# Takamiya 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58期(2025/04/01－2026/03/31) (S100YFC3)
> Page: https://vizora.meequs.com/en/company/takamiya
> Retrieved: 2026-09-30T20:59:31.186Z

## Company

Takamiya, founded in 1969, is a company in Leasing listed on TSE Standard. It has 1,351 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Takamiya Co.,Ltd. |
| Ticker | 2445 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2445.T) |
| Listing | TSE Standard |
| Head office | 大阪市北区大深町3番1号 |
| Representative (per filing) | 代表取締役会長兼社長 髙宮 一雅 |
| Founded | Jun 1969 |
| Share capital | ¥1.05B |
| Employees (consolidated) | 1,351 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | corp.takamiya.co (https://corp.takamiya.co/) |
| Corporate number | 5120001102126 |
| EDINET | E05493 |
| Industries (Vizora) | Leasing, Housing Equipment & Building Materials, General Contractors |

> Profile source: annual securities report (S100YFC3, filed 2026-06-23). As of filing

## Key points (generated from figures)

- About 59% of Takamiya's sales come from rental business, with business of selling and platform business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +3.2% from the prior year, operating profit +58.5%.

## Company structure

- Segment revenue mix: rental business 59.3%、business of selling 22.0%、platform business 15.0%、Overseas business 3.6%
- Revenue → net income: ¥45212000000 → ¥1748000000
- Net income → operating cash flow: ¥1748000000 → ¥4735000000（difference ¥2987000000）
- Main uses of operating cash flow: CapEx ¥1070000000 / dividends ¥732000000 / buybacks —
- Change in cash: ¥877000000
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 | ¥45.2B |  |
| Operating income | ¥3.27B | Margin 7.2% |
| Net income | ¥1.73B | Margin 3.8% |
| Free cash flow | ¥3.67B |  |
| Largest business | rental business | of segment revenue 59.3% |
| Employees (consolidated) | 1,351 |  |
| EPS | ¥33.45 |  |
| Diluted EPS | ¥32.14 |  |
| Book value per share | ¥386.55 |  |
| Equity ratio | 30.9% |  |
| Shares outstanding | 46,585,000 |  |
| Treasury shares | 7,000 |  |
| Shareholders | 9,644 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 12.6% | Net cash -¥19.8B · Cash ÷ revenue 20.8% |
| Vs. industry median margin | +0.1 pp | Leasing |
| ROE | 8.0% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.7× net income
- FY2026, one segment accounts for 67% of positive segment profit
- FY2026, employees -3% while operating income rose 58%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥38812000000 | ¥45212000000 | +16.5% |
| Operating income | ¥1586000000 | ¥3266000000 | +105.9% |
| Operating margin | 4.1% | 7.2% | +3.1 pp |
| Employees | 1,221 people | 1,351 people | +10.6% |
| Cash and equivalents | ¥7712000000 | ¥9402000000 | +21.9% |

### 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 |
| --- | ---: |
| 販売事業 → 販売事業 | 22.0% |
| 販売事業 → 事業再編・廃止 | 8.2% |
| レンタル事業 → レンタル事業 | 59.3% |
| レンタル事業 → 事業再編・廃止 | 2.2% |
| 海外事業 → 海外事業 | 3.6% |
| 海外事業 → 事業再編・廃止 | 4.6% |
| 新設・再編 → プラットフォーム事業 | 15.0% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| rental business | 5 years | +2.3% | ¥26826000000 | 15.8% | 2 |
| business of selling | 5 years | -3.2% | ¥9961000000 | 4.7% | 2 |
| platform business | 2 years | +55.8% | ¥6788000000 | 24.4% | 2 |
| Overseas business | 5 years | -12.5% | ¥1635000000 | -6.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 45,212 | 100.0% | S100YFC3 |
| Cost of revenue | 29,538 | 65.3% | S100YFC3 |
| Gross profit | 15,674 | 34.7% | S100YFC3 |
| SG&A | 12,407 | 27.4% | S100YFC3 |
| Operating income | 3,266 | 7.2% | S100YFC3 |
| Ordinary income | 3,038 | 6.7% | S100YFC3 |
| Pretax income | 2,865 | 6.3% | S100YFC3 |
| Income tax | 1,117 | 2.5% | S100YFC3 |
| Net income | 1,748 | 3.9% | S100YFC3 |
| Net income attributable to owners | 1,734 | 3.8% | S100YFC3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 65 |
| SG&A | 28 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 34.7% → Operating margin 7.2% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.2%; Core profit growth: +58.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 18.50×
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 | 43,827 | 45,212 | 1,385 | +3.2% |
| Gross profit | 14,123 | 15,674 | 1,551 | +11.0% |
| Operating income | 2,061 | 3,266 | 1,205 | +58.5% |
| Net income attributable to owners | 1,230 | 1,734 | 504 | +41.0% |
| Operating cash flow | -585 | 4,735 | 5,320 | — |
| Free cash flow | -3,949 | 3,665 | 7,614 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 46,065 | 3,703 | 8.0% | 2,371 | 3,772 | -530 | S100LMDW |
| FY ending Mar 2021 | 38,812 | 1,586 | 4.1% | 857 | 5,035 | 3,638 | S100OCRI |
| FY ending Mar 2022 | 39,800 | 1,682 | 4.2% | 965 | 4,294 | 1,270 | S100R2JG |
| FY ending Mar 2023 | 41,894 | 2,253 | 5.4% | 1,460 | -14 | -1,065 | S100TSYT |
| FY ending Mar 2024 | 44,127 | 3,404 | 7.7% | 1,887 | -180 | -3,696 | S100W575 |
| FY ending Mar 2025 | 43,827 | 2,061 | 4.7% | 1,230 | -585 | -3,949 | S100YFC3 |
| FY ending Mar 2026 | 45,212 | 3,266 | 7.2% | 1,734 | 4,735 | 3,665 | S100YFC3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.5M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 1,222 | 1,326 | 1,327 | 1,392 | 1,351 |
| Average salary (parent company) | ¥5M | ¥5.1M | ¥5.3M | ¥5.4M | ¥5.7M |
| Average age (parent company) | 38.0 years | 38.5 years | 37.6 years | 38.9 years | 39.6 years |
| Average tenure (parent company) | 10.4 years | 10.6 years | 10.5 years | 10.8 years | 11.4 years |

Year over year: Employees (consolidated) -2.9% · Revenue (consolidated) +3.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| platform business | 6,788 | 15.0% | 1,655 | 24.4% |
| business of selling | 9,961 | 22.0% | 464 | 4.7% |
| rental business | 26,826 | 59.3% | 4,234 | 15.8% |
| Overseas business | 1,635 | 3.6% | -98 | -6.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| platform business | 15.0% | 26.1% | 11.0 | 24.4% |
| business of selling | 22.0% | 7.3% | -14.7 | 4.7% |
| rental business | 59.3% | 66.6% | 7.3 | 15.8% |
| Overseas business | 3.6% | — | — | -6.0% |

Loss-making segment (excluded from profit shares): Overseas business -98 JPY mn

Segment → industry: Overseas business → Leasing / rental business → Leasing / business of selling → Housing Equipment & Building Materials / platform business → General Contractors

## 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 | 4,735 | 10.5% | S100YFC3 |
| Capital expenditure | 1,070 | 2.4% | S100YFC3 |
| Free cash flow | 3,665 | 8.1% | 算出 |
| Investing cash flow | -946 | -2.1% | S100YFC3 |
| Financing cash flow | -2,909 | -6.4% | S100YFC3 |
| Dividends paid | 732 | 1.6% | S100YFC3 |
| Change in cash | 877 | 1.9% | S100YFC3 |
| Cash and equivalents | 9,402 | 20.8% | S100YFC3 |

## 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 | 8,516 | 7,768 | 7,460 | 8,524 | 9,402 | S100TSYT, S100W575, S100YFC3 |
| Total assets | 59,081 | 62,749 | 68,945 | 75,331 | 74,599 | S100R2JG, S100TSYT, S100W575, S100YFC3 |
| Net assets | 19,337 | 20,522 | 22,157 | 22,583 | 23,701 | S100TSYT, S100W575, S100YFC3 |
| Share capital | 1,052 | 1,052 | 1,052 | 1,052 | 1,052 | S100R2JG, S100TSYT, S100W575, S100YFC3 |
| Property, plant and equipment | 28,329 | 30,292 | 35,867 | 41,608 | 41,691 | S100R2JG, S100TSYT, S100W575, S100YFC3 |
| Intangible assets excluding goodwill | 787 | 746 | 709 | 887 | 767 | S100R2JG, S100TSYT, S100W575, S100YFC3 |
| Goodwill | — | — | — | 140 | 122 | S100YFC3 |
| Investment securities | 432 | 379 | 452 | 532 | 580 | S100R2JG, S100TSYT, S100W575, S100YFC3 |
| Current assets | 26,681 | 28,430 | 29,073 | 28,888 | 28,282 | S100R2JG, S100TSYT, S100W575, S100YFC3 |
| Current liabilities | 20,035 | 21,878 | 22,424 | 25,210 | 23,293 | S100R2JG, S100TSYT, S100W575, S100YFC3 |
| Trade payables | 6,940 | 7,010 | 6,746 | 5,825 | 5,307 | S100R2JG, S100TSYT, S100W575, S100YFC3 |
| Short-term borrowings | 2,612 | 3,909 | 3,986 | 6,842 | 4,705 | S100R2JG, S100TSYT, S100W575, S100YFC3 |
| Long-term borrowings | 11,942 | 12,253 | 14,742 | 19,177 | 19,263 | S100R2JG, S100TSYT, S100W575, S100YFC3 |
| Bonds | 4,230 | 4,263 | 5,958 | 4,703 | 5,258 | S100R2JG, S100TSYT, S100W575, S100YFC3 |
| Interest-bearing debt | 18,784 | 20,425 | 24,686 | 30,722 | 29,226 | 算出 |
| Total liabilities | 39,744 | 42,227 | 46,787 | 52,747 | 50,897 | S100R2JG, S100TSYT, S100W575, S100YFC3 |
| Non-controlling interests | 179 | 194 | 201 | 179 | 194 | S100R2JG, S100TSYT, S100W575, S100YFC3 |
| Equity attributable to owners of parent | 18,665 | 19,473 | 20,847 | 21,066 | 22,105 | S100R2JG, S100TSYT, S100W575, S100YFC3 |
| Retained earnings | 15,705 | 16,514 | 17,888 | 18,469 | 19,470 | S100R2JG, S100TSYT, S100W575, S100YFC3 |
| Treasury stock | -3 | -3 | -3 | -365 | -327 | S100R2JG, S100TSYT, S100W575, S100YFC3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YFC3 |
| Property, plant and equipment | 56% | S100YFC3 |
| Intangibles and goodwill | 1% | S100YFC3 |
| Investment securities | 1% | S100YFC3 |
| Other assets | 29% | S100YFC3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YFC3 |
| Interest-bearing debt | 39% | 算出 |
| Other liabilities | 22% | S100YFC3 |
| Equity | 32% | S100YFC3 |
| Other liabilities | 0% | S100YFC3 |

### 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 | 59,081 | 62,749 | 68,945 | 75,331 | 74,599 |
| Equity | 19,337 | 20,522 | 22,157 | 22,583 | 23,701 |
| Interest-bearing debt | 18,784 | 20,425 | 24,686 | 30,722 | 29,226 |
| Cash | 8,516 | 7,768 | 7,460 | 8,524 | 9,402 |

## 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) | 92.2% | S100YFC3 |
| Fixed assets ÷ total assets | 55.9% | S100YFC3 |
| Goodwill ÷ parent equity | 0.6% | S100YFC3 |

### 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) | 12.6% |
| Cash ÷ revenue | 20.8% |
| Net cash (cash − interest-bearing debt) | -¥19.8B |
| Net debt ÷ operating cash flow | 4.19× |
| Cash conversion (operating CF ÷ operating income) | 145.0% |
| Cash vs. profit gap | 3,001 JPY mn (of net income 173.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 42.2% |
| Shareholder payments — dividends / FCF | 20.0% |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 20.0% |

## 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 | 2.4% | 0.67× | 1.6% | 3.17× | 5.2% | S100R2JG |
| 2023 | 3.5% | 0.69× | 2.4% | 3.19× | 7.7% | S100TSYT |
| 2024 | 4.3% | 0.67× | 2.9% | 3.27× | 9.4% | S100W575 |
| 2025 | 2.8% | 0.61× | 1.7% | 3.44× | 5.9% | S100YFC3 |
| 2026 | 3.8% | 0.60× | 2.3% | 3.47× | 8.0% | S100YFC3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社タカミヤ | Major shareholder | 21.2% | 2026-03-31 |
| 株式会社ライズ・エイト | Major shareholder | 9.5% | 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 | 7.4% | 2026-03-31 |
| 株式会社Ｑｕａｔｔｒｏ | Major shareholder | 4.3% | 2026-03-31 |
| タカミヤ従業員持株会 | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社アットキャドホールディングス | Major shareholder | 3.6% | 2026-03-31 |
| 高宮千佳子 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社カナモト | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第58期(2025/04/01－2026/03/31) | S100YFC3 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFC3,, |
| 有価証券報告書－第57期(2024/04/01－2025/03/31) | S100W575 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W575,, |
| 有価証券報告書－第56期(2023/04/01－2024/03/31) | S100TSYT | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSYT,, |
| 有価証券報告書－第55期(2022/04/01－2023/03/31) | S100R2JG | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2JG,, |
| 有価証券報告書－第54期(令和3年4月1日－令和4年3月31日) | S100OCRI | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCRI,, |
| 有価証券報告書－第53期(令和2年4月1日－令和3年3月31日) | S100LMDW | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMDW,, |

## 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).