# BUFFALO 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40期(2025/04/01－2026/03/31) (S100YGR6)
> Page: https://vizora.meequs.com/en/company/buffalo
> Retrieved: 2026-09-30T19:05:53.651Z

## Company

Buffalo, founded in 1978, is a company in PCs & Peripherals listed on TSE Standard. It has 963 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BUFFALO INC. |
| Ticker | 6676 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6676.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区丸の内一丁目11番1号 |
| Representative (per filing) | 代表取締役 社長執行役員CEO 牧 寛之 |
| Founded | Aug 1978 |
| Share capital | ¥1B |
| Employees (consolidated) | 963 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.buffalo.jp (https://www.buffalo.jp/) |
| Corporate number | 6180001048602 |
| EDINET | E02086 |
| Industries (Vizora) | PCs & Peripherals |

> Profile source: annual securities report (S100YGR6, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: PCs & Peripherals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.5 | 11 |
| Profitability | 75 | 14 |
| Cash conversion | 50 | 11 |
| Efficiency | 67.9 | 14 |

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)

- Buffalo brought in ¥117.3B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -18.0% from the prior year, operating profit +4.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥117312000000 → ¥8071000000
- Net income → operating cash flow: ¥8071000000 → ¥3703000000（difference ¥-4368000000）
- Main uses of operating cash flow: CapEx ¥408000000 / dividends ¥1637000000 / buybacks ¥8703000000
- Change in cash: ¥-4394000000
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 | ¥117.3B |  |
| Operating income | ¥9.23B | Margin 7.9% |
| Net income | ¥8.07B | Margin 6.9% |
| Free cash flow | ¥3.29B |  |
| Employees (consolidated) | 963 |  |
| EPS | ¥369.4 |  |
| Book value per share | ¥1645.24 |  |
| Equity ratio | 60.2% |  |
| Shares outstanding | 12,000,000 |  |
| Treasury shares | 159,400 |  |
| Shareholders | 9,555 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 38.1% | Cash ÷ revenue 23.2% |
| Vs. industry median margin | +4.2 pp | PCs & Peripherals |
| ROE | 18.6% | Derived from disclosed figures |
| ROA | 10.9% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 5.3× dividends
- FY2026, parent-company salary changed -25% over five years
- FY2026, cash is 38% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥129912000000 | ¥117312000000 | -9.7% |
| Operating income | ¥8848000000 | ¥9230000000 | +4.3% |
| Operating margin | 6.8% | 7.9% | +1.1 pp |
| Employees | 1,861 people | 963 people | -48.3% |
| Cash and equivalents | ¥29562000000 | ¥27215000000 | -7.9% |

### 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 |
| --- | ---: |
| IT関連 → 事業再編・廃止 | 75.4% |
| 食品 → 事業再編・廃止 | 24.0% |
| 金融 → 事業再編・廃止 | 0.6% |
| その他 → 事業再編・廃止 | 0.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 117,312 | 100.0% | S100YGR6 |
| Cost of revenue | 86,925 | 74.1% | S100YGR6 |
| Gross profit | 30,386 | 25.9% | S100YGR6 |
| SG&A | 21,156 | 18.0% | S100YGR6 |
| Operating income | 9,230 | 7.9% | S100YGR6 |
| Ordinary income | 10,219 | 8.7% | S100YGR6 |
| Pretax income | 10,377 | 8.8% | S100YGR6 |
| Income tax | 2,305 | 2.0% | S100YGR6 |
| Net income | 8,071 | 6.9% | S100YGR6 |
| Net income attributable to owners | 8,071 | 6.9% | S100YGR6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 18 |
| Operating income | 8 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 25.9% → Operating margin 7.9% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -18.0%; Core profit growth: +4.4%
Operating leverage (core profit growth ÷ revenue growth): -0.24×
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 | 143,110 | 117,312 | -25,798 | -18.0% |
| Gross profit | 39,306 | 30,386 | -8,920 | -22.7% |
| Operating income | 8,840 | 9,230 | 390 | +4.4% |
| Net income attributable to owners | 6,006 | 8,071 | 2,065 | +34.4% |
| Operating cash flow | 14,725 | 3,703 | -11,022 | -74.9% |
| Free cash flow | 13,141 | 3,295 | -9,846 | -74.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 114,888 | 4,137 | 3.6% | 3,139 | 6,549 | 4,891 | S100LRSI |
| FY ending Mar 2021 | 129,912 | 8,848 | 6.8% | 6,625 | 11,266 | 9,687 | S100OLFE |
| FY ending Mar 2022 | 144,137 | 12,698 | 8.8% | 9,346 | 1,005 | -1,532 | S100R57D |
| FY ending Mar 2023 | 142,576 | 4,518 | 3.2% | 3,057 | 392 | -3,511 | S100TT6K |
| FY ending Mar 2024 | 145,773 | 2,597 | 1.8% | 3,012 | 6,625 | 3,093 | S100W5CM |
| FY ending Mar 2025 | 143,110 | 8,840 | 6.2% | 6,006 | 14,725 | 13,141 | S100YGR6 |
| FY ending Mar 2026 | 117,312 | 9,230 | 7.9% | 8,071 | 3,703 | 3,295 | S100YGR6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥121.8M |
| Operating income per employee (consolidated) | ¥9.6M |
| Net income per employee (consolidated) | ¥8.4M |

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) | 1,915 | 1,933 | 1,928 | 1,020 | 963 |
| Average salary (parent company) | ¥8.4M | ¥8.6M | ¥8.4M | ¥7.6M | ¥6.3M |
| Average age (parent company) | 43.5 years | 43.6 years | 43.1 years | 42.9 years | 38.5 years |
| Average tenure (parent company) | 9.1 years | 9.2 years | 10.8 years | 12.4 years | 12.9 years |

Year over year: Employees (consolidated) -5.6% · Revenue (consolidated) -18.0%

## 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 | 3,703 | 3.2% | S100YGR6 |
| Capital expenditure | 408 | 0.3% | S100YGR6 |
| Free cash flow | 3,295 | 2.8% | 算出 |
| Investing cash flow | 631 | 0.5% | S100YGR6 |
| Financing cash flow | -8,792 | -7.5% | S100YGR6 |
| Dividends paid | 1,637 | 1.4% | S100YGR6 |
| Share buyback | 8,703 | 7.4% | S100YGR6 |
| Change in cash | -4,394 | -3.7% | S100YGR6 |
| Cash and equivalents | 27,215 | 23.2% | S100YGR6 |

## 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 | 21,834 | 20,506 | 29,958 | 31,609 | 27,215 | S100TT6K, S100W5CM, S100YGR6 |
| Total assets | 95,798 | 93,410 | 95,936 | 76,786 | 71,444 | S100R57D, S100TT6K, S100W5CM, S100YGR6 |
| Net assets | 63,123 | 62,463 | 63,922 | 45,037 | 43,000 | S100TT6K, S100W5CM, S100YGR6 |
| Share capital | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | S100R57D, S100TT6K, S100W5CM, S100YGR6 |
| Property, plant and equipment | 11,033 | 11,236 | 11,080 | 786 | 714 | S100R57D, S100TT6K, S100W5CM, S100YGR6 |
| Intangible assets excluding goodwill | 2,012 | 3,394 | 3,705 | 2,846 | 1,899 | S100R57D, S100TT6K, S100W5CM, S100YGR6 |
| Investment securities | 10,662 | 10,395 | 3,741 | 2,298 | 1,720 | S100R57D, S100TT6K, S100W5CM, S100YGR6 |
| Current assets | 69,722 | 66,020 | 75,627 | 69,043 | 65,281 | S100R57D, S100TT6K, S100W5CM, S100YGR6 |
| Current liabilities | 29,618 | 27,941 | 29,068 | 30,795 | 26,820 | S100R57D, S100TT6K, S100W5CM, S100YGR6 |
| Trade payables | 13,466 | 14,588 | 14,213 | 15,267 | 13,297 | S100R57D, S100TT6K, S100W5CM, S100YGR6 |
| Long-term borrowings | 99 | — | — | — | 1,314 | S100R57D, S100YGR6 |
| Total liabilities | 32,674 | 30,946 | 32,014 | 31,749 | 28,443 | S100R57D, S100TT6K, S100W5CM, S100YGR6 |
| Equity attributable to owners of parent | 62,662 | 62,075 | 62,590 | 44,489 | 42,280 | S100R57D, S100TT6K, S100W5CM, S100YGR6 |
| Retained earnings | 64,898 | 61,092 | 62,097 | 43,567 | 41,760 | S100R57D, S100TT6K, S100W5CM, S100YGR6 |
| Treasury stock | -3,486 | -267 | -756 | -327 | -730 | S100R57D, S100TT6K, S100W5CM, S100YGR6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 38% | S100YGR6 |
| Property, plant and equipment | 1% | S100YGR6 |
| Intangibles and goodwill | 3% | S100YGR6 |
| Investment securities | 2% | S100YGR6 |
| Other assets | 56% | S100YGR6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 19% | S100YGR6 |
| Other liabilities | 21% | S100YGR6 |
| Equity | 60% | S100YGR6 |
| Other liabilities | 0% | S100YGR6 |

### 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 | 95,798 | 93,410 | 95,936 | 76,786 | 71,444 |
| Equity | 63,123 | 62,463 | 63,922 | 45,037 | 43,000 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 21,834 | 20,506 | 29,958 | 31,609 | 27,215 |

## 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) | 0.6% | S100YGR6 |
| Fixed assets ÷ total assets | 1.0% | S100YGR6 |
| Goodwill ÷ parent equity | — | —, S100YGR6 |

### 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) | 38.1% |
| Cash ÷ revenue | 23.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 40.1% |
| Cash vs. profit gap | -4,368 JPY mn (of net income -54.1%) |
| Shareholder returns / net income | 128.1% |
| Shareholder returns / FCF | 313.8% |
| Shareholder payments — dividends / net income | 20.3% |
| Shareholder payments — dividends / FCF | 49.7% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 17.0% |

## 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 | 6.5% | 1.50× | 9.8% | 1.53× | 14.9% | S100R57D |
| 2023 | 2.1% | 1.51× | 3.2% | 1.52× | 4.9% | S100TT6K |
| 2024 | 2.1% | 1.54× | 3.2% | 1.52× | 4.8% | S100W5CM |
| 2025 | 4.2% | 1.66× | 7.0% | 1.61× | 11.2% | S100YGR6 |
| 2026 | 6.9% | 1.58× | 10.9% | 1.71× | 18.6% | S100YGR6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社メルコグループ | Major shareholder | 30.6% | 2026-03-31 |
| 牧 寛之 | Major shareholder | 17.0% | 2026-03-31 |
| 公益財団法人牧誠財団 | Major shareholder | 4.2% | 2026-03-31 |
| ECM MF （常任代理人 立花証券株式会社） | Major shareholder | 3.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 （信託口） | Major shareholder | 3.4% | 2026-03-31 |
| MLI FOR SEGREGATED PB CLIENT （常任代理人 BOFA証券株式会社） | Major shareholder | 2.1% | 2026-03-31 |
| CGML PB CLIENT ACCOUNT／COLLATERAL （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.9% | 2026-03-31 |
| JPMSPLC CLIENT ASSETS SK JPY （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.6% | 2026-03-31 |
| バッファロー共栄会 | Major shareholder | 1.1% | 2026-03-31 |
| 岩崎 泰次 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第40期(2025/04/01－2026/03/31) | S100YGR6 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGR6,, |
| 有価証券報告書－第39期(2024/04/01－2025/03/31) | S100W5CM | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5CM,, |
| 有価証券報告書－第38期(2023/04/01－2024/03/31) | S100TT6K | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT6K,, |
| 有価証券報告書－第37期(2022/04/01－2023/03/31) | S100R57D | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R57D,, |
| 有価証券報告書－第36期(令和3年4月1日－令和4年3月31日) | S100OLFE | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLFE,, |
| 有価証券報告書－第35期(令和2年4月1日－令和3年3月31日) | S100LRSI | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRSI,, |

## 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).