# Tsuji Hongo IT Consulting Co., Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2024/10/01－2025/09/30) (S100XDEA)
> Page: https://vizora.meequs.com/en/company/ht-itc
> Retrieved: 2026-09-30T19:00:15.229Z

## Company

Tsuji Hongo IT Consulting, founded in 2021, is a company in IT Services & System Integration listed on TSE Standard. It has 123 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tsuji Hongo IT Consulting Co., Ltd. |
| Ticker | 476A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/476A.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区代々木一丁目36番4号全理連ビル5階 |
| Representative (per filing) | 代表取締役 黒仁田 健 |
| Founded | Mar 2021 |
| Share capital | ¥30M |
| Employees (consolidated) | 123 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | September |
| Website | ht-itc.jp (https://ht-itc.jp/) |
| Corporate number | 2011001073585 |
| EDINET | E40991 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XDEA, filed 2025-12-26). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 99 | 157 |
| Profitability | 83.4 | 196 |
| Cash conversion | 25.1 | 185 |
| Efficiency | 54.8 | 196 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- Tsuji Hongo IT Consulting brought in ¥2.12B in revenue.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +64.5% from the prior year, operating profit +190.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2124225000 → ¥170692000
- Net income → operating cash flow: ¥170692000 → ¥197234000（difference ¥26542000）
- Main uses of operating cash flow: CapEx ¥22740000 / dividends — / buybacks —
- Change in cash: ¥73518000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.12B |  |
| Operating income | ¥320.5M | Margin 15.1% |
| Net income | ¥169.5M | Margin 8.0% |
| Free cash flow | ¥174.5M |  |
| Employees (consolidated) | 123 |  |
| EPS | ¥108.07 |  |
| Book value per share | ¥612.08 |  |
| Equity ratio | 60.4% |  |
| Shares outstanding | 1,691,988 |  |
| Shareholders | 16 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 56.2% | Cash ÷ revenue 44.3% |
| Vs. industry median margin | +6.2 pp | IT Services & System Integration |
| ROE | 18.3% | Derived from disclosed figures |
| ROA | 10.6% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 56% of total assets

## What changed in 1 years

| Metric | FY ending Sep 2024 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1291001000 | ¥2124225000 | +64.5% |
| Operating income | ¥110197000 | ¥320471000 | +190.8% |
| Operating margin | 8.5% | 15.1% | +6.6 pp |
| Employees | 111 people | 123 people | +10.8% |
| Cash and equivalents | ¥866820000 | ¥940339000 | +8.5% |

### Change in segment revenue mix

Span: FY ending Sep 2024 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,124 | 100.0% | S100XDEA |
| Cost of revenue | 992 | 46.7% | S100XDEA |
| Gross profit | 1,132 | 53.3% | S100XDEA |
| SG&A | 812 | 38.2% | S100XDEA |
| Operating income | 320 | 15.1% | S100XDEA |
| Ordinary income | 324 | 15.3% | S100XDEA |
| Pretax income | 253 | 11.9% | S100XDEA |
| Income tax | 82 | 3.9% | S100XDEA |
| Net income | 171 | 8.0% | S100XDEA |
| Net income attributable to owners | 169 | 8.0% | S100XDEA |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 47 |
| SG&A | 38 |
| Operating income | 15 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 53.3% → Operating margin 15.1% → Net margin 8.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +64.5%; Core profit growth: +190.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.96×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,291 | 2,124 | 833 | +64.5% |
| Gross profit | 655 | 1,132 | 477 | +72.8% |
| Operating income | 110 | 320 | 210 | +190.8% |
| Net income attributable to owners | 79 | 169 | 91 | +115.8% |
| Operating cash flow | 98 | 197 | 99 | +101.5% |
| Free cash flow | 89 | 174 | 85 | +95.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2024 | 1,291 | 110 | 8.5% | 79 | 98 | 89 | S100XDEA |
| FY ending Sep 2025 | 2,124 | 320 | 15.1% | 169 | 197 | 174 | S100XDEA |

## People and productivity（FY ending Sep 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.3M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥1.4M |

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

| History | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: |
| Employees (consolidated) | 111 | 123 |
| Average salary (parent company) | — | ¥6.2M |
| Average age (parent company) | — | 39.9 years |
| Average tenure (parent company) | — | 2.4 years |

Year over year: Employees (consolidated) +10.8% · Revenue (consolidated) +64.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 197 | 9.3% | S100XDEA |
| Capital expenditure | 23 | 1.1% | S100XDEA |
| Free cash flow | 174 | 8.2% | 算出 |
| Investing cash flow | -14 | -0.7% | S100XDEA |
| Financing cash flow | -110 | -5.2% | S100XDEA |
| Change in cash | 74 | 3.5% | S100XDEA |
| Cash and equivalents | 940 | 44.3% | S100XDEA |

## 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 Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 867 | 940 | S100XDEA |
| Total assets | 1,519 | 1,672 | S100XDEA |
| Net assets | 848 | 1,010 | S100XDEA |
| Share capital | 30 | 30 | S100XDEA |
| Property, plant and equipment | 22 | 21 | S100XDEA |
| Intangible assets excluding goodwill | 297 | 266 | S100XDEA |
| Goodwill | 296 | 266 | S100XDEA |
| Current assets | 1,110 | 1,276 | S100XDEA |
| Current liabilities | 436 | 538 | S100XDEA |
| Long-term borrowings | 221 | 120 | S100XDEA |
| Total liabilities | 671 | 663 | S100XDEA |
| Non-controlling interests | 8 | — | S100XDEA |
| Equity attributable to owners of parent | 840 | 1,010 | S100XDEA |
| Retained earnings | 18 | 188 | S100XDEA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 56% | S100XDEA |
| Property, plant and equipment | 1% | S100XDEA |
| Intangibles and goodwill | 32% | S100XDEA |
| Other assets | 11% | S100XDEA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 40% | S100XDEA |
| Equity | 60% | S100XDEA |

### Balance sheet history

| Metric | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: |
| Total assets | 1,519 | 1,672 |
| Equity | 848 | 1,010 |
| Interest-bearing debt | — | — |
| Cash | 867 | 940 |

## 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) | 1.0% | S100XDEA |
| Fixed assets ÷ total assets | 1.3% | S100XDEA |
| Goodwill ÷ parent equity | 26.3% | S100XDEA |

### 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) | 56.2% |
| Cash ÷ revenue | 44.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 61.5% |
| Cash vs. profit gap | 28 JPY mn (of net income 16.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 7.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 6.1% | 0.85× | 5.2% | 1.81× | 9.3% | S100XDEA |
| 2025 | 8.0% | 1.33× | 10.6% | 1.73× | 18.3% | S100XDEA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Hongo holdings株式会社 | Major shareholder | 62.3% | 2025-09-30 |
| 伊藤忠商事株式会社 | Major shareholder | 26.7% | 2025-09-30 |
| ニッセイ・キャピタル９号投資事業有限責任組合 無限責任組合員 ニッセイ・キャピタル株式会社 | Major shareholder | 2.4% | 2025-09-30 |
| ニッセイ・キャピタル10号投資事業有限責任組合 無限責任組合員 ニッセイ・キャピタル株式会社 | Major shareholder | 2.1% | 2025-09-30 |
| 辻・本郷 税理士法人 | Major shareholder | 0.9% | 2025-09-30 |
| 黒仁田健 | Major shareholder | 0.8% | 2025-09-30 |
| 神先孝裕 | Major shareholder | 0.6% | 2025-09-30 |
| AGキャピタル株式会社 | Major shareholder | 0.6% | 2025-09-30 |
| 大下宏樹 | Major shareholder | 0.6% | 2025-09-30 |
| 安東容杜 | Major shareholder | 0.6% | 2025-09-30 |
| 德永和喜 | Major shareholder | 0.6% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2024/10/01－2025/09/30) | S100XDEA | 2025-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XDEA,, |

## 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).