# TANABE CONSULTING GROUP CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第64期(2025/04/01－2026/03/31) (S100YJ07)
> Page: https://vizora.meequs.com/en/company/tanabe-consulting-group
> Retrieved: 2026-09-30T20:31:15.947Z

## Company

Tanabe Consulting Group, founded in 1963, is a company in Consulting listed on TSE Prime. It has 843 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TANABE CONSULTING GROUP CO.,LTD. |
| Ticker | 9644 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9644.T) |
| Listing | TSE Prime |
| Head office | 大阪市淀川区宮原3丁目3番41号 |
| Representative (per filing) | 代表取締役社長 若松 孝彦 |
| Founded | Apr 1963 |
| Share capital | ¥1.77B |
| Employees (consolidated) | 843 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.tanabeconsulting-group.com (https://www.tanabeconsulting-group.com/) |
| Corporate number | 3120001133750 |
| EDINET | E04887 |
| Industries (Vizora) | Consulting |

> Profile source: annual securities report (S100YJ07, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Consulting (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 53.2 | 31 |
| Profitability | 55.7 | 44 |
| Cash conversion | 42 | 44 |
| Efficiency | 46.6 | 44 |

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)

- Tanabe Consulting Group brought in ¥16.3B in revenue.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +12.0% from the prior year, operating profit +20.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥16282565000 → ¥1308799000
- Net income → operating cash flow: ¥1308799000 → ¥1408805000（difference ¥100006000）
- Main uses of operating cash flow: CapEx ¥155168000 / dividends ¥845716000 / buybacks ¥449921000
- Change in cash: ¥-1174974000
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 | ¥16.3B |  |
| Operating income | ¥1.81B | Margin 11.1% |
| Net income | ¥1.1B | Margin 6.8% |
| Free cash flow | ¥1.25B |  |
| Employees (consolidated) | 843 |  |
| EPS | ¥29.66 |  |
| Diluted EPS | ¥29.6 |  |
| Book value per share | ¥300.47 |  |
| Equity ratio | 69.6% |  |
| Shares outstanding | 34,000,000 |  |
| Treasury shares | 1,890,200 |  |
| Shareholders | 10,846 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 42.8% | Cash ÷ revenue 39.9% |
| Vs. industry median margin | +1.6 pp | Consulting |
| ROE | 10.5% | Derived from disclosed figures |
| ROA | 7.5% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 43% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9213533000 | ¥16282565000 | +76.7% |
| Operating income | ¥751652000 | ¥1813908000 | +141.3% |
| Operating margin | 8.2% | 11.1% | +3 pp |
| Employees | 457 people | 843 people | +84.5% |
| Cash and equivalents | ¥6778716000 | ¥6490433000 | -4.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 経営コンサルティング事業 → 事業再編・廃止 | 61.2% |
| マーケティングコンサルティング事業 → 事業再編・廃止 | 38.8% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,283 | 100.0% | S100YJ07 |
| Cost of revenue | 8,320 | 51.1% | S100YJ07 |
| Gross profit | 7,962 | 48.9% | S100YJ07 |
| SG&A | 6,148 | 37.8% | S100YJ07 |
| Operating income | 1,814 | 11.1% | S100YJ07 |
| Ordinary income | 1,843 | 11.3% | S100YJ07 |
| Pretax income | 1,841 | 11.3% | S100YJ07 |
| Income tax | 532 | 3.3% | S100YJ07 |
| Net income | 1,309 | 8.0% | S100YJ07 |
| Net income attributable to owners | 1,100 | 6.8% | S100YJ07 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 51 |
| SG&A | 38 |
| Operating income | 11 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 48.9% → Operating margin 11.1% → Net margin 6.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.0%; Core profit growth: +20.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.75×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 14,544 | 16,283 | 1,739 | +12.0% |
| Gross profit | 6,612 | 7,962 | 1,350 | +20.4% |
| Operating income | 1,500 | 1,814 | 314 | +20.9% |
| Net income attributable to owners | 1,017 | 1,100 | 84 | +8.2% |
| Operating cash flow | 1,455 | 1,409 | -46 | -3.2% |
| Free cash flow | 1,359 | 1,254 | -105 | -7.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,394 | 988 | 10.5% | 696 | 716 | 669 | S100LQ2Y |
| FY ending Mar 2021 | 9,214 | 752 | 8.2% | 498 | 224 | 197 | S100OIH7 |
| FY ending Mar 2022 | 10,572 | 926 | 8.8% | 604 | 620 | 594 | S100R5AX |
| FY ending Mar 2023 | 11,760 | 1,152 | 9.8% | 724 | 954 | 798 | S100TR1I |
| FY ending Mar 2024 | 12,739 | 1,010 | 7.9% | 641 | 632 | 471 | S100WAGJ |
| FY ending Mar 2025 | 14,544 | 1,500 | 10.3% | 1,017 | 1,455 | 1,359 | S100YJ07 |
| FY ending Mar 2026 | 16,283 | 1,814 | 11.1% | 1,100 | 1,409 | 1,254 | S100YJ07 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.3M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.3M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 495 | 566 | 600 | 711 | 843 |
| Average salary (parent company) | ¥7.1M | ¥7M | ¥7.1M | ¥7.3M | ¥7.5M |
| Average age (parent company) | 38.8 years | 38.6 years | 38.9 years | 40.0 years | 39.3 years |
| Average tenure (parent company) | 9.7 years | 7.8 years | 7.7 years | 8.2 years | 8.0 years |

Year over year: Employees (consolidated) +18.6% · Revenue (consolidated) +12.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,409 | 8.7% | S100YJ07 |
| Capital expenditure | 155 | 1.0% | S100YJ07 |
| Free cash flow | 1,254 | 7.7% | 算出 |
| Investing cash flow | -1,088 | -6.7% | S100YJ07 |
| Financing cash flow | -1,496 | -9.2% | S100YJ07 |
| Dividends paid | 846 | 5.2% | S100YJ07 |
| Share buyback | 450 | 2.8% | S100YJ07 |
| Change in cash | -1,175 | -7.2% | S100YJ07 |
| Cash and equivalents | 6,490 | 39.9% | S100YJ07 |

## 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 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,399 | 6,674 | 5,639 | 7,665 | 6,490 | S100TR1I, S100WAGJ, S100YJ07 |
| Total assets | 13,825 | 14,411 | 14,139 | 14,329 | 15,169 | S100R5AX, S100TR1I, S100WAGJ, S100YJ07 |
| Net assets | 11,517 | 11,711 | 11,304 | 11,141 | 11,372 | S100TR1I, S100WAGJ, S100YJ07 |
| Share capital | 1,772 | 1,772 | 1,772 | 1,772 | 1,772 | S100R5AX, S100TR1I, S100WAGJ, S100YJ07 |
| Property, plant and equipment | 2,139 | 2,208 | 2,220 | 2,190 | 2,252 | S100R5AX, S100TR1I, S100WAGJ, S100YJ07 |
| Intangible assets excluding goodwill | 737 | 820 | 788 | 1,175 | 1,926 | S100R5AX, S100TR1I, S100WAGJ, S100YJ07 |
| Goodwill | 685 | 736 | 666 | 1,010 | 1,524 | S100R5AX, S100TR1I, S100WAGJ, S100YJ07 |
| Investment securities | 345 | 226 | 29 | 18 | 228 | S100R5AX, S100TR1I, S100WAGJ, S100YJ07 |
| Current assets | 9,330 | 9,674 | 9,348 | 9,092 | 8,646 | S100R5AX, S100TR1I, S100WAGJ, S100YJ07 |
| Current liabilities | 1,856 | 2,154 | 2,209 | 2,537 | 2,818 | S100R5AX, S100TR1I, S100WAGJ, S100YJ07 |
| Long-term borrowings | 150 | 191 | 211 | 257 | 475 | S100R5AX, S100TR1I, S100WAGJ, S100YJ07 |
| Total liabilities | 2,307 | 2,700 | 2,835 | 3,188 | 3,797 | S100R5AX, S100TR1I, S100WAGJ, S100YJ07 |
| Non-controlling interests | 304 | 344 | 389 | 482 | 809 | S100R5AX, S100TR1I, S100WAGJ, S100YJ07 |
| Equity attributable to owners of parent | 11,154 | 11,360 | 10,761 | 10,555 | 10,381 | S100R5AX, S100TR1I, S100WAGJ, S100YJ07 |
| Retained earnings | 7,160 | 7,455 | 7,232 | 7,013 | 7,265 | S100R5AX, S100TR1I, S100WAGJ, S100YJ07 |
| Treasury stock | -187 | -277 | -654 | -633 | -1,058 | S100R5AX, S100TR1I, S100WAGJ, S100YJ07 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 43% | S100YJ07 |
| Property, plant and equipment | 15% | S100YJ07 |
| Intangibles and goodwill | 23% | S100YJ07 |
| Investment securities | 1% | S100YJ07 |
| Other assets | 18% | S100YJ07 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100YJ07 |
| Equity | 75% | S100YJ07 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 13,825 | 14,411 | 14,139 | 14,329 | 15,169 |
| Equity | 11,517 | 11,711 | 11,304 | 11,141 | 11,372 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,399 | 6,674 | 5,639 | 7,665 | 6,490 |

## 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) | 13.8% | S100YJ07 |
| Fixed assets ÷ total assets | 14.8% | S100YJ07 |
| Goodwill ÷ parent equity | 14.7% | S100YJ07 |

Goodwill over 4 years: 685 → 1,524 JPY; total investing cash flow: -107 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) | 42.8% |
| Cash ÷ revenue | 39.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.7% |
| Cash vs. profit gap | 309 JPY mn (of net income 28.0%) |
| Shareholder returns / net income | 117.8% |
| Shareholder returns / FCF | 103.4% |
| Shareholder payments — dividends / net income | 76.9% |
| Shareholder payments — dividends / FCF | 67.5% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 77.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 5.7% | 0.76× | 4.4% | 1.24× | 5.4% | S100R5AX |
| 2023 | 6.2% | 0.83× | 5.1% | 1.25× | 6.4% | S100TR1I |
| 2024 | 5.0% | 0.89× | 4.5% | 1.29× | 5.8% | S100WAGJ |
| 2025 | 7.0% | 1.02× | 7.1% | 1.34× | 9.5% | S100YJ07 |
| 2026 | 6.8% | 1.10× | 7.5% | 1.41× | 10.5% | S100YJ07 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 田邊 次良 | Major shareholder | 11.8% | 2026-03-31 |
| 田邊 洋一郎 | Major shareholder | 9.4% | 2026-03-31 |
| 楢崎 十紀 | Major shareholder | 9.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.7% | 2026-03-31 |
| 上田 信一 | Major shareholder | 3.0% | 2026-03-31 |
| タナベコンサルティンググループ社員持株会 | Major shareholder | 2.8% | 2026-03-31 |
| 特定有価証券信託受託者 株式会社ＳＭＢＣ信託銀行 | Major shareholder | 2.5% | 2026-03-31 |
| 木元 仁志 | Major shareholder | 2.0% | 2026-03-31 |
| 伊藤 尚子 | Major shareholder | 1.6% | 2026-03-31 |
| 高橋 葉子 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2025/04/01－2026/03/31) | S100YJ07 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ07,, |
| 訂正有価証券報告書－第63期(2024/04/01－2025/03/31) | S100WAGJ | 2025-07-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WAGJ,, |
| 有価証券報告書－第62期(2023/04/01－2024/03/31) | S100TR1I | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR1I,, |
| 有価証券報告書－第61期(2022/04/01－2023/03/31) | S100R5AX | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5AX,, |
| 有価証券報告書－第60期(令和3年4月1日－令和4年3月31日) | S100OIH7 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIH7,, |
| 有価証券報告書－第59期(令和2年4月1日－令和3年3月31日) | S100LQ2Y | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ2Y,, |

## 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).