BRONCO BILLY Co.,LTD.
3091・Prime Market・Retail Trade
Business
Bronco Billy Co., Ltd. was founded in 1978 and operates a suburban-format chain of steak and hamburger steak restaurants originating in Aichi Prefecture. The company develops stores equipped with parking lots along major roads, offering steak and hamburger steak dishes made primarily with Australian and US beef, along with a salad bar. As of the end of December 2025, the group operated a total of 161 stores across 1 metropolis, 2 urban prefectures, and 12 prefectures, comprising 146 Bronco Billy stores, 14 tonkatsu-format stores, and 1 izakaya-format store. The company employs an all-directly-managed store operation model and continues to expand into the Tokai, Kanto, Kansai, and Kyushu regions. Its primary customer base consists of general consumers residing in suburban areas, centered on families, while also capturing inbound demand.
Business Model
All stores are company-operated, giving the company a sales-linked earnings structure that does not depend on franchise income. It has built an integrated quality control system spanning beef processing through daily vegetable delivery, leveraging its own factories (Kasugai and Atsugi) and the production lines of its subsidiary Matsuya Sakae Shokuhin Honpo. By internalizing ingredient production, the company balances cost control with product quality, achieving an ordinary profit margin on sales of 10.0% (FY2025, ending December 2025). It is also characterized by financial soundness, funding all working capital and capital expenditure from its own resources.
Company Strengths
Utilizes the Kasugai Factory in Aichi Prefecture, the Kanto Factory in Atsugi, Kanagawa Prefecture, and the manufacturing lines of subsidiary Matsuyasaka Shokuhin Honpo. The proportion of Matsuyasaka Shokuhin Honpo's production allocated to the company's stores has exceeded 60%, and retail sales of steak sauce and dressings have also been realized. In-house production of ingredients contributes to quality stability and cost control.
As of the end of FY2025 (ending December 2025), the equity ratio stood at 81.0%, with cash and cash equivalents of ¥8,862 million. Working capital and capital expenditures are fully funded through internal funds, maintaining a financial structure that does not rely on interest-bearing debt. Operating cash flow secured ¥3,366 million, significantly exceeding capital expenditures of ¥1,533 million, demonstrating strong cash generation capability.
Net sales expanded from ¥23,377 million in FY2023 (ended December 2023) to ¥26,617 million in FY2024 (ended December 2024) to ¥30,219 million in FY2025 (ended December 2025). Operating profit also grew over the same period from ¥1,644 million to ¥2,531 million to ¥2,930 million. In FY2025 (ended December 2025), the ordinary profit margin on net sales reached 10.0%, maintaining high profitability even within the restaurant industry.
ENVALITH's Perspective
Performance Trend
Revenue expanded roughly 1.9x over five fiscal periods, from ¥15,774 million in FY2021 to ¥30,219 million in FY2025. Operating profit recovered from a loss (-¥48 million) in FY2021 to ¥2,930 million in FY2025, marking a strong turnaround and growth. In Q1 of FY2026 (ending December 2026), the company posted revenue of ¥8,241 million (up 13.1% year-on-year), operating profit of ¥1,031 million (up 93.5% year-on-year), ordinary profit of ¥1,037 million (up 87.6% year-on-year), and quarterly net profit attributable to owners of the parent of ¥693 million (up 85.9% year-on-year), recording substantial profit growth. While external factors such as steady dining-out demand and expanding inbound tourism demand provided a tailwind, the sustained effect of the company's own sales promotion measures was the primary driver. The full-year forecast (revenue of ¥33,000 million and operating profit of ¥3,000 million) remains unchanged.
Growth Strategy
Sustainable growth through regional expansion of directly-operated stores, cultivation of multiple business formats, and strengthened vertical integration
In Q1 FY2026 (ending December 2026), the company opened its first store in Fukuoka Prefecture (Yume Mall Nakagawa store), expanding to a 147-store network. The company will continue to actively open new stores in the Kanto, Kansai, and Kyushu regions, aiming to expand its sales scale through trading area expansion. This is the primary driver of the full-year net sales forecast of ¥33,000 million (up 9.2% year on year).
At "Katsu Masa," operated by consolidated subsidiary Le Vent Co., Ltd., the company has implemented changes to its product lineup to increase average customer spending, along with store renovations to boost customer traffic. In Q1 FY2026 (ending December 2026), continued progress in profitability improvement and strengthening of the growth foundation has been confirmed.
In Q1 FY2026 (ending December 2026), the company made new capital investments to expand production lines for group stores, improving product quality and responding to the increasing number of stores, as well as to expand external sales channels. This simultaneously strengthens the group's internal ingredient supply system and develops new revenue sources.
Through the acquisition of shares in Asahi Meat (making it a subsidiary), announced on April 10, 2026, the company aims to further strengthen its ingredient procurement and manufacturing systems. The impact on consolidated results is expected to be minor, but the reflection of this in the earnings outlook is currently being reviewed. Details of the integration effects await future disclosure.
Last updated: July 17, 2026