# TAKAYOSHI Holdings, INC.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第56期(2024/10/01－2025/09/30) (S100XCXG)
> Page: https://vizora.meequs.com/en/company/takayoshi-holdings
> Retrieved: 2026-09-30T21:11:01.635Z

## Company

TAKAYOSHI Holdings, founded in 1970, is a company in Supermarkets listed on TSE Growth. It has 59 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAKAYOSHI Holdings, INC. |
| Ticker | 9259 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9259.T) |
| Listing | TSE Growth |
| Head office | 千葉県千葉市美浜区中瀬一丁目3番地 |
| Representative (per filing) | 代表取締役社長 黒田 智也 |
| Founded | Dec 1970 |
| Share capital | ¥696M |
| Employees (consolidated) | 59 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | September |
| Website | takayoshi-inc.com (https://takayoshi-inc.com/) |
| Corporate number | 3040001004316 |
| EDINET | E37197 |
| Industries (Vizora) | Supermarkets |

> Profile source: annual securities report (S100XCXG, filed 2025-12-26). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 96.9 | 49 |
| Cash conversion | 9.6 | 47 |
| Efficiency | 15.3 | 49 |

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)

- TAKAYOSHI Holdings brought in ¥7.76B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +2.0% from the prior year, operating profit +0.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥7761467000 → ¥401999000
- Net income → operating cash flow: ¥401999000 → ¥698858000（difference ¥296859000）
- Main uses of operating cash flow: CapEx ¥176763000 / dividends — / buybacks —
- Change in cash: ¥-1348159000
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 | ¥7.76B |  |
| Operating income | ¥912.8M | Margin 11.8% |
| Net income | ¥402M | Margin 5.2% |
| Free cash flow | ¥522.1M |  |
| Employees (consolidated) | 59 |  |
| EPS | ¥28.34 |  |
| Book value per share | ¥508.34 |  |
| Equity ratio | 53.4% |  |
| Shares outstanding | 5,610,500 |  |
| Shareholders | 1,411 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 26.7% | Cash ÷ revenue 20.8% |
| Vs. industry median margin | +8.9 pp | Supermarkets |
| ROE | 13.3% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -17% while operating income rose 1%
- FY2025, cash is 27% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4921478000 | ¥7761467000 | — |
| Operating income | ¥414116000 | ¥912835000 | — |
| Operating margin | 8.4% | 11.8% | +3.3 pp |
| Employees | 86 people | 59 people | — |
| Cash and equivalents | ¥957339000 | ¥1616508000 | — |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,761 | 100.0% | S100XCXG |
| Cost of revenue | 451 | 5.8% | 算出 |
| Gross profit | 7,311 | 94.2% | S100XCXG |
| SG&A | 6,619 | 85.3% | S100XCXG |
| Operating income | 913 | 11.8% | S100XCXG |
| Ordinary income | 906 | 11.7% | S100XCXG |
| Pretax income | 704 | 9.1% | S100XCXG |
| Income tax | 302 | 3.9% | S100XCXG |
| Net income | 402 | 5.2% | S100XCXG |
| Net income attributable to owners | 402 | 5.2% | S100XCXG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 6 |
| SG&A | 85 |
| Other operating | -3 |
| Operating income | 12 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 94.2% → Operating margin 11.8% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.0%; Core profit growth: +0.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.35×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,613 | 7,761 | 149 | +2.0% |
| Gross profit | 7,286 | 7,311 | 24 | +0.3% |
| Operating income | 907 | 913 | 6 | +0.7% |
| Net income attributable to owners | 540 | 402 | -138 | -25.6% |
| Operating cash flow | 1,016 | 699 | -317 | -31.2% |
| Free cash flow | 488 | 522 | 34 | +7.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2020 | 4,921 | 414 | 8.4% | 284 | 791 | 566 | S100N5HC |
| FY ending Sep 2021 | 5,300 | 689 | 13.0% | 594 | 1,113 | 965 | S100PW1R |
| FY ending Sep 2022 | 6,211 | 965 | 15.5% | 472 | 1,222 | 791 | S100SJDC |
| FY ending Sep 2023 | 6,961 | 992 | 14.2% | 484 | 741 | 3 | S100SJDC |
| FY ending Sep 2024 | 7,613 | 907 | 11.9% | 540 | 1,016 | 488 | S100XCXG |
| FY ending Sep 2025 | 7,761 | 913 | 11.8% | 402 | 699 | 522 | S100XCXG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥131.6M |
| Operating income per employee (consolidated) | ¥15.5M |
| Net income per employee (consolidated) | ¥6.8M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 91 | 87 | 80 | 71 | 59 |
| Average salary (parent company) | ¥4.6M | ¥4.8M | ¥4.8M | ¥5.5M | ¥4.8M |
| Average age (parent company) | 37.8 years | 43.0 years | 43.4 years | 40.9 years | 40.8 years |
| Average tenure (parent company) | 10.9 years | 10.5 years | 10.7 years | 10.1 years | 10.3 years |

Year over year: Employees (consolidated) -16.9% · Revenue (consolidated) +2.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 699 | 9.0% | S100XCXG |
| Capital expenditure | 177 | 2.3% | S100XCXG |
| Free cash flow | 522 | 6.7% | 算出 |
| Investing cash flow | -260 | -3.4% | S100XCXG |
| Financing cash flow | -1,787 | -23.0% | S100XCXG |
| Change in cash | -1,348 | -17.4% | S100XCXG |
| Cash and equivalents | 1,617 | 20.8% | S100XCXG |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,219 | 2,996 | 3,010 | 2,965 | 1,617 | S100SJDC, S100XCXG |
| Total assets | 4,779 | 6,727 | 7,665 | 7,714 | 6,062 | S100PW1R, S100SJDC, S100XCXG |
| Net assets | 35 | 1,799 | 2,288 | 2,829 | 3,237 | S100SJDC, S100XCXG |
| Share capital | 50 | 696 | 696 | 696 | 696 | S100PW1R, S100SJDC, S100XCXG |
| Property, plant and equipment | 1,553 | 1,747 | 1,969 | 2,283 | 2,086 | S100PW1R, S100SJDC, S100XCXG |
| Intangible assets excluding goodwill | 80 | 183 | 402 | 312 | 260 | S100PW1R, S100SJDC, S100XCXG |
| Investment securities | 10 | 10 | 27 | 28 | 36 | S100PW1R, S100SJDC, S100XCXG |
| Current assets | 2,456 | 4,152 | 4,542 | 4,308 | 2,894 | S100PW1R, S100SJDC, S100XCXG |
| Current liabilities | 2,846 | 3,145 | 3,484 | 3,337 | 2,229 | S100PW1R, S100SJDC, S100XCXG |
| Short-term borrowings | 850 | 600 | 600 | 600 | — | S100PW1R, S100SJDC, S100XCXG |
| Long-term borrowings | 1,402 | 1,343 | 1,477 | 1,112 | 183 | S100PW1R, S100SJDC, S100XCXG |
| Total liabilities | 4,744 | 4,927 | 5,377 | 4,884 | 2,825 | S100PW1R, S100SJDC, S100XCXG |
| Equity attributable to owners of parent | 33 | 1,797 | 2,280 | 2,821 | 3,223 | S100PW1R, S100SJDC, S100XCXG |
| Retained earnings | -17 | 455 | 938 | 1,479 | 1,881 | S100PW1R, S100SJDC, S100XCXG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100XCXG |
| Property, plant and equipment | 34% | S100XCXG |
| Intangibles and goodwill | 4% | S100XCXG |
| Investment securities | 1% | S100XCXG |
| Other assets | 34% | S100XCXG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100XCXG |
| Equity | 53% | S100XCXG |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,779 | 6,727 | 7,665 | 7,714 | 6,062 |
| Equity | 35 | 1,799 | 2,288 | 2,829 | 3,237 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,219 | 2,996 | 3,010 | 2,965 | 1,617 |

## 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) | 26.9% | S100XCXG |
| Fixed assets ÷ total assets | 34.4% | S100XCXG |
| Goodwill ÷ parent equity | — | —, S100XCXG |

### 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) | 26.7% |
| Cash ÷ revenue | 20.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 76.6% |
| Cash vs. profit gap | 297 JPY mn (of net income 73.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 37.2% |

## 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 | 11.2% | 1.11× | 12.4% | 143.98× | 1788.9% | S100PW1R |
| 2022 | 7.6% | 1.08× | 8.2% | 6.29× | 51.5% | S100SJDC |
| 2023 | 6.9% | 0.97× | 6.7% | 3.53× | 23.7% | S100SJDC |
| 2024 | 7.1% | 0.99× | 7.0% | 2.73× | 19.2% | S100XCXG |
| 2025 | 5.2% | 1.13× | 5.8% | 2.28× | 13.3% | S100XCXG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社スプリング | Major shareholder | 40.0% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 10.3% | 2025-09-30 |
| 髙品 政明 | Major shareholder | 10.3% | 2025-09-30 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ）（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 4.5% | 2025-09-30 |
| 髙品 謙一 | Major shareholder | 3.1% | 2025-09-30 |
| 株式会社千葉銀行 | Major shareholder | 2.0% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.7% | 2025-09-30 |
| 曽根田 博 | Major shareholder | 1.1% | 2025-09-30 |
| 大森 広美 | Major shareholder | 1.1% | 2025-09-30 |
| 剱持 健 | Major shareholder | 0.9% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第56期(2024/10/01－2025/09/30) | S100XCXG | 2025-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCXG,, |
| 有価証券報告書－第55期(2023/10/01－2024/09/30) | S100V15O | 2024-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V15O,, |
| 有価証券報告書－第54期(2022/10/01－2023/09/30) | S100SJDC | 2023-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJDC,, |
| 有価証券報告書－第53期(令和3年10月1日－令和4年9月30日) | S100PW1R | 2022-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PW1R,, |
| 有価証券報告書－第52期(令和2年10月1日－令和3年9月30日) | S100N5HC | 2021-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N5HC,, |

## 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).