# TACHI-S CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第74期(2025/04/01－2026/03/31) (S100YLGY)
> Page: https://vizora.meequs.com/en/company/tachi-s
> Retrieved: 2026-09-30T18:31:47.234Z

## Company

Tachi-S, founded in 1954, is a company in Auto Parts listed on TSE Prime. It has 8,790 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TACHI-S CO.,LTD. |
| Ticker | 7239 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7239.T) |
| Listing | TSE Prime |
| Head office | 東京都青梅市末広町一丁目3番1号 |
| Representative (per filing) | 代表取締役社長 山本雄一郎 |
| Founded | Apr 1954 |
| Share capital | ¥9.04B |
| Employees (consolidated) | 8,790 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.tachi-s.co.jp (https://www.tachi-s.co.jp/) |
| Corporate number | 6012801002309 |
| EDINET | E02210 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YLGY, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 41.4 | 110 |
| Profitability | 42.8 | 111 |
| Cash conversion | 21.8 | 108 |
| Efficiency | 95 | 111 |

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 40% of Tachi-S's sales come from Japan, with Middle and South America and North America making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -5.7% from the prior year, operating profit +20.6%.

## Company structure

- Segment revenue mix: Japan 40.4%、Middle and South America 38.6%、North America 15.4%、China 3.3%、Southeast Asia 2.3%
- Revenue → net income: ¥269009000000 → ¥9714000000
- Net income → operating cash flow: ¥9714000000 → ¥13583000000（difference ¥3869000000）
- Main uses of operating cash flow: CapEx ¥4775000000 / dividends ¥3592000000 / buybacks —
- Change in cash: ¥984000000
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 | ¥269B |  |
| Operating income | ¥11.6B | Margin 4.3% |
| Net income | ¥9.3B | Margin 3.5% |
| Free cash flow | ¥8.81B |  |
| Largest business | Japan | of segment revenue 40.4% |
| Employees (consolidated) | 8,790 |  |
| EPS | ¥388.06 |  |
| Diluted EPS | ¥334.31 |  |
| Book value per share | ¥2141.58 |  |
| Equity ratio | 61.6% |  |
| Shares outstanding | 35,242,000 |  |
| Treasury shares | 629,700 |  |
| Shareholders | 27,890 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 26.2% | Cash ÷ revenue 16.6% |
| Vs. industry median margin | -0.5 pp | Auto Parts |
| ROE | 11.7% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -17% while operating income rose 21%
- FY2026, parent-company salary changed +20% over five years
- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥198500000000 | ¥269009000000 | +35.5% |
| Operating income | ¥-7753000000 | ¥11604000000 | — |
| Operating margin | -3.9% | 4.3% | +8.2 pp |
| Employees | 12,421 people | 8,790 people | -29.2% |
| Cash and equivalents | ¥27196000000 | ¥44577000000 | +63.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 40.4% |
| 日本 → 事業再編・廃止 | 4.2% |
| 北米 → 北米 | 14.8% |
| 中南米 → 中南米 | 20.7% |
| 欧州 → 事業再編・廃止 | 0.3% |
| 中国 → 中国 | 3.3% |
| 中国 → 事業再編・廃止 | 15.7% |
| 東南アジア → 東南アジア | 0.6% |
| 新設・再編 → 北米 | 0.6% |
| 新設・再編 → 中南米 | 17.8% |
| 新設・再編 → 東南アジア | 1.7% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +4.2% | ¥108559000000 | 5.7% | 2 |
| Middle and South America | 5 years | +20.3% | ¥103744000000 | 2.3% | 2 |
| North America | 5 years | +7.1% | ¥41449000000 | 1.2% | 2 |
| China | 5 years | -24.9% | ¥8999000000 | 18.0% | 2 |
| Southeast Asia | 5 years | +40.1% | ¥6256000000 | 16.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 269,009 | 100.0% | S100YLGY |
| Cost of revenue | 237,231 | 88.2% | S100YLGY |
| Gross profit | 31,777 | 11.8% | S100YLGY |
| SG&A | 20,172 | 7.5% | S100YLGY |
| Operating income | 11,604 | 4.3% | S100YLGY |
| Ordinary income | 13,810 | 5.1% | S100YLGY |
| Pretax income | 13,281 | 4.9% | S100YLGY |
| Income tax | 3,566 | 1.3% | S100YLGY |
| Net income | 9,714 | 3.6% | S100YLGY |
| Net income attributable to owners | 9,297 | 3.5% | S100YLGY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 8 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 11.8% → Operating margin 4.3% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -5.7%; Core profit growth: +20.6%
Operating leverage (core profit growth ÷ revenue growth): -3.58×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 285,394 | 269,009 | -16,385 | -5.7% |
| Gross profit | 29,763 | 31,777 | 2,014 | +6.8% |
| Operating income | 9,625 | 11,604 | 1,979 | +20.6% |
| Net income attributable to owners | 11,310 | 9,297 | -2,013 | -17.8% |
| Operating cash flow | 9,764 | 13,583 | 3,819 | +39.1% |
| Free cash flow | 5,304 | 8,808 | 3,504 | +66.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 282,302 | -27 | -0.0% | -1,567 | 198 | -6,472 | S100LLJ4 |
| FY ending Mar 2021 | 198,500 | -7,753 | -3.9% | -13,701 | -1,945 | -6,872 | S100OGBB |
| FY ending Mar 2022 | 206,441 | -4,203 | -2.0% | -2,059 | -354 | -4,348 | S100QZBV |
| FY ending Mar 2023 | 243,436 | 1,367 | 0.6% | 5,823 | 3,740 | 239 | S100U2CE |
| FY ending Mar 2024 | 292,947 | 7,205 | 2.5% | 5,422 | 18,447 | 14,800 | S100W02F |
| FY ending Mar 2025 | 285,394 | 9,625 | 3.4% | 11,310 | 9,764 | 5,304 | S100YLGY |
| FY ending Mar 2026 | 269,009 | 11,604 | 4.3% | 9,297 | 13,583 | 8,808 | S100YLGY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.6M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥1.1M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 11,426 | 10,556 | 10,474 | 10,560 | 8,790 |
| Average salary (parent company) | ¥5.2M | ¥5.3M | ¥5.5M | ¥6.1M | ¥6.2M |
| Average age (parent company) | 38.1 years | 38.6 years | 38.9 years | 39.0 years | 38.9 years |
| Average tenure (parent company) | 14.2 years | 14.6 years | 14.5 years | 14.5 years | 14.6 years |

Year over year: Employees (consolidated) -16.8% · Revenue (consolidated) -5.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 108,559 | 40.4% | 6,153 | 5.7% |
| North America | 41,449 | 15.4% | 510 | 1.2% |
| Middle and South America | 103,744 | 38.6% | 2,342 | 2.3% |
| China | 8,999 | 3.3% | 1,618 | 18.0% |
| Southeast Asia | 6,256 | 2.3% | 1,031 | 16.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 40.4% | 52.8% | 12.4 | 5.7% |
| North America | 15.4% | 4.4% | -11.0 | 1.2% |
| Middle and South America | 38.6% | 20.1% | -18.5 | 2.3% |
| China | 3.3% | 13.9% | 10.5 | 18.0% |
| Southeast Asia | 2.3% | 8.8% | 6.5 | 16.5% |

Segment → industry: Southeast Asia → Auto Parts / China → Auto Parts / Middle and South America → Auto Parts / North America → Auto Parts / Japan → Auto Parts

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 13,583 | 5.0% | S100YLGY |
| Capital expenditure | 4,775 | 1.8% | S100YLGY |
| Free cash flow | 8,808 | 3.3% | 算出 |
| Investing cash flow | -3,588 | -1.3% | S100YLGY |
| Financing cash flow | -12,369 | -4.6% | S100YLGY |
| Dividends paid | 3,592 | 1.3% | S100YLGY |
| Change in cash | 984 | 0.4% | S100YLGY |
| Cash and equivalents | 44,577 | 16.6% | S100YLGY |

## 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 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 29,360 | 32,863 | 39,127 | 43,593 | 44,577 | S100U2CE, S100W02F, S100YLGY |
| Total assets | 158,997 | 170,004 | 180,806 | 171,957 | 170,372 | S100QZBV, S100U2CE, S100W02F, S100YLGY |
| Net assets | 79,181 | 86,481 | 96,298 | 98,185 | 105,904 | S100U2CE, S100W02F, S100YLGY |
| Share capital | 9,040 | 9,040 | 9,040 | 9,040 | 9,040 | S100QZBV, S100U2CE, S100W02F, S100YLGY |
| Property, plant and equipment | 36,756 | 34,688 | 35,877 | 35,581 | 33,026 | S100QZBV, S100U2CE, S100W02F, S100YLGY |
| Intangible assets excluding goodwill | 1,302 | 999 | 1,403 | 1,374 | 1,094 | S100QZBV, S100U2CE, S100W02F, S100YLGY |
| Investment securities | 12,733 | 11,709 | 12,415 | 6,459 | 3,958 | S100QZBV, S100U2CE, S100W02F, S100YLGY |
| Current assets | 93,994 | 105,804 | 112,937 | 112,786 | 114,236 | S100QZBV, S100U2CE, S100W02F, S100YLGY |
| Current liabilities | 65,081 | 70,880 | 75,318 | 62,052 | 52,764 | S100QZBV, S100U2CE, S100W02F, S100YLGY |
| Trade payables | 34,549 | 40,095 | 41,214 | 34,789 | 33,162 | S100QZBV, S100U2CE, S100W02F, S100YLGY |
| Short-term borrowings | 15,499 | 14,495 | 11,159 | 7,102 | 46 | S100QZBV, S100U2CE, S100W02F, S100YLGY |
| Long-term borrowings | 6,500 | 5,500 | — | — | — | S100QZBV, S100U2CE |
| Bonds | — | — | — | 4,011 | 4,009 | S100YLGY |
| Total liabilities | 79,816 | 83,523 | 84,507 | 73,772 | 64,468 | S100QZBV, S100U2CE, S100W02F, S100YLGY |
| Non-controlling interests | 6,318 | 6,111 | 6,522 | 1,905 | 1,017 | S100QZBV, S100U2CE, S100W02F, S100YLGY |
| Equity attributable to owners of parent | 63,577 | 67,061 | 69,662 | 76,767 | 82,533 | S100QZBV, S100U2CE, S100W02F, S100YLGY |
| Retained earnings | 47,285 | 50,734 | 53,277 | 61,185 | 66,890 | S100QZBV, S100U2CE, S100W02F, S100YLGY |
| Treasury stock | -1,462 | -1,426 | -1,368 | -1,366 | -1,305 | S100QZBV, S100U2CE, S100W02F, S100YLGY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YLGY |
| Property, plant and equipment | 19% | S100YLGY |
| Intangibles and goodwill | 1% | S100YLGY |
| Investment securities | 2% | S100YLGY |
| Other assets | 52% | S100YLGY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 20% | S100YLGY |
| Other liabilities | 18% | S100YLGY |
| Equity | 62% | S100YLGY |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 158,997 | 170,004 | 180,806 | 171,957 | 170,372 |
| Equity | 79,181 | 86,481 | 96,298 | 98,185 | 105,904 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 29,360 | 32,863 | 39,127 | 43,593 | 44,577 |

## 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) | 12.3% | S100YLGY |
| Fixed assets ÷ total assets | 19.4% | S100YLGY |
| Goodwill ÷ parent equity | — | —, S100YLGY |

### 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) | 26.2% |
| Cash ÷ revenue | 16.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 117.1% |
| Cash vs. profit gap | 4,286 JPY mn (of net income 46.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 38.6% |
| Shareholder payments — dividends / FCF | 40.8% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 26.4% |

## 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% | —× | — | S100QZBV |
| 2023 | 2.4% | 1.48× | 3.5% | 2.52× | 8.9% | S100U2CE |
| 2024 | 1.9% | 1.67× | 3.1% | 2.57× | 7.9% | S100W02F |
| 2025 | 4.0% | 1.62× | 6.4% | 2.41× | 15.4% | S100YLGY |
| 2026 | 3.5% | 1.57× | 5.4% | 2.15× | 11.7% | S100YLGY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 14.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.1% | 2026-03-31 |
| 齊藤 潔 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.2% | 2026-03-31 |
| タチエス取引先持株会 | Major shareholder | 2.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.9% | 2026-03-31 |
| 山本 紀子 | Major shareholder | 1.5% | 2026-03-31 |
| 齋藤 均 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第74期(2025/04/01－2026/03/31) | S100YLGY | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLGY,, |
| 有価証券報告書－第73期(2024/04/01－2025/03/31) | S100W02F | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W02F,, |
| 訂正有価証券報告書－第72期(2023/04/01－2024/03/31) | S100U2CE | 2024-07-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U2CE,, |
| 有価証券報告書－第71期(2022/04/01－2023/03/31) | S100QZBV | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZBV,, |
| 有価証券報告書－第70期(令和3年4月1日－令和4年3月31日) | S100OGBB | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGBB,, |
| 有価証券報告書－第69期(令和2年4月1日－令和3年3月31日) | S100LLJ4 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLJ4,, |

## 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).