# Tama Home Co., 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28期(2025/06/01－2026/05/31) (S100YYFR)
> Page: https://vizora.meequs.com/en/company/tama-home
> Retrieved: 2026-09-30T21:49:29.028Z

## Company

Tama Home, founded in 1998, is a company in Electric Power & Gas listed on TSE Prime. It has 3,308 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tama Home Co., Ltd. |
| Ticker | 1419 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1419.T) |
| Listing | TSE Prime |
| Head office | 東京都港区高輪3丁目22番9号 |
| Representative (per filing) | 代表取締役社長 玉木 伸弥 |
| Founded | Jun 1998 |
| Share capital | ¥4.31B |
| Employees (consolidated) | 3,308 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | May |
| Website | www.tamahome.jp (https://www.tamahome.jp/) |
| Corporate number | 7010401057862 |
| EDINET | E27305 |
| Industries (Vizora) | Electric Power & Gas, Non-life Insurance, Homebuilders, Condominium Developers |

> Profile source: annual securities report (S100YYFR, filed 2026-08-26). As of filing

## Five-axis industry profile

Primary industry: Homebuilders (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10.9 | 23 |
| Profitability | 25 | 26 |
| Cash conversion | 52.1 | 24 |
| Efficiency | 94.2 | 26 |

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 69% of Tama Home's sales come from Housing, with Real estate and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -1.5% from the prior year, operating profit -6.6%.

## Company structure

- Segment revenue mix: Housing 68.7%、Real estate 27.8%、Other 2.6%、Financing 0.5%、Energy business 0.4%
- Revenue → net income: ¥197740000000 → ¥1223000000
- Net income → operating cash flow: ¥1223000000 → ¥926000000（difference ¥-297000000）
- Main uses of operating cash flow: CapEx ¥1032000000 / dividends ¥5650000000 / buybacks —
- Change in cash: ¥-9824000000
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 | ¥197.7B |  |
| Operating income | ¥3.84B | Margin 1.9% |
| Net income | ¥1.21B | Margin 0.6% |
| Free cash flow | -¥106M |  |
| Largest business | Housing | of segment revenue 68.7% |
| Employees (consolidated) | 3,308 |  |
| EPS | ¥24.16 |  |
| Book value per share | ¥806.28 |  |
| Equity ratio | 34.3% |  |
| Shares outstanding | 29,455,800 |  |
| Treasury shares | 467,600 |  |
| Shareholders | 51,566 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 24.5% | Cash ÷ revenue 10.7% |
| Vs. industry median margin | -3.5 pp | Homebuilders |
| ROE | 3.8% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 73% of positive segment profit
- FY2026, segment profit share differs by 45 points

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥218092000000 | ¥197740000000 | -9.3% |
| Operating income | ¥10999000000 | ¥3842000000 | -65.1% |
| Operating margin | 5.0% | 1.9% | -3.1 pp |
| Employees | 3,491 people | 3,308 people | -5.2% |
| Cash and equivalents | ¥32681000000 | ¥21176000000 | -35.2% |

### 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 |
| --- | ---: |
| 住宅事業 → 住宅事業 | 68.7% |
| 住宅事業 → 事業再編・廃止 | 11.3% |
| 不動産事業 → 不動産事業 | 15.9% |
| 金融事業 → 金融事業 | 0.5% |
| 金融事業 → 事業再編・廃止 | 0.2% |
| エネルギー事業 → エネルギー事業 | 0.4% |
| その他 → その他 | 2.6% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 不動産事業 | 11.8% |
| 新設・再編 → エネルギー事業 | 0.0% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Housing | 5 years | -4.9% | ¥135902000000 | -0.8% | 2 |
| Real estate | 5 years | +9.6% | ¥54917000000 | 6.5% | 2 |
| Other | 5 years | -4.1% | ¥5149000000 | 15.8% | 2 |
| Financing | 5 years | -9.0% | ¥965000000 | 26.1% | 2 |
| Energy business | 5 years | -0.4% | ¥804000000 | 31.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 197,740 | 100.0% | S100YYFR |
| Cost of revenue | 149,832 | 75.8% | S100YYFR |
| Gross profit | 47,907 | 24.2% | S100YYFR |
| SG&A | 44,065 | 22.3% | S100YYFR |
| Operating income | 3,842 | 1.9% | S100YYFR |
| Ordinary income | 3,757 | 1.9% | S100YYFR |
| Pretax income | 2,197 | 1.1% | S100YYFR |
| Income tax | 973 | 0.5% | S100YYFR |
| Net income | 1,223 | 0.6% | S100YYFR |
| Net income attributable to owners | 1,213 | 0.6% | S100YYFR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 22 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 24.2% → Operating margin 1.9% → Net margin 0.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.5%; Core profit growth: -6.6%
Operating leverage (core profit growth ÷ revenue growth): 4.30×
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 | 200,817 | 197,740 | -3,077 | -1.5% |
| Gross profit | 51,105 | 47,907 | -3,198 | -6.3% |
| Operating income | 4,113 | 3,842 | -271 | -6.6% |
| Net income attributable to owners | 1,478 | 1,213 | -265 | -17.9% |
| Operating cash flow | 2,248 | 926 | -1,322 | -58.8% |
| Free cash flow | 512 | -106 | -618 | -120.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 209,207 | 9,873 | 4.7% | 5,109 | 2,201 | -478 | S100MCGA |
| FY ending May 2021 | 218,092 | 10,999 | 5.0% | 7,168 | 17,639 | 15,846 | S100P32D |
| FY ending May 2022 | 240,760 | 11,893 | 4.9% | 8,283 | 4,580 | 2,537 | S100RRLM |
| FY ending May 2023 | 256,065 | 13,264 | 5.2% | 8,715 | 6,385 | 3,606 | S100UA9V |
| FY ending May 2024 | 247,733 | 12,586 | 5.1% | 8,752 | 8,284 | 6,288 | S100WL4I |
| FY ending May 2025 | 200,817 | 4,113 | 2.0% | 1,478 | 2,248 | 512 | S100YYFR |
| FY ending May 2026 | 197,740 | 3,842 | 1.9% | 1,213 | 926 | -106 | S100YYFR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥59.8M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥366.7K |

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) | 3,369 | 3,329 | 3,420 | 3,272 | 3,308 |
| Average salary (parent company) | ¥7.4M | ¥7.8M | ¥8.4M | ¥7M | ¥7.2M |
| Average age (parent company) | 40.6 years | 41.1 years | 41.1 years | 41.2 years | 41.3 years |
| Average tenure (parent company) | 7.9 years | 8.3 years | 8.2 years | 8.6 years | 8.5 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) -1.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Housing | 135,902 | 68.7% | -1,066 | -0.8% |
| Real estate | 54,917 | 27.8% | 3,581 | 6.5% |
| Financing | 965 | 0.5% | 252 | 26.1% |
| Energy business | 804 | 0.4% | 249 | 31.0% |
| Other | 5,149 | 2.6% | 813 | 15.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Housing | 68.7% | — | — | -0.8% |
| Real estate | 27.8% | 73.2% | 45.4 | 6.5% |
| Financing | 0.5% | 5.1% | 4.7 | 26.1% |
| Energy business | 0.4% | 5.1% | 4.7 | 31.0% |
| Other | 2.6% | 16.6% | 14.0 | 15.8% |

Loss-making segment (excluded from profit shares): Housing -1,066 JPY mn

Segment → industry: Energy business → Electric Power & Gas / Financing → Non-life Insurance / Real estate → Homebuilders / Housing → Homebuilders / Real estate → Condominium Developers

## 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 | 926 | 0.5% | S100YYFR |
| Capital expenditure | 1,032 | 0.5% | S100YYFR |
| Free cash flow | -106 | -0.1% | 算出 |
| Investing cash flow | -1,156 | -0.6% | S100YYFR |
| Financing cash flow | -9,625 | -4.9% | S100YYFR |
| Dividends paid | 5,650 | 2.9% | S100YYFR |
| Change in cash | -9,824 | -5.0% | S100YYFR |
| Cash and equivalents | 21,176 | 10.7% | S100YYFR |

## 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 | 33,471 | 34,323 | 26,105 | 31,001 | 21,176 | S100UA9V, S100WL4I, S100YYFR |
| Total assets | 105,077 | 111,508 | 89,587 | 92,302 | 86,468 | S100RRLM, S100UA9V, S100WL4I, S100YYFR |
| Net assets | 30,916 | 34,915 | 38,327 | 34,275 | 29,700 | S100UA9V, S100WL4I, S100YYFR |
| Share capital | 4,310 | 4,310 | 4,310 | 4,310 | 4,310 | S100RRLM, S100UA9V, S100WL4I, S100YYFR |
| Property, plant and equipment | 18,867 | 19,153 | 18,814 | 18,676 | 16,055 | S100RRLM, S100UA9V, S100WL4I, S100YYFR |
| Intangible assets excluding goodwill | 1,116 | 1,154 | 1,152 | 1,067 | 1,095 | S100RRLM, S100UA9V, S100WL4I, S100YYFR |
| Investment securities | 448 | 313 | 324 | 315 | 256 | S100RRLM, S100UA9V, S100WL4I, S100YYFR |
| Current assets | 79,223 | 84,482 | 64,287 | 67,570 | 63,713 | S100RRLM, S100UA9V, S100WL4I, S100YYFR |
| Current liabilities | 65,451 | 69,023 | 45,320 | 44,837 | 49,984 | S100RRLM, S100UA9V, S100WL4I, S100YYFR |
| Short-term borrowings | 11,401 | 12,915 | 5,963 | 7,530 | 12,365 | S100RRLM, S100UA9V, S100WL4I, S100YYFR |
| Long-term borrowings | 5,063 | 3,803 | 1,966 | 7,917 | 1,464 | S100RRLM, S100UA9V, S100WL4I, S100YYFR |
| Total liabilities | 74,160 | 76,593 | 51,259 | 58,027 | 56,768 | S100RRLM, S100UA9V, S100WL4I, S100YYFR |
| Non-controlling interests | 43 | 39 | 31 | 28 | 30 | S100RRLM, S100UA9V, S100WL4I, S100YYFR |
| Equity attributable to owners of parent | 30,812 | 34,864 | 38,398 | 34,368 | 29,929 | S100RRLM, S100UA9V, S100WL4I, S100YYFR |
| Retained earnings | 22,672 | 27,724 | 31,259 | 27,229 | 22,790 | S100RRLM, S100UA9V, S100WL4I, S100YYFR |
| Treasury stock | -450 | -1,450 | -1,451 | -1,451 | -1,451 | S100RRLM, S100UA9V, S100WL4I, S100YYFR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YYFR |
| Property, plant and equipment | 19% | S100YYFR |
| Intangibles and goodwill | 1% | S100YYFR |
| Investment securities | 0% | S100YYFR |
| Other assets | 55% | S100YYFR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 66% | S100YYFR |
| Equity | 34% | S100YYFR |

### 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 | 105,077 | 111,508 | 89,587 | 92,302 | 86,468 |
| Equity | 30,916 | 34,915 | 38,327 | 34,275 | 29,700 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 33,471 | 34,323 | 26,105 | 31,001 | 21,176 |

## 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) | 8.1% | S100YYFR |
| Fixed assets ÷ total assets | 18.6% | S100YYFR |
| Goodwill ÷ parent equity | — | —, S100YYFR |

### 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) | 24.5% |
| Cash ÷ revenue | 10.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 24.1% |
| Cash vs. profit gap | -287 JPY mn (of net income -23.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 465.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 124.8% |

## 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 | 3.4% | 2.29× | 7.9% | 3.41× | 26.9% | S100RRLM |
| 2023 | 3.4% | 2.36× | 8.0% | 3.30× | 26.5% | S100UA9V |
| 2024 | 3.5% | 2.46× | 8.7% | 2.74× | 23.9% | S100WL4I |
| 2025 | 0.7% | 2.21× | 1.6% | 2.50× | 4.1% | S100YYFR |
| 2026 | 0.6% | 2.21× | 1.4% | 2.78× | 3.8% | S100YYFR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＴＡＭＡＸ | Major shareholder | 39.3% | 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 | 6.5% | 2026-05-31 |
| 玉木 和惠 | Major shareholder | 3.0% | 2026-05-31 |
| 玉木 克弥 | Major shareholder | 3.0% | 2026-05-31 |
| 玉木 伸弥 | Major shareholder | 3.0% | 2026-05-31 |
| 玉木 康裕 | Major shareholder | 3.0% | 2026-05-31 |
| タマホームグループ従業員持株会 | Major shareholder | 1.1% | 2026-05-31 |
| 株式会社日本カストディ銀行(信託口） | Major shareholder | 0.9% | 2026-05-31 |
| 三菱ＵＦＪモルガン・スタンレー証券株式会社 | Major shareholder | 0.6% | 2026-05-31 |
| 株式会社みずほ銀行(常任代理人 株式会社日本カストディ銀行） | Major shareholder | 0.4% | 2026-05-31 |
| 株式会社三井住友銀行 | Major shareholder | 0.4% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2025/06/01－2026/05/31) | S100YYFR | 2026-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYFR,, |
| 有価証券報告書－第27期(2024/06/01－2025/05/31) | S100WL4I | 2025-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WL4I,, |
| 有価証券報告書－第26期(2023/06/01－2024/05/31) | S100UA9V | 2024-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UA9V,, |
| 有価証券報告書－第25期(2022/06/01－2023/05/31) | S100RRLM | 2023-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RRLM,, |
| 有価証券報告書－第24期(令和3年6月1日－令和4年5月31日) | S100P32D | 2022-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P32D,, |
| 有価証券報告書－第23期(令和2年6月1日－令和3年5月31日) | S100MCGA | 2021-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCGA,, |

## 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).