# TENDA Co.,LTD.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第31期(2025/06/01－2026/05/31) (S100YXP8)
> Page: https://vizora.meequs.com/en/company/tenda
> Retrieved: 2026-09-30T19:06:59.577Z

## Company

Tenda, founded in 1995, is a company in IT Services & System Integration listed on TSE Standard. It has 360 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TENDA Co.,LTD. |
| Ticker | 4198 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4198.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区渋谷二丁目24番12号 |
| Representative (per filing) | 代表取締役会長兼社長CEO 薗部 晃 |
| Founded | Jun 1995 |
| Share capital | ¥326.5M |
| Employees (consolidated) | 360 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | May |
| Website | www.tenda.co.jp (https://www.tenda.co.jp/) |
| Corporate number | 3013301014169 |
| EDINET | E36637 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Games |

> Profile source: annual securities report (S100YXP8, filed 2026-08-26). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 69.1 | 157 |
| Profitability | 14.5 | 196 |
| Cash conversion | 94.3 | 185 |
| Efficiency | 59.4 | 196 |

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 60% of Tenda's sales come from DXSolutionReportableSegment, with Game contents and TechwiseconsultingReportableSegment making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -8.0% from the prior year, operating profit -61.3%.

## Company structure

- Segment revenue mix: DXSolutionReportableSegment 59.6%、Game contents 20.5%、TechwiseconsultingReportableSegment 20.0%
- Revenue → net income: ¥5131278000 → ¥54904000
- Net income → operating cash flow: ¥54904000 → ¥292266000（difference ¥237362000）
- Main uses of operating cash flow: CapEx ¥63066000 / dividends ¥178879000 / buybacks ¥28000
- Change in cash: ¥115762000
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 | ¥5.13B |  |
| Operating income | ¥165.8M | Margin 3.2% |
| Net income | ¥19M | Margin 0.4% |
| Free cash flow | ¥229.2M |  |
| Largest business | DXSolutionReportableSegment | of segment revenue 59.6% |
| Employees (consolidated) | 360 |  |
| EPS | ¥11.84 |  |
| Diluted EPS | ¥11.73 |  |
| Book value per share | ¥404.24 |  |
| Equity ratio | 72.9% |  |
| Shares outstanding | 6,637,500 |  |
| Treasury shares | 200 |  |
| Shareholders | 1,781 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 48.2% | Cash ÷ revenue 33.3% |
| Vs. industry median margin | -5.7 pp | IT Services & System Integration |
| ROE | 0.7% | Derived from disclosed figures |
| ROA | 0.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 15.4× net income
- FY2026, one segment accounts for 69% of positive segment profit
- FY2026, cash is 48% of total assets

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2985190000 | ¥5131278000 | +71.9% |
| Operating income | ¥342115000 | ¥165825000 | -51.5% |
| Operating margin | 11.5% | 3.2% | -8.2 pp |
| Employees | 214 people | 360 people | +68.2% |
| Cash and equivalents | ¥1271069000 | ¥1708850000 | +34.4% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ITソリューション事業 → 事業再編・廃止 | 52.3% |
| ビジネスプロダクト事業 → 事業再編・廃止 | 15.0% |
| オンラインゲーム事業 → 事業再編・廃止 | 16.4% |
| ゲームコンテンツ事業 → ゲームコンテンツ事業 | 16.4% |
| 新設・再編 → DXソリューション事業 | 59.6% |
| 新設・再編 → Techwiseコンサルティング事業 | 20.0% |
| 新設・再編 → ゲームコンテンツ事業 | 4.1% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| DXSolutionReportableSegment | 2 years | -8.3% | ¥3056390000 | 18.7% | 2 |
| Game contents | 5 years | +12.4% | ¥1050389000 | 1.2% | 2 |
| TechwiseconsultingReportableSegment | 2 years | +9.2% | ¥1024498000 | 24.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,131 | 100.0% | S100YXP8 |
| Cost of revenue | 3,255 | 63.4% | S100YXP8 |
| Gross profit | 1,876 | 36.6% | S100YXP8 |
| SG&A | 1,710 | 33.3% | S100YXP8 |
| Operating income | 166 | 3.2% | S100YXP8 |
| Ordinary income | 184 | 3.6% | S100YXP8 |
| Pretax income | 184 | 3.6% | S100YXP8 |
| Income tax | 129 | 2.5% | S100YXP8 |
| Net income | 55 | 1.1% | S100YXP8 |
| Net income attributable to owners | 19 | 0.4% | S100YXP8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 33 |
| Operating income | 3 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 36.6% → Operating margin 3.2% → Net margin 0.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -8.0%; Core profit growth: -61.3%
Operating leverage (core profit growth ÷ revenue growth): 7.70×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,575 | 5,131 | -444 | -8.0% |
| Gross profit | 2,126 | 1,876 | -250 | -11.7% |
| Operating income | 428 | 166 | -262 | -61.3% |
| Net income attributable to owners | 258 | 19 | -239 | -92.6% |
| Operating cash flow | 718 | 292 | -426 | -59.3% |
| Free cash flow | 640 | 229 | -410 | -64.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 3,194 | 293 | 9.2% | 205 | 419 | 340 | S100MCWI |
| FY ending May 2021 | 2,985 | 342 | 11.5% | 224 | 264 | 221 | S100QDMY |
| FY ending May 2022 | 3,509 | 373 | 10.6% | 240 | 211 | 157 | S100RQW8 |
| FY ending May 2023 | 4,235 | 455 | 10.7% | 267 | 341 | 277 | S100UAPT |
| FY ending May 2024 | 5,175 | 546 | 10.5% | 341 | 477 | 396 | S100WLGP |
| FY ending May 2025 | 5,575 | 428 | 7.7% | 258 | 718 | 640 | S100YXP8 |
| FY ending May 2026 | 5,131 | 166 | 3.2% | 19 | 292 | 229 | S100YXP8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.3M |
| Operating income per employee (consolidated) | ¥460.6K |
| Net income per employee (consolidated) | ¥52.8K |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 220 | 259 | 336 | 370 | 360 |
| Average salary (parent company) | ¥4.7M | ¥5.1M | ¥5.2M | ¥5.1M | ¥5.2M |
| Average age (parent company) | 37.9 years | 36.2 years | 35.9 years | 36.0 years | 37.5 years |
| Average tenure (parent company) | 5.9 years | 6.0 years | 5.6 years | 5.6 years | 6.3 years |

Year over year: Employees (consolidated) -2.7% · Revenue (consolidated) -8.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| DXSolutionReportableSegment | 3,056 | 59.6% | 573 | 18.7% |
| TechwiseconsultingReportableSegment | 1,024 | 20.0% | 249 | 24.3% |
| Game contents | 1,050 | 20.5% | 13 | 1.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| DXSolutionReportableSegment | 59.6% | 68.7% | 9.1 | 18.7% |
| TechwiseconsultingReportableSegment | 20.0% | 29.8% | 9.8 | 24.3% |
| Game contents | 20.5% | 1.5% | -19.0 | 1.2% |

Segment → industry: TechwiseconsultingReportableSegment → IT Services & System Integration / DXSolutionReportableSegment → IT Services & System Integration / TechwiseconsultingReportableSegment → Software & SaaS / Game contents → Games

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 292 | 5.7% | S100YXP8 |
| Capital expenditure | 63 | 1.2% | S100YXP8 |
| Free cash flow | 229 | 4.5% | 算出 |
| Investing cash flow | 40 | 0.8% | S100YXP8 |
| Financing cash flow | -224 | -4.4% | S100YXP8 |
| Dividends paid | 179 | 3.5% | S100YXP8 |
| Share buyback | 0 | 0.0% | S100YXP8 |
| Change in cash | 116 | 2.3% | S100YXP8 |
| Cash and equivalents | 1,709 | 33.3% | S100YXP8 |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,119 | 2,096 | 1,709 | 1,593 | 1,709 | S100UAPT, S100WLGP, S100YXP8 |
| Total assets | 3,004 | 3,222 | 3,906 | 3,877 | 3,544 | S100RQW8, S100UAPT, S100WLGP, S100YXP8 |
| Net assets | 2,079 | 2,290 | 2,575 | 2,794 | 2,690 | S100UAPT, S100WLGP, S100YXP8 |
| Share capital | 305 | 306 | 319 | 326 | 326 | S100RQW8, S100UAPT, S100WLGP, S100YXP8 |
| Property, plant and equipment | 20 | 19 | 62 | 22 | 19 | S100RQW8, S100UAPT, S100WLGP, S100YXP8 |
| Intangible assets excluding goodwill | 73 | 275 | 726 | 1,071 | 858 | S100RQW8, S100UAPT, S100WLGP, S100YXP8 |
| Goodwill | — | 185 | 608 | 949 | 742 | S100UAPT, S100WLGP, S100YXP8 |
| Investment securities | 1 | 1 | 1 | 1 | 0 | S100RQW8, S100UAPT, S100WLGP, S100YXP8 |
| Current assets | 2,701 | 2,723 | 2,876 | 2,518 | 2,509 | S100RQW8, S100UAPT, S100WLGP, S100YXP8 |
| Current liabilities | 723 | 750 | 1,145 | 895 | 714 | S100RQW8, S100UAPT, S100WLGP, S100YXP8 |
| Short-term borrowings | 50 | 50 | 50 | — | — | S100RQW8, S100UAPT, S100WLGP |
| Long-term borrowings | 201 | 155 | 141 | 95 | 50 | S100RQW8, S100UAPT, S100WLGP, S100YXP8 |
| Total liabilities | 926 | 932 | 1,331 | 1,083 | 853 | S100RQW8, S100UAPT, S100WLGP, S100YXP8 |
| Non-controlling interests | — | — | — | 55 | 91 | S100YXP8 |
| Equity attributable to owners of parent | 2,063 | 2,273 | 2,553 | 2,714 | 2,555 | S100RQW8, S100UAPT, S100WLGP, S100YXP8 |
| Retained earnings | 986 | 1,194 | 1,448 | 1,596 | 1,436 | S100RQW8, S100UAPT, S100WLGP, S100YXP8 |
| Treasury stock | — | — | -0 | -0 | -0 | S100WLGP, S100YXP8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 48% | S100YXP8 |
| Property, plant and equipment | 1% | S100YXP8 |
| Intangibles and goodwill | 45% | S100YXP8 |
| Investment securities | 0% | S100YXP8 |
| Other assets | 6% | S100YXP8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100YXP8 |
| Equity | 76% | S100YXP8 |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,004 | 3,222 | 3,906 | 3,877 | 3,544 |
| Equity | 2,079 | 2,290 | 2,575 | 2,794 | 2,690 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,119 | 2,096 | 1,709 | 1,593 | 1,709 |

## 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) | 0.4% | S100YXP8 |
| Fixed assets ÷ total assets | 0.5% | S100YXP8 |
| Goodwill ÷ parent equity | 29.0% | S100YXP8 |

### 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) | 48.2% |
| Cash ÷ revenue | 33.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 176.2% |
| Cash vs. profit gap | 273 JPY mn (of net income 1437.3%) |
| Shareholder returns / net income | 941.0% |
| Shareholder returns / FCF | 78.1% |
| Shareholder payments — dividends / net income | 940.9% |
| Shareholder payments — dividends / FCF | 78.0% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 13.6% |

## 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 | 6.8% | 1.17× | 8.0% | 1.46× | 11.6% | S100RQW8 |
| 2023 | 6.3% | 1.36× | 8.6% | 1.44× | 12.3% | S100UAPT |
| 2024 | 6.6% | 1.45× | 9.6% | 1.48× | 14.1% | S100WLGP |
| 2025 | 4.6% | 1.43× | 6.6% | 1.48× | 9.8% | S100YXP8 |
| 2026 | 0.4% | 1.38× | 0.5% | 1.41× | 0.7% | S100YXP8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＫＦＣ | Major shareholder | 52.7% | 2026-05-31 |
| 中村 繁貴 | Major shareholder | 6.8% | 2026-05-31 |
| 小林 謙 | Major shareholder | 6.5% | 2026-05-31 |
| 加藤 善久 | Major shareholder | 6.3% | 2026-05-31 |
| 株式会社 博報堂プロダクツ | Major shareholder | 3.5% | 2026-05-31 |
| 小林 まり子 | Major shareholder | 1.9% | 2026-05-31 |
| 鈴木 章 | Major shareholder | 1.1% | 2026-05-31 |
| 須永 政美 | Major shareholder | 0.8% | 2026-05-31 |
| 池本 栄二 | Major shareholder | 0.7% | 2026-05-31 |
| テンダ従業員持株会 | Major shareholder | 0.7% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第31期(2025/06/01－2026/05/31) | S100YXP8 | 2026-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YXP8,, |
| 有価証券報告書－第30期(2024/06/01－2025/05/31) | S100WLGP | 2025-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLGP,, |
| 有価証券報告書－第29期(2023/06/01－2024/05/31) | S100UAPT | 2024-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UAPT,, |
| 有価証券報告書－第28期(2022/06/01－2023/05/31) | S100RQW8 | 2023-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RQW8,, |
| 訂正有価証券報告書－第27期(2021/06/01－2022/05/31) | S100QDMY | 2023-03-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QDMY,, |
| 有価証券報告書－第26期(令和2年6月1日－令和3年5月31日) | S100MCWI | 2021-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCWI,, |

## 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).