# TEAR Corporation: 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29期(2024/10/01－2025/09/30) (S100XBVP)
> Page: https://vizora.meequs.com/en/company/tear
> Retrieved: 2026-09-30T19:41:59.161Z

## Company

Tear, founded in 1997, is a company in Secondhand Retail listed on TSE Standard. It has 971 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TEAR Corporation |
| Ticker | 2485 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2485.T) |
| Listing | TSE Standard |
| Head office | 名古屋市北区黒川本通三丁目35番地1 |
| Representative (per filing) | 代表取締役社長 冨安 徳久 |
| Founded | Jul 1997 |
| Share capital | ¥1.9B |
| Employees (consolidated) | 971 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | September |
| Website | www.tear.co.jp (https://www.tear.co.jp/) |
| Corporate number | 6180001045104 |
| EDINET | E05585 |
| Industries (Vizora) | Secondhand Retail, Funerals |

> Profile source: annual securities report (S100XBVP, filed 2025-12-19). As of filing

## Five-axis industry profile

Primary industry: Funerals (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70 | 5 |
| Profitability | 58.3 | 6 |
| Cash conversion | 87.5 | 4 |
| Efficiency | 41.7 | 6 |

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 Tear's sales come from Funeral, with Other and Franchise making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +14.5% from the prior year, operating profit +14.3%.

## Company structure

- Segment revenue mix: Funeral 92.1%、Other 5.3%、Franchise 2.6%
- Revenue → net income: ¥21563000000 → ¥891000000
- Net income → operating cash flow: ¥891000000 → ¥2377000000（difference ¥1486000000）
- Main uses of operating cash flow: CapEx ¥1366000000 / dividends ¥449000000 / buybacks —
- Change in cash: ¥212000000
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 | ¥21.6B |  |
| Operating income | ¥1.64B | Margin 7.6% |
| Net income | ¥891M | Margin 4.1% |
| Free cash flow | ¥1.01B |  |
| Largest business | Funeral | of segment revenue 92.1% |
| Employees (consolidated) | 971 |  |
| EPS | ¥39.24 |  |
| Book value per share | ¥378.87 |  |
| Equity ratio | 30.9% |  |
| Shares outstanding | 22,510,100 |  |
| Treasury shares | 7,700 |  |
| Shareholders | 18,168 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 16.2% | Net cash -¥6.5B · Cash ÷ revenue 20.9% |
| Vs. industry median margin | +2 pp | Funerals |
| ROE | 10.6% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.7× net income
- FY2025, one segment accounts for 94% of positive segment profit

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11919000000 | ¥21563000000 | +80.9% |
| Operating income | ¥595000000 | ¥1643000000 | +176.1% |
| Operating margin | 5.0% | 7.6% | +2.6 pp |
| Employees | 565 people | 971 people | +71.9% |
| Cash and equivalents | ¥3063000000 | ¥4502000000 | +47.0% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → 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 |
| --- | ---: |
| 葬祭事業 → 葬祭事業 | 92.1% |
| 葬祭事業 → 事業再編・廃止 | 4.6% |
| フランチャイズ事業 → フランチャイズ事業 | 2.6% |
| フランチャイズ事業 → 事業再編・廃止 | 0.6% |
| 新設・再編 → その他 | 5.3% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Funeral | 5 years | +11.5% | ¥19865000000 | 16.6% | 2 |
| Other | — | — | ¥1136000000 | 11.3% | 2 |
| Franchise | 5 years | +7.8% | ¥560000000 | 16.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 21,563 | 100.0% | S100XBVP |
| Cost of revenue | 13,408 | 62.2% | S100XBVP |
| Gross profit | 8,154 | 37.8% | S100XBVP |
| SG&A | 6,511 | 30.2% | S100XBVP |
| Operating income | 1,643 | 7.6% | S100XBVP |
| Ordinary income | 1,576 | 7.3% | S100XBVP |
| Pretax income | 1,399 | 6.5% | S100XBVP |
| Income tax | 507 | 2.4% | S100XBVP |
| Net income | 891 | 4.1% | S100XBVP |
| Net income attributable to owners | 891 | 4.1% | S100XBVP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 30 |
| Operating income | 8 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 37.8% → Operating margin 7.6% → Net margin 4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.5%; Core profit growth: +14.3%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.99×
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 | 18,839 | 21,563 | 2,724 | +14.5% |
| Gross profit | 7,437 | 8,154 | 717 | +9.6% |
| Operating income | 1,438 | 1,643 | 205 | +14.3% |
| Net income attributable to owners | 752 | 891 | 139 | +18.5% |
| Operating cash flow | 2,004 | 2,377 | 373 | +18.6% |
| Free cash flow | 799 | 1,011 | 212 | +26.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 12,779 | 1,156 | 9.0% | 791 | 1,177 | 140 | S100KEFY |
| FY ending Sep 2020 | 11,919 | 595 | 5.0% | 345 | 986 | 223 | S100N42V |
| FY ending Sep 2021 | 12,203 | 887 | 7.3% | 542 | 1,370 | 743 | S100PVA9 |
| FY ending Sep 2022 | 13,283 | 1,057 | 8.0% | 568 | 1,353 | 445 | S100SIXY |
| FY ending Sep 2023 | 14,068 | 1,135 | 8.1% | 789 | 1,272 | -82 | S100UZLN |
| FY ending Sep 2024 | 18,839 | 1,438 | 7.6% | 752 | 2,004 | 799 | S100XBVP |
| FY ending Sep 2025 | 21,563 | 1,643 | 7.6% | 891 | 2,377 | 1,011 | S100XBVP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.2M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥917.6K |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 575 | 604 | 646 | 899 | 971 |
| Average salary (parent company) | ¥5.3M | ¥5.7M | ¥5.6M | ¥5.4M | ¥5.7M |
| Average age (parent company) | 38.5 years | 39.2 years | 38.9 years | 39.7 years | 39.9 years |
| Average tenure (parent company) | 7.0 years | 7.7 years | 7.5 years | 7.3 years | 7.5 years |

Year over year: Employees (consolidated) +8.0% · Revenue (consolidated) +14.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Funeral | 19,865 | 92.1% | 3,291 | 16.6% |
| Franchise | 560 | 2.6% | 94 | 16.8% |
| Other | 1,136 | 5.3% | 128 | 11.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Funeral | 92.1% | 93.7% | 1.5 | 16.6% |
| Franchise | 2.6% | 2.7% | 0.1 | 16.8% |
| Other | 5.3% | 3.6% | -1.6 | 11.3% |

Segment → industry: Other → Secondhand Retail / Franchise → Funerals / Funeral → Funerals

## 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 | 2,377 | 11.0% | S100XBVP |
| Capital expenditure | 1,366 | 6.3% | S100XBVP |
| Free cash flow | 1,011 | 4.7% | 算出 |
| Investing cash flow | -1,781 | -8.3% | S100XBVP |
| Financing cash flow | -383 | -1.8% | S100XBVP |
| Dividends paid | 449 | 2.1% | S100XBVP |
| Change in cash | 212 | 1.0% | S100XBVP |
| Cash and equivalents | 4,502 | 20.9% | S100XBVP |

## 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 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,867 | 3,080 | 2,941 | 4,290 | 4,502 | S100SIXY, S100UZLN, S100XBVP |
| Total assets | 13,539 | 14,166 | 15,376 | 27,326 | 27,868 | S100PVA9, S100SIXY, S100UZLN, S100XBVP |
| Net assets | 9,022 | 7,501 | 7,879 | 8,186 | 8,603 | S100SIXY, S100UZLN, S100XBVP |
| Share capital | 1,873 | 1,873 | 1,892 | 1,895 | 1,895 | S100PVA9, S100SIXY, S100UZLN, S100XBVP |
| Property, plant and equipment | 8,491 | 8,785 | 9,773 | 12,510 | 13,081 | S100PVA9, S100SIXY, S100UZLN, S100XBVP |
| Intangible assets excluding goodwill | 59 | 63 | 157 | 7,160 | 6,806 | S100PVA9, S100SIXY, S100UZLN, S100XBVP |
| Goodwill | — | — | — | 5,740 | 5,462 | S100XBVP |
| Investment securities | 0 | 0 | 0 | 1 | — | S100PVA9, S100SIXY, S100UZLN |
| Current assets | 3,576 | 3,839 | 3,887 | 5,740 | 6,047 | S100PVA9, S100SIXY, S100UZLN, S100XBVP |
| Current liabilities | 2,486 | 4,250 | 4,740 | 5,880 | 6,106 | S100PVA9, S100SIXY, S100UZLN, S100XBVP |
| Short-term borrowings | 351 | 200 | 673 | 140 | 292 | S100PVA9, S100SIXY, S100UZLN, S100XBVP |
| Long-term borrowings | 992 | 1,255 | 1,300 | 10,562 | 10,301 | S100PVA9, S100SIXY, S100UZLN, S100XBVP |
| Bonds | — | 80 | 60 | 276 | 405 | S100SIXY, S100UZLN, S100XBVP |
| Interest-bearing debt | — | 1,535 | 2,033 | 10,978 | 10,998 | 算出 |
| Total liabilities | 4,516 | 6,665 | 7,496 | 19,140 | 19,265 | S100PVA9, S100SIXY, S100UZLN, S100XBVP |
| Equity attributable to owners of parent | 9,022 | 7,500 | 7,879 | 8,185 | 8,627 | S100PVA9, S100SIXY, S100UZLN, S100XBVP |
| Retained earnings | 5,643 | 4,121 | 4,461 | 4,764 | 5,205 | S100PVA9, S100SIXY, S100UZLN, S100XBVP |
| Treasury stock | 0 | 0 | 0 | -2 | -2 | S100PVA9, S100SIXY, S100UZLN, S100XBVP |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 13,539 | 14,166 | 15,376 | 27,326 | 27,868 |
| Equity | 9,022 | 7,501 | 7,879 | 8,186 | 8,603 |
| Interest-bearing debt | — | 1,535 | 2,033 | 10,978 | 10,998 |
| Cash | 2,867 | 3,080 | 2,941 | 4,290 | 4,502 |

## 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) | 60.7% | S100XBVP |
| Fixed assets ÷ total assets | 46.9% | S100XBVP |
| Goodwill ÷ parent equity | 63.3% | S100XBVP |

### 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) | 16.2% |
| Cash ÷ revenue | 20.9% |
| Net cash (cash − interest-bearing debt) | -¥6.5B |
| Net debt ÷ operating cash flow | 2.73× |
| Cash conversion (operating CF ÷ operating income) | 144.7% |
| Cash vs. profit gap | 1,486 JPY mn (of net income 166.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 50.4% |
| Shareholder payments — dividends / FCF | 44.4% |
| CapEx intensity (capex ÷ revenue) | 6.3% |
| Investing CF relative to operating CF | 74.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.4% | 0.90× | 4.0% | 1.50× | 6.0% | S100PVA9 |
| 2022 | 4.3% | 0.96× | 4.1% | 1.68× | 6.9% | S100SIXY |
| 2023 | 5.6% | 0.95× | 5.3% | 1.92× | 10.3% | S100UZLN |
| 2024 | 4.0% | 0.88× | 3.5% | 2.66× | 9.4% | S100XBVP |
| 2025 | 4.1% | 0.78× | 3.2% | 3.28× | 10.6% | S100XBVP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社夢現 | Major shareholder | 34.6% | 2025-09-30 |
| 冨安 徳久 | Major shareholder | 4.5% | 2025-09-30 |
| ティア社員持株会 | Major shareholder | 2.1% | 2025-09-30 |
| 深谷 志郎 | Major shareholder | 1.2% | 2025-09-30 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ 東京支店） | Major shareholder | 1.1% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.0% | 2025-09-30 |
| BNP PARIBAS NEW YORK BRANCH - PRIME BROKERAGE CLEARANCE ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 0.9% | 2025-09-30 |
| 小川 宗則 | Major shareholder | 0.8% | 2025-09-30 |
| 花重美装株式会社 | Major shareholder | 0.8% | 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 | 0.6% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2024/10/01－2025/09/30) | S100XBVP | 2025-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBVP,, |
| 有価証券報告書－第28期(2023/10/01－2024/09/30) | S100UZLN | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZLN,, |
| 有価証券報告書－第27期(2022/10/01－2023/09/30) | S100SIXY | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIXY,, |
| 有価証券報告書－第26期(令和3年10月1日－令和4年9月30日) | S100PVA9 | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVA9,, |
| 有価証券報告書－第25期(令和2年10月1日－令和3年9月30日) | S100N42V | 2021-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N42V,, |
| 有価証券報告書－第24期(令和1年10月1日－令和2年9月30日) | S100KEFY | 2020-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KEFY,, |

## 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).