# TASUKI 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2期(2024/10/01－2025/09/30) (S100XBKO)
> Page: https://vizora.meequs.com/en/company/tasuki-holdings
> Retrieved: 2026-09-30T22:25:59.446Z

## Company

TASUKI Holdings, founded in 2023, is a company in Real Estate Development & Leasing listed on TSE Growth. It has 147 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TASUKI Holdings Inc. |
| Ticker | 166A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/166A.T) |
| Listing | TSE Growth |
| Head office | 東京都港区北青山二丁目7番9号 |
| Representative (per filing) | 代表取締役社長 柏村 雄 |
| Founded | Nov 2023 |
| Share capital | ¥6.24B |
| Employees (consolidated) | 147 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | September |
| Website | tasuki-holdings.co.jp (https://tasuki-holdings.co.jp/) |
| Corporate number | 8010401181579 |
| EDINET | E39259 |
| Industries (Vizora) | Real Estate Development & Leasing |

> Profile source: annual securities report (S100XBKO, filed 2025-12-19). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.3 | 75 |
| Profitability | 59.9 | 86 |
| Cash conversion | 25 | 82 |
| Efficiency | 82 | 86 |
| Financial strength | 85.1 | 37 |

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 100% of TASUKI Holdings's sales come from Life Platform segment, with Finance Consulting segment making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +56.8% from the prior year, operating profit +116.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥74.4B |  |
| Operating income | ¥8.82B | Margin 11.8% |
| Net income | ¥4.93B | Margin 6.6% |
| Free cash flow | -¥7.25B |  |
| Largest business | Life Platform segment | of segment revenue 99.7% |
| Employees (consolidated) | 147 |  |
| EPS | ¥49.17 |  |
| Book value per share | ¥487.2 |  |
| Equity ratio | 38.4% |  |
| Shares outstanding | 61,636,723 |  |
| Treasury shares | 14,600 |  |
| Shareholders | 33,891 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 31.5% | Net cash -¥14.4B · Cash ÷ revenue 35.2% |
| Vs. industry median margin | +1.3 pp | Real Estate Development & Leasing |
| ROE | 18.6% | Derived from disclosed figures |
| ROA | 6.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 99% of positive segment profit
- FY2025, cash is 31% of total assets

## What changed in 1 years

| Metric | FY ending Sep 2024 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥47455431000 | ¥74412166000 | +56.8% |
| Operating income | ¥4065284000 | ¥8815405000 | +116.8% |
| Operating margin | 8.6% | 11.8% | +3.3 pp |
| Employees | 108 people | 147 people | +36.1% |
| Cash and equivalents | ¥14430576000 | ¥26201366000 | +81.6% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| Life Platform事業 → Life Platform事業 | 99.6% |
| Finance Consulting事業 → Finance Consulting事業 | 0.3% |
| Finance Consulting事業 → 事業再編・廃止 | 0.2% |
| 新設・再編 → Life Platform事業 | 0.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 74,412 | 100.0% | S100XBKO |
| Cost of revenue | 59,620 | 80.1% | S100XBKO |
| Gross profit | 14,792 | 19.9% | S100XBKO |
| SG&A | 5,977 | 8.0% | S100XBKO |
| Operating income | 8,815 | 11.8% | S100XBKO |
| Ordinary income | 7,809 | 10.5% | S100XBKO |
| Pretax income | 7,817 | 10.5% | S100XBKO |
| Income tax | 2,432 | 3.3% | S100XBKO |
| Net income | 5,386 | 7.2% | S100XBKO |
| Net income attributable to owners | 4,934 | 6.6% | S100XBKO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 8 |
| Operating income | 12 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 19.9% → Operating margin 11.8% → Net margin 6.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +56.8%; Core profit growth: +116.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.06×
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 | 47,455 | 74,412 | 26,957 | +56.8% |
| Gross profit | 7,973 | 14,792 | 6,820 | +85.5% |
| Operating income | 4,065 | 8,815 | 4,750 | +116.8% |
| Net income attributable to owners | 2,217 | 4,934 | 2,717 | +122.5% |
| Operating cash flow | -1,348 | -5,771 | -4,422 | — |
| Free cash flow | -1,360 | -7,252 | -5,892 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2024 | 47,455 | 4,065 | 8.6% | 2,217 | -1,348 | -1,360 | S100XBKO |
| FY ending Sep 2025 | 74,412 | 8,815 | 11.8% | 4,934 | -5,771 | -7,252 | S100XBKO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥506.2M |
| Operating income per employee (consolidated) | ¥60M |
| Net income per employee (consolidated) | ¥33.6M |

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

| History | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: |
| Employees (consolidated) | 108 | 147 |
| Average salary (parent company) | ¥7M | ¥7M |
| Average age (parent company) | 39.4 years | 39.3 years |
| Average tenure (parent company) | 4.7 years | 3.8 years |

Year over year: Employees (consolidated) +36.1% · Revenue (consolidated) +56.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Life Platform segment | 74,212 | 99.7% | 8,668 | 11.7% |
| Finance Consulting segment | 194 | 0.3% | 109 | 56.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Life Platform segment | 99.7% | 98.8% | -1.0 | 11.7% |
| Finance Consulting segment | 0.3% | 1.2% | 1.0 | 56.1% |

Segment → industry: Life Platform segment → Real Estate Development & Leasing

## 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 | -5,771 | -7.8% | S100XBKO |
| Capital expenditure | 1,481 | 2.0% | S100XBKO |
| Free cash flow | -7,252 | -9.7% | 算出 |
| Investing cash flow | -1,719 | -2.3% | S100XBKO |
| Financing cash flow | 19,260 | 25.9% | S100XBKO |
| Dividends paid | 823 | 1.1% | S100XBKO |
| Share buyback | 2 | 0.0% | S100XBKO |
| Change in cash | 11,771 | 15.8% | S100XBKO |
| Cash and equivalents | 26,201 | 35.2% | S100XBKO |

## 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 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 14,431 | 26,201 | S100XBKO |
| Total assets | 59,416 | 83,249 | S100XBKO |
| Net assets | 21,929 | 33,006 | S100XBKO |
| Share capital | 3,025 | 6,242 | S100XBKO |
| Property, plant and equipment | 1,546 | 2,897 | S100XBKO |
| Intangible assets excluding goodwill | 3,353 | 3,076 | S100XBKO |
| Goodwill | 3,332 | 2,982 | S100XBKO |
| Investment securities | 845 | 1,138 | S100XBKO |
| Current assets | 53,172 | 75,577 | S100XBKO |
| Current liabilities | 16,140 | 19,745 | S100XBKO |
| Short-term borrowings | 5,802 | 10,477 | S100XBKO |
| Long-term borrowings | 20,883 | 30,058 | S100XBKO |
| Bonds | 149 | 55 | S100XBKO |
| Interest-bearing debt | 26,833 | 40,590 | 算出 |
| Total liabilities | 37,486 | 50,243 | S100XBKO |
| Non-controlling interests | 628 | 1,080 | S100XBKO |
| Equity attributable to owners of parent | 21,307 | 31,849 | S100XBKO |
| Retained earnings | 4,375 | 8,485 | S100XBKO |
| Treasury stock | -7 | -9 | S100XBKO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100XBKO |
| Property, plant and equipment | 4% | S100XBKO |
| Intangibles and goodwill | 7% | S100XBKO |
| Investment securities | 1% | S100XBKO |
| Other assets | 56% | S100XBKO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 49% | 算出 |
| Other liabilities | 11% | S100XBKO |
| Equity | 40% | S100XBKO |

### Balance sheet history

| Metric | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: |
| Total assets | 59,416 | 83,249 |
| Equity | 21,929 | 33,006 |
| Interest-bearing debt | 26,833 | 40,590 |
| Cash | 14,431 | 26,201 |

## 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) | 3.9% | S100XBKO |
| Fixed assets ÷ total assets | 3.5% | S100XBKO |
| Goodwill ÷ parent equity | 9.4% | S100XBKO |

### 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) | 31.5% |
| Cash ÷ revenue | 35.2% |
| Net cash (cash − interest-bearing debt) | -¥14.4B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -65.5% |
| Cash vs. profit gap | -10,705 JPY mn (of net income -217.0%) |
| Shareholder returns / net income | 16.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| 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 | 4.7% | 0.80× | 3.7% | 2.79× | 10.4% | S100XBKO |
| 2025 | 6.6% | 1.04× | 6.9% | 2.68× | 18.6% | S100XBKO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 村上 三郎 | Major shareholder | 16.2% | 2025-09-30 |
| 株式会社東京ウエルズ | Major shareholder | 5.2% | 2025-09-30 |
| 株式会社ユニテックス | Major shareholder | 2.1% | 2025-09-30 |
| 株式会社ジェイ・エス・ビー | Major shareholder | 1.7% | 2025-09-30 |
| 京東株式会社 | Major shareholder | 1.5% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.2% | 2025-09-30 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN（CASHPB） (常任代理人 野村證券株式会社) | Major shareholder | 0.9% | 2025-09-30 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.9% | 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 | 0.9% | 2025-09-30 |
| 株式会社SBI証券 | Major shareholder | 0.8% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第2期(2024/10/01－2025/09/30) | S100XBKO | 2025-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBKO,, |
| 有価証券報告書－第1期(2024/04/01－2024/09/30) | S100UZMX | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZMX,, |

## 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).