4477
BASE, INC.
BASE株式会社
Information & Communication
BASE,Inc. engages in the planning, development, and operation of web services in Japan. The company offers BASE, an online shop opening service that allows anyone to create an online shop; and PAY ID, a shopping service that provides payment experiences for purchasers shopping online, as well as enables them to discover new products and repeat purchases. It also provides PAY.JP, a payment API that allows developers to implement online payment functions to their services; E-Store ShopServe, a platform for building e-commerce websites, and YELL BANK, a financial service that allows shop owners who use the online shop opening service BASE to raise funds. BASE,Inc. was incorporated in 2012 and is based in Tokyo, Japan.
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Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥20.7B
¥16.0B
¥11.7B
¥9.7B
¥9.9B
Cost of Sales
¥10.7B
¥8.8B
¥6.6B
¥5.0B
¥4.3B
Gross Profit
¥10.0B
¥7.2B
¥5.0B
¥4.7B
¥5.6B
SG&A
¥8.3B
¥6.4B
¥5.5B
¥6.2B
¥6.6B
Operating Income
¥1.7B
¥772M
¥-425M
¥-1.5B
¥-977M
Non-Operating Income
¥85M
¥32M
¥21M
¥20M
¥24M
Dividend Income
¥0M
—
—
—
—
Interest Income
¥39M
¥2M
¥0M
¥0M
¥0M
Non-Operating Expenses
¥127M
¥8M
¥4M
¥7M
¥7M
Interest Expense
¥5M
¥1M
—
¥0M
—
Ordinary Income
¥1.6B
¥796M
¥-409M
¥-1.5B
¥-960M
Pre-tax Income
¥1.6B
¥-71M
¥-602M
¥-1.7B
¥-1.2B
Income Taxes
¥-187M
¥-411M
¥4M
¥-3M
¥-24M
Current Tax
¥271M
¥203M
¥4M
¥4M
¥4M
Deferred Tax
¥-458M
¥-615M
—
¥-7M
¥-3M
Net Income (owners)
¥1.8B
¥340M
¥-606M
¥-1.7B
¥-1.2B
Minority Interest
¥4M
—
—
—
—
Comprehensive Income
¥1.9B
¥336M
¥-608M
¥-1.7B
¥-1.2B
EBITDA
¥1.7B
¥802M
¥-423M
¥-1.5B
¥-932M
Goodwill Amort. (J-GAAP)
¥25M
¥21M
—
—
—
EPS
¥15.87
¥2.94
¥-5.31
¥-15.46
¥-10.80
Shares Outstanding
117.8M
116.4M
115.2M
113.6M
111.5M
Shares Issued (total)
117.8M
116.4M
115.2M
113.6M
111.5M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥57.8B
¥46.3B
¥37.3B
¥31.3B
¥32.0B
Current Assets
¥52.3B
¥45.3B
¥37.0B
¥30.9B
¥31.4B
Cash & Deposits
¥26.9B
¥25.7B
¥22.2B
¥22.3B
¥24.1B
Non-Current Assets
¥5.5B
¥1.0B
¥331M
¥332M
¥558M
PP&E
¥170M
¥17M
—
—
¥101M
Goodwill
¥1.4B
—
—
—
—
Intangible Assets
¥2.6B
¥1M
—
—
¥3M
Investment Securities
¥918M
¥32M
¥36M
¥39M
¥183M
Deferred Tax Assets
¥1.1B
¥614M
—
—
—
Total Liabilities
¥42.7B
¥32.7B
¥24.3B
¥17.8B
¥16.9B
Current Liabilities
¥41.3B
¥31.9B
¥24.2B
¥17.7B
¥16.8B
Non-Current Liabilities
¥1.4B
¥799M
¥52M
¥57M
¥61M
Total LT Borrowings
¥896M
¥727M
—
—
—
Total Equity
¥15.1B
¥13.6B
¥13.0B
¥13.5B
¥15.1B
Capital Stock
¥8.8B
¥8.7B
¥8.7B
¥8.6B
¥8.6B
Capital Surplus
¥4.7B
¥5.0B
¥4.9B
¥7.4B
¥7.4B
Retained Earnings
¥2.0B
¥-266M
¥-606M
¥-2.5B
¥-813M
Treasury Stock
¥-999M
¥0M
¥0M
¥0M
—
AOCI
¥81M
¥1M
¥5M
¥6M
¥3M
Equity (owners)
¥14.5B
¥13.5B
¥13.0B
¥13.5B
¥15.1B
Minority Interests
¥196M
—
—
—
—
Total Interest-Bearing Debt ⓘ
¥896M
¥727M
—
—
—
Net Cash ⓘ
¥26.0B
¥25.0B
¥22.2B
¥22.3B
¥24.1B
NCAV ⓘ
¥9.6B
¥12.6B
¥12.7B
¥13.2B
¥14.5B
NCAV/Share
¥82
¥108
¥110
¥116
¥130
BV/Share
¥123
¥116
¥113
¥119
¥135
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥3.3B
¥3.7B
¥-80M
¥-1.7B
¥1.8B
Taxes Paid
—
¥-4M
¥-4M
¥63M
—
Interest Paid
¥-15M
¥-3M
—
¥0M
—
Interest Received
¥40M
—
—
—
—
D&A
¥37M
¥9M
¥2M
¥49M
¥45M
Goodwill Amort.
¥25M
¥21M
—
—
—
Investing CF
¥-3.1B
¥-159M
¥-53M
¥-28M
¥-21M
CapEx
¥12M
¥26M
¥53M
¥28M
¥20M
Proceeds from Invest.
¥26M
—
—
—
—
Financing CF
¥-1.1B
¥3M
¥16M
¥26M
¥21M
Share Buybacks
¥-1.0B
¥0M
—
¥0M
—
LT Debt Repaid
¥-80M
¥-10M
—
—
—
Free Cash Flow
¥3.3B
¥3.6B
¥-133M
¥-1.7B
¥1.8B
Net Change in Cash
¥-864M
¥3.5B
¥-117M
¥-1.7B
¥1.8B
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
13.0%
2.6%
-4.6%
-12.1%
-7.9%
ROA
3.5%
0.8%
-1.8%
-5.5%
-3.7%
EPS
¥15.87
¥2.94
¥-5.31
¥-15.46
¥-10.80
DPS
¥5.00
—
—
—
—
BPS
¥126.86
¥115.77
¥112.87
¥118.81
¥135.48
FCF/Share
¥28
¥31
¥-1
¥-15
¥16
NCAV/Share
¥82
¥108
¥110
¥116
¥130
Payout Ratio
31.5%
—
—
—
—
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 18
Date Activist Stake Event Flag Demands Source
2026-05-19
Maki Hiroyuki
20.53%
-0.02%
change
Passive
—
2026-02-13
Maki Hiroyuki
20.55%
change
Passive
—
2025-10-07
Asset Management One Co., Ltd.
3.74%
-1.31%
change
Passive
—
2025-09-05
Maki Hiroyuki
20.55%
change
Passive
—
2025-08-15
Maki Hiroyuki
20.55%
+6.3%
change
Passive
—
2025-08-07
Asset Management One Co., Ltd.
5.05%
initial_5pct
Passive
—
2025-03-12
Maki Hiroyuki
14.25%
+2.83%
change
Passive
—
2025-03-11
Maki Hiroyuki
11.42%
+3.42%
change
Passive
—
2025-03-10
Maki Hiroyuki
8.0%
+2.6%
change
Passive
—
2025-03-07
Maki Hiroyuki
5.4%
initial_5pct
Passive
—
2025-02-27
MARUI GROUP CO.,LTD.
—
exit
Passive
—
2024-07-19
Baillie Gifford & Co
4.8%
-1.32%
change
Passive
—
2024-06-07
Baillie Gifford & Co
6.12%
-1.13%
change
Passive
—
2024-05-16
Yuta Tsuruoka
17.2%
change
Passive
—
2024-02-06
Baillie Gifford & Co
7.25%
-1.21%
change
Passive
—
2023-12-21
Baillie Gifford & Co
8.46%
-1.33%
change
Passive
—
2023-11-21
Baillie Gifford & Co
9.79%
-1.43%
change
Passive
—
2023-08-15
Baillie Gifford & Co
11.22%
change
Passive
—
Top 10 Shareholders
Ownership DNA
#
Shareholder
Shares (thou.)
% of Total
1
鶴岡 裕太
18,607,178
16.16%
2
立花証券株式会社
16,583,000
14.40%
3
牧 寛之
7,633,486
6.63%
4
MORGAN STANLEY SMITH BARNEY LLC CLIENTS FULLY PAID SEG ACCOUNT(常任代理人 シティバンク、エヌ・エイ東京支店)株式会社
2,709,066
2.35%
5
柳澤 安慶
2,652,000
2.30%
6
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
2,564,900
2.22%
7
CyberAgent Inc.
株式会社サイバーエージェント
2,255,000
1.95%
8
上田八木短資株式会社
1,798,900
1.56%
9
THE BANK OF NEY YORK 133612 (常任代理人 株式会社みずほ銀行決済営業部)
1,780,100
1.54%
10
SBI SECURITIES Co., Ltd.
株式会社SBI証券
1,495,917
1.29%
Domestic Nominees
2.2%
-3.1% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
0.0%
-2.0% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
48.2%
+14.8% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
鶴岡 裕太
15.56%
15.95%
16.16%
+0.21%
立花証券
NEW ENTRY
—
—
—
14.40%
NEW
牧 寛之
NEW ENTRY
—
—
—
6.63%
NEW
Morgan Stanley
2.35%
2.32%
2.35%
+0.03%
柳澤 安慶
—
2.26%
2.30%
+0.04%
Japan Custody Bank
日本カストディ銀行
—
3.43%
2.22%
-1.21%
CyberAgent Inc.
式会社サイバーエージェント
1.95%
1.93%
1.95%
+0.02%
上田八木短資
NEW ENTRY
2.29%
—
1.56%
NEW
THE BANK OF NEY YORK
NEW ENTRY
—
—
—
1.54%
NEW
SBI SECURITIES Co., Ltd.
式会社SBI証券
4.07%
2.99%
1.29%
-1.70%
Marui Group Co.
式会社丸井グループ
last seen 2024
Exited Top 10
5.47%
5.41%
—
GOLDMAN,SACHS & CO.REG
last seen 2024
Exited Top 10
—
2.49%
—
BNY Mellon
last seen 2024
Exited Top 10
3.88%
1.97%
—
Japan Master Trust Bank
日本マスタートラスト信託銀行
last seen 2024
Exited Top 10
—
1.90%
—
State Street
last seen 2023
Exited Top 10
2.29%
—
—
SAJAP
last seen 2023
Exited Top 10
1.17%
—
—
Concentration (HHI)
ⓘ
325
332
538
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved