# Business Coach Inc.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2024/10/01－2025/09/30) (S100XCST)
> Page: https://vizora.meequs.com/en/company/businesscoach
> Retrieved: 2026-09-30T22:16:44.302Z

## Company

Business Coach, founded in 2005, is a company in IT Services & System Integration listed on TSE Growth. It has 59 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Business Coach Inc. |
| Ticker | 9562 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9562.T) |
| Listing | TSE Growth |
| Head office | 東京都港区西新橋一丁目7番14号 |
| Representative (per filing) | 代表取締役社長 細川 馨 |
| Founded | Apr 2005 |
| Share capital | ¥216M |
| Employees (consolidated) | 59 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | September |
| Website | www.businesscoach.co.jp (https://www.businesscoach.co.jp/) |
| Corporate number | 5010001092774 |
| EDINET | E37957 |
| Industries (Vizora) | IT Services & System Integration, Consulting |

> Profile source: annual securities report (S100XCST, filed 2025-12-25). As of filing

## Five-axis industry profile

Primary industry: Consulting (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 35.2 | 44 |
| Cash conversion | 23.9 | 44 |
| Efficiency | 80.7 | 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 79% of Business Coach's sales come from Human resources development business, with DXServiceBusinessReportableSegmentMember making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +25.2% from the prior year, operating profit +105.1%.

## Company structure

- Segment revenue mix: Human resources development business 79.2%、DXServiceBusinessReportableSegmentMember 20.8%
- Revenue → net income: ¥2003993000 → ¥140650000
- Net income → operating cash flow: ¥140650000 → ¥91188000（difference ¥-49462000）
- Main uses of operating cash flow: CapEx ¥34074000 / dividends ¥55123000 / buybacks —
- Change in cash: ¥42022000
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 | ¥2B |  |
| Operating income | ¥163.8M | Margin 8.2% |
| Net income | ¥123.3M | Margin 6.2% |
| Free cash flow | ¥57.1M |  |
| Largest business | Human resources development business | of segment revenue 79.2% |
| Employees (consolidated) | 59 |  |
| EPS | ¥30.29 |  |
| Diluted EPS | ¥29.77 |  |
| Book value per share | ¥637.96 |  |
| Equity ratio | 76.9% |  |
| Shares outstanding | 1,130,600 |  |
| Shareholders | 1,079 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 44.3% | Cash ÷ revenue 22.2% |
| Vs. industry median margin | -1.3 pp | Consulting |
| ROE | 16.9% | Derived from disclosed figures |
| ROA | 10.4% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 79% of positive segment profit
- FY2025, cash is 44% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Sep 2021 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1001290000 | ¥2003993000 | — |
| Operating income | ¥231934000 | ¥163845000 | — |
| Operating margin | 23.2% | 8.2% | -15 pp |
| Employees | 40 people | 59 people | — |
| Cash and equivalents | ¥464061000 | ¥444038000 | — |

### Change in segment revenue mix

Span: FY ending Sep 2021 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 人材開発事業 | 79.2% |
| 新設・再編 → DX事業 | 20.8% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,004 | 100.0% | S100XCST |
| Cost of revenue | 755 | 37.7% | S100XCST |
| Gross profit | 1,249 | 62.3% | S100XCST |
| SG&A | 1,085 | 54.1% | S100XCST |
| Operating income | 164 | 8.2% | S100XCST |
| Ordinary income | 178 | 8.9% | S100XCST |
| Pretax income | 210 | 10.5% | S100XCST |
| Income tax | 70 | 3.5% | S100XCST |
| Net income | 141 | 7.0% | S100XCST |
| Net income attributable to owners | 123 | 6.2% | S100XCST |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 38 |
| SG&A | 54 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 62.3% → Operating margin 8.2% → Net margin 6.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +25.2%; Core profit growth: +105.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.18×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,601 | 2,004 | 403 | +25.2% |
| Gross profit | 973 | 1,249 | 276 | +28.3% |
| Operating income | 80 | 164 | 84 | +105.1% |
| Net income attributable to owners | 54 | 123 | 69 | +127.7% |
| Operating cash flow | 137 | 91 | -46 | -33.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2021 | 1,001 | 232 | 23.2% | 156 | 296 | — | S100PUNM |
| FY ending Sep 2022 | 1,148 | 246 | 21.5% | 172 | 51 | — | S100SJK6 |
| FY ending Sep 2023 | 1,156 | 83 | 7.2% | 53 | 44 | -25 | S100SJK6 |
| FY ending Sep 2024 | 1,601 | 80 | 5.0% | 54 | 137 | — | S100XCST |
| FY ending Sep 2025 | 2,004 | 164 | 8.2% | 123 | 91 | 57 | S100XCST |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥2.1M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 40 | 41 | 47 | 58 | 59 |
| Average salary (parent company) | — | ¥6.3M | ¥6.7M | ¥6.9M | ¥6.7M |
| Average age (parent company) | — | 37.1 years | 39.1 years | 40.0 years | 40.2 years |
| Average tenure (parent company) | — | 3.5 years | 3.7 years | 4.0 years | 3.5 years |

Year over year: Employees (consolidated) +1.7% · Revenue (consolidated) +25.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Human resources development business | 1,587 | 79.2% | 129 | 8.2% |
| DXServiceBusinessReportableSegmentMember | 417 | 20.8% | 34 | 8.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Human resources development business | 79.2% | 79.0% | -0.3 | 8.2% |
| DXServiceBusinessReportableSegmentMember | 20.8% | 21.0% | 0.3 | 8.3% |

Segment → industry: DXServiceBusinessReportableSegmentMember → IT Services & System Integration / Human resources development business → Consulting

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 91 | 4.6% | S100XCST |
| Capital expenditure | 34 | 1.7% | S100XCST |
| Free cash flow | 57 | 2.9% | 算出 |
| Investing cash flow | 20 | 1.0% | S100XCST |
| Financing cash flow | -69 | -3.5% | S100XCST |
| Dividends paid | 55 | 2.8% | S100XCST |
| Change in cash | 42 | 2.1% | S100XCST |
| Cash and equivalents | 444 | 22.2% | S100XCST |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 464 | 354 | 521 | 402 | 444 | S100SJK6, S100XCST |
| Total assets | 730 | 750 | 932 | 1,376 | 1,003 | S100PUNM, S100SJK6, S100XCST |
| Net assets | 300 | 424 | 689 | 836 | 771 | S100SJK6, S100XCST |
| Share capital | 78 | 78 | 208 | 208 | 216 | S100PUNM, S100SJK6, S100XCST |
| Property, plant and equipment | 3 | 1 | 34 | 29 | 25 | S100PUNM, S100SJK6, S100XCST |
| Intangible assets excluding goodwill | 37 | 38 | 54 | 386 | 64 | S100PUNM, S100SJK6, S100XCST |
| Goodwill | — | — | — | 79 | — | S100XCST |
| Investment securities | — | — | — | — | 30 | S100XCST |
| Current assets | 668 | 645 | 792 | 779 | 759 | S100PUNM, S100SJK6, S100XCST |
| Current liabilities | 320 | 264 | 208 | 347 | 232 | S100PUNM, S100SJK6, S100XCST |
| Long-term borrowings | 69 | 42 | 31 | 6 | — | S100PUNM, S100SJK6, S100XCST |
| Bonds | 40 | 20 | 5 | — | — | S100PUNM, S100SJK6 |
| Total liabilities | 430 | 326 | 243 | 540 | 232 | S100PUNM, S100SJK6, S100XCST |
| Non-controlling interests | — | — | — | 148 | — | S100XCST |
| Equity attributable to owners of parent | 300 | 424 | 689 | 687 | 771 | S100PUNM, S100SJK6, S100XCST |
| Retained earnings | 186 | 310 | 315 | 314 | 382 | S100PUNM, S100SJK6, S100XCST |
| Treasury stock | — | — | -0 | -0 | -0 | S100SJK6, S100XCST |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 44% | S100XCST |
| Property, plant and equipment | 3% | S100XCST |
| Intangibles and goodwill | 6% | S100XCST |
| Investment securities | 3% | S100XCST |
| Other assets | 44% | S100XCST |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100XCST |
| Equity | 77% | S100XCST |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 730 | 750 | 932 | 1,376 | 1,003 |
| Equity | 300 | 424 | 689 | 836 | 771 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 464 | 354 | 521 | 402 | 444 |

## 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) | 1.2% | S100XCST |
| Fixed assets ÷ total assets | 2.5% | S100XCST |
| Goodwill ÷ parent equity | — | —, S100XCST |

### 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) | 44.3% |
| Cash ÷ revenue | 22.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 55.7% |
| Cash vs. profit gap | -32 JPY mn (of net income -26.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 44.7% |
| Shareholder payments — dividends / FCF | 96.5% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 22.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 15.6% | 1.37× | 21.4% | 2.43× | 52.1% | S100PUNM |
| 2022 | 15.0% | 1.55× | 23.3% | 2.04× | 47.6% | S100SJK6 |
| 2023 | 4.6% | 1.37× | 6.3% | 1.51× | 9.6% | S100SJK6 |
| 2024 | 3.4% | 1.16× | 3.9% | 2.00× | 7.9% | S100XCST |
| 2025 | 6.2% | 1.69× | 10.4% | 1.63× | 16.9% | S100XCST |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社コーチ・エフ | Major shareholder | 35.6% | 2025-09-30 |
| 橋場 剛 | Major shareholder | 7.9% | 2025-09-30 |
| 田中 広道 | Major shareholder | 2.6% | 2025-09-30 |
| 細川 馨 | Major shareholder | 2.6% | 2025-09-30 |
| 細田 茂 | Major shareholder | 2.1% | 2025-09-30 |
| ベル投資事業有限責任組合１ | Major shareholder | 1.9% | 2025-09-30 |
| 菅原 泰男 | Major shareholder | 1.8% | 2025-09-30 |
| 湊 伸悟 | Major shareholder | 1.6% | 2025-09-30 |
| 野村證券株式会社 | Major shareholder | 1.6% | 2025-09-30 |
| 栗原 保雄 | Major shareholder | 1.1% | 2025-09-30 |
| 吉田 有 | Major shareholder | 1.1% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2024/10/01－2025/09/30) | S100XCST | 2025-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCST,, |
| 有価証券報告書－第20期(2023/10/01－2024/09/30) | S100V0QL | 2024-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0QL,, |
| 有価証券報告書－第19期(2022/10/01－2023/09/30) | S100SJK6 | 2023-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJK6,, |
| 有価証券報告書－第18期(令和3年10月1日－令和4年9月30日) | S100PUNM | 2022-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUNM,, |

## 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).