# T&S Group Inc.: 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10期(2024/10/01－2025/09/30) (S100XD2T)
> Page: https://vizora.meequs.com/en/company/t-and-s-group
> Retrieved: 2026-09-30T18:27:06.259Z

## Company

T&S Group, founded in 2016, is a company in IT Services & System Integration listed on TSE Growth. It has 368 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | T&S Group Inc. |
| Ticker | 4055 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4055.T) |
| Listing | TSE Growth |
| Head office | 神奈川県横浜市西区みなとみらい三丁目6番3号 |
| Representative (per filing) | 代表取締役執行役員社長 武川 義浩 |
| Founded | Nov 2016 |
| Share capital | ¥40M |
| Employees (consolidated) | 368 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | September |
| Website | www.tecsvc.co.jp (https://www.tecsvc.co.jp/) |
| Corporate number | 6020001118494 |
| EDINET | E35824 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XD2T, filed 2025-12-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 91.6 | 196 |
| Cash conversion | 68.9 | 185 |
| Efficiency | 48.7 | 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)

- T&S Group brought in ¥4.1B in revenue.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed +37.7% from the prior year, operating profit +45.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4103317000 → ¥509237000
- Net income → operating cash flow: ¥509237000 → ¥758945000（difference ¥249708000）
- Main uses of operating cash flow: CapEx ¥977000 / dividends ¥60661000 / buybacks —
- Change in cash: ¥575154000
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 | ¥4.1B |  |
| Operating income | ¥756.4M | Margin 18.4% |
| Net income | ¥509.2M | Margin 12.4% |
| Free cash flow | ¥758M |  |
| Employees (consolidated) | 368 |  |
| EPS | ¥27.49 |  |
| Diluted EPS | ¥27.33 |  |
| Book value per share | ¥330.22 |  |
| Equity ratio | 79.5% |  |
| Shares outstanding | 7,633,200 |  |
| Treasury shares | 54,000 |  |
| Shareholders | 5,803 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 71.0% | Cash ÷ revenue 63.4% |
| Vs. industry median margin | +9.5 pp | IT Services & System Integration |
| ROE | 19.2% | Derived from disclosed figures |
| ROA | 15.5% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 71% of total assets

## What changed in 1 years

| Metric | FY ending Sep 2024 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2980491000 | ¥4103317000 | +37.7% |
| Operating income | ¥519799000 | ¥756443000 | +45.5% |
| Operating margin | 17.4% | 18.4% | +1 pp |
| Employees | 332 people | 368 people | +10.8% |
| Cash and equivalents | ¥2013957000 | ¥2599838000 | +29.1% |

### 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 | 4,103 | 100.0% | S100XD2T |
| Cost of revenue | 2,864 | 69.8% | S100XD2T |
| Gross profit | 1,239 | 30.2% | S100XD2T |
| SG&A | 482 | 11.8% | S100XD2T |
| Operating income | 756 | 18.4% | S100XD2T |
| Ordinary income | 754 | 18.4% | S100XD2T |
| Pretax income | 754 | 18.4% | S100XD2T |
| Income tax | 244 | 6.0% | S100XD2T |
| Net income | 509 | 12.4% | S100XD2T |
| Net income attributable to owners | 509 | 12.4% | S100XD2T |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 12 |
| Operating income | 18 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 30.2% → Operating margin 18.4% → Net margin 12.4%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,980 | 4,103 | 1,123 | +37.7% |
| Gross profit | 866 | 1,239 | 373 | +43.0% |
| Operating income | 520 | 756 | 237 | +45.5% |
| Net income attributable to owners | 321 | 509 | 188 | +58.5% |
| Operating cash flow | 364 | 759 | 395 | +108.6% |
| Free cash flow | 362 | 758 | 396 | +109.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2024 | 2,980 | 520 | 17.4% | 321 | 364 | 362 | S100XD2T |
| FY ending Sep 2025 | 4,103 | 756 | 18.4% | 509 | 759 | 758 | S100XD2T |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11.2M |
| Operating income per employee (consolidated) | ¥2.1M |
| 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) | 332 | 368 |
| Average salary (parent company) | ¥6.1M | ¥6.6M |
| Average age (parent company) | 40.7 years | 35.7 years |
| Average tenure (parent company) | 6.9 years | 8.9 years |

## 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 | 759 | 18.5% | S100XD2T |
| Capital expenditure | 1 | 0.0% | S100XD2T |
| Free cash flow | 758 | 18.5% | 算出 |
| Investing cash flow | -123 | -3.0% | S100XD2T |
| Financing cash flow | -61 | -1.5% | S100XD2T |
| Dividends paid | 61 | 1.5% | S100XD2T |
| Change in cash | 575 | 14.0% | S100XD2T |
| Cash and equivalents | 2,600 | 63.4% | S100XD2T |

## 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 | 2,014 | 2,600 | S100XD2T |
| Total assets | 2,921 | 3,663 | S100XD2T |
| Net assets | 2,436 | 2,913 | S100XD2T |
| Share capital | 40 | 40 | S100XD2T |
| Property, plant and equipment | 18 | 15 | S100XD2T |
| Intangible assets excluding goodwill | 2 | 88 | S100XD2T |
| Goodwill | — | 87 | S100XD2T |
| Investment securities | 30 | 93 | S100XD2T |
| Current assets | 2,774 | 3,370 | S100XD2T |
| Current liabilities | 424 | 684 | S100XD2T |
| Total liabilities | 485 | 750 | S100XD2T |
| Equity attributable to owners of parent | 2,436 | 2,875 | S100XD2T |
| Retained earnings | 1,901 | 2,340 | S100XD2T |
| Treasury stock | -73 | -73 | S100XD2T |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 71% | S100XD2T |
| Property, plant and equipment | 0% | S100XD2T |
| Intangibles and goodwill | 5% | S100XD2T |
| Investment securities | 3% | S100XD2T |
| Other assets | 21% | S100XD2T |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 20% | S100XD2T |
| Equity | 80% | S100XD2T |
| Other liabilities | 0% | S100XD2T |

### Balance sheet history

| Metric | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: |
| Total assets | 2,921 | 3,663 |
| Equity | 2,436 | 2,913 |
| Interest-bearing debt | — | — |
| Cash | 2,014 | 2,600 |

## 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) | 0.4% | S100XD2T |
| Fixed assets ÷ total assets | 0.4% | S100XD2T |
| Goodwill ÷ parent equity | 3.0% | S100XD2T |

### 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) | 71.0% |
| Cash ÷ revenue | 63.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 100.3% |
| Cash vs. profit gap | 250 JPY mn (of net income 49.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 11.9% |
| Shareholder payments — dividends / FCF | 8.0% |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 16.2% |

## 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 | 10.8% | 1.02× | 11.0% | 1.20× | 13.2% | S100XD2T |
| 2025 | 12.4% | 1.25× | 15.5% | 1.24× | 19.2% | S100XD2T |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 武川 義浩 | Major shareholder | 24.5% | 2025-09-30 |
| 日下 理 | Major shareholder | 7.4% | 2025-09-30 |
| 渡辺 照男 | Major shareholder | 6.0% | 2025-09-30 |
| 合同会社尚創 | Major shareholder | 5.0% | 2025-09-30 |
| 遠藤 玲 | Major shareholder | 3.6% | 2025-09-30 |
| 合同会社ＴＹ＆Ｄ | Major shareholder | 2.5% | 2025-09-30 |
| 合同会社ＲＩＮＧＯ | Major shareholder | 2.5% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 1.5% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.4% | 2025-09-30 |
| ティアンドエスグループ従業員持株会 | Major shareholder | 0.9% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2024/10/01－2025/09/30) | S100XD2T | 2025-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XD2T,, |
| 有価証券報告書－第9期(2023/12/01－2024/09/30) | S100V0MK | 2024-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0MK,, |

## 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).