# TACHIKAWA CORPORATION: 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80期(2025/01/01－2025/12/31) (S100XRWE)
> Page: https://vizora.meequs.com/en/company/tachikawa
> Retrieved: 2026-09-30T21:34:12.863Z

## Company

Tachikawa, founded in 1938, is a company in Housing Equipment & Building Materials listed on TSE Prime. It has 1,264 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TACHIKAWA CORPORATION |
| Ticker | 7989 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7989.T) |
| Listing | TSE Prime |
| Head office | 東京都港区三田三丁目1番12号 |
| Representative (per filing) | 代表取締役社長 池崎久也 |
| Founded | May 1938 |
| Share capital | ¥4.47B |
| Employees (consolidated) | 1,264 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | December |
| Website | www.blind.co.jp (https://www.blind.co.jp/) |
| Corporate number | 4010401017209 |
| EDINET | E02389 |
| Industries (Vizora) | Housing Equipment & Building Materials, Industrial Machinery |

> Profile source: annual securities report (S100XRWE, filed 2026-03-18). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22.3 | 56 |
| Profitability | 90.5 | 58 |
| Cash conversion | 45 | 50 |
| Efficiency | 16.4 | 58 |

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 84% of Tachikawa's sales come from Business related to interior and exterior design, with Business related to reduction gears and Business related to equipment for parking place making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +2.9% from the prior year, operating profit +1.2%.

## Company structure

- Segment revenue mix: Business related to interior and exterior design 84.3%、Business related to reduction gears 8.5%、Business related to equipment for parking place 7.2%
- Revenue → net income: ¥42623365000 → ¥3239715000
- Net income → operating cash flow: ¥3239715000 → ¥4522933000（difference ¥1283218000）
- Main uses of operating cash flow: CapEx ¥1016692000 / dividends ¥1042248000 / buybacks —
- Change in cash: ¥137454000
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 | ¥42.6B |  |
| Operating income | ¥4.41B | Margin 10.3% |
| Net income | ¥3.24B | Margin 7.6% |
| Free cash flow | ¥3.51B |  |
| Largest business | Business related to interior and exterior design | of segment revenue 84.3% |
| Employees (consolidated) | 1,264 |  |
| EPS | ¥122.54 |  |
| Book value per share | ¥2074.12 |  |
| Equity ratio | 83.2% |  |
| Shares outstanding | 20,763,600 |  |
| Treasury shares | 662,400 |  |
| Shareholders | 9,806 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 22.3% | Cash ÷ revenue 35.5% |
| Vs. industry median margin | +5.9 pp | Housing Equipment & Building Materials |
| ROE | 6.1% | Derived from disclosed figures |
| ROA | 4.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 85% of positive segment profit
- FY2025, employees -4% while operating income rose 1%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39980868000 | ¥42623365000 | +6.6% |
| Operating income | ¥4535779000 | ¥4411489000 | -2.7% |
| Operating margin | 11.3% | 10.3% | -1 pp |
| Employees | 1,243 people | 1,264 people | +1.7% |
| Cash and equivalents | ¥18456990000 | ¥15114750000 | -18.1% |

### 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 |
| --- | ---: |
| 室内外装品関連事業 → 室内外装品関連事業 | 84.3% |
| 室内外装品関連事業 → 事業再編・廃止 | 0.6% |
| 駐車場装置関連事業 → 駐車場装置関連事業 | 6.8% |
| 減速機関連事業 → 減速機関連事業 | 8.3% |
| 新設・再編 → 駐車場装置関連事業 | 0.5% |
| 新設・再編 → 減速機関連事業 | 0.2% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Business related to interior and exterior design | 5 years | +1.1% | ¥35944117000 | 10.4% | 2 |
| Business related to reduction gears | 5 years | +1.7% | ¥3602671000 | 5.7% | 2 |
| Business related to equipment for parking place | 5 years | +2.6% | ¥3076575000 | 15.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 42,623 | 100.0% | S100XRWE |
| Cost of revenue | 25,094 | 58.9% | S100XRWE |
| Gross profit | 17,529 | 41.1% | S100XRWE |
| SG&A | 13,118 | 30.8% | S100XRWE |
| Operating income | 4,411 | 10.3% | S100XRWE |
| Ordinary income | 4,630 | 10.9% | S100XRWE |
| Pretax income | 4,619 | 10.8% | S100XRWE |
| Income tax | 1,379 | 3.2% | S100XRWE |
| Net income | 3,240 | 7.6% | S100XRWE |
| Net income attributable to owners | 3,240 | 7.6% | S100XRWE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 31 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 41.1% → Operating margin 10.3% → Net margin 7.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.9%; Core profit growth: +1.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.39×
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 | 41,408 | 42,623 | 1,216 | +2.9% |
| Gross profit | 17,113 | 17,529 | 416 | +2.4% |
| Operating income | 4,361 | 4,411 | 50 | +1.2% |
| Net income attributable to owners | 2,802 | 3,240 | 437 | +15.6% |
| Operating cash flow | 1,643 | 4,523 | 2,880 | +175.3% |
| Free cash flow | 458 | 3,506 | 3,048 | +665.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 42,055 | 4,379 | 10.4% | 2,762 | 2,868 | 2,076 | S100L2O6 |
| FY ending Dec 2020 | 39,981 | 4,536 | 11.3% | 2,900 | 5,168 | 4,037 | S100NS7O |
| FY ending Dec 2021 | 41,237 | 4,558 | 11.1% | 2,868 | 2,128 | 155 | S100QHZE |
| FY ending Dec 2022 | 41,296 | 3,823 | 9.3% | 2,520 | 2,140 | -391 | S100T5NA |
| FY ending Dec 2023 | 41,305 | 4,047 | 9.8% | 2,709 | 4,314 | 1,400 | S100VISK |
| FY ending Dec 2024 | 41,408 | 4,361 | 10.5% | 2,802 | 1,643 | 458 | S100XRWE |
| FY ending Dec 2025 | 42,623 | 4,411 | 10.3% | 3,240 | 4,523 | 3,506 | S100XRWE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.7M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥2.6M |

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) | 1,252 | 1,269 | 1,289 | 1,315 | 1,264 |
| Average salary (parent company) | ¥6.4M | ¥6.2M | ¥6.6M | ¥6.4M | ¥6.6M |
| Average age (parent company) | 42.5 years | 42.0 years | 42.0 years | 41.7 years | 41.9 years |
| Average tenure (parent company) | 19.0 years | 18.4 years | 17.9 years | 17.5 years | 17.6 years |

Year over year: Employees (consolidated) -3.9% · Revenue (consolidated) +2.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Business related to interior and exterior design | 35,944 | 84.3% | 3,728 | 10.4% |
| Business related to equipment for parking place | 3,077 | 7.2% | 477 | 15.5% |
| Business related to reduction gears | 3,603 | 8.5% | 207 | 5.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Business related to interior and exterior design | 84.3% | 84.5% | 0.2 | 10.4% |
| Business related to equipment for parking place | 7.2% | 10.8% | 3.6 | 15.5% |
| Business related to reduction gears | 8.5% | 4.7% | -3.8 | 5.7% |

Segment → industry: Business related to interior and exterior design → Housing Equipment & Building Materials / Business related to reduction gears → Industrial Machinery / Business related to equipment for parking place → Industrial Machinery

## 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 | 4,523 | 10.6% | S100XRWE |
| Capital expenditure | 1,017 | 2.4% | S100XRWE |
| Free cash flow | 3,506 | 8.2% | 算出 |
| Investing cash flow | -3,294 | -7.7% | S100XRWE |
| Financing cash flow | -1,101 | -2.6% | S100XRWE |
| Dividends paid | 1,042 | 2.4% | S100XRWE |
| Change in cash | 137 | 0.3% | S100XRWE |
| Cash and equivalents | 15,115 | 35.5% | S100XRWE |

## 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 | 17,928 | 15,978 | 15,402 | 14,977 | 15,115 | S100T5NA, S100VISK, S100XRWE |
| Total assets | 60,688 | 62,587 | 63,142 | 63,843 | 67,735 | S100QHZE, S100T5NA, S100VISK, S100XRWE |
| Net assets | 47,173 | 48,632 | 50,443 | 52,989 | 56,353 | S100T5NA, S100VISK, S100XRWE |
| Share capital | 4,475 | 4,475 | 4,475 | 4,475 | 4,475 | S100QHZE, S100T5NA, S100VISK, S100XRWE |
| Trade receivables | 10,807 | — | — | — | — | S100QHZE |
| Property, plant and equipment | 14,863 | 16,683 | 17,780 | 17,486 | 17,518 | S100QHZE, S100T5NA, S100VISK, S100XRWE |
| Intangible assets excluding goodwill | 454 | 375 | 305 | 421 | 454 | S100QHZE, S100T5NA, S100VISK, S100XRWE |
| Investment securities | 2,193 | 2,874 | 3,341 | 3,627 | 5,455 | S100QHZE, S100T5NA, S100VISK, S100XRWE |
| Current assets | 40,463 | 39,966 | 39,111 | 39,564 | 41,228 | S100QHZE, S100T5NA, S100VISK, S100XRWE |
| Current liabilities | 10,988 | 10,969 | 9,963 | 7,917 | 8,670 | S100QHZE, S100T5NA, S100VISK, S100XRWE |
| Trade payables | 3,742 | 3,698 | 2,471 | 1,887 | 1,880 | S100QHZE, S100T5NA, S100VISK, S100XRWE |
| Total liabilities | 13,514 | 13,955 | 12,699 | 10,854 | 11,382 | S100QHZE, S100T5NA, S100VISK, S100XRWE |
| Non-controlling interests | 4,625 | 4,761 | 4,423 | — | — | S100QHZE, S100T5NA, S100VISK |
| Equity attributable to owners of parent | 42,202 | 43,825 | 45,270 | 51,660 | 53,853 | S100QHZE, S100T5NA, S100VISK, S100XRWE |
| Retained earnings | 34,005 | 35,942 | 38,020 | 40,118 | 42,312 | S100QHZE, S100T5NA, S100VISK, S100XRWE |
| Treasury stock | -673 | -986 | -1,805 | -567 | -568 | S100QHZE, S100T5NA, S100VISK, S100XRWE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100XRWE |
| Property, plant and equipment | 26% | S100XRWE |
| Intangibles and goodwill | 1% | S100XRWE |
| Investment securities | 8% | S100XRWE |
| Other assets | 43% | S100XRWE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100XRWE |
| Other liabilities | 14% | S100XRWE |
| Equity | 83% | S100XRWE |

### 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 | 60,688 | 62,587 | 63,142 | 63,843 | 67,735 |
| Equity | 47,173 | 48,632 | 50,443 | 52,989 | 56,353 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 17,928 | 15,978 | 15,402 | 14,977 | 15,115 |

## 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) | 41.1% | S100XRWE |
| Fixed assets ÷ total assets | 25.9% | S100XRWE |
| Goodwill ÷ parent equity | — | —, S100XRWE |

### 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) | 22.3% |
| Cash ÷ revenue | 35.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 102.5% |
| Cash vs. profit gap | 1,283 JPY mn (of net income 39.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 32.2% |
| Shareholder payments — dividends / FCF | 29.7% |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 72.8% |

## 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 | 7.0% | 0.68× | 4.7% | 1.44× | 6.8% | S100QHZE |
| 2022 | 6.1% | 0.67× | 4.1% | 1.43× | 5.9% | S100T5NA |
| 2023 | 6.6% | 0.66× | 4.3% | 1.41× | 6.1% | S100VISK |
| 2024 | 6.8% | 0.65× | 4.4% | 1.31× | 5.8% | S100XRWE |
| 2025 | 7.6% | 0.65× | 4.9% | 1.25× | 6.1% | S100XRWE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社立川恒産 | Major shareholder | 20.5% | 2025-12-31 |
| タチカワブラインド取引先持株会 | Major shareholder | 9.0% | 2025-12-31 |
| 更生保護法人立川更生保護財団 | Major shareholder | 6.6% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.1% | 2025-12-31 |
| 立川 光威 | Major shareholder | 2.5% | 2025-12-31 |
| 日本生命保険相互会社 | Major shareholder | 1.8% | 2025-12-31 |
| 株式会社りそな銀行 | Major shareholder | 1.8% | 2025-12-31 |
| タチカワ社員持株会 | Major shareholder | 1.6% | 2025-12-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.3% | 2025-12-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 1.2% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/01/01－2025/12/31) | S100XRWE | 2026-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRWE,, |
| 有価証券報告書－第79期(2024/01/01－2024/12/31) | S100VISK | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VISK,, |
| 有価証券報告書－第78期(2023/01/01－2023/12/31) | S100T5NA | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5NA,, |
| 有価証券報告書－第77期(2022/01/01－2022/12/31) | S100QHZE | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHZE,, |
| 有価証券報告書－第76期(令和3年1月1日－令和3年12月31日) | S100NS7O | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NS7O,, |
| 有価証券報告書－第75期(令和2年1月1日－令和2年12月31日) | S100L2O6 | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2O6,, |

## 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).