# BTM, Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第15期(2025/04/01－2026/03/31) (S100YLUK)
> Page: https://vizora.meequs.com/en/company/btm
> Retrieved: 2026-09-30T18:34:40.698Z

## Company

BTM, founded in 2014, is a company in IT Services & System Integration listed on TSE Growth. It has 262 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BTM, Inc. |
| Ticker | 5247 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5247.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区神泉町9番1号 |
| Representative (per filing) | 代表取締役社長兼CEO 田口 雅教 |
| Founded | May 2014 |
| Share capital | ¥182M |
| Employees (consolidated) | 262 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.b-tm.co.jp (https://www.b-tm.co.jp/) |
| Corporate number | 4010701025456 |
| EDINET | E38191 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YLUK, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 10.5 | 196 |
| Cash conversion | 31.1 | 185 |
| Efficiency | 99.7 | 196 |

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)

- BTM brought in ¥6.04B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +18.3% from the prior year, operating profit +18.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥6035354000 → ¥65481000
- Net income → operating cash flow: ¥65481000 → ¥75278000（difference ¥9797000）
- Main uses of operating cash flow: CapEx ¥5920000 / dividends — / buybacks —
- Change in cash: ¥184123000
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 | ¥6.04B |  |
| Operating income | ¥108.4M | Margin 1.8% |
| Net income | ¥65.5M | Margin 1.1% |
| Free cash flow | ¥69.4M |  |
| Employees (consolidated) | 262 |  |
| EPS | ¥34.44 |  |
| Diluted EPS | ¥33.41 |  |
| Book value per share | ¥269.22 |  |
| Equity ratio | 35.3% |  |
| Shares outstanding | 2,827,000 |  |
| Treasury shares | 10,100 |  |
| Shareholders | 1,441 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 46.2% | Cash ÷ revenue 15.7% |
| Vs. industry median margin | -7.1 pp | IT Services & System Integration |
| ROE | 9.5% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 46% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3041657000 | ¥6035354000 | — |
| Operating income | ¥69057000 | ¥108407000 | — |
| Operating margin | 2.3% | 1.8% | -0.5 pp |
| Employees | 147 people | 262 people | — |
| Cash and equivalents | ¥369016000 | ¥949168000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2022 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,035 | 100.0% | S100YLUK |
| Cost of revenue | 5,109 | 84.6% | S100YLUK |
| Gross profit | 927 | 15.4% | S100YLUK |
| SG&A | 818 | 13.6% | S100YLUK |
| Operating income | 108 | 1.8% | S100YLUK |
| Ordinary income | 101 | 1.7% | S100YLUK |
| Pretax income | 101 | 1.7% | S100YLUK |
| Income tax | 36 | 0.6% | S100YLUK |
| Net income | 65 | 1.1% | S100YLUK |
| Net income attributable to owners | 65 | 1.1% | S100YLUK |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 13 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 15.4% → Operating margin 1.8% → Net margin 1.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +18.3%; Core profit growth: +18.0%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.98×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,100 | 6,035 | 936 | +18.3% |
| Gross profit | 772 | 927 | 155 | +20.1% |
| Operating income | 92 | 108 | 17 | +18.0% |
| Net income attributable to owners | 62 | 65 | 3 | +4.8% |
| Operating cash flow | 19 | 75 | 56 | +298.3% |
| Free cash flow | 13 | 69 | 56 | +438.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2022 | 3,042 | 69 | 2.3% | 66 | 76 | 75 | S100RAGK |
| FY ending Mar 2023 | 3,549 | 131 | 3.7% | 78 | 132 | 131 | S100TXOL |
| FY ending Mar 2024 | 4,155 | 153 | 3.7% | 110 | 27 | 25 | S100TXOL |
| FY ending Mar 2025 | 5,100 | 92 | 1.8% | 62 | 19 | 13 | S100YLUK |
| FY ending Mar 2026 | 6,035 | 108 | 1.8% | 65 | 75 | 69 | S100YLUK |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23M |
| Operating income per employee (consolidated) | ¥413.8K |
| Net income per employee (consolidated) | ¥249.9K |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 147 | 173 | 172 | 193 | 262 |
| Average salary (parent company) | — | ¥4.4M | ¥4.3M | ¥4.7M | ¥5M |
| Average age (parent company) | — | 34.6 years | 35.0 years | 35.7 years | 35.9 years |
| Average tenure (parent company) | — | 2.9 years | 3.5 years | 3.6 years | 3.8 years |

Year over year: Employees (consolidated) +35.8% · Revenue (consolidated) +18.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 75 | 1.2% | S100YLUK |
| Capital expenditure | 6 | 0.1% | S100YLUK |
| Free cash flow | 69 | 1.1% | 算出 |
| Investing cash flow | -119 | -2.0% | S100YLUK |
| Financing cash flow | 228 | 3.8% | S100YLUK |
| Change in cash | 184 | 3.1% | S100YLUK |
| Cash and equivalents | 949 | 15.7% | S100YLUK |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 369 | 696 | 694 | 765 | 949 | S100TXOL, S100YLUK |
| Total assets | 865 | 1,262 | 1,381 | 1,580 | 2,053 | S100RAGK, S100TXOL, S100YLUK |
| Net assets | 138 | 479 | 604 | 660 | 725 | S100TXOL, S100YLUK |
| Share capital | 43 | 175 | 182 | 182 | 182 | S100RAGK, S100TXOL, S100YLUK |
| Property, plant and equipment | 1 | 1 | 2 | 10 | 11 | S100RAGK, S100TXOL, S100YLUK |
| Intangible assets excluding goodwill | — | — | — | — | 112 | S100YLUK |
| Goodwill | — | — | — | — | 112 | S100YLUK |
| Current assets | 823 | 1,208 | 1,334 | 1,489 | 1,847 | S100RAGK, S100TXOL, S100YLUK |
| Current liabilities | 444 | 591 | 625 | 726 | 1,091 | S100RAGK, S100TXOL, S100YLUK |
| Short-term borrowings | — | — | 90 | 150 | 300 | S100TXOL, S100YLUK |
| Long-term borrowings | 284 | 192 | 151 | 195 | 237 | S100RAGK, S100TXOL, S100YLUK |
| Total liabilities | 728 | 783 | 777 | 921 | 1,328 | S100RAGK, S100TXOL, S100YLUK |
| Equity attributable to owners of parent | 138 | 479 | 604 | 660 | 725 | S100RAGK, S100TXOL, S100YLUK |
| Retained earnings | 62 | 140 | 250 | 313 | 378 | S100RAGK, S100TXOL, S100YLUK |
| Treasury stock | — | -0 | -0 | -7 | -7 | S100TXOL, S100YLUK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 46% | S100YLUK |
| Property, plant and equipment | 1% | S100YLUK |
| Intangibles and goodwill | 11% | S100YLUK |
| Other assets | 42% | S100YLUK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 65% | S100YLUK |
| Equity | 35% | S100YLUK |
| Other liabilities | 0% | S100YLUK |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 865 | 1,262 | 1,381 | 1,580 | 2,053 |
| Equity | 138 | 479 | 604 | 660 | 725 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 369 | 696 | 694 | 765 | 949 |

## 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) | 0.2% | S100YLUK |
| Fixed assets ÷ total assets | 0.5% | S100YLUK |
| Goodwill ÷ parent equity | 15.4% | S100YLUK |

### 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) | 46.2% |
| Cash ÷ revenue | 15.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 69.4% |
| Cash vs. profit gap | 10 JPY mn (of net income 15.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 157.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.2% | 3.52× | 7.6% | 6.29× | 47.7% | S100RAGK |
| 2023 | 2.2% | 3.34× | 7.3% | 3.45× | 25.2% | S100TXOL |
| 2024 | 2.7% | 3.14× | 8.4% | 2.44× | 20.4% | S100TXOL |
| 2025 | 1.2% | 3.23× | 4.0% | 2.40× | 9.5% | S100YLUK |
| 2026 | 1.1% | 3.32× | 3.6% | 2.62× | 9.5% | S100YLUK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| yoshida investment株式会社 | Major shareholder | 39.1% | 2026-03-31 |
| ＭＴインベストメント株式会社 | Major shareholder | 8.0% | 2026-03-31 |
| 田口 雅教 | Major shareholder | 7.1% | 2026-03-31 |
| 吉田 悟 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社ヘッドウォータース | Major shareholder | 3.2% | 2026-03-31 |
| 楽天証券株式会社（共有口） | Major shareholder | 1.9% | 2026-03-31 |
| 青山 泰長 | Major shareholder | 1.1% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 小木曽 伸一 | Major shareholder | 1.0% | 2026-03-31 |
| 関口 貴士 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2025/04/01－2026/03/31) | S100YLUK | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLUK,, |
| 有価証券報告書－第14期(2024/04/01－2025/03/31) | S100W9C9 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9C9,, |
| 有価証券報告書－第13期(2023/04/01－2024/03/31) | S100TXOL | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXOL,, |
| 有価証券報告書－第12期(2022/04/01－2023/03/31) | S100RAGK | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAGK,, |

## 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).