# T.O. Holdings CO., LTD.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第72期(2025/06/01－2026/05/31) (S100YYIN)
> Page: https://vizora.meequs.com/en/company/t-o-holdings
> Retrieved: 2026-09-30T22:23:26.657Z

## Company

T.O. Holdings, founded in 1955, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 440 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | T.O. Holdings CO.,LTD. |
| Ticker | 9812 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9812.T) |
| Listing | TSE Standard |
| Head office | 北海道函館市港町三丁目18番15号 |
| Representative (per filing) | 代表取締役社長 小笠原 康正 |
| Founded | Jan 1955 |
| Share capital | ¥100M |
| Employees (consolidated) | 440 |
| Average salary (parent only) | ¥4.3M |
| Fiscal year end | May |
| Website | tohd.co.jp (https://tohd.co.jp/) |
| Corporate number | 1440001001290 |
| EDINET | E03169 |
| Industries (Vizora) | Real Estate Development & Leasing, Home Centers, General Contractors, Specialty Trading & Wholesale, Furniture, Interior & Lifestyle Goods, Car Dealers & Used Cars |

> Profile source: annual securities report (S100YYIN, filed 2026-08-25). As of filing

## Five-axis industry profile

Primary industry: Car Dealers & Used Cars (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.8 | 18 |
| Profitability | 11.4 | 22 |
| Cash conversion | 97.5 | 20 |
| Efficiency | 38.6 | 22 |

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)

- About 38% of T.O. Holdings's sales come from Automobile-related business, with Distribution business and Timber business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -2.7% from the prior year, operating profit -6.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥23.5B |  |
| Operating income | ¥207M | Margin 0.9% |
| Net income | -¥52.8M | Margin -0.2% |
| Free cash flow | ¥1.13B |  |
| Largest business | Automobile-related business | of segment revenue 38.1% |
| Employees (consolidated) | 440 |  |
| EPS | ¥-5.42 |  |
| Book value per share | ¥38 |  |
| Equity ratio | 2.1% |  |
| Shares outstanding | 8,926,896 |  |
| Treasury shares | 2,518,200 |  |
| Shareholders | 6,389 |  |
| Average salary (parent only) | ¥4.3M | Filing company only |
| Cash ratio | 7.7% | Cash ÷ revenue 5.8% |
| Vs. industry median margin | -2.3 pp | Car Dealers & Used Cars |
| ROA | -0.3% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 30 points

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥30859006000 | ¥23543532000 | -23.7% |
| Operating income | ¥120689000 | ¥207044000 | +71.6% |
| Operating margin | 0.4% | 0.9% | +0.5 pp |
| Employees | 621 people | 440 people | -29.1% |
| Cash and equivalents | ¥800469000 | ¥1363538000 | +70.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 木材 → 木材 | 13.0% |
| 木材 → 事業再編・廃止 | 1.0% |
| 流通 → 流通 | 33.5% |
| 流通 → 事業再編・廃止 | 10.0% |
| 建設 → 建設 | 4.7% |
| 住宅 → 事業再編・廃止 | 4.2% |
| 不動産賃貸 → 不動産賃貸 | 1.0% |
| 自動車関連 → 自動車関連 | 28.7% |
| スポーツクラブ → 事業再編・廃止 | 0.4% |
| その他 → その他 | 1.8% |
| その他 → 事業再編・廃止 | 1.6% |
| 新設・再編 → 建設 | 7.9% |
| 新設・再編 → 不動産賃貸 | 0.0% |
| 新設・再編 → 自動車関連 | 9.4% |

Segment revenue source references: 14 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Automobile-related business | 5 years | +0.2% | ¥8973615000 | 1.8% | 2 |
| Distribution business | 5 years | -10.1% | ¥7887080000 | 1.5% | 2 |
| Timber business | 5 years | -6.6% | ¥3071934000 | -1.1% | 2 |
| Construction business | 5 years | +15.4% | ¥2952994000 | 1.9% | 2 |
| Other | 5 years | -16.4% | ¥423016000 | 4.8% | 2 |
| Real estate leasing business | 5 years | -5.2% | ¥234889000 | 65.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,544 | 100.0% | S100YYIN |
| Cost of revenue | 17,924 | 76.1% | S100YYIN |
| Gross profit | 5,620 | 23.9% | S100YYIN |
| SG&A | 5,413 | 23.0% | S100YYIN |
| Operating income | 207 | 0.9% | S100YYIN |
| Ordinary income | 48 | 0.2% | S100YYIN |
| Pretax income | 66 | 0.3% | S100YYIN |
| Income tax | 98 | 0.4% | S100YYIN |
| Net income | -32 | -0.1% | S100YYIN |
| Net income attributable to owners | -53 | -0.2% | S100YYIN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 23 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 23.9% → Operating margin 0.9% → Net margin -0.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.7%; Core profit growth: -6.8%
Operating leverage (core profit growth ÷ revenue growth): 2.56×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 24,188 | 23,544 | -645 | -2.7% |
| Gross profit | 5,766 | 5,620 | -147 | -2.5% |
| Operating income | 222 | 207 | -15 | -6.8% |
| Net income attributable to owners | -8 | -53 | -45 | — |
| Operating cash flow | 1,063 | 1,799 | 736 | +69.2% |
| Free cash flow | 579 | 1,126 | 547 | +94.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 35,634 | -375 | -1.1% | -1,930 | 485 | -431 | S100MCQL |
| FY ending May 2021 | 30,859 | 121 | 0.4% | 123 | 3,029 | 2,134 | S100PD0G |
| FY ending May 2022 | 27,702 | 164 | 0.6% | -28 | 679 | 308 | S100RRBJ |
| FY ending May 2023 | 26,494 | 202 | 0.8% | -522 | 874 | 512 | S100UAOR |
| FY ending May 2024 | 25,605 | 306 | 1.2% | 112 | 735 | 425 | S100WL8B |
| FY ending May 2025 | 24,188 | 222 | 0.9% | -8 | 1,063 | 579 | S100YYIN |
| FY ending May 2026 | 23,544 | 207 | 0.9% | -53 | 1,799 | 1,126 | S100YYIN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥53.5M |
| Operating income per employee (consolidated) | ¥470.6K |
| Net income per employee (consolidated) | -¥120K |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 577 | 516 | 480 | 464 | 440 |
| Average salary (parent company) | ¥3.8M | ¥4.5M | ¥4.3M | ¥4.4M | ¥4.3M |
| Average age (parent company) | 41.1 years | 41.9 years | 44.1 years | 42.6 years | 42.6 years |
| Average tenure (parent company) | 12.7 years | 12.8 years | 14.4 years | 12.6 years | 13.3 years |

Year over year: Employees (consolidated) -5.2% · Revenue (consolidated) -2.7%

## Segments（FY ending May 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Timber business | 3,072 | 13.0% | -33 | -1.1% |
| Distribution business | 7,887 | 33.5% | 116 | 1.5% |
| Construction business | 2,953 | 12.5% | 56 | 1.9% |
| Real estate leasing business | 235 | 1.0% | 155 | 65.8% |
| Automobile-related business | 8,974 | 38.1% | 158 | 1.8% |
| Other | 423 | 1.8% | 20 | 4.8% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Timber business | 13.0% | — | — | -1.1% |
| Distribution business | 33.5% | 22.9% | -10.6 | 1.5% |
| Construction business | 12.5% | 11.2% | -1.4 | 1.9% |
| Real estate leasing business | 1.0% | 30.6% | 29.6 | 65.8% |
| Automobile-related business | 38.1% | 31.3% | -6.8 | 1.8% |
| Other | 1.8% | 4.0% | 2.2 | 4.8% |

Loss-making segment (excluded from profit shares): Timber business -33 JPY mn

Segment → industry: Real estate leasing business → Real Estate Development & Leasing / Distribution business → Home Centers / Construction business → General Contractors / Timber business → Specialty Trading & Wholesale / Distribution business → Furniture, Interior & Lifestyle Goods / Automobile-related business → Car Dealers & Used Cars

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,799 | 7.6% | S100YYIN |
| Capital expenditure | 673 | 2.9% | S100YYIN |
| Free cash flow | 1,126 | 4.8% | 算出 |
| Investing cash flow | -703 | -3.0% | S100YYIN |
| Financing cash flow | -416 | -1.8% | S100YYIN |
| Dividends paid | 3 | 0.0% | S100YYIN |
| Share buyback | 0 | 0.0% | S100YYIN |
| Change in cash | 680 | 2.9% | S100YYIN |
| Cash and equivalents | 1,364 | 5.8% | S100YYIN |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 747 | 1,143 | 475 | 683 | 1,364 | S100UAOR, S100WL8B, S100YYIN |
| Total assets | 20,707 | 19,601 | 17,830 | 17,003 | 17,660 | S100RRBJ, S100UAOR, S100WL8B, S100YYIN |
| Net assets | 1,074 | 472 | 606 | 600 | 527 | S100UAOR, S100WL8B, S100YYIN |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100RRBJ, S100UAOR, S100WL8B, S100YYIN |
| Property, plant and equipment | 9,798 | 9,227 | 8,378 | 8,114 | 8,071 | S100RRBJ, S100UAOR, S100WL8B, S100YYIN |
| Intangible assets excluding goodwill | 165 | 123 | 94 | 86 | 56 | S100RRBJ, S100UAOR, S100WL8B, S100YYIN |
| Goodwill | 28 | 14 | — | — | — | S100RRBJ, S100UAOR |
| Investment securities | 477 | 176 | 99 | 74 | 75 | S100RRBJ, S100UAOR, S100WL8B, S100YYIN |
| Current assets | 9,499 | 9,409 | 8,558 | 8,035 | 8,714 | S100RRBJ, S100UAOR, S100WL8B, S100YYIN |
| Current liabilities | 13,628 | 12,689 | 10,983 | 10,438 | 11,165 | S100RRBJ, S100UAOR, S100WL8B, S100YYIN |
| Trade payables | 3,392 | 3,014 | 2,899 | 2,487 | 3,103 | S100RRBJ, S100UAOR, S100WL8B, S100YYIN |
| Short-term borrowings | 8,663 | 8,140 | 6,361 | 6,321 | 6,029 | S100RRBJ, S100UAOR, S100WL8B, S100YYIN |
| Long-term borrowings | 4,357 | 4,936 | 4,863 | 4,700 | 4,714 | S100RRBJ, S100UAOR, S100WL8B, S100YYIN |
| Total liabilities | 19,632 | 19,128 | 17,225 | 16,403 | 17,133 | S100RRBJ, S100UAOR, S100WL8B, S100YYIN |
| Non-controlling interests | 161 | 142 | 152 | 138 | 148 | S100RRBJ, S100UAOR, S100WL8B, S100YYIN |
| Equity attributable to owners of parent | 755 | 233 | 344 | 337 | 281 | S100RRBJ, S100UAOR, S100WL8B, S100YYIN |
| Retained earnings | -2,122 | -2,644 | -229 | -135 | -191 | S100RRBJ, S100UAOR, S100WL8B, S100YYIN |
| Treasury stock | -1,170 | -1,170 | -1,170 | -1,170 | -1,170 | S100RRBJ, S100UAOR, S100WL8B, S100YYIN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YYIN |
| Property, plant and equipment | 46% | S100YYIN |
| Intangibles and goodwill | 0% | S100YYIN |
| Investment securities | 0% | S100YYIN |
| Other assets | 46% | S100YYIN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 18% | S100YYIN |
| Other liabilities | 79% | S100YYIN |
| Equity | 3% | S100YYIN |
| Other liabilities | 0% | S100YYIN |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 20,707 | 19,601 | 17,830 | 17,003 | 17,660 |
| Equity | 1,074 | 472 | 606 | 600 | 527 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 747 | 1,143 | 475 | 683 | 1,364 |

## 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) | 34.3% | S100YYIN |
| Fixed assets ÷ total assets | 45.7% | S100YYIN |
| Goodwill ÷ parent equity | — | —, S100YYIN |

### 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) | 7.7% |
| Cash ÷ revenue | 5.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 868.7% |
| Cash vs. profit gap | 1,851 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 0.3% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 0.3% |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 39.1% |

## 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 | — | —× | -0.1% | —× | — | S100RRBJ |
| 2023 | — | —× | -2.6% | —× | — | S100UAOR |
| 2024 | 0.4% | 1.37× | 0.6% | 64.84× | 38.6% | S100WL8B |
| 2025 | — | —× | -0.0% | —× | — | S100YYIN |
| 2026 | — | —× | -0.3% | —× | — | S100YYIN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 小笠原 康正 | Major shareholder | 13.5% | 2026-05-31 |
| 損害保険ジャパン株式会社 | Major shareholder | 7.6% | 2026-05-31 |
| 小笠原 勇人 | Major shareholder | 5.8% | 2026-05-31 |
| 小笠原 正 | Major shareholder | 5.7% | 2026-05-31 |
| テーオー取引先持株会 | Major shareholder | 4.9% | 2026-05-31 |
| 株式会社北海道銀行 | Major shareholder | 4.9% | 2026-05-31 |
| 株式会社エイチ・アンド・エイ | Major shareholder | 4.7% | 2026-05-31 |
| 一般財団法人小笠原アカデミー教育振興財団 | Major shareholder | 3.1% | 2026-05-31 |
| 株式会社エスイーシー | Major shareholder | 1.6% | 2026-05-31 |
| 稲田 仁美 | Major shareholder | 1.6% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第72期(2025/06/01－2026/05/31) | S100YYIN | 2026-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYIN,, |
| 有価証券報告書－第71期(2024/06/01－2025/05/31) | S100WL8B | 2025-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WL8B,, |
| 有価証券報告書－第70期(2023/06/01－2024/05/31) | S100UAOR | 2024-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UAOR,, |
| 有価証券報告書－第69期(2022/06/01－2023/05/31) | S100RRBJ | 2023-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RRBJ,, |
| 訂正有価証券報告書－第68期(令和3年6月1日－令和4年5月31日) | S100PD0G | 2022-10-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PD0G,, |
| 有価証券報告書－第67期(令和2年6月1日－令和3年5月31日) | S100MCQL | 2021-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCQL,, |

## 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).