# TAKACHIHO KOHEKI  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75期(2025/04/01－2026/03/31) (S100YFGR)
> Page: https://vizora.meequs.com/en/company/takachiho-koheki
> Retrieved: 2026-09-30T21:49:59.780Z

## Company

Takachiho Koheki, founded in 1952, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 482 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAKACHIHO KOHEKI CO.,LTD. |
| Ticker | 2676 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2676.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区四谷一丁目6番1号 (YOTSUYA TOWER内) |
| Representative (per filing) | 代表取締役社長 井出 尊信 |
| Founded | Mar 1952 |
| Share capital | ¥1.21B |
| Employees (consolidated) | 482 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.takachiho-kk.co.jp (https://www.takachiho-kk.co.jp/) |
| Corporate number | 7011101012356 |
| EDINET | E02927 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YFGR, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 69.6 | 179 |
| Profitability | 88.9 | 185 |
| Cash conversion | 46.6 | 179 |
| Efficiency | 24.1 | 185 |

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 51% of Takachiho Koheki's sales come from Business Security, with Electromechanics making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +5.0% from the prior year, operating profit +0.9%.

## Company structure

- Segment revenue mix: Business Security 51.3%、Electromechanics 48.7%
- Revenue → net income: ¥29510806000 → ¥1415475000
- Net income → operating cash flow: ¥1415475000 → ¥1934871000（difference ¥519396000）
- Main uses of operating cash flow: CapEx ¥114626000 / dividends ¥1602027000 / buybacks ¥162000
- Change in cash: ¥1323047000
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 | ¥29.5B |  |
| Operating income | ¥2.1B | Margin 7.1% |
| Net income | ¥1.42B | Margin 4.8% |
| Free cash flow | ¥1.82B |  |
| Largest business | Business Security | of segment revenue 51.3% |
| Employees (consolidated) | 482 |  |
| EPS | ¥79.25 |  |
| Book value per share | ¥926.98 |  |
| Equity ratio | 68.5% |  |
| Shares outstanding | 20,343,600 |  |
| Treasury shares | 1,629,700 |  |
| Shareholders | 17,584 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 28.6% | Cash ÷ revenue 24.9% |
| Vs. industry median margin | +4.2 pp | Specialty Trading & Wholesale |
| ROE | 9.2% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 67% of positive segment profit
- FY2026, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥20591230000 | ¥29510806000 | +43.3% |
| Operating income | ¥886257000 | ¥2098466000 | +136.8% |
| Operating margin | 4.3% | 7.1% | +2.8 pp |
| Employees | 485 people | 482 people | -0.6% |
| Cash and equivalents | ¥4900726000 | ¥7349804000 | +50.0% |

### 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 |
| --- | ---: |
| システム → 事業再編・廃止 | 61.6% |
| デバイス → 事業再編・廃止 | 38.4% |
| 新設・再編 → ビジネスセキュリティ | 51.3% |
| 新設・再編 → エレクトロメカニクス | 48.7% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,511 | 100.0% | S100YFGR |
| Cost of revenue | 22,127 | 75.0% | S100YFGR |
| Gross profit | 7,384 | 25.0% | S100YFGR |
| SG&A | 5,285 | 17.9% | S100YFGR |
| Operating income | 2,098 | 7.1% | S100YFGR |
| Ordinary income | 2,409 | 8.2% | S100YFGR |
| Pretax income | 2,133 | 7.2% | S100YFGR |
| Income tax | 718 | 2.4% | S100YFGR |
| Net income | 1,415 | 4.8% | S100YFGR |
| Net income attributable to owners | 1,415 | 4.8% | S100YFGR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 18 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 25.0% → Operating margin 7.1% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.0%; Core profit growth: +0.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.18×
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 | 28,098 | 29,511 | 1,412 | +5.0% |
| Gross profit | 6,910 | 7,384 | 474 | +6.9% |
| Operating income | 2,080 | 2,098 | 19 | +0.9% |
| Net income attributable to owners | 1,458 | 1,415 | -43 | -2.9% |
| Operating cash flow | 2,992 | 1,935 | -1,057 | -35.3% |
| Free cash flow | 2,893 | 1,820 | -1,073 | -37.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 20,616 | 788 | 3.8% | 191 | 250 | 72 | S100LRPQ |
| FY ending Mar 2021 | 20,591 | 886 | 4.3% | 548 | 754 | 191 | S100PTFG |
| FY ending Mar 2022 | 20,785 | 1,024 | 4.9% | 878 | 1,185 | 1,044 | S100R4FA |
| FY ending Mar 2023 | 23,361 | 1,376 | 5.9% | 1,205 | -1,388 | -1,555 | S100TSAF |
| FY ending Mar 2024 | 25,224 | 1,465 | 5.8% | 1,438 | 1,642 | 1,543 | S100W7HH |
| FY ending Mar 2025 | 28,098 | 2,080 | 7.4% | 1,458 | 2,992 | 2,893 | S100YFGR |
| FY ending Mar 2026 | 29,511 | 2,098 | 7.1% | 1,415 | 1,935 | 1,820 | S100YFGR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥61.2M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 488 | 496 | 474 | 459 | 482 |
| Average salary (parent company) | ¥6.3M | ¥6.6M | ¥7.1M | ¥7.1M | ¥7.5M |
| Average age (parent company) | 41.0 years | 41.6 years | 42.0 years | 42.8 years | 42.8 years |
| Average tenure (parent company) | 15.3 years | 16.4 years | 16.7 years | 17.1 years | 17.0 years |

Year over year: Employees (consolidated) +5.0% · Revenue (consolidated) +5.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Business Security | 15,152 | 51.3% | 1,403 | 9.3% |
| Electromechanics | 14,358 | 48.7% | 696 | 4.8% |

### 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 Security | 51.3% | 66.8% | 15.5 | 9.3% |
| Electromechanics | 48.7% | 33.2% | -15.5 | 4.8% |

Segment → industry: Electromechanics → Specialty Trading & Wholesale / Business Security → Specialty Trading & Wholesale

## 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 | 1,935 | 6.6% | S100YFGR |
| Capital expenditure | 115 | 0.4% | S100YFGR |
| Free cash flow | 1,820 | 6.2% | 算出 |
| Investing cash flow | 11 | 0.0% | S100YFGR |
| Financing cash flow | -832 | -2.8% | S100YFGR |
| Dividends paid | 1,602 | 5.4% | S100YFGR |
| Share buyback | 0 | 0.0% | S100YFGR |
| Change in cash | 1,323 | 4.5% | S100YFGR |
| Cash and equivalents | 7,350 | 24.9% | S100YFGR |

## 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 | 5,609 | 4,509 | 4,872 | 6,027 | 7,350 | S100TSAF, S100W7HH, S100YFGR |
| Total assets | 20,594 | 22,133 | 22,963 | 23,460 | 25,698 | S100R4FA, S100TSAF, S100W7HH, S100YFGR |
| Net assets | 15,026 | 16,432 | 16,836 | 16,835 | 17,595 | S100TSAF, S100W7HH, S100YFGR |
| Share capital | 1,209 | 1,209 | 1,209 | 1,209 | 1,209 | S100R4FA, S100TSAF, S100W7HH, S100YFGR |
| Property, plant and equipment | 539 | 446 | 460 | 404 | 362 | S100R4FA, S100TSAF, S100W7HH, S100YFGR |
| Intangible assets excluding goodwill | 300 | 234 | 171 | 129 | 104 | S100R4FA, S100TSAF, S100W7HH, S100YFGR |
| Investment securities | 1,774 | 2,586 | 3,009 | 3,193 | 3,830 | S100R4FA, S100TSAF, S100W7HH, S100YFGR |
| Current assets | 17,390 | 18,302 | 18,888 | 19,207 | 20,955 | S100R4FA, S100TSAF, S100W7HH, S100YFGR |
| Current liabilities | 4,808 | 4,952 | 5,408 | 5,824 | 7,223 | S100R4FA, S100TSAF, S100W7HH, S100YFGR |
| Trade payables | 2,984 | 3,060 | 2,924 | — | — | S100R4FA, S100TSAF |
| Short-term borrowings | — | — | — | — | 799 | S100YFGR |
| Total liabilities | 5,568 | 5,701 | 6,128 | 6,625 | 8,104 | S100R4FA, S100TSAF, S100W7HH, S100YFGR |
| Non-controlling interests | 0 | 0 | 0 | 0 | — | S100R4FA, S100TSAF, S100W7HH, S100YFGR |
| Equity attributable to owners of parent | 14,561 | 15,478 | 15,465 | 15,431 | 15,294 | S100R4FA, S100TSAF, S100W7HH, S100YFGR |
| Retained earnings | 13,378 | 13,980 | 13,939 | 13,893 | 13,709 | S100R4FA, S100TSAF, S100W7HH, S100YFGR |
| Treasury stock | -1,218 | -1,086 | -1,065 | -861 | -814 | S100R4FA, S100TSAF, S100W7HH, S100YFGR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100YFGR |
| Property, plant and equipment | 1% | S100YFGR |
| Intangibles and goodwill | 0% | S100YFGR |
| Investment securities | 15% | S100YFGR |
| Other assets | 55% | S100YFGR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100YFGR |
| Equity | 68% | S100YFGR |
| Other liabilities | 0% | S100YFGR |

### 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 | 20,594 | 22,133 | 22,963 | 23,460 | 25,698 |
| Equity | 15,026 | 16,432 | 16,836 | 16,835 | 17,595 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,609 | 4,509 | 4,872 | 6,027 | 7,350 |

## 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) | 1.2% | S100YFGR |
| Fixed assets ÷ total assets | 1.4% | S100YFGR |
| Goodwill ÷ parent equity | — | —, S100YFGR |

### 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) | 28.6% |
| Cash ÷ revenue | 24.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 92.2% |
| Cash vs. profit gap | 519 JPY mn (of net income 36.7%) |
| Shareholder returns / net income | 113.2% |
| Shareholder returns / FCF | 88.0% |
| Shareholder payments — dividends / net income | 113.2% |
| Shareholder payments — dividends / FCF | 88.0% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 0.6% |

## 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 | 4.2% | 1.01× | 4.3% | 1.41× | 6.0% | S100R4FA |
| 2023 | 5.2% | 1.09× | 5.6% | 1.42× | 8.0% | S100TSAF |
| 2024 | 5.7% | 1.12× | 6.4% | 1.46× | 9.3% | S100W7HH |
| 2025 | 5.2% | 1.21× | 6.3% | 1.50× | 9.4% | S100YFGR |
| 2026 | 4.8% | 1.20× | 5.8% | 1.60× | 9.2% | S100YFGR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社マースグループホールディングス | Major shareholder | 8.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.8% | 2026-03-31 |
| セコム株式会社 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社マーストーケンソリューション | Major shareholder | 2.8% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.3% | 2026-03-31 |
| 公益財団法人高千穂交易奨学財団 | Major shareholder | 2.1% | 2026-03-31 |
| ヒューリック株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 高千穂交易従業員持株会 | Major shareholder | 2.1% | 2026-03-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．(ＡＶＦＣ) ＲＥ ＩＥＤＰ ＡＩＦ ＣＬＩＥＮＴＳ ＮＯＮ ＴＲＥＡＴＹ ＡＣＣＯＵＮＴ （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第75期(2025/04/01－2026/03/31) | S100YFGR | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFGR,, |
| 有価証券報告書－第74期(2024/04/01－2025/03/31) | S100W7HH | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7HH,, |
| 有価証券報告書－第73期(2023/04/01－2024/03/31) | S100TSAF | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSAF,, |
| 有価証券報告書－第72期(2022/04/01－2023/03/31) | S100R4FA | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4FA,, |
| 訂正有価証券報告書－第71期(令和3年4月1日－令和4年3月31日) | S100PTFG | 2022-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTFG,, |
| 有価証券報告書－第70期(令和2年4月1日－令和3年3月31日) | S100LRPQ | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRPQ,, |

## 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).