# teno.Holdings Company Limited: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第11期(2025/01/01－2025/12/31) (S100XRYQ)
> Page: https://vizora.meequs.com/en/company/teno
> Retrieved: 2026-09-30T22:08:16.262Z

## Company

teno.Holdings, founded in 2015, is a company in Nursing Care listed on TSE Standard. It has 2,110 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | teno.Holdings Company Limited |
| Ticker | 7037 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7037.T) |
| Listing | TSE Standard |
| Head office | 福岡市博多区上呉服町10番10号 |
| Representative (per filing) | 代表取締役社長 池内 比呂子 |
| Founded | Dec 2015 |
| Share capital | ¥455M |
| Employees (consolidated) | 2,110 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | December |
| Website | www.teno.co.jp (https://www.teno.co.jp/) |
| Corporate number | 2290001072306 |
| EDINET | E34276 |
| Industries (Vizora) | Nursing Care, Education, Childcare |

> Profile source: annual securities report (S100XRYQ, filed 2026-03-19). As of filing

## Five-axis industry profile

Primary industry: Childcare (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75 | 10 |
| Profitability | 45.8 | 12 |
| Cash conversion | 62.5 | 12 |
| Efficiency | 79.2 | 12 |

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 75% of teno.Holdings's sales come from Child care service, with Lifelong Related Support Business and Elderly Care Business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +13.2% from the prior year, operating profit +225.3%.

## Company structure

- Segment revenue mix: Child care service 75.2%、Lifelong Related Support Business 12.9%、Elderly Care Business 10.8%、Other 1.1%
- Revenue → net income: ¥18129000000 → ¥110000000
- Net income → operating cash flow: ¥110000000 → ¥1037000000（difference ¥927000000）
- Main uses of operating cash flow: CapEx ¥234000000 / dividends ¥40000000 / buybacks —
- Change in cash: ¥299000000
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 | ¥18.1B |  |
| Operating income | ¥631M | Margin 3.5% |
| Net income | ¥110M | Margin 0.6% |
| Free cash flow | ¥803M |  |
| Largest business | Child care service | of segment revenue 75.2% |
| Employees (consolidated) | 2,110 |  |
| EPS | ¥15.16 |  |
| Book value per share | ¥237.91 |  |
| Equity ratio | 17.3% |  |
| Shares outstanding | 4,701,300 |  |
| Treasury shares | 132,700 |  |
| Shareholders | 2,231 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 23.0% | Cash ÷ revenue 13.2% |
| Vs. industry median margin | -0.5 pp | Childcare |
| ROE | 6.2% | Derived from disclosed figures |
| ROA | 1.1% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 9.4× net income
- FY2025, one segment accounts for 96% of positive segment profit
- FY2025, parent-company salary changed +37% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10778909000 | ¥18129000000 | +68.2% |
| Operating income | ¥612319000 | ¥631000000 | +3.1% |
| Operating margin | 5.7% | 3.5% | -2.2 pp |
| Employees | 1,924 people | 2,110 people | +9.7% |
| Cash and equivalents | ¥1865000000 | ¥2395000000 | +28.4% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 公的保育事業 → 事業再編・廃止 | 60.2% |
| 受託保育事業 → 事業再編・廃止 | 34.8% |
| その他 → その他 | 1.1% |
| その他 → 事業再編・廃止 | 3.9% |
| 新設・再編 → 保育事業 | 75.2% |
| 新設・再編 → 介護事業 | 10.8% |
| 新設・再編 → 生活関連支援事業 | 12.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Child care service | 3 years | +7.0% | ¥13624000000 | 9.1% | 2 |
| Lifelong Related Support Business | 3 years | +159.5% | ¥2341000000 | -2.0% | 2 |
| Elderly Care Business | 3 years | +46.1% | ¥1963000000 | 2.6% | 2 |
| Other | 5 years | -18.1% | ¥200000000 | 3.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,129 | 100.0% | S100XRYQ |
| Cost of revenue | 15,155 | 83.6% | S100XRYQ |
| Gross profit | 2,973 | 16.4% | S100XRYQ |
| SG&A | 2,342 | 12.9% | S100XRYQ |
| Operating income | 631 | 3.5% | S100XRYQ |
| Ordinary income | 604 | 3.3% | S100XRYQ |
| Pretax income | 404 | 2.2% | S100XRYQ |
| Income tax | 294 | 1.6% | S100XRYQ |
| Net income | 110 | 0.6% | S100XRYQ |
| Net income attributable to owners | 110 | 0.6% | S100XRYQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 13 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 16.4% → Operating margin 3.5% → Net margin 0.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.2%; Core profit growth: +225.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 17.08×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 16,017 | 18,129 | 2,112 | +13.2% |
| Gross profit | 2,387 | 2,973 | 586 | +24.5% |
| Operating income | 194 | 631 | 437 | +225.3% |
| Net income attributable to owners | -466 | 110 | 576 | — |
| Operating cash flow | 691 | 1,037 | 346 | +50.1% |
| Free cash flow | 382 | 803 | 421 | +110.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 10,051 | 486 | 4.8% | 287 | 519 | 142 | S100L12M |
| FY ending Dec 2020 | 10,779 | 612 | 5.7% | 339 | 509 | -690 | S100NPTD |
| FY ending Dec 2021 | 11,454 | 467 | 4.1% | 237 | 292 | -674 | S100QERN |
| FY ending Dec 2022 | 12,128 | 154 | 1.3% | -27 | 297 | -145 | S100T3HC |
| FY ending Dec 2023 | 14,557 | 187 | 1.3% | 100 | 324 | -114 | S100VF43 |
| FY ending Dec 2024 | 16,017 | 194 | 1.2% | -466 | 691 | 382 | S100XRYQ |
| FY ending Dec 2025 | 18,129 | 631 | 3.5% | 110 | 1,037 | 803 | S100XRYQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥8.6M |
| Operating income per employee (consolidated) | ¥299.1K |
| Net income per employee (consolidated) | ¥52.1K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,885 | 1,903 | 1,956 | 2,059 | 2,110 |
| Average salary (parent company) | ¥3.8M | ¥4M | ¥4.4M | ¥4.6M | ¥5.2M |
| Average age (parent company) | 33.1 years | 34.2 years | 35.0 years | 37.7 years | 40.5 years |
| Average tenure (parent company) | 2.3 years | 2.7 years | 3.5 years | 4.5 years | 4.5 years |

Year over year: Employees (consolidated) +2.5% · Revenue (consolidated) +13.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Child care service | 13,624 | 75.2% | 1,236 | 9.1% |
| Elderly Care Business | 1,963 | 10.8% | 51 | 2.6% |
| Lifelong Related Support Business | 2,341 | 12.9% | -46 | -2.0% |
| Other | 200 | 1.1% | 7 | 3.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Child care service | 75.2% | 95.5% | 20.4 | 9.1% |
| Elderly Care Business | 10.8% | 3.9% | -6.9 | 2.6% |
| Lifelong Related Support Business | 12.9% | — | — | -2.0% |
| Other | 1.1% | 0.5% | -0.6 | 3.5% |

Loss-making segment (excluded from profit shares): Lifelong Related Support Business -46 JPY mn

Segment → industry: Elderly Care Business → Nursing Care / Lifelong Related Support Business → Education / Child care service → Childcare

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,037 | 5.7% | S100XRYQ |
| Capital expenditure | 234 | 1.3% | S100XRYQ |
| Free cash flow | 803 | 4.4% | 算出 |
| Investing cash flow | -531 | -2.9% | S100XRYQ |
| Financing cash flow | -205 | -1.1% | S100XRYQ |
| Dividends paid | 40 | 0.2% | S100XRYQ |
| Change in cash | 299 | 1.6% | S100XRYQ |
| Cash and equivalents | 2,395 | 13.2% | S100XRYQ |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,745 | 2,113 | 1,862 | 2,095 | 2,395 | S100T3HC, S100VF43, S100XRYQ |
| Total assets | 7,294 | 9,323 | 9,527 | 9,759 | 10,429 | S100QERN, S100T3HC, S100VF43, S100XRYQ |
| Net assets | 2,331 | 2,180 | 2,242 | 1,735 | 1,804 | S100T3HC, S100VF43, S100XRYQ |
| Share capital | 453 | 453 | 455 | 455 | 455 | S100QERN, S100T3HC, S100VF43, S100XRYQ |
| Inventories | — | 67 | 66 | 67 | 71 | S100T3HC, S100VF43, S100XRYQ |
| Property, plant and equipment | 1,675 | 1,728 | 1,705 | 1,849 | 2,155 | S100QERN, S100T3HC, S100VF43, S100XRYQ |
| Intangible assets excluding goodwill | 819 | 1,865 | 1,915 | 1,839 | 1,598 | S100QERN, S100T3HC, S100VF43, S100XRYQ |
| Goodwill | 649 | 1,636 | 1,670 | 1,506 | 1,313 | S100QERN, S100T3HC, S100VF43, S100XRYQ |
| Investment securities | 10 | 10 | 10 | 10 | 10 | S100QERN, S100T3HC, S100VF43, S100XRYQ |
| Current assets | 3,215 | 3,989 | 4,094 | 4,438 | 4,964 | S100QERN, S100T3HC, S100VF43, S100XRYQ |
| Current liabilities | 2,427 | 3,739 | 4,136 | 4,947 | 5,264 | S100QERN, S100T3HC, S100VF43, S100XRYQ |
| Short-term borrowings | 550 | 1,140 | 1,339 | 1,947 | 1,864 | S100QERN, S100T3HC, S100VF43, S100XRYQ |
| Long-term borrowings | 2,390 | 3,137 | 2,855 | 2,772 | 3,056 | S100QERN, S100T3HC, S100VF43, S100XRYQ |
| Total liabilities | 4,962 | 7,142 | 7,285 | 8,024 | 8,625 | S100QERN, S100T3HC, S100VF43, S100XRYQ |
| Equity attributable to owners of parent | 2,331 | 2,180 | 2,242 | 1,735 | 1,804 | S100QERN, S100T3HC, S100VF43, S100XRYQ |
| Retained earnings | 1,347 | 1,280 | 1,339 | 832 | 1,050 | S100QERN, S100T3HC, S100VF43, S100XRYQ |
| Treasury stock | 0 | -84 | -84 | -84 | -84 | S100QERN, S100T3HC, S100VF43, S100XRYQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100XRYQ |
| Inventories | 1% | S100XRYQ |
| Property, plant and equipment | 20% | S100XRYQ |
| Intangibles and goodwill | 28% | S100XRYQ |
| Investment securities | 0% | S100XRYQ |
| Other assets | 28% | S100XRYQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 83% | S100XRYQ |
| Equity | 17% | S100XRYQ |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,294 | 9,323 | 9,527 | 9,759 | 10,429 |
| Equity | 2,331 | 2,180 | 2,242 | 1,735 | 1,804 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,745 | 2,113 | 1,862 | 2,095 | 2,395 |

## 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) | 11.9% | S100XRYQ |
| Fixed assets ÷ total assets | 20.7% | S100XRYQ |
| Goodwill ÷ parent equity | 72.8% | S100XRYQ |

Goodwill over 4 years: 649 → 1,313 JPY; total investing cash flow: -3,032 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) | 23.0% |
| Cash ÷ revenue | 13.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 164.3% |
| Cash vs. profit gap | 927 JPY mn (of net income 842.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 36.4% |
| Shareholder payments — dividends / FCF | 5.0% |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 51.2% |

## 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 | 2.1% | 1.57× | 3.2% | 3.13× | 10.2% | S100QERN |
| 2022 | — | —× | -0.3% | —× | — | S100T3HC |
| 2023 | 0.7% | 1.54× | 1.1% | 4.26× | 4.5% | S100VF43 |
| 2024 | — | —× | -4.8% | —× | — | S100XRYQ |
| 2025 | 0.6% | 1.80× | 1.1% | 5.70× | 6.2% | S100XRYQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社夢源 | Major shareholder | 32.8% | 2025-12-31 |
| 池内 比呂子 | Major shareholder | 15.5% | 2025-12-31 |
| 株式会社カナモリコーポレーション | Major shareholder | 8.2% | 2025-12-31 |
| AIAIグループ株式会社 | Major shareholder | 6.8% | 2025-12-31 |
| ＢＮＹＭ ＡＳ ＡＧＴ／ＣＬＴＳ ＮＯＮ ＴＲＥＡＴＹ ＪＡＳＤＥＣ（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.6% | 2025-12-31 |
| ＢＮＹＭ ＡＳ ＡＧＴ／ＣＬＴＳ ＴＲＥＡＴＹ ＪＡＳＤＥＣ（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.9% | 2025-12-31 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ ＭＥＬＬＯＮ 140066（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2025-12-31 |
| 土屋 悦子 | Major shareholder | 0.6% | 2025-12-31 |
| 福士 泉 | Major shareholder | 0.6% | 2025-12-31 |
| 吉野 晴彦 | Major shareholder | 0.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2025/01/01－2025/12/31) | S100XRYQ | 2026-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRYQ,, |
| 有価証券報告書－第10期(2024/01/01－2024/12/31) | S100VF43 | 2025-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VF43,, |
| 有価証券報告書－第9期(2023/01/01－2023/12/31) | S100T3HC | 2024-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3HC,, |
| 有価証券報告書－第8期(2022/01/01－2022/12/31) | S100QERN | 2023-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QERN,, |
| 有価証券報告書－第7期(令和3年1月1日－令和3年12月31日) | S100NPTD | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPTD,, |
| 有価証券報告書－第6期(令和2年1月1日－令和2年12月31日) | S100L12M | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L12M,, |

## 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).