# TABIKOBO Co. Ltd.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第32期(2025/07/01－2026/06/30) (S100Z35T)
> Page: https://vizora.meequs.com/en/company/tabikobo
> Retrieved: 2026-09-30T19:42:00.013Z

## Company

Tabikobo, founded in 1994, is a company in Travel Agencies listed on TSE Growth. It has 105 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TABIKOBO Co. Ltd. |
| Ticker | 6548 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6548.T) |
| Listing | TSE Growth |
| Head office | 東京都豊島区東池袋三丁目1番1号 |
| Representative (per filing) | 代表取締役社長 小林祐樹 |
| Founded | Apr 1994 |
| Share capital | ¥100.2M |
| Employees (consolidated) | 105 |
| Average salary (parent only) | ¥3.9M |
| Fiscal year end | June |
| Website | www.tabikobo.com (https://www.tabikobo.com/) |
| Corporate number | 4013301007221 |
| EDINET | E33110 |
| Industries (Vizora) | Travel Agencies |

> Profile source: annual securities report (S100Z35T, filed 2026-09-18). As of filing

## Five-axis industry profile

Primary industry: Travel Agencies (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 4.5 | 11 |
| Efficiency | 86.4 | 11 |

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)

- Tabikobo brought in ¥4.77B in revenue.
- It lost about ¥4 for every ¥100 of sales at the operating level.
- Revenue changed +28.0% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.77B |  |
| Operating income | -¥168.9M | Margin -3.5% |
| Net income | ¥154.2M | Margin 3.2% |
| Free cash flow | -¥1.63B |  |
| Employees (consolidated) | 105 |  |
| EPS | ¥9.22 |  |
| Diluted EPS | ¥9.21 |  |
| Book value per share | ¥34.67 |  |
| Equity ratio | 31.3% |  |
| Shares outstanding | 19,806,800 |  |
| Treasury shares | 38,300 |  |
| Shareholders | 5,756 |  |
| Average salary (parent only) | ¥3.9M | Filing company only |
| Cash ratio | 30.5% | Cash ÷ revenue 15.2% |
| Vs. industry median margin | -5.9 pp | Travel Agencies |
| ROE | 23.3% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 30% of total assets

## What changed in 7 years

| Metric | FY ending Mar 2019 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥29268193000 | ¥4766885000 | -83.7% |
| Operating income | ¥333060000 | ¥-168909000 | -150.7% |
| Operating margin | 1.1% | -3.5% | -4.7 pp |
| Employees | 362 people | 105 people | -71.0% |
| Cash and equivalents | ¥3638155000 | ¥722791000 | -80.1% |

### Change in segment revenue mix

Span: FY ending Mar 2019 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,767 | 100.0% | S100Z35T |
| Cost of revenue | 3,755 | 78.8% | S100Z35T |
| Gross profit | 1,012 | 21.2% | S100Z35T |
| SG&A | 1,181 | 24.8% | S100Z35T |
| Operating income | -169 | -3.5% | S100Z35T |
| Ordinary income | -164 | -3.4% | S100Z35T |
| Pretax income | 164 | 3.4% | S100Z35T |
| Income tax | 8 | 0.2% | S100Z35T |
| Net income | 156 | 3.3% | S100Z35T |
| Net income attributable to owners | 154 | 3.2% | S100Z35T |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 25 |
| Operating income | -4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 21.2% → Operating margin -3.5% → Net margin 3.2%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,723 | 4,767 | 1,044 | +28.0% |
| Gross profit | 909 | 1,012 | 102 | +11.3% |
| Operating income | -112 | -169 | -57 | — |
| Net income attributable to owners | -768 | 154 | 922 | — |
| Operating cash flow | 128 | -1,623 | -1,752 | -1363.4% |
| Free cash flow | 128 | -1,634 | -1,762 | -1373.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2019 | 29,268 | 333 | 1.1% | 190 | 1,817 | 1,620 | S100KFFE |
| FY ending Mar 2020 | 33,355 | 139 | 0.4% | 88 | -1,344 | -1,650 | S100KFFE |
| FY ending Mar 2023 | 1,262 | -888 | -70.4% | -1,014 | -1,453 | -1,531 | S100UFDI |
| FY ending Jun 2025 | 3,723 | -112 | -3.0% | -768 | 128 | 128 | S100Z35T |
| FY ending Jun 2026 | 4,767 | -169 | -3.5% | 154 | -1,623 | -1,634 | S100Z35T |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.4M |
| Operating income per employee (consolidated) | -¥1.6M |
| Net income per employee (consolidated) | ¥1.5M |

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

| History | FY ending Mar 2019 | FY ending Mar 2020 | FY ending Mar 2023 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 362 | 376 | 114 | 108 | 105 |
| Average salary (parent company) | — | ¥4.3M | — | ¥4M | ¥3.9M |
| Average age (parent company) | — | 30.9 years | — | 33.8 years | 34.9 years |
| Average tenure (parent company) | — | 4.7 years | — | 5.6 years | 6.0 years |

Year over year: Employees (consolidated) -2.8% · Revenue (consolidated) +28.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,623 | -34.1% | S100Z35T |
| Capital expenditure | 10 | 0.2% | S100Z35T |
| Free cash flow | -1,634 | -34.3% | 算出 |
| Investing cash flow | -269 | -5.6% | S100Z35T |
| Financing cash flow | 7 | 0.1% | S100Z35T |
| Share buyback | 0 | 0.0% | S100Z35T |
| Change in cash | -1,881 | -39.5% | S100Z35T |
| Cash and equivalents | 723 | 15.2% | S100Z35T |

## 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 2019 | FY ending Mar 2020 | FY ending Mar 2023 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,638 | 2,703 | 825 | 2,604 | 723 | S100KFFE, S100Y964, S100Z35T |
| Total assets | 6,856 | 5,294 | 1,846 | 3,721 | 2,371 | S100KFFE, S100UFDI, S100Z35T |
| Net assets | 1,374 | 1,542 | -1,806 | 620 | 787 | S100KFFE, S100Y964, S100Z35T |
| Share capital | 427 | 464 | 1,545 | 100 | 100 | S100KFFE, S100UFDI, S100Z35T |
| Trade receivables | 832 | 177 | — | — | — | S100KFFE |
| Property, plant and equipment | 111 | 168 | — | 0 | 7 | S100KFFE, S100Z35T |
| Intangible assets excluding goodwill | 243 | 391 | — | 0 | 0 | S100KFFE, S100Z35T |
| Current assets | 6,007 | 4,281 | — | 3,444 | 1,992 | S100KFFE, S100Z35T |
| Current liabilities | 5,413 | 3,682 | — | 2,566 | 1,051 | S100KFFE, S100Z35T |
| Short-term borrowings | 7 | 700 | — | — | — | S100KFFE |
| Long-term borrowings | — | — | — | 500 | 500 | S100Z35T |
| Total liabilities | 5,483 | 3,751 | — | 3,101 | 1,583 | S100KFFE, S100Z35T |
| Non-controlling interests | 6 | 14 | — | 31 | 46 | S100KFFE, S100Z35T |
| Equity attributable to owners of parent | 1,350 | 1,512 | — | 584 | 738 | S100KFFE, S100Z35T |
| Retained earnings | 586 | 674 | — | -1,527 | -1,373 | S100KFFE, S100Z35T |
| Treasury stock | -0 | -0 | — | -0 | -0 | S100KFFE, S100Z35T |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100Z35T |
| Property, plant and equipment | 0% | S100Z35T |
| Intangibles and goodwill | 0% | S100Z35T |
| Other assets | 69% | S100Z35T |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 67% | S100Z35T |
| Equity | 33% | S100Z35T |

### Balance sheet history

| Metric | FY ending Mar 2019 | FY ending Mar 2020 | FY ending Mar 2023 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 6,856 | 5,294 | 1,846 | 3,721 | 2,371 |
| Equity | 1,374 | 1,542 | -1,806 | 620 | 787 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,638 | 2,703 | 825 | 2,604 | 723 |

## 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) | 0.1% | S100Z35T |
| Fixed assets ÷ total assets | 0.3% | S100Z35T |
| Goodwill ÷ parent equity | — | —, S100Z35T |

### 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) | 30.5% |
| Cash ÷ revenue | 15.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -1,777 JPY mn (of net income -1152.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2019 | 0.6% | 4.27× | 2.8% | 5.08× | 14.1% | S100KFFE |
| 2020 | 0.3% | 5.49× | 1.5% | 4.24× | 6.2% | S100KFFE |
| 2023 | — | —× | -54.9% | —× | — | S100UFDI, S100Y964 |
| 2025 | — | —× | -20.6% | —× | — | S100Z35T |
| 2026 | 3.2% | 1.57× | 5.1% | 4.61× | 23.3% | S100Z35T |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社アドベンチャー | Major shareholder | 53.0% | 2026-06-30 |
| 高山 泰仁 | Major shareholder | 7.1% | 2026-06-30 |
| 株式会社証券ジャパン | Major shareholder | 1.2% | 2026-06-30 |
| 楽天証券株式会社 | Major shareholder | 1.0% | 2026-06-30 |
| 松井証券株式会社 | Major shareholder | 0.9% | 2026-06-30 |
| 坂井 直樹 | Major shareholder | 0.9% | 2026-06-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.6% | 2026-06-30 |
| 杉山 昌樹 | Major shareholder | 0.6% | 2026-06-30 |
| 松本 典文 | Major shareholder | 0.6% | 2026-06-30 |
| 巻幡 俊 | Major shareholder | 0.5% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第32期(2025/07/01－2026/06/30) | S100Z35T | 2026-09-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z35T,, |
| 訂正有価証券報告書－第31期(2024/07/01－2025/06/30) | S100Y964 | 2026-06-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y964,, |
| 有価証券報告書－第30期(2023/04/01－2024/06/30) | S100UFDI | 2024-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFDI,, |
| 訂正有価証券報告書－第26期(平成31年4月1日－令和2年3月31日) | S100KFFE | 2020-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFFE,, |

## 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).