ENVALITH
株式会社ベイカレント logo

BayCurrent, Inc.

6532・Prime Market・Services

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株式会社ベイカレント logo
BayCurrent, Inc.6532

Business

BayCurrent, Inc. is an independent, full-service consulting firm that supports Japan's leading companies across various industries on a wide range of themes, including strategy, digital, and operations. From a neutral standpoint, unaffiliated with any specific corporate group or keiretsu, the firm provides consistent support from top management decision-making assistance to business operations transformation utilizing DX, through to execution support. Founded in 1998, listed on the Tokyo Stock Exchange Mothers market in 2016, and transitioned to the Prime Market in 2022. In September 2024, the company transitioned to a holding company structure and changed to its current corporate name. It operates under the Consulting Business (Single Segment).

Business Model

The company adopts a flexible organizational structure that deploys consultants across projects on a cross-functional basis, forming optimal teams tailored to each client's challenges to provide high-value-added services. Revenue is linked to consultant utilization rates and headcount, with aggressive new graduate and mid-career hiring together with medium- to long-term investment in talent development supporting the expansion of service capacity. In FY2026 (ending March 2026)*, revenue was ¥148,332 million, and the operating margin remained at a high level of 34.3%. *Note: The source specifies "2026年2月期" (fiscal year ending February 2026); rendered here following the standard notation convention.

Company Strengths

For FY2026 (ending February 2026), operating profit is projected at ¥50,931 million, with an operating margin of 34.3% and an EBITDA margin of 37.5% (FY2025 (ended February 2025) actual), representing extremely high profitability within the consulting industry. Gross margin has also improved to 56.6% (FY2026, ending February 2026), with mix improvement strengthening the profit structure.

As an independent firm not affiliated with any specific corporate group or keiretsu, the company is able to make optimal proposals to clients from a neutral standpoint. Its strength lies in providing hands-on support based on an understanding of each client's unique corporate culture and values, which has led to the continued acquisition of large-scale projects through its core client strategy.

Revenue has grown at an accelerating pace, from ¥93,909 million in FY2024 (ended February 2024) to ¥116,056 million in FY2025 (ended February 2025) (+23.6%), and to ¥148,332 million in FY2026 (ending February 2026) (+27.8%). This pace exceeds the approximately 20% annual growth target set out in the medium-term management plan.

ENVALITH's Perspective

Revenue of ¥44,576 million in Q1 FY2027 (ending February 2027) represents a progress rate of 23.5% against the full-year forecast of ¥190,000 million. With revenue up 29.9% and operating profit up 18.6% year-on-year, the company has maintained high growth, and the start to the year can be assessed as broadly on track toward achieving the full-year forecast (revenue +28.1%, operating profit +27.2%). There has been no revision to the earnings forecast, and the company's outlook remains unchanged.

While gross profit margin improved from 56.0% to 58.4%, selling, general and administrative expenses increased 65.0% year-on-year from ¥7,017 million to ¥11,580 million, causing the EBITDA margin to decline from 36.3% to 33.4%. This may reflect upfront costs associated with recruitment and training investments or strengthening of the management structure, but it will be necessary to continue monitoring whether this cost increase is temporary or structural. The full-year EBITDA margin forecast is 35.0% (¥66,500 million ÷ ¥190,000 million), and it should be noted that this assumes a recovery in the second half.

In the first quarter, the company conducted share buybacks of ¥10,434 million (versus ¥3,000 million in the same period of the prior year) and dividend payments of ¥7,534 million (versus ¥5,591 million in the same period of the prior year), resulting in cash outflow from financing activities reaching ¥18,766 million. While the more aggressive shareholder return policy can be positively assessed, treasury stock balance expanded to ¥21,459 million, and equity attributable to owners of the parent declined from ¥117,038 million to ¥109,941 million. Cash and cash equivalents remain ample at ¥66,382 million, maintaining financial soundness, but the balance with growth investment continues to be a key focus.

Growth Strategy

Targeting revenue of ¥250,000 million and an EBITDA margin of 30–40% by FY2029 (ending February 2029) through sustained annual growth of approximately 20%

The company aims for continuous expansion from FY2025 (ending February 2025) to FY2029 (ending February 2029), targeting an annual revenue growth rate of approximately 20%. The full-year forecast for FY2027 (ending February 2027) is revenue of ¥190,000 million (+28.1%), which is tracking ahead of the target pace, and the plan is progressing steadily.

The company is strengthening services that address management challenges from multiple angles for Japan's leading companies, aiming to secure large-scale and recurring engagements. This strategy was continued in the first quarter of FY2027 (ending February 2027), achieving a 29.9% year-on-year increase in revenue.

The company continues to strengthen the recruitment and development of consultants to secure the supply capacity needed to meet growing demand. Investment in recruitment and development continued in the first quarter of FY2027 (ending February 2027), contributing to an increase in selling, general and administrative expenses (+65.0% year-on-year).

In addition to DX, the company is promoting the strengthening of related services to capture growing demand for corporate transformation support utilizing generative AI. Amid a market environment in which rising demand for generative AI is providing a tailwind for the industry as a whole, the company is working to establish a competitive advantage by expanding its service lineup.

Last updated: July 17, 2026