# BRUNO, Inc.: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第30期(2024/07/01－2025/06/30) (S100WS12)
> Page: https://vizora.meequs.com/en/company/bruno
> Retrieved: 2026-09-30T20:58:33.386Z

## Company

Bruno, founded in 1995, is a company in Home Appliances listed on TSE Growth. It has 237 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BRUNO, Inc. |
| Ticker | 3140 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3140.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区西新宿八丁目17番1号 住友不動産新宿グランドタワー36階 |
| Representative (per filing) | 代表取締役社長 塩田 徹 |
| Founded | Nov 1995 |
| Share capital | ¥1.51B |
| Employees (consolidated) | 237 |
| Average salary (parent only) | ¥4.1M |
| Fiscal year end | June |
| Corporate number | 7010401037344 |
| EDINET | E21259 |
| Industries (Vizora) | Home Appliances, Furniture, Interior & Lifestyle Goods |

> Profile source: annual securities report (S100WS12, filed 2025-09-29). As of filing

## Five-axis industry profile

Primary industry: Furniture, Interior & Lifestyle Goods (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 36.1 | 18 |
| Cash conversion | 67.6 | 17 |
| Efficiency | 58.3 | 18 |

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 51% of Bruno's sales come from Retail of living related lifestyle products, with Manufacture and wholesale of living related lifestyle products and Design Business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +12.1% from the prior year, operating profit +201.4%.

## Company structure

- Segment revenue mix: Retail of living related lifestyle products 51.1%、Manufacture and wholesale of living related lifestyle products 48.6%、Design Business 0.4%
- Revenue → net income: ¥14502000000 → ¥192000000
- Net income → operating cash flow: ¥192000000 → ¥497000000（difference ¥305000000）
- Main uses of operating cash flow: CapEx ¥127000000 / dividends ¥57000000 / buybacks —
- Change in cash: ¥-792000000
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 | ¥14.5B |  |
| Operating income | ¥440M | Margin 3.0% |
| Net income | ¥192M | Margin 1.3% |
| Free cash flow | ¥370M |  |
| Largest business | Retail of living related lifestyle products | of segment revenue 51.1% |
| Employees (consolidated) | 237 |  |
| EPS | ¥12.57 |  |
| Book value per share | ¥364.17 |  |
| Equity ratio | 49.5% |  |
| Shares outstanding | 14,717,350 |  |
| Treasury shares | 374,700 |  |
| Shareholders | 30,986 |  |
| Average salary (parent only) | ¥4.1M | Filing company only |
| Cash ratio | 18.0% | Cash ÷ revenue 13.0% |
| Vs. industry median margin | -1.3 pp | Furniture, Interior & Lifestyle Goods |
| ROE | 3.7% | Derived from disclosed figures |
| ROA | 1.8% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.6× net income
- FY2025, employees -6% while operating income rose 201%
- FY2025, one segment accounts for 64% of positive segment profit

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jun 2021 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16787000000 | ¥14502000000 | — |
| Operating income | ¥1217000000 | ¥440000000 | — |
| Operating margin | 7.2% | 3.0% | -4.2 pp |
| Employees | 312 people | 237 people | — |
| Cash and equivalents | ¥2593000000 | ¥1888000000 | — |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 住関連ライフスタイル商品製造卸売事業 → 住関連ライフスタイル商品製造卸売事業 | 48.6% |
| 住関連ライフスタイル商品製造卸売事業 → 事業再編・廃止 | 10.0% |
| 住関連ライフスタイル商品小売事業 → 住関連ライフスタイル商品小売事業 | 41.2% |
| デザイン事業 → デザイン事業 | 0.2% |
| 新設・再編 → 住関連ライフスタイル商品小売事業 | 9.9% |
| 新設・再編 → デザイン事業 | 0.1% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Retail of living related lifestyle products | 4 years | +1.7% | ¥7405000000 | 16.0% | 2 |
| Manufacture and wholesale of living related lifestyle products | 4 years | -8.0% | ¥7042000000 | 8.7% | 2 |
| Design Business | 4 years | +7.1% | ¥54000000 | 100.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,502 | 100.0% | S100WS12 |
| Cost of revenue | 8,330 | 57.4% | S100WS12 |
| Gross profit | 6,172 | 42.6% | S100WS12 |
| SG&A | 5,731 | 39.5% | S100WS12 |
| Operating income | 440 | 3.0% | S100WS12 |
| Ordinary income | 329 | 2.3% | S100WS12 |
| Pretax income | 330 | 2.3% | S100WS12 |
| Income tax | 137 | 0.9% | S100WS12 |
| Net income | 192 | 1.3% | S100WS12 |
| Net income attributable to owners | 192 | 1.3% | S100WS12 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 40 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 42.6% → Operating margin 3.0% → Net margin 1.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.1%; Core profit growth: +201.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 16.68×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2024 → FY ending Jun 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 12,940 | 14,502 | 1,562 | +12.1% |
| Gross profit | 5,726 | 6,172 | 446 | +7.8% |
| Operating income | 146 | 440 | 294 | +201.4% |
| Net income attributable to owners | -334 | 192 | 526 | — |
| Operating cash flow | 1,001 | 497 | -504 | -50.3% |
| Free cash flow | 890 | 370 | -520 | -58.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 15,155 | 629 | 4.2% | 168 | -282 | -489 | S100JREX |
| FY ending Jun 2020 | 15,268 | 746 | 4.9% | 189 | 1,191 | 966 | S100MIWL |
| FY ending Jun 2021 | 16,787 | 1,217 | 7.2% | 482 | 1,742 | 1,617 | S100P930 |
| FY ending Jun 2022 | 12,356 | 957 | 7.7% | 489 | -59 | — | S100RX1M |
| FY ending Jun 2022 | 17,302 | 1,092 | 6.3% | 489 | -59 | -217 | S100P930 |
| FY ending Jun 2023 | 11,298 | 358 | 3.2% | 632 | -68 | -148 | S100RX1M |
| FY ending Jun 2024 | 12,940 | 146 | 1.1% | -334 | 1,001 | 890 | S100WS12 |
| FY ending Jun 2025 | 14,502 | 440 | 3.0% | 192 | 497 | 370 | S100WS12 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥61.2M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥810.1K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Jun 2022 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 207 | 293 | 197 | 252 | 237 |
| Average salary (parent company) | — | ¥4.2M | ¥4.3M | ¥3.9M | ¥4.1M |
| Average age (parent company) | — | 36.3 years | 37.4 years | 37.8 years | 39.0 years |
| Average tenure (parent company) | — | 6.8 years | 7.7 years | 8.1 years | 8.9 years |

Year over year: Employees (consolidated) -6.0% · Revenue (consolidated) +12.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Manufacture and wholesale of living related lifestyle products | 7,042 | 48.6% | 613 | 8.7% |
| Retail of living related lifestyle products | 7,405 | 51.1% | 1,182 | 16.0% |
| Design Business | 54 | 0.4% | 54 | 100.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Manufacture and wholesale of living related lifestyle products | 48.6% | 33.2% | -15.4 | 8.7% |
| Retail of living related lifestyle products | 51.1% | 63.9% | 12.9 | 16.0% |
| Design Business | 0.4% | 2.9% | 2.5 | 100.0% |

Segment → industry: Manufacture and wholesale of living related lifestyle products → Home Appliances / Retail of living related lifestyle products → Furniture, Interior & Lifestyle Goods / Manufacture and wholesale of living related lifestyle products → Furniture, Interior & Lifestyle Goods

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 497 | 3.4% | S100WS12 |
| Capital expenditure | 127 | 0.9% | S100WS12 |
| Free cash flow | 370 | 2.6% | 算出 |
| Investing cash flow | -1,324 | -9.1% | S100WS12 |
| Financing cash flow | 53 | 0.4% | S100WS12 |
| Dividends paid | 57 | 0.4% | S100WS12 |
| Change in cash | -792 | -5.5% | S100WS12 |
| Cash and equivalents | 1,888 | 13.0% | S100WS12 |

## 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 Jun 2022 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,942 | 2,186 | 3,089 | 2,680 | 1,888 | S100RX1M, S100P930, S100WS12 |
| Total assets | 7,686 | 8,889 | 8,263 | 10,336 | 10,507 | S100RX1M, S100P930, S100WS12 |
| Net assets | 4,910 | 5,184 | 5,477 | 5,088 | 5,208 | S100RX1M, S100P930, S100WS12 |
| Share capital | 1,509 | 1,509 | 1,509 | 1,509 | 1,509 | S100RX1M, S100P930, S100WS12 |
| Trade receivables | — | 1,911 | — | — | — | S100P930 |
| Property, plant and equipment | 139 | 537 | 77 | 202 | 192 | S100RX1M, S100P930, S100WS12 |
| Intangible assets excluding goodwill | 39 | 488 | 82 | 1,488 | 1,355 | S100RX1M, S100P930, S100WS12 |
| Goodwill | — | 414 | 32 | 1,432 | 1,304 | S100P930, S100RX1M, S100WS12 |
| Current assets | 5,568 | 7,476 | 7,642 | 8,311 | 8,625 | S100RX1M, S100P930, S100WS12 |
| Current liabilities | 2,105 | 2,768 | 2,254 | 2,589 | 2,880 | S100RX1M, S100P930, S100WS12 |
| Trade payables | — | 715 | — | 649 | 503 | S100P930, S100WS12 |
| Short-term borrowings | 561 | 561 | 1,203 | 826 | 1,341 | S100RX1M, S100P930, S100WS12 |
| Long-term borrowings | 634 | 737 | 503 | 634 | 466 | S100RX1M, S100P930, S100WS12 |
| Total liabilities | 2,775 | 3,705 | 2,786 | 5,248 | 5,299 | S100RX1M, S100P930, S100WS12 |
| Equity attributable to owners of parent | 4,902 | 5,151 | 5,477 | 5,084 | 5,220 | S100RX1M, S100P930, S100WS12 |
| Retained earnings | 1,656 | 1,906 | 2,231 | 1,838 | 1,974 | S100RX1M, S100P930, S100WS12 |
| Treasury stock | -82 | -82 | -82 | -82 | -82 | S100RX1M, S100P930, S100WS12 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100WS12 |
| Property, plant and equipment | 2% | S100WS12 |
| Intangibles and goodwill | 25% | S100WS12 |
| Other assets | 55% | S100WS12 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100WS12 |
| Other liabilities | 46% | S100WS12 |
| Equity | 49% | S100WS12 |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,686 | 8,889 | 8,263 | 10,336 | 10,507 |
| Equity | 4,910 | 5,184 | 5,477 | 5,088 | 5,208 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,942 | 2,186 | 3,089 | 2,680 | 1,888 |

## 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) | 1.3% | S100WS12 |
| Fixed assets ÷ total assets | 1.8% | S100WS12 |
| Goodwill ÷ parent equity | 25.0% | S100WS12 |

### 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) | 18.0% |
| Cash ÷ revenue | 13.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 113.0% |
| Cash vs. profit gap | 305 JPY mn (of net income 158.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.7% |
| Shareholder payments — dividends / FCF | 15.4% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 266.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 4.0% | 1.61× | 6.4% | 1.57× | 10.0% | S100RX1M |
| 2022 | 2.8% | 1.95× | 5.5% | 1.73× | 9.5% | S100P930 |
| 2023 | 5.6% | 1.37× | 7.6% | 1.51× | 11.5% | S100RX1M |
| 2024 | — | —× | -3.2% | —× | — | S100WS12 |
| 2025 | 1.3% | 1.39× | 1.8% | 2.02× | 3.7% | S100WS12 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＲＩＺＡＰグループ株式会社 | Major shareholder | 53.1% | 2025-06-30 |
| 松原 元成 | Major shareholder | 0.3% | 2025-06-30 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.1% | 2025-06-30 |
| J.P.Morgan Securities plcDirector Andrew J.Cox（常任代理人 JPモルガン証券株式会社） | Major shareholder | 0.1% | 2025-06-30 |
| 三津 寛子 | Major shareholder | 0.1% | 2025-06-30 |
| 星野 智則 | Major shareholder | 0.1% | 2025-06-30 |
| BＲＵＮＯ従業員持株会 | Major shareholder | 0.0% | 2025-06-30 |
| 篠原 信一郎 | Major shareholder | 0.0% | 2025-06-30 |
| ML INTL EQUITY DERIVATIVES（常任代理人 ＢｏｆＡ証券株式会社） | Major shareholder | 0.0% | 2025-06-30 |
| 丸山 定雄 | Major shareholder | 0.0% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第30期(2024/07/01－2025/06/30) | S100WS12 | 2025-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WS12,, |
| 有価証券報告書－第29期(2023/07/01－2024/06/30) | S100UFX2 | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFX2,, |
| 有価証券報告書－第28期(2022/07/01－2023/06/30) | S100RX1M | 2023-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RX1M,, |
| 有価証券報告書－第27期(令和3年7月1日－令和4年6月30日) | S100P930 | 2022-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P930,, |
| 訂正有価証券報告書－第26期(令和2年7月1日－令和3年6月30日) | S100MIWL | 2021-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MIWL,, |
| 有価証券報告書－第25期(令和1年7月1日－令和2年6月30日) | S100JREX | 2020-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JREX,, |

## 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).