# BUSINESS BRAIN SHOWAOTA INC.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第59期(2025/04/01－2026/03/31) (S100YG97)
> Page: https://vizora.meequs.com/en/company/business-brain-showaota
> Retrieved: 2026-09-30T18:29:20.951Z

## Company

Business Brain Showaota, founded in 1973, is a company in IT Services & System Integration listed on TSE Prime. It has 2,495 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BUSINESS BRAIN SHOWA・OTA INC. |
| Ticker | 9658 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9658.T) |
| Listing | TSE Prime |
| Head office | 東京都港区西新橋一丁目1番1号 |
| Representative (per filing) | 代表取締役社長 小宮 一浩 |
| Founded | Oct 1973 |
| Share capital | ¥2.23B |
| Employees (consolidated) | 2,495 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.bbs.co.jp (https://www.bbs.co.jp/) |
| Corporate number | 3010401088688 |
| EDINET | E04869 |
| Industries (Vizora) | IT Services & System Integration, Consulting, Business Process Outsourcing |

> Profile source: annual securities report (S100YG97, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Consulting (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 33.9 | 31 |
| Profitability | 33 | 44 |
| Cash conversion | 83 | 44 |
| Efficiency | 21.6 | 44 |

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 55% of Business Brain Showaota's sales come from Consulting/System Development, Reportable segment, with BPO Services, Reportable segment and SES Co-Creation Business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +8.5% from the prior year, operating profit +13.6%.

## Company structure

- Segment revenue mix: Consulting/System Development, Reportable segment 54.9%、BPO Services, Reportable segment 23.8%、SES Co-Creation Business 21.3%
- Revenue → net income: ¥42099520000 → ¥3029914000
- Net income → operating cash flow: ¥3029914000 → ¥4488572000（difference ¥1458658000）
- Main uses of operating cash flow: CapEx ¥408393000 / dividends ¥1186355000 / buybacks ¥542791000
- Change in cash: ¥1821971000
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 | ¥42.1B |  |
| Operating income | ¥3.26B | Margin 7.7% |
| Net income | ¥2.99B | Margin 7.1% |
| Free cash flow | ¥4.08B |  |
| Largest business | Consulting/System Development, Reportable segment | of segment revenue 54.9% |
| Employees (consolidated) | 2,495 |  |
| EPS | ¥92.02 |  |
| Diluted EPS | ¥92.02 |  |
| Book value per share | ¥488.77 |  |
| Equity ratio | 63.4% | Derived from disclosed figures |
| Shares outstanding | 11,615,200 |  |
| Shareholders | 10,150 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 24.2% | Cash ÷ revenue 27.9% |
| Vs. industry median margin | -1.2 pp | IT Services & System Integration |
| ROE | 10.0% | Derived from disclosed figures |
| ROA | 6.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 65% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥29158596000 | ¥42099520000 | +44.4% |
| Operating income | ¥2199816000 | ¥3262348000 | +48.3% |
| Operating margin | 7.5% | 7.7% | +0.2 pp |
| Employees | 1,564 people | 2,495 people | +59.5% |
| Cash and equivalents | ¥8262408000 | ¥11729721000 | +42.0% |

### 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 |
| --- | ---: |
| コンサルティング・システム開発 → コンサルティング・システム開発 | 54.9% |
| コンサルティング・システム開発 → 事業再編・廃止 | 18.9% |
| ＢＰＯ＆マネージドサービス → ＢＰＯ＆マネージドサービス | 23.8% |
| ＢＰＯ＆マネージドサービス → 事業再編・廃止 | 2.4% |
| 新設・再編 → ＳＥＳ共創ビジネス | 21.3% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Consulting/System Development, Reportable segment | 5 years | +1.4% | ¥23105176000 | 10.5% | 2 |
| BPO Services, Reportable segment | 5 years | +5.5% | ¥10025527000 | 9.1% | 2 |
| SES Co-Creation Business | — | — | ¥8968817000 | 4.7% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 42,100 | 100.0% | S100YG97 |
| Cost of revenue | 32,607 | 77.5% | S100YG97 |
| Gross profit | 9,493 | 22.5% | S100YG97 |
| SG&A | 6,180 | 14.7% | S100YG97 |
| Operating income | 3,262 | 7.7% | S100YG97 |
| Pretax income | 4,156 | 9.9% | S100YG97 |
| Income tax | 1,126 | 2.7% | S100YG97 |
| Net income | 3,030 | 7.2% | S100YG97 |
| Net income attributable to owners | 2,987 | 7.1% | S100YG97 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 15 |
| Operating income | 8 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 22.5% → Operating margin 7.7% → Net margin 7.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.5%; Core profit growth: +13.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.60×
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 | 38,804 | 42,100 | 3,296 | +8.5% |
| Gross profit | 8,590 | 9,493 | 903 | +10.5% |
| Operating income | 2,871 | 3,262 | 391 | +13.6% |
| Net income attributable to owners | 2,468 | 2,987 | 518 | +21.0% |
| Operating cash flow | 2,841 | 4,489 | 1,648 | +58.0% |
| Free cash flow | 2,630 | 4,080 | 1,450 | +55.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 28,439 | 2,214 | 7.8% | 1,460 | 1,459 | 1,217 | S100MNBW |
| FY ending Mar 2021 | 29,159 | 2,200 | 7.5% | 1,554 | 3,075 | 2,901 | S100PDY8 |
| FY ending Mar 2022 | 32,346 | 2,745 | 8.5% | 1,782 | 682 | -121 | S100R42G |
| FY ending Mar 2023 | 37,063 | 3,208 | 8.7% | 1,838 | 3,306 | 3,092 | S100TPRX |
| FY ending Mar 2024 | 34,218 | — | — | 14,141 | 3,150 | — | S100YG97 |
| FY ending Mar 2025 | 38,804 | 2,871 | 7.4% | 2,468 | 2,841 | 2,630 | S100YG97 |
| FY ending Mar 2026 | 42,100 | 3,262 | 7.7% | 2,987 | 4,489 | 4,080 | S100YG97 |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.9M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 1,679 | 1,898 | 2,258 | 2,382 | 2,495 |
| Average salary (parent company) | ¥7M | ¥6.9M | — | ¥7.1M | ¥7.3M |
| Average age (parent company) | 40.3 years | 39.9 years | — | 39.1 years | 38.3 years |
| Average tenure (parent company) | 9.9 years | 9.5 years | — | 8.3 years | 7.4 years |

Year over year: Employees (consolidated) +4.7% · Revenue (consolidated) +8.5%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Consulting/System Development, Reportable segment | 23,105 | 54.9% | 2,428 | 10.5% |
| SES Co-Creation Business | 8,969 | 21.3% | 418 | 4.7% |
| BPO Services, Reportable segment | 10,026 | 23.8% | 916 | 9.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Consulting/System Development, Reportable segment | 54.9% | 64.5% | 9.7 | 10.5% |
| SES Co-Creation Business | 21.3% | 11.1% | -10.2 | 4.7% |
| BPO Services, Reportable segment | 23.8% | 24.3% | 0.5 | 9.1% |

Segment → industry: SES Co-Creation Business → IT Services & System Integration / Consulting/System Development, Reportable segment → IT Services & System Integration / Consulting/System Development, Reportable segment → Consulting / BPO Services, Reportable segment → Business Process Outsourcing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,489 | 10.7% | S100YG97 |
| Capital expenditure | 408 | 1.0% | S100YG97 |
| Free cash flow | 4,080 | 9.7% | 算出 |
| Investing cash flow | 104 | 0.2% | S100YG97 |
| Financing cash flow | -2,772 | -6.6% | S100YG97 |
| Dividends paid | 1,186 | 2.8% | S100YG97 |
| Share buyback | 543 | 1.3% | S100YG97 |
| Change in cash | 1,822 | 4.3% | S100YG97 |
| Cash and equivalents | 11,730 | 27.9% | S100YG97 |

## 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 | 8,639 | 10,217 | 9,906 | 9,908 | 11,730 | S100TPRX, S100W0VO, S100YG97 |
| Total assets | 28,296 | 30,393 | 44,804 | 45,322 | 48,464 | S100R42G, S100TPRX, S100YG97 |
| Net assets | 14,042 | 16,196 | 29,398 | 29,612 | 31,220 | S100TPRX, S100W0VO, S100YG97 |
| Share capital | 2,233 | 2,233 | — | 2,233 | 2,233 | S100R42G, S100TPRX, S100YG97 |
| Property, plant and equipment | 954 | 832 | — | 625 | 783 | S100R42G, S100TPRX, S100YG97 |
| Goodwill | 311 | 522 | — | 2,098 | 1,967 | S100R42G, S100TPRX, S100YG97 |
| Current assets | 18,453 | 20,711 | — | 18,251 | 20,523 | S100R42G, S100TPRX, S100YG97 |
| Total liabilities | 14,254 | 14,198 | — | 15,711 | 17,244 | S100R42G, S100TPRX, S100YG97 |
| Equity attributable to owners of parent | 13,220 | 14,958 | — | 29,138 | 30,716 | S100R42G, S100TPRX, S100YG97 |
| Retained earnings | 8,250 | 9,490 | — | 24,603 | 26,704 | S100R42G, S100TPRX, S100YG97 |
| Treasury stock | -197 | -1,160 | — | -2,641 | -1,282 | S100R42G, S100TPRX, S100YG97 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YG97 |
| Property, plant and equipment | 2% | S100YG97 |
| Intangibles and goodwill | 4% | — |
| Other assets | 70% | S100YG97 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100YG97 |
| Equity | 64% | S100YG97 |

### 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 | 28,296 | 30,393 | 44,804 | 45,322 | 48,464 |
| Equity | 14,042 | 16,196 | 29,398 | 29,612 | 31,220 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,639 | 10,217 | 9,906 | 9,908 | 11,730 |

## 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) | 1.9% | S100YG97 |
| Fixed assets ÷ total assets | 1.6% | S100YG97 |
| Goodwill ÷ parent equity | 6.4% | S100YG97 |

Goodwill over 4 years: 311 → 1,967 JPY; total investing cash flow: -3,666 JPY. This does not imply causation.

### 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) | 24.2% |
| Cash ÷ revenue | 27.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 137.6% |
| Cash vs. profit gap | 1,502 JPY mn (of net income 50.3%) |
| Shareholder returns / net income | 57.9% |
| Shareholder returns / FCF | 42.4% |
| Shareholder payments — dividends / net income | 39.7% |
| Shareholder payments — dividends / FCF | 29.1% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 2.3% |

## 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 | 5.5% | 1.14× | 6.3% | 2.14× | 13.5% | S100R42G |
| 2023 | 5.0% | 1.26× | 6.3% | 2.08× | 13.0% | S100TPRX |
| 2024 | 41.3% | 0.91× | 37.6% | 1.65× | 62.0% | S100YG97 |
| 2025 | 6.4% | 0.86× | 5.5% | 1.55× | 8.5% | S100YG97 |
| 2026 | 7.1% | 0.90× | 6.4% | 1.57× | 10.0% | S100YG97 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.7% | 2026-03-31 |
| ＢＢＳグループ従業員持株会 | Major shareholder | 6.7% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.4% | 2026-03-31 |
| ＪＦＥシステムズ株式会社 | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社プロネクサス | Major shareholder | 4.3% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 （役員報酬ＢＩＰ信託口・75813口） | Major shareholder | 2.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 （株式付与ＥＳＯＰ信託口・80186口） | Major shareholder | 2.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 （株式付与ＥＳＯＰ信託口・75753口） | Major shareholder | 1.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第59期(2025/04/01－2026/03/31) | S100YG97 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG97,, |
| 有価証券報告書－第58期(2024/04/01－2025/03/31) | S100W0VO | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0VO,, |
| 有価証券報告書－第57期(2023/04/01－2024/03/31) | S100TPRX | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPRX,, |
| 有価証券報告書－第56期(2022/04/01－2023/03/31) | S100R42G | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R42G,, |
| 訂正有価証券報告書－第55期(令和3年4月1日－令和4年3月31日) | S100PDY8 | 2022-10-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PDY8,, |
| 訂正有価証券報告書－第54期(令和2年4月1日－令和3年3月31日) | S100MNBW | 2021-10-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MNBW,, |

## 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).