# BUFFALO CO.,LTD.: 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44期(2025/04/01－2026/03/31) (S100YDDM)
> Page: https://vizora.meequs.com/en/company/buffalo-3352
> Retrieved: 2026-09-30T20:26:01.602Z

## Company

Buffalo, founded in 1983, is a company in Car Accessories listed on TSE Standard. It has 336 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BUFFALO CO.,LTD. |
| Ticker | 3352 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3352.T) |
| Listing | TSE Standard |
| Head office | 埼玉県川口市本町四丁目1番8号 |
| Representative (per filing) | 代表取締役 社長執行役員 営業本部長 坂本 裕二 |
| Founded | Apr 1983 |
| Share capital | ¥653.1M |
| Employees (consolidated) | 336 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.buffalo.co.jp (https://www.buffalo.co.jp/) |
| Corporate number | 1030001076804 |
| EDINET | E03447 |
| Industries (Vizora) | Car Accessories, Restaurants & Pubs |

> Profile source: annual securities report (S100YDDM, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Car Accessories (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 76.7 | 15 |
| Profitability | 23.3 | 15 |
| Cash conversion | 70 | 15 |
| Efficiency | 90 | 15 |

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 85% of Buffalo's sales come from Autobacks segment, with Restaurant business segment making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +12.5% from the prior year, operating profit +18.1%.

## Company structure

- Segment revenue mix: Autobacks segment 85.1%、Restaurant business segment 14.9%
- Revenue → net income: ¥13706554000 → ¥442177000
- Net income → operating cash flow: ¥442177000 → ¥929095000（difference ¥486918000）
- Main uses of operating cash flow: CapEx ¥464852000 / dividends ¥140605000 / buybacks ¥25000
- Change in cash: ¥451186000
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 | ¥13.7B |  |
| Operating income | ¥605.4M | Margin 4.4% |
| Net income | ¥442.2M | Margin 3.2% |
| Free cash flow | ¥464.2M |  |
| Largest business | Autobacks segment | of segment revenue 85.1% |
| Employees (consolidated) | 336 |  |
| EPS | ¥213.85 |  |
| Book value per share | ¥2800.48 |  |
| Equity ratio | 66.1% |  |
| Shares outstanding | 2,345,874 |  |
| Treasury shares | 2,400 |  |
| Shareholders | 1,920 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 37.9% | Cash ÷ revenue 27.2% |
| Vs. industry median margin | -1.3 pp | Car Accessories |
| ROE | 7.0% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 38% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9451256000 | ¥13706554000 | +45.0% |
| Operating income | ¥358736000 | ¥605419000 | +68.8% |
| Operating margin | 3.8% | 4.4% | +0.6 pp |
| Employees | 225 people | 336 people | +49.3% |
| Cash and equivalents | ¥1963615000 | ¥3729991000 | +90.0% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| オートバックス事業 → オートバックス事業 | 85.1% |
| オートバックス事業 → 事業再編・廃止 | 12.1% |
| 飲食事業 → 飲食事業 | 2.8% |
| 新設・再編 → 飲食事業 | 12.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,707 | 100.0% | S100YDDM |
| Cost of revenue | 6,120 | 44.6% | S100YDDM |
| Gross profit | 7,587 | 55.4% | S100YDDM |
| SG&A | 6,982 | 50.9% | S100YDDM |
| Operating income | 605 | 4.4% | S100YDDM |
| Ordinary income | 651 | 4.7% | S100YDDM |
| Pretax income | 651 | 4.7% | S100YDDM |
| Income tax | 209 | 1.5% | S100YDDM |
| Net income | 442 | 3.2% | S100YDDM |
| Net income attributable to owners | 442 | 3.2% | S100YDDM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 45 |
| SG&A | 51 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 55.4% → Operating margin 4.4% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.5%; Core profit growth: +18.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.45×
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 | 12,186 | 13,707 | 1,521 | +12.5% |
| Gross profit | 6,367 | 7,587 | 1,220 | +19.2% |
| Operating income | 513 | 605 | 93 | +18.1% |
| Net income attributable to owners | 344 | 442 | 98 | +28.6% |
| Operating cash flow | 596 | 929 | 333 | +56.0% |
| Free cash flow | -24 | 464 | 488 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,068 | 440 | 4.9% | 321 | 354 | 211 | S100LKQX |
| FY ending Mar 2021 | 9,451 | 359 | 3.8% | 289 | 559 | 371 | S100OA78 |
| FY ending Mar 2022 | 10,001 | 442 | 4.4% | 352 | 638 | 453 | S100R04W |
| FY ending Mar 2023 | 10,796 | 525 | 4.9% | 325 | 540 | 427 | S100TNCN |
| FY ending Mar 2024 | 11,217 | 413 | 3.7% | 115 | 546 | 403 | S100VZUV |
| FY ending Mar 2025 | 12,186 | 513 | 4.2% | 344 | 596 | -24 | S100YDDM |
| FY ending Mar 2026 | 13,707 | 605 | 4.4% | 442 | 929 | 464 | S100YDDM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.8M |
| Operating income per employee (consolidated) | ¥1.8M |
| 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 230 | 233 | 261 | 297 | 336 |
| Average salary (parent company) | ¥5.6M | ¥5.7M | ¥6M | ¥6.2M | ¥6.5M |
| Average age (parent company) | 39.5 years | 39.9 years | 39.9 years | 40.1 years | 39.5 years |
| Average tenure (parent company) | 12.5 years | 13.0 years | 13.1 years | 13.1 years | 12.0 years |

Year over year: Employees (consolidated) +13.1% · Revenue (consolidated) +12.5%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Autobacks segment | 11,663 | 85.1% | 1,036 | 8.9% |
| Restaurant business segment | 2,044 | 14.9% | -40 | -1.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Autobacks segment | 85.1% | 100.0% | 14.9 | 8.9% |
| Restaurant business segment | 14.9% | — | — | -1.9% |

Loss-making segment (excluded from profit shares): Restaurant business segment -40 JPY mn

Segment → industry: Autobacks segment → Car Accessories / Restaurant business segment → Restaurants & Pubs

## 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 | 929 | 6.8% | S100YDDM |
| Capital expenditure | 465 | 3.4% | S100YDDM |
| Free cash flow | 464 | 3.4% | 算出 |
| Investing cash flow | -461 | -3.4% | S100YDDM |
| Financing cash flow | -17 | -0.1% | S100YDDM |
| Dividends paid | 141 | 1.0% | S100YDDM |
| Share buyback | 0 | 0.0% | S100YDDM |
| Change in cash | 451 | 3.3% | S100YDDM |
| Cash and equivalents | 3,730 | 27.2% | S100YDDM |

## 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 | 2,310 | 2,673 | 2,947 | 3,279 | 3,730 | S100TNCN, S100VZUV, S100YDDM |
| Total assets | 7,762 | 8,238 | 8,493 | 9,109 | 9,832 | S100R04W, S100TNCN, S100VZUV, S100YDDM |
| Net assets | 5,685 | 5,996 | 5,994 | 6,197 | 6,499 | S100TNCN, S100VZUV, S100YDDM |
| Share capital | 615 | 653 | 653 | 653 | 653 | S100R04W, S100TNCN, S100VZUV, S100YDDM |
| Property, plant and equipment | 1,943 | 1,963 | 1,902 | 2,269 | 2,566 | S100R04W, S100TNCN, S100VZUV, S100YDDM |
| Intangible assets excluding goodwill | 15 | 12 | 9 | 7 | 5 | S100R04W, S100TNCN, S100VZUV, S100YDDM |
| Current assets | 4,583 | 5,074 | 5,411 | 5,671 | 6,126 | S100R04W, S100TNCN, S100VZUV, S100YDDM |
| Current liabilities | 1,333 | 1,408 | 1,618 | 1,771 | 1,819 | S100R04W, S100TNCN, S100VZUV, S100YDDM |
| Short-term borrowings | — | — | 15 | 279 | — | S100VZUV, S100YDDM |
| Long-term borrowings | 8 | — | — | 240 | 562 | S100R04W, S100YDDM |
| Total liabilities | 2,077 | 2,241 | 2,499 | 2,911 | 3,333 | S100R04W, S100TNCN, S100VZUV, S100YDDM |
| Equity attributable to owners of parent | 5,685 | 5,996 | 5,994 | 6,197 | 6,499 | S100R04W, S100TNCN, S100VZUV, S100YDDM |
| Retained earnings | 4,482 | 4,716 | 4,714 | 4,917 | 5,218 | S100R04W, S100TNCN, S100VZUV, S100YDDM |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R04W, S100TNCN, S100VZUV, S100YDDM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 38% | S100YDDM |
| Property, plant and equipment | 26% | S100YDDM |
| Intangibles and goodwill | 0% | S100YDDM |
| Other assets | 36% | S100YDDM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 34% | S100YDDM |
| Equity | 66% | S100YDDM |
| Other liabilities | 0% | S100YDDM |

### 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 | 7,762 | 8,238 | 8,493 | 9,109 | 9,832 |
| Equity | 5,685 | 5,996 | 5,994 | 6,197 | 6,499 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,310 | 2,673 | 2,947 | 3,279 | 3,730 |

## 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) | 18.7% | S100YDDM |
| Fixed assets ÷ total assets | 26.1% | S100YDDM |
| Goodwill ÷ parent equity | — | —, S100YDDM |

### 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) | 37.9% |
| Cash ÷ revenue | 27.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 153.5% |
| Cash vs. profit gap | 487 JPY mn (of net income 110.1%) |
| Shareholder returns / net income | 31.8% |
| Shareholder returns / FCF | 30.3% |
| Shareholder payments — dividends / net income | 31.8% |
| Shareholder payments — dividends / FCF | 30.3% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 49.6% |

## 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 | 3.5% | 1.29× | 4.5% | 1.37× | 6.2% | S100R04W |
| 2023 | 3.0% | 1.35× | 4.1% | 1.37× | 5.6% | S100TNCN |
| 2024 | 1.0% | 1.34× | 1.4% | 1.40× | 1.9% | S100VZUV |
| 2025 | 2.8% | 1.38× | 3.9% | 1.44× | 5.6% | S100YDDM |
| 2026 | 3.2% | 1.45× | 4.7% | 1.49× | 7.0% | S100YDDM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱オートバックスセブン | Major shareholder | 21.3% | 2026-03-31 |
| 増田 清高 | Major shareholder | 11.1% | 2026-03-31 |
| 坂本 裕二 | Major shareholder | 9.9% | 2026-03-31 |
| 牛田 恵美子 | Major shareholder | 7.4% | 2026-03-31 |
| バッファロー従業員持株会 | Major shareholder | 4.2% | 2026-03-31 |
| 吉田 和夫 | Major shareholder | 2.3% | 2026-03-31 |
| 大野 直樹 | Major shareholder | 1.4% | 2026-03-31 |
| マネックス証券㈱ | Major shareholder | 1.1% | 2026-03-31 |
| ㈱カーメイト | Major shareholder | 1.0% | 2026-03-31 |
| ㈱ソフト99コーポレーション | Major shareholder | 1.0% | 2026-03-31 |
| 日本モビリティサービス㈱ | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2025/04/01－2026/03/31) | S100YDDM | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDDM,, |
| 有価証券報告書－第43期(2024/04/01－2025/03/31) | S100VZUV | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZUV,, |
| 有価証券報告書－第42期(2023/04/01－2024/03/31) | S100TNCN | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNCN,, |
| 有価証券報告書－第41期(2022/04/01－2023/03/31) | S100R04W | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R04W,, |
| 有価証券報告書－第40期(令和3年4月1日－令和4年3月31日) | S100OA78 | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA78,, |
| 有価証券報告書－第39期(令和2年4月1日－令和3年3月31日) | S100LKQX | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKQX,, |

## 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).