# ブリッジインターナショナルグループ株式会社: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第24期(2025/01/01－2025/12/31) (S100XV70)
> Page: https://vizora.meequs.com/en/company/bridge-g
> Retrieved: 2026-09-30T20:59:58.543Z

## Company

ブリッジインターナショナルグループ株式会社, founded in 2002, is a company in IT Services & System Integration listed on TSE Growth. It has 722 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BRIDGE International Group Corp.(旧英訳名 BRIDGE International Corp.) (注)2025年10月1日付で持株会社体制へ移行したことにともない、同日から会社名を上記のとおり変更いたしました。 |
| Ticker | 7039 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7039.T) |
| Listing | TSE Growth |
| Head office | 東京都世田谷区太子堂四丁目1番1号 |
| Representative (per filing) | 代表取締役会長兼CEO 吉田 融正 |
| Founded | Jan 2002 |
| Share capital | ¥552M |
| Employees (consolidated) | 722 |
| Average salary (parent only) | ¥4M |
| Fiscal year end | December |
| Website | ir.bridge-g.com (https://ir.bridge-g.com/) |
| Corporate number | 2010901015622 |
| EDINET | E34331 |
| Industries (Vizora) | IT Services & System Integration, Business Process Outsourcing, Education |

> Profile source: annual securities report (S100XV70, filed 2026-03-30). As of filing

## Five-axis industry profile

Primary industry: Business Process Outsourcing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.7 | 18 |
| Profitability | 88.1 | 21 |
| Cash conversion | 8.8 | 17 |
| Efficiency | 54.8 | 21 |

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 54% of ブリッジインターナショナルグループ株式会社's sales come from Inside sales outsourcing, with Training and Process technology making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed -0.6% from the prior year, operating profit -8.1%.

## Company structure

- Segment revenue mix: Inside sales outsourcing 54.1%、Training 27.8%、Process technology 18.1%
- Revenue → net income: ¥8564871000 → ¥533911000
- Net income → operating cash flow: ¥533911000 → ¥491924000（difference ¥-41987000）
- Main uses of operating cash flow: CapEx ¥106124000 / dividends ¥215458000 / buybacks ¥72000
- Change in cash: ¥-51631000
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 | ¥8.56B |  |
| Operating income | ¥873.7M | Margin 10.2% |
| Net income | ¥536.4M | Margin 6.3% |
| Free cash flow | ¥385.8M |  |
| Largest business | Inside sales outsourcing | of segment revenue 54.1% |
| Employees (consolidated) | 722 |  |
| EPS | ¥62.39 |  |
| Book value per share | ¥952.15 |  |
| Equity ratio | 83.5% |  |
| Shares outstanding | 3,768,600 |  |
| Treasury shares | 177,300 |  |
| Shareholders | 3,171 |  |
| Average salary (parent only) | ¥4M | Filing company only |
| Cash ratio | 46.6% | Cash ÷ revenue 30.6% |
| Vs. industry median margin | +6.3 pp | Business Process Outsourcing |
| ROE | 11.8% | Derived from disclosed figures |
| ROA | 9.2% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 61% of positive segment profit
- FY2025, cash is 47% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3646192000 | ¥8564871000 | +134.9% |
| Operating income | ¥438242000 | ¥873707000 | +99.4% |
| Operating margin | 12.0% | 10.2% | -1.8 pp |
| Employees | 479 people | 722 people | +50.7% |
| Cash and equivalents | ¥1088432000 | ¥2617714000 | +140.5% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → インサイドセールスアウトソーシング事業 | 54.1% |
| 新設・再編 → プロセス・テクノロジー事業 | 18.1% |
| 新設・再編 → 研修事業 | 27.8% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Inside sales outsourcing | 2 years | +3.8% | ¥4630487000 | 12.2% | 2 |
| Training | 2 years | +4.9% | ¥2381638000 | 11.2% | 2 |
| Process technology | 2 years | +66.2% | ¥1552745000 | 5.9% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,565 | 100.0% | S100XV70 |
| Cost of revenue | 5,651 | 66.0% | S100XV70 |
| Gross profit | 2,914 | 34.0% | S100XV70 |
| SG&A | 2,040 | 23.8% | S100XV70 |
| Operating income | 874 | 10.2% | S100XV70 |
| Ordinary income | 866 | 10.1% | S100XV70 |
| Pretax income | 807 | 9.4% | S100XV70 |
| Income tax | 273 | 3.2% | S100XV70 |
| Net income | 534 | 6.2% | S100XV70 |
| Net income attributable to owners | 536 | 6.3% | S100XV70 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 24 |
| Operating income | 10 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 34.0% → Operating margin 10.2% → Net margin 6.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.6%; Core profit growth: -8.1%
Operating leverage (core profit growth ÷ revenue growth): 13.76×
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 | 8,615 | 8,565 | -51 | -0.6% |
| Gross profit | 2,847 | 2,914 | 67 | +2.4% |
| Operating income | 950 | 874 | -77 | -8.1% |
| Net income attributable to owners | 662 | 536 | -125 | -19.0% |
| Operating cash flow | 957 | 492 | -465 | -48.6% |
| Free cash flow | 892 | 386 | -507 | -56.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 3,646 | 438 | 12.0% | 293 | 397 | -13 | S100NRV7 |
| FY ending Dec 2021 | 5,594 | 644 | 11.5% | 493 | 906 | 681 | S100QHM8 |
| FY ending Dec 2022 | 6,708 | 882 | 13.1% | 594 | 716 | 533 | S100T5Y0 |
| FY ending Dec 2023 | 7,021 | 914 | 13.0% | 644 | 677 | 594 | S100VIF1 |
| FY ending Dec 2024 | 8,615 | 950 | 11.0% | 662 | 957 | 892 | S100XV70 |
| FY ending Dec 2025 | 8,565 | 874 | 10.2% | 536 | 492 | 386 | S100XV70 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11.9M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥742.9K |

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) | 558 | 579 | 618 | 695 | 722 |
| Average salary (parent company) | ¥4M | ¥4.1M | ¥4.2M | ¥4M | ¥4M |
| Average age (parent company) | 34.6 years | 35.2 years | 35.4 years | 35.6 years | 37.3 years |
| Average tenure (parent company) | 5.2 years | 5.6 years | 5.9 years | 6.1 years | 6.7 years |

Year over year: Employees (consolidated) +3.9% · Revenue (consolidated) -0.6%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Inside sales outsourcing | 4,630 | 54.1% | 563 | 12.2% |
| Process technology | 1,553 | 18.1% | 92 | 5.9% |
| Training | 2,382 | 27.8% | 267 | 11.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Inside sales outsourcing | 54.1% | 61.0% | 6.9 | 12.2% |
| Process technology | 18.1% | 10.0% | -8.1 | 5.9% |
| Training | 27.8% | 29.0% | 1.2 | 11.2% |

Segment → industry: Process technology → IT Services & System Integration / Inside sales outsourcing → Business Process Outsourcing / Training → Education

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 492 | 5.7% | S100XV70 |
| Capital expenditure | 106 | 1.2% | S100XV70 |
| Free cash flow | 386 | 4.5% | 算出 |
| Investing cash flow | -197 | -2.3% | S100XV70 |
| Financing cash flow | -347 | -4.0% | S100XV70 |
| Dividends paid | 215 | 2.5% | S100XV70 |
| Share buyback | 0 | 0.0% | S100XV70 |
| Change in cash | -52 | -0.6% | S100XV70 |
| Cash and equivalents | 2,618 | 30.6% | S100XV70 |

## 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 | 1,758 | 2,169 | 2,674 | 2,669 | 2,618 | S100T5Y0, S100VIF1, S100XV70 |
| Total assets | 4,102 | 4,647 | 5,177 | 5,987 | 5,617 | S100QHM8, S100T5Y0, S100VIF1, S100XV70 |
| Net assets | 2,942 | 3,539 | 4,162 | 4,397 | 4,693 | S100T5Y0, S100VIF1, S100XV70 |
| Share capital | 544 | 545 | 552 | 552 | 552 | S100QHM8, S100T5Y0, S100VIF1, S100XV70 |
| Property, plant and equipment | 377 | 398 | 361 | 376 | 326 | S100QHM8, S100T5Y0, S100VIF1, S100XV70 |
| Intangible assets excluding goodwill | 601 | 494 | 379 | 322 | 249 | S100QHM8, S100T5Y0, S100VIF1, S100XV70 |
| Goodwill | 29 | 16 | 3 | 66 | 39 | S100QHM8, S100T5Y0, S100VIF1, S100XV70 |
| Investment securities | 8 | 14 | 74 | 343 | 342 | S100QHM8, S100T5Y0, S100VIF1, S100XV70 |
| Current assets | 2,799 | 3,463 | 4,125 | 4,615 | 4,435 | S100QHM8, S100T5Y0, S100VIF1, S100XV70 |
| Current liabilities | 1,035 | 1,086 | 942 | 1,286 | 900 | S100QHM8, S100T5Y0, S100VIF1, S100XV70 |
| Short-term borrowings | — | — | — | 50 | — | S100XV70 |
| Long-term borrowings | 117 | 17 | 67 | 283 | — | S100QHM8, S100T5Y0, S100VIF1, S100XV70 |
| Total liabilities | 1,160 | 1,108 | 1,015 | 1,591 | 924 | S100QHM8, S100T5Y0, S100VIF1, S100XV70 |
| Non-controlling interests | — | — | — | 25 | — | S100XV70 |
| Equity attributable to owners of parent | 2,945 | 3,542 | 4,164 | 4,380 | 4,701 | S100QHM8, S100T5Y0, S100VIF1, S100XV70 |
| Retained earnings | 1,987 | 2,581 | 3,225 | 3,693 | 4,014 | S100QHM8, S100T5Y0, S100VIF1, S100XV70 |
| Treasury stock | -1 | -1 | -37 | -289 | -289 | S100QHM8, S100T5Y0, S100VIF1, S100XV70 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100XV70 |
| Property, plant and equipment | 6% | S100XV70 |
| Intangibles and goodwill | 5% | S100XV70 |
| Investment securities | 6% | S100XV70 |
| Other assets | 36% | S100XV70 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 16% | S100XV70 |
| Equity | 84% | S100XV70 |

### 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 | 4,102 | 4,647 | 5,177 | 5,987 | 5,617 |
| Equity | 2,942 | 3,539 | 4,162 | 4,397 | 4,693 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,758 | 2,169 | 2,674 | 2,669 | 2,618 |

## 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) | 3.8% | S100XV70 |
| Fixed assets ÷ total assets | 5.8% | S100XV70 |
| Goodwill ÷ parent equity | 0.8% | S100XV70 |

Goodwill over 4 years: 29 → 39 JPY; total investing cash flow: -1,226 JPY. This does not imply causation.

### 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) | 46.6% |
| Cash ÷ revenue | 30.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 56.3% |
| Cash vs. profit gap | -44 JPY mn (of net income -8.3%) |
| Shareholder returns / net income | 40.2% |
| Shareholder returns / FCF | 55.9% |
| Shareholder payments — dividends / net income | 40.2% |
| Shareholder payments — dividends / FCF | 55.8% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 40.0% |

## 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 | 8.8% | 1.36× | 12.0% | 1.39× | 16.8% | S100QHM8 |
| 2022 | 8.9% | 1.53× | 13.6% | 1.35× | 18.3% | S100T5Y0 |
| 2023 | 9.2% | 1.43× | 13.1% | 1.27× | 16.7% | S100VIF1 |
| 2024 | 7.7% | 1.54× | 11.9% | 1.31× | 15.5% | S100XV70 |
| 2025 | 6.3% | 1.48× | 9.2% | 1.28× | 11.8% | S100XV70 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 吉田 融正 | Major shareholder | 33.4% | 2025-12-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 6.5% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.6% | 2025-12-31 |
| 荒川 恵介 | Major shareholder | 2.5% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 1.9% | 2025-12-31 |
| 株式会社愛媛銀行 | Major shareholder | 1.9% | 2025-12-31 |
| ブリッジグループ従業員持株会 | Major shareholder | 1.5% | 2025-12-31 |
| 清水 優樹 | Major shareholder | 1.4% | 2025-12-31 |
| 曽我 健 | Major shareholder | 1.4% | 2025-12-31 |
| 塩澤 正枝 | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/01/01－2025/12/31) | S100XV70 | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XV70,, |
| 有価証券報告書－第23期(2024/01/01－2024/12/31) | S100VIF1 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIF1,, |
| 有価証券報告書－第22期(2023/01/01－2023/12/31) | S100T5Y0 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5Y0,, |
| 有価証券報告書－第21期(2022/01/01－2022/12/31) | S100QHM8 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHM8,, |
| 有価証券報告書－第20期(令和3年1月1日－令和3年12月31日) | S100NRV7 | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRV7,, |
| 有価証券報告書－第19期(令和2年1月1日－令和2年12月31日) | S100L2ST | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2ST,, |

## 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).