# TEIN,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43期(2025/04/01－2026/03/31) (S100YIDI)
> Page: https://vizora.meequs.com/en/company/tein
> Retrieved: 2026-09-30T20:55:07.339Z

## Company

Tein, founded in 1962, is a company in Car Accessories listed on TSE Standard. It has 398 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TEIN, INC. |
| Ticker | 7217 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7217.T) |
| Listing | TSE Standard |
| Head office | 神奈川県横浜市戸塚区上矢部町3515番4 |
| Representative (per filing) | 代表取締役社長 市野諮 |
| Founded | Oct 1962 |
| Share capital | ¥217.6M |
| Employees (consolidated) | 398 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.tein.co.jp (https://www.tein.co.jp/) |
| Corporate number | 1020001033780 |
| EDINET | E02242 |
| Industries (Vizora) | Car Accessories |

> Profile source: annual securities report (S100YIDI, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Car Accessories (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.3 | 15 |
| Profitability | 56.7 | 15 |
| Cash conversion | 96.7 | 15 |
| Efficiency | 10 | 15 |

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)

- Tein brought in ¥5.59B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +4.7% from the prior year, operating profit -3.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥5594277000 → ¥336800000
- Net income → operating cash flow: ¥336800000 → ¥841103000（difference ¥504303000）
- Main uses of operating cash flow: CapEx ¥592976000 / dividends ¥169566000 / buybacks ¥69750000
- Change in cash: ¥354926000
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 | ¥5.59B |  |
| Operating income | ¥334.2M | Margin 6.0% |
| Net income | ¥336.8M | Margin 6.0% |
| Free cash flow | ¥248.1M |  |
| Employees (consolidated) | 398 |  |
| EPS | ¥16.98 |  |
| Book value per share | ¥419.67 |  |
| Equity ratio | 76.0% |  |
| Shares outstanding | 10,000,000 |  |
| Treasury shares | 188,600 |  |
| Shareholders | 1,468 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 18.4% | Cash ÷ revenue 29.1% |
| Vs. industry median margin | +0.2 pp | Car Accessories |
| ROE | 6.0% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4719969000 | ¥5594277000 | +18.5% |
| Operating income | ¥951058000 | ¥334197000 | -64.9% |
| Operating margin | 20.1% | 6.0% | -14.2 pp |
| Employees | 326 people | 398 people | +22.1% |
| Cash and equivalents | ¥1597168000 | ¥1627406000 | +1.9% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,594 | 100.0% | S100YIDI |
| Cost of revenue | 3,406 | 60.9% | S100YIDI |
| Gross profit | 2,188 | 39.1% | S100YIDI |
| SG&A | 1,854 | 33.1% | S100YIDI |
| Operating income | 334 | 6.0% | S100YIDI |
| Ordinary income | 456 | 8.2% | S100YIDI |
| Pretax income | 461 | 8.2% | S100YIDI |
| Income tax | 124 | 2.2% | S100YIDI |
| Net income | 337 | 6.0% | S100YIDI |
| Net income attributable to owners | 337 | 6.0% | S100YIDI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 33 |
| Operating income | 6 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 39.1% → Operating margin 6.0% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.7%; Core profit growth: -3.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.74×
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 | 5,345 | 5,594 | 249 | +4.7% |
| Gross profit | 2,134 | 2,188 | 54 | +2.5% |
| Operating income | 346 | 334 | -12 | -3.4% |
| Net income attributable to owners | 248 | 337 | 89 | +36.0% |
| Operating cash flow | 687 | 841 | 154 | +22.5% |
| Free cash flow | 418 | 248 | -170 | -40.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,229 | 566 | 13.4% | 401 | 817 | 589 | S100LLS1 |
| FY ending Mar 2021 | 4,720 | 951 | 20.1% | 818 | 1,077 | 696 | S100OBRY |
| FY ending Mar 2022 | 4,971 | 770 | 15.5% | 751 | 366 | -183 | S100R7U3 |
| FY ending Mar 2023 | 5,243 | 607 | 11.6% | 562 | 1,074 | 700 | S100TQU3 |
| FY ending Mar 2024 | 4,866 | 522 | 10.7% | 469 | 583 | 291 | S100W5AR |
| FY ending Mar 2025 | 5,345 | 346 | 6.5% | 248 | 687 | 418 | S100YIDI |
| FY ending Mar 2026 | 5,594 | 334 | 6.0% | 337 | 841 | 248 | S100YIDI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.1M |
| Operating income per employee (consolidated) | ¥839.7K |
| Net income per employee (consolidated) | ¥846.2K |

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) | 337 | 393 | 368 | 399 | 398 |
| Average salary (parent company) | ¥5.5M | ¥5.7M | ¥6M | ¥6M | ¥6.1M |
| Average age (parent company) | 42.2 years | 44.0 years | 45.2 years | 45.0 years | 45.7 years |
| Average tenure (parent company) | 13.0 years | 14.4 years | 15.4 years | 15.4 years | 16.0 years |

Year over year: Employees (consolidated) -0.3% · Revenue (consolidated) +4.7%

## 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 | 841 | 15.0% | S100YIDI |
| Capital expenditure | 593 | 10.6% | S100YIDI |
| Free cash flow | 248 | 4.4% | 算出 |
| Investing cash flow | -522 | -9.3% | S100YIDI |
| Financing cash flow | -79 | -1.4% | S100YIDI |
| Dividends paid | 170 | 3.0% | S100YIDI |
| Share buyback | 70 | 1.2% | S100YIDI |
| Change in cash | 355 | 6.3% | S100YIDI |
| Cash and equivalents | 1,627 | 29.1% | S100YIDI |

## 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 | 1,440 | 1,513 | 1,414 | 1,272 | 1,627 | S100TQU3, S100W5AR, S100YIDI |
| Total assets | 7,915 | 7,995 | 8,456 | 8,050 | 8,858 | S100R7U3, S100TQU3, S100W5AR, S100YIDI |
| Net assets | 5,313 | 5,805 | 6,372 | 6,201 | 6,735 | S100TQU3, S100W5AR, S100YIDI |
| Share capital | 218 | 218 | 218 | 218 | 218 | S100R7U3, S100TQU3, S100W5AR, S100YIDI |
| Property, plant and equipment | 3,673 | 3,716 | 3,760 | 3,565 | 3,599 | S100R7U3, S100TQU3, S100W5AR, S100YIDI |
| Intangible assets excluding goodwill | 29 | 47 | 41 | 35 | 44 | S100R7U3, S100TQU3, S100W5AR, S100YIDI |
| Investment securities | — | — | — | 71 | 123 | S100YIDI |
| Current assets | 3,750 | 3,751 | 4,119 | 3,920 | 4,634 | S100R7U3, S100TQU3, S100W5AR, S100YIDI |
| Current liabilities | 1,373 | 1,014 | 1,110 | 932 | 1,342 | S100R7U3, S100TQU3, S100W5AR, S100YIDI |
| Short-term borrowings | — | — | — | — | 400 | S100YIDI |
| Long-term borrowings | 740 | 671 | 451 | 289 | 129 | S100R7U3, S100TQU3, S100W5AR, S100YIDI |
| Total liabilities | 2,602 | 2,190 | 2,084 | 1,848 | 2,123 | S100R7U3, S100TQU3, S100W5AR, S100YIDI |
| Equity attributable to owners of parent | 5,020 | 5,395 | 5,697 | 5,557 | 5,654 | S100R7U3, S100TQU3, S100W5AR, S100YIDI |
| Retained earnings | 4,654 | 5,029 | 5,331 | 5,128 | 5,295 | S100R7U3, S100TQU3, S100W5AR, S100YIDI |
| Treasury stock | -67 | -67 | -67 | -4 | -74 | S100R7U3, S100TQU3, S100W5AR, S100YIDI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YIDI |
| Property, plant and equipment | 41% | S100YIDI |
| Intangibles and goodwill | 1% | S100YIDI |
| Investment securities | 1% | S100YIDI |
| Other assets | 39% | S100YIDI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100YIDI |
| Equity | 76% | S100YIDI |

### 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 | 7,915 | 7,995 | 8,456 | 8,050 | 8,858 |
| Equity | 5,313 | 5,805 | 6,372 | 6,201 | 6,735 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,440 | 1,513 | 1,414 | 1,272 | 1,627 |

## 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) | 64.3% | S100YIDI |
| Fixed assets ÷ total assets | 40.6% | S100YIDI |
| Goodwill ÷ parent equity | — | —, S100YIDI |

### 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) | 18.4% |
| Cash ÷ revenue | 29.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 251.7% |
| Cash vs. profit gap | 504 JPY mn (of net income 149.7%) |
| Shareholder returns / net income | 71.1% |
| Shareholder returns / FCF | 96.4% |
| Shareholder payments — dividends / net income | 50.3% |
| Shareholder payments — dividends / FCF | 68.3% |
| CapEx intensity (capex ÷ revenue) | 10.6% |
| Investing CF relative to operating CF | 62.1% |

## 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 | 15.1% | 0.63× | 9.5% | 1.58× | 15.0% | S100R7U3 |
| 2023 | 10.7% | 0.66× | 7.1% | 1.53× | 10.8% | S100TQU3 |
| 2024 | 9.6% | 0.59× | 5.7% | 1.48× | 8.5% | S100W5AR |
| 2025 | 4.6% | 0.65× | 3.0% | 1.47× | 4.4% | S100YIDI |
| 2026 | 6.0% | 0.66× | 4.0% | 1.51× | 6.0% | S100YIDI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社イチノホールディングス | Major shareholder | 37.3% | 2026-03-31 |
| 市野 諮 | Major shareholder | 14.0% | 2026-03-31 |
| 藤本 吉郎 | Major shareholder | 10.6% | 2026-03-31 |
| 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 | 4.2% | 2026-03-31 |
| 大西 康弘 | Major shareholder | 3.7% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.4% | 2026-03-31 |
| 市野 澄恵 | Major shareholder | 2.5% | 2026-03-31 |
| 小島 恵美子 | Major shareholder | 1.7% | 2026-03-31 |
| 市野 景 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第43期(2025/04/01－2026/03/31) | S100YIDI | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIDI,, |
| 有価証券報告書－第42期(2024/04/01－2025/03/31) | S100W5AR | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5AR,, |
| 有価証券報告書－第41期(2023/04/01－2024/03/31) | S100TQU3 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQU3,, |
| 有価証券報告書－第40期(2022/04/01－2023/03/31) | S100R7U3 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7U3,, |
| 有価証券報告書－第39期(令和3年4月1日－令和4年3月31日) | S100OBRY | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBRY,, |
| 有価証券報告書－第38期(令和2年4月1日－令和3年3月31日) | S100LLS1 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLS1,, |

## 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).