# Hirose Tusyo Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第23期(2025/04/01－2026/03/31) (S100YJPR)
> Page: https://vizora.meequs.com/en/company/hirose-fx
> Retrieved: 2026-09-30T21:37:45.567Z

## Company

Hirose Tusyo, founded in 2004, is a company in Securities & Asset Management listed on TSE Standard. It has 93 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hirose Tusyo Inc. |
| Ticker | 7185 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7185.T) |
| Listing | TSE Standard |
| Head office | 大阪市西区新町一丁目3番19号 MGビルディング |
| Representative (per filing) | 代表取締役社長 野市裕作 |
| Founded | Mar 2004 |
| Share capital | ¥1.12B |
| Employees (consolidated) | 93 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | hirose-fx.co.jp (https://hirose-fx.co.jp/) |
| Corporate number | 9120001106932 |
| EDINET | E32109 |
| Industries (Vizora) | Securities & Asset Management |

> Profile source: annual securities report (S100YJPR, filed 2026-06-25). As of filing

## Key points (generated from figures)

- Hirose Tusyo brought in ¥10.5B in revenue.
- Out of every ¥100 of sales, about ¥29 is left as operating profit.
- Revenue changed +2.8% from the prior year, operating profit -0.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥10.5B |  |
| Operating income | ¥3.04B | Margin 29.0% |
| Net income | ¥2.06B | Margin 19.6% |
| Free cash flow | -¥482.1M |  |
| Employees (consolidated) | 93 |  |
| EPS | ¥284.32 |  |
| Diluted EPS | ¥282.74 |  |
| Book value per share | ¥2970.28 |  |
| Equity ratio | 15.9% |  |
| Shares outstanding | 6,883,500 |  |
| Treasury shares | 730,200 |  |
| Shareholders | 23,320 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 5.8% | Cash ÷ revenue 76.1% |
| Vs. industry median margin | +8.3 pp | Securities & Asset Management |
| ROE | 10.1% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.1× dividends
- FY2026, operating income keeps 29 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8733916000 | ¥10490573000 | +20.1% |
| Operating income | ¥2853648000 | ¥3039988000 | +6.5% |
| Operating margin | 32.7% | 29.0% | -3.7 pp |
| Employees | 88 people | 93 people | +5.7% |
| Cash and equivalents | ¥7229873000 | ¥7983107000 | +10.4% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,491 | 100.0% | S100YJPR |
| SG&A | 7,386 | 70.4% | S100YJPR |
| Operating income | 3,040 | 29.0% | S100YJPR |
| Ordinary income | 3,074 | 29.3% | S100YJPR |
| Pretax income | 3,092 | 29.5% | S100YJPR |
| Income tax | 1,031 | 9.8% | S100YJPR |
| Net income | 2,061 | 19.6% | S100YJPR |
| Net income attributable to owners | 2,061 | 19.6% | S100YJPR |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Operating expenses | 71 |
| Operating income | 29 |
| (Ref.) Net income | 20 |

### Margin funnel

Operating margin 29.0% → Net margin 19.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.8%; Core profit growth: -0.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.29×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,204 | 10,491 | 287 | +2.8% |
| Operating income | 3,065 | 3,040 | -25 | -0.8% |
| Net income attributable to owners | 2,230 | 2,061 | -169 | -7.6% |
| Operating cash flow | 2,242 | -444 | -2,686 | -119.8% |
| Free cash flow | 2,208 | -482 | -2,690 | -121.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 8,412 | 3,025 | 36.0% | 2,083 | -1,852 | -1,916 | S100LS9W |
| FY ending Mar 2021 | 8,734 | 2,854 | 32.7% | 1,938 | 4,330 | 4,278 | S100OL9L |
| FY ending Mar 2022 | 8,723 | 2,707 | 31.0% | 1,840 | 147 | 91 | S100RA9Z |
| FY ending Mar 2023 | 10,318 | 3,586 | 34.8% | 2,408 | 127 | 98 | S100V7WT |
| FY ending Mar 2024 | 10,713 | 4,256 | 39.7% | 2,925 | -307 | -350 | S100W6AC |
| FY ending Mar 2025 | 10,204 | 3,065 | 30.0% | 2,230 | 2,242 | 2,208 | S100YJPR |
| FY ending Mar 2026 | 10,491 | 3,040 | 29.0% | 2,061 | -444 | -482 | S100YJPR |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥112.8M |
| Operating income per employee (consolidated) | ¥32.7M |
| Net income per employee (consolidated) | ¥22.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 90 | 88 | 87 | 87 | 93 |
| Average salary (parent company) | ¥7.8M | ¥8.2M | ¥8.6M | ¥8.1M | ¥7M |
| Average age (parent company) | 37.7 years | 38.6 years | 37.9 years | 37.1 years | 37.7 years |
| Average tenure (parent company) | 7.0 years | 7.8 years | 7.6 years | 7.3 years | 7.8 years |

Year over year: Employees (consolidated) +6.9% · Revenue (consolidated) +2.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -444 | -4.2% | S100YJPR |
| Capital expenditure | 38 | 0.4% | S100YJPR |
| Free cash flow | -482 | -4.6% | 算出 |
| Investing cash flow | 1,360 | 13.0% | S100YJPR |
| Financing cash flow | -769 | -7.3% | S100YJPR |
| Dividends paid | 239 | 2.3% | S100YJPR |
| Share buyback | 259 | 2.5% | S100YJPR |
| Change in cash | 220 | 2.1% | S100YJPR |
| Cash and equivalents | 7,983 | 76.1% | S100YJPR |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,025 | 5,997 | 6,038 | 7,763 | 7,983 | S100V7WT, S100W6AC, S100YJPR |
| Total assets | 95,456 | 103,725 | 119,070 | 117,623 | 136,663 | S100RA9Z, S100V7WT, S100W6AC, S100YJPR |
| Net assets | 14,030 | 15,218 | 17,506 | 19,767 | 21,722 | S100V7WT, S100W6AC, S100YJPR |
| Share capital | 1,070 | 1,071 | 1,085 | 1,094 | 1,115 | S100RA9Z, S100V7WT, S100W6AC, S100YJPR |
| Property, plant and equipment | 113 | 107 | 97 | 87 | 94 | S100RA9Z, S100V7WT, S100W6AC, S100YJPR |
| Intangible assets excluding goodwill | 59 | 37 | 52 | 48 | 40 | S100RA9Z, S100V7WT, S100W6AC, S100YJPR |
| Current assets | 95,163 | 103,433 | 118,713 | 117,077 | 136,157 | S100RA9Z, S100V7WT, S100W6AC, S100YJPR |
| Current liabilities | 80,144 | 87,715 | 100,753 | 97,037 | 114,116 | S100RA9Z, S100V7WT, S100W6AC, S100YJPR |
| Short-term borrowings | 5,700 | 5,800 | 7,600 | 7,400 | 7,100 | S100RA9Z, S100V7WT, S100W6AC, S100YJPR |
| Long-term borrowings | 500 | — | — | — | — | S100RA9Z |
| Total liabilities | 81,426 | 88,507 | 101,564 | 97,856 | 114,941 | S100RA9Z, S100V7WT, S100W6AC, S100YJPR |
| Equity attributable to owners of parent | 13,936 | 15,102 | 17,284 | 19,538 | 21,435 | S100RA9Z, S100V7WT, S100W6AC, S100YJPR |
| Retained earnings | 12,557 | 14,760 | 17,444 | 19,383 | 21,205 | S100RA9Z, S100V7WT, S100W6AC, S100YJPR |
| Treasury stock | -322 | -1,362 | -1,891 | -1,731 | -1,819 | S100RA9Z, S100V7WT, S100W6AC, S100YJPR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YJPR |
| Property, plant and equipment | 0% | S100YJPR |
| Intangibles and goodwill | 0% | S100YJPR |
| Other assets | 94% | S100YJPR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 84% | S100YJPR |
| Equity | 16% | S100YJPR |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 95,456 | 103,725 | 119,070 | 117,623 | 136,663 |
| Equity | 14,030 | 15,218 | 17,506 | 19,767 | 21,722 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,025 | 5,997 | 6,038 | 7,763 | 7,983 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 0.9% | S100YJPR |
| Fixed assets ÷ total assets | 0.1% | S100YJPR |
| Goodwill ÷ parent equity | — | —, S100YJPR |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 5.8% |
| Cash ÷ revenue | 76.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -14.6% |
| Cash vs. profit gap | -2,504 JPY mn (of net income -121.5%) |
| Shareholder returns / net income | 24.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 11.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | — |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 21.1% | 0.09× | 1.9% | 6.85× | 13.2% | S100RA9Z |
| 2023 | 23.3% | 0.10× | 2.4% | 6.86× | 16.6% | S100V7WT |
| 2024 | 27.3% | 0.10× | 2.6% | 6.88× | 18.1% | S100W6AC |
| 2025 | 21.9% | 0.09× | 1.9% | 6.43× | 12.1% | S100YJPR |
| 2026 | 19.6% | 0.08× | 1.6% | 6.21× | 10.1% | S100YJPR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 友延 雅昭 | Major shareholder | 8.6% | 2026-03-31 |
| 渋谷 誠一 | Major shareholder | 7.0% | 2026-03-31 |
| 石原 愛 | Major shareholder | 6.6% | 2026-03-31 |
| 松井 隆司 | Major shareholder | 5.9% | 2026-03-31 |
| 野市 裕作 | Major shareholder | 5.8% | 2026-03-31 |
| 衣川 貴裕 | Major shareholder | 5.3% | 2026-03-31 |
| 松田 弥 | Major shareholder | 3.5% | 2026-03-31 |
| 村井 昌江 | Major shareholder | 2.5% | 2026-03-31 |
| Maicos International Company Limited | Major shareholder | 1.5% | 2026-03-31 |
| 森本 和弥 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/04/01－2026/03/31) | S100YJPR | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJPR,, |
| 有価証券報告書－第22期(2024/04/01－2025/03/31) | S100W6AC | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6AC,, |
| 訂正有価証券報告書－第21期(2023/04/01－2024/03/31) | S100V7WT | 2025-02-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V7WT,, |
| 有価証券報告書－第20期(2022/04/01－2023/03/31) | S100RA9Z | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA9Z,, |
| 有価証券報告書－第19期(令和3年4月1日－令和4年3月31日) | S100OL9L | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL9L,, |
| 有価証券報告書－第18期(令和2年4月1日－令和3年3月31日) | S100LS9W | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS9W,, |

## 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).