# BuySell Technologies Co.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2025/01/01－2025/12/31) (S100XTBY)
> Page: https://vizora.meequs.com/en/company/buysell-technologies
> Retrieved: 2026-09-30T20:26:53.573Z

## Company

BuySell Technologies, founded in 2001, is a company in Secondhand Retail listed on TSE Growth. It has 2,466 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BuySell Technologies Co.,Ltd. |
| Ticker | 7685 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7685.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区四谷四丁目28番8号 PALTビル |
| Representative (per filing) | 代表取締役社長兼CEO 徳重 浩介 |
| Founded | Jan 2001 |
| Share capital | ¥2.85B |
| Employees (consolidated) | 2,466 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | December |
| Website | buysell-technologies.com (https://buysell-technologies.com/) |
| Corporate number | 4010001074187 |
| EDINET | E35116 |
| Industries (Vizora) | Secondhand Retail |

> Profile source: annual securities report (S100XTBY, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Secondhand Retail (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.2 | 17 |
| Profitability | 82.5 | 20 |
| Cash conversion | 43.3 | 15 |
| Efficiency | 57.5 | 20 |

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)

- BuySell Technologies brought in ¥100.6B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +67.8% from the prior year, operating profit +91.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥100614584000 → ¥5270087000
- Net income → operating cash flow: ¥5270087000 → ¥7518191000（difference ¥2248104000）
- Main uses of operating cash flow: CapEx ¥821167000 / dividends ¥438513000 / buybacks —
- Change in cash: ¥6789871000
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 | ¥100.6B |  |
| Operating income | ¥9.04B | Margin 9.0% |
| Net income | ¥5.27B | Margin 5.2% |
| Free cash flow | ¥6.7B |  |
| Employees (consolidated) | 2,466 |  |
| EPS | ¥72.35 |  |
| Diluted EPS | ¥71.52 |  |
| Book value per share | ¥476.24 |  |
| Equity ratio | 38.2% |  |
| Shares outstanding | 30,877,880 |  |
| Shareholders | 1,669 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 36.5% | Cash ÷ revenue 19.9% |
| Vs. industry median margin | +5.7 pp | Secondhand Retail |
| ROE | 31.9% | Derived from disclosed figures |
| ROA | 10.4% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 4.1× its level five years ago
- FY2025, parent-company salary changed +23% over five years
- FY2025, cash is 37% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14764844000 | ¥100614584000 | +581.4% |
| Operating income | ¥968453000 | ¥9044311000 | +833.9% |
| Operating margin | 6.6% | 9.0% | +2.4 pp |
| Employees | 652 people | 2,466 people | +278.2% |
| Cash and equivalents | ¥3642929000 | ¥19986180000 | +448.6% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 100,615 | 100.0% | S100XTBY |
| Cost of revenue | 47,324 | 47.0% | S100XTBY |
| Gross profit | 53,291 | 53.0% | S100XTBY |
| SG&A | 44,246 | 44.0% | S100XTBY |
| Operating income | 9,044 | 9.0% | S100XTBY |
| Ordinary income | 8,487 | 8.4% | S100XTBY |
| Pretax income | 8,253 | 8.2% | S100XTBY |
| Income tax | 2,983 | 3.0% | S100XTBY |
| Net income | 5,270 | 5.2% | S100XTBY |
| Net income attributable to owners | 5,270 | 5.2% | S100XTBY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 47 |
| SG&A | 44 |
| Operating income | 9 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 53.0% → Operating margin 9.0% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +67.8%; Core profit growth: +91.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.34×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 59,974 | 100,615 | 40,641 | +67.8% |
| Gross profit | 31,656 | 53,291 | 21,635 | +68.3% |
| Operating income | 4,734 | 9,044 | 4,311 | +91.1% |
| Net income attributable to owners | 2,411 | 5,270 | 2,859 | +118.6% |
| Operating cash flow | 2,127 | 7,518 | 5,391 | +253.5% |
| Free cash flow | 1,042 | 6,697 | 5,655 | +542.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 14,765 | 968 | 6.6% | 566 | 425 | 61 | S100NXF7 |
| FY ending Dec 2021 | 24,789 | 2,315 | 9.3% | 1,314 | 2,081 | 1,656 | S100QFQ4 |
| FY ending Dec 2022 | 33,725 | 3,694 | 11.0% | 2,269 | 2,970 | 2,419 | S100T3BV |
| FY ending Dec 2023 | 42,575 | 2,796 | 6.6% | 1,453 | 1,239 | 54 | S100VGND |
| FY ending Dec 2024 | 59,974 | 4,734 | 7.9% | 2,411 | 2,127 | 1,042 | S100XTBY |
| FY ending Dec 2025 | 100,615 | 9,044 | 9.0% | 5,270 | 7,518 | 6,697 | S100XTBY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.8M |
| Operating income per employee (consolidated) | ¥3.7M |
| 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 840 | 1,088 | 1,413 | 2,336 | 2,466 |
| Average salary (parent company) | ¥4.3M | ¥4.3M | ¥4.4M | ¥4.5M | ¥5.4M |
| Average age (parent company) | 28.3 years | 28.3 years | 27.9 years | 28.3 years | 28.8 years |
| Average tenure (parent company) | 2.7 years | 2.8 years | 2.6 years | 2.7 years | 2.9 years |

Year over year: Employees (consolidated) +5.6% · Revenue (consolidated) +67.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 7,518 | 7.5% | S100XTBY |
| Capital expenditure | 821 | 0.8% | S100XTBY |
| Free cash flow | 6,697 | 6.7% | 算出 |
| Investing cash flow | -1,125 | -1.1% | S100XTBY |
| Financing cash flow | 395 | 0.4% | S100XTBY |
| Dividends paid | 439 | 0.4% | S100XTBY |
| Change in cash | 6,790 | 6.7% | S100XTBY |
| Cash and equivalents | 19,986 | 19.9% | S100XTBY |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,796 | 7,005 | 7,683 | 13,196 | 19,986 | S100T3BV, S100VGND, S100XTBY |
| Total assets | 10,286 | 17,645 | 21,321 | 46,377 | 54,721 | S100QFQ4, S100T3BV, S100VGND, S100XTBY |
| Net assets | 4,593 | 8,239 | 8,611 | 12,495 | 21,430 | S100T3BV, S100VGND, S100XTBY |
| Share capital | 671 | 810 | 867 | 903 | 2,851 | S100QFQ4, S100T3BV, S100VGND, S100XTBY |
| Property, plant and equipment | 363 | 717 | 1,148 | 2,022 | 1,946 | S100QFQ4, S100T3BV, S100VGND, S100XTBY |
| Intangible assets excluding goodwill | 2,093 | 5,691 | 5,696 | 18,480 | 16,846 | S100QFQ4, S100T3BV, S100VGND, S100XTBY |
| Goodwill | 1,623 | 3,757 | 3,599 | 16,183 | 15,061 | S100QFQ4, S100T3BV, S100VGND, S100XTBY |
| Investment securities | 12 | 13 | 11 | 25 | 36 | S100QFQ4, S100T3BV, S100VGND, S100XTBY |
| Current assets | 7,347 | 10,449 | 13,417 | 23,821 | 33,488 | S100QFQ4, S100T3BV, S100VGND, S100XTBY |
| Current liabilities | 3,650 | 5,690 | 7,160 | 13,128 | 14,677 | S100QFQ4, S100T3BV, S100VGND, S100XTBY |
| Short-term borrowings | 100 | — | 150 | 1,000 | — | S100QFQ4, S100VGND, S100XTBY |
| Long-term borrowings | 1,860 | 3,122 | 5,034 | 20,293 | 18,299 | S100QFQ4, S100T3BV, S100VGND, S100XTBY |
| Bonds | 180 | 211 | 125 | 51 | 37 | S100QFQ4, S100T3BV, S100VGND, S100XTBY |
| Interest-bearing debt | 2,140 | — | 5,309 | 21,344 | — | 算出 |
| Total liabilities | 5,693 | 9,406 | 12,710 | 33,882 | 33,292 | S100QFQ4, S100T3BV, S100VGND, S100XTBY |
| Equity attributable to owners of parent | 4,522 | 8,150 | 8,421 | 12,159 | 20,886 | S100QFQ4, S100T3BV, S100VGND, S100XTBY |
| Retained earnings | 2,805 | 4,876 | 6,038 | 8,092 | 12,924 | S100QFQ4, S100T3BV, S100VGND, S100XTBY |
| Treasury stock | -0 | -0 | -1,006 | -21 | -21 | S100QFQ4, S100T3BV, S100VGND, S100XTBY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100XTBY |
| Property, plant and equipment | 4% | S100XTBY |
| Intangibles and goodwill | 58% | S100XTBY |
| Investment securities | 0% | S100XTBY |
| Other assets | 2% | S100XTBY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 61% | S100XTBY |
| Equity | 39% | S100XTBY |
| Other liabilities | 0% | S100XTBY |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,286 | 17,645 | 21,321 | 46,377 | 54,721 |
| Equity | 4,593 | 8,239 | 8,611 | 12,495 | 21,430 |
| Interest-bearing debt | 2,140 | — | 5,309 | 21,344 | — |
| Cash | 4,796 | 7,005 | 7,683 | 13,196 | 19,986 |

## 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% | S100XTBY |
| Fixed assets ÷ total assets | 3.6% | S100XTBY |
| Goodwill ÷ parent equity | 72.1% | S100XTBY |

Goodwill over 4 years: 1,623 → 15,061 JPY; total investing cash flow: -19,975 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) | 36.5% |
| Cash ÷ revenue | 19.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 83.1% |
| Cash vs. profit gap | 2,248 JPY mn (of net income 42.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 8.3% |
| Shareholder payments — dividends / FCF | 6.5% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 15.0% |

## 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 | 5.3% | 2.41× | 12.8% | 2.27× | 29.1% | S100QFQ4 |
| 2022 | 6.7% | 2.41× | 16.2% | 2.20× | 35.8% | S100T3BV |
| 2023 | 3.4% | 2.19× | 7.5% | 2.35× | 17.5% | S100VGND |
| 2024 | 4.0% | 1.77× | 7.1% | 3.29× | 23.4% | S100XTBY |
| 2025 | 5.2% | 1.99× | 10.4% | 3.06× | 31.9% | S100XTBY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 吉村英毅・ミダスＡ投資事業有限責任組合 | Major shareholder | 35.5% | 2025-12-31 |
| ミダス第２号投資事業有限責任組合 | Major shareholder | 11.7% | 2025-12-31 |
| 岩田 匡平 | Major shareholder | 6.6% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.5% | 2025-12-31 |
| 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% | 2025-12-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG（FE－AC） （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 3.3% | 2025-12-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 3.3% | 2025-12-31 |
| 吉村 英毅 | Major shareholder | 1.8% | 2025-12-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 1.5% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/01/01－2025/12/31) | S100XTBY | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTBY,, |
| 有価証券報告書－第24期(2024/01/01－2024/12/31) | S100VGND | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGND,, |
| 有価証券報告書－第23期(2023/01/01－2023/12/31) | S100T3BV | 2024-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3BV,, |
| 有価証券報告書－第22期(2022/01/01－2022/12/31) | S100QFQ4 | 2023-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFQ4,, |
| 訂正有価証券報告書－第21期(令和3年1月1日－令和3年12月31日) | S100NXF7 | 2022-04-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NXF7,, |
| 有価証券報告書－第20期(令和2年1月1日－令和2年12月31日) | S100L11G | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L11G,, |

## 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).