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Business Engineering Corporation
(4828)
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Rating:77Outperform
Price Target:
¥1,373.00
▲(16.45% Upside)
Action:Reiterated
Date:07/03/26
The score is driven primarily by strong financial performance (steady growth, expanding profitability through FY2025, near-debt-free balance sheet, and solid cash generation). This is partially offset by a weaker technical backdrop, with the stock still below key longer-term moving averages and a negative MACD. Valuation is supportive, with a moderate P/E and an attractive ~3.8% dividend yield.
Positive Factors
Near-debt-free balance sheet
The company's extremely low leverage and growing equity base provide durable financial flexibility. Near-zero debt reduces bankruptcy and refinancing risk, enabling internal funding for growth, potential M&A, or shareholder returns while preserving resilience through economic cycles.
Negative Factors
Variable operating cash conversion
Inconsistent OCF-to-earnings conversion suggests working-capital swings or timing effects that make free cash less predictable. That volatility can constrain discretionary spending, complicate dividend planning, and increase downside risk if receivables or inventory cycles worsen.
Read all positive and negative factors
Positive Factors
Negative Factors
Near-debt-free balance sheet
The company's extremely low leverage and growing equity base provide durable financial flexibility. Near-zero debt reduces bankruptcy and refinancing risk, enabling internal funding for growth, potential M&A, or shareholder returns while preserving resilience through economic cycles.
Read all positive factors
Business Engineering Corporation (4828) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥73.36B
Dividend Yield3.4%
Average Volume (3M)30.63K
Price to Earnings (P/E)15.0
Beta (1Y)0.70
Revenue Growth17.64%
EPS Growth47.00%
CountryJP
Employees748
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)81.78
Shares Outstanding60,000,000
10 Day Avg. Volume42,060
30 Day Avg. Volume30,630
Financial Highlights & Ratios
PEG Ratio0.31
Price to Book (P/B)4.40
Price to Sales (P/S)2.89
P/FCF Ratio12.02
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)80.5
Revenue Forecast (FY)¥26.60B
Business Engineering Corporation Business Overview & Revenue Model
Company Description
Established in Tokyo in 1980, Business Engineering Corporation, formerly Toyo Business Engineering Corporation, specializes in the worldwide planning, development, sale, and leasing of advanced information and communication systems. The company of...
Business Engineering Corporation Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
84
Very Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 24.44B | 20.78B | 19.49B | 18.51B | 17.76B |
| Gross Profit | 11.16B | 9.09B | 7.85B | 6.99B | 5.88B |
| EBITDA | 7.34B | 5.51B | 4.58B | 3.95B | 3.14B |
| Net Income | 4.89B | 3.33B | 2.63B | 2.33B | 1.64B |
Balance Sheet | |||||
| Total Assets | 21.53B | 18.48B | 15.72B | 13.41B | 11.50B |
| Cash, Cash Equivalents and Short-Term Investments | 12.14B | 9.35B | 8.38B | 6.97B | 4.95B |
| Total Debt | 100.00M | 100.00M | 100.00M | 100.00M | 100.00M |
| Total Liabilities | 5.45B | 5.10B | 4.77B | 4.13B | 4.02B |
| Stockholders Equity | 16.07B | 13.38B | 10.95B | 9.29B | 7.48B |
Cash Flow | |||||
| Free Cash Flow | 5.88B | 3.42B | 2.57B | 2.57B | 1.56B |
| Operating Cash Flow | 5.91B | 3.52B | 3.55B | 3.28B | 2.29B |
| Investing Cash Flow | -1.12B | -1.48B | -1.13B | -696.63M | -713.17M |
| Financing Cash Flow | -2.00B | -1.07B | -1.00B | -549.06M | -701.76M |
Business Engineering Corporation Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | ¥123.64B | 16.68 | ― | 1.02% | 23.44% | 74.38% | |
80 Outperform | ¥110.17B | 16.78 | ― | 2.59% | 8.77% | 16.25% | |
79 Outperform | ¥27.03B | 12.95 | ― | 4.58% | 8.18% | 35.49% | |
77 Outperform | ¥73.36B | 14.96 | 32.68% | 3.53% | 17.64% | 47.00% | |
74 Outperform | ¥97.02B | 24.37 | ― | 1.26% | 16.77% | 13.72% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | ¥155.37B | 223.47 | ― | ― | 30.48% | ― |
* Technology Sector Average
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Business Engineering Corporation Corporate Events
Business Engineering Clarifies Autonomous Position Despite ZUKEN’s 21% Stake
Jun 26, 2026
Business Engineering Corporation has clarified its relationship with ZUKEN Inc., which holds 21% of its voting rights and is classified as an “other associated company.” Despite this significant shareholding and a formal capital and bu...
Business Engineering Revamps Board and Confirms Management Lineup
May 12, 2026
Business Engineering Corporation has announced changes to its board of directors, nominating LOTTE adviser Hitoshi Akai as a new outside director and audit and supervisory committee member, while current outside director and committee member Naoki...
Business Engineering Maps FY2025 Results to BE 2030 Growth and AI Strategy
May 12, 2026
Business Engineering Corporation outlined its fiscal year 2025 fourth quarter and full-year results, framing them within a broader strategic roadmap toward 2030. Management highlighted progress on its BE 2030 growth strategy, emphasizing initiativ...
Business Engineering Corp Delivers Strong FY2026 Earnings and Boosts Shareholder Returns
May 12, 2026
Business Engineering Corporation reported strong results for the fiscal year ended March 31, 2026, with net sales rising 17.6% to ¥24.4 billion and operating profit jumping 37.1% to ¥6.4 billion, lifting profit attributable to owners of ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.