# Tea Life Co.,Ltd: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第42期(2024/08/01－2025/07/31) (S100WWIC)
> Page: https://vizora.meequs.com/en/company/tea-life
> Retrieved: 2026-09-30T20:25:23.006Z

## Company

Tea Life, founded in 1983, is a company in Catalog & TV Shopping listed on TSE Standard. It has 144 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tea Life Co.,Ltd. |
| Ticker | 3172 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3172.T) |
| Listing | TSE Standard |
| Head office | 静岡県島田市牛尾118番地 |
| Representative (per filing) | 代表取締役社長 西上 節也 |
| Founded | Aug 1983 |
| Share capital | ¥368M |
| Employees (consolidated) | 144 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | July |
| Website | www.tealifeir.com (https://www.tealifeir.com/) |
| Corporate number | 3080001013429 |
| EDINET | E26322 |
| Industries (Vizora) | Catalog & TV Shopping, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100WWIC, filed 2025-10-23). As of filing

## Five-axis industry profile

Primary industry: Catalog & TV Shopping (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 61.1 | 9 |
| Profitability | 45 | 10 |
| Cash conversion | 83.3 | 9 |
| Efficiency | 25 | 10 |

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 92% of Tea Life's sales come from Wellness, with Logistics making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -11.5% from the prior year, operating profit -17.2%.

## Company structure

- Segment revenue mix: Wellness 91.9%、Logistics 8.1%
- Revenue → net income: ¥11502000000 → ¥358000000
- Net income → operating cash flow: ¥358000000 → ¥526000000（difference ¥168000000）
- Main uses of operating cash flow: CapEx ¥56000000 / dividends ¥170000000 / buybacks —
- Change in cash: ¥-298000000
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 | ¥11.5B |  |
| Operating income | ¥456M | Margin 4.0% |
| Net income | ¥358M | Margin 3.1% |
| Free cash flow | ¥470M |  |
| Largest business | Wellness | of segment revenue 91.9% |
| Employees (consolidated) | 144 |  |
| EPS | ¥106.61 |  |
| Book value per share | ¥1186.52 |  |
| Equity ratio | 73.3% |  |
| Shares outstanding | 4,267,000 |  |
| Treasury shares | 200 |  |
| Shareholders | 10,844 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 30.0% | Cash ÷ revenue 22.9% |
| Vs. industry median margin | -0.6 pp | Catalog & TV Shopping |
| ROE | 5.6% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2025, segment profit share differs by -33 points
- FY2025, cash is 30% of total assets

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10577000000 | ¥11502000000 | +8.7% |
| Operating income | ¥496000000 | ¥456000000 | -8.1% |
| Operating margin | 4.7% | 4.0% | -0.7 pp |
| Employees | 177 people | 144 people | -18.6% |
| Cash and equivalents | ¥1925000000 | ¥2633000000 | +36.8% |

### Change in segment revenue mix

Span: FY ending Jul 2020 → FY ending Jul 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 小売事業 → 事業再編・廃止 | 58.7% |
| 卸売事業 → 事業再編・廃止 | 37.8% |
| プロパティ事業 → 事業再編・廃止 | 3.4% |
| 新設・再編 → ウェルネス事業 | 91.9% |
| 新設・再編 → ロジスティクス事業 | 8.1% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,502 | 100.0% | S100WWIC |
| Cost of revenue | 7,380 | 64.2% | S100WWIC |
| Gross profit | 4,121 | 35.8% | S100WWIC |
| SG&A | 3,665 | 31.9% | S100WWIC |
| Operating income | 456 | 4.0% | S100WWIC |
| Ordinary income | 453 | 3.9% | S100WWIC |
| Pretax income | 496 | 4.3% | S100WWIC |
| Income tax | 137 | 1.2% | S100WWIC |
| Net income | 358 | 3.1% | S100WWIC |
| Net income attributable to owners | 358 | 3.1% | S100WWIC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 32 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 35.8% → Operating margin 4.0% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -11.5%; Core profit growth: -17.2%
Operating leverage (core profit growth ÷ revenue growth): 1.50×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jul 2024 → FY ending Jul 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,001 | 11,502 | -1,499 | -11.5% |
| Gross profit | 4,449 | 4,121 | -328 | -7.4% |
| Operating income | 551 | 456 | -95 | -17.2% |
| Net income attributable to owners | 319 | 358 | 39 | +12.2% |
| Operating cash flow | 329 | 526 | 197 | +59.9% |
| Free cash flow | 242 | 470 | 228 | +94.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 9,286 | 341 | 3.7% | 242 | 342 | 239 | S100JYSH |
| FY ending Jul 2020 | 10,577 | 496 | 4.7% | 420 | 847 | -441 | S100MX12 |
| FY ending Jul 2021 | 11,719 | 901 | 7.7% | 704 | 964 | 905 | S100PEBZ |
| FY ending Jul 2022 | 12,737 | 808 | 6.3% | 566 | 380 | 220 | S100S2U7 |
| FY ending Jul 2023 | 13,457 | 822 | 6.1% | 599 | 704 | 636 | S100UKX0 |
| FY ending Jul 2024 | 13,001 | 551 | 4.2% | 319 | 329 | 242 | S100WWIC |
| FY ending Jul 2025 | 11,502 | 456 | 4.0% | 358 | 526 | 470 | S100WWIC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥79.9M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2.5M |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 165 | 165 | 167 | 161 | 144 |
| Average salary (parent company) | ¥4.7M | ¥4.8M | ¥5M | ¥4.9M | ¥5M |
| Average age (parent company) | 36.2 years | 37.4 years | 39.7 years | 41.3 years | 40.7 years |
| Average tenure (parent company) | 10.1 years | 11.0 years | 11.9 years | 12.6 years | 10.3 years |

Year over year: Employees (consolidated) -10.6% · Revenue (consolidated) -11.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Wellness | 10,574 | 91.9% | 266 | 2.5% |
| Logistics | 927 | 8.1% | 189 | 20.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Wellness | 91.9% | 58.5% | -33.5 | 2.5% |
| Logistics | 8.1% | 41.5% | 33.5 | 20.4% |

Segment → industry: Wellness → Catalog & TV Shopping / Logistics → Warehouses & Logistics Facilities

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jul 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 526 | 4.6% | S100WWIC |
| Capital expenditure | 56 | 0.5% | S100WWIC |
| Free cash flow | 470 | 4.1% | 算出 |
| Investing cash flow | -544 | -4.7% | S100WWIC |
| Financing cash flow | -270 | -2.3% | S100WWIC |
| Dividends paid | 170 | 1.5% | S100WWIC |
| Change in cash | -298 | -2.6% | S100WWIC |
| Cash and equivalents | 2,633 | 22.9% | S100WWIC |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,646 | 2,313 | 2,596 | 2,932 | 2,633 | S100S2U7, S100UKX0, S100WWIC |
| Total assets | 8,307 | 8,274 | 8,567 | 8,985 | 8,777 | S100PEBZ, S100S2U7, S100UKX0, S100WWIC |
| Net assets | 5,460 | 5,791 | 6,168 | 6,286 | 6,432 | S100S2U7, S100UKX0, S100WWIC |
| Share capital | 356 | 356 | 361 | 364 | 368 | S100PEBZ, S100S2U7, S100UKX0, S100WWIC |
| Trade receivables | 1,183 | — | — | — | — | S100PEBZ |
| Property, plant and equipment | 3,217 | 3,260 | 3,238 | 3,191 | 3,149 | S100PEBZ, S100S2U7, S100UKX0, S100WWIC |
| Intangible assets excluding goodwill | 135 | 128 | 248 | 258 | 212 | S100PEBZ, S100S2U7, S100UKX0, S100WWIC |
| Goodwill | 80 | 60 | 174 | 192 | 140 | S100PEBZ, S100S2U7, S100UKX0, S100WWIC |
| Investment securities | 197 | 197 | 129 | 172 | 182 | S100PEBZ, S100S2U7, S100UKX0, S100WWIC |
| Current assets | 4,477 | 4,282 | 4,716 | 5,147 | 4,970 | S100PEBZ, S100S2U7, S100UKX0, S100WWIC |
| Current liabilities | 1,639 | 1,423 | 1,323 | 1,305 | 1,097 | S100PEBZ, S100S2U7, S100UKX0, S100WWIC |
| Long-term borrowings | 815 | 619 | 558 | 919 | 819 | S100PEBZ, S100S2U7, S100UKX0, S100WWIC |
| Total liabilities | 2,846 | 2,482 | 2,399 | 2,699 | 2,344 | S100PEBZ, S100S2U7, S100UKX0, S100WWIC |
| Equity attributable to owners of parent | 5,452 | 5,766 | 6,143 | 6,248 | 6,430 | S100PEBZ, S100S2U7, S100UKX0, S100WWIC |
| Retained earnings | 4,769 | 5,083 | 5,451 | 5,549 | 5,725 | S100PEBZ, S100S2U7, S100UKX0, S100WWIC |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100PEBZ, S100S2U7, S100UKX0, S100WWIC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100WWIC |
| Property, plant and equipment | 36% | S100WWIC |
| Intangibles and goodwill | 4% | S100WWIC |
| Investment securities | 2% | S100WWIC |
| Other assets | 28% | S100WWIC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 27% | S100WWIC |
| Equity | 73% | S100WWIC |
| Other liabilities | 0% | S100WWIC |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,307 | 8,274 | 8,567 | 8,985 | 8,777 |
| Equity | 5,460 | 5,791 | 6,168 | 6,286 | 6,432 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,646 | 2,313 | 2,596 | 2,932 | 2,633 |

## 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) | 27.4% | S100WWIC |
| Fixed assets ÷ total assets | 35.9% | S100WWIC |
| Goodwill ÷ parent equity | 2.2% | S100WWIC |

Goodwill over 4 years: 80 → 140 JPY; total investing cash flow: -861 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) | 30.0% |
| Cash ÷ revenue | 22.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 115.4% |
| Cash vs. profit gap | 168 JPY mn (of net income 46.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 47.5% |
| Shareholder payments — dividends / FCF | 36.2% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 103.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 6.0% | 1.41× | 8.5% | 1.52× | 12.9% | S100PEBZ |
| 2022 | 4.4% | 1.54× | 6.8% | 1.48× | 10.1% | S100S2U7 |
| 2023 | 4.5% | 1.60× | 7.1% | 1.41× | 10.1% | S100UKX0 |
| 2024 | 2.5% | 1.48× | 3.6% | 1.42× | 5.1% | S100WWIC |
| 2025 | 3.1% | 1.30× | 4.0% | 1.40× | 5.6% | S100WWIC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Ｎ＆Ｋ | Major shareholder | 33.5% | 2025-07-31 |
| 山田 壽雄 | Major shareholder | 2.3% | 2025-07-31 |
| ティーライフ従業員持株会 | Major shareholder | 1.7% | 2025-07-31 |
| 植田 元気 | Major shareholder | 1.6% | 2025-07-31 |
| 植田 翔子 | Major shareholder | 1.6% | 2025-07-31 |
| 浅井 伸祐 | Major shareholder | 1.6% | 2025-07-31 |
| 植田 佳代子 | Major shareholder | 1.6% | 2025-07-31 |
| 若杉 精三郎 | Major shareholder | 1.4% | 2025-07-31 |
| 日本生命保険相互会社 | Major shareholder | 0.8% | 2025-07-31 |
| 植田 伸司 | Major shareholder | 0.7% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第42期(2024/08/01－2025/07/31) | S100WWIC | 2025-10-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WWIC,, |
| 有価証券報告書－第41期(2023/08/01－2024/07/31) | S100UKX0 | 2024-10-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UKX0,, |
| 有価証券報告書－第40期(2022/08/01－2023/07/31) | S100S2U7 | 2023-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S2U7,, |
| 有価証券報告書－第39期(令和3年8月1日－令和4年7月31日) | S100PEBZ | 2022-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PEBZ,, |
| 訂正有価証券報告書－第38期(令和2年8月1日－令和3年7月31日) | S100MX12 | 2021-11-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MX12,, |
| 有価証券報告書－第37期(令和1年8月1日－令和2年7月31日) | S100JYSH | 2020-10-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JYSH,, |

## 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).