# BRONCO BILLY Co.,LTD.: 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44期(2025/01/01－2025/12/31) (S100XT8X)
> Page: https://vizora.meequs.com/en/company/bronco-billy
> Retrieved: 2026-09-30T21:32:53.596Z

## Company

Bronco Billy, founded in 1982, is a company in Restaurants & Pubs listed on TSE Prime. It has 711 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BRONCO BILLY Co.,LTD. |
| Ticker | 3091 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3091.T) |
| Listing | TSE Prime |
| Head office | 愛知県名古屋市中村区椿町1番5号BBビル |
| Representative (per filing) | 代表取締役社長 阪口 信貴 |
| Founded | Mar 1982 |
| Share capital | ¥2.21B |
| Employees (consolidated) | 711 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | December |
| Website | www.bronco.co.jp (https://www.bronco.co.jp/) |
| Corporate number | 8180001013307 |
| EDINET | E03517 |
| Industries (Vizora) | Restaurants & Pubs |

> Profile source: annual securities report (S100XT8X, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 96.2 | 66 |
| Cash conversion | 22.7 | 55 |
| Efficiency | 18.9 | 66 |

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)

- Bronco Billy brought in ¥30.2B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +13.5% from the prior year, operating profit +15.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥30219000000 → ¥1969000000
- Net income → operating cash flow: ¥1969000000 → ¥3366000000（difference ¥1397000000）
- Main uses of operating cash flow: CapEx ¥1439000000 / dividends ¥373000000 / buybacks ¥0
- Change in cash: ¥1526000000
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 | ¥30.2B |  |
| Operating income | ¥2.93B | Margin 9.7% |
| Net income | ¥1.97B | Margin 6.5% |
| Free cash flow | ¥1.93B |  |
| Employees (consolidated) | 711 |  |
| EPS | ¥126.39 |  |
| Diluted EPS | ¥126.13 |  |
| Book value per share | ¥1441.86 |  |
| Equity ratio | 81.0% |  |
| Shares outstanding | 15,079,000 |  |
| Treasury shares | 191,700 |  |
| Shareholders | 29,741 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 33.2% | Cash ÷ revenue 29.3% |
| Vs. industry median margin | +5.8 pp | Restaurants & Pubs |
| ROE | 9.5% | Derived from disclosed figures |
| ROA | 7.7% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 33% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17272890000 | ¥30219000000 | — |
| Operating income | ¥162274000 | ¥2930000000 | — |
| Operating margin | 0.9% | 9.7% | +8.8 pp |
| Employees | 527 people | 711 people | — |
| Cash and equivalents | ¥10470467000 | ¥8862000000 | — |

### 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, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 30,219 | 100.0% | S100XT8X |
| Cost of revenue | 9,914 | 32.8% | S100XT8X |
| Gross profit | 20,304 | 67.2% | S100XT8X |
| SG&A | 17,374 | 57.5% | S100XT8X |
| Operating income | 2,930 | 9.7% | S100XT8X |
| Ordinary income | 3,025 | 10.0% | S100XT8X |
| Pretax income | 2,760 | 9.1% | S100XT8X |
| Income tax | 791 | 2.6% | S100XT8X |
| Net income | 1,969 | 6.5% | S100XT8X |
| Net income attributable to owners | 1,969 | 6.5% | S100XT8X |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 33 |
| SG&A | 57 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 67.2% → Operating margin 9.7% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.5%; Core profit growth: +15.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.16×
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 | 26,617 | 30,219 | 3,602 | +13.5% |
| Gross profit | 18,001 | 20,304 | 2,303 | +12.8% |
| Operating income | 2,531 | 2,930 | 399 | +15.8% |
| Net income attributable to owners | 1,715 | 1,969 | 254 | +14.8% |
| Operating cash flow | 2,668 | 3,366 | 698 | +26.2% |
| Free cash flow | 1,521 | 1,927 | 406 | +26.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 22,324 | 2,395 | 10.7% | 1,545 | 2,420 | 1,636 | S100KZB0 |
| FY ending Dec 2020 | 17,273 | 162 | 0.9% | -588 | -58 | -414 | S100NOGJ |
| FY ending Dec 2021 | 15,774 | -48 | -0.3% | 955 | 2,422 | 601 | S100QE0X |
| FY ending Dec 2022 | 19,508 | 746 | 3.8% | 687 | 1,621 | 568 | S100QE0X |
| FY ending Dec 2023 | 23,378 | 1,644 | 7.0% | 1,003 | 2,546 | 1,474 | S100VGIO |
| FY ending Dec 2024 | 26,617 | 2,531 | 9.5% | 1,715 | 2,668 | 1,521 | S100XT8X |
| FY ending Dec 2025 | 30,219 | 2,930 | 9.7% | 1,969 | 3,366 | 1,927 | S100XT8X |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.5M |
| Operating income per employee (consolidated) | ¥4.1M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 533 | 543 | 596 | 672 | 711 |
| Average salary (parent company) | ¥4.5M | ¥4.7M | ¥4.7M | ¥5.1M | ¥5.1M |
| Average age (parent company) | 31.0 years | 31.8 years | 31.5 years | 31.4 years | 31.8 years |
| Average tenure (parent company) | 6.6 years | 7.1 years | 7.3 years | 7.2 years | 7.5 years |

Year over year: Employees (consolidated) +5.8% · Revenue (consolidated) +13.5%

## 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 | 3,366 | 11.1% | S100XT8X |
| Capital expenditure | 1,439 | 4.8% | S100XT8X |
| Free cash flow | 1,927 | 6.4% | 算出 |
| Investing cash flow | -1,436 | -4.8% | S100XT8X |
| Financing cash flow | -403 | -1.3% | S100XT8X |
| Dividends paid | 373 | 1.2% | S100XT8X |
| Share buyback | 0 | 0.0% | S100XT8X |
| Change in cash | 1,526 | 5.0% | S100XT8X |
| Cash and equivalents | 8,862 | 29.3% | S100XT8X |

## 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 | 11,594 | 5,658 | 6,623 | 7,336 | 8,862 | S100QE0X, S100XT8X |
| Total assets | 26,871 | 21,478 | 22,761 | 24,520 | 26,715 | S100QE0X, S100VGIO, S100XT8X |
| Net assets | 17,963 | 17,875 | 18,646 | 20,074 | 21,717 | S100QE0X, S100XT8X |
| Share capital | 2,211 | 2,211 | 2,211 | 2,210 | 2,210 | S100QE0X, S100VGIO, S100XT8X |
| Property, plant and equipment | 9,902 | 10,147 | 10,224 | 10,642 | 11,112 | S100QE0X, S100VGIO, S100XT8X |
| Intangible assets excluding goodwill | 291 | 258 | 245 | 248 | 190 | S100QE0X, S100VGIO, S100XT8X |
| Goodwill | — | — | 22 | 16 | 11 | S100VGIO, S100XT8X |
| Investment securities | 117 | 100 | 146 | 168 | 192 | S100QE0X, S100VGIO, S100XT8X |
| Current assets | 14,269 | 8,319 | 9,708 | 9,893 | 11,556 | S100QE0X, S100VGIO, S100XT8X |
| Current liabilities | 7,713 | 2,846 | 3,447 | 3,735 | 4,277 | S100QE0X, S100VGIO, S100XT8X |
| Short-term borrowings | 47 | 77 | 58 | 55 | 55 | S100QE0X, S100VGIO, S100XT8X |
| Long-term borrowings | 600 | 120 | — | — | — | S100QE0X |
| Total liabilities | 8,908 | 3,603 | 4,115 | 4,446 | 4,997 | S100QE0X, S100VGIO, S100XT8X |
| Equity attributable to owners of parent | 17,856 | 17,769 | 18,529 | 19,951 | 21,587 | S100QE0X, S100VGIO, S100XT8X |
| Retained earnings | 13,527 | 13,944 | 14,683 | 16,071 | 17,669 | S100QE0X, S100VGIO, S100XT8X |
| Treasury stock | -2 | -507 | -487 | -463 | -436 | S100QE0X, S100VGIO, S100XT8X |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100XT8X |
| Property, plant and equipment | 41% | S100XT8X |
| Intangibles and goodwill | 1% | S100XT8X |
| Investment securities | 1% | S100XT8X |
| Other assets | 24% | S100XT8X |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 19% | S100XT8X |
| Equity | 81% | S100XT8X |
| Other liabilities | 0% | S100XT8X |

### 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 | 26,871 | 21,478 | 22,761 | 24,520 | 26,715 |
| Equity | 17,963 | 17,875 | 18,646 | 20,074 | 21,717 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,594 | 5,658 | 6,623 | 7,336 | 8,862 |

## 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) | 36.8% | S100XT8X |
| Fixed assets ÷ total assets | 41.6% | S100XT8X |
| Goodwill ÷ parent equity | 0.1% | S100XT8X |

### 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) | 33.2% |
| Cash ÷ revenue | 29.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 114.9% |
| Cash vs. profit gap | 1,397 JPY mn (of net income 70.9%) |
| Shareholder returns / net income | 18.9% |
| Shareholder returns / FCF | 19.4% |
| Shareholder payments — dividends / net income | 18.9% |
| Shareholder payments — dividends / FCF | 19.4% |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| Investing CF relative to operating CF | 42.7% |

## 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 | 6.1% | 0.59× | 3.6% | 1.50× | 5.3% | S100QE0X |
| 2022 | 3.5% | 0.81× | 2.8% | 1.36× | 3.9% | S100QE0X |
| 2023 | 4.3% | 1.03× | 4.4% | 1.23× | 5.4% | S100VGIO |
| 2024 | 6.4% | 1.13× | 7.3% | 1.23× | 8.9% | S100XT8X |
| 2025 | 6.5% | 1.18× | 7.7% | 1.23× | 9.5% | S100XT8X |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ストロングウィル | Major shareholder | 27.6% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.9% | 2025-12-31 |
| 株式会社トーカン | Major shareholder | 2.5% | 2025-12-31 |
| 竹市克弘 | Major shareholder | 2.3% | 2025-12-31 |
| ブロンコビリー従業員持株会 | Major shareholder | 2.0% | 2025-12-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.9% | 2025-12-31 |
| 三菱ＵＦＪ信託銀行株式会社 | Major shareholder | 1.3% | 2025-12-31 |
| 株式会社あいち銀行 | Major shareholder | 0.8% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.6% | 2025-12-31 |
| 日本生命保険相互会社 | Major shareholder | 0.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2025/01/01－2025/12/31) | S100XT8X | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT8X,, |
| 有価証券報告書－第43期(2024/01/01－2024/12/31) | S100VGIO | 2025-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGIO,, |
| 有価証券報告書－第42期(2023/01/01－2023/12/31) | S100T3TM | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3TM,, |
| 有価証券報告書－第41期(2022/01/01－2022/12/31) | S100QE0X | 2023-03-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QE0X,, |
| 有価証券報告書－第40期(令和3年1月1日－令和3年12月31日) | S100NOGJ | 2022-03-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NOGJ,, |
| 有価証券報告書－第39期(令和2年1月1日－令和2年12月31日) | S100KZB0 | 2021-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZB0,, |

## 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).