# TEN ALLIED CO.,LTD.: 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57期(2025/04/01－2026/03/31) (S100YIGD)
> Page: https://vizora.meequs.com/en/company/ten-allied
> Retrieved: 2026-09-30T22:04:48.875Z

## Company

TEN Allied, founded in 1969, is a company in Restaurants & Pubs listed on TSE Standard. It has 261 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TEN ALLIED CO.,LTD. |
| Ticker | 8207 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8207.T) |
| Listing | TSE Standard |
| Head office | 東京都目黒区鷹番二丁目16番18号 |
| Representative (per filing) | 代表取締役社長 飯田 健太 |
| Founded | Dec 1969 |
| Share capital | ¥50M |
| Employees (consolidated) | 261 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.teng.co.jp (https://www.teng.co.jp/) |
| Corporate number | 3010001051286 |
| EDINET | E03108 |
| Industries (Vizora) | Restaurants & Pubs |

> Profile source: annual securities report (S100YIGD, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70.5 | 56 |
| Profitability | 9.8 | 66 |
| Efficiency | 67.4 | 66 |

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)

- TEN Allied brought in ¥12.1B in revenue.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed +1.7% from the prior year, operating profit -151.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥12.1B |  |
| Operating income | -¥120.7M | Margin -1.0% |
| Net income | -¥462.8M | Margin -3.8% |
| Free cash flow | -¥194M |  |
| Employees (consolidated) | 261 |  |
| EPS | ¥-11.65 |  |
| Book value per share | ¥25.54 |  |
| Equity ratio | 40.3% |  |
| Shares outstanding | 40,462,227 |  |
| Treasury shares | 427,600 |  |
| Shareholders | 36,696 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 37.8% | Cash ÷ revenue 21.2% |
| Vs. industry median margin | -4.9 pp | Restaurants & Pubs |
| ROA | -6.5% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.5× its level five years ago
- FY2026, parent-company salary changed +39% over five years
- FY2026, cash is 38% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5951204000 | ¥12093492000 | +103.2% |
| Operating income | ¥-4650097000 | ¥-120680000 | — |
| Operating margin | -78.1% | -1.0% | +77.1 pp |
| Employees | 346 people | 261 people | -24.6% |
| Cash and equivalents | ¥1524849000 | ¥2567456000 | +68.4% |

### 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 | 12,093 | 100.0% | S100YIGD |
| Cost of revenue | 3,608 | 29.8% | S100YIGD |
| Gross profit | 8,486 | 70.2% | S100YIGD |
| SG&A | 8,607 | 71.2% | S100YIGD |
| Operating income | -121 | -1.0% | S100YIGD |
| Ordinary income | -116 | -1.0% | S100YIGD |
| Pretax income | -410 | -3.4% | S100YIGD |
| Income tax | 52 | 0.4% | S100YIGD |
| Net income | -463 | -3.8% | S100YIGD |
| Net income attributable to owners | -463 | -3.8% | S100YIGD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 30 |
| SG&A | 71 |
| Operating income | -1 |
| (Ref.) Net income | -4 |

### Margin funnel

Gross margin 70.2% → Operating margin -1.0% → Net margin -3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 11,887 | 12,093 | 206 | +1.7% |
| Gross profit | 8,509 | 8,486 | -23 | -0.3% |
| Operating income | 232 | -121 | -353 | -151.9% |
| Net income attributable to owners | 145 | -463 | -608 | -418.1% |
| Operating cash flow | 294 | 49 | -245 | -83.3% |
| Free cash flow | 156 | -194 | -350 | -224.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 14,567 | -308 | -2.1% | -846 | 162 | -188 | S100LSB0 |
| FY ending Mar 2021 | 5,951 | -4,650 | -78.1% | -5,168 | -3,522 | -4,102 | S100OKWT |
| FY ending Mar 2022 | 4,823 | -3,133 | -65.0% | -340 | -903 | -1,031 | S100R8P0 |
| FY ending Mar 2023 | 9,490 | -1,329 | -14.0% | -1,147 | -314 | -541 | S100TRXO |
| FY ending Mar 2024 | 11,147 | 169 | 1.5% | 28 | 297 | 71 | S100W77R |
| FY ending Mar 2025 | 11,887 | 232 | 2.0% | 145 | 294 | 156 | S100YIGD |
| FY ending Mar 2026 | 12,093 | -121 | -1.0% | -463 | 49 | -194 | S100YIGD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.3M |
| Operating income per employee (consolidated) | -¥462.4K |
| Net income per employee (consolidated) | -¥1.8M |

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) | 307 | 258 | 252 | 258 | 261 |
| Average salary (parent company) | ¥4.4M | ¥4.9M | ¥5.3M | ¥5.8M | ¥6.2M |
| Average age (parent company) | 39.9 years | 41.8 years | 42.3 years | 42.0 years | 42.0 years |
| Average tenure (parent company) | 13.5 years | 15.0 years | 15.3 years | 14.4 years | 13.5 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) +1.7%

## 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 | 49 | 0.4% | S100YIGD |
| Capital expenditure | 243 | 2.0% | S100YIGD |
| Free cash flow | -194 | -1.6% | 算出 |
| Investing cash flow | -305 | -2.5% | S100YIGD |
| Financing cash flow | -480 | -4.0% | S100YIGD |
| Dividends paid | 60 | 0.5% | S100YIGD |
| Share buyback | 0 | 0.0% | S100YIGD |
| Change in cash | -735 | -6.1% | S100YIGD |
| Cash and equivalents | 2,567 | 21.2% | S100YIGD |

## 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 | 3,168 | 3,398 | 3,928 | 3,303 | 2,567 | S100TRXO, S100W77R, S100YIGD |
| Total assets | 7,433 | 7,548 | 8,204 | 7,541 | 6,789 | S100R8P0, S100TRXO, S100W77R, S100YIGD |
| Net assets | 1,978 | 1,748 | 2,740 | 2,892 | 2,738 | S100TRXO, S100W77R, S100YIGD |
| Share capital | 50 | 50 | 50 | 50 | 50 | S100R8P0, S100TRXO, S100W77R, S100YIGD |
| Inventories | 147 | 170 | 146 | 176 | 178 | S100R8P0, S100TRXO, S100W77R, S100YIGD |
| Property, plant and equipment | 1,636 | 1,466 | 1,382 | 1,288 | 1,188 | S100R8P0, S100TRXO, S100W77R, S100YIGD |
| Intangible assets excluding goodwill | 52 | 74 | 59 | 45 | 34 | S100R8P0, S100TRXO, S100W77R, S100YIGD |
| Investment securities | 234 | 261 | 423 | 505 | 628 | S100R8P0, S100TRXO, S100W77R, S100YIGD |
| Current assets | 3,667 | 4,092 | 4,689 | 4,057 | 3,398 | S100R8P0, S100TRXO, S100W77R, S100YIGD |
| Current liabilities | 3,324 | 3,739 | 3,372 | 2,685 | 2,644 | S100R8P0, S100TRXO, S100W77R, S100YIGD |
| Short-term borrowings | 2,500 | 2,500 | 2,125 | 1,516 | 903 | S100R8P0, S100TRXO, S100W77R, S100YIGD |
| Long-term borrowings | 720 | 680 | 637 | 594 | 51 | S100R8P0, S100TRXO, S100W77R, S100YIGD |
| Total liabilities | 5,455 | 5,800 | 5,463 | 4,650 | 4,051 | S100R8P0, S100TRXO, S100W77R, S100YIGD |
| Equity attributable to owners of parent | 1,818 | 1,565 | 2,415 | 2,454 | 2,184 | S100R8P0, S100TRXO, S100W77R, S100YIGD |
| Retained earnings | -7,597 | -8,745 | -8,717 | -8,571 | -9,034 | S100R8P0, S100TRXO, S100W77R, S100YIGD |
| Treasury stock | -162 | -162 | -162 | -162 | -162 | S100R8P0, S100TRXO, S100W77R, S100YIGD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 38% | S100YIGD |
| Inventories | 3% | S100YIGD |
| Property, plant and equipment | 17% | S100YIGD |
| Intangibles and goodwill | 1% | S100YIGD |
| Investment securities | 9% | S100YIGD |
| Other assets | 32% | S100YIGD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 60% | S100YIGD |
| Equity | 40% | S100YIGD |

### 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 | 7,433 | 7,548 | 8,204 | 7,541 | 6,789 |
| Equity | 1,978 | 1,748 | 2,740 | 2,892 | 2,738 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,168 | 3,398 | 3,928 | 3,303 | 2,567 |

## 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) | 9.8% | S100YIGD |
| Fixed assets ÷ total assets | 17.5% | S100YIGD |
| Goodwill ÷ parent equity | — | —, S100YIGD |

### 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) | 37.8% |
| Cash ÷ revenue | 21.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 512 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 621.6% |

## 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 | — | —× | -4.6% | —× | — | S100R8P0 |
| 2023 | — | —× | -15.3% | —× | — | S100TRXO |
| 2024 | 0.2% | 1.42× | 0.4% | 3.96× | 1.4% | S100W77R |
| 2025 | 1.2% | 1.51× | 1.8% | 3.23× | 6.0% | S100YIGD |
| 2026 | — | —× | -6.5% | —× | — | S100YIGD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 飯田 永太 | Major shareholder | 9.4% | 2026-03-31 |
| 株式会社岡永 | Major shareholder | 3.6% | 2026-03-31 |
| 山内 薫 | Major shareholder | 3.5% | 2026-03-31 |
| 飯田 愛太 | Major shareholder | 3.0% | 2026-03-31 |
| サッポロビール株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社永幸 | Major shareholder | 1.9% | 2026-03-31 |
| 飯田 健太 | Major shareholder | 1.2% | 2026-03-31 |
| 長井 梨紗 | Major shareholder | 0.8% | 2026-03-31 |
| 飯田 悠太 | Major shareholder | 0.7% | 2026-03-31 |
| 飯田 慶太 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/04/01－2026/03/31) | S100YIGD | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIGD,, |
| 有価証券報告書－第56期(2024/04/01－2025/03/31) | S100W77R | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W77R,, |
| 有価証券報告書－第55期(2023/04/01－2024/03/31) | S100TRXO | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRXO,, |
| 有価証券報告書－第54期(2022/04/01－2023/03/31) | S100R8P0 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8P0,, |
| 有価証券報告書－第53期(令和3年4月1日－令和4年3月31日) | S100OKWT | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKWT,, |
| 有価証券報告書－第52期(令和2年4月1日－令和3年3月31日) | S100LSB0 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSB0,, |

## 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).