# TB GROUP INC.: 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92期(2025/04/01－2026/03/31) (S100YK9X)
> Page: https://vizora.meequs.com/en/company/tb-group
> Retrieved: 2026-09-30T17:58:17.877Z

## Company

TB Group, founded in 1946, is a company in PCs & Peripherals listed on TSE Standard. It has 118 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TB GROUP INC. |
| Ticker | 6775 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6775.T) |
| Listing | TSE Standard |
| Head office | 東京都文京区本郷三丁目26番6号 |
| Representative (per filing) | 代表取締役会長兼社長 村田 三郎 |
| Founded | Nov 1946 |
| Share capital | ¥1.06B |
| Employees (consolidated) | 118 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | March |
| Website | www.tb-group.co.jp (https://www.tb-group.co.jp/) |
| Corporate number | 7010001005536 |
| EDINET | E01795 |
| Industries (Vizora) | PCs & Peripherals, TVs, Audio & Musical Instruments, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YK9X, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: TVs, Audio & Musical Instruments (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22.7 | 11 |
| Profitability | 12.5 | 12 |
| Efficiency | 95.8 | 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 63% of TB Group's sales come from LED Display Products and Digital Signage, with Store Automation and Other making up much of the rest.
- It lost about ¥4 for every ¥100 of sales at the operating level.
- Revenue changed +5.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.46B |  |
| Operating income | -¥83M | Margin -3.4% |
| Net income | -¥195.1M | Margin -7.9% |
| Free cash flow | -¥12.4M |  |
| Largest business | LED Display Products and Digital Signage | of segment revenue 63.2% |
| Employees (consolidated) | 118 |  |
| EPS | ¥-19.16 |  |
| Book value per share | ¥37.12 |  |
| Equity ratio | 34.8% |  |
| Shares outstanding | 13,996,000 |  |
| Treasury shares | 17,800 |  |
| Shareholders | 6,270 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 19.0% | Cash ÷ revenue 10.7% |
| Vs. industry median margin | -8.3 pp | TVs, Audio & Musical Instruments |
| ROA | -13.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 37 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2456533000 | ¥2460693000 | +0.2% |
| Operating income | ¥-461828000 | ¥-83000000 | — |
| Operating margin | -18.8% | -3.4% | +15.4 pp |
| Employees | 150 people | 118 people | -21.3% |
| Cash and equivalents | ¥391780000 | ¥262725000 | -32.9% |

### 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 |
| --- | ---: |
| ＬＥＤ＆ＥＣＯ事業 → ＬＥＤ＆ＥＣＯ事業 | 56.8% |
| ＳＡ機器事業 → ＳＡ機器事業 | 36.5% |
| ＳＡ機器事業 → 事業再編・廃止 | 6.3% |
| その他 → その他 | 0.4% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → ＬＥＤ＆ＥＣＯ事業 | 6.3% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| LED Display Products and Digital Signage | 5 years | +2.2% | ¥1554677000 | 4.1% | 2 |
| Store Automation | 5 years | -3.1% | ¥896963000 | -16.2% | 2 |
| Other | 5 years | -2.2% | ¥9052000 | -8.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,461 | 100.0% | S100YK9X |
| Cost of revenue | 1,076 | 43.7% | S100YK9X |
| Gross profit | 1,385 | 56.3% | S100YK9X |
| SG&A | 1,468 | 59.7% | S100YK9X |
| Operating income | -83 | -3.4% | S100YK9X |
| Ordinary income | -82 | -3.3% | S100YK9X |
| Pretax income | -185 | -7.5% | S100YK9X |
| Income tax | 10 | 0.4% | S100YK9X |
| Net income | -195 | -7.9% | S100YK9X |
| Net income attributable to owners | -195 | -7.9% | S100YK9X |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 44 |
| SG&A | 60 |
| Operating income | -4 |
| (Ref.) Net income | -8 |

### Margin funnel

Gross margin 56.3% → Operating margin -3.4% → Net margin -7.9%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,330 | 2,461 | 131 | +5.6% |
| Gross profit | 1,337 | 1,385 | 48 | +3.6% |
| Operating income | -196 | -83 | 113 | — |
| Net income attributable to owners | -193 | -195 | -2 | — |
| Operating cash flow | -240 | 8 | 248 | — |
| Free cash flow | -257 | -12 | 244 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,071 | -158 | -5.2% | -273 | -84 | -101 | S100LXWT |
| FY ending Mar 2021 | 2,457 | -462 | -18.8% | -438 | -205 | -258 | S100OMM5 |
| FY ending Mar 2022 | 2,422 | -280 | -11.6% | -217 | -291 | -308 | S100RAM8 |
| FY ending Mar 2023 | 2,347 | -262 | -11.2% | -245 | -299 | -329 | S100TXAZ |
| FY ending Mar 2024 | 2,305 | -223 | -9.7% | -244 | -271 | -303 | S100W94H |
| FY ending Mar 2025 | 2,330 | -196 | -8.4% | -193 | -240 | -257 | S100YK9X |
| FY ending Mar 2026 | 2,461 | -83 | -3.4% | -195 | 8 | -12 | S100YK9X |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.9M |
| Operating income per employee (consolidated) | -¥703.4K |
| Net income per employee (consolidated) | -¥1.7M |

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) | 138 | 134 | 130 | 125 | 118 |
| Average salary (parent company) | ¥4.4M | ¥4.6M | ¥4.7M | ¥4.8M | ¥4.9M |
| Average age (parent company) | 43.3 years | 49.1 years | 46.6 years | 47.9 years | 47.6 years |
| Average tenure (parent company) | 17.0 years | 20.7 years | 16.2 years | 16.6 years | 15.8 years |

Year over year: Employees (consolidated) -5.6% · Revenue (consolidated) +5.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| LED Display Products and Digital Signage | 1,555 | 63.2% | 63 | 4.1% |
| Store Automation | 897 | 36.5% | -145 | -16.2% |
| Other | 9 | 0.4% | -1 | -8.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| LED Display Products and Digital Signage | 63.2% | 100.0% | 36.8 | 4.1% |
| Store Automation | 36.5% | — | — | -16.2% |
| Other | 0.4% | — | — | -8.8% |

Loss-making segment (excluded from profit shares): Store Automation -145 JPY mn

Loss-making segment (excluded from profit shares): Other -1 JPY mn

Segment → industry: Store Automation → PCs & Peripherals / LED Display Products and Digital Signage → TVs, Audio & Musical Instruments / Other → Real Estate Development & Leasing

## 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 | 8 | 0.3% | S100YK9X |
| Capital expenditure | 20 | 0.8% | S100YK9X |
| Free cash flow | -12 | -0.5% | 算出 |
| Investing cash flow | 115 | 4.7% | S100YK9X |
| Financing cash flow | -115 | -4.7% | S100YK9X |
| Share buyback | 0 | 0.0% | S100YK9X |
| Change in cash | 8 | 0.3% | S100YK9X |
| Cash and equivalents | 263 | 10.7% | S100YK9X |

## 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 | 436 | 484 | 324 | 255 | 263 | S100TXAZ, S100W94H, S100YK9X |
| Total assets | 1,560 | 1,677 | 1,570 | 1,562 | 1,380 | S100RAM8, S100TXAZ, S100W94H, S100YK9X |
| Net assets | 807 | 906 | 799 | 605 | 480 | S100TXAZ, S100W94H, S100YK9X |
| Share capital | 807 | 988 | 1,058 | 1,058 | 1,058 | S100RAM8, S100TXAZ, S100W94H, S100YK9X |
| Property, plant and equipment | 131 | 114 | 98 | 93 | 65 | S100RAM8, S100TXAZ, S100W94H, S100YK9X |
| Intangible assets excluding goodwill | 14 | 20 | 24 | 22 | 22 | S100RAM8, S100TXAZ, S100W94H, S100YK9X |
| Investment securities | 223 | 212 | 219 | 232 | 91 | S100RAM8, S100TXAZ, S100W94H, S100YK9X |
| Current assets | 1,119 | 1,254 | 1,164 | 1,146 | 1,130 | S100RAM8, S100TXAZ, S100W94H, S100YK9X |
| Current liabilities | 394 | 402 | 440 | 635 | 619 | S100RAM8, S100TXAZ, S100W94H, S100YK9X |
| Trade payables | 123 | 110 | 125 | 85 | 152 | S100RAM8, S100TXAZ, S100W94H, S100YK9X |
| Short-term borrowings | 100 | 100 | 100 | 303 | 219 | S100RAM8, S100TXAZ, S100W94H, S100YK9X |
| Long-term borrowings | 232 | 249 | 223 | 214 | 171 | S100RAM8, S100TXAZ, S100W94H, S100YK9X |
| Total liabilities | 753 | 770 | 772 | 958 | 900 | S100RAM8, S100TXAZ, S100W94H, S100YK9X |
| Non-controlling interests | 2 | 2 | 1 | — | — | S100RAM8, S100TXAZ, S100W94H |
| Equity attributable to owners of parent | 801 | 904 | 799 | 606 | 477 | S100RAM8, S100TXAZ, S100W94H, S100YK9X |
| Retained earnings | -335 | -580 | -825 | -1,018 | -1,197 | S100RAM8, S100TXAZ, S100W94H, S100YK9X |
| Treasury stock | -44 | -59 | -59 | -59 | -9 | S100RAM8, S100TXAZ, S100W94H, S100YK9X |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YK9X |
| Property, plant and equipment | 5% | S100YK9X |
| Intangibles and goodwill | 2% | S100YK9X |
| Investment securities | 6% | S100YK9X |
| Other assets | 68% | S100YK9X |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YK9X |
| Other liabilities | 54% | S100YK9X |
| Equity | 35% | S100YK9X |
| Other liabilities | 0% | S100YK9X |

### 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 | 1,560 | 1,677 | 1,570 | 1,562 | 1,380 |
| Equity | 807 | 906 | 799 | 605 | 480 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 436 | 484 | 324 | 255 | 263 |

## 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) | 2.7% | S100YK9X |
| Fixed assets ÷ total assets | 4.7% | S100YK9X |
| Goodwill ÷ parent equity | — | —, S100YK9X |

### 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) | 19.0% |
| Cash ÷ revenue | 10.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 203 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 1451.8% |

## 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 | — | —× | -13.9% | —× | — | S100RAM8 |
| 2023 | — | —× | -15.2% | —× | — | S100TXAZ |
| 2024 | — | —× | -15.0% | —× | — | S100W94H |
| 2025 | — | —× | -12.4% | —× | — | S100YK9X |
| 2026 | — | —× | -13.3% | —× | — | S100YK9X |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 村田 三郎 | Major shareholder | 10.7% | 2026-03-31 |
| 株式会社ホスピタルネット | Major shareholder | 5.9% | 2026-03-31 |
| 株式会社ビッグサンズ | Major shareholder | 5.1% | 2026-03-31 |
| 原 信夫 | Major shareholder | 3.8% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 1.9% | 2026-03-31 |
| 久原 須美代 | Major shareholder | 1.6% | 2026-03-31 |
| 北浜IRファンド第３号投資事業 有限責任組合 | Major shareholder | 1.4% | 2026-03-31 |
| 木村 敏数 | Major shareholder | 1.4% | 2026-03-31 |
| Ｊ．Ｐ．ＭＯＲＧＡＮ ＳＥＣＵＲＩＴＩＥＳ ＰＬＣ （常任代理人ＪＰモルガン証券株式会社） | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第92期(2025/04/01－2026/03/31) | S100YK9X | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK9X,, |
| 有価証券報告書－第91期(2024/04/01－2025/03/31) | S100W94H | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W94H,, |
| 有価証券報告書－第90期(2023/04/01－2024/03/31) | S100TXAZ | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXAZ,, |
| 有価証券報告書－第89期(2022/04/01－2023/03/31) | S100RAM8 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAM8,, |
| 有価証券報告書－第88期(令和3年4月1日－令和4年3月31日) | S100OMM5 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMM5,, |
| 訂正有価証券報告書－第87期(令和2年4月1日－令和3年3月31日) | S100LXWT | 2021-07-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LXWT,, |

## 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).