# TENPOS HOLDINGS Co.,Ltd: business model and financials

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第34期(2025/05/01－2026/04/30) (S100YS8T)
> Page: https://vizora.meequs.com/en/company/tenpos-holdings
> Retrieved: 2026-09-30T21:08:46.090Z

## Company

Tenpos Holdings, founded in 1992, is a company in Consulting listed on TSE Standard. It has 1,306 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TENPOS HOLDINGS Co.,Ltd. |
| Ticker | 2751 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2751.T) |
| Listing | TSE Standard |
| Head office | 東京都大田区東蒲田二丁目30番17号 |
| Representative (per filing) | 代表取締役社長 森下 篤史 |
| Founded | May 1992 |
| Share capital | ¥499M |
| Employees (consolidated) | 1,306 |
| Fiscal year end | April |
| Website | www.tenpos.co.jp (https://www.tenpos.co.jp/) |
| Corporate number | 5010801007634 |
| EDINET | E02953 |
| Industries (Vizora) | Consulting, Specialty Trading & Wholesale, Restaurants & Pubs |

> Profile source: annual securities report (S100YS8T, filed 2026-07-28). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.3 | 179 |
| Profitability | 80.8 | 185 |
| Cash conversion | 26 | 179 |
| Efficiency | 68.9 | 185 |

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 53% of Tenpos Holdings's sales come from Retail, with Food and beverage and Information Service Business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +13.5% from the prior year, operating profit +8.3%.

## Company structure

- Segment revenue mix: Retail 52.8%、Food and beverage 40.9%、Information Service Business 6.3%
- Revenue → net income: ¥53408000000 → ¥2008000000
- Net income → operating cash flow: ¥2008000000 → ¥1707000000（difference ¥-301000000）
- Main uses of operating cash flow: CapEx ¥558000000 / dividends ¥108000000 / buybacks ¥0
- Change in cash: ¥-778000000
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 | ¥53.4B |  |
| Operating income | ¥2.89B | Margin 5.4% |
| Net income | ¥1.89B | Margin 3.5% |
| Free cash flow | ¥1.15B |  |
| Largest business | Retail | of segment revenue 52.8% |
| Employees (consolidated) | 1,306 |  |
| EPS | ¥85.93 |  |
| Diluted EPS | ¥84.27 |  |
| Book value per share | ¥655.98 |  |
| Equity ratio | 60.4% |  |
| Shares outstanding | 14,314,800 |  |
| Treasury shares | 2,232,500 |  |
| Shareholders | 38,077 |  |
| Cash ratio | 30.2% | Cash ÷ revenue 16.6% |
| Vs. industry median margin | +2.5 pp | Specialty Trading & Wholesale |
| ROE | 11.3% | Derived from disclosed figures |
| ROA | 6.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 75% of positive segment profit
- FY2026, segment profit share differs by 22 points
- FY2026, cash is 30% of total assets

## What changed in 5 years

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27014000000 | ¥53408000000 | +97.7% |
| Operating income | ¥982000000 | ¥2890000000 | +194.3% |
| Operating margin | 3.6% | 5.4% | +1.8 pp |
| Employees | 657 people | 1,306 people | +98.8% |
| Cash and equivalents | ¥8701000000 | ¥8849000000 | +1.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 物販事業 → 物販事業 | 52.8% |
| 物販事業 → 事業再編・廃止 | 13.0% |
| 情報・サービス事業 → 情報・サービス事業 | 6.3% |
| 情報・サービス事業 → 事業再編・廃止 | 3.8% |
| 飲食事業 → 飲食事業 | 24.1% |
| 新設・再編 → 飲食事業 | 16.8% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Retail | 5 years | +9.7% | ¥28190000000 | 8.3% | 2 |
| Food and beverage | 5 years | +27.4% | ¥21862000000 | 3.6% | 2 |
| Information Service Business | 5 years | +4.2% | ¥3355000000 | -3.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 53,408 | 100.0% | S100YS8T |
| Cost of revenue | 31,532 | 59.0% | S100YS8T |
| Gross profit | 21,876 | 41.0% | S100YS8T |
| SG&A | 18,985 | 35.5% | S100YS8T |
| Operating income | 2,890 | 5.4% | S100YS8T |
| Ordinary income | 3,107 | 5.8% | S100YS8T |
| Pretax income | 3,159 | 5.9% | S100YS8T |
| Income tax | 1,150 | 2.2% | S100YS8T |
| Net income | 2,008 | 3.8% | 算出 |
| Net income attributable to owners | 1,894 | 3.5% | S100YS8T |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 36 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 41.0% → Operating margin 5.4% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.5%; Core profit growth: +8.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.62×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 47,055 | 53,408 | 6,353 | +13.5% |
| Gross profit | 17,722 | 21,876 | 4,154 | +23.4% |
| Operating income | 2,668 | 2,890 | 222 | +8.3% |
| Net income attributable to owners | 2,064 | 1,894 | -170 | -8.2% |
| Operating cash flow | 1,223 | 1,707 | 484 | +39.6% |
| Free cash flow | 697 | 1,149 | 452 | +64.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2020 | 29,195 | 1,722 | 5.9% | 960 | 687 | 297 | S100M27Y |
| FY ending Apr 2021 | 27,014 | 982 | 3.6% | 199 | 1,470 | 1,258 | S100OSOC |
| FY ending Apr 2022 | 29,008 | 1,871 | 6.4% | 1,564 | 2,310 | 2,116 | S100RGPR |
| FY ending Apr 2023 | 31,284 | 2,220 | 7.1% | 1,427 | 649 | 461 | S100U3LC |
| FY ending Apr 2024 | 37,074 | 2,824 | 7.6% | 1,972 | 2,600 | 2,258 | S100WEB0 |
| FY ending Apr 2025 | 47,055 | 2,668 | 5.7% | 2,064 | 1,223 | 697 | S100YS8T |
| FY ending Apr 2026 | 53,408 | 2,890 | 5.4% | 1,894 | 1,707 | 1,149 | S100YS8T |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.9M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.5M |

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

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 659 | 636 | 838 | 964 | 1,306 |
| Average salary (parent company) | ¥4.7M | ¥5M | ¥5.1M | ¥5.7M | — |
| Average age (parent company) | 51.0 years | 53.0 years | 56.0 years | 52.0 years | 48.6 years |
| Average tenure (parent company) | 12.0 years | 12.0 years | 13.0 years | 8.0 years | 7.3 years |

Year over year: Employees (consolidated) +35.5% · Revenue (consolidated) +13.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Retail | 28,190 | 52.8% | 2,334 | 8.3% |
| Information Service Business | 3,355 | 6.3% | -101 | -3.0% |
| Food and beverage | 21,862 | 40.9% | 789 | 3.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Retail | 52.8% | 74.7% | 22.0 | 8.3% |
| Information Service Business | 6.3% | — | — | -3.0% |
| Food and beverage | 40.9% | 25.3% | -15.7 | 3.6% |

Loss-making segment (excluded from profit shares): Information Service Business -101 JPY mn

Segment → industry: Information Service Business → Consulting / Retail → Specialty Trading & Wholesale / Food and beverage → Restaurants & Pubs

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,707 | 3.2% | S100YS8T |
| Capital expenditure | 558 | 1.0% | S100YS8T |
| Free cash flow | 1,149 | 2.2% | 算出 |
| Investing cash flow | -2,212 | -4.1% | S100YS8T |
| Financing cash flow | -273 | -0.5% | S100YS8T |
| Dividends paid | 108 | 0.2% | S100YS8T |
| Share buyback | 0 | 0.0% | S100YS8T |
| Change in cash | -778 | -1.5% | S100YS8T |
| Cash and equivalents | 8,849 | 16.6% | S100YS8T |

## 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 10,432 | 10,367 | 10,570 | 9,628 | 8,849 | S100U3LC, S100WEB0, S100YS8T |
| Total assets | 18,859 | 19,361 | 24,218 | 26,219 | 29,345 | S100RGPR, S100U3LC, S100WEB0, S100YS8T |
| Net assets | 12,916 | 14,268 | 14,934 | 17,222 | 19,194 | S100U3LC, S100WEB0, S100YS8T |
| Share capital | 509 | 499 | 499 | 499 | 499 | S100RGPR, S100U3LC, S100WEB0, S100YS8T |
| Trade receivables | 1,498 | 1,621 | 2,210 | 2,606 | 3,079 | S100RGPR, S100U3LC, S100WEB0, S100YS8T |
| Inventories | 3,175 | 3,849 | 4,438 | 5,383 | 6,368 | S100RGPR, S100U3LC, S100WEB0, S100YS8T |
| Property, plant and equipment | 746 | 648 | 2,284 | 2,285 | 2,854 | S100RGPR, S100U3LC, S100WEB0, S100YS8T |
| Intangible assets excluding goodwill | 111 | 102 | 1,304 | 1,190 | 2,140 | S100RGPR, S100U3LC, S100WEB0, S100YS8T |
| Goodwill | — | — | 1,197 | 1,071 | 1,980 | S100WEB0, S100YS8T |
| Investment securities | 86 | 103 | 236 | 1,161 | 810 | S100RGPR, S100U3LC, S100WEB0, S100YS8T |
| Current assets | 15,803 | 16,326 | 17,665 | 17,941 | 18,827 | S100RGPR, S100U3LC, S100WEB0, S100YS8T |
| Current liabilities | 5,546 | 4,775 | 6,689 | 6,895 | 8,097 | S100RGPR, S100U3LC, S100WEB0, S100YS8T |
| Trade payables | 1,842 | 1,941 | 2,648 | 3,059 | 3,260 | S100RGPR, S100U3LC, S100WEB0, S100YS8T |
| Short-term borrowings | 250 | — | — | 2 | 1 | S100RGPR, S100YS8T |
| Long-term borrowings | 173 | 92 | 2,155 | 1,640 | 1,356 | S100RGPR, S100U3LC, S100WEB0, S100YS8T |
| Total liabilities | 5,943 | 5,092 | 9,283 | 8,996 | 10,150 | S100RGPR, S100U3LC, S100WEB0, S100YS8T |
| Non-controlling interests | 1,185 | 1,157 | 956 | 1,174 | 1,288 | S100RGPR, S100U3LC, S100WEB0, S100YS8T |
| Equity attributable to owners of parent | 11,527 | 12,891 | 13,746 | 15,781 | 17,676 | S100RGPR, S100U3LC, S100WEB0, S100YS8T |
| Retained earnings | 11,183 | 12,492 | 14,221 | 16,239 | 18,025 | S100RGPR, S100U3LC, S100WEB0, S100YS8T |
| Treasury stock | -1,009 | -993 | -974 | -957 | -935 | S100RGPR, S100U3LC, S100WEB0, S100YS8T |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100YS8T |
| Receivables | 10% | S100YS8T |
| Inventories | 22% | S100YS8T |
| Property, plant and equipment | 10% | S100YS8T |
| Intangibles and goodwill | 14% | S100YS8T |
| Investment securities | 3% | S100YS8T |
| Other assets | 11% | S100YS8T |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YS8T |
| Other liabilities | 24% | S100YS8T |
| Equity | 65% | S100YS8T |
| Other liabilities | 0% | S100YS8T |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 18,859 | 19,361 | 24,218 | 26,219 | 29,345 |
| Equity | 12,916 | 14,268 | 14,934 | 17,222 | 19,194 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,432 | 10,367 | 10,570 | 9,628 | 8,849 |

## 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) | 5.3% | S100YS8T |
| Fixed assets ÷ total assets | 9.7% | S100YS8T |
| Goodwill ÷ parent equity | 11.2% | S100YS8T |

### 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) | 30.2% |
| Cash ÷ revenue | 16.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 59.1% |
| Cash vs. profit gap | -187 JPY mn (of net income -9.9%) |
| Shareholder returns / net income | 5.7% |
| Shareholder returns / FCF | 9.4% |
| Shareholder payments — dividends / net income | 5.7% |
| Shareholder payments — dividends / FCF | 9.4% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 129.6% |

## 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 | 5.4% | 1.54× | 8.3% | 1.64× | 13.6% | S100RGPR, S100OSOC |
| 2023 | 4.6% | 1.64× | 7.5% | 1.57× | 11.7% | S100U3LC, 算出 |
| 2024 | 5.3% | 1.70× | 9.1% | 1.64× | 14.8% | S100WEB0, 算出 |
| 2025 | 4.4% | 1.87× | 8.2% | 1.71× | 14.0% | S100YS8T, 算出 |
| 2026 | 3.5% | 1.92× | 6.8% | 1.66× | 11.3% | S100YS8T, 算出 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社あさしお | Major shareholder | 17.2% | 2026-04-30 |
| 森下篤史 | Major shareholder | 15.3% | 2026-04-30 |
| ガリレイ株式会社 | Major shareholder | 8.0% | 2026-04-30 |
| 株式会社マルゼン | Major shareholder | 4.0% | 2026-04-30 |
| 森下潔子 | Major shareholder | 3.5% | 2026-04-30 |
| 森下和光 | Major shareholder | 3.1% | 2026-04-30 |
| 長谷川朋子 | Major shareholder | 3.1% | 2026-04-30 |
| 森下壮人 | Major shareholder | 3.1% | 2026-04-30 |
| 山田暁子 | Major shareholder | 2.9% | 2026-04-30 |
| テンポスホールディングス従業員持株会 | Major shareholder | 1.1% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第34期(2025/05/01－2026/04/30) | S100YS8T | 2026-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YS8T,, |
| 有価証券報告書－第33期(2024/05/01－2025/04/30) | S100WEB0 | 2025-07-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WEB0,, |
| 有価証券報告書－第32期(2023/05/01－2024/04/30) | S100U3LC | 2024-07-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U3LC,, |
| 有価証券報告書－第31期(2022/05/01－2023/04/30) | S100RGPR | 2023-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RGPR,, |
| 有価証券報告書－第30期(令和3年5月1日－令和4年4月30日) | S100OSOC | 2022-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OSOC,, |
| 有価証券報告書－第29期(令和2年5月1日－令和3年4月30日) | S100M27Y | 2021-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M27Y,, |

## 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).