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Japanese management and IT consulting firm advising corporations on strategy and digital transformation.
Japanese management and IT consulting firm advising corporations on strategy and digital transformation.
Charges clients for the time of its consultants, so revenue is headcount multiplied by billed hours and the fee per hour, and the firm has added staff rapidly to meet demand. Multi-year transformation programmes for large Japanese companies provide repeat engagements.
In one line: A smaller Accenture.
Moat: narrow (brand, process know-how). Consulting reputation and talent base built serving Japan's largest corporates.
Headquarters: Tokyo, Japan · Founded: 1998 · Employees: 6,788
Size Baycurrent (6532.T) is a Japan Industrials company (Miscellaneous Commercial Services) with a market value of $11.2B, the 125th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥11,735 on 6 Nov 2026.
Performance Over six months the shares gained 131.9%, against +10.8% for the median peer and +1.8% for the Japan market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 32.5% over the last twelve months (peer median +3.8%); the operating margin is 33.3% (peer median 13.6%).
Valuation It trades at 35.6× forward earnings against a peer median of 19.1× (2nd most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +28%, so the hurdle is -22 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 65.3 points above its cost of capital (5.0% WACC).
Next results Next results expected around 8 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥173B | ¥148B | ¥116B | ¥93.9B | ¥76.1B |
| Revenue growth | — | +28% | +24% | +23% | — |
| Gross profit | ¥100B | ¥83.6B | ¥62.0B | ¥50.5B | ¥42.3B |
| EBITDA | ¥60.8B | ¥53.4B | ¥45.1B | ¥36.6B | ¥31.0B |
| Net income | ¥42.8B | ¥37.8B | ¥30.8B | ¥25.4B | ¥21.9B |
| Free cash flow | ¥38.1B | ¥35.0B | ¥31.8B | ¥20.7B | ¥21.2B |
| Capital expenditure | ¥2.97B | ¥2.65B | ¥866M | ¥3.63B | ¥386M |
| Total debt | ¥8.87B | ¥6.58B | ¥8.08B | ¥9.65B | ¥4.14B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Baycurrent 6532.T | $11.2B | +132% | +32% | 33% | 35.6× | 6.4% |
| Accenture ACN | $154B | +44% | +6% | 15% | 17.8× | 3.7% |
| Nomura Research Institute 4307.T | $20.2B | +40% | +8% | 19% | 26.4× | 0.7% |
| Future 4722.T | $1.36B | +59% | +8% | 20% | 17.2× | -5.4% |
| Capgemini CAP.PA | $24.1B | +31% | +6% | 11% | 10.4× | -0.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 6532.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +43.5% | +10.2% | highest of 20 |
| 6-month return | +131.9% | +10.8% | highest of 20 |
| Distance from 52-week high | -4.7% | -14.0% | 7th highest of 21 |
| Revenue growth (TTM) | +32.5% | +3.8% | highest of 21 |
| Operating margin | 33.3% | 13.6% | 2nd highest of 21 |
| Forward P/E | 35.6× | 19.1× | 2nd most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 6.4% | 8.2% | 9th least demanding of 20 |
| Growth delivered (Del g) | +28.2% | +9.2% | 3rd highest of 20 |
| Hurdle (Req g minus delivered) | -21.8 pp | -4.2 pp | 3rd least demanding of 20 |
| ROIC minus cost of capital | +65.3 pp | +5.0 pp | highest of 19 |
| EV / EBITDA | 28.2× | 10.9× | most expensive of 20 |
| Net debt / EBITDA | -0.8× | 1.8× | 3rd least indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Baycurrent 6532.T | Japan | $11.2B | +132% | +32% | 33% | 35.6× | 6.4% | +28.2% |
| Rentokil Initial RTO.L | United Kingdom | $11.9B | -26% | 0% | 14% | 16.9× | 8.2% | +13.4% |
| CETC Lantian Technology 688818.SS | China | $12.1B | -33% | +5% | 9% | 214.2× | n/a | n/a |
| Intertek ITRK.L | United Kingdom | $12.3B | +12% | +4% | 18% | 22.3× | 14.8% | +4.6% |
| Booz Allen Hamilton BAH | United States | $10.1B | +11% | -6% | 9% | 13.3× | -7.0% | +7.4% |
| Securitas SECU-B.ST | Sweden | $9.22B | +4% | -5% | 7% | 12.3× | -4.9% | +7.5% |
| CAE CAE.TO | Canada | $8.67B | +3% | +5% | 13% | 29.5× | 13.2% | +10.5% |
| Spie SPIE.PA | France | $8.64B | -8% | +3% | 6% | 14.5× | 8.6% | +9.3% |
| Bureau Veritas BVI.PA | France | $14.9B | +13% | +2% | 15% | 20.2× | 7.9% | +7.0% |
| UL Solutions ULS | United States | $15.9B | -22% | +6% | 19% | 31.2× | 9.1% | +5.8% |
| ALS ALQ.AX | Australia | $7.40B | -3% | +11% | 17% | 23.6× | 23.0% | +13.5% |
| Computershare CPU.AX | Australia | $17.2B | +44% | 0% | 30% | 19.1× | -2.6% | +9.2% |
| Eurofins Scientific ERF.PA | France | $17.5B | +49% | +3% | 12% | 23.0× | 13.3% | +6.1% |
| Iss A/s ISS.CO | Denmark | $7.08B | +13% | +4% | 5% | 15.3× | -6.1% | +3.7% |
| Genpact G | United States | $7.07B | +30% | +7% | 16% | 9.9× | -7.5% | +6.5% |
| Airtel Mobile Commerce AMC.L | United Kingdom | $7.05B | n/a | +30% | 48% | n/a | 11.5% | +30.3% |
| Rollins ROL | United States | $18.1B | -29% | +8% | 19% | 31.4× | 11.2% | +11.7% |
| Secom 9735.T | Japan | $18.8B | +16% | +4% | 13% | 22.7× | -0.3% | +3.9% |
| Edenred EDEN.PA | France | $6.52B | +15% | +3% | 30% | 12.0× | -8.0% | +13.9% |
| Elis ELIS.PA | France | $6.44B | -12% | +5% | 13% | 12.0× | 10.1% | +11.3% |
| Nexi NEXI.MI | Italy | $5.93B | +18% | +1% | 13% | 7.0× | 1.5% | +30.5% |