Financials

Baycurrent: FYE Feb 2026 and ten years of results (46 metrics)

FYE Feb 2026 · Revenue¥148bnYoY +27.8%

FYE Feb 2026 · Operating profit¥51bnYoY +19.5%

FYE Feb 2026 · Net profit¥38bnYoY +23.0%

FYE Feb 2026 · Equity ratio74.3%YoY −1.4pp

FYE Feb 2026 · Group employees6,788YoY +1,321

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Feb 2017Parent only	¥17bn	n/a	¥2.3bn	n/a	13.3%	¥1.2bn	Hagihira Kazumi	IPO on TSE Mothers (Sep); <a class="en-history_person" href="/tse/6532/executives/ceo/abe-yoshiyuki/" hreflang="ja">Abe Yoshiyuki</a> president (Dec)
FYE Feb 2018Parent only	¥20bn	+18.9%	¥3.3bn	+42.8%	16.0%	¥2.0bn	Abe Yoshiyuki	—
FYE Feb 2019Parent only	¥24bn	+17.5%	¥3.6bn	+11.6%	15.2%	¥2.3bn	Abe Yoshiyuki	Moves up to the TSE First Section
FYE Feb 2020Parent only	¥33bn	+37.2%	¥7.1bn	+96.1%	21.7%	¥4.4bn	Abe Yoshiyuki	The DX boom begins to lift rates and volume
FYE Feb 2021Consolidated	¥43bn	+30.1%	¥13bn	+76.9%	29.5%	¥10bn	Abe Yoshiyuki	—
FYE Feb 2022Parent only	¥57bn	+34.2%	¥21bn	+63.3%	35.9%	¥16bn	Abe Yoshiyuki	—
FYE Feb 2023Consolidated	¥76bn	+32.4%	¥30bn	+44.9%	39.3%	¥22bn	Abe Yoshiyuki	Moves to the TSE Prime market
FYE Feb 2024Consolidated	¥94bn	+23.4%	¥34bn	+14.4%	36.4%	¥25bn	Abe Yoshiyuki	4,321 consultants — 3.6× the number at listing
FYE Feb 2025Consolidated	¥116bn	+23.6%	¥43bn	+24.5%	36.7%	¥31bn	Abe Yoshiyuki	Head office to Azabudai (Jan); holding company Baycurrent, Inc. (Sep)
FYE Feb 2026Consolidated	¥148bn	+27.8%	¥51bn	+19.5%	34.3%	¥38bn	Abe Yoshiyuki	<a class="en-history_person" href="/tse/6532/executives/ceo/kitakaze-daisuke/" hreflang="ja">Kitakaze Daisuke</a> president (May), resigns on health grounds (Nov); Abe returns

How it compares

Baycurrent¥148bnFY2025Operating margin 34.3%

SHIFT¥130bnFY2025Operating margin 12.0%Systena¥94bnFY2025Operating margin 16.3%Future¥76bnFY2025Operating margin 21.3%

Simplex Holdings¥59bnFY2025Operating margin 24.6%

Dream Incubator¥9bnFY2025Operating margin 20.6%

Income statement Revenue, costs, each level of profit and the margins they leave

Where the revenue goes

¥ bn

Cost of sales SG&A Operating profit

Margins

Gross margin Operating margin Net margin

Revenue net sales, operating revenue

FYE Feb 2026 ¥148bn

CAGR · 10 yrs +27.1%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Feb 2017	17.2	n/a	Parent · IFRS
FYE Feb 2018	20.4	+18.9%	Parent · IFRS
FYE Feb 2019	24.0	+17.5%	Parent · IFRS
FYE Feb 2020	32.9	+37.2%	Parent · IFRS
FYE Feb 2021	42.8	moved to consolidated	Cons. · IFRS
FYE Feb 2022	57.5	moved to parent only	Parent · IFRS
FYE Feb 2023	76.1	moved to consolidated	Cons. · IFRS
FYE Feb 2024	93.9	+23.4%	Cons. · IFRS
FYE Feb 2025	116	+23.6%	Cons. · IFRS
FYE Feb 2026	148	+27.8%	Cons. · IFRS

Definition: Everything the company took in from its own business
Formula: Revenue line of the income statement
Source: Securities report (XBRL)

Cost of sales

FYE Feb 2026 ¥64bn

CAGR · 10 yrs +22.5%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Feb 2017	10.3	n/a	Parent · IFRS
FYE Feb 2018	11.6	+12.1%	Parent · IFRS
FYE Feb 2019	13.8	+18.9%	Parent · IFRS
FYE Feb 2020	18.5	+34.5%	Parent · IFRS
FYE Feb 2021	22.6	moved to consolidated	Cons. · IFRS
FYE Feb 2022	26.8	moved to parent only	Parent · IFRS
FYE Feb 2023	33.7	moved to consolidated	Cons. · IFRS
FYE Feb 2024	42.6	+26.7%	Cons. · IFRS
FYE Feb 2025	53.6	+25.7%	Cons. · IFRS
FYE Feb 2026	64.3	+20.0%	Cons. · IFRS

Definition: The cost of what was sold
Formula: Cost of sales line of the income statement
Source: Securities report (XBRL)

Gross profit

FYE Feb 2026 ¥84bn

CAGR · 10 yrs +32.1%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Feb 2017	6.8	n/a	Parent · IFRS
FYE Feb 2018	8.8	+29.3%	Parent · IFRS
FYE Feb 2019	10.2	+15.6%	Parent · IFRS
FYE Feb 2020	14.4	+40.9%	Parent · IFRS
FYE Feb 2021	20.3	moved to consolidated	Cons. · IFRS
FYE Feb 2022	30.7	moved to parent only	Parent · IFRS
FYE Feb 2023	42.4	moved to consolidated	Cons. · IFRS
FYE Feb 2024	51.3	+20.9%	Cons. · IFRS
FYE Feb 2025	62.5	+21.8%	Cons. · IFRS
FYE Feb 2026	84.0	+34.5%	Cons. · IFRS

Definition: What the product or service itself earns
Formula: Revenue − cost of sales
Source: Securities report (XBRL)

SG&A selling, general and administrative expenses

FYE Feb 2026 ¥33bn

CAGR · 10 yrs +24.7%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Feb 2017	4.5	n/a	Parent · IFRS
FYE Feb 2018	5.6	+22.5%	Parent · IFRS
FYE Feb 2019	6.6	+18.0%	Parent · IFRS
FYE Feb 2020	7.2	+10.3%	Parent · IFRS
FYE Feb 2021	7.6	moved to consolidated	Cons. · IFRS
FYE Feb 2022	10.0	moved to parent only	Parent · IFRS
FYE Feb 2023	12.5	moved to consolidated	Cons. · IFRS
FYE Feb 2024	17.0	+36.3%	Cons. · IFRS
FYE Feb 2025	19.8	+16.4%	Cons. · IFRS
FYE Feb 2026	33.1	+66.6%	Cons. · IFRS

Definition: The cost of selling and of running the company
Formula: SG&A line of the income statement
Source: Securities report (XBRL)

Operating profit

FYE Feb 2026 ¥51bn

CAGR · 10 yrs +41.2%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Feb 2017	2.3	n/a	Parent · IFRS
FYE Feb 2018	3.3	+42.8%	Parent · IFRS
FYE Feb 2019	3.6	+11.6%	Parent · IFRS
FYE Feb 2020	7.1	+96.1%	Parent · IFRS
FYE Feb 2021	12.6	moved to consolidated	Cons. · IFRS
FYE Feb 2022	20.6	moved to parent only	Parent · IFRS
FYE Feb 2023	29.9	moved to consolidated	Cons. · IFRS
FYE Feb 2024	34.2	+14.4%	Cons. · IFRS
FYE Feb 2025	42.6	+24.5%	Cons. · IFRS
FYE Feb 2026	50.9	+19.5%	Cons. · IFRS

Definition: What the core business earns
Formula: Gross profit − SG&A
Source: Securities report (XBRL)

Non-operating income

FYE Feb 2026 ¥120m

CAGR · 4 yrs +525.6%

Fiscal year	Non-operating income ¥ m	YoY	Basis
FYE Feb 2017	0.5	n/a	Parent · IFRS
FYE Feb 2018	0.0	−100.0%	Parent · IFRS
FYE Feb 2019	0.0	n/a	Parent · IFRS
FYE Feb 2020	n/a	n/a	Parent · IFRS
FYE Feb 2021	n/a	moved to consolidated	Cons. · IFRS
FYE Feb 2022	n/a	moved to parent only	Parent · IFRS
FYE Feb 2023	n/a	moved to consolidated	Cons. · IFRS
FYE Feb 2024	n/a	n/a	Cons. · IFRS
FYE Feb 2025	n/a	n/a	Cons. · IFRS
FYE Feb 2026	120	n/a	Cons. · IFRS

Definition: Income from outside the core business
Formula: Non-operating income line of the income statement
Source: Securities report (XBRL)

Non-operating expenses

FYE Feb 2026 ¥63.0m

CAGR · 7 yrs −13.6%

Fiscal year	Non-operating expenses ¥ m	YoY	Basis
FYE Feb 2017	152	n/a	Parent · IFRS
FYE Feb 2018	81.0	−46.6%	Parent · IFRS
FYE Feb 2019	139	+71.6%	Parent · IFRS
FYE Feb 2020	47.0	−66.2%	Parent · IFRS
FYE Feb 2021	n/a	moved to consolidated	Cons. · IFRS
FYE Feb 2022	n/a	moved to parent only	Parent · IFRS
FYE Feb 2023	n/a	moved to consolidated	Cons. · IFRS
FYE Feb 2024	59.0	n/a	Cons. · IFRS
FYE Feb 2025	69.0	+16.9%	Cons. · IFRS
FYE Feb 2026	63.0	−8.7%	Cons. · IFRS

Definition: Costs arising outside the core business
Formula: Non-operating expenses line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Feb 2026 ¥38bn

CAGR · 10 yrs +47.4%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Feb 2017	1.2	n/a	Parent · IFRS
FYE Feb 2018	2.0	+72.1%	Parent · IFRS
FYE Feb 2019	2.3	+15.5%	Parent · IFRS
FYE Feb 2020	4.4	+93.6%	Parent · IFRS
FYE Feb 2021	10.0	moved to consolidated	Cons. · IFRS
FYE Feb 2022	15.5	moved to parent only	Parent · IFRS
FYE Feb 2023	21.9	moved to consolidated	Cons. · IFRS
FYE Feb 2024	25.4	+15.8%	Cons. · IFRS
FYE Feb 2025	30.8	+21.2%	Cons. · IFRS
FYE Feb 2026	37.8	+23.0%	Cons. · IFRS

Definition: What is left after tax
Formula: Pre-tax profit − income taxes
Source: Securities report (XBRL)

Gross margin

FYE Feb 2026 56.6%

Average · 10 yrs 49.1%

Fiscal year	Gross margin %	YoY	Basis
FYE Feb 2017	39.8	n/a	Parent · IFRS
FYE Feb 2018	43.3	+3.5pp	Parent · IFRS
FYE Feb 2019	42.6	−0.7pp	Parent · IFRS
FYE Feb 2020	43.7	+1.1pp	Parent · IFRS
FYE Feb 2021	47.3	moved to consolidated	Cons. · IFRS
FYE Feb 2022	53.3	moved to parent only	Parent · IFRS
FYE Feb 2023	55.8	moved to consolidated	Cons. · IFRS
FYE Feb 2024	54.6	−1.2pp	Cons. · IFRS
FYE Feb 2025	53.8	−0.8pp	Cons. · IFRS
FYE Feb 2026	56.6	+2.8pp	Cons. · IFRS

Definition: The share of revenue left after the cost of sales
Formula: Gross profit ÷ revenue
Source: Securities report (XBRL)

Operating margin

FYE Feb 2026 34.3%

Average · 10 yrs 27.8%

Fiscal year	Operating margin %	YoY	Basis
FYE Feb 2017	13.3	n/a	Parent · IFRS
FYE Feb 2018	16.0	+2.7pp	Parent · IFRS
FYE Feb 2019	15.2	−0.8pp	Parent · IFRS
FYE Feb 2020	21.7	+6.5pp	Parent · IFRS
FYE Feb 2021	29.5	moved to consolidated	Cons. · IFRS
FYE Feb 2022	35.9	moved to parent only	Parent · IFRS
FYE Feb 2023	39.3	moved to consolidated	Cons. · IFRS
FYE Feb 2024	36.4	−2.9pp	Cons. · IFRS
FYE Feb 2025	36.7	+0.3pp	Cons. · IFRS
FYE Feb 2026	34.3	−2.4pp	Cons. · IFRS

Definition: The share of revenue the core business keeps
Formula: Operating profit ÷ revenue
Source: Securities report (XBRL)

Net margin

FYE Feb 2026 25.5%

Average · 10 yrs 19.8%

Fiscal year	Net margin %	YoY	Basis
FYE Feb 2017	6.7	n/a	Parent · IFRS
FYE Feb 2018	9.7	+3.0pp	Parent · IFRS
FYE Feb 2019	9.6	−0.2pp	Parent · IFRS
FYE Feb 2020	13.5	+3.9pp	Parent · IFRS
FYE Feb 2021	23.4	moved to consolidated	Cons. · IFRS
FYE Feb 2022	27.0	moved to parent only	Parent · IFRS
FYE Feb 2023	28.8	moved to consolidated	Cons. · IFRS
FYE Feb 2024	27.0	−1.8pp	Cons. · IFRS
FYE Feb 2025	26.5	−0.5pp	Cons. · IFRS
FYE Feb 2026	25.5	−1.0pp	Cons. · IFRS

Definition: The share of revenue left after everything
Formula: Net profit ÷ revenue
Source: Securities report (XBRL)

Cost-of-sales ratio

FYE Feb 2026 43.4%

Average · 10 yrs 50.9%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Feb 2017	60.2	n/a	Parent · IFRS
FYE Feb 2018	56.7	−3.5pp	Parent · IFRS
FYE Feb 2019	57.4	+0.7pp	Parent · IFRS
FYE Feb 2020	56.3	−1.1pp	Parent · IFRS
FYE Feb 2021	52.7	moved to consolidated	Cons. · IFRS
FYE Feb 2022	46.7	moved to parent only	Parent · IFRS
FYE Feb 2023	44.2	moved to consolidated	Cons. · IFRS
FYE Feb 2024	45.4	+1.2pp	Cons. · IFRS
FYE Feb 2025	46.2	+0.8pp	Cons. · IFRS
FYE Feb 2026	43.4	−2.8pp	Cons. · IFRS

Definition: The share of revenue taken by the cost of sales
Formula: Cost of sales ÷ revenue
Source: Securities report (XBRL)

SG&A ratio

FYE Feb 2026 22.3%

Average · 10 yrs 21.2%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Feb 2017	26.5	n/a	Parent · IFRS
FYE Feb 2018	27.3	+0.8pp	Parent · IFRS
FYE Feb 2019	27.4	+0.1pp	Parent · IFRS
FYE Feb 2020	22.0	−5.4pp	Parent · IFRS
FYE Feb 2021	17.8	moved to consolidated	Cons. · IFRS
FYE Feb 2022	17.4	moved to parent only	Parent · IFRS
FYE Feb 2023	16.4	moved to consolidated	Cons. · IFRS
FYE Feb 2024	18.2	+1.7pp	Cons. · IFRS
FYE Feb 2025	17.1	−1.1pp	Cons. · IFRS
FYE Feb 2026	22.3	+5.2pp	Cons. · IFRS

Definition: The share of revenue taken by selling and administrative costs
Formula: SG&A ÷ revenue
Source: Securities report (XBRL)

Balance sheet Assets, debt and equity, and what they say about financial strength

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Feb 2026 ¥157bn

CAGR · 10 yrs +23.9%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Feb 2017	22.8	n/a	Parent · IFRS
FYE Feb 2018	23.1	+1.3%	Parent · IFRS
FYE Feb 2019	23.2	+0.2%	Parent · IFRS
FYE Feb 2020	29.1	+25.6%	Parent · IFRS
FYE Feb 2021	46.0	moved to consolidated	Cons. · IFRS
FYE Feb 2022	58.1	+26.4%	Cons. · IFRS
FYE Feb 2023	75.3	+29.5%	Cons. · IFRS
FYE Feb 2024	99.9	+32.7%	Cons. · IFRS
FYE Feb 2025	125	+24.8%	Cons. · IFRS
FYE Feb 2026	157	+26.3%	Cons. · IFRS

Definition: Everything the company holds
Formula: Total assets line of the balance sheet
Source: Securities report (XBRL)

Equity net assets, shareholders' equity

FYE Feb 2026 ¥117bn

CAGR · 10 yrs +30.6%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Feb 2017	10.6	n/a	Parent · IFRS
FYE Feb 2018	11.5	+7.9%	Parent · IFRS
FYE Feb 2019	12.4	+8.6%	Parent · IFRS
FYE Feb 2020	16.6	+33.5%	Parent · IFRS
FYE Feb 2021	30.0	moved to consolidated	Cons. · IFRS
FYE Feb 2022	41.7	+38.9%	Cons. · IFRS
FYE Feb 2023	57.3	+37.5%	Cons. · IFRS
FYE Feb 2024	74.1	+29.3%	Cons. · IFRS
FYE Feb 2025	94.4	+27.4%	Cons. · IFRS
FYE Feb 2026	117	+24.0%	Cons. · IFRS

Definition: The part of the funding that never has to be repaid
Formula: Net assets line of the balance sheet
Source: Securities report (XBRL)

Interest-bearing debt

FYE Feb 2026 ¥0.3bn

CAGR · 7 yrs −45.2%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Feb 2017	9.7	n/a	Parent · IFRS
FYE Feb 2018	8.7	−10.8%	Parent · IFRS
FYE Feb 2019	7.6	−12.2%	Parent · IFRS
FYE Feb 2020	6.6	−13.8%	Parent · IFRS
FYE Feb 2021	n/a	moved to consolidated	Cons. · IFRS
FYE Feb 2022	n/a	n/a	Cons. · IFRS
FYE Feb 2023	n/a	n/a	Cons. · IFRS
FYE Feb 2024	2.4	n/a	Cons. · IFRS
FYE Feb 2025	1.3	−44.4%	Cons. · IFRS
FYE Feb 2026	0.3	−80.0%	Cons. · IFRS

Definition: Borrowings the company pays interest on
Formula: Loans + bonds + lease obligations
Source: Securities report (XBRL)

Short-term borrowings

FYE Feb 2026 ¥0.3bn

CAGR · 7 yrs −20.7%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Feb 2017	1.1	n/a	Parent · IFRS
FYE Feb 2018	1.1	−0.0%	Parent · IFRS
FYE Feb 2019	1.1	−0.0%	Parent · IFRS
FYE Feb 2020	1.1	−0.0%	Parent · IFRS
FYE Feb 2021	n/a	moved to consolidated	Cons. · IFRS
FYE Feb 2022	n/a	n/a	Cons. · IFRS
FYE Feb 2023	n/a	n/a	Cons. · IFRS
FYE Feb 2024	1.1	n/a	Cons. · IFRS
FYE Feb 2025	1.1	−0.0%	Cons. · IFRS
FYE Feb 2026	0.3	−75.0%	Cons. · IFRS

Definition: Borrowings repayable within a year
Formula: Short-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Long-term borrowings

FYE Feb 2026 n/a

CAGR · 6 yrs −50.4%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Feb 2017	8.7	n/a	Parent · IFRS
FYE Feb 2018	7.6	−12.1%	Parent · IFRS
FYE Feb 2019	6.5	−14.8%	Parent · IFRS
FYE Feb 2020	5.5	−15.9%	Parent · IFRS
FYE Feb 2021	n/a	moved to consolidated	Cons. · IFRS
FYE Feb 2022	n/a	n/a	Cons. · IFRS
FYE Feb 2023	n/a	n/a	Cons. · IFRS
FYE Feb 2024	1.3	n/a	Cons. · IFRS
FYE Feb 2025	0.3	−80.0%	Cons. · IFRS
FYE Feb 2026	n/a	n/a	Cons. · IFRS

Definition: Borrowings repayable in more than a year
Formula: Long-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Feb 2026 ¥0.1bn

CAGR · 7 yrs −57.9%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Feb 2017	17.1	n/a	Parent · IFRS
FYE Feb 2018	16.0	−6.4%	Parent · IFRS
FYE Feb 2019	14.8	−7.1%	Parent · IFRS
FYE Feb 2020	13.7	−7.6%	Parent · IFRS
FYE Feb 2021	n/a	moved to consolidated	Cons. · IFRS
FYE Feb 2022	n/a	n/a	Cons. · IFRS
FYE Feb 2023	n/a	n/a	Cons. · IFRS
FYE Feb 2024	0.1	n/a	Cons. · IFRS
FYE Feb 2025	0.1	−20.5%	Cons. · IFRS
FYE Feb 2026	0.1	+63.8%	Cons. · IFRS

Definition: Assets with no physical form
Formula: Intangible assets line of the balance sheet
Source: Securities report (XBRL)

Goodwill

FYE Feb 2026 ¥19bn

CAGR · 7 yrs +2.8%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Feb 2017	16.3	n/a	Parent · IFRS
FYE Feb 2018	15.3	−5.8%	Parent · IFRS
FYE Feb 2019	14.4	−6.2%	Parent · IFRS
FYE Feb 2020	13.4	−6.6%	Parent · IFRS
FYE Feb 2021	n/a	moved to consolidated	Cons. · IFRS
FYE Feb 2022	n/a	n/a	Cons. · IFRS
FYE Feb 2023	n/a	n/a	Cons. · IFRS
FYE Feb 2024	19.2	n/a	Cons. · IFRS
FYE Feb 2025	19.2	−0.0%	Cons. · IFRS
FYE Feb 2026	19.2	−0.0%	Cons. · IFRS

Definition: What an acquisition cost above the net assets it brought
Formula: Goodwill line of the balance sheet
Source: Securities report (XBRL)

Equity ratio

FYE Feb 2026 74.3%

Average · 10 yrs 64.4%

Fiscal year	Equity ratio %	YoY	Basis
FYE Feb 2017	46.6	n/a	Parent · IFRS
FYE Feb 2018	49.6	+3.0pp	Parent · IFRS
FYE Feb 2019	53.7	+4.1pp	Parent · IFRS
FYE Feb 2020	57.1	+3.4pp	Parent · IFRS
FYE Feb 2021	65.3	moved to consolidated	Cons. · IFRS
FYE Feb 2022	71.7	+6.5pp	Cons. · IFRS
FYE Feb 2023	76.2	+4.5pp	Cons. · IFRS
FYE Feb 2024	74.2	−2.0pp	Cons. · IFRS
FYE Feb 2025	75.7	+1.5pp	Cons. · IFRS
FYE Feb 2026	74.3	−1.4pp	Cons. · IFRS

Definition: How much of the balance sheet is funded without debt
Formula: Equity ÷ total assets
Source: Securities report (XBRL)

Debt-to-equity ratio D/E ratio

FYE Feb 2026 0.2%

Average · 7 yrs 39.0%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Feb 2017	91.6	n/a	Parent · IFRS
FYE Feb 2018	75.7	−15.8pp	Parent · IFRS
FYE Feb 2019	61.2	−14.5pp	Parent · IFRS
FYE Feb 2020	39.5	−21.7pp	Parent · IFRS
FYE Feb 2021	n/a	moved to consolidated	Cons. · IFRS
FYE Feb 2022	n/a	n/a	Cons. · IFRS
FYE Feb 2023	n/a	n/a	Cons. · IFRS
FYE Feb 2024	3.2	n/a	Cons. · IFRS
FYE Feb 2025	1.4	−1.8pp	Cons. · IFRS
FYE Feb 2026	0.2	−1.2pp	Cons. · IFRS

Definition: Borrowings measured against the company's own capital
Formula: Interest-bearing debt ÷ equity
Source: Securities report (XBRL)

ROE return on equity

FYE Feb 2026 32.3%

Average · 10 yrs 28.1%

Fiscal year	ROE %	YoY	Basis
FYE Feb 2017	10.9	n/a	Parent · IFRS
FYE Feb 2018	17.3	+6.5pp	Parent · IFRS
FYE Feb 2019	18.4	+1.1pp	Parent · IFRS
FYE Feb 2020	26.7	+8.3pp	Parent · IFRS
FYE Feb 2021	33.4	moved to consolidated	Cons. · IFRS
FYE Feb 2022	37.3	moved to parent only	Parent · IFRS
FYE Feb 2023	38.2	moved to consolidated	Cons. · IFRS
FYE Feb 2024	34.2	−4.0pp	Cons. · IFRS
FYE Feb 2025	32.6	−1.7pp	Cons. · IFRS
FYE Feb 2026	32.3	−0.3pp	Cons. · IFRS

Definition: What the shareholders' capital earns
Formula: Net profit ÷ equity
Source: Securities report (XBRL)

ROA return on assets

FYE Feb 2026 24.0%

Average · 10 yrs 19.1%

Fiscal year	ROA %	YoY	Basis
FYE Feb 2017	5.1	n/a	Parent · IFRS
FYE Feb 2018	8.6	+3.5pp	Parent · IFRS
FYE Feb 2019	9.9	+1.3pp	Parent · IFRS
FYE Feb 2020	15.3	+5.4pp	Parent · IFRS
FYE Feb 2021	21.8	moved to consolidated	Cons. · IFRS
FYE Feb 2022	26.7	moved to parent only	Parent · IFRS
FYE Feb 2023	29.1	moved to consolidated	Cons. · IFRS
FYE Feb 2024	25.4	−3.7pp	Cons. · IFRS
FYE Feb 2025	24.7	−0.7pp	Cons. · IFRS
FYE Feb 2026	24.0	−0.6pp	Cons. · IFRS

Definition: What the whole balance sheet earns
Formula: Net profit ÷ total assets
Source: Securities report (XBRL)

Asset turnover

FYE Feb 2026 0.94×

CAGR · 10 yrs +2.5%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Feb 2017	0.75	n/a	Parent · IFRS
FYE Feb 2018	0.88	+17.3%	Parent · IFRS
FYE Feb 2019	1.04	+17.2%	Parent · IFRS
FYE Feb 2020	1.13	+9.2%	Parent · IFRS
FYE Feb 2021	0.93	moved to consolidated	Cons. · IFRS
FYE Feb 2022	0.99	moved to parent only	Parent · IFRS
FYE Feb 2023	1.01	moved to consolidated	Cons. · IFRS
FYE Feb 2024	0.94	−7.0%	Cons. · IFRS
FYE Feb 2025	0.93	−1.0%	Cons. · IFRS
FYE Feb 2026	0.94	+1.2%	Cons. · IFRS

Definition: How much revenue each yen of assets produces
Formula: Revenue ÷ total assets
Source: Securities report (XBRL)

Cash flow statement Cash from operations, investment and financing, and what is left on hand

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Feb 2026 ¥38bn

CAGR · 10 yrs +43.4%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Feb 2017	1.5	n/a	Parent · IFRS
FYE Feb 2018	3.2	+119.6%	Parent · IFRS
FYE Feb 2019	2.6	−19.7%	Parent · IFRS
FYE Feb 2020	7.4	+185.3%	Parent · IFRS
FYE Feb 2021	12.1	moved to consolidated	Cons. · IFRS
FYE Feb 2022	16.0	+32.0%	Cons. · IFRS
FYE Feb 2023	21.6	+35.1%	Cons. · IFRS
FYE Feb 2024	24.3	+12.5%	Cons. · IFRS
FYE Feb 2025	32.6	+34.1%	Cons. · IFRS
FYE Feb 2026	37.6	+15.2%	Cons. · IFRS

Definition: Cash the business itself generated
Formula: Cash flow from operating activities
Source: Securities report (XBRL)

Investing cash flow

FYE Feb 2026 -¥6.5bn

Average · 10 yrs -¥1.7bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Feb 2017	-0.1	n/a	Parent · IFRS
FYE Feb 2018	-0.4	n/a	Parent · IFRS
FYE Feb 2019	-0.1	n/a	Parent · IFRS
FYE Feb 2020	-0.1	n/a	Parent · IFRS
FYE Feb 2021	-0.4	moved to consolidated	Cons. · IFRS
FYE Feb 2022	-0.1	n/a	Cons. · IFRS
FYE Feb 2023	-2.3	n/a	Cons. · IFRS
FYE Feb 2024	-3.8	n/a	Cons. · IFRS
FYE Feb 2025	-3.5	n/a	Cons. · IFRS
FYE Feb 2026	-6.5	n/a	Cons. · IFRS

Definition: Cash spent on, or released by, investment
Formula: Cash flow from investing activities
Source: Securities report (XBRL)

Financing cash flow

FYE Feb 2026 -¥19bn

Average · 10 yrs -¥7.2bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Feb 2017	-1.2	n/a	Parent · IFRS
FYE Feb 2018	-2.2	n/a	Parent · IFRS
FYE Feb 2019	-2.6	n/a	Parent · IFRS
FYE Feb 2020	-2.2	n/a	Parent · IFRS
FYE Feb 2021	-3.5	moved to consolidated	Cons. · IFRS
FYE Feb 2022	-6.1	n/a	Cons. · IFRS
FYE Feb 2023	-8.8	n/a	Cons. · IFRS
FYE Feb 2024	-11.4	n/a	Cons. · IFRS
FYE Feb 2025	-14.3	n/a	Cons. · IFRS
FYE Feb 2026	-19.4	n/a	Cons. · IFRS

Definition: Cash raised from, or returned to, lenders and shareholders
Formula: Cash flow from financing activities
Source: Securities report (XBRL)

Cash and equivalents

FYE Feb 2026 ¥72bn

CAGR · 10 yrs +45.5%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Feb 2017	2.5	n/a	Parent · IFRS
FYE Feb 2018	3.1	+26.6%	Parent · IFRS
FYE Feb 2019	3.0	−4.8%	Parent · IFRS
FYE Feb 2020	8.0	+168.9%	Parent · IFRS
FYE Feb 2021	16.2	moved to consolidated	Cons. · IFRS
FYE Feb 2022	26.1	+60.7%	Cons. · IFRS
FYE Feb 2023	36.6	+40.5%	Cons. · IFRS
FYE Feb 2024	36.6	−0.0%	Cons. · IFRS
FYE Feb 2025	60.6	+65.4%	Cons. · IFRS
FYE Feb 2026	72.3	+19.4%	Cons. · IFRS

Definition: Cash on hand at the year end
Formula: Closing balance in the cash flow statement
Source: Securities report (XBRL)

Free cash flow

FYE Feb 2026 ¥31bn

CAGR · 10 yrs +40.9%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Feb 2017	1.4	n/a	Parent · IFRS
FYE Feb 2018	2.9	+101.1%	Parent · IFRS
FYE Feb 2019	2.5	−13.4%	Parent · IFRS
FYE Feb 2020	7.3	+194.5%	Parent · IFRS
FYE Feb 2021	11.8	moved to consolidated	Cons. · IFRS
FYE Feb 2022	15.9	+34.8%	Cons. · IFRS
FYE Feb 2023	19.4	+22.1%	Cons. · IFRS
FYE Feb 2024	20.6	+6.3%	Cons. · IFRS
FYE Feb 2025	29.1	+41.4%	Cons. · IFRS
FYE Feb 2026	31.1	+6.8%	Cons. · IFRS

Definition: What is left once the business has paid for its own investment
Formula: Operating cash flow + investing cash flow
Source: Securities report (XBRL)

Operating cash flow margin

FYE Feb 2026 25.4%

Average · 10 yrs 22.2%

Fiscal year	OCF margin %	YoY	Basis
FYE Feb 2017	8.6	n/a	Parent · IFRS
FYE Feb 2018	15.8	+7.3pp	Parent · IFRS
FYE Feb 2019	10.8	−5.0pp	Parent · IFRS
FYE Feb 2020	22.5	+11.7pp	Parent · IFRS
FYE Feb 2021	28.3	moved to consolidated	Cons. · IFRS
FYE Feb 2022	27.9	−0.5pp	Cons. · IFRS
FYE Feb 2023	28.4	+0.6pp	Cons. · IFRS
FYE Feb 2024	25.9	−2.5pp	Cons. · IFRS
FYE Feb 2025	28.1	+2.2pp	Cons. · IFRS
FYE Feb 2026	25.4	−2.8pp	Cons. · IFRS

Definition: How much of the revenue turned into cash
Formula: Operating cash flow ÷ revenue
Source: Securities report (XBRL)

Net cash

FYE Feb 2026 ¥72bn

Average · 7 yrs ¥21bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Feb 2017	-7.2	n/a	Parent · IFRS
FYE Feb 2018	-5.5	n/a	Parent · IFRS
FYE Feb 2019	-4.6	n/a	Parent · IFRS
FYE Feb 2020	1.5	n/a	Parent · IFRS
FYE Feb 2021	n/a	moved to consolidated	Cons. · IFRS
FYE Feb 2022	n/a	n/a	Cons. · IFRS
FYE Feb 2023	n/a	n/a	Cons. · IFRS
FYE Feb 2024	34.3	n/a	Cons. · IFRS
FYE Feb 2025	59.2	+73.0%	Cons. · IFRS
FYE Feb 2026	72.0	+21.6%	Cons. · IFRS

Definition: Cash on hand once the borrowings are paid off
Formula: Cash and equivalents − interest-bearing debt
Source: Securities report (XBRL)

Shares and share price Shares outstanding, price, market capitalisation and the valuation multiples

Market capitalisation

FYE Feb 2026 ¥701bn

Change · 6 yrs +¥367bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Feb 2017	n/a	n/a
FYE Feb 2018	n/a	n/a
FYE Feb 2019	n/a	n/a
FYE Feb 2020	n/a	n/a
FYE Feb 2021	334	n/a
FYE Feb 2022	70.4	n/a
FYE Feb 2023	831	n/a
FYE Feb 2024	521	n/a
FYE Feb 2025	990	n/a
FYE Feb 2026	701	n/a

Definition: What the market says the company is worth
Formula: Year-end share price × shares outstanding
Source: Securities report (XBRL)

Share price year-end close

FYE Feb 2026 4,510¥

Change · 6 yrs −16,958¥

Fiscal year	Share price ¥	Basis
FYE Feb 2017	n/a	n/a
FYE Feb 2018	n/a	n/a
FYE Feb 2019	n/a	n/a
FYE Feb 2020	n/a	n/a
FYE Feb 2021	21,468	n/a
FYE Feb 2022	4,532	n/a
FYE Feb 2023	5,347	n/a
FYE Feb 2024	3,354	n/a
FYE Feb 2025	6,368	n/a
FYE Feb 2026	4,510	n/a

Definition: The closing price on the last day of the fiscal year
Formula: Year-end closing price
Source: Securities report (XBRL)

Shares outstanding

FYE Feb 2026 155,411,410shares

Change · 10 yrs +139,941,410 shares

Fiscal year	Shares outstanding shares	Basis
FYE Feb 2017	15,470,000	Parent
FYE Feb 2018	15,470,000	Parent
FYE Feb 2019	15,541,141	Parent
FYE Feb 2020	15,541,141	Parent
FYE Feb 2021	15,541,141	Parent
FYE Feb 2022	15,541,141	Parent
FYE Feb 2023	155,411,410	Parent
FYE Feb 2024	155,411,410	Parent
FYE Feb 2025	155,411,410	Parent
FYE Feb 2026	155,411,410	Parent

Definition: How many shares exist
Formula: Shares issued, from the key figures of the filing
Source: Securities report (XBRL)

EPS earnings per share

FYE Feb 2026 249.16¥

Change · 6 yrs +183.71¥

Fiscal year	EPS ¥	Basis
FYE Feb 2017	n/a	Cons.
FYE Feb 2018	n/a	Cons.
FYE Feb 2019	n/a	Cons.
FYE Feb 2020	n/a	Cons.
FYE Feb 2021	65.45	Cons.
FYE Feb 2022	101.39	Cons.
FYE Feb 2023	142.96	Cons.
FYE Feb 2024	166.04	Cons.
FYE Feb 2025	202.16	Cons.
FYE Feb 2026	249.16	Cons.

Definition: Net profit for each share
Formula: Net profit ÷ average shares outstanding
Source: Securities report (XBRL)

BPS book value per share

FYE Feb 2026 753.08¥

Change · 10 yrs +66.53¥

Fiscal year	BPS ¥	Basis
FYE Feb 2017	686.55	Parent · IFRS
FYE Feb 2018	740.53	Parent · IFRS
FYE Feb 2019	800.58	Parent · IFRS
FYE Feb 2020	1,068.52	Parent · IFRS
FYE Feb 2021	1,931.52	Cons. · IFRS
FYE Feb 2022	2,683.27	Cons. · IFRS
FYE Feb 2023	368.96	Cons. · IFRS
FYE Feb 2024	476.97	Cons. · IFRS
FYE Feb 2025	607.43	Cons. · IFRS
FYE Feb 2026	753.08	Cons. · IFRS

Definition: Equity behind each share
Formula: Equity ÷ shares outstanding
Source: Securities report (XBRL)

PER price-to-earnings ratio

FYE Feb 2026 18.10×

Average · 6 yrs 30.78×

Fiscal year	PER ×	Basis
FYE Feb 2017	n/a	Cons.
FYE Feb 2018	n/a	Cons.
FYE Feb 2019	n/a	Cons.
FYE Feb 2020	n/a	Cons.
FYE Feb 2021	32.80	Cons.
FYE Feb 2022	44.70	Cons.
FYE Feb 2023	37.40	Cons.
FYE Feb 2024	20.20	Cons.
FYE Feb 2025	31.50	Cons.
FYE Feb 2026	18.10	Cons.

Definition: How many years of earnings the price stands for
Formula: Year-end price ÷ EPS
Source: Securities report (XBRL)

PBR price-to-book ratio

FYE Feb 2026 5.85×

Average · 6 yrs 10.83×

Fiscal year	PBR ×	Basis
FYE Feb 2017	n/a	Cons.
FYE Feb 2018	n/a	Cons.
FYE Feb 2019	n/a	Cons.
FYE Feb 2020	n/a	Cons.
FYE Feb 2021	10.96	Cons.
FYE Feb 2022	16.69	Cons.
FYE Feb 2023	14.29	Cons.
FYE Feb 2024	6.91	Cons.
FYE Feb 2025	10.26	Cons.
FYE Feb 2026	5.85	Cons.

Definition: The price measured against the book value behind it
Formula: Year-end price ÷ BPS
Source: Securities report (XBRL)

Workforce and productivity Headcount, pay and what each employee accounts for

Group employees

FYE Feb 2026 6,788people

Change · 6 yrs +4,627 people

Fiscal year	Group employees people	YoY	Basis
FYE Feb 2017	n/a	n/a	Cons.
FYE Feb 2018	n/a	n/a	Cons.
FYE Feb 2019	n/a	n/a	Cons.
FYE Feb 2020	n/a	n/a	Cons.
FYE Feb 2021	2,161	n/a	Cons.
FYE Feb 2022	2,638	+22.1%	Cons.
FYE Feb 2023	3,310	+25.5%	Cons.
FYE Feb 2024	4,321	+30.5%	Cons.
FYE Feb 2025	5,467	+26.5%	Cons.
FYE Feb 2026	6,788	+24.2%	Cons.

Definition: Everyone employed across the group
Formula: Consolidated headcount, from the employee section of the filing
Source: Securities report (XBRL)

Parent-company employees

FYE Feb 2026 866people

Change · 10 yrs −328 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Feb 2017	1,194	n/a	Parent
FYE Feb 2018	1,358	+13.7%	Parent
FYE Feb 2019	1,531	+12.7%	Parent
FYE Feb 2020	1,839	+20.1%	Parent
FYE Feb 2021	2,161	+17.5%	Parent
FYE Feb 2022	2,638	+22.1%	Parent
FYE Feb 2023	3,310	+25.5%	Parent
FYE Feb 2024	4,321	+30.5%	Parent
FYE Feb 2025	593	−86.3%	Parent
FYE Feb 2026	866	+46.0%	Parent

Definition: Employees of the filing company itself
Formula: Parent-only headcount, from the employee section of the filing
Source: Securities report (XBRL)

Average annual pay parent company

FYE Feb 2026 ¥13.3m

Change · 7 yrs +¥3.0m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Feb 2017	n/a	n/a	Parent
FYE Feb 2018	n/a	n/a	Parent
FYE Feb 2019	n/a	n/a	Parent
FYE Feb 2020	10.3	n/a	Parent
FYE Feb 2021	11.0	+6.8%	Parent
FYE Feb 2022	11.1	+0.5%	Parent
FYE Feb 2023	11.2	+1.0%	Parent
FYE Feb 2024	10.7	−3.9%	Parent
FYE Feb 2025	13.5	+25.6%	Parent
FYE Feb 2026	13.3	−1.4%	Parent

Definition: Average total annual compensation, bonuses included
Formula: Average annual pay, from the employee section of the filing
Source: Securities report (XBRL)

Average age

FYE Feb 2026 31.3years

Change · 7 yrs −1.3 years

Fiscal year	Average age years	YoY	Basis
FYE Feb 2017	n/a	n/a	Parent
FYE Feb 2018	n/a	n/a	Parent
FYE Feb 2019	n/a	n/a	Parent
FYE Feb 2020	32.6	n/a	Parent
FYE Feb 2021	32.9	+0.9%	Parent
FYE Feb 2022	32.6	−0.9%	Parent
FYE Feb 2023	32.1	−1.5%	Parent
FYE Feb 2024	31.4	−2.2%	Parent
FYE Feb 2025	31.2	−0.6%	Parent
FYE Feb 2026	31.3	+0.3%	Parent

Definition: Average age of the parent company's employees
Formula: Average age, from the employee section of the filing
Source: Securities report (XBRL)

Average length of service

FYE Feb 2026 3.8years

Change · 7 yrs −0.1 years

Fiscal year	Average length of service years	YoY	Basis
FYE Feb 2017	n/a	n/a	Parent
FYE Feb 2018	n/a	n/a	Parent
FYE Feb 2019	n/a	n/a	Parent
FYE Feb 2020	3.9	n/a	Parent
FYE Feb 2021	3.9	−0.0%	Parent
FYE Feb 2022	3.8	−2.6%	Parent
FYE Feb 2023	3.5	−7.9%	Parent
FYE Feb 2024	3.2	−8.6%	Parent
FYE Feb 2025	4.0	+25.0%	Parent
FYE Feb 2026	3.8	−5.0%	Parent

Definition: How long the average employee has been with the company
Formula: Average years of service, from the employee section of the filing
Source: Securities report (XBRL)

Revenue per employee

FYE Feb 2026 ¥21.9m

Change · 6 yrs +¥2.0m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Feb 2017	n/a	n/a	Parent
FYE Feb 2018	n/a	n/a	Parent
FYE Feb 2019	n/a	n/a	Parent
FYE Feb 2020	n/a	n/a	Parent
FYE Feb 2021	19.8	moved to consolidated	Cons.
FYE Feb 2022	21.8	moved to parent only	Parent
FYE Feb 2023	23.0	moved to consolidated	Cons.
FYE Feb 2024	21.7	−5.5%	Cons.
FYE Feb 2025	21.2	−2.3%	Cons.
FYE Feb 2026	21.9	+2.9%	Cons.

Definition: What each employee accounts for in revenue
Formula: Revenue ÷ group employees
Source: Securities report (XBRL)

Operating profit per employee

FYE Feb 2026 ¥7.5m

Change · 6 yrs +¥1.7m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Feb 2017	n/a	n/a	Parent
FYE Feb 2018	n/a	n/a	Parent
FYE Feb 2019	n/a	n/a	Parent
FYE Feb 2020	n/a	n/a	Parent
FYE Feb 2021	5.9	moved to consolidated	Cons.
FYE Feb 2022	7.8	moved to parent only	Parent
FYE Feb 2023	9.0	moved to consolidated	Cons.
FYE Feb 2024	7.9	−12.4%	Cons.
FYE Feb 2025	7.8	−1.6%	Cons.
FYE Feb 2026	7.5	−3.7%	Cons.

Definition: What each employee accounts for in operating profit
Formula: Operating profit ÷ group employees
Source: Securities report (XBRL)

Disclaimer

Figures are reproduced as filed and are not restated: a change of accounting standard or of consolidation basis moves the series without anything happening to the business. Where that happened, the table says so in place of the year-on-year figure.
Ratios and per-employee figures are computed from the filed lines rather than taken from the filing, and use year-end balances rather than averages.

Accuracy, liability, reuse and privacy — the full disclaimer →

Data API

Baycurrent’s history, presidents and financials are published as static JSON — no key, plain GET. One API per public page, and one per section where a page carries several tables. Full specification →

/api/6532/company.json ·/api/6532/history.json ·/api/6532/ceo.json ·/api/6532/financials.json ·/api/6532/financials/segment.json ·/api/6532/financials/pl.json ·/api/6532/financials/cf.json ·/api/6532/financials/bs.json ·/api/6532/financials/employee.json ·/api/6532/financials/stock.json ·/api/6532/financials.csv ·/api/6532/financials_history.csv

/api/companies.json ·/api/decisions.json ·/api/api-manifest.json