# T.S.I: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第16期(2025/01/01－2025/12/31) (S100XU5X)
> Page: https://vizora.meequs.com/en/company/t-s-i
> Retrieved: 2026-09-30T18:33:11.908Z

## Company

T.S.I, founded in 2025, is a company in Real Estate Development & Leasing listed on TSE Growth. It has 511 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Terminalcare Support Institute Inc. |
| Ticker | 7362 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7362.T) |
| Listing | TSE Growth |
| Head office | 京都市西京区桂南巽町75番地4 |
| Representative (per filing) | 代表取締役社長 北山 忠雄 |
| Founded | Dec 2025 |
| Share capital | ¥378.2M |
| Employees (consolidated) | 511 |
| Average salary (parent only) | ¥4.4M |
| Fiscal year end | December |
| Website | www.t-s-i.jp (https://www.t-s-i.jp/) |
| Corporate number | 6130001044812 |
| EDINET | E36353 |
| Industries (Vizora) | Real Estate Development & Leasing, Nursing Care |

> Profile source: annual securities report (S100XU5X, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Nursing Care (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.7 | 15 |
| Profitability | 11.9 | 21 |
| Cash conversion | 97.4 | 19 |
| Efficiency | 35.7 | 21 |

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 99% of T.S.I's sales come from Nursing care business, with Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +3.8% from the prior year, operating profit -73.0%.

## Company structure

- Segment revenue mix: Nursing care business 98.7%、Real estate business 1.3%
- Revenue → net income: ¥4886212000 → ¥81970000
- Net income → operating cash flow: ¥81970000 → ¥287228000（difference ¥205258000）
- Main uses of operating cash flow: CapEx ¥998049000 / dividends — / buybacks —
- Change in cash: ¥50655000
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 | ¥4.89B |  |
| Operating income | ¥40.7M | Margin 0.8% |
| Net income | ¥82M | Margin 1.7% |
| Free cash flow | -¥710.8M |  |
| Largest business | Nursing care business | of segment revenue 98.7% |
| Employees (consolidated) | 511 |  |
| EPS | ¥48.45 |  |
| Book value per share | ¥749.85 |  |
| Equity ratio | 24.4% |  |
| Shares outstanding | 1,533,100 |  |
| Treasury shares | 12,400 |  |
| Shareholders | 785 |  |
| Average salary (parent only) | ¥4.4M | Filing company only |
| Cash ratio | 20.1% | Cash ÷ revenue 23.9% |
| Vs. industry median margin | -5.3 pp | Nursing Care |
| ROE | 6.0% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.5× net income
- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, parent-company salary changed +20% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2930927000 | ¥4886212000 | +66.7% |
| Operating income | ¥89022000 | ¥40682000 | -54.3% |
| Operating margin | 3.0% | 0.8% | -2.2 pp |
| Employees | 267 people | 511 people | +91.4% |
| Cash and equivalents | ¥403443000 | ¥1168944000 | +189.7% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 介護事業 → 介護事業 | 83.1% |
| 不動産事業 → 不動産事業 | 1.3% |
| 不動産事業 → 事業再編・廃止 | 15.6% |
| 新設・再編 → 介護事業 | 15.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,886 | 100.0% | S100XU5X |
| Cost of revenue | 4,251 | 87.0% | S100XU5X |
| Gross profit | 635 | 13.0% | S100XU5X |
| SG&A | 594 | 12.2% | S100XU5X |
| Operating income | 41 | 0.8% | S100XU5X |
| Ordinary income | 139 | 2.8% | S100XU5X |
| Pretax income | 139 | 2.8% | S100XU5X |
| Income tax | 57 | 1.2% | S100XU5X |
| Net income | 82 | 1.7% | S100XU5X |
| Net income attributable to owners | 82 | 1.7% | S100XU5X |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 12 |
| Operating income | 1 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 13.0% → Operating margin 0.8% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.8%; Core profit growth: -73.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -19.26×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,708 | 4,886 | 178 | +3.8% |
| Gross profit | 659 | 635 | -24 | -3.7% |
| Operating income | 150 | 41 | -110 | -73.0% |
| Net income attributable to owners | 125 | 82 | -43 | -34.6% |
| Operating cash flow | 305 | 287 | -17 | -5.7% |
| Free cash flow | -797 | -711 | 87 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 2,385 | 112 | 4.7% | 77 | 192 | -173 | S100MOK0 |
| FY ending Dec 2020 | 2,931 | 89 | 3.0% | 102 | 125 | 52 | S100NRK1 |
| FY ending Dec 2021 | 3,401 | 172 | 5.1% | 138 | 462 | -57 | S100QL7N |
| FY ending Dec 2022 | 4,102 | 194 | 4.7% | 158 | 813 | 303 | S100T6GS |
| FY ending Dec 2023 | 4,253 | 111 | 2.6% | 127 | 238 | -597 | S100VKY5 |
| FY ending Dec 2024 | 4,708 | 150 | 3.2% | 125 | 305 | -797 | S100XU5X |
| FY ending Dec 2025 | 4,886 | 41 | 0.8% | 82 | 287 | -711 | S100XU5X |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥9.6M |
| Operating income per employee (consolidated) | ¥79.6K |
| Net income per employee (consolidated) | ¥160.4K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 336 | 389 | 425 | 451 | 511 |
| Average salary (parent company) | ¥3.7M | ¥3.8M | ¥3.9M | ¥4.3M | ¥4.4M |
| Average age (parent company) | 44.3 years | 44.7 years | 44.8 years | 45.5 years | 45.5 years |
| Average tenure (parent company) | 2.7 years | 3.0 years | 2.8 years | 3.0 years | 3.0 years |

Year over year: Employees (consolidated) +13.3% · Revenue (consolidated) +3.8%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Nursing care business | 4,823 | 98.7% | 108 | 2.2% |
| Real estate business | 63 | 1.3% | -38 | -59.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Nursing care business | 98.7% | 100.0% | 1.3 | 2.2% |
| Real estate business | 1.3% | — | — | -59.9% |

Loss-making segment (excluded from profit shares): Real estate business -38 JPY mn

Segment → industry: Real estate business → Real Estate Development & Leasing / Nursing care business → Nursing Care

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 287 | 5.9% | S100XU5X |
| Capital expenditure | 998 | 20.4% | S100XU5X |
| Free cash flow | -711 | -14.5% | 算出 |
| Investing cash flow | -1,008 | -20.6% | S100XU5X |
| Financing cash flow | 771 | 15.8% | S100XU5X |
| Change in cash | 51 | 1.0% | S100XU5X |
| Cash and equivalents | 1,169 | 23.9% | S100XU5X |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 865 | 1,077 | 1,371 | 1,118 | 1,169 | S100T6GS, S100VKY5, S100XU5X |
| Total assets | 2,879 | 3,030 | 4,093 | 4,824 | 5,807 | S100QL7N, S100T6GS, S100VKY5, S100XU5X |
| Net assets | 927 | 1,085 | 1,192 | 1,329 | 1,415 | S100T6GS, S100VKY5, S100XU5X |
| Share capital | 374 | 374 | 378 | 378 | 378 | S100QL7N, S100T6GS, S100VKY5, S100XU5X |
| Property, plant and equipment | 1,015 | 1,328 | 1,819 | 2,980 | 3,756 | S100QL7N, S100T6GS, S100VKY5, S100XU5X |
| Intangible assets excluding goodwill | 5 | 15 | 52 | 61 | 74 | S100QL7N, S100T6GS, S100VKY5, S100XU5X |
| Current assets | 1,792 | 1,618 | 2,119 | 1,761 | 1,944 | S100QL7N, S100T6GS, S100VKY5, S100XU5X |
| Current liabilities | 729 | 946 | 1,755 | 1,861 | 1,392 | S100QL7N, S100T6GS, S100VKY5, S100XU5X |
| Short-term borrowings | 150 | 300 | 1,071 | 1,113 | 451 | S100QL7N, S100T6GS, S100VKY5, S100XU5X |
| Long-term borrowings | 1,208 | 985 | 1,127 | 1,596 | 2,957 | S100QL7N, S100T6GS, S100VKY5, S100XU5X |
| Total liabilities | 1,952 | 1,945 | 2,901 | 3,495 | 4,392 | S100QL7N, S100T6GS, S100VKY5, S100XU5X |
| Equity attributable to owners of parent | 927 | 1,085 | 1,192 | 1,329 | 1,415 | S100QL7N, S100T6GS, S100VKY5, S100XU5X |
| Retained earnings | 277 | 435 | 561 | 692 | 771 | S100QL7N, S100T6GS, S100VKY5, S100XU5X |
| Treasury stock | — | -0 | -28 | -21 | -15 | S100T6GS, S100VKY5, S100XU5X |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100XU5X |
| Property, plant and equipment | 65% | S100XU5X |
| Intangibles and goodwill | 1% | S100XU5X |
| Other assets | 14% | S100XU5X |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 76% | S100XU5X |
| Equity | 24% | S100XU5X |
| Other liabilities | 0% | S100XU5X |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,879 | 3,030 | 4,093 | 4,824 | 5,807 |
| Equity | 927 | 1,085 | 1,192 | 1,329 | 1,415 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 865 | 1,077 | 1,371 | 1,118 | 1,169 |

## 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) | 76.9% | S100XU5X |
| Fixed assets ÷ total assets | 64.7% | S100XU5X |
| Goodwill ÷ parent equity | — | —, S100XU5X |

### 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) | 20.1% |
| Cash ÷ revenue | 23.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 706.0% |
| Cash vs. profit gap | 205 JPY mn (of net income 250.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 20.4% |
| Investing CF relative to operating CF | 350.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.1% | 1.18× | 4.8% | 3.10× | 14.9% | S100QL7N |
| 2022 | 3.8% | 1.39× | 5.3% | 2.94× | 15.7% | S100T6GS |
| 2023 | 3.0% | 1.19× | 3.6% | 3.13× | 11.1% | S100VKY5 |
| 2024 | 2.7% | 1.06× | 2.8% | 3.54× | 9.9% | S100XU5X |
| 2025 | 1.7% | 0.92× | 1.5% | 3.87× | 6.0% | S100XU5X |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 北山忠雄 | Major shareholder | 32.9% | 2025-12-31 |
| 北山優吾 | Major shareholder | 8.5% | 2025-12-31 |
| 北山雄三 | Major shareholder | 6.6% | 2025-12-31 |
| 北山裕美 | Major shareholder | 6.6% | 2025-12-31 |
| 北山千賀子 | Major shareholder | 6.6% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 3.0% | 2025-12-31 |
| 水元公仁 | Major shareholder | 2.8% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 2.1% | 2025-12-31 |
| 寺田英司 | Major shareholder | 1.3% | 2025-12-31 |
| 鈴木愛実 | Major shareholder | 1.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2025/01/01－2025/12/31) | S100XU5X | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU5X,, |
| 訂正有価証券報告書－第15期(2024/01/01－2024/12/31) | S100VKY5 | 2025-04-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VKY5,, |
| 有価証券報告書－第14期(2023/01/01－2023/12/31) | S100T6GS | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6GS,, |
| 訂正有価証券報告書－第13期(2022/01/01－2022/12/31) | S100QL7N | 2023-04-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QL7N,, |
| 有価証券報告書－第12期(令和3年1月1日－令和3年12月31日) | S100NRK1 | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRK1,, |
| 訂正有価証券報告書－第11期(令和2年1月1日－令和2年12月31日) | S100MOK0 | 2021-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MOK0,, |

## 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).