# TBS Holdings vs Waseda Academy

> Unit: JPY millions (ratios in %)
> Periods: TBS Holdings = FY ending Mar 2026, consolidated, J-GAAP / Waseda Academy = FY ending Mar 2026, consolidated, J-GAAP
> Retrieved: 2026-09-30T20:36:14.380Z

| Metric | TBS Holdings | Waseda Academy |
| --- | ---: | ---: |
| Revenue | 424,850 | 37,659 |
| Operating income | 24,750 | 3,960 |
| Net income | 52,228 | 2,487 |
| COGS ratio | 66.7% | 67.6% |
| Operating margin | 5.8% | 10.5% |
| Net margin | 12.3% | 6.6% |
| FCF margin | -1.5% | 8.4% |
| Period | FY ending Mar 2026 | FY ending Mar 2026 |
| Source | S100YI1U | S100YHCO |

## Five-axis industry profile

Each axis shows a rank within that company's primary industry, so peer groups may differ. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

| Axis | TBS Holdings | Waseda Academy |
| --- | ---: | ---: |
| Revenue growth | 77.3 (11 peers) | 63.5 (26 peers) |
| Profitability | 40.9 (11 peers) | 71.7 (30 peers) |
| Cash conversion | 5 (10 peers) | 51.8 (28 peers) |
| Efficiency | 4.5 (11 peers) | 81.7 (30 peers) |
| Financial strength | — | — |

## Company details

- https://vizora.meequs.com/en/company/tbs-holdings/md
- https://vizora.meequs.com/en/company/waseda-academy/md

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).