# TAKARA & COMPANY LTD.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第89期(2025/06/01－2026/05/31) (S100YYNO)
> Page: https://vizora.meequs.com/en/company/takara-and
> Retrieved: 2026-09-30T20:31:16.381Z

## Company

Takara & Company, founded in 1960, is a company in PR & IR Services listed on TSE Prime. It has 1,284 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAKARA & COMPANY LTD. |
| Ticker | 7921 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7921.T) |
| Listing | TSE Prime |
| Head office | 東京都豊島区高田三丁目28番8号 |
| Representative (per filing) | 代表取締役社長 堆 誠一郎 |
| Founded | Apr 1960 |
| Share capital | ¥2.28B |
| Employees (consolidated) | 1,284 |
| Average salary (parent only) | ¥9M |
| Fiscal year end | May |
| Website | takara-company.co.jp (https://takara-company.co.jp/) |
| Corporate number | 1013301013404 |
| EDINET | E00710 |
| Industries (Vizora) | PR & IR Services, Business Process Outsourcing |

> Profile source: annual securities report (S100YYNO, filed 2026-08-26). As of filing

## Five-axis industry profile

Primary industry: PR & IR Services (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16.7 | 9 |
| Profitability | 59.1 | 11 |
| Cash conversion | 50 | 11 |
| Efficiency | 13.6 | 11 |

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 73% of Takara & Company's sales come from Disclosure-related business, with Interpretation and translation business making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +5.0% from the prior year, operating profit +9.2%.

## Company structure

- Segment revenue mix: Disclosure-related business 73.3%、Interpretation and translation business 26.7%
- Revenue → net income: ¥31154957000 → ¥3408015000
- Net income → operating cash flow: ¥3408015000 → ¥3763052000（difference ¥355037000）
- Main uses of operating cash flow: CapEx ¥3998597000 / dividends ¥1744425000 / buybacks ¥255156000
- Change in cash: ¥-1451464000
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 | ¥31.2B |  |
| Operating income | ¥4.42B | Margin 14.2% |
| Net income | ¥3.38B | Margin 10.9% |
| Free cash flow | -¥235.5M |  |
| Largest business | Disclosure-related business | of segment revenue 73.3% |
| Employees (consolidated) | 1,284 |  |
| EPS | ¥136.78 |  |
| Book value per share | ¥1912.08 |  |
| Equity ratio | 76.2% |  |
| Shares outstanding | 13,153,293 |  |
| Treasury shares | 245,500 |  |
| Shareholders | 18,416 |  |
| Average salary (parent only) | ¥9M | Filing company only |
| Cash ratio | 41.4% | Cash ÷ revenue 56.5% |
| Vs. industry median margin | +0.8 pp | PR & IR Services |
| ROE | 11.6% | Derived from disclosed figures |
| ROA | 8.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 89% of positive segment profit
- FY2026, cash is 41% of total assets

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥24777462000 | ¥31154957000 | +25.7% |
| Operating income | ¥2707059000 | ¥4420044000 | +63.3% |
| Operating margin | 10.9% | 14.2% | +3.3 pp |
| Employees | 1,082 people | 1,284 people | +18.7% |
| Cash and equivalents | ¥9640052000 | ¥17590023000 | +82.5% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ディスクロージャー関連事業 → ディスクロージャー関連事業 | 73.3% |
| ディスクロージャー関連事業 → 事業再編・廃止 | 3.2% |
| 通訳・翻訳事業 → 通訳・翻訳事業 | 23.4% |
| 新設・再編 → 通訳・翻訳事業 | 3.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 31,155 | 100.0% | S100YYNO |
| Cost of revenue | 17,569 | 56.4% | S100YYNO |
| Gross profit | 13,586 | 43.6% | S100YYNO |
| SG&A | 9,166 | 29.4% | S100YYNO |
| Operating income | 4,420 | 14.2% | S100YYNO |
| Ordinary income | 4,585 | 14.7% | S100YYNO |
| Pretax income | 5,152 | 16.5% | S100YYNO |
| Income tax | 1,744 | 5.6% | S100YYNO |
| Net income | 3,408 | 10.9% | S100YYNO |
| Net income attributable to owners | 3,382 | 10.9% | S100YYNO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 30 |
| Operating income | 14 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 43.6% → Operating margin 14.2% → Net margin 10.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.0%; Core profit growth: +9.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.84×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 29,679 | 31,155 | 1,476 | +5.0% |
| Gross profit | 12,626 | 13,586 | 960 | +7.6% |
| Operating income | 4,049 | 4,420 | 371 | +9.2% |
| Net income attributable to owners | 4,076 | 3,382 | -693 | -17.0% |
| Operating cash flow | 4,367 | 3,763 | -604 | -13.8% |
| Free cash flow | 3,410 | -236 | -3,645 | -106.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2017 | 15,157 | 1,476 | 9.7% | 1,082 | 1,564 | — | S100MCHU |
| FY ending May 2018 | 15,792 | 1,534 | 9.7% | 1,111 | 1,487 | — | S100P370 |
| FY ending May 2019 | 18,258 | 1,780 | 9.7% | 1,237 | 1,801 | — | S100RR4Z |
| FY ending May 2020 | 19,117 | 2,247 | 11.8% | 1,555 | 3,069 | 1,923 | S100MCHU |
| FY ending May 2021 | 24,777 | 2,707 | 10.9% | 1,640 | 2,531 | 1,348 | S100P370 |
| FY ending May 2022 | 25,318 | 3,561 | 14.1% | 2,250 | 2,743 | 1,798 | S100RR4Z |
| FY ending May 2023 | 27,568 | 3,812 | 13.8% | 2,596 | 4,723 | 3,899 | S100U9TQ |
| FY ending May 2024 | 29,278 | 4,232 | 14.5% | 3,014 | 3,355 | 2,304 | S100WKEQ |
| FY ending May 2025 | 29,679 | 4,049 | 13.6% | 4,076 | 4,367 | 3,410 | S100YYNO |
| FY ending May 2026 | 31,155 | 4,420 | 14.2% | 3,382 | 3,763 | -236 | S100YYNO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.3M |
| Operating income per employee (consolidated) | ¥3.4M |
| 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,086 | 1,102 | 1,193 | 1,245 | 1,284 |
| Average salary (parent company) | ¥7.5M | ¥7.8M | ¥7.8M | ¥8.9M | ¥9M |
| Average age (parent company) | 43.9 years | 43.7 years | 44.6 years | 44.2 years | 43.8 years |
| Average tenure (parent company) | 16.3 years | 16.3 years | 17.6 years | 15.7 years | 14.9 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) +5.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Disclosure-related business | 22,852 | 73.3% | 3,786 | 16.6% |
| Interpretation and translation business | 8,303 | 26.7% | 469 | 5.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Disclosure-related business | 73.3% | 89.0% | 15.6 | 16.6% |
| Interpretation and translation business | 26.7% | 11.0% | -15.6 | 5.6% |

Segment → industry: Disclosure-related business → PR & IR Services / Interpretation and translation business → Business Process Outsourcing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,763 | 12.1% | S100YYNO |
| Capital expenditure | 3,999 | 12.8% | S100YYNO |
| Free cash flow | -236 | -0.8% | 算出 |
| Investing cash flow | -3,060 | -9.8% | S100YYNO |
| Financing cash flow | -2,156 | -6.9% | S100YYNO |
| Dividends paid | 1,744 | 5.6% | S100YYNO |
| Share buyback | 255 | 0.8% | S100YYNO |
| Change in cash | -1,451 | -4.7% | S100YYNO |
| Cash and equivalents | 17,590 | 56.5% | S100YYNO |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 10,192 | 13,035 | 14,536 | 19,041 | 17,590 | S100U9TQ, S100WKEQ, S100YYNO |
| Total assets | 30,924 | 33,444 | 36,195 | 40,184 | 42,527 | S100RR4Z, S100U9TQ, S100WKEQ, S100YYNO |
| Net assets | 23,364 | 25,082 | 28,001 | 30,727 | 32,807 | S100U9TQ, S100WKEQ, S100YYNO |
| Share capital | 2,278 | 2,278 | 2,278 | 2,278 | 2,278 | S100RR4Z, S100U9TQ, S100WKEQ, S100YYNO |
| Property, plant and equipment | 4,213 | 4,186 | 4,533 | 3,689 | 6,478 | S100RR4Z, S100U9TQ, S100WKEQ, S100YYNO |
| Intangible assets excluding goodwill | 5,899 | 5,430 | 4,776 | 5,174 | 4,814 | S100RR4Z, S100U9TQ, S100WKEQ, S100YYNO |
| Goodwill | 2,320 | 2,110 | 1,901 | 2,175 | 1,869 | S100RR4Z, S100U9TQ, S100WKEQ, S100YYNO |
| Investment securities | 2,884 | 3,057 | 3,333 | 3,206 | 2,785 | S100RR4Z, S100U9TQ, S100WKEQ, S100YYNO |
| Current assets | 16,578 | 19,471 | 21,499 | 26,112 | 24,785 | S100RR4Z, S100U9TQ, S100WKEQ, S100YYNO |
| Current liabilities | 6,187 | 7,189 | 6,946 | 7,568 | 7,599 | S100RR4Z, S100U9TQ, S100WKEQ, S100YYNO |
| Short-term borrowings | 106 | 100 | 50 | 50 | 50 | S100RR4Z, S100U9TQ, S100WKEQ, S100YYNO |
| Long-term borrowings | 192 | 57 | 28 | 96 | 18 | S100RR4Z, S100U9TQ, S100WKEQ, S100YYNO |
| Total liabilities | 7,560 | 8,362 | 8,194 | 9,457 | 9,720 | S100RR4Z, S100U9TQ, S100WKEQ, S100YYNO |
| Non-controlling interests | 295 | 319 | 356 | 392 | 381 | S100RR4Z, S100U9TQ, S100WKEQ, S100YYNO |
| Equity attributable to owners of parent | 21,980 | 23,535 | 25,551 | 28,530 | 29,916 | S100RR4Z, S100U9TQ, S100WKEQ, S100YYNO |
| Retained earnings | 15,275 | 17,029 | 19,249 | 22,221 | 23,855 | S100RR4Z, S100U9TQ, S100WKEQ, S100YYNO |
| Treasury stock | -6 | -205 | -410 | -404 | -653 | S100RR4Z, S100U9TQ, S100WKEQ, S100YYNO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 41% | S100YYNO |
| Property, plant and equipment | 15% | S100YYNO |
| Intangibles and goodwill | 16% | S100YYNO |
| Investment securities | 7% | S100YYNO |
| Other assets | 21% | S100YYNO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100YYNO |
| Equity | 77% | S100YYNO |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 30,924 | 33,444 | 36,195 | 40,184 | 42,527 |
| Equity | 23,364 | 25,082 | 28,001 | 30,727 | 32,807 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,192 | 13,035 | 14,536 | 19,041 | 17,590 |

## 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) | 20.8% | S100YYNO |
| Fixed assets ÷ total assets | 15.2% | S100YYNO |
| Goodwill ÷ parent equity | 6.2% | S100YYNO |

Goodwill over 4 years: 2,320 → 1,869 JPY; total investing cash flow: -4,212 JPY. This does not imply causation.

### 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) | 41.4% |
| Cash ÷ revenue | 56.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 85.1% |
| Cash vs. profit gap | 381 JPY mn (of net income 11.3%) |
| Shareholder returns / net income | 59.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 51.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 12.8% |
| Investing CF relative to operating CF | 81.3% |

## 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 | 8.9% | 0.82× | 7.3% | 1.41× | 10.2% | S100RR4Z |
| 2023 | 9.4% | 0.86× | 8.1% | 1.41× | 11.4% | S100U9TQ |
| 2024 | 10.3% | 0.84× | 8.7% | 1.42× | 12.3% | S100WKEQ |
| 2025 | 13.7% | 0.78× | 10.7% | 1.41× | 15.1% | S100YYNO |
| 2026 | 10.9% | 0.75× | 8.2% | 1.42× | 11.6% | S100YYNO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| US BANK NATIONAL ASSOCIATION JP ACCTS TS （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 16.3% | 2026-05-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.9% | 2026-05-31 |
| 株式会社野村 | Major shareholder | 4.9% | 2026-05-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.2% | 2026-05-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.7% | 2026-05-31 |
| 株式会社日本カストディ銀行（信託口) | Major shareholder | 2.3% | 2026-05-31 |
| TAKARA ＆ COグループ社員持株会 | Major shareholder | 1.8% | 2026-05-31 |
| 野 村 朱 実 | Major shareholder | 1.3% | 2026-05-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 1.3% | 2026-05-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.3% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第89期(2025/06/01－2026/05/31) | S100YYNO | 2026-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYNO,, |
| 有価証券報告書－第88期(2024/06/01－2025/05/31) | S100WKEQ | 2025-08-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WKEQ,, |
| 有価証券報告書－第87期(2023/06/01－2024/05/31) | S100U9TQ | 2024-08-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U9TQ,, |
| 有価証券報告書－第86期(2022/06/01－2023/05/31) | S100RR4Z | 2023-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RR4Z,, |
| 有価証券報告書－第85期(令和3年6月1日－令和4年5月31日) | S100P370 | 2022-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P370,, |
| 有価証券報告書－第84期(令和2年6月1日－令和3年5月31日) | S100MCHU | 2021-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCHU,, |

## 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).