# TAMAGAWA HOLDINGS CO.,LTD.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第58期(2024/11/01－2025/10/31) (S100XHR9)
> Page: https://vizora.meequs.com/en/company/tamagawa-holdings
> Retrieved: 2026-09-30T21:12:19.090Z

## Company

Tamagawa Holdings, founded in 1968, is a company in Smartphones & Communications Equipment listed on TSE Standard. It has 278 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAMAGAWA HOLDINGS CO.,LTD. |
| Ticker | 6838 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6838.T) |
| Listing | TSE Standard |
| Head office | 東京都港区芝二丁目28番8号 芝二丁目ビル11階 |
| Representative (per filing) | 代表取締役社長 桝沢 徹 |
| Founded | Nov 1968 |
| Share capital | ¥2.71B |
| Employees (consolidated) | 278 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | October |
| Website | www.tmex.co.jp (https://www.tmex.co.jp/) |
| Corporate number | 2021001027482 |
| EDINET | E01864 |
| Industries (Vizora) | Smartphones & Communications Equipment, Electric Power & Gas, Electronic Components |

> Profile source: annual securities report (S100XHR9, filed 2026-01-28). As of filing

## Five-axis industry profile

Primary industry: Smartphones & Communications Equipment (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 37.5 | 12 |
| Cash conversion | 4.5 | 11 |
| Efficiency | 20.8 | 12 |

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 90% of Tamagawa Holdings's sales come from Electric and communication equipment, with Renewable energy business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +137.1% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥5.59B |  |
| Operating income | ¥278.9M | Margin 5.0% |
| Net income | ¥268.6M | Margin 4.8% |
| Free cash flow | -¥636.9M |  |
| Largest business | Electric and communication equipment | of segment revenue 90.0% |
| Employees (consolidated) | 278 |  |
| EPS | ¥37.78 |  |
| Diluted EPS | ¥37.42 |  |
| Book value per share | ¥518.22 |  |
| Equity ratio | 48.4% |  |
| Shares outstanding | 6,584,900 |  |
| Treasury shares | 61,500 |  |
| Shareholders | 5,607 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 11.8% | Cash ÷ revenue 23.8% |
| Vs. industry median margin | -0.3 pp | Smartphones & Communications Equipment |
| ROE | 5.6% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 88% of positive segment profit

## What changed in 1 years

| Metric | FY ending Mar 2024 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4153982000 | ¥5587974000 | +34.5% |
| Operating income | ¥-215253000 | ¥278901000 | — |
| Operating margin | -5.2% | 5.0% | +10.2 pp |
| Employees | 246 people | 278 people | +13.0% |
| Cash and equivalents | ¥1210569000 | ¥1332652000 | +10.1% |

### Change in segment revenue mix

Span: FY ending Mar 2024 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 電子・通信用機器事業 → 電子・通信用機器事業 | 76.9% |
| 再生可能エネルギー事業 → 再生可能エネルギー事業 | 10.0% |
| 再生可能エネルギー事業 → 事業再編・廃止 | 13.1% |
| 新設・再編 → 電子・通信用機器事業 | 13.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,588 | 100.0% | S100XHR9 |
| Cost of revenue | 3,895 | 69.7% | S100XHR9 |
| Gross profit | 1,693 | 30.3% | S100XHR9 |
| SG&A | 1,414 | 25.3% | S100XHR9 |
| Operating income | 279 | 5.0% | S100XHR9 |
| Ordinary income | 231 | 4.1% | S100XHR9 |
| Pretax income | 361 | 6.5% | S100XHR9 |
| Income tax | 92 | 1.7% | S100XHR9 |
| Net income | 269 | 4.8% | S100XHR9 |
| Net income attributable to owners | 269 | 4.8% | S100XHR9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 25 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 30.3% → Operating margin 5.0% → Net margin 4.8%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,356 | 5,588 | 3,232 | +137.1% |
| Gross profit | 712 | 1,693 | 981 | +137.9% |
| Operating income | -48 | 279 | 327 | — |
| Net income attributable to owners | -114 | 269 | 382 | — |
| Operating cash flow | 258 | -26 | -284 | -110.0% |
| Free cash flow | 173 | -637 | -810 | -467.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2024 | 4,154 | -215 | -5.2% | -443 | -1,133 | -1,206 | S100V5E9 |
| FY ending Oct 2024 | 2,356 | -48 | -2.0% | -114 | 258 | 173 | S100XHR9 |
| FY ending Oct 2025 | 5,588 | 279 | 5.0% | 269 | -26 | -637 | S100XHR9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.1M |
| Operating income per employee (consolidated) | ¥1M |
| Net income per employee (consolidated) | ¥966.4K |

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

| History | FY ending Mar 2024 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 246 | 263 | 278 |
| Average salary (parent company) | — | ¥7.3M | ¥7.4M |
| Average age (parent company) | — | 45.1 years | 41.0 years |
| Average tenure (parent company) | — | 4.0 years | 4.0 years |

## Segments（FY ending Oct 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electric and communication equipment | 5,029 | 90.0% | 574 | 11.4% |
| Renewable energy business | 558 | 10.0% | 75 | 13.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electric and communication equipment | 90.0% | 88.4% | -1.6 | 11.4% |
| Renewable energy business | 10.0% | 11.6% | 1.6 | 13.4% |

Segment → industry: Electric and communication equipment → Smartphones & Communications Equipment / Renewable energy business → Electric Power & Gas / Electric and communication equipment → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -26 | -0.5% | S100XHR9 |
| Capital expenditure | 611 | 10.9% | S100XHR9 |
| Free cash flow | -637 | -11.4% | 算出 |
| Investing cash flow | -472 | -8.5% | S100XHR9 |
| Financing cash flow | 76 | 1.4% | S100XHR9 |
| Dividends paid | 19 | 0.3% | S100XHR9 |
| Change in cash | -404 | -7.2% | S100XHR9 |
| Cash and equivalents | 1,333 | 23.8% | S100XHR9 |

## 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 2024 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,211 | 1,736 | 1,333 | S100XHR9 |
| Total assets | 9,574 | 9,843 | 11,276 | S100V5E9, S100XHR9 |
| Net assets | 4,889 | 4,685 | 5,471 | S100XHR9 |
| Share capital | 2,700 | 2,700 | 2,711 | S100V5E9, S100XHR9 |
| Property, plant and equipment | 819 | 3,624 | 3,787 | S100V5E9, S100XHR9 |
| Intangible assets excluding goodwill | 44 | 39 | 26 | S100V5E9, S100XHR9 |
| Investment securities | 273 | 230 | 735 | S100V5E9, S100XHR9 |
| Current assets | 8,121 | 5,481 | 6,235 | S100V5E9, S100XHR9 |
| Current liabilities | 1,738 | 1,913 | 2,375 | S100V5E9, S100XHR9 |
| Trade payables | 467 | 476 | 643 | S100V5E9, S100XHR9 |
| Short-term borrowings | 440 | 561 | 471 | S100V5E9, S100XHR9 |
| Long-term borrowings | 2,487 | 2,762 | 2,845 | S100V5E9, S100XHR9 |
| Total liabilities | 4,686 | 5,158 | 5,805 | S100V5E9, S100XHR9 |
| Equity attributable to owners of parent | 4,814 | 4,680 | 4,950 | S100V5E9, S100XHR9 |
| Retained earnings | 347 | 234 | 502 | S100V5E9, S100XHR9 |
| Treasury stock | -61 | -61 | -61 | S100V5E9, S100XHR9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100XHR9 |
| Property, plant and equipment | 34% | S100XHR9 |
| Intangibles and goodwill | 0% | S100XHR9 |
| Investment securities | 6% | S100XHR9 |
| Other assets | 48% | S100XHR9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100XHR9 |
| Other liabilities | 46% | S100XHR9 |
| Equity | 48% | S100XHR9 |
| Other liabilities | 0% | S100XHR9 |

### Balance sheet history

| Metric | FY ending Mar 2024 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 9,574 | 9,843 | 11,276 |
| Equity | 4,889 | 4,685 | 5,471 |
| Interest-bearing debt | — | — | — |
| Cash | 1,211 | 1,736 | 1,333 |

## 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) | 67.8% | S100XHR9 |
| Fixed assets ÷ total assets | 33.6% | S100XHR9 |
| Goodwill ÷ parent equity | — | —, S100XHR9 |

### 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) | 11.8% |
| Cash ÷ revenue | 23.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -9.2% |
| Cash vs. profit gap | -294 JPY mn (of net income -109.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 7.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 10.9% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | — | —× | -4.6% | —× | — | S100V5E9 |
| 2024 | — | —× | -1.2% | —× | — | S100XHR9 |
| 2025 | 4.8% | 0.53× | 2.5% | 2.19× | 5.6% | S100XHR9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| BNP Paribas Singapore/2S/Jasdec/UOB Kay Hian Private Limited(常任代理人 香港上海銀行東京支店） | Major shareholder | 11.8% | 2025-10-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 5.8% | 2025-10-31 |
| DBS BANK LTD. 700104（常任代理人 株式会社みずほ銀行） | Major shareholder | 4.9% | 2025-10-31 |
| 桝澤 徹 | Major shareholder | 3.8% | 2025-10-31 |
| 島貫 宏昌 | Major shareholder | 2.8% | 2025-10-31 |
| 松本 憲事 | Major shareholder | 1.5% | 2025-10-31 |
| 上田八木短資株式会社 | Major shareholder | 1.5% | 2025-10-31 |
| PY Opulence Investment Pte.Ltd.（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.1% | 2025-10-31 |
| 株式会社山河企画 | Major shareholder | 1.1% | 2025-10-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.8% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第58期(2024/11/01－2025/10/31) | S100XHR9 | 2026-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHR9,, |
| 有価証券報告書－第57期(2024/04/01－2024/10/31) | S100V5E9 | 2025-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5E9,, |

## 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).