# TAY TWO 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36期(2025/03/01－2026/02/28) (S100Y7L3)
> Page: https://vizora.meequs.com/en/company/tay-two
> Retrieved: 2026-09-30T21:31:15.087Z

## Company

TAY TWO, founded in 1990, is a company in Secondhand Retail listed on TSE Standard. It has 443 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAY TWO CO.,LTD. |
| Ticker | 7610 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7610.T) |
| Listing | TSE Standard |
| Head office | 岡山県岡山市南区豊浜町2番2号 |
| Representative (per filing) | 代表取締役社長CEO 藤原 克治 |
| Founded | Apr 1990 |
| Share capital | ¥100M |
| Employees (consolidated) | 443 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | February |
| Website | www.tay2.co.jp (https://www.tay2.co.jp/) |
| Corporate number | 7260001004488 |
| EDINET | E03319 |
| Industries (Vizora) | Secondhand Retail |

> Profile source: annual securities report (S100Y7L3, filed 2026-05-29). As of filing

## Five-axis industry profile

Primary industry: Secondhand Retail (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 44.1 | 17 |
| Profitability | 47.5 | 20 |
| Cash conversion | 96.7 | 15 |
| Efficiency | 92.5 | 20 |

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)

- TAY TWO brought in ¥42.2B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +15.8% from the prior year, operating profit +51.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥42233216000 → ¥867822000
- Net income → operating cash flow: ¥867822000 → ¥1936639000（difference ¥1068817000）
- Main uses of operating cash flow: CapEx ¥851139000 / dividends ¥254409000 / buybacks —
- Change in cash: ¥168544000
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 | ¥42.2B |  |
| Operating income | ¥1.38B | Margin 3.3% |
| Net income | ¥867.8M | Margin 2.1% |
| Free cash flow | ¥1.09B |  |
| Employees (consolidated) | 443 |  |
| EPS | ¥8.49 |  |
| Book value per share | ¥83.56 |  |
| Equity ratio | 48.8% |  |
| Shares outstanding | 68,664,338 |  |
| Treasury shares | 4,492,800 |  |
| Shareholders | 14,192 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 20.9% | Cash ÷ revenue 7.1% |
| Vs. industry median margin | -0.1 pp | Secondhand Retail |
| ROE | 13.4% | Derived from disclosed figures |
| ROA | 6.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥24953844000 | ¥42233216000 | +69.2% |
| Operating income | ¥929898000 | ¥1377796000 | +48.2% |
| Operating margin | 3.7% | 3.3% | -0.5 pp |
| Employees | 311 people | 443 people | +42.4% |
| Cash and equivalents | ¥1960123000 | ¥2983952000 | +52.2% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 42,233 | 100.0% | S100Y7L3 |
| Cost of revenue | 28,226 | 66.8% | S100Y7L3 |
| Gross profit | 14,007 | 33.2% | S100Y7L3 |
| SG&A | 12,630 | 29.9% | S100Y7L3 |
| Operating income | 1,378 | 3.3% | S100Y7L3 |
| Ordinary income | 1,355 | 3.2% | S100Y7L3 |
| Pretax income | 1,377 | 3.3% | S100Y7L3 |
| Income tax | 509 | 1.2% | S100Y7L3 |
| Net income | 868 | 2.1% | S100Y7L3 |
| Net income attributable to owners | 868 | 2.1% | S100Y7L3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 30 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 33.2% → Operating margin 3.3% → Net margin 2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.8%; Core profit growth: +51.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.24×
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 | 36,478 | 42,233 | 5,756 | +15.8% |
| Gross profit | 12,312 | 14,007 | 1,695 | +13.8% |
| Operating income | 912 | 1,378 | 466 | +51.1% |
| Net income attributable to owners | 502 | 868 | 366 | +73.0% |
| Operating cash flow | 1,463 | 1,937 | 474 | +32.4% |
| Free cash flow | 421 | 1,086 | 664 | +157.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2021 | 24,954 | 930 | 3.7% | 704 | 1,218 | 1,002 | S100O4U2 |
| FY ending Feb 2022 | 26,848 | 1,304 | 4.9% | 1,499 | 538 | -46 | S100QTF3 |
| FY ending Feb 2023 | 31,255 | 1,557 | 5.0% | 1,002 | 1,176 | 645 | S100UCJY |
| FY ending Feb 2024 | 35,198 | 1,334 | 3.8% | 568 | 211 | -344 | S100WEQ6 |
| FY ending Feb 2025 | 36,478 | 912 | 2.5% | 502 | 1,463 | 421 | S100Y7L3 |
| FY ending Feb 2026 | 42,233 | 1,378 | 3.3% | 868 | 1,937 | 1,086 | S100Y7L3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥95.3M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥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) | 349 | 366 | 391 | 411 | 443 |
| Average salary (parent company) | ¥4.5M | ¥4.5M | ¥4.7M | ¥4.8M | ¥4.8M |
| Average age (parent company) | 37.7 years | 37.7 years | 37.8 years | 38.0 years | 38.3 years |
| Average tenure (parent company) | 11.2 years | 11.3 years | 11.4 years | 11.5 years | 11.5 years |

Year over year: Employees (consolidated) +7.8% · Revenue (consolidated) +15.8%

## 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 | 1,937 | 4.6% | S100Y7L3 |
| Capital expenditure | 851 | 2.0% | S100Y7L3 |
| Free cash flow | 1,086 | 2.6% | 算出 |
| Investing cash flow | -693 | -1.6% | S100Y7L3 |
| Financing cash flow | -1,075 | -2.5% | S100Y7L3 |
| Dividends paid | 254 | 0.6% | S100Y7L3 |
| Change in cash | 169 | 0.4% | S100Y7L3 |
| Cash and equivalents | 2,984 | 7.1% | S100Y7L3 |

## 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 | 1,655 | 2,380 | 2,773 | 2,815 | 2,984 | S100UCJY, S100WEQ6, S100Y7L3 |
| Total assets | 9,366 | 10,941 | 12,409 | 13,381 | 14,307 | S100QTF3, S100UCJY, S100WEQ6, S100Y7L3 |
| Net assets | 4,891 | 5,601 | 5,808 | 6,147 | 6,976 | S100UCJY, S100WEQ6, S100Y7L3 |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100QTF3, S100UCJY, S100WEQ6, S100Y7L3 |
| Trade receivables | 581 | — | — | — | — | S100QTF3 |
| Property, plant and equipment | 706 | 866 | 1,045 | 1,771 | 2,263 | S100QTF3, S100UCJY, S100WEQ6, S100Y7L3 |
| Intangible assets excluding goodwill | 530 | 624 | 328 | 234 | 200 | S100QTF3, S100UCJY, S100WEQ6, S100Y7L3 |
| Goodwill | 142 | 101 | 61 | 20 | — | S100QTF3, S100UCJY, S100WEQ6, S100Y7L3 |
| Investment securities | 236 | 266 | 343 | 661 | 642 | S100QTF3, S100UCJY, S100WEQ6, S100Y7L3 |
| Current assets | 6,050 | 7,676 | 9,274 | 9,292 | 9,693 | S100QTF3, S100UCJY, S100WEQ6, S100Y7L3 |
| Current liabilities | 2,707 | 3,345 | 4,344 | 4,732 | 5,686 | S100QTF3, S100UCJY, S100WEQ6, S100Y7L3 |
| Short-term borrowings | — | 900 | 1,300 | 2,000 | 1,500 | S100UCJY, S100WEQ6, S100Y7L3 |
| Long-term borrowings | 829 | 1,039 | 1,071 | 1,186 | 414 | S100QTF3, S100UCJY, S100WEQ6, S100Y7L3 |
| Bonds | — | — | 200 | 200 | — | S100WEQ6, S100Y7L3 |
| Interest-bearing debt | — | — | 2,571 | 3,386 | — | 算出 |
| Total liabilities | 4,475 | 5,340 | 6,602 | 7,234 | 7,331 | S100QTF3, S100UCJY, S100WEQ6, S100Y7L3 |
| Equity attributable to owners of parent | 4,863 | 5,574 | 5,778 | 6,089 | 6,855 | S100QTF3, S100UCJY, S100WEQ6, S100Y7L3 |
| Retained earnings | 2,280 | 3,214 | 3,584 | 3,829 | 4,541 | S100QTF3, S100UCJY, S100WEQ6, S100Y7L3 |
| Treasury stock | -208 | -361 | -583 | -537 | -501 | S100QTF3, S100UCJY, S100WEQ6, S100Y7L3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100Y7L3 |
| Property, plant and equipment | 16% | S100Y7L3 |
| Intangibles and goodwill | 1% | S100Y7L3 |
| Investment securities | 5% | S100Y7L3 |
| Other assets | 57% | S100Y7L3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 51% | S100Y7L3 |
| Equity | 49% | S100Y7L3 |
| Other liabilities | 0% | S100Y7L3 |

### 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 | 9,366 | 10,941 | 12,409 | 13,381 | 14,307 |
| Equity | 4,891 | 5,601 | 5,808 | 6,147 | 6,976 |
| Interest-bearing debt | — | — | 2,571 | 3,386 | — |
| Cash | 1,655 | 2,380 | 2,773 | 2,815 | 2,984 |

## 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) | 5.4% | S100Y7L3 |
| Fixed assets ÷ total assets | 15.8% | S100Y7L3 |
| Goodwill ÷ parent equity | — | —, S100Y7L3 |

### 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) | 20.9% |
| Cash ÷ revenue | 7.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 140.6% |
| Cash vs. profit gap | 1,069 JPY mn (of net income 123.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.3% |
| Shareholder payments — dividends / FCF | 23.4% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 35.8% |

## 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 | 5.6% | 2.87× | 16.0% | 1.93× | 30.8% | S100QTF3 |
| 2023 | 3.2% | 3.08× | 9.9% | 1.95× | 19.2% | S100UCJY |
| 2024 | 1.6% | 3.01× | 4.9% | 2.06× | 10.0% | S100WEQ6 |
| 2025 | 1.4% | 2.83× | 3.9% | 2.17× | 8.5% | S100Y7L3 |
| 2026 | 2.1% | 3.05× | 6.3% | 2.14× | 13.4% | S100Y7L3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱ワイ・エイ・ケイ・コーポレーション | Major shareholder | 10.6% | 2026-02-28 |
| 新沼 吾史 | Major shareholder | 7.8% | 2026-02-28 |
| テイツー従業員持株会 | Major shareholder | 3.4% | 2026-02-28 |
| ㈱山陰合同銀行(常任代理人 ㈱日本カストディ銀行) | Major shareholder | 3.3% | 2026-02-28 |
| ㈱駿河屋 | Major shareholder | 2.9% | 2026-02-28 |
| 加藤 誠悟 | Major shareholder | 2.6% | 2026-02-28 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ） (常任代理人 ㈱三菱ＵＦＪ銀行) | Major shareholder | 2.5% | 2026-02-28 |
| ㈱商工組合中央金庫 | Major shareholder | 2.2% | 2026-02-28 |
| ＪＰモルガン証券㈱ | Major shareholder | 1.5% | 2026-02-28 |
| 藤原 克治 | Major shareholder | 1.4% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2025/03/01－2026/02/28) | S100Y7L3 | 2026-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y7L3,, |
| 訂正有価証券報告書－第35期(2024/03/01－2025/02/28) | S100WEQ6 | 2025-07-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WEQ6,, |
| 訂正有価証券報告書－第34期(2023/03/01－2024/02/29) | S100UCJY | 2024-09-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UCJY,, |
| 有価証券報告書－第33期(2022/03/01－2023/02/28) | S100QTF3 | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTF3,, |
| 有価証券報告書－第32期(令和3年3月1日－令和4年2月28日) | S100O4U2 | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4U2,, |
| 訂正有価証券報告書－第31期(令和2年3月1日－令和3年2月28日) | S100LYCE | 2021-07-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LYCE,, |

## 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).