# Business Engineering Corporation: 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47期(2025/04/01－2026/03/31) (S100YD7D)
> Page: https://vizora.meequs.com/en/company/business-engineering
> Retrieved: 2026-09-30T20:59:52.459Z

## Company

Business Engineering, founded in 1980, is a company in IT Services & System Integration listed on TSE Prime. It has 748 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Business Engineering Corporation |
| Ticker | 4828 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4828.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町1丁目8番1号 |
| Representative (per filing) | 代表取締役 取締役社長 羽田雅一 |
| Founded | Dec 1980 |
| Share capital | ¥697.6M |
| Employees (consolidated) | 748 |
| Average salary (parent only) | ¥9.1M |
| Fiscal year end | March |
| Website | www.b-en-g.co.jp (https://www.b-en-g.co.jp/) |
| Corporate number | 9010001101119 |
| EDINET | E05167 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100YD7D, filed 2026-06-18). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 42.4 | 157 |
| Profitability | 96.2 | 196 |
| Cash conversion | 63 | 185 |
| Efficiency | 46.2 | 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)

- About 64% of Business Engineering's sales come from Solutions, with Products and System support making up much of the rest.
- Out of every ¥100 of sales, about ¥26 is left as operating profit.
- Revenue changed +17.6% from the prior year, operating profit +37.1%.

## Company structure

- Segment revenue mix: Solutions 63.8%、Products 34.4%、System support 1.8%
- Revenue → net income: ¥24442721000 → ¥4890788000
- Net income → operating cash flow: ¥4890788000 → ¥5906985000（difference ¥1016197000）
- Main uses of operating cash flow: CapEx ¥1161571000 / dividends ¥1628997000 / buybacks ¥358894000
- Change in cash: ¥2794179000
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 | ¥24.4B |  |
| Operating income | ¥6.41B | Margin 26.2% |
| Net income | ¥4.89B | Margin 20.0% |
| Free cash flow | ¥4.75B |  |
| Largest business | Solutions | of segment revenue 63.8% |
| Employees (consolidated) | 748 |  |
| EPS | ¥75.75 |  |
| Book value per share | ¥234.45 |  |
| Equity ratio | 74.7% |  |
| Shares outstanding | 60,000,000 |  |
| Treasury shares | 1,300 |  |
| Shareholders | 8,369 |  |
| Average salary (parent only) | ¥9.1M | Filing company only |
| Cash ratio | 56.4% | Cash ÷ revenue 49.7% |
| Vs. industry median margin | +17.3 pp | IT Services & System Integration |
| ROE | 33.3% | Derived from disclosed figures |
| ROA | 24.5% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 56% of total assets
- FY2026, operating income keeps 26 per ¥100 of revenue
- FY2026, parent-company salary changed +20% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17707073000 | ¥24442721000 | +38.0% |
| Operating income | ¥1902755000 | ¥6411787000 | +237.0% |
| Operating margin | 10.7% | 26.2% | +15.5 pp |
| Employees | 643 people | 748 people | +16.3% |
| Cash and equivalents | ¥4078245000 | ¥12141599000 | +197.7% |

### 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 |
| --- | ---: |
| ソリューション → ソリューション | 63.8% |
| ソリューション → 事業再編・廃止 | 5.3% |
| プロダクト → プロダクト | 28.6% |
| システムサポート → システムサポート | 1.8% |
| システムサポート → 事業再編・廃止 | 0.5% |
| 新設・再編 → プロダクト | 5.8% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Solutions | 5 years | +5.0% | ¥15582335000 | 30.5% | 2 |
| Products | 5 years | +10.6% | ¥8408679000 | 38.1% | 2 |
| System support | 5 years | +2.1% | ¥451706000 | 112.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 24,443 | 100.0% | S100YD7D |
| Cost of revenue | 13,286 | 54.4% | S100YD7D |
| Gross profit | 11,156 | 45.6% | S100YD7D |
| SG&A | 4,744 | 19.4% | S100YD7D |
| Operating income | 6,412 | 26.2% | S100YD7D |
| Ordinary income | 6,435 | 26.3% | S100YD7D |
| Pretax income | 6,674 | 27.3% | S100YD7D |
| Income tax | 1,784 | 7.3% | S100YD7D |
| Net income | 4,891 | 20.0% | S100YD7D |
| Net income attributable to owners | 4,891 | 20.0% | S100YD7D |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 20 |
| Operating income | 26 |
| (Ref.) Net income | 20 |

### Margin funnel

Gross margin 45.6% → Operating margin 26.2% → Net margin 20.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.6%; Core profit growth: +37.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.10×
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 | 20,777 | 24,443 | 3,666 | +17.6% |
| Gross profit | 9,092 | 11,156 | 2,065 | +22.7% |
| Operating income | 4,676 | 6,412 | 1,735 | +37.1% |
| Net income attributable to owners | 3,331 | 4,891 | 1,560 | +46.8% |
| Operating cash flow | 3,523 | 5,907 | 2,384 | +67.7% |
| Free cash flow | 2,406 | 4,745 | 2,340 | +97.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 17,728 | 1,573 | 8.9% | 853 | 2,088 | 1,351 | S100LMZV |
| FY ending Mar 2021 | 17,707 | 1,903 | 10.7% | 1,289 | 2,539 | 1,779 | S100OC4W |
| FY ending Mar 2022 | 17,760 | 2,413 | 13.6% | 1,644 | 2,287 | 1,555 | S100R1D4 |
| FY ending Mar 2023 | 18,506 | 3,246 | 17.5% | 2,328 | 3,279 | 2,567 | S100TQCO |
| FY ending Mar 2024 | 19,493 | 3,885 | 19.9% | 2,626 | 3,554 | 2,567 | S100W7ZK |
| FY ending Mar 2025 | 20,777 | 4,676 | 22.5% | 3,331 | 3,523 | 2,406 | S100YD7D |
| FY ending Mar 2026 | 24,443 | 6,412 | 26.2% | 4,891 | 5,907 | 4,745 | S100YD7D |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.7M |
| Operating income per employee (consolidated) | ¥8.6M |
| Net income per employee (consolidated) | ¥6.5M |

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) | 657 | 684 | 699 | 719 | 748 |
| Average salary (parent company) | ¥7.6M | ¥8.3M | ¥7.9M | ¥8.1M | ¥9.1M |
| Average age (parent company) | 41.2 years | 41.1 years | 40.7 years | 40.3 years | 40.3 years |
| Average tenure (parent company) | 10.6 years | 11.2 years | 11.2 years | 11.1 years | 11.1 years |

Year over year: Employees (consolidated) +4.0% · Revenue (consolidated) +17.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Solutions | 15,582 | 63.8% | 4,752 | 30.5% |
| Products | 8,409 | 34.4% | 3,206 | 38.1% |
| System support | 452 | 1.8% | 509 | 112.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Solutions | 63.8% | 56.1% | -7.6 | 30.5% |
| Products | 34.4% | 37.9% | 3.5 | 38.1% |
| System support | 1.8% | 6.0% | 4.2 | 112.7% |

Segment → industry: System support → IT Services & System Integration / Solutions → IT Services & System Integration / Products → Software & SaaS

## 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 | 5,907 | 24.2% | S100YD7D |
| Capital expenditure | 1,162 | 4.8% | S100YD7D |
| Free cash flow | 4,745 | 19.4% | 算出 |
| Investing cash flow | -1,117 | -4.6% | S100YD7D |
| Financing cash flow | -1,998 | -8.2% | S100YD7D |
| Dividends paid | 1,629 | 6.7% | S100YD7D |
| Share buyback | 359 | 1.5% | S100YD7D |
| Change in cash | 2,794 | 11.4% | S100YD7D |
| Cash and equivalents | 12,142 | 49.7% | S100YD7D |

## 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 | 4,946 | 6,967 | 8,382 | 9,347 | 12,142 | S100TQCO, S100W7ZK, S100YD7D |
| Total assets | 11,492 | 13,409 | 15,718 | 18,452 | 21,526 | S100R1D4, S100TQCO, S100W7ZK, S100YD7D |
| Net assets | 7,475 | 9,287 | 10,950 | 13,385 | 16,071 | S100TQCO, S100W7ZK, S100YD7D |
| Share capital | 698 | 698 | 698 | 698 | 698 | S100R1D4, S100TQCO, S100W7ZK, S100YD7D |
| Property, plant and equipment | 151 | 131 | 170 | 195 | 173 | S100R1D4, S100TQCO, S100W7ZK, S100YD7D |
| Intangible assets excluding goodwill | 1,322 | 1,347 | 1,627 | 1,860 | 2,121 | S100R1D4, S100TQCO, S100W7ZK, S100YD7D |
| Investment securities | 328 | 372 | 539 | 1,044 | 932 | S100R1D4, S100TQCO, S100W7ZK, S100YD7D |
| Current assets | 8,867 | 10,822 | 12,583 | 14,336 | 17,219 | S100R1D4, S100TQCO, S100W7ZK, S100YD7D |
| Current liabilities | 4,016 | 4,121 | 4,753 | 5,030 | 5,397 | S100R1D4, S100TQCO, S100W7ZK, S100YD7D |
| Trade payables | 466 | 499 | 423 | 450 | 410 | S100R1D4, S100TQCO, S100W7ZK, S100YD7D |
| Short-term borrowings | 100 | 100 | 100 | 100 | 100 | S100R1D4, S100TQCO, S100W7ZK, S100YD7D |
| Total liabilities | 4,016 | 4,121 | 4,768 | 5,067 | 5,455 | S100R1D4, S100TQCO, S100W7ZK, S100YD7D |
| Equity attributable to owners of parent | 7,514 | 9,296 | 10,941 | 13,216 | 16,116 | S100R1D4, S100TQCO, S100W7ZK, S100YD7D |
| Retained earnings | 6,251 | 8,034 | 9,760 | 12,034 | 15,293 | S100R1D4, S100TQCO, S100W7ZK, S100YD7D |
| Treasury stock | -0 | -0 | -81 | -81 | -440 | S100R1D4, S100TQCO, S100W7ZK, S100YD7D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 56% | S100YD7D |
| Property, plant and equipment | 1% | S100YD7D |
| Intangibles and goodwill | 10% | S100YD7D |
| Investment securities | 4% | S100YD7D |
| Other assets | 29% | S100YD7D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YD7D |
| Other liabilities | 23% | S100YD7D |
| Equity | 75% | S100YD7D |
| Other liabilities | 0% | S100YD7D |

### 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 | 11,492 | 13,409 | 15,718 | 18,452 | 21,526 |
| Equity | 7,475 | 9,287 | 10,950 | 13,385 | 16,071 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,946 | 6,967 | 8,382 | 9,347 | 12,142 |

## 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) | 0.7% | S100YD7D |
| Fixed assets ÷ total assets | 0.8% | S100YD7D |
| Goodwill ÷ parent equity | — | —, S100YD7D |

### 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) | 56.4% |
| Cash ÷ revenue | 49.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 92.1% |
| Cash vs. profit gap | 1,016 JPY mn (of net income 20.8%) |
| Shareholder returns / net income | 40.6% |
| Shareholder returns / FCF | 41.9% |
| Shareholder payments — dividends / net income | 33.3% |
| Shareholder payments — dividends / FCF | 34.3% |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| Investing CF relative to operating CF | 18.9% |

## 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 | 9.3% | 1.55× | 14.3% | 1.53× | 21.9% | S100R1D4 |
| 2023 | 12.6% | 1.49× | 18.7% | 1.48× | 27.7% | S100TQCO |
| 2024 | 13.5% | 1.34× | 18.0% | 1.44× | 25.9% | S100W7ZK |
| 2025 | 16.0% | 1.22× | 19.5% | 1.41× | 27.6% | S100YD7D |
| 2026 | 20.0% | 1.22× | 24.5% | 1.36× | 33.3% | S100YD7D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社図研 | Major shareholder | 21.0% | 2026-03-31 |
| 三谷産業株式会社 | Major shareholder | 11.5% | 2026-03-31 |
| ウイングアーク１ｓｔ株式会社 | Major shareholder | 8.0% | 2026-03-31 |
| 株式会社インテック | Major shareholder | 6.0% | 2026-03-31 |
| キヤノンＩＴソリューションズ株式会社 | Major shareholder | 6.0% | 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 | 5.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505038（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 | 1.5% | 2026-03-31 |
| キッセイコムテック株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第47期(2025/04/01－2026/03/31) | S100YD7D | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD7D,, |
| 訂正有価証券報告書－第46期(2024/04/01－2025/03/31) | S100W7ZK | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7ZK,, |
| 有価証券報告書－第45期(2023/04/01－2024/03/31) | S100TQCO | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQCO,, |
| 有価証券報告書－第44期(2022/04/01－2023/03/31) | S100R1D4 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1D4,, |
| 有価証券報告書－第43期(令和3年4月1日－令和4年3月31日) | S100OC4W | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OC4W,, |
| 有価証券報告書－第42期(令和2年4月1日－令和3年3月31日) | S100LMZV | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMZV,, |

## 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).