# Tabio Corporation: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第49期(2025/03/01－2026/02/28) (S100Y4Z8)
> Page: https://vizora.meequs.com/en/company/tabio
> Retrieved: 2026-09-30T20:30:39.443Z

## Company

Tabio, founded in 1977, is a company in Apparel listed on TSE Standard. It has 268 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tabio Corporation |
| Ticker | 2668 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2668.T) |
| Listing | TSE Standard |
| Head office | 大阪市浪速区難波中二丁目10番70号 |
| Representative (per filing) | 代表取締役社長 越智勝寛 |
| Founded | Mar 1977 |
| Share capital | ¥414.8M |
| Employees (consolidated) | 268 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | February |
| Website | www.tabio.com (https://www.tabio.com/) |
| Corporate number | 8120001020754 |
| EDINET | E02923 |
| Industries (Vizora) | Apparel |

> Profile source: annual securities report (S100Y4Z8, filed 2026-05-20). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 73.6 | 55 |
| Profitability | 64.8 | 61 |
| Cash conversion | 58.5 | 47 |
| Efficiency | 89.3 | 61 |

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)

- Tabio brought in ¥16.8B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -0.2% from the prior year, operating profit +19.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥16812398000 → ¥569724000
- Net income → operating cash flow: ¥569724000 → ¥916742000（difference ¥347018000）
- Main uses of operating cash flow: CapEx ¥227089000 / dividends ¥203691000 / buybacks ¥31546000
- Change in cash: ¥-87206000
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 | ¥16.8B |  |
| Operating income | ¥884M | Margin 5.3% |
| Net income | ¥569.7M | Margin 3.4% |
| Free cash flow | ¥689.7M |  |
| Employees (consolidated) | 268 |  |
| EPS | ¥69.21 |  |
| Book value per share | ¥623.43 |  |
| Equity ratio | 60.3% |  |
| Shares outstanding | 6,813,880 |  |
| Treasury shares | 34,000 |  |
| Shareholders | 8,877 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 22.2% | Cash ÷ revenue 11.8% |
| Vs. industry median margin | +2.2 pp | Apparel |
| ROE | 12.0% | Derived from disclosed figures |
| ROA | 6.5% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +24% over five years
- FY2026, employees -2% while operating income rose 19%

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11505830000 | ¥16812398000 | +46.1% |
| Operating income | ¥-1082692000 | ¥883961000 | — |
| Operating margin | -9.4% | 5.3% | +14.7 pp |
| Employees | 292 people | 268 people | -8.2% |
| Cash and equivalents | ¥2514128000 | ¥1978211000 | -21.3% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,812 | 100.0% | S100Y4Z8 |
| Cost of revenue | 7,051 | 41.9% | S100Y4Z8 |
| Gross profit | 9,761 | 58.1% | S100Y4Z8 |
| SG&A | 8,877 | 52.8% | S100Y4Z8 |
| Operating income | 884 | 5.3% | S100Y4Z8 |
| Ordinary income | 917 | 5.5% | S100Y4Z8 |
| Pretax income | 786 | 4.7% | S100Y4Z8 |
| Income tax | 216 | 1.3% | S100Y4Z8 |
| Net income | 570 | 3.4% | S100Y4Z8 |
| Net income attributable to owners | 570 | 3.4% | S100Y4Z8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 42 |
| SG&A | 53 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 58.1% → Operating margin 5.3% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.2%; Core profit growth: +19.5%
Operating leverage (core profit growth ÷ revenue growth): -82.79×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 16,852 | 16,812 | -40 | -0.2% |
| Gross profit | 9,489 | 9,761 | 272 | +2.9% |
| Operating income | 740 | 884 | 144 | +19.5% |
| Net income attributable to owners | 520 | 570 | 50 | +9.5% |
| Operating cash flow | 951 | 917 | -34 | -3.6% |
| Free cash flow | 771 | 690 | -81 | -10.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 15,723 | 249 | 1.6% | 8 | 334 | -59 | S100LEV2 |
| FY ending Feb 2021 | 11,506 | -1,083 | -9.4% | -1,550 | -693 | -858 | S100O4D5 |
| FY ending Feb 2022 | 13,677 | 121 | 0.9% | 184 | 841 | 657 | S100QTD1 |
| FY ending Feb 2023 | 15,264 | 507 | 3.3% | 232 | 610 | 381 | S100THFJ |
| FY ending Feb 2024 | 16,221 | 598 | 3.7% | 469 | 356 | -93 | S100VRYS |
| FY ending Feb 2025 | 16,852 | 740 | 4.4% | 520 | 951 | 771 | S100Y4Z8 |
| FY ending Feb 2026 | 16,812 | 884 | 5.3% | 570 | 917 | 690 | S100Y4Z8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥62.7M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥2.1M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 279 | 274 | 279 | 274 | 268 |
| Average salary (parent company) | ¥4.6M | ¥4.1M | ¥5.5M | ¥5.6M | ¥5.7M |
| Average age (parent company) | 40.1 years | 40.9 years | 40.1 years | 41.2 years | 41.5 years |
| Average tenure (parent company) | 13.8 years | 14.1 years | 13.8 years | 15.0 years | 15.1 years |

Year over year: Employees (consolidated) -2.2% · Revenue (consolidated) -0.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 917 | 5.5% | S100Y4Z8 |
| Capital expenditure | 227 | 1.4% | S100Y4Z8 |
| Free cash flow | 690 | 4.1% | 算出 |
| Investing cash flow | -457 | -2.7% | S100Y4Z8 |
| Financing cash flow | -560 | -3.3% | S100Y4Z8 |
| Dividends paid | 204 | 1.2% | S100Y4Z8 |
| Share buyback | 32 | 0.2% | S100Y4Z8 |
| Change in cash | -87 | -0.5% | S100Y4Z8 |
| Cash and equivalents | 1,978 | 11.8% | S100Y4Z8 |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,835 | 2,602 | 1,538 | 2,065 | 1,978 | S100THFJ, S100VRYS, S100Y4Z8 |
| Total assets | 7,749 | 7,734 | 7,680 | 8,522 | 8,903 | S100QTD1, S100THFJ, S100VRYS, S100Y4Z8 |
| Net assets | 3,990 | 4,019 | 4,472 | 4,831 | 5,365 | S100THFJ, S100VRYS, S100Y4Z8 |
| Share capital | 415 | 415 | 415 | 415 | 415 | S100QTD1, S100THFJ, S100VRYS, S100Y4Z8 |
| Property, plant and equipment | 2,011 | 2,069 | 2,409 | 2,429 | 2,399 | S100QTD1, S100THFJ, S100VRYS, S100Y4Z8 |
| Intangible assets excluding goodwill | 331 | 339 | 328 | 303 | 330 | S100QTD1, S100THFJ, S100VRYS, S100Y4Z8 |
| Investment securities | — | — | 411 | 387 | 575 | S100VRYS, S100Y4Z8 |
| Current assets | 4,145 | 4,095 | 3,315 | 3,995 | 3,970 | S100QTD1, S100THFJ, S100VRYS, S100Y4Z8 |
| Current liabilities | 2,266 | 2,373 | 2,297 | 2,400 | 2,410 | S100QTD1, S100THFJ, S100VRYS, S100Y4Z8 |
| Long-term borrowings | 562 | 340 | 118 | 366 | 245 | S100QTD1, S100THFJ, S100VRYS, S100Y4Z8 |
| Total liabilities | 3,759 | 3,715 | 3,208 | 3,691 | 3,538 | S100QTD1, S100THFJ, S100VRYS, S100Y4Z8 |
| Equity attributable to owners of parent | 3,986 | 3,998 | 4,270 | 4,579 | 4,931 | S100QTD1, S100THFJ, S100VRYS, S100Y4Z8 |
| Retained earnings | 3,488 | 3,516 | 3,782 | 4,098 | 4,464 | S100QTD1, S100THFJ, S100VRYS, S100Y4Z8 |
| Treasury stock | -9 | -25 | -19 | -27 | -42 | S100QTD1, S100THFJ, S100VRYS, S100Y4Z8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100Y4Z8 |
| Property, plant and equipment | 27% | S100Y4Z8 |
| Intangibles and goodwill | 4% | S100Y4Z8 |
| Investment securities | 6% | S100Y4Z8 |
| Other assets | 41% | S100Y4Z8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 40% | S100Y4Z8 |
| Equity | 60% | S100Y4Z8 |
| Other liabilities | 0% | S100Y4Z8 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,749 | 7,734 | 7,680 | 8,522 | 8,903 |
| Equity | 3,990 | 4,019 | 4,472 | 4,831 | 5,365 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,835 | 2,602 | 1,538 | 2,065 | 1,978 |

## 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) | 14.3% | S100Y4Z8 |
| Fixed assets ÷ total assets | 26.9% | S100Y4Z8 |
| Goodwill ÷ parent equity | — | —, S100Y4Z8 |

### 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) | 22.2% |
| Cash ÷ revenue | 11.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 103.7% |
| Cash vs. profit gap | 347 JPY mn (of net income 60.9%) |
| Shareholder returns / net income | 41.3% |
| Shareholder returns / FCF | 34.1% |
| Shareholder payments — dividends / net income | 35.8% |
| Shareholder payments — dividends / FCF | 29.5% |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | 49.9% |

## 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 | 1.3% | 1.77× | 2.4% | 1.94× | 4.6% | S100QTD1 |
| 2023 | 1.5% | 1.97× | 3.0% | 1.94× | 5.8% | S100THFJ |
| 2024 | 2.9% | 2.10× | 6.1% | 1.86× | 11.4% | S100VRYS |
| 2025 | 3.1% | 2.08× | 6.4% | 1.83× | 11.8% | S100Y4Z8 |
| 2026 | 3.4% | 1.93× | 6.5% | 1.83× | 12.0% | S100Y4Z8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社越智産業 | Major shareholder | 27.3% | 2026-02-28 |
| エム・エス・エヌ株式会社 | Major shareholder | 14.7% | 2026-02-28 |
| 越智ホールディングス株式会社 | Major shareholder | 9.2% | 2026-02-28 |
| タビオ取引先持株会 | Major shareholder | 3.3% | 2026-02-28 |
| 株式会社ナイガイ | Major shareholder | 2.6% | 2026-02-28 |
| 高 山 清 行 | Major shareholder | 1.5% | 2026-02-28 |
| 越 智 康 彦 | Major shareholder | 1.2% | 2026-02-28 |
| 石 坂 秊 之 | Major shareholder | 1.1% | 2026-02-28 |
| 真 砂 純 子 | Major shareholder | 1.0% | 2026-02-28 |
| 越 智 恵 子 | Major shareholder | 1.0% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第49期(2025/03/01－2026/02/28) | S100Y4Z8 | 2026-05-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4Z8,, |
| 有価証券報告書－第48期(2024/03/01－2025/02/28) | S100VRYS | 2025-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VRYS,, |
| 有価証券報告書－第47期(2023/03/01－2024/02/29) | S100THFJ | 2024-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THFJ,, |
| 有価証券報告書－第46期(2022/03/01－2023/02/28) | S100QTD1 | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTD1,, |
| 有価証券報告書－第45期(令和3年3月1日－令和4年2月28日) | S100O4D5 | 2022-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4D5,, |
| 有価証券報告書－第44期(令和2年3月1日－令和3年2月28日) | S100LEV2 | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEV2,, |

## 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).