# TESS Holdings Co., Ltd.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第17期(2025/07/01－2026/06/30) (S100Z42D)
> Page: https://vizora.meequs.com/en/company/tess-holdings
> Retrieved: 2026-09-30T21:45:53.381Z

## Company

TESS Holdings, founded in 2009, is a company in Electric Power & Gas listed on TSE Prime. It has 526 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TESS Holdings Co., Ltd. |
| Ticker | 5074 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5074.T) |
| Listing | TSE Prime |
| Head office | 大阪市淀川区西中島六丁目1番1号 |
| Representative (per filing) | 代表取締役社長 山本 一樹 |
| Founded | Jul 2009 |
| Share capital | ¥6.81B |
| Employees (consolidated) | 526 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | June |
| Website | www.tess-hd.co.jp (https://www.tess-hd.co.jp/) |
| Corporate number | 7120001138936 |
| EDINET | E36412 |
| Industries (Vizora) | Electric Power & Gas, Plant Engineering & Building Services |

> Profile source: annual securities report (S100Z42D, filed 2026-09-25). As of filing

## Five-axis industry profile

Primary industry: Electric Power & Gas (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65.5 | 42 |
| Profitability | 80.7 | 44 |
| Cash conversion | 25 | 42 |
| Efficiency | 12.5 | 44 |

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 57% of TESS Holdings's sales come from Energy Supply business, with Engineering business making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +39.6% from the prior year, operating profit +109.0%.

## Company structure

- Segment revenue mix: Energy Supply business 56.7%、Engineering business 43.3%
- Revenue → net income: ¥51217000000 → ¥2233000000
- Net income → operating cash flow: ¥2233000000 → ¥5099000000（difference ¥2866000000）
- Main uses of operating cash flow: CapEx ¥7361000000 / dividends ¥361000000 / buybacks —
- Change in cash: ¥-3605000000
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 | ¥51.2B |  |
| Operating income | ¥5.33B | Margin 10.4% |
| Net income | ¥2.12B | Margin 4.1% |
| Free cash flow | -¥2.26B |  |
| Largest business | Energy Supply business | of segment revenue 56.7% |
| Employees (consolidated) | 526 |  |
| EPS | ¥9.13 |  |
| Diluted EPS | ¥9.12 |  |
| Book value per share | ¥438.76 |  |
| Equity ratio | 31.6% |  |
| Shares outstanding | 70,773,230 |  |
| Treasury shares | 130,100 |  |
| Shareholders | 24,998 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 7.8% | Cash ÷ revenue 25.0% |
| Vs. industry median margin | +3.4 pp | Electric Power & Gas |
| ROE | 5.2% | Derived from disclosed figures |
| ROA | 1.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, one segment accounts for 73% of positive segment profit

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥34249000000 | ¥51217000000 | +49.5% |
| Operating income | ¥4399000000 | ¥5326000000 | +21.1% |
| Operating margin | 12.8% | 10.4% | -2.4 pp |
| Employees | 316 people | 526 people | +66.5% |
| Cash and equivalents | ¥22169000000 | ¥12825000000 | -42.1% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| エンジニアリング事業 → エンジニアリング事業 | 42.0% |
| エネルギーサプライ事業 → エネルギーサプライ事業 | 56.7% |
| エネルギーサプライ事業 → 事業再編・廃止 | 1.4% |
| 新設・再編 → エンジニアリング事業 | 1.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 51,217 | 100.0% | S100Z42D |
| Cost of revenue | 40,799 | 79.7% | S100Z42D |
| Gross profit | 10,417 | 20.3% | S100Z42D |
| SG&A | 5,091 | 9.9% | S100Z42D |
| Operating income | 5,326 | 10.4% | S100Z42D |
| Ordinary income | 3,834 | 7.5% | S100Z42D |
| Pretax income | 3,708 | 7.2% | S100Z42D |
| Income tax | 1,474 | 2.9% | S100Z42D |
| Net income | 2,233 | 4.4% | S100Z42D |
| Net income attributable to owners | 2,123 | 4.1% | S100Z42D |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 10 |
| Operating income | 10 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 20.3% → Operating margin 10.4% → Net margin 4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +39.6%; Core profit growth: +109.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.75×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 36,684 | 51,217 | 14,533 | +39.6% |
| Gross profit | 7,453 | 10,417 | 2,964 | +39.8% |
| Operating income | 2,548 | 5,326 | 2,778 | +109.0% |
| Net income attributable to owners | 204 | 2,123 | 1,919 | +940.7% |
| Operating cash flow | 7,806 | 5,099 | -2,707 | -34.7% |
| Free cash flow | -1,165 | -2,262 | -1,097 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 28,415 | 3,511 | 12.4% | 1,625 | -1,608 | -16,827 | S100MI8W |
| FY ending Jun 2021 | 34,249 | 4,399 | 12.8% | 1,990 | 431 | -3,745 | S100Q2GF |
| FY ending Jun 2022 | 34,945 | 5,146 | 14.7% | 2,695 | 14,646 | 11,267 | S100RXOA |
| FY ending Jun 2023 | 34,415 | 6,864 | 19.9% | 3,592 | 13,827 | -2,099 | S100UG46 |
| FY ending Jun 2024 | 30,643 | 2,370 | 7.7% | 1,185 | -42 | -15,249 | S100XOS1 |
| FY ending Jun 2025 | 36,684 | 2,548 | 6.9% | 204 | 7,806 | -1,165 | S100Z42D |
| FY ending Jun 2026 | 51,217 | 5,326 | 10.4% | 2,123 | 5,099 | -2,262 | S100Z42D |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥97.4M |
| Operating income per employee (consolidated) | ¥10.1M |
| Net income per employee (consolidated) | ¥4M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 350 | 374 | 405 | 471 | 526 |
| Average salary (parent company) | ¥6.2M | ¥5.9M | ¥6.2M | ¥5.7M | ¥6.2M |
| Average age (parent company) | 36.7 years | 36.1 years | 36.2 years | 37.1 years | 37.5 years |
| Average tenure (parent company) | 7.3 years | 7.7 years | 8.2 years | 8.1 years | 8.6 years |

Year over year: Employees (consolidated) +11.7% · Revenue (consolidated) +39.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Engineering business | 22,197 | 43.3% | 1,274 | 5.7% |
| Energy Supply business | 29,019 | 56.7% | 3,420 | 11.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Engineering business | 43.3% | 27.1% | -16.2 | 5.7% |
| Energy Supply business | 56.7% | 72.9% | 16.2 | 11.8% |

Segment → industry: Energy Supply business → Electric Power & Gas / Engineering business → Plant Engineering & Building Services

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,099 | 10.0% | S100Z42D |
| Capital expenditure | 7,361 | 14.4% | S100Z42D |
| Free cash flow | -2,262 | -4.4% | 算出 |
| Investing cash flow | -7,311 | -14.3% | S100Z42D |
| Financing cash flow | -1,448 | -2.8% | S100Z42D |
| Dividends paid | 361 | 0.7% | S100Z42D |
| Change in cash | -3,605 | -7.0% | S100Z42D |
| Cash and equivalents | 12,825 | 25.0% | S100Z42D |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 18,369 | 11,026 | 14,098 | 16,431 | 12,825 | S100UG46, S100XOS1, S100Z42D |
| Total assets | 94,256 | 94,089 | 119,128 | 151,262 | 164,946 | S100RXOA, S100UG46, S100XOS1, S100Z42D |
| Net assets | 25,239 | 28,340 | 41,796 | 42,853 | 52,417 | S100UG46, S100XOS1, S100Z42D |
| Share capital | 17 | 26 | 6,760 | 6,760 | 6,813 | S100RXOA, S100UG46, S100XOS1, S100Z42D |
| Property, plant and equipment | 41,196 | 51,023 | 61,118 | 78,738 | 81,034 | S100RXOA, S100UG46, S100XOS1, S100Z42D |
| Intangible assets excluding goodwill | 7,092 | 7,932 | 7,615 | 15,209 | 15,126 | S100RXOA, S100UG46, S100XOS1, S100Z42D |
| Goodwill | 624 | 591 | 559 | 526 | 494 | S100RXOA, S100UG46, S100XOS1, S100Z42D |
| Investment securities | 579 | 421 | 381 | 971 | 987 | S100RXOA, S100UG46, S100XOS1, S100Z42D |
| Current assets | 38,834 | 27,381 | 36,022 | 41,986 | 43,194 | S100RXOA, S100UG46, S100XOS1, S100Z42D |
| Current liabilities | 21,584 | 19,002 | 23,249 | 29,996 | 34,439 | S100RXOA, S100UG46, S100XOS1, S100Z42D |
| Trade payables | 844 | 761 | 1,125 | 894 | 1,505 | S100RXOA, S100UG46, S100XOS1, S100Z42D |
| Short-term borrowings | 12,133 | 10,100 | 13,250 | 13,916 | 17,731 | S100RXOA, S100UG46, S100XOS1, S100Z42D |
| Long-term borrowings | 42,870 | 41,392 | 45,047 | 66,515 | 62,145 | S100RXOA, S100UG46, S100XOS1, S100Z42D |
| Total liabilities | 69,017 | 65,749 | 77,332 | 108,408 | 112,529 | S100RXOA, S100UG46, S100XOS1, S100Z42D |
| Non-controlling interests | 32 | 91 | 283 | 296 | 300 | S100RXOA, S100UG46, S100XOS1, S100Z42D |
| Equity attributable to owners of parent | 25,179 | 28,053 | 41,083 | 40,146 | 42,015 | S100RXOA, S100UG46, S100XOS1, S100Z42D |
| Retained earnings | 11,589 | 14,444 | 14,715 | 13,778 | 15,540 | S100RXOA, S100UG46, S100XOS1, S100Z42D |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100RXOA, S100UG46, S100XOS1, S100Z42D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100Z42D |
| Property, plant and equipment | 49% | S100Z42D |
| Intangibles and goodwill | 9% | S100Z42D |
| Investment securities | 1% | S100Z42D |
| Other assets | 33% | S100Z42D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100Z42D |
| Other liabilities | 67% | S100Z42D |
| Equity | 32% | S100Z42D |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 94,256 | 94,089 | 119,128 | 151,262 | 164,946 |
| Equity | 25,239 | 28,340 | 41,796 | 42,853 | 52,417 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,369 | 11,026 | 14,098 | 16,431 | 12,825 |

## 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) | 158.2% | S100Z42D |
| Fixed assets ÷ total assets | 49.1% | S100Z42D |
| Goodwill ÷ parent equity | 1.2% | S100Z42D |

Goodwill over 4 years: 624 → 494 JPY; total investing cash flow: -54,210 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) | 7.8% |
| Cash ÷ revenue | 25.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 95.7% |
| Cash vs. profit gap | 2,976 JPY mn (of net income 140.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 17.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 14.4% |
| Investing CF relative to operating CF | 143.4% |

## 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 | 7.7% | 0.37× | 2.9% | 3.74× | 10.7% | S100RXOA |
| 2023 | 10.4% | 0.37× | 3.8% | 3.54× | 13.5% | S100UG46 |
| 2024 | 3.9% | 0.29× | 1.1% | 3.08× | 3.4% | S100XOS1 |
| 2025 | 0.6% | 0.27× | 0.2% | 3.33× | 0.5% | S100Z42D |
| 2026 | 4.1% | 0.32× | 1.3% | 3.85× | 5.2% | S100Z42D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社ストーンサイド | Major shareholder | 7.4% | 2026-06-30 |
| 石脇 秀夫 | Major shareholder | 6.8% | 2026-06-30 |
| 合同会社たかおか屋 | Major shareholder | 6.7% | 2026-06-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.7% | 2026-06-30 |
| 株式会社瑛 | Major shareholder | 5.5% | 2026-06-30 |
| 株式会社Y | Major shareholder | 5.0% | 2026-06-30 |
| 東京センチュリー株式会社 | Major shareholder | 5.0% | 2026-06-30 |
| 山本 一樹 | Major shareholder | 2.2% | 2026-06-30 |
| ＪＰ ＪＰＭＳＥ ＬＵＸ ＲＥ ＢＡＲＣＬＡＹＳ ＣＡＰＩＴＡＬ ＳＥＣ ＬＴＤ ＥＱ ＣＯ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.1% | 2026-06-30 |
| 石田 智也 | Major shareholder | 2.0% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2025/07/01－2026/06/30) | S100Z42D | 2026-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z42D,, |
| 訂正有価証券報告書－第16期(2024/07/01－2025/06/30) | S100XOS1 | 2026-03-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XOS1,, |
| 有価証券報告書－第15期(2023/07/01－2024/06/30) | S100UG46 | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UG46,, |
| 有価証券報告書－第14期(2022/07/01－2023/06/30) | S100RXOA | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXOA,, |
| 訂正有価証券報告書－第13期(2021/07/01－2022/06/30) | S100Q2GF | 2023-02-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q2GF,, |
| 有価証券報告書－第12期(令和2年7月1日－令和3年6月30日) | S100MI8W | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MI8W,, |

## 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).