# Takihyo Co., Ltd.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第115期(2025/03/01－2026/02/28) (S100Y62Z)
> Page: https://vizora.meequs.com/en/company/takihyo
> Retrieved: 2026-09-30T21:01:41.647Z

## Company

Takihyo, founded in 1912, is a company in Textiles & Fibers listed on TSE Standard. It has 731 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Takihyo Co., Ltd. |
| Ticker | 9982 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9982.T) |
| Listing | TSE Standard |
| Head office | 名古屋市西区牛島町6番1号 |
| Representative (per filing) | 代表取締役社長執行役員 滝一夫 |
| Founded | Nov 1912 |
| Share capital | ¥3.62B |
| Employees (consolidated) | 731 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | February |
| Website | www.takihyo.co.jp (https://www.takihyo.co.jp/) |
| Corporate number | 7180001037793 |
| EDINET | E02776 |
| Industries (Vizora) | Textiles & Fibers, Real Estate Development & Leasing, Apparel |

> Profile source: annual securities report (S100Y62Z, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 51.8 | 55 |
| Profitability | 50 | 61 |
| Cash conversion | 69.1 | 47 |
| Efficiency | 69.7 | 61 |

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 89% of Takihyo's sales come from Apparel and textiles, with Material and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +5.5% from the prior year, operating profit +48.0%.

## Company structure

- Segment revenue mix: Apparel and textiles 88.7%、Material 8.2%、Other 1.6%、Rental Business 1.4%
- Revenue → net income: ¥63970000000 → ¥1615000000
- Net income → operating cash flow: ¥1615000000 → ¥2505000000（difference ¥890000000）
- Main uses of operating cash flow: CapEx ¥341000000 / dividends ¥346000000 / buybacks ¥453000000
- Change in cash: ¥922000000
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 | ¥64B |  |
| Operating income | ¥1.94B | Margin 3.0% |
| Net income | ¥1.61B | Margin 2.5% |
| Free cash flow | ¥2.16B |  |
| Largest business | Apparel and textiles | of segment revenue 88.7% |
| Employees (consolidated) | 731 |  |
| EPS | ¥166.79 |  |
| Diluted EPS | ¥165.77 |  |
| Book value per share | ¥3395.57 |  |
| Equity ratio | 63.8% |  |
| Shares outstanding | 8,800,000 |  |
| Treasury shares | 312,200 |  |
| Shareholders | 5,643 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 10.0% | Cash ÷ revenue 7.9% |
| Vs. industry median margin | -0.4 pp | Textiles & Fibers |
| ROE | 5.7% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.3× dividends
- FY2026, segment profit share differs by -40 points

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥50042000000 | ¥63970000000 | +27.8% |
| Operating income | ¥-1018000000 | ¥1942000000 | — |
| Operating margin | -2.0% | 3.0% | +5.1 pp |
| Employees | 881 people | 731 people | -17.0% |
| Cash and equivalents | ¥3877000000 | ¥5066000000 | +30.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| アパレル ・ テキスタイル関連事業 → アパレル ・ テキスタイル関連事業 | 88.5% |
| 賃貸事業 → 賃貸事業 | 1.4% |
| 賃貸事業 → 事業再編・廃止 | 0.2% |
| その他 → その他 | 1.6% |
| その他 → 事業再編・廃止 | 8.2% |
| 新設・再編 → アパレル ・ テキスタイル関連事業 | 0.2% |
| 新設・再編 → マテリアル事業 | 8.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Apparel and textiles | 5 years | +5.1% | ¥56742000000 | 1.7% | 2 |
| Material | 4 years | +16.8% | ¥5269000000 | 7.7% | 2 |
| Other | 5 years | -26.8% | ¥1041000000 | 0.7% | 2 |
| Rental Business | 5 years | +2.0% | ¥917000000 | 62.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 63,970 | 100.0% | S100Y62Z |
| Cost of revenue | 50,557 | 79.0% | S100Y62Z |
| Gross profit | 13,413 | 21.0% | S100Y62Z |
| SG&A | 11,471 | 17.9% | S100Y62Z |
| Operating income | 1,942 | 3.0% | S100Y62Z |
| Ordinary income | 1,947 | 3.0% | S100Y62Z |
| Pretax income | 1,959 | 3.1% | S100Y62Z |
| Income tax | 343 | 0.5% | S100Y62Z |
| Net income | 1,615 | 2.5% | S100Y62Z |
| Net income attributable to owners | 1,615 | 2.5% | S100Y62Z |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 18 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 21.0% → Operating margin 3.0% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.5%; Core profit growth: +48.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 8.72×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 60,633 | 63,970 | 3,337 | +5.5% |
| Gross profit | 12,760 | 13,413 | 653 | +5.1% |
| Operating income | 1,312 | 1,942 | 630 | +48.0% |
| Net income attributable to owners | 1,107 | 1,615 | 508 | +45.9% |
| Operating cash flow | 2,621 | 2,505 | -116 | -4.4% |
| Free cash flow | 2,418 | 2,164 | -254 | -10.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 60,274 | -103 | -0.2% | 45 | 875 | 277 | S100N4K7 |
| FY ending Feb 2021 | 50,042 | -1,018 | -2.0% | -1,121 | -630 | -1,047 | S100O51Y |
| FY ending Feb 2022 | 53,753 | -2,231 | -4.2% | -2,027 | -5,167 | -5,487 | S100QUN1 |
| FY ending Feb 2023 | 61,813 | 94 | 0.2% | -282 | -1,333 | -1,704 | S100TJ4O |
| FY ending Feb 2024 | 57,736 | 708 | 1.2% | 769 | 3,717 | 2,595 | S100VUVT |
| FY ending Feb 2025 | 60,633 | 1,312 | 2.2% | 1,107 | 2,621 | 2,418 | S100Y62Z |
| FY ending Feb 2026 | 63,970 | 1,942 | 3.0% | 1,615 | 2,505 | 2,164 | S100Y62Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥87.5M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥2.2M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 841 | 732 | 715 | 703 | 731 |
| Average salary (parent company) | ¥4.6M | ¥4.6M | ¥4.8M | ¥5.1M | ¥5.4M |
| Average age (parent company) | 41.7 years | 40.8 years | 42.4 years | 42.3 years | 42.7 years |
| Average tenure (parent company) | 14.2 years | 12.9 years | 13.4 years | 14.0 years | 14.2 years |

Year over year: Employees (consolidated) +4.0% · Revenue (consolidated) +5.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Apparel and textiles | 56,742 | 88.7% | 952 | 1.7% |
| Rental Business | 917 | 1.4% | 576 | 62.8% |
| Material | 5,269 | 8.2% | 408 | 7.7% |
| Other | 1,041 | 1.6% | 7 | 0.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Apparel and textiles | 88.7% | 49.0% | -39.7 | 1.7% |
| Rental Business | 1.4% | 29.6% | 28.2 | 62.8% |
| Material | 8.2% | 21.0% | 12.8 | 7.7% |
| Other | 1.6% | 0.4% | -1.3 | 0.7% |

Segment → industry: Apparel and textiles → Textiles & Fibers / Rental Business → Real Estate Development & Leasing / Apparel and textiles → Apparel

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,505 | 3.9% | S100Y62Z |
| Capital expenditure | 341 | 0.5% | S100Y62Z |
| Free cash flow | 2,164 | 3.4% | 算出 |
| Investing cash flow | -288 | -0.5% | S100Y62Z |
| Financing cash flow | -1,303 | -2.0% | S100Y62Z |
| Dividends paid | 346 | 0.5% | S100Y62Z |
| Share buyback | 453 | 0.7% | S100Y62Z |
| Change in cash | 922 | 1.4% | S100Y62Z |
| Cash and equivalents | 5,066 | 7.9% | S100Y62Z |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,404 | 3,333 | 3,124 | 4,144 | 5,066 | S100TJ4O, S100VUVT, S100Y62Z |
| Total assets | 47,087 | 47,121 | 48,555 | 47,208 | 50,877 | S100QUN1, S100TJ4O, S100VUVT, S100Y62Z |
| Net assets | 29,151 | 27,868 | 30,285 | 30,267 | 32,555 | S100TJ4O, S100VUVT, S100Y62Z |
| Share capital | 3,622 | 3,622 | 3,622 | 3,622 | 3,622 | S100QUN1, S100TJ4O, S100VUVT, S100Y62Z |
| Trade receivables | 11,025 | 12,366 | 11,882 | 11,552 | 11,868 | S100QUN1, S100TJ4O, S100VUVT, S100Y62Z |
| Property, plant and equipment | 20,806 | 20,010 | 20,586 | 20,333 | 20,249 | S100QUN1, S100TJ4O, S100VUVT, S100Y62Z |
| Intangible assets excluding goodwill | 67 | 59 | 62 | 84 | 228 | S100QUN1, S100TJ4O, S100VUVT, S100Y62Z |
| Investment securities | 3,205 | 3,000 | 3,768 | 3,941 | 5,699 | S100QUN1, S100TJ4O, S100VUVT, S100Y62Z |
| Current assets | 21,638 | 22,912 | 22,978 | 21,785 | 23,581 | S100QUN1, S100TJ4O, S100VUVT, S100Y62Z |
| Current liabilities | 14,556 | 14,375 | 12,871 | 11,683 | 13,716 | S100QUN1, S100TJ4O, S100VUVT, S100Y62Z |
| Trade payables | 3,222 | 5,632 | 6,649 | 6,863 | 7,321 | S100QUN1, S100TJ4O, S100VUVT, S100Y62Z |
| Short-term borrowings | 7,000 | 5,000 | 2,000 | 1,000 | 2,000 | S100QUN1, S100TJ4O, S100VUVT, S100Y62Z |
| Long-term borrowings | 1,350 | 3,000 | 3,150 | 3,200 | 1,900 | S100QUN1, S100TJ4O, S100VUVT, S100Y62Z |
| Total liabilities | 17,936 | 19,252 | 18,270 | 16,940 | 18,321 | S100QUN1, S100TJ4O, S100VUVT, S100Y62Z |
| Equity attributable to owners of parent | 27,455 | 27,058 | 27,542 | 27,837 | 28,666 | S100QUN1, S100TJ4O, S100VUVT, S100Y62Z |
| Retained earnings | 20,315 | 19,844 | 20,058 | 20,617 | 21,464 | S100QUN1, S100TJ4O, S100VUVT, S100Y62Z |
| Treasury stock | -630 | -556 | -287 | -551 | -569 | S100QUN1, S100TJ4O, S100VUVT, S100Y62Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100Y62Z |
| Receivables | 23% | S100Y62Z |
| Property, plant and equipment | 40% | S100Y62Z |
| Intangibles and goodwill | 1% | S100Y62Z |
| Investment securities | 11% | S100Y62Z |
| Other assets | 15% | S100Y62Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 14% | S100Y62Z |
| Other liabilities | 22% | S100Y62Z |
| Equity | 64% | S100Y62Z |
| Other liabilities | 0% | S100Y62Z |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 47,087 | 47,121 | 48,555 | 47,208 | 50,877 |
| Equity | 29,151 | 27,868 | 30,285 | 30,267 | 32,555 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,404 | 3,333 | 3,124 | 4,144 | 5,066 |

## 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) | 31.7% | S100Y62Z |
| Fixed assets ÷ total assets | 39.8% | S100Y62Z |
| Goodwill ÷ parent equity | — | —, S100Y62Z |

### 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) | 10.0% |
| Cash ÷ revenue | 7.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 129.0% |
| Cash vs. profit gap | 890 JPY mn (of net income 55.1%) |
| Shareholder returns / net income | 49.5% |
| Shareholder returns / FCF | 36.9% |
| Shareholder payments — dividends / net income | 21.4% |
| Shareholder payments — dividends / FCF | 16.0% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 11.5% |

## 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 | — | —× | -4.3% | —× | — | S100QUN1 |
| 2023 | — | —× | -0.6% | —× | — | S100TJ4O |
| 2024 | 1.3% | 1.21× | 1.6% | 1.75× | 2.8% | S100VUVT |
| 2025 | 1.8% | 1.27× | 2.3% | 1.73× | 4.0% | S100Y62Z |
| 2026 | 2.5% | 1.30× | 3.3% | 1.74× | 5.7% | S100Y62Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社キョクヨーホールディングス | Major shareholder | 28.3% | 2026-02-28 |
| 株式会社旭洋興産 | Major shareholder | 5.0% | 2026-02-28 |
| 立花証券株式会社 | Major shareholder | 3.3% | 2026-02-28 |
| LIM JAPAN EVENT MASTER FUND(常任代理人 立花証券株式会社) | Major shareholder | 3.2% | 2026-02-28 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.0% | 2026-02-28 |
| タキヒヨー取引先持株会 | Major shareholder | 2.5% | 2026-02-28 |
| 日本生命保険相互会社 | Major shareholder | 1.9% | 2026-02-28 |
| 滝 茂 夫 | Major shareholder | 1.4% | 2026-02-28 |
| 第一生命保険株式会社 | Major shareholder | 1.4% | 2026-02-28 |
| 三井住友信託銀行株式会社 | Major shareholder | 1.4% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第115期(2025/03/01－2026/02/28) | S100Y62Z | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y62Z,, |
| 有価証券報告書－第114期(2024/03/01－2025/02/28) | S100VUVT | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUVT,, |
| 有価証券報告書－第113期(2023/03/01－2024/02/29) | S100TJ4O | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJ4O,, |
| 有価証券報告書－第112期(2022/03/01－2023/02/28) | S100QUN1 | 2023-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUN1,, |
| 有価証券報告書－第111期(令和3年3月1日－令和4年2月28日) | S100O51Y | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O51Y,, |
| 訂正有価証券報告書－第110期(令和2年3月1日－令和3年2月28日) | S100N4K7 | 2022-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4K7,, |

## 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).