# BROAD ENTERPRISE CO.,LTD.: 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26期(2025/01/01－2025/12/31) (S100XSGS)
> Page: https://vizora.meequs.com/en/company/broad-e
> Retrieved: 2026-09-30T21:03:26.025Z

## Company

Broad Enterprise, founded in 2000, is a company in Broadband & ISPs listed on TSE Growth. It has 127 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BROAD ENTERPRISE CO.,LTD. |
| Ticker | 4415 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4415.T) |
| Listing | TSE Growth |
| Head office | 大阪府大阪市北区太融寺町5番15号 (注) 2026年4月から本店は下記に移転する予定であります。 東京都中央区晴海1丁目8番8号 |
| Representative (per filing) | 代表取締役社長 中西 良祐 |
| Founded | Dec 2000 |
| Share capital | ¥80M |
| Employees (consolidated) | 127 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | December |
| Website | www.broad-e.co.jp (https://www.broad-e.co.jp/) |
| Corporate number | 5120001103719 |
| EDINET | E37115 |
| Industries (Vizora) | Broadband & ISPs |

> Profile source: annual securities report (S100XSGS, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Broadband & ISPs (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92.9 | 7 |
| Profitability | 61.1 | 9 |
| Cash conversion | 5.6 | 9 |
| Efficiency | 16.7 | 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)

- Broad Enterprise brought in ¥7.41B in revenue.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +57.8% from the prior year, operating profit +32.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥7.41B |  |
| Operating income | ¥977.8M | Margin 13.2% |
| Net income | ¥417M | Margin 5.6% |
| Free cash flow | -¥2.63B |  |
| Employees (consolidated) | 127 |  |
| EPS | ¥68.17 |  |
| Diluted EPS | ¥67.65 |  |
| Book value per share | ¥264.55 |  |
| Equity ratio | 15.1% |  |
| Shares outstanding | 6,145,000 |  |
| Treasury shares | 300 |  |
| Shareholders | 3,191 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 8.7% | Cash ÷ revenue 12.6% |
| Vs. industry median margin | +2.5 pp | Broadband & ISPs |
| ROE | 29.4% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 3.0× its level five years ago
- FY2025, employees -11% while operating income rose 32%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1588854000 | ¥7413568000 | +366.6% |
| Operating income | ¥250035000 | ¥977807000 | +291.1% |
| Operating margin | 15.7% | 13.2% | -2.5 pp |
| Employees | 68 people | 127 people | +86.8% |
| Cash and equivalents | ¥595214000 | ¥931820000 | +56.6% |

### 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 | 7,414 | 100.0% | S100XSGS |
| Cost of revenue | 4,450 | 60.0% | S100XSGS |
| Gross profit | 2,963 | 40.0% | S100XSGS |
| SG&A | 1,986 | 26.8% | S100XSGS |
| Operating income | 978 | 13.2% | S100XSGS |
| Ordinary income | 770 | 10.4% | S100XSGS |
| Pretax income | 770 | 10.4% | S100XSGS |
| Income tax | 353 | 4.8% | S100XSGS |
| Net income | 417 | 5.6% | S100XSGS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 27 |
| Operating income | 13 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 40.0% → Operating margin 13.2% → Net margin 5.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +57.8%; Core profit growth: +32.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.56×
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 | 4,697 | 7,414 | 2,716 | +57.8% |
| Gross profit | 2,104 | 2,963 | 859 | +40.8% |
| Operating income | 739 | 978 | 239 | +32.4% |
| Operating cash flow | -1,097 | -2,525 | -1,428 | — |
| Free cash flow | -1,104 | -2,632 | -1,527 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 1,589 | 250 | 15.7% | 136 | -129 | -322 | S100NUXI |
| FY ending Dec 2021 | 2,501 | 572 | 22.9% | 347 | -428 | -692 | S100QFZJ |
| FY ending Dec 2022 | 2,993 | 290 | 9.7% | 78 | -561 | -608 | S100T53Q |
| FY ending Dec 2023 | 3,958 | 508 | 12.8% | 328 | -631 | -646 | S100VGZL |
| FY ending Dec 2024 | 4,697 | 739 | 15.7% | 346 | -1,097 | -1,104 | S100XSGS |
| FY ending Dec 2025 | 7,414 | 978 | 13.2% | 417 | -2,525 | -2,632 | S100XSGS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥58.4M |
| Operating income per employee (consolidated) | ¥7.7M |
| Net income per employee (consolidated) | ¥3.3M |

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) | 105 | 136 | 127 | 142 | 127 |
| Average salary (parent company) | ¥4.7M | ¥4.3M | ¥3.9M | ¥4.5M | ¥5.5M |
| Average age (parent company) | 27.9 years | 28.5 years | 27.8 years | 28.5 years | 29.7 years |
| Average tenure (parent company) | 3.0 years | 3.9 years | 3.6 years | 3.3 years | 4.0 years |

Year over year: Employees (consolidated) -10.6% · Revenue (consolidated) +57.8%

## 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 | -2,525 | -34.1% | S100XSGS |
| Capital expenditure | 107 | 1.4% | S100XSGS |
| Free cash flow | -2,632 | -35.5% | 算出 |
| Investing cash flow | -131 | -1.8% | S100XSGS |
| Financing cash flow | 2,585 | 34.9% | S100XSGS |
| Change in cash | -71 | -1.0% | S100XSGS |
| Cash and equivalents | 932 | 12.6% | S100XSGS |

## 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 | 1,640 | 952 | 1,075 | 1,003 | 932 | S100T53Q, S100VGZL, S100XSGS |
| Total assets | 4,456 | 5,641 | 7,279 | 7,951 | 10,769 | S100QFZJ, S100T53Q, S100VGZL, S100XSGS |
| Net assets | 2,123 | 515 | 859 | 1,208 | 1,627 | S100T53Q, S100VGZL, S100XSGS |
| Share capital | 751 | 752 | 78 | 79 | 80 | S100QFZJ, S100T53Q, S100VGZL, S100XSGS |
| Property, plant and equipment | 584 | 504 | 439 | 373 | 416 | S100QFZJ, S100T53Q, S100VGZL, S100XSGS |
| Intangible assets excluding goodwill | 15 | 12 | 12 | 11 | 5 | S100QFZJ, S100T53Q, S100VGZL, S100XSGS |
| Current assets | 3,772 | 4,174 | 5,910 | 6,861 | 9,891 | S100QFZJ, S100T53Q, S100VGZL, S100XSGS |
| Current liabilities | 1,328 | 4,110 | 5,162 | 5,391 | 7,696 | S100QFZJ, S100T53Q, S100VGZL, S100XSGS |
| Short-term borrowings | 300 | 404 | 810 | 1,719 | 3,900 | S100QFZJ, S100T53Q, S100VGZL, S100XSGS |
| Long-term borrowings | 961 | 870 | 1,068 | 1,181 | 1,351 | S100QFZJ, S100T53Q, S100VGZL, S100XSGS |
| Total liabilities | 2,333 | 5,126 | 6,420 | 6,743 | 9,142 | S100QFZJ, S100T53Q, S100VGZL, S100XSGS |
| Equity attributable to owners of parent | 2,123 | 515 | 858 | 1,206 | 1,626 | S100QFZJ, S100T53Q, S100VGZL, S100XSGS |
| Retained earnings | 671 | -938 | 328 | 674 | 1,091 | S100QFZJ, S100T53Q, S100VGZL, S100XSGS |
| Treasury stock | — | -0 | -0 | -0 | -0 | S100T53Q, S100VGZL, S100XSGS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100XSGS |
| Property, plant and equipment | 4% | S100XSGS |
| Intangibles and goodwill | 0% | S100XSGS |
| Other assets | 87% | S100XSGS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 85% | S100XSGS |
| Equity | 15% | S100XSGS |
| Other liabilities | 0% | S100XSGS |

### 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 | 4,456 | 5,641 | 7,279 | 7,951 | 10,769 |
| Equity | 2,123 | 515 | 859 | 1,208 | 1,627 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,640 | 952 | 1,075 | 1,003 | 932 |

## 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) | 5.6% | S100XSGS |
| Fixed assets ÷ total assets | 3.9% | S100XSGS |
| Goodwill ÷ parent equity | — | —, S100XSGS |

### 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) | 8.7% |
| Cash ÷ revenue | 12.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -258.2% |
| Cash vs. profit gap | -2,942 JPY mn (of net income -705.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | — |

## 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 | 13.9% | 0.56× | 7.8% | 2.10× | 16.3% | S100QFZJ |
| 2022 | 2.6% | 0.59× | 1.5% | 3.83× | 5.9% | S100T53Q |
| 2023 | 8.3% | 0.61× | 5.1% | 9.41× | 47.8% | S100VGZL |
| 2024 | 7.4% | 0.62× | 4.5% | 7.38× | 33.5% | S100XSGS |
| 2025 | 5.6% | 0.79× | 4.5% | 6.61× | 29.4% | S100XSGS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中西 良祐 （注）２ | Major shareholder | 71.3% | 2025-12-31 |
| 吉岡 裕之 | Major shareholder | 1.4% | 2025-12-31 |
| 楽天証券株式会社（共有口） | Major shareholder | 0.8% | 2025-12-31 |
| 株式会社グローバル | Major shareholder | 0.7% | 2025-12-31 |
| 中西 美津代 | Major shareholder | 0.5% | 2025-12-31 |
| 柏木 挙志 | Major shareholder | 0.5% | 2025-12-31 |
| 神藤 真沙志 | Major shareholder | 0.4% | 2025-12-31 |
| 上田 大介 | Major shareholder | 0.4% | 2025-12-31 |
| 山本 和生 | Major shareholder | 0.4% | 2025-12-31 |
| ブロードエンタープライズ従業員持株会 | Major shareholder | 0.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/01/01－2025/12/31) | S100XSGS | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSGS,, |
| 有価証券報告書－第25期(2024/01/01－2024/12/31) | S100VGZL | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGZL,, |
| 有価証券報告書－第24期(2023/01/01－2023/12/31) | S100T53Q | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T53Q,, |
| 有価証券報告書－第23期(2022/01/01－2022/12/31) | S100QFZJ | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFZJ,, |
| 訂正有価証券報告書－第22期(令和3年1月1日－令和3年12月31日) | S100NUXI | 2022-04-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NUXI,, |

## 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).