# TECMIRA HOLDINGS INC.: 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22期(2025/03/01－2026/02/28) (S100Y74O)
> Page: https://vizora.meequs.com/en/company/tecmira-holdings
> Retrieved: 2026-09-30T22:19:51.960Z

## Company

Tecmira Holdings, founded in 2004, is a company in PCs & Peripherals listed on TSE Standard. It has 501 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TECMIRA HOLDINGS INC. |
| Ticker | 3627 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3627.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田須田町一丁目23番地1 |
| Representative (per filing) | 代表取締役社長 池田 昌史 |
| Founded | Apr 2004 |
| Share capital | ¥2.46B |
| Employees (consolidated) | 501 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | February |
| Website | www.tecmira.com (https://www.tecmira.com/) |
| Corporate number | 6010001087526 |
| EDINET | E20385 |
| Industries (Vizora) | PCs & Peripherals, Software & SaaS, Internet Services & Apps, Games |

> Profile source: annual securities report (S100Y74O, filed 2026-05-28). As of filing

## Five-axis industry profile

Primary industry: PCs & Peripherals (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 11 |
| Profitability | 25 | 14 |
| Cash conversion | 95.5 | 11 |
| Efficiency | 25 | 14 |

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 51% of Tecmira Holdings's sales come from IoTDevice, with Life Design and AI Cloud making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -6.8% from the prior year, operating profit -19.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥10.4B |  |
| Operating income | ¥73.4M | Margin 0.7% |
| Net income | -¥58.8M | Margin -0.6% |
| Free cash flow | -¥429.5M |  |
| Largest business | IoTDevice | of segment revenue 50.9% |
| Employees (consolidated) | 501 |  |
| EPS | ¥8.26 |  |
| Diluted EPS | ¥8.22 |  |
| Book value per share | ¥370.56 |  |
| Equity ratio | 56.9% |  |
| Shares outstanding | 12,719,800 |  |
| Treasury shares | 650,200 |  |
| Shareholders | 6,359 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 27.2% | Cash ÷ revenue 27.7% |
| Vs. industry median margin | -3 pp | PCs & Peripherals |
| ROA | -0.6% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.9× dividends
- FY2026, parent-company salary changed -23% over five years
- FY2026, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8499614000 | ¥10405091000 | +22.4% |
| Operating income | ¥239412000 | ¥73376000 | -69.4% |
| Operating margin | 2.8% | 0.7% | -2.1 pp |
| Employees | 460 people | 501 people | +8.9% |
| Cash and equivalents | ¥2050141000 | ¥2883045000 | +40.6% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| DXソリューション事業 → 事業再編・廃止 | 79.0% |
| X-Techサービス事業 → 事業再編・廃止 | 21.0% |
| 新設・再編 → ライフデザイン事業 | 24.9% |
| 新設・再編 → AI＆クラウド事業 | 24.3% |
| 新設・再編 → IoT＆デバイス事業 | 50.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| IoTDevice | 2 years | +10.8% | ¥5294794000 | 5.5% | 2 |
| Life Design | 2 years | +10.0% | ¥2586338000 | 1.4% | 2 |
| AI Cloud | 2 years | +5.1% | ¥2523958000 | 8.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,405 | 100.0% | S100Y74O |
| Cost of revenue | 6,592 | 63.4% | S100Y74O |
| Gross profit | 3,813 | 36.6% | S100Y74O |
| SG&A | 3,740 | 35.9% | S100Y74O |
| Operating income | 73 | 0.7% | S100Y74O |
| Ordinary income | 93 | 0.9% | S100Y74O |
| Pretax income | 36 | 0.3% | S100Y74O |
| Income tax | 70 | 0.7% | S100Y74O |
| Net income | -34 | -0.3% | S100Y74O |
| Net income attributable to owners | -59 | -0.6% | S100Y74O |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 36 |
| Operating income | 1 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 36.6% → Operating margin 0.7% → Net margin -0.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -6.8%; Core profit growth: -19.7%
Operating leverage (core profit growth ÷ revenue growth): 2.89×
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 | 11,166 | 10,405 | -760 | -6.8% |
| Gross profit | 3,790 | 3,813 | 23 | +0.6% |
| Operating income | 91 | 73 | -18 | -19.7% |
| Net income attributable to owners | -141 | -59 | 82 | — |
| Operating cash flow | 1,370 | 354 | -1,016 | -74.2% |
| Free cash flow | 781 | -430 | -1,210 | -155.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 10,816 | 876 | 8.1% | 567 | 1,637 | 1,282 | S100LF08 |
| FY ending Feb 2021 | 8,500 | 239 | 2.8% | 316 | -386 | -783 | S100O56I |
| FY ending Feb 2022 | 9,551 | 517 | 5.4% | 353 | 776 | 476 | S100QTS7 |
| FY ending Feb 2023 | 8,659 | 181 | 2.1% | 263 | -700 | -1,183 | S100TJ3C |
| FY ending Feb 2024 | 8,737 | -123 | -1.4% | 74 | 61 | -631 | S100VUJU |
| FY ending Feb 2025 | 11,166 | 91 | 0.8% | -141 | 1,370 | 781 | S100Y74O |
| FY ending Feb 2026 | 10,405 | 73 | 0.7% | -59 | 354 | -430 | S100Y74O |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.8M |
| Operating income per employee (consolidated) | ¥146.5K |
| Net income per employee (consolidated) | -¥117.3K |

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) | 456 | 467 | 522 | 546 | 501 |
| Average salary (parent company) | ¥7M | ¥6.1M | ¥5.9M | ¥5.9M | ¥5.4M |
| Average age (parent company) | 44.0 years | 39.2 years | 39.4 years | 38.0 years | 39.8 years |
| Average tenure (parent company) | 7.6 years | 5.9 years | 5.9 years | 6.3 years | 7.3 years |

Year over year: Employees (consolidated) -8.2% · Revenue (consolidated) -6.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Life Design | 2,586 | 24.9% | 36 | 1.4% |
| AI Cloud | 2,524 | 24.3% | 223 | 8.8% |
| IoTDevice | 5,295 | 50.9% | 293 | 5.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Life Design | 24.9% | 6.6% | -18.3 | 1.4% |
| AI Cloud | 24.3% | 40.3% | 16.1 | 8.8% |
| IoTDevice | 50.9% | 53.1% | 2.2 | 5.5% |

Segment → industry: IoTDevice → PCs & Peripherals / AI Cloud → Software & SaaS / Life Design → Internet Services & Apps / Life Design → Games

## 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 | 354 | 3.4% | S100Y74O |
| Capital expenditure | 784 | 7.5% | S100Y74O |
| Free cash flow | -430 | -4.1% | 算出 |
| Investing cash flow | -633 | -6.1% | S100Y74O |
| Financing cash flow | 185 | 1.8% | S100Y74O |
| Dividends paid | 54 | 0.5% | S100Y74O |
| Share buyback | 100 | 1.0% | S100Y74O |
| Change in cash | -74 | -0.7% | S100Y74O |
| Cash and equivalents | 2,883 | 27.7% | S100Y74O |

## 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 | 4,982 | 2,984 | 2,662 | 2,957 | 2,883 | S100TJ3C, S100VUJU, S100Y74O |
| Total assets | 8,786 | 8,022 | 10,110 | 10,573 | 10,612 | S100QTS7, S100TJ3C, S100VUJU, S100Y74O |
| Net assets | 5,593 | 5,594 | 6,343 | 6,124 | 6,046 | S100TJ3C, S100VUJU, S100Y74O |
| Share capital | 2,391 | 2,403 | 2,410 | 2,420 | 2,458 | S100QTS7, S100TJ3C, S100VUJU, S100Y74O |
| Trade receivables | 1,135 | 1,282 | 1,252 | 857 | 1,098 | S100QTS7, S100TJ3C, S100VUJU, S100Y74O |
| Property, plant and equipment | 245 | 210 | 243 | 242 | 185 | S100QTS7, S100TJ3C, S100VUJU, S100Y74O |
| Intangible assets excluding goodwill | 268 | 552 | 2,196 | 2,269 | 2,654 | S100QTS7, S100TJ3C, S100VUJU, S100Y74O |
| Goodwill | 38 | 3 | 1,214 | 1,379 | 1,229 | S100QTS7, S100TJ3C, S100VUJU, S100Y74O |
| Investment securities | 741 | 717 | 714 | 800 | 760 | S100QTS7, S100TJ3C, S100VUJU, S100Y74O |
| Current assets | 7,186 | 6,161 | 6,099 | 6,030 | 6,003 | S100QTS7, S100TJ3C, S100VUJU, S100Y74O |
| Current liabilities | 1,952 | 1,583 | 1,939 | 3,089 | 2,532 | S100QTS7, S100TJ3C, S100VUJU, S100Y74O |
| Short-term borrowings | 90 | — | — | — | 400 | S100QTS7, S100Y74O |
| Long-term borrowings | 1,191 | 792 | 1,789 | 1,318 | 1,942 | S100QTS7, S100TJ3C, S100VUJU, S100Y74O |
| Total liabilities | 3,193 | 2,428 | 3,767 | 4,449 | 4,565 | S100QTS7, S100TJ3C, S100VUJU, S100Y74O |
| Non-controlling interests | — | — | 6 | — | 5 | S100VUJU, S100Y74O |
| Equity attributable to owners of parent | 5,427 | 5,412 | 6,086 | 5,807 | 5,777 | S100QTS7, S100TJ3C, S100VUJU, S100Y74O |
| Retained earnings | 1,651 | 1,794 | 1,633 | 1,434 | 1,313 | S100QTS7, S100TJ3C, S100VUJU, S100Y74O |
| Treasury stock | -115 | -297 | -297 | -297 | -263 | S100QTS7, S100TJ3C, S100VUJU, S100Y74O |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100Y74O |
| Receivables | 10% | S100Y74O |
| Property, plant and equipment | 2% | S100Y74O |
| Intangibles and goodwill | 37% | S100Y74O |
| Investment securities | 7% | S100Y74O |
| Other assets | 17% | S100Y74O |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 43% | S100Y74O |
| Equity | 57% | S100Y74O |

### 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 | 8,786 | 8,022 | 10,110 | 10,573 | 10,612 |
| Equity | 5,593 | 5,594 | 6,343 | 6,124 | 6,046 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,982 | 2,984 | 2,662 | 2,957 | 2,883 |

## 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) | 1.8% | S100Y74O |
| Fixed assets ÷ total assets | 1.7% | S100Y74O |
| Goodwill ÷ parent equity | 21.3% | S100Y74O |

Goodwill over 4 years: 38 → 1,229 JPY; total investing cash flow: -2,696 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) | 27.2% |
| Cash ÷ revenue | 27.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 482.5% |
| Cash vs. profit gap | 413 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.5% |
| Investing CF relative to operating CF | 178.8% |

## 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 | 3.7% | 1.09× | 4.0% | 1.62× | 6.5% | S100QTS7 |
| 2023 | 3.0% | 1.03× | 3.1% | 1.55× | 4.9% | S100TJ3C |
| 2024 | 0.8% | 0.96× | 0.8% | 1.58× | 1.3% | S100VUJU |
| 2025 | — | —× | -1.4% | —× | — | S100Y74O |
| 2026 | — | —× | -0.6% | —× | — | S100Y74O |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 池田 昌史 | Major shareholder | 15.6% | 2026-02-28 |
| 太陽生命保険株式会社 | Major shareholder | 4.7% | 2026-02-28 |
| 藤岡 淳一 | Major shareholder | 3.0% | 2026-02-28 |
| 水元 公仁 | Major shareholder | 3.0% | 2026-02-28 |
| シャープ株式会社 | Major shareholder | 3.0% | 2026-02-28 |
| ＴＮＢＩ一号投資事業有限責任組合 | Major shareholder | 2.1% | 2026-02-28 |
| 井川 等 | Major shareholder | 1.8% | 2026-02-28 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ (常任代理人モルガン・スタンレーＭＵＦＧ証券株式会社) | Major shareholder | 1.1% | 2026-02-28 |
| 楽天証券株式会社共有口 | Major shareholder | 1.0% | 2026-02-28 |
| マケナフィールズ株式会社 | Major shareholder | 1.0% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/03/01－2026/02/28) | S100Y74O | 2026-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y74O,, |
| 有価証券報告書－第21期(2024/03/01－2025/02/28) | S100VUJU | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUJU,, |
| 有価証券報告書－第20期(2023/03/01－2024/02/29) | S100TJ3C | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJ3C,, |
| 有価証券報告書－第19期(2022/03/01－2023/02/28) | S100QTS7 | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTS7,, |
| 有価証券報告書－第18期(令和3年3月1日－令和4年2月28日) | S100O56I | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O56I,, |
| 有価証券報告書－第17期(令和2年3月1日－令和3年2月28日) | S100LF08 | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF08,, |

## 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).