# Bushiroad 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19期(2024/07/01－2025/06/30) (S100WQQH)
> Page: https://vizora.meequs.com/en/company/bushiroad
> Retrieved: 2026-09-30T21:34:04.548Z

## Company

Bushiroad, founded in 2007, is a company in Toys & Hobbies listed on TSE Growth. It has 873 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Bushiroad Inc. |
| Ticker | 7803 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7803.T) |
| Listing | TSE Growth |
| Head office | 東京都中野区中央一丁目38番1号 |
| Representative (per filing) | 代表取締役社長 木谷 高明 |
| Founded | May 2007 |
| Share capital | ¥5.78B |
| Employees (consolidated) | 873 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | June |
| Website | bushiroad.co.jp (https://bushiroad.co.jp/) |
| Corporate number | 8011201012032 |
| EDINET | E35004 |
| Industries (Vizora) | Toys & Hobbies, Games, Professional Sports |

> Profile source: annual securities report (S100WQQH, filed 2025-09-24). As of filing

## Five-axis industry profile

Primary industry: Toys & Hobbies (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 35.7 | 7 |
| Profitability | 59.1 | 11 |
| Cash conversion | 61.1 | 9 |
| Efficiency | 31.8 | 11 |

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 89% of Bushiroad's sales come from entertainment, with sports making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +21.4% from the prior year, operating profit +451.6%.

## Company structure

- Segment revenue mix: entertainment 88.7%、sports 11.3%
- Revenue → net income: ¥56175627000 → ¥3588591000
- Net income → operating cash flow: ¥3588591000 → ¥5818268000（difference ¥2229677000）
- Main uses of operating cash flow: CapEx ¥509434000 / dividends ¥315087000 / buybacks ¥991816000
- Change in cash: ¥1568286000
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 | ¥56.2B |  |
| Operating income | ¥4.87B | Margin 8.7% |
| Net income | ¥3.42B | Margin 6.1% |
| Free cash flow | ¥5.31B |  |
| Largest business | entertainment | of segment revenue 88.7% |
| Employees (consolidated) | 873 |  |
| EPS | ¥23.68 |  |
| Diluted EPS | ¥23.48 |  |
| Book value per share | ¥195.29 |  |
| Equity ratio | 47.7% |  |
| Treasury shares | 3,796,400 |  |
| Shareholders | 13,976 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 50.2% | Cash ÷ revenue 44.5% |
| Vs. industry median margin | +1.3 pp | Toys & Hobbies |
| ROE | 15.7% | Derived from disclosed figures |
| ROA | 6.8% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 3.1× dividends
- FY2025, one segment accounts for 96% of positive segment profit
- FY2025, cash is 50% of total assets

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥33000032000 | ¥56175627000 | +70.2% |
| Operating income | ¥2710543000 | ¥4868227000 | +79.6% |
| Operating margin | 8.2% | 8.7% | +0.5 pp |
| Employees | 591 people | 873 people | +47.7% |
| Cash and equivalents | ¥20152398000 | ¥25018940000 | +24.1% |

### Change in segment revenue mix

Span: FY ending Jul 2020 → 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 |
| --- | ---: |
| デジタルIP事業 → 事業再編・廃止 | 74.0% |
| ライブIP事業 → 事業再編・廃止 | 26.0% |
| 新設・再編 → エンターテイメント事業 | 88.7% |
| 新設・再編 → スポーツ事業 | 11.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 56,176 | 100.0% | S100WQQH |
| Cost of revenue | 36,166 | 64.4% | S100WQQH |
| Gross profit | 20,010 | 35.6% | S100WQQH |
| SG&A | 15,141 | 27.0% | S100WQQH |
| Operating income | 4,868 | 8.7% | S100WQQH |
| Ordinary income | 4,845 | 8.6% | S100WQQH |
| Pretax income | 4,820 | 8.6% | S100WQQH |
| Income tax | 1,232 | 2.2% | S100WQQH |
| Net income | 3,589 | 6.4% | S100WQQH |
| Net income attributable to owners | 3,418 | 6.1% | S100WQQH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 27 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 35.6% → Operating margin 8.7% → Net margin 6.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +21.4%; Core profit growth: +451.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 21.08×
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 | 46,263 | 56,176 | 9,913 | +21.4% |
| Gross profit | 15,402 | 20,010 | 4,608 | +29.9% |
| Operating income | 883 | 4,868 | 3,986 | +451.6% |
| Net income attributable to owners | 805 | 3,418 | 2,613 | +324.7% |
| Operating cash flow | -363 | 5,818 | 6,181 | — |
| Free cash flow | -1,133 | 5,309 | 6,442 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2020 | 33,000 | 2,711 | 8.2% | 1,551 | 737 | 358 | S100MIC3 |
| FY ending Jun 2021 | 32,570 | 345 | 1.1% | -285 | -1,398 | -1,750 | S100QC4P |
| FY ending Jun 2022 | 41,966 | 3,391 | 8.1% | 3,508 | 6,869 | 4,784 | S100RX3S |
| FY ending Jun 2023 | 48,799 | 3,386 | 6.9% | 2,051 | 1,981 | 493 | S100UFH0 |
| FY ending Jun 2024 | 46,263 | 883 | 1.9% | 805 | -363 | -1,133 | S100WQQH |
| FY ending Jun 2025 | 56,176 | 4,868 | 8.7% | 3,418 | 5,818 | 5,309 | S100WQQH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥64.3M |
| Operating income per employee (consolidated) | ¥5.6M |
| Net income per employee (consolidated) | ¥3.9M |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 620 | 678 | 590 | 853 | 873 |
| Average salary (parent company) | ¥4.5M | ¥4.8M | ¥5.1M | ¥4.9M | ¥5.1M |
| Average age (parent company) | 32.3 years | 32.4 years | 32.0 years | 32.0 years | 31.9 years |
| Average tenure (parent company) | 3.6 years | 4.0 years | 4.2 years | 4.3 years | 4.5 years |

Year over year: Employees (consolidated) +2.3% · Revenue (consolidated) +21.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| entertainment | 49,851 | 88.7% | 4,694 | 9.4% |
| sports | 6,324 | 11.3% | 174 | 2.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| entertainment | 88.7% | 96.4% | 7.7 | 9.4% |
| sports | 11.3% | 3.6% | -7.7 | 2.7% |

Segment → industry: entertainment → Toys & Hobbies / entertainment → Games / sports → Professional Sports

## 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 | 5,818 | 10.4% | S100WQQH |
| Capital expenditure | 509 | 0.9% | S100WQQH |
| Free cash flow | 5,309 | 9.5% | 算出 |
| Investing cash flow | 894 | 1.6% | S100WQQH |
| Financing cash flow | -5,032 | -9.0% | S100WQQH |
| Dividends paid | 315 | 0.6% | S100WQQH |
| Share buyback | 992 | 1.8% | S100WQQH |
| Change in cash | 1,568 | 2.8% | S100WQQH |
| Cash and equivalents | 25,019 | 44.5% | S100WQQH |

## 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 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 22,446 | 23,103 | 23,601 | 23,451 | 25,019 | S100RX3S, S100UFH0, S100WQQH |
| Total assets | 37,515 | 43,721 | 46,336 | 50,606 | 49,797 | S100QC4P, S100RX3S, S100UFH0, S100WQQH |
| Net assets | 13,894 | 16,193 | 22,399 | 23,272 | 25,222 | S100RX3S, S100UFH0, S100WQQH |
| Share capital | 3,166 | 3,729 | 5,761 | 5,774 | 5,782 | S100QC4P, S100RX3S, S100UFH0, S100WQQH |
| Property, plant and equipment | 930 | 2,792 | 2,469 | 3,595 | 3,465 | S100QC4P, S100RX3S, S100UFH0, S100WQQH |
| Intangible assets excluding goodwill | 468 | 233 | 303 | 343 | 282 | S100QC4P, S100RX3S, S100UFH0, S100WQQH |
| Goodwill | 181 | 2 | 1 | 0 | — | S100QC4P, S100RX3S, S100UFH0, S100WQQH |
| Investment securities | 1,140 | 2,283 | 4,144 | 5,316 | 5,005 | S100QC4P, S100RX3S, S100UFH0, S100WQQH |
| Current assets | 34,080 | 36,996 | 37,588 | 39,701 | 39,251 | S100QC4P, S100RX3S, S100UFH0, S100WQQH |
| Current liabilities | 9,686 | 14,972 | 14,761 | 17,802 | 16,633 | S100QC4P, S100RX3S, S100UFH0, S100WQQH |
| Short-term borrowings | 80 | — | — | — | — | S100QC4P |
| Long-term borrowings | 8,681 | 8,165 | 7,477 | 7,215 | 6,091 | S100QC4P, S100RX3S, S100UFH0, S100WQQH |
| Bonds | — | — | 1,400 | 2,050 | 1,350 | S100UFH0, S100WQQH |
| Total liabilities | 23,621 | 27,528 | 23,937 | 27,334 | 24,575 | S100QC4P, S100RX3S, S100UFH0, S100WQQH |
| Non-controlling interests | 653 | 612 | 658 | 869 | 1,035 | S100QC4P, S100RX3S, S100UFH0, S100WQQH |
| Equity attributable to owners of parent | 13,001 | 14,978 | 20,800 | 20,742 | 22,806 | S100QC4P, S100RX3S, S100UFH0, S100WQQH |
| Retained earnings | 7,058 | 9,909 | 9,343 | 9,827 | 12,864 | S100QC4P, S100RX3S, S100UFH0, S100WQQH |
| Treasury stock | -325 | -2,325 | -0 | -569 | -1,559 | S100QC4P, S100RX3S, S100UFH0, S100WQQH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100WQQH |
| Property, plant and equipment | 7% | S100WQQH |
| Intangibles and goodwill | 1% | S100WQQH |
| Investment securities | 10% | S100WQQH |
| Other assets | 32% | S100WQQH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 49% | S100WQQH |
| Equity | 51% | S100WQQH |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 37,515 | 43,721 | 46,336 | 50,606 | 49,797 |
| Equity | 13,894 | 16,193 | 22,399 | 23,272 | 25,222 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 22,446 | 23,103 | 23,601 | 23,451 | 25,019 |

## 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) | 6.2% | S100WQQH |
| Fixed assets ÷ total assets | 7.0% | S100WQQH |
| Goodwill ÷ parent equity | — | —, S100WQQH |

### 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) | 50.2% |
| Cash ÷ revenue | 44.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 119.5% |
| Cash vs. profit gap | 2,400 JPY mn (of net income 70.2%) |
| Shareholder returns / net income | 38.2% |
| Shareholder returns / FCF | 24.6% |
| Shareholder payments — dividends / net income | 9.2% |
| Shareholder payments — dividends / FCF | 5.9% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 15.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -0.8% | —× | — | S100QC4P |
| 2022 | 8.4% | 1.03× | 8.6% | 2.90× | 25.1% | S100RX3S |
| 2023 | 4.2% | 1.08× | 4.6% | 2.52× | 11.5% | S100UFH0 |
| 2024 | 1.7% | 0.95× | 1.7% | 2.33× | 3.9% | S100WQQH |
| 2025 | 6.1% | 1.12× | 6.8% | 2.31× | 15.7% | S100WQQH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三井住友信託銀行㈱（信託口 甲９号） | Major shareholder | 29.9% | 2025-06-30 |
| ㈱中野坂上 | Major shareholder | 13.6% | 2025-06-30 |
| 木谷 高明 | Major shareholder | 11.6% | 2025-06-30 |
| グリーホールディングス㈱ | Major shareholder | 4.6% | 2025-06-30 |
| 野村信託銀行㈱（投信口） | Major shareholder | 1.6% | 2025-06-30 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 1.5% | 2025-06-30 |
| モルガン・スタンレーMUFG証券㈱ | Major shareholder | 1.3% | 2025-06-30 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 1.2% | 2025-06-30 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE （常任代理人 ㈱三菱UFJ銀行） | Major shareholder | 1.0% | 2025-06-30 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人 ㈱三菱UFJ銀行） | Major shareholder | 0.9% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2024/07/01－2025/06/30) | S100WQQH | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQQH,, |
| 有価証券報告書－第18期(2023/07/01－2024/06/30) | S100UFH0 | 2024-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFH0,, |
| 有価証券報告書－第17期(2022/07/01－2023/06/30) | S100RX3S | 2023-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RX3S,, |
| 訂正有価証券報告書－第16期(2021/07/01－2022/06/30) | S100QC4P | 2023-03-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QC4P,, |
| 有価証券報告書－第15期(令和2年8月1日－令和3年6月30日) | S100MIC3 | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MIC3,, |

## 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).