# HARIMA B.STEM 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64期(2025/04/01－2026/03/31) (S100Y7GN)
> Page: https://vizora.meequs.com/en/company/harima-b-stem
> Retrieved: 2026-09-30T22:08:19.723Z

## Company

Harima B.stem, founded in 1961, is a company in Real Estate Brokerage & Management listed on TSE Standard. It has 1,792 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HARIMA B.STEM CORPORATION |
| Ticker | 9780 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9780.T) |
| Listing | TSE Standard |
| Head office | 横浜市西区みなとみらい二丁目2番1号 |
| Representative (per filing) | 代表取締役社長 免出一郎 |
| Founded | Oct 1961 |
| Share capital | ¥654.5M |
| Employees (consolidated) | 1,792 |
| Average salary (parent only) | ¥4.5M |
| Fiscal year end | March |
| Website | www.bstem.co.jp (https://www.bstem.co.jp/) |
| Corporate number | 6020001024214 |
| EDINET | E04944 |
| Industries (Vizora) | Real Estate Brokerage & Management |

> Profile source: annual securities report (S100Y7GN, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Real Estate Brokerage & Management (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38 | 25 |
| Profitability | 21.2 | 26 |
| Cash conversion | 44.2 | 26 |
| Efficiency | 82.7 | 26 |

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)

- Harima B.stem brought in ¥30.9B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +10.4% from the prior year, operating profit +33.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥30944787000 → ¥1183236000
- Net income → operating cash flow: ¥1183236000 → ¥1176636000（difference ¥-6600000）
- Main uses of operating cash flow: CapEx ¥308429000 / dividends ¥266310000 / buybacks ¥292322000
- Change in cash: ¥-616775000
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 | ¥30.9B |  |
| Operating income | ¥1.52B | Margin 4.9% |
| Net income | ¥1.18B | Margin 3.8% |
| Free cash flow | ¥868.2M |  |
| Employees (consolidated) | 1,792 |  |
| EPS | ¥101.46 |  |
| Diluted EPS | ¥88.71 |  |
| Book value per share | ¥1010.73 |  |
| Equity ratio | 57.8% |  |
| Shares outstanding | 9,624,490 |  |
| Treasury shares | 709,800 |  |
| Shareholders | 1,782 |  |
| Average salary (parent only) | ¥4.5M | Filing company only |
| Cash ratio | 20.8% | Cash ÷ revenue 11.6% |
| Vs. industry median margin | -4.1 pp | Real Estate Brokerage & Management |
| ROE | 12.6% | Derived from disclosed figures |
| ROA | 7.4% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.1× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥24175437000 | ¥30944787000 | +28.0% |
| Operating income | ¥679451000 | ¥1516321000 | +123.2% |
| Operating margin | 2.8% | 4.9% | +2.1 pp |
| Employees | 1,684 people | 1,792 people | +6.4% |
| Cash and equivalents | ¥3353410000 | ¥3580683000 | +6.8% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 30,945 | 100.0% | S100Y7GN |
| Cost of revenue | 26,207 | 84.7% | S100Y7GN |
| Gross profit | 4,738 | 15.3% | S100Y7GN |
| SG&A | 3,222 | 10.4% | S100Y7GN |
| Operating income | 1,516 | 4.9% | S100Y7GN |
| Ordinary income | 1,602 | 5.2% | S100Y7GN |
| Pretax income | 1,634 | 5.3% | S100Y7GN |
| Income tax | 451 | 1.5% | S100Y7GN |
| Net income | 1,183 | 3.8% | S100Y7GN |
| Net income attributable to owners | 1,183 | 3.8% | S100Y7GN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 10 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 15.3% → Operating margin 4.9% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.4%; Core profit growth: +33.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.21×
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 | 28,026 | 30,945 | 2,919 | +10.4% |
| Gross profit | 3,874 | 4,738 | 864 | +22.3% |
| Operating income | 1,136 | 1,516 | 380 | +33.5% |
| Net income attributable to owners | 860 | 1,183 | 323 | +37.5% |
| Operating cash flow | 850 | 1,177 | 327 | +38.4% |
| Free cash flow | 733 | 868 | 135 | +18.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 23,337 | 554 | 2.4% | 438 | 318 | -84 | S100LQCM |
| FY ending Mar 2021 | 24,175 | 679 | 2.8% | 642 | 760 | 608 | S100OF48 |
| FY ending Mar 2022 | 24,999 | 901 | 3.6% | 789 | 666 | 586 | S100R5GE |
| FY ending Mar 2023 | 25,316 | 814 | 3.2% | 737 | 967 | 436 | S100TS10 |
| FY ending Mar 2024 | 26,618 | 965 | 3.6% | 757 | 1,179 | 491 | S100W6W4 |
| FY ending Mar 2025 | 28,026 | 1,136 | 4.1% | 860 | 850 | 733 | S100Y7GN |
| FY ending Mar 2026 | 30,945 | 1,516 | 4.9% | 1,183 | 1,177 | 868 | S100Y7GN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.3M |
| Operating income per employee (consolidated) | ¥846.2K |
| Net income per employee (consolidated) | ¥660.3K |

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) | 1,651 | 1,672 | 1,701 | 1,759 | 1,792 |
| Average salary (parent company) | ¥3.9M | ¥4M | ¥4.1M | ¥4.4M | ¥4.5M |
| Average age (parent company) | 50.4 years | 50.9 years | 50.0 years | 50.0 years | 49.7 years |
| Average tenure (parent company) | 9.2 years | 9.8 years | 9.5 years | 9.6 years | 9.6 years |

Year over year: Employees (consolidated) +1.9% · Revenue (consolidated) +10.4%

## 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 | 1,177 | 3.8% | S100Y7GN |
| Capital expenditure | 308 | 1.0% | S100Y7GN |
| Free cash flow | 868 | 2.8% | 算出 |
| Investing cash flow | -2,015 | -6.5% | S100Y7GN |
| Financing cash flow | 220 | 0.7% | S100Y7GN |
| Dividends paid | 266 | 0.9% | S100Y7GN |
| Share buyback | 292 | 0.9% | S100Y7GN |
| Change in cash | -617 | -2.0% | S100Y7GN |
| Cash and equivalents | 3,581 | 11.6% | S100Y7GN |

## 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 | 3,332 | 3,344 | 3,615 | 4,197 | 3,581 | S100TS10, S100W6W4, S100Y7GN |
| Total assets | 12,247 | 12,485 | 14,125 | 14,791 | 17,241 | S100R5GE, S100TS10, S100W6W4, S100Y7GN |
| Net assets | 7,069 | 7,767 | 8,523 | 9,195 | 9,966 | S100TS10, S100W6W4, S100Y7GN |
| Share capital | 654 | 654 | 654 | 654 | 654 | S100R5GE, S100TS10, S100W6W4, S100Y7GN |
| Trade receivables | 3,860 | 3,823 | 4,323 | 4,271 | 4,984 | S100R5GE, S100TS10, S100W6W4, S100Y7GN |
| Property, plant and equipment | 1,240 | 1,905 | 2,486 | 2,546 | 2,658 | S100R5GE, S100TS10, S100W6W4, S100Y7GN |
| Intangible assets excluding goodwill | 149 | 118 | 125 | 264 | 1,371 | S100R5GE, S100TS10, S100W6W4, S100Y7GN |
| Goodwill | — | — | — | 69 | 518 | S100Y7GN |
| Investment securities | 786 | 761 | 1,032 | 1,065 | 1,624 | S100R5GE, S100TS10, S100W6W4, S100Y7GN |
| Current assets | 8,114 | 8,113 | 8,867 | 9,467 | 10,023 | S100R5GE, S100TS10, S100W6W4, S100Y7GN |
| Current liabilities | 4,241 | 3,982 | 4,735 | 4,600 | 5,180 | S100R5GE, S100TS10, S100W6W4, S100Y7GN |
| Short-term borrowings | 732 | 446 | 409 | 425 | 389 | S100R5GE, S100TS10, S100W6W4, S100Y7GN |
| Long-term borrowings | 397 | 194 | 295 | 360 | 194 | S100R5GE, S100TS10, S100W6W4, S100Y7GN |
| Total liabilities | 5,178 | 4,718 | 5,602 | 5,596 | 7,275 | S100R5GE, S100TS10, S100W6W4, S100Y7GN |
| Non-controlling interests | 62 | 64 | 65 | — | — | S100R5GE, S100TS10, S100W6W4 |
| Equity attributable to owners of parent | 6,960 | 7,644 | 8,330 | 9,064 | 9,757 | S100R5GE, S100TS10, S100W6W4, S100Y7GN |
| Retained earnings | 5,941 | 6,588 | 7,236 | 7,905 | 8,822 | S100R5GE, S100TS10, S100W6W4, S100Y7GN |
| Treasury stock | -288 | -257 | -226 | -195 | -454 | S100R5GE, S100TS10, S100W6W4, S100Y7GN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100Y7GN |
| Receivables | 29% | S100Y7GN |
| Property, plant and equipment | 15% | S100Y7GN |
| Intangibles and goodwill | 11% | S100Y7GN |
| Investment securities | 9% | S100Y7GN |
| Other assets | 15% | S100Y7GN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100Y7GN |
| Equity | 58% | S100Y7GN |

### 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 | 12,247 | 12,485 | 14,125 | 14,791 | 17,241 |
| Equity | 7,069 | 7,767 | 8,523 | 9,195 | 9,966 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,332 | 3,344 | 3,615 | 4,197 | 3,581 |

## 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) | 8.6% | S100Y7GN |
| Fixed assets ÷ total assets | 15.4% | S100Y7GN |
| Goodwill ÷ parent equity | 5.3% | S100Y7GN |

### 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) | 20.8% |
| Cash ÷ revenue | 11.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.6% |
| Cash vs. profit gap | -7 JPY mn (of net income -0.6%) |
| Shareholder returns / net income | 47.2% |
| Shareholder returns / FCF | 64.3% |
| Shareholder payments — dividends / net income | 22.5% |
| Shareholder payments — dividends / FCF | 30.7% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 171.2% |

## 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 | 3.2% | 2.04× | 6.4% | 1.76× | 11.3% | S100R5GE |
| 2023 | 2.9% | 2.05× | 6.0% | 1.69× | 10.1% | S100TS10 |
| 2024 | 2.8% | 2.00× | 5.7% | 1.67× | 9.5% | S100W6W4 |
| 2025 | 3.1% | 1.94× | 6.0% | 1.66× | 9.9% | S100Y7GN |
| 2026 | 3.8% | 1.93× | 7.4% | 1.70× | 12.6% | S100Y7GN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社おおとり | Major shareholder | 16.5% | 2026-03-31 |
| 光通信株式会社KK投資事業有限責任組合 | Major shareholder | 6.4% | 2026-03-31 |
| ハリマビステム社員持株会 | Major shareholder | 5.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.3% | 2026-03-31 |
| 中央日本土地建物株式会社 | Major shareholder | 4.1% | 2026-03-31 |
| 鴻 義 久 | Major shareholder | 4.0% | 2026-03-31 |
| ビステム役員持株会 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社横浜銀行（常任代理人 ㈱日本カストディ銀行） | Major shareholder | 2.8% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社（常任代理人 日本マスタートラスト信託銀行㈱） | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社みずほ銀行（常任代理人 ㈱日本カストディ銀行） | Major shareholder | 2.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2025/04/01－2026/03/31) | S100Y7GN | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y7GN,, |
| 有価証券報告書－第63期(2024/04/01－2025/03/31) | S100W6W4 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6W4,, |
| 有価証券報告書－第62期(2023/04/01－2024/03/31) | S100TS10 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS10,, |
| 有価証券報告書－第61期(2022/04/01－2023/03/31) | S100R5GE | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5GE,, |
| 有価証券報告書－第60期(令和3年4月1日－令和4年3月31日) | S100OF48 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF48,, |
| 有価証券報告書－第59期(令和2年4月1日－令和3年3月31日) | S100LQCM | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQCM,, |

## 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).