Under supervision (confirmation) · Designated 2026-08-19 JPX notice
Overview
Information & Communication

baudroie,inc.

Baudroie is an IT infrastructure specialist providing end-to-end services spanning consulting, design, implementation, and managed services across network virtualization (SDN), cloud, IT security, and wireless domains. The company supports both on-premises and cloud environments, serving customers with multi-vendor integration, load balancing, zero-trust security, and local 5G solutions. Its competitive strengths lie in deep domain expertise in high-specialization areas, enabling strong profitability with an operating profit margin of 21.1% and operating profit growth of 55.2% in FY2025 (fiscal year ending February 2025).

Market Cap
¥92.3B
US$588M
EV
¥89.6B
US$570M
Stock¥2,956▲+0.24%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
22.8
x
LTM EV/EBIT
24.7
x
LTM PER
35.5
x
LTM PBR
10.7
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-25.1%pt
1001
Oct 23, 25 – Oct 23, 26StockTOPIX
1Feb 4, 26Profit-taking after earnings announcement
MC → EV Bridge
92.3BUS$588MMarket Cap3.38BUS$21.6M+ Debt6.06BUS$38.6M− Cash0.00BUS$0.00M− Inv. Sec.89.6BUS$570MEV
AI Briefing
Baudroie: specialist IT infrastructure player in SDN, cloud, zero-trust security and local 5G, serving enterprise clients end-to-end. FY26/2 revenue ¥17.4B, OP ¥3.4B (19.5% margin), scaling fast off FY25/2's 55.2% OP growth and 21.1% margin. Founder-controlled register (Tominaga 39%, Fujii 15%) in a domestic IT infra services market tracking toward ¥2.46T by 2028.
Performance & Balance
Revenue 5Y (¥B)
3.92US$25.0M'22/25.24US$33.4M'23/27.33US$46.7M'24/211.6US$74.2M'25/217.4US$111M'26/2
EBITDA 5Y (¥B)
0.69US$4.39M'22/20.99US$6.32M'23/21.58US$10.1M'24/22.70US$17.2M'25/23.67US$23.4M'26/2
Net Income 5Y (¥B)
0.54US$3.45M'22/20.79US$5.05M'23/21.17US$7.46M'24/21.80US$11.5M'25/22.46US$15.6M'26/2
Capital Structure
72%
28%
EquityD/E 0.39xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
2.99US$19.0M'22/23.93US$25.0M0.52US$3.32M'23/24.25US$27.1M0.80US$5.12M'24/23.49US$22.2M1.79US$11.4M'25/24.37US$27.8M2.52US$16.0M'26/2
Shareholders
Top 10 hold 78.0%
1
Shigehiro TOMINAGA
39.01%
2
Kazuya FUJII
14.54%
3
The Master Trust Bank of Japan, Ltd. (Trust Account)
4.50%
4
Takeshi KOBAYASHI
4.13%
5
Yoshiaki HODOSHIMA
3.92%
6
Custody Bank of Japan, Ltd. (Trust Account)
3.27%
7
MSIP CLIENT SECURITIES (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)
2.63%
8
BNY GCM CLIENT ACCOUNT JPRD ACISG (FE-AC; Standing Proxy: MUFG Bank, Ltd.)
2.35%
9
NOMURA INTERNATIONAL PLC A/C JAPAN FLOW (Standing Proxy: Nomura Securities Co., Ltd.)
2.33%
10
THE BANK OF NEW YORK 133652 (Standing Proxy: Mizuho Bank, Ltd.)
1.35%
Management
6 officers
Shigehiro TOMINAGA
Representative Director, President
Sep 2006 Representative Director, Nikitis Co., Ltd. Apr 2007 Joined the Company Nov 2007 Representative Director, President (current) Oct 2023 Outside Director, Uridoki Co., Ltd. (current)
1981-08-05
Kazuya FUJII
Representative Director
Sep 2006 Director, Nikitis Co., Ltd. Apr 2007 Joined the Company Feb 2018 Representative Director Feb 2020 Representative Director, General Manager of Management Administration Division, the Company Nov 2022 Representative Director Sep 2023 Representative Director, General Manager of Management Administration Division, the Company Nov 2023 Representative Director Feb 2025 Outside Director, Art to Heritage Co., Ltd. (current) Sep 2025 Representative Director, General Manager of Management Administration Division, the Company (current) Mar 2026 Outside Director, Intelligent Force Co., Ltd. (current)
1981-06-28
Yoshiaki HODOSHIMA
Director, General Manager of Sales Division
Sep 2006 Director, Nikitis Co., Ltd. Apr 2007 Joined the Company Feb 2019 Director Feb 2020 Director, General Manager of Sales Division and General Manager of Technology Division, the Company Jan 2021 Director, General Manager of Sales Division, the Company Nov 2022 Director, General Manager of First Sales Division, the Company (current)
1982-05-27
Toshio OKAMOTO
Director (Full-time Audit and Supervisory Committee Member) (Note 1)
Apr 1973 Joined Mitsubishi Corporation Apr 2000 Head of Saudi Petrochemicals Office, Mitsubishi Corporation Jul 2005 Senior Managing Director, Tomoe Chemical Industry Co., Ltd. Aug 2008 Senior Executive Officer, MC Fertilcom Co., Ltd. Jun 2012 Corporate Auditor, MC Fertilcom Co., Ltd. Dec 2019 Corporate Auditor, the Company Jan 2021 Full-time Corporate Auditor, the Company May 2023 Director (Full-time Audit and Supervisory Committee Member), the Company (current)
1950-12-28
Kiyoko YAGAMI
Director (Audit and Supervisory Committee Member) (Notes 1, 4)
Oct 2002 Registered as attorney-at-law (New York State) Nov 2002 Joined Beijing Office, Anderson Mori & Tomotsune (Foreign Law Joint Enterprise) Jun 2007 Ministry of Foreign Affairs, Economic Affairs Bureau Dec 2008 Registered as attorney-at-law (Second Tokyo Bar Association) Jan 2009 Joined Anderson Mori & Tomotsune (Foreign Law Joint Enterprise) (current) Jan 2019 Partner, Anderson Mori & Tomotsune (Foreign Law Joint Enterprise) (current) May 2023 Director (Audit and Supervisory Committee Member), the Company (current)
1976-05-06
Anna SEO
Director (Audit and Supervisory Committee Member) (Note 1)
Dec 2004 Joined Tohmatsu Audit Corporation (now Deloitte Touche Tohmatsu LLC) Jun 2008 Registered as Certified Public Accountant Sep 2011 Established Anna Seo Certified Public Accountant Office (current) Sep 2021 Corporate Auditor, Shiodome Partners Co., Ltd. (now RSM Shiodome Partners Co., Ltd.) (current) May 2023 Director (Audit and Supervisory Committee Member), the Company (current) Dec 2024 Corporate Auditor, Artemira Co., Ltd. (now Artemira Holdings Co., Ltd.) Jan 2025 Director (Audit and Supervisory Committee Member), Artemira Co., Ltd. (now Artemira Holdings Co., Ltd.) (current)
1980-09-29
Large Shareholding Reports
野村アセットマネジメント株式会社
2026-10-22
1.41%→1.41%
Shigehiro TOMINAGA
2026-10-15
37.85%→0.00%
Annual report (as of 2026-08-31): 39.01%
Kazuya Fujii
2026-10-15
14.11%→0.00%
Annual report (as of 2026-08-31): 14.54%
BCPE Neon Cayman, L.P.
2026-10-13
87.43%→87.43%
BCPE Neon Cayman, L.P.
2026-10-13
87.43%
NOMURA INTERNATIONAL PLC
2026-10-06
3.81%
Kazuya Fujii
2026-09-14
14.11%→14.11%
Annual report (as of 2026-08-31): 14.54%
Shigehiro Tominaga
2026-09-08
37.92%→37.86%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-08-31): 39.01%
Shigehiro TOMINAGA
2026-08-26
37.92%→37.86%
Annual report (as of 2026-08-31): 39.01%
Shigehiro TOMINAGA
2026-01-09
38.34%→37.92%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-08-31): 39.01%
Shigehiro TOMINAGA
2026-01-09
37.92%→37.92%
Annual report (as of 2026-08-31): 39.01%
Shigehiro TOMINAGA
2026-01-05
38.34%→37.92%
Annual report (as of 2026-08-31): 39.01%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-22
Large Shareholding Report
TDnet
2026-10-15
Q2 Earnings Flash
FY ending Feb 2027
EDINET
2026-10-15
Large Shareholding Report
EDINET
2026-10-15
Large Shareholding Report
EDINET
2026-10-15
Semi-Annual Securities Report
Period: Mar 2026 – Feb 2027
EDINET
2026-10-13
Large Shareholding Report
EDINET
2026-10-13
Large Shareholding Report
EDINET
2026-10-06
公開買付報告書
EDINET
2026-10-06
Large Shareholding Report
EDINETAmended
2026-09-14
訂正公開買付届出書
EDINET
2026-09-14
Large Shareholding Report
EDINETAmended
2026-09-08
Change Report
EDINETAmended
2026-09-03
訂正意見表明報告書
EDINETAmended
2026-09-03
訂正公開買付届出書
EDINETAmended
2026-08-27
訂正意見表明報告書
EDINETAmended
2026-08-27
訂正公開買付届出書
EDINET
2026-08-26
Large Shareholding Report
EDINET
2026-08-19
公開買付届出書
EDINET
2026-08-19
意見表明報告書
TDnet
2026-07-15
Q1 Earnings Flash
FY ending Feb 2027
EDINET
2026-05-27
Annual Securities Report
Period: Mar 2025 – Feb 2026
TDnet
2026-01-14
Q3 Earnings Flash
FY ending Feb 2026
EDINET
2026-01-09
Large Shareholding Report
EDINETAmended
2026-01-09
Change Report
EDINET
2026-01-05
Large Shareholding Report
EDINET
2025-10-15
Semi-Annual Securities Report
Period: Mar 2025 – Feb 2026
TDnet
2025-07-15
Q1 Earnings Flash
FY ending Feb 2026
EDINET
2025-05-23
Annual Securities Report
Period: Mar 2024 – Feb 2025
TDnet
2025-01-14
Q3 Earnings Flash
FY ending Feb 2025
EDINET
2024-10-15
Semi-Annual Securities Report
Period: Mar 2024 – Feb 2025
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