# BroadBand Tower, Inc.: 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47期(2025/01/01－2025/12/31) (S100WZGB)
> Page: https://vizora.meequs.com/en/company/broadband-tower
> Retrieved: 2026-09-30T22:40:39.776Z

## Company

BroadBand Tower, founded in 2000, is a company in Cloud & Data Centers listed on TSE Standard. It has 218 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BroadBand Tower, Inc. |
| Ticker | 3776 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3776.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区内幸町二丁目1番6号日比谷パークフロント |
| Representative (per filing) | 代表取締役 専務 法務・経理統括 中川美恵子 |
| Founded | Feb 2000 |
| Share capital | ¥3.48B |
| Employees (consolidated) | 218 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | December |
| Website | www.bbtower.co.jp (https://www.bbtower.co.jp/) |
| Corporate number | 6010401059802 |
| EDINET | E05494 |
| Industries (Vizora) | Cloud & Data Centers, Broadcasting & Newspapers |

> Profile source: annual securities report (S100WZGB, filed 2026-03-19). As of filing

## Five-axis industry profile

Primary industry: Cloud & Data Centers (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16.7 | 3 |
| Profitability | 50 | 5 |
| Cash conversion | 62.5 | 4 |
| Efficiency | 30 | 5 |

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 78% of BroadBand Tower's sales come from Computer platform business, with Media solution business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +13.9% from the prior year, operating profit +21.4%.

## Company structure

- Segment revenue mix: Computer platform business 78.0%、Media solution business 22.0%
- Revenue → net income: ¥15289750000 → ¥275329000
- Net income → operating cash flow: ¥275329000 → ¥1339541000（difference ¥1064212000）
- Main uses of operating cash flow: CapEx ¥895283000 / dividends ¥123300000 / buybacks —
- Change in cash: ¥-1110453000
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 | ¥15.3B |  |
| Operating income | ¥811.1M | Margin 5.3% |
| Net income | ¥300.2M | Margin 2.0% |
| Free cash flow | ¥444.3M |  |
| Largest business | Computer platform business | of segment revenue 78.0% |
| Employees (consolidated) | 218 |  |
| EPS | ¥3.36 |  |
| Book value per share | ¥137.29 |  |
| Equity ratio | 45.7% |  |
| Shares outstanding | 61,773,500 |  |
| Treasury shares | 315,500 |  |
| Shareholders | 16,717 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 33.8% | Cash ÷ revenue 42.4% |
| Vs. industry median margin | 0 pp | Cloud & Data Centers |
| ROE | 3.5% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 4.5× net income
- FY2025, employees -10% while operating income rose 21%
- FY2025, segment profit share differs by 20 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16077000000 | ¥15289750000 | -4.9% |
| Operating income | ¥524882000 | ¥811080000 | +54.5% |
| Operating margin | 3.3% | 5.3% | +2 pp |
| Employees | 326 people | 218 people | -33.1% |
| Cash and equivalents | ¥6117520000 | ¥6475461000 | +5.9% |

### 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 |
| --- | ---: |
| コンピュータプラットフォーム事業 → コンピュータプラットフォーム事業 | 62.3% |
| メディアソリューション事業 → メディアソリューション事業 | 22.0% |
| メディアソリューション事業 → 事業再編・廃止 | 13.6% |
| IoT AIソリューション事業 → 事業再編・廃止 | 2.1% |
| 新設・再編 → コンピュータプラットフォーム事業 | 15.7% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,290 | 100.0% | S100WZGB |
| Cost of revenue | 12,014 | 78.6% | S100WZGB |
| Gross profit | 3,276 | 21.4% | S100WZGB |
| SG&A | 2,464 | 16.1% | S100WZGB |
| Operating income | 811 | 5.3% | S100WZGB |
| Ordinary income | 909 | 5.9% | S100WZGB |
| Pretax income | 550 | 3.6% | S100WZGB |
| Income tax | 274 | 1.8% | S100WZGB |
| Net income | 275 | 1.8% | S100WZGB |
| Net income attributable to owners | 300 | 2.0% | S100WZGB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 16 |
| Operating income | 5 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 21.4% → Operating margin 5.3% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.9%; Core profit growth: +21.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.54×
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 | 13,423 | 15,290 | 1,866 | +13.9% |
| Gross profit | 3,325 | 3,276 | -50 | -1.5% |
| Operating income | 668 | 811 | 143 | +21.4% |
| Net income attributable to owners | 387 | 300 | -86 | -22.3% |
| Operating cash flow | 2,762 | 1,340 | -1,422 | -51.5% |
| Free cash flow | 2,204 | 444 | -1,760 | -79.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 14,660 | -304 | -2.1% | -913 | 1,406 | -2,425 | S100KWFI |
| FY ending Dec 2020 | 16,077 | 525 | 3.3% | 343 | 2,285 | 1,667 | S100NLT4 |
| FY ending Dec 2021 | 15,529 | 54 | 0.3% | -4 | 1,596 | 406 | S100PXNE |
| FY ending Dec 2022 | 14,126 | -362 | -2.6% | -392 | 1,729 | 503 | S100T22A |
| FY ending Dec 2023 | 13,244 | -85 | -0.6% | 100 | 737 | -100 | S100V1MY |
| FY ending Dec 2024 | 13,423 | 668 | 5.0% | 387 | 2,762 | 2,204 | S100WZGB |
| FY ending Dec 2025 | 15,290 | 811 | 5.3% | 300 | 1,340 | 444 | S100WZGB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥70.1M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 318 | 247 | 249 | 243 | 218 |
| Average salary (parent company) | ¥6.2M | ¥6.2M | ¥6.4M | ¥6.3M | ¥6.4M |
| Average age (parent company) | 39.2 years | 40.1 years | 40.0 years | 40.6 years | 41.1 years |
| Average tenure (parent company) | 8.0 years | 9.0 years | 9.0 years | 10.0 years | 11.0 years |

Year over year: Employees (consolidated) -10.3% · Revenue (consolidated) +13.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Computer platform business | 11,878 | 78.0% | 563 | 4.7% |
| Media solution business | 3,356 | 22.0% | 411 | 12.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Computer platform business | 78.0% | 57.8% | -20.2 | 4.7% |
| Media solution business | 22.0% | 42.2% | 20.2 | 12.3% |

Segment → industry: Computer platform business → Cloud & Data Centers / Media solution business → Broadcasting & Newspapers

## 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 | 1,340 | 8.8% | S100WZGB |
| Capital expenditure | 895 | 5.9% | S100WZGB |
| Free cash flow | 444 | 2.9% | 算出 |
| Investing cash flow | -1,796 | -11.7% | S100WZGB |
| Financing cash flow | -654 | -4.3% | S100WZGB |
| Dividends paid | 123 | 0.8% | S100WZGB |
| Change in cash | -1,110 | -7.3% | S100WZGB |
| Cash and equivalents | 6,475 | 42.4% | S100WZGB |

## 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 | 5,534 | 7,002 | 6,147 | 7,586 | 6,475 | S100T22A, S100V1MY, S100WZGB |
| Total assets | 24,403 | 20,523 | 19,478 | 19,750 | 19,182 | S100PXNE, S100T22A, S100V1MY, S100WZGB |
| Net assets | 13,365 | 11,797 | 11,667 | 11,948 | 12,069 | S100T22A, S100V1MY, S100WZGB |
| Share capital | 3,346 | 3,454 | 3,462 | 3,471 | 3,479 | S100PXNE, S100T22A, S100V1MY, S100WZGB |
| Property, plant and equipment | 7,768 | 5,183 | 5,000 | 4,385 | 4,056 | S100PXNE, S100T22A, S100V1MY, S100WZGB |
| Intangible assets excluding goodwill | 2,236 | 1,750 | 1,476 | 1,169 | 1,088 | S100PXNE, S100T22A, S100V1MY, S100WZGB |
| Goodwill | 511 | 421 | 378 | 335 | 291 | S100PXNE, S100T22A, S100V1MY, S100WZGB |
| Investment securities | 3,699 | 2,458 | 2,419 | 2,390 | 2,201 | S100PXNE, S100T22A, S100V1MY, S100WZGB |
| Current assets | 9,129 | 9,332 | 8,865 | 10,044 | 9,690 | S100PXNE, S100T22A, S100V1MY, S100WZGB |
| Current liabilities | 4,500 | 4,269 | 4,270 | 4,691 | 4,558 | S100PXNE, S100T22A, S100V1MY, S100WZGB |
| Short-term borrowings | 500 | 500 | 500 | 500 | 500 | S100PXNE, S100T22A, S100V1MY, S100WZGB |
| Long-term borrowings | 3,499 | 3,001 | 2,136 | 1,647 | 1,151 | S100PXNE, S100T22A, S100V1MY, S100WZGB |
| Total liabilities | 11,038 | 8,726 | 7,812 | 7,803 | 7,113 | S100PXNE, S100T22A, S100V1MY, S100WZGB |
| Non-controlling interests | 3,877 | 3,588 | 3,352 | 3,301 | 3,289 | S100PXNE, S100T22A, S100V1MY, S100WZGB |
| Equity attributable to owners of parent | 8,489 | 8,056 | 8,067 | 8,362 | 8,556 | S100PXNE, S100T22A, S100V1MY, S100WZGB |
| Retained earnings | 1,326 | 677 | 657 | 921 | 1,098 | S100PXNE, S100T22A, S100V1MY, S100WZGB |
| Treasury stock | -88 | -88 | -88 | -88 | -88 | S100PXNE, S100T22A, S100V1MY, S100WZGB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100WZGB |
| Property, plant and equipment | 21% | S100WZGB |
| Intangibles and goodwill | 7% | S100WZGB |
| Investment securities | 12% | S100WZGB |
| Other assets | 26% | S100WZGB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100WZGB |
| Equity | 63% | S100WZGB |

### 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 | 24,403 | 20,523 | 19,478 | 19,750 | 19,182 |
| Equity | 13,365 | 11,797 | 11,667 | 11,948 | 12,069 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,534 | 7,002 | 6,147 | 7,586 | 6,475 |

## 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) | 26.5% | S100WZGB |
| Fixed assets ÷ total assets | 21.1% | S100WZGB |
| Goodwill ÷ parent equity | 3.4% | S100WZGB |

Goodwill over 4 years: 511 → 291 JPY; total investing cash flow: -4,095 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) | 33.8% |
| Cash ÷ revenue | 42.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 165.2% |
| Cash vs. profit gap | 1,039 JPY mn (of net income 346.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 41.1% |
| Shareholder payments — dividends / FCF | 27.8% |
| CapEx intensity (capex ÷ revenue) | 5.9% |
| Investing CF relative to operating CF | 134.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -0.0% | —× | — | S100PXNE |
| 2022 | — | —× | -1.7% | —× | — | S100T22A |
| 2023 | 0.8% | 0.66× | 0.5% | 2.48× | 1.2% | S100V1MY |
| 2024 | 2.9% | 0.68× | 2.0% | 2.39× | 4.7% | S100WZGB |
| 2025 | 2.0% | 0.79× | 1.5% | 2.30× | 3.5% | S100WZGB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社インターネット総合研究所 | Major shareholder | 16.3% | 2025-12-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 5.0% | 2025-12-31 |
| 後和 信英 | Major shareholder | 2.5% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 2.4% | 2025-12-31 |
| LINEヤフー株式会社 | Major shareholder | 2.1% | 2025-12-31 |
| 衣川 晃弘 | Major shareholder | 1.5% | 2025-12-31 |
| セントラル短資株式会社 | Major shareholder | 1.5% | 2025-12-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.1% | 2025-12-31 |
| 鈴木 智博 | Major shareholder | 1.0% | 2025-12-31 |
| GOLDMAN,SACHS ＆ CO.REG （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 0.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第47期(2025/01/01－2025/12/31) | S100WZGB | 2026-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WZGB,, |
| 有価証券報告書－第26期(2024/01/01－2024/12/31) | S100V1MY | 2025-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V1MY,, |
| 有価証券報告書－第25期(2023/01/01－2023/12/31) | S100T22A | 2024-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T22A,, |
| 有価証券報告書－第24期(2022/01/01－2022/12/31) | S100PXNE | 2023-03-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PXNE,, |
| 有価証券報告書－第23期(令和3年1月1日－令和3年12月31日) | S100NLT4 | 2022-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NLT4,, |
| 有価証券報告書－第22期(令和2年1月1日－令和2年12月31日) | S100KWFI | 2021-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KWFI,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| LINEヤフー | Capital alliance | 業務・資本提携（データセンターサービス提供、取締役候補者1名の選任） | S100WZGB |
| LINEヤフー | Supply/OEM | 当社がLINEヤフーにデータセンターサービスを提供 | S100WZGB |

## 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).