# TENTIAL Inc.: business model and financials

> Latest period: FY ending Jan 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第7期(2024/02/01－2025/01/31) (S100VOWS)
> Page: https://vizora.meequs.com/en/company/tential
> Retrieved: 2026-09-30T19:48:36.319Z

## Company

Tential, founded in 2018, is a company in Apparel listed on TSE Growth. It has 119 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TENTIAL Inc. |
| Ticker | 325A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/325A.T) |
| Listing | TSE Growth |
| Head office | 東京都品川区北品川六丁目7番29号 |
| Representative (per filing) | 代表取締役社長 中西 裕太郎 |
| Founded | Feb 2018 |
| Share capital | ¥107.5M |
| Employees (consolidated) | 119 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | January |
| Website | corp.tential.jp (https://corp.tential.jp/) |
| Corporate number | 9011001120604 |
| EDINET | E40398 |
| Industries (Vizora) | Apparel |

> Profile source: annual securities report (S100VOWS, filed 2025-04-30). As of filing

## Five-axis industry profile

Primary industry: Apparel (2025-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 99.1 | 55 |
| Profitability | 89.3 | 61 |
| Cash conversion | 75.5 | 47 |
| Efficiency | 99.2 | 61 |

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)

- Tential brought in ¥12.8B in revenue.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +137.3% from the prior year, operating profit +206.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥12837419000 → ¥1061168000
- Net income → operating cash flow: ¥1061168000 → ¥2607712000（difference ¥1546544000）
- Main uses of operating cash flow: CapEx ¥282688000 / dividends — / buybacks —
- Change in cash: ¥2764937000
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 | ¥12.8B |  |
| Operating income | ¥1.45B | Margin 11.3% |
| Net income | ¥1.06B | Margin 8.3% |
| Free cash flow | ¥2.33B |  |
| Employees (consolidated) | 119 |  |
| EPS | ¥160.11 |  |
| Book value per share | ¥344.2 |  |
| Equity ratio | 36.6% |  |
| Shares outstanding | 6,655,600 |  |
| Shareholders | 32 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 66.4% | Cash ÷ revenue 32.4% |
| Vs. industry median margin | +8.3 pp | Apparel |
| ROE | 60.5% | Derived from disclosed figures |
| ROA | 24.3% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.5× net income
- FY2025, cash is 66% of total assets

## What changed in 1 years

| Metric | FY ending Jan 2024 | FY ending Jan 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5409051000 | ¥12837419000 | +137.3% |
| Operating income | ¥473499000 | ¥1452975000 | +206.9% |
| Operating margin | 8.8% | 11.3% | +2.6 pp |
| Employees | 85 people | 119 people | +40.0% |
| Cash and equivalents | ¥1393960000 | ¥4158898000 | +198.4% |

### Change in segment revenue mix

Span: FY ending Jan 2024 → FY ending Jan 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,837 | 100.0% | S100VOWS |
| Cost of revenue | 3,600 | 28.0% | S100VOWS |
| Gross profit | 9,237 | 72.0% | S100VOWS |
| SG&A | 7,784 | 60.6% | S100VOWS |
| Operating income | 1,453 | 11.3% | S100VOWS |
| Ordinary income | 1,439 | 11.2% | S100VOWS |
| Pretax income | 1,426 | 11.1% | S100VOWS |
| Income tax | 365 | 2.8% | S100VOWS |
| Net income | 1,061 | 8.3% | S100VOWS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 28 |
| SG&A | 61 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 72.0% → Operating margin 11.3% → Net margin 8.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +137.3%; Core profit growth: +206.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.51×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,409 | 12,837 | 7,428 | +137.3% |
| Gross profit | 3,781 | 9,237 | 5,456 | +144.3% |
| Operating income | 473 | 1,453 | 979 | +206.9% |
| Operating cash flow | 237 | 2,608 | 2,370 | +999.1% |
| Free cash flow | 159 | 2,325 | 2,166 | +1358.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2024 | 5,409 | 473 | 8.8% | 507 | 237 | 159 | S100VOWS |
| FY ending Jan 2025 | 12,837 | 1,453 | 11.3% | 1,061 | 2,608 | 2,325 | S100VOWS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥107.9M |
| Operating income per employee (consolidated) | ¥12.2M |
| Net income per employee (consolidated) | ¥8.9M |

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

| History | FY ending Jan 2024 | FY ending Jan 2025 |
| --- | ---: | ---: |
| Employees (consolidated) | 85 | 119 |
| Average salary (parent company) | — | ¥7.5M |
| Average age (parent company) | — | 34.8 years |
| Average tenure (parent company) | — | 1.7 years |

Year over year: Employees (consolidated) +40.0% · Revenue (consolidated) +137.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,608 | 20.3% | S100VOWS |
| Capital expenditure | 283 | 2.2% | S100VOWS |
| Free cash flow | 2,325 | 18.1% | 算出 |
| Investing cash flow | -370 | -2.9% | S100VOWS |
| Financing cash flow | 527 | 4.1% | S100VOWS |
| Change in cash | 2,765 | 21.5% | S100VOWS |
| Cash and equivalents | 4,159 | 32.4% | S100VOWS |

## 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 Jan 2024 | FY ending Jan 2025 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 1,394 | 4,159 | S100VOWS |
| Total assets | 2,489 | 6,262 | S100VOWS |
| Net assets | 1,215 | 2,291 | S100VOWS |
| Share capital | 100 | 107 | S100VOWS |
| Property, plant and equipment | 56 | 272 | S100VOWS |
| Intangible assets excluding goodwill | 43 | 81 | S100VOWS |
| Investment securities | — | 9 | S100VOWS |
| Current assets | 2,301 | 5,604 | S100VOWS |
| Current liabilities | 873 | 3,586 | S100VOWS |
| Short-term borrowings | 300 | 700 | S100VOWS |
| Long-term borrowings | 373 | 346 | S100VOWS |
| Bonds | 25 | — | S100VOWS |
| Interest-bearing debt | 698 | — | 算出 |
| Total liabilities | 1,274 | 3,971 | S100VOWS |
| Equity attributable to owners of parent | 1,215 | 2,291 | S100VOWS |
| Retained earnings | 507 | 1,568 | S100VOWS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 67% | S100VOWS |
| Property, plant and equipment | 4% | S100VOWS |
| Intangibles and goodwill | 1% | S100VOWS |
| Investment securities | 0% | S100VOWS |
| Other assets | 28% | S100VOWS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 63% | S100VOWS |
| Equity | 37% | S100VOWS |
| Other liabilities | 0% | S100VOWS |

### Balance sheet history

| Metric | FY ending Jan 2024 | FY ending Jan 2025 |
| --- | ---: | ---: |
| Total assets | 2,489 | 6,262 |
| Equity | 1,215 | 2,291 |
| Interest-bearing debt | 698 | — |
| Cash | 1,394 | 4,159 |

## 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) | 2.1% | S100VOWS |
| Fixed assets ÷ total assets | 4.4% | S100VOWS |
| Goodwill ÷ parent equity | — | —, S100VOWS |

### 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) | 66.4% |
| Cash ÷ revenue | 32.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 179.5% |
| Cash vs. profit gap | 1,547 JPY mn (of net income 145.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 14.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 9.4% | 2.17× | 20.4% | 2.05× | 41.7% | S100VOWS |
| 2025 | 8.3% | 2.93× | 24.3% | 2.50× | 60.5% | S100VOWS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中西 裕太郎 | Major shareholder | 33.5% | 2025-01-31 |
| 株式会社アカツキ | Major shareholder | 15.3% | 2025-01-31 |
| 株式会社Anchor | Major shareholder | 9.0% | 2025-01-31 |
| HIRACFUND１号投資事業有限責任組合 | Major shareholder | 6.8% | 2025-01-31 |
| ニッセイ・キャピタル12号投資事業有限責任組合 | Major shareholder | 5.9% | 2025-01-31 |
| ファッション＆テクノロジー２号投資事業組合 | Major shareholder | 5.3% | 2025-01-31 |
| Apricot Venture Fund１号投資事業有限責任組合 | Major shareholder | 5.2% | 2025-01-31 |
| ナントCVC２号投資事業有限責任組合 | Major shareholder | 3.0% | 2025-01-31 |
| MTGV投資事業有限責任組合 | Major shareholder | 2.5% | 2025-01-31 |
| Rakuten Capital S.C.Sp. （常任代理人 楽天グループ株式会社 代表取締役 三木谷 浩史） | Major shareholder | 2.4% | 2025-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第7期(2024/02/01－2025/01/31) | S100VOWS | 2025-04-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VOWS,, |

## 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).