83.1% |

## 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 | 1.3% | 0.84× | 1.1% | 2.21× | 2.5% | S100R14P |
| 2023 | 19.4% | 0.82× | 15.8% | 2.16× | 34.2% | S100TO5V |
| 2024 | — | —× | -7.2% | —× | — | S100W0KB |
| 2025 | — | —× | -24.3% | —× | — | S100YDPE |
| 2026 | — | —× | -123.5% | —× | — | S100YDPE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東京センチュリー株式会社 | Major shareholder | 25.8% | 2026-03-31 |
| ＧＰ上場企業出資投資事業有限責任組合 | Major shareholder | 6.9% | 2026-03-31 |
| 篠崎 明 | Major shareholder | 4.5% | 2026-03-31 |
| ＴＫＳアセットマネジメント株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| 藤田 健治 | Major shareholder | 3.0% | 2026-03-31 |
| 宮崎 琢磨 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社ネットワールド | Major shareholder | 2.2% | 2026-03-31 |
| 渋田見 勝俊 | Major shareholder | 1.2% | 2026-03-31 |
| ＴＫＳパートナーズ株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 花輪 正一 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/04/01－2026/03/31) | S100YDPE | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDPE,, |
| 有価証券報告書－第19期(2024/04/01－2025/03/31) | S100W0KB | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0KB,, |
| 有価証券報告書－第18期(2023/04/01－2024/03/31) | S100TO5V | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO5V,, |
| 有価証券報告書－第17期(2022/04/01－2023/03/31) | S100R14P | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R14P,, |
| 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) | S100OD98 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD98,, |
| 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) | S100LPSV | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPSV,, |

## 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).