Bell-Park Co.,Ltd.
9441・Standard Market・Information & Communication
Business
Bellpark Co., Ltd. was established in 1993 and is a carrier shop operator listed on the TSE Standard Market. Centered on its agency contract with SoftBank Corp., the company handles four brands: KDDI (au), NTT DOCOMO (via subsidiary Bellpark Next), and Y!mobile. As of the end of December 2025, it operates 323 stores in total, comprising 266 directly-operated stores and 57 franchise stores. In addition to its Carrier Shop Business targeting individual consumers, the company also operates a Corporate Solutions Business providing cloud services, security, and device management to corporate customers. Its main customer base consists of general consumers and corporate clients, primarily small and medium-sized enterprises.
Business Model
Revenue is composed of "Merchandise Sales (Handsets, Accessories, etc.)" and "Commission Income (Recurring Commissions, Agency Commissions, etc.)". In FY2025, merchandise sales amounted to ¥81,030 million (62.7% of revenue), while commission income amounted to ¥48,270 million (37.3% of revenue). Commission income includes new contract agency commissions as well as recurring commissions received over a certain period in line with subscribers' monthly telecom charges (recurring revenue), forming a stable revenue base. Commission payments associated with outsourcing operations to franchise stores are recorded as cost of sales.
Company Strengths
Handles four brands—SoftBank, Y!mobile, au, and docomo—operating a total of 323 stores as of the end of December 2025, comprising 266 directly-managed stores and 57 franchise stores. Store operation know-how and personnel development capabilities accumulated over more than 30 years since its founding in 1993 serve as the source of competitive advantage.
For the fiscal year ended December 2025, net sales reached ¥129,301 million (113.4% of plan), operating profit ¥5,880 million (130.7% of plan), and net income ¥4,128 million (137.6% of plan), exceeding the plan on all indicators. The main driver was increased new line acquisitions resulting from enhanced sales promotion events at commercial facilities, demonstrating strong execution capability.
The equity ratio stood at 61.8% as of the end of December 2025. The company maintains a financial structure that funds business operations and capital expenditures through internal resources without relying on interest-bearing debt. During FY2025, it carried out share buybacks totaling ¥10,339 million while securing operating cash flow of ¥4,654 million, achieving both capital efficiency and liquidity.
ENVALITH's Perspective
Performance Trend
Over the past five fiscal periods, revenue has been on a recovery and expansion trend, rising from a trough of ¥102,779 million in FY2022 to ¥129,301 million in FY2025, with operating profit also reaching a five-year high of ¥5,880 million in FY2025. In Q1 of FY2026 (ending December 2026), the company posted revenue of ¥36,215 million (up 5.7% year on year) and operating profit of ¥2,732 million (up 11.3% year on year), a strong start to the fiscal year. However, the full-year forecast calls for revenue of ¥120,000 million (down 7.2% year on year) and operating profit of ¥5,000 million (down 15.0% year on year), representing a decline in both revenue and profit versus the prior year. External factors—such as the prolongation of the handset replacement cycle stemming from tightened regulations on handset discounting, and uncertainty over the economic outlook driven by factors including U.S. tariff policy—are weighing on the earnings outlook. Quarterly net income per share for Q1 rose sharply to ¥156.05 (versus ¥89.42 in the same period of the prior year), though this increase also reflects the effect of the difference in the average number of shares outstanding during the period between the prior-year quarter (19,240,712 shares) and the current quarter (12,240,712 shares).
Growth Strategy
Two-pronged growth through improving profitability in the Carrier Shop Business and expanding the Corporate Solutions Business
The company is focusing on bundled sales that allow customers to continuously enjoy reduced communication costs, aiming to lower churn rates and build up recurring revenue. In the first quarter of FY2026 (ending December 2026), while standalone SIM contracts declined, sales of handsets bundled with mobile lines increased, resulting in growth across mobile phone sales, ancillary product sales, and recurring revenue.
The company continues to conduct event sales at commercial facilities and similar venues to expand the number of new line acquisitions. It is strengthening proposals for easy-to-understand pricing plans in collaboration with financial and payment services, enhancing its ability to respond to increasingly diversified pricing plans.
In addition to strengthening the organizational structure for business expansion, the company is promoting the provision of services such as outsourced device kitting operations. It aims to cultivate this business as a second pillar of revenue following the Carrier Shop Business, but at present, disclosure of scale is limited, making quantitative assessment of progress difficult.
Last updated: July 17, 2026