# Broadleaf Co.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第17期(2025/01/01－2025/12/31) (S100XS43)
> Page: https://vizora.meequs.com/en/company/broadleaf
> Retrieved: 2026-09-30T21:06:45.537Z

## Company

Broadleaf, founded in 2009, is a company in Software & SaaS listed on TSE Prime. It has 924 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Broadleaf Co., Ltd. |
| Ticker | 3673 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3673.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区東品川四丁目13番14号 |
| Representative (per filing) | 代表取締役社長 大山 堅司 |
| Founded | Sep 2009 |
| Share capital | ¥7.15B |
| Employees (consolidated) | 924 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | December |
| Website | www.broadleaf.co.jp (https://www.broadleaf.co.jp/) |
| Corporate number | 3010701023163 |
| EDINET | E27361 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XS43, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.3 | 105 |
| Profitability | 43.8 | 145 |
| Cash conversion | 94.1 | 128 |
| Efficiency | 15.5 | 145 |
| Financial strength | 12.5 | 4 |

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)

- Broadleaf brought in ¥20.8B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +15.4% from the prior year, operating profit +206.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥20815301000 → ¥1215373000
- Net income → operating cash flow: ¥1215373000 → ¥6896588000（difference ¥5681215000）
- Main uses of operating cash flow: CapEx ¥4450829000 / dividends ¥403662000 / buybacks ¥64000
- Change in cash: ¥-184605000
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 | ¥20.8B |  |
| Operating income | ¥2.06B | Margin 9.9% |
| Net income | ¥1.24B | Margin 6.0% |
| Free cash flow | ¥2.45B |  |
| Employees (consolidated) | 924 |  |
| EPS | ¥13.79 |  |
| Diluted EPS | ¥13.5 |  |
| Book value per share | ¥173.78 |  |
| Equity ratio | 58.6% | Derived from disclosed figures |
| Shares outstanding | 97,896,800 |  |
| Treasury shares | 6,073,600 |  |
| Shareholders | 9,285 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 9.9% | Net cash -¥336.2M · Cash ÷ revenue 19.8% |
| Vs. industry median margin | -2.5 pp | Software & SaaS |
| ROE | 5.2% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 5.6× net income

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21161858000 | ¥20815301000 | -1.6% |
| Operating income | ¥4135221000 | ¥2062671000 | -50.1% |
| Operating margin | 19.5% | 9.9% | -9.6 pp |
| Employees | 951 people | 924 people | -2.8% |
| Cash and equivalents | ¥3232409000 | ¥4121331000 | +27.5% |

### 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, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,815 | 100.0% | S100XS43 |
| Cost of revenue | 7,296 | 35.0% | S100XS43 |
| Gross profit | 13,520 | 65.0% | S100XS43 |
| SG&A | 11,406 | 54.8% | S100XS43 |
| Operating income | 2,063 | 9.9% | S100XS43 |
| Pretax income | 1,854 | 8.9% | S100XS43 |
| Income tax | 639 | 3.1% | S100XS43 |
| Net income | 1,215 | 5.8% | S100XS43 |
| Net income attributable to owners | 1,240 | 6.0% | S100XS43 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 35 |
| SG&A | 55 |
| Operating income | 10 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 65.0% → Operating margin 9.9% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.4%; Core profit growth: +206.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 13.42×
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 | 18,045 | 20,815 | 2,770 | +15.4% |
| Gross profit | 11,712 | 13,520 | 1,808 | +15.4% |
| Operating income | 674 | 2,063 | 1,389 | +206.0% |
| Net income attributable to owners | 343 | 1,240 | 897 | +261.3% |
| Operating cash flow | 6,531 | 6,897 | 366 | +5.6% |
| Free cash flow | 1,971 | 2,446 | 475 | +24.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 16,760 | — | — | 1,876 | 3,142 | — | S100L22V |
| FY ending Dec 2017 | 18,195 | — | — | 1,932 | 2,558 | — | S100NR9Y |
| FY ending Dec 2018 | 21,285 | — | — | 2,656 | 4,566 | — | S100QG3E |
| FY ending Dec 2019 | 22,586 | 4,525 | 20.0% | 3,093 | 3,762 | 537 | S100L22V |
| FY ending Dec 2020 | 21,162 | 4,135 | 19.5% | 2,465 | 5,056 | 2,380 | S100NR9Y |
| FY ending Dec 2021 | 20,652 | 3,395 | 16.4% | 2,173 | 3,783 | 285 | S100QG3E |
| FY ending Dec 2022 | 13,833 | -2,897 | -20.9% | -2,431 | 1,606 | -1,411 | S100T3UG |
| FY ending Dec 2023 | 15,385 | -1,902 | -12.4% | -1,487 | 3,425 | -698 | S100VFYB |
| FY ending Dec 2024 | 18,045 | 674 | 3.7% | 343 | 6,531 | 1,971 | S100XS43 |
| FY ending Dec 2025 | 20,815 | 2,063 | 9.9% | 1,240 | 6,897 | 2,446 | S100XS43 |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.5M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 940 | 950 | 935 | 920 | 924 |
| Average salary (parent company) | ¥6.1M | ¥6.3M | ¥5.9M | ¥5.8M | ¥6.5M |
| Average age (parent company) | 43.8 years | 44.6 years | 45.2 years | 46.0 years | 46.6 years |
| Average tenure (parent company) | 10.6 years | 11.4 years | 12.0 years | 12.8 years | 13.4 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) +15.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 6,897 | 33.1% | S100XS43 |
| Capital expenditure | 4,451 | 21.4% | S100XS43 |
| Free cash flow | 2,446 | 11.7% | 算出 |
| Investing cash flow | -4,409 | -21.2% | S100XS43 |
| Financing cash flow | -2,692 | -12.9% | S100XS43 |
| Dividends paid | 404 | 1.9% | S100XS43 |
| Share buyback | 0 | 0.0% | S100XS43 |
| Change in cash | -185 | -0.9% | S100XS43 |
| Cash and equivalents | 4,121 | 19.8% | S100XS43 |

## 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 | 3,522 | 3,457 | 3,920 | 4,306 | 4,121 | S100T3UG, S100VFYB, S100XS43 |
| Total assets | 34,476 | 33,535 | 36,750 | 39,895 | 41,425 | S100QG3E, S100T3UG, S100VFYB, S100XS43 |
| Net assets | 26,114 | 23,662 | 22,487 | 23,143 | 24,293 | S100T3UG, S100VFYB, S100XS43 |
| Share capital | 7,148 | 7,148 | 7,148 | 7,148 | 7,148 | S100QG3E, S100T3UG, S100VFYB, S100XS43 |
| Property, plant and equipment | 1,274 | 1,039 | 1,488 | 1,168 | 914 | S100QG3E, S100T3UG, S100VFYB, S100XS43 |
| Goodwill | 11,803 | 11,190 | 11,126 | 11,126 | 11,168 | S100QG3E, S100T3UG, S100VFYB, S100XS43 |
| Current assets | 8,405 | 6,555 | 7,053 | 8,211 | 8,464 | S100QG3E, S100T3UG, S100VFYB, S100XS43 |
| Interest-bearing debt | 2,818 | 5,148 | 7,249 | 6,135 | 4,458 | S100QG3E, S100T3UG, S100VFYB, S100XS43 |
| Total liabilities | 8,362 | 9,873 | 14,263 | 16,751 | 17,132 | S100QG3E, S100T3UG, S100VFYB, S100XS43 |
| Equity attributable to owners of parent | 26,114 | 23,632 | 22,473 | 23,142 | 24,271 | S100QG3E, S100T3UG, S100VFYB, S100XS43 |
| Retained earnings | 14,489 | 11,657 | 10,057 | 10,408 | 11,297 | S100QG3E, S100T3UG, S100VFYB, S100XS43 |
| Treasury stock | -3,285 | -3,167 | -3,045 | -2,927 | -2,688 | S100QG3E, S100T3UG, S100VFYB, S100XS43 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100XS43 |
| Property, plant and equipment | 2% | S100XS43 |
| Intangibles and goodwill | 27% | — |
| Other assets | 61% | S100XS43 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 11% | S100XS43 |
| Other liabilities | 30% | S100XS43 |
| Equity | 59% | S100XS43 |

### 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 | 34,476 | 33,535 | 36,750 | 39,895 | 41,425 |
| Equity | 26,114 | 23,662 | 22,487 | 23,143 | 24,293 |
| Interest-bearing debt | 2,818 | 5,148 | 7,249 | 6,135 | 4,458 |
| Cash | 3,522 | 3,457 | 3,920 | 4,306 | 4,121 |

## 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) | 4.4% | S100XS43 |
| Fixed assets ÷ total assets | 2.2% | S100XS43 |
| Goodwill ÷ parent equity | 46.0% | S100XS43 |

Goodwill over 4 years: 11,803 → 11,168 JPY; total investing cash flow: -18,684 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) | 9.9% |
| Cash ÷ revenue | 19.8% |
| Net cash (cash − interest-bearing debt) | -¥336.2M |
| Net debt ÷ operating cash flow | 0.05× |
| Cash conversion (operating CF ÷ operating income) | 334.4% |
| Cash vs. profit gap | 5,656 JPY mn (of net income 456.1%) |
| Shareholder returns / net income | 32.6% |
| Shareholder returns / FCF | 16.5% |
| Shareholder payments — dividends / net income | 32.5% |
| Shareholder payments — dividends / FCF | 16.5% |
| CapEx intensity (capex ÷ revenue) | 21.4% |
| Investing CF relative to operating CF | 63.9% |

## 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 | 10.5% | 0.60× | 6.3% | 1.32× | 8.3% | S100QG3E |
| 2022 | — | —× | -7.1% | —× | — | S100T3UG |
| 2023 | — | —× | -4.2% | —× | — | S100VFYB |
| 2024 | 1.9% | 0.47× | 0.9% | 1.68× | 1.5% | S100XS43 |
| 2025 | 6.0% | 0.51× | 3.1% | 1.72× | 5.2% | S100XS43 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社日本カストディ銀行（信託口）年金他 | Major shareholder | 23.3% | 2025-12-31 |
| 株式会社エスアイエル | Major shareholder | 7.5% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口）年金他 | Major shareholder | 6.3% | 2025-12-31 |
| ノーザン トラスト カンパニー エイブイエフシー リ フィデリティ ファンズ （常任代理人 香港上海銀行東京支店） | Major shareholder | 5.0% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口）投資信託 | Major shareholder | 4.2% | 2025-12-31 |
| TVC MATSU FUND （常任代理人 香港上海銀行東京支店） | Major shareholder | 3.8% | 2025-12-31 |
| エヌオーアイ投資事業有限責任組合 | Major shareholder | 2.9% | 2025-12-31 |
| パーシングディヴィジョンオブドナルドソンラフキンアンドジェンレットエスイーシーコーポレイション （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.8% | 2025-12-31 |
| ザ バンク オブ ニューヨーク 133612 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.2% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口）投資信託 | Major shareholder | 2.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2025/01/01－2025/12/31) | S100XS43 | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS43,, |
| 有価証券報告書－第16期(2024/01/01－2024/12/31) | S100VFYB | 2025-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFYB,, |
| 有価証券報告書－第15期(2023/01/01－2023/12/31) | S100T3UG | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3UG,, |
| 有価証券報告書－第14期(2022/01/01－2022/12/31) | S100QG3E | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG3E,, |
| 有価証券報告書－第13期(令和3年1月1日－令和3年12月31日) | S100NR9Y | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NR9Y,, |
| 有価証券報告書－第12期(令和2年1月1日－令和2年12月31日) | S100L22V | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L22V,, |

## 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).