# TDSE Inc.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第13期(2025/04/01－2026/03/31) (S100YJTH)
> Page: https://vizora.meequs.com/en/company/tdse
> Retrieved: 2026-09-30T19:42:03.909Z

## Company

Tdse, founded in 2013, is a company in Consulting listed on TSE Growth. It has 170 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TDSE Inc. |
| Ticker | 7046 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7046.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区西新宿三丁目20番2号 |
| Representative (per filing) | 代表取締役社長 東垣 直樹 |
| Founded | Oct 2013 |
| Share capital | ¥833.2M |
| Employees (consolidated) | 170 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.tdse.jp (https://www.tdse.jp/) |
| Corporate number | 2011001097163 |
| EDINET | E34487 |
| Industries (Vizora) | Consulting |

> Profile source: annual securities report (S100YJTH, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Consulting (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 66.1 | 31 |
| Profitability | 28.4 | 44 |
| Cash conversion | 58 | 44 |
| Efficiency | 33 | 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)

- Tdse brought in ¥3.01B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +11.4% from the prior year, operating profit +7.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3005502000 → ¥174566000
- Net income → operating cash flow: ¥174566000 → ¥193532000（difference ¥18966000）
- Main uses of operating cash flow: CapEx ¥230000 / dividends ¥20906000 / buybacks ¥27000
- Change in cash: ¥188412000
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 | ¥3.01B |  |
| Operating income | ¥214.3M | Margin 7.1% |
| Net income | ¥174.6M | Margin 5.8% |
| Free cash flow | ¥193.3M |  |
| Employees (consolidated) | 170 |  |
| EPS | ¥83.49 |  |
| Book value per share | ¥1134.83 |  |
| Equity ratio | 79.7% |  |
| Shares outstanding | 2,200,000 |  |
| Treasury shares | 106,800 |  |
| Shareholders | 1,592 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 72.0% | Cash ÷ revenue 71.3% |
| Vs. industry median margin | -2.4 pp | Consulting |
| ROE | 7.6% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 72% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1323880000 | ¥3005502000 | +127.0% |
| Operating income | ¥50643000 | ¥214286000 | +323.1% |
| Operating margin | 3.8% | 7.1% | +3.3 pp |
| Employees | 111 people | 170 people | +53.2% |
| Cash and equivalents | ¥1443262000 | ¥2143904000 | +48.5% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,006 | 100.0% | S100YJTH |
| Cost of revenue | 1,901 | 63.3% | S100YJTH |
| Gross profit | 1,104 | 36.7% | S100YJTH |
| SG&A | 890 | 29.6% | S100YJTH |
| Operating income | 214 | 7.1% | S100YJTH |
| Ordinary income | 232 | 7.7% | S100YJTH |
| Pretax income | 233 | 7.8% | S100YJTH |
| Income tax | 59 | 2.0% | S100YJTH |
| Net income | 175 | 5.8% | S100YJTH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 30 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 36.7% → Operating margin 7.1% → Net margin 5.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.4%; Core profit growth: +7.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.69×
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 | 2,699 | 3,006 | 306 | +11.4% |
| Gross profit | 925 | 1,104 | 179 | +19.4% |
| Operating income | 199 | 214 | 16 | +7.8% |
| Operating cash flow | 197 | 194 | -4 | -1.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,377 | 126 | 9.2% | 90 | 75 | — | S100LSKG |
| FY ending Mar 2021 | 1,324 | 51 | 3.8% | 191 | 47 | — | S100OBQW |
| FY ending Mar 2022 | 1,724 | 218 | 12.6% | 148 | 224 | — | S100R3HS |
| FY ending Mar 2023 | 2,416 | 266 | 11.0% | 169 | 195 | — | S100TUSJ |
| FY ending Mar 2024 | 2,521 | 272 | 10.8% | 200 | 107 | — | S100W5C2 |
| FY ending Mar 2025 | 2,699 | 199 | 7.4% | 137 | 197 | — | S100YJTH |
| FY ending Mar 2026 | 3,006 | 214 | 7.1% | 175 | 194 | 193 | S100YJTH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.7M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥1M |

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) | 114 | 130 | 145 | 159 | 170 |
| Average salary (parent company) | ¥6M | ¥7M | ¥7.2M | ¥6.5M | ¥6.8M |
| Average age (parent company) | 35.4 years | 35.5 years | 35.6 years | 36.1 years | 36.4 years |
| Average tenure (parent company) | 3.8 years | 3.9 years | 4.1 years | 4.2 years | 4.5 years |

Year over year: Employees (consolidated) +6.9% · Revenue (consolidated) +11.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 194 | 6.4% | S100YJTH |
| Capital expenditure | 0 | 0.0% | S100YJTH |
| Free cash flow | 193 | 6.4% | 算出 |
| Investing cash flow | 8 | 0.3% | S100YJTH |
| Financing cash flow | -22 | -0.7% | S100YJTH |
| Dividends paid | 21 | 0.7% | S100YJTH |
| Share buyback | 0 | 0.0% | S100YJTH |
| Change in cash | 188 | 6.3% | S100YJTH |
| Cash and equivalents | 2,144 | 71.3% | S100YJTH |

## 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 | 1,614 | 1,776 | 1,792 | 1,955 | 2,144 | S100TUSJ, S100W5C2, S100YJTH |
| Total assets | 2,052 | 2,340 | 2,440 | 2,732 | 2,979 | S100R3HS, S100TUSJ, S100W5C2, S100YJTH |
| Net assets | 1,708 | 1,869 | 2,075 | 2,209 | 2,375 | S100TUSJ, S100W5C2, S100YJTH |
| Share capital | 833 | 833 | 833 | 833 | 833 | S100R3HS, S100TUSJ, S100W5C2, S100YJTH |
| Property, plant and equipment | 19 | 15 | 9 | 2 | 25 | S100R3HS, S100TUSJ, S100W5C2, S100YJTH |
| Intangible assets excluding goodwill | 17 | 16 | 69 | 53 | 3 | S100R3HS, S100TUSJ, S100W5C2, S100YJTH |
| Current assets | 1,892 | 2,151 | 2,195 | 2,466 | 2,729 | S100R3HS, S100TUSJ, S100W5C2, S100YJTH |
| Current liabilities | 323 | 450 | 345 | 503 | 559 | S100R3HS, S100TUSJ, S100W5C2, S100YJTH |
| Total liabilities | 343 | 470 | 365 | 523 | 604 | S100R3HS, S100TUSJ, S100W5C2, S100YJTH |
| Equity attributable to owners of parent | 1,708 | 1,869 | 2,074 | 2,208 | 2,375 | S100R3HS, S100TUSJ, S100W5C2, S100YJTH |
| Retained earnings | 638 | 786 | 965 | 1,081 | 1,235 | S100R3HS, S100TUSJ, S100W5C2, S100YJTH |
| Treasury stock | -50 | -46 | -43 | -40 | -37 | S100R3HS, S100TUSJ, S100W5C2, S100YJTH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 72% | S100YJTH |
| Property, plant and equipment | 1% | S100YJTH |
| Intangibles and goodwill | 0% | S100YJTH |
| Other assets | 27% | S100YJTH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 20% | S100YJTH |
| Equity | 80% | S100YJTH |

### 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 | 2,052 | 2,340 | 2,440 | 2,732 | 2,979 |
| Equity | 1,708 | 1,869 | 2,075 | 2,209 | 2,375 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,614 | 1,776 | 1,792 | 1,955 | 2,144 |

## 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) | 0.8% | S100YJTH |
| Fixed assets ÷ total assets | 0.8% | S100YJTH |
| Goodwill ÷ parent equity | — | —, S100YJTH |

### 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) | 72.0% |
| Cash ÷ revenue | 71.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 90.3% |
| Cash vs. profit gap | 19 JPY mn (of net income 10.9%) |
| Shareholder returns / net income | 12.0% |
| Shareholder returns / FCF | 10.8% |
| Shareholder payments — dividends / net income | 12.0% |
| Shareholder payments — dividends / FCF | 10.8% |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 3.9% |

## 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 | 8.6% | 0.84× | 7.2% | 1.20× | 8.7% | S100R3HS |
| 2023 | 7.0% | 1.10× | 7.7% | 1.23× | 9.4% | S100TUSJ |
| 2024 | 7.9% | 1.05× | 8.4% | 1.21× | 10.2% | S100W5C2 |
| 2025 | 5.1% | 1.04× | 5.3% | 1.21× | 6.4% | S100YJTH |
| 2026 | 5.8% | 1.05× | 6.1% | 1.25× | 7.6% | S100YJTH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社テクノスジャパン | Major shareholder | 18.1% | 2026-03-31 |
| 城谷 直彦 | Major shareholder | 7.9% | 2026-03-31 |
| 株式会社NTTデータ | Major shareholder | 7.6% | 2026-03-31 |
| あいおいニッセイ同和損害保険株式会社 | Major shareholder | 7.6% | 2026-03-31 |
| 城谷 紀子 | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 2.8% | 2026-03-31 |
| 楽天証券㈱共有口 | Major shareholder | 1.7% | 2026-03-31 |
| 東垣 直樹 | Major shareholder | 1.6% | 2026-03-31 |
| TDSE従業員持株会 | Major shareholder | 1.3% | 2026-03-31 |
| 上嶋 秀治 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2025/04/01－2026/03/31) | S100YJTH | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJTH,, |
| 有価証券報告書－第12期(2024/04/01－2025/03/31) | S100W5C2 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5C2,, |
| 有価証券報告書－第11期(2023/04/01－2024/03/31) | S100TUSJ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUSJ,, |
| 有価証券報告書－第10期(2022/04/01－2023/03/31) | S100R3HS | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3HS,, |
| 有価証券報告書－第9期(令和3年4月1日－令和4年3月31日) | S100OBQW | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBQW,, |
| 有価証券報告書－第8期(令和2年4月1日－令和3年3月31日) | S100LSKG | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSKG,, |

## 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).