# TETSUJIN Holdings, Inc: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2024/09/01－2025/08/31) (S100X7IQ)
> Page: https://vizora.meequs.com/en/company/tetsujin-holdings
> Retrieved: 2026-09-30T22:47:23.951Z

## Company

TETSUJIN Holdings, founded in 1999, is a company in Music & Live Entertainment listed on TSE Standard. It has 446 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TETSUJIN Holdings,Inc. |
| Ticker | 2404 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2404.T) |
| Listing | TSE Standard |
| Head office | 東京都目黒区碑文谷五丁目15番1号 |
| Representative (per filing) | 代表取締役社長 根来 拓也 |
| Founded | Dec 1999 |
| Share capital | ¥92.7M |
| Employees (consolidated) | 446 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | August |
| Website | www.tetsujin.ne.jp (https://www.tetsujin.ne.jp/) |
| Corporate number | 5013201010877 |
| EDINET | E05409 |
| Industries (Vizora) | Music & Live Entertainment, Amusement Centers & Karaoke, Restaurants & Pubs, Beauty Salons |

> Profile source: annual securities report (S100X7IQ, filed 2025-11-28). As of filing

## Five-axis industry profile

Primary industry: Amusement Centers & Karaoke (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10 | 5 |
| Profitability | 7.1 | 7 |
| Cash conversion | 92.9 | 7 |
| Efficiency | 92.9 | 7 |

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 48% of TETSUJIN Holdings's sales come from Karaoke room operation, with Food Business and Beauty Business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +13.8% from the prior year, operating profit +204.9%.

## Company structure

- Segment revenue mix: Karaoke room operation 48.1%、Food Business 24.3%、Beauty Business 23.6%、Other 3.3%、Media content planning business 0.7%
- Revenue → net income: ¥8043054000 → ¥335722000
- Net income → operating cash flow: ¥335722000 → ¥681654000（difference ¥345932000）
- Main uses of operating cash flow: CapEx ¥380078000 / dividends — / buybacks —
- Change in cash: ¥240562000
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 | ¥8.04B |  |
| Operating income | ¥211.2M | Margin 2.6% |
| Net income | ¥335.7M | Margin 4.2% |
| Free cash flow | ¥301.6M |  |
| Largest business | Karaoke room operation | of segment revenue 48.1% |
| Employees (consolidated) | 446 |  |
| EPS | ¥15.98 |  |
| Diluted EPS | ¥15.9 |  |
| Book value per share | ¥-9.53 |  |
| Equity ratio | 14.3% |  |
| Shares outstanding | 13,817,362 |  |
| Treasury shares | 457,300 |  |
| Shareholders | 13,379 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 21.7% | Cash ÷ revenue 12.2% |
| Vs. industry median margin | -5.9 pp | Amusement Centers & Karaoke |
| ROE | 77.8% | Derived from disclosed figures |
| ROA | 7.6% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.0× net income
- FY2025, one segment accounts for 72% of positive segment profit
- FY2025, segment profit share differs by 24 points

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5532218000 | ¥8043054000 | +45.4% |
| Operating income | ¥-815347000 | ¥211164000 | — |
| Operating margin | -14.7% | 2.6% | +17.4 pp |
| Employees | 236 people | 446 people | +89.0% |
| Cash and equivalents | ¥1809707000 | ¥979168000 | -45.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| カラオケ・飲食事業 → 事業再編・廃止 | 93.9% |
| メディア・コンテンツ企画事業 → メディア・コンテンツ企画事業 | 0.7% |
| メディア・コンテンツ企画事業 → 事業再編・廃止 | 1.6% |
| その他 → その他 | 3.3% |
| その他 → 事業再編・廃止 | 0.5% |
| 新設・再編 → カラオケルーム運営事業 | 48.1% |
| 新設・再編 → 飲食事業 | 24.3% |
| 新設・再編 → 美容事業 | 23.6% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Karaoke room operation | 4 years | -1.5% | ¥3868496000 | 16.5% | 2 |
| Food Business | 4 years | +28.6% | ¥1952931000 | 7.0% | 2 |
| Beauty Business | 4 years | +69.8% | ¥1901398000 | 3.5% | 2 |
| Other | 5 years | +4.9% | ¥261911000 | -67.8% | 2 |
| Media content planning business | 5 years | -14.6% | ¥58316000 | 83.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,043 | 100.0% | S100X7IQ |
| Cost of revenue | 6,885 | 85.6% | S100X7IQ |
| Gross profit | 1,158 | 14.4% | S100X7IQ |
| SG&A | 947 | 11.8% | S100X7IQ |
| Operating income | 211 | 2.6% | S100X7IQ |
| Ordinary income | 265 | 3.3% | S100X7IQ |
| Pretax income | 232 | 2.9% | S100X7IQ |
| Income tax | -104 | -1.3% | S100X7IQ |
| Net income | 336 | 4.2% | S100X7IQ |
| Net income attributable to owners | 336 | 4.2% | S100X7IQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 12 |
| Operating income | 3 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 14.4% → Operating margin 2.6% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.8%; Core profit growth: +204.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 14.87×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,069 | 8,043 | 974 | +13.8% |
| Gross profit | 988 | 1,158 | 170 | +17.2% |
| Operating income | 69 | 211 | 142 | +204.9% |
| Net income attributable to owners | 4 | 336 | 332 | +8253.4% |
| Operating cash flow | 426 | 682 | 256 | +60.1% |
| Free cash flow | 222 | 302 | 80 | +36.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 7,166 | 203 | 2.8% | 168 | 376 | 61 | S100K99M |
| FY ending Aug 2020 | 5,532 | -815 | -14.7% | -1,581 | -747 | -1,049 | S100MY0L |
| FY ending Aug 2021 | 5,241 | -145 | -2.8% | -282 | -165 | -182 | S100PPWP |
| FY ending Aug 2022 | 5,878 | -262 | -4.5% | 32 | 187 | 127 | S100SDVV |
| FY ending Aug 2023 | 6,592 | -84 | -1.3% | 6 | 217 | 79 | S100UWL2 |
| FY ending Aug 2024 | 7,069 | 69 | 1.0% | 4 | 426 | 222 | S100X7IQ |
| FY ending Aug 2025 | 8,043 | 211 | 2.6% | 336 | 682 | 302 | S100X7IQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18M |
| Operating income per employee (consolidated) | ¥473.5K |
| Net income per employee (consolidated) | ¥752.7K |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 165 | 278 | 291 | 384 | 446 |
| Average salary (parent company) | ¥4.2M | ¥4.7M | ¥4.7M | ¥4.9M | ¥4.9M |
| Average age (parent company) | 36.4 years | 37.1 years | 38.7 years | 38.2 years | 39.1 years |
| Average tenure (parent company) | 6.3 years | 6.6 years | 6.9 years | 7.2 years | 7.6 years |

Year over year: Employees (consolidated) +16.1% · Revenue (consolidated) +13.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Karaoke room operation | 3,868 | 48.1% | 639 | 16.5% |
| Food Business | 1,953 | 24.3% | 137 | 7.0% |
| Beauty Business | 1,901 | 23.6% | 66 | 3.5% |
| Media content planning business | 58 | 0.7% | 48 | 83.1% |
| Other | 262 | 3.3% | -177 | -67.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Karaoke room operation | 48.1% | 71.7% | 23.6 | 16.5% |
| Food Business | 24.3% | 15.4% | -8.9 | 7.0% |
| Beauty Business | 23.6% | 7.5% | -16.2 | 3.5% |
| Media content planning business | 0.7% | 5.4% | 4.7 | 83.1% |
| Other | 3.3% | — | — | -67.8% |

Loss-making segment (excluded from profit shares): Other -177 JPY mn

Segment → industry: Media content planning business → Music & Live Entertainment / Karaoke room operation → Amusement Centers & Karaoke / Food Business → Restaurants & Pubs / Beauty Business → Beauty Salons

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 682 | 8.5% | S100X7IQ |
| Capital expenditure | 380 | 4.7% | S100X7IQ |
| Free cash flow | 302 | 3.7% | 算出 |
| Investing cash flow | -166 | -2.1% | S100X7IQ |
| Financing cash flow | -275 | -3.4% | S100X7IQ |
| Change in cash | 241 | 3.0% | S100X7IQ |
| Cash and equivalents | 979 | 12.2% | S100X7IQ |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,400 | 951 | 880 | 739 | 979 | S100SDVV, S100UWL2, S100X7IQ |
| Total assets | 4,942 | 4,501 | 4,322 | 4,326 | 4,504 | S100PPWP, S100SDVV, S100UWL2, S100X7IQ |
| Net assets | 190 | 221 | 220 | 224 | 656 | S100SDVV, S100UWL2, S100X7IQ |
| Share capital | 50 | 50 | 50 | 50 | 93 | S100PPWP, S100SDVV, S100UWL2, S100X7IQ |
| Trade receivables | 144 | — | — | — | — | S100MY0L |
| Property, plant and equipment | 1,426 | 1,392 | 1,375 | 1,472 | 1,304 | S100PPWP, S100SDVV, S100UWL2, S100X7IQ |
| Intangible assets excluding goodwill | 45 | 141 | 116 | 81 | 83 | S100PPWP, S100SDVV, S100UWL2, S100X7IQ |
| Goodwill | 32 | 131 | 99 | 67 | 64 | S100PPWP, S100SDVV, S100UWL2, S100X7IQ |
| Current assets | 2,031 | 1,561 | 1,569 | 1,578 | 1,754 | S100PPWP, S100SDVV, S100UWL2, S100X7IQ |
| Current liabilities | 1,409 | 1,311 | 2,888 | 2,085 | 1,835 | S100PPWP, S100SDVV, S100UWL2, S100X7IQ |
| Short-term borrowings | — | — | — | 600 | 278 | S100X7IQ |
| Long-term borrowings | 2,868 | 2,417 | 719 | 1,506 | 1,508 | S100PPWP, S100SDVV, S100UWL2, S100X7IQ |
| Total liabilities | 4,752 | 4,281 | 4,102 | 4,103 | 3,848 | S100PPWP, S100SDVV, S100UWL2, S100X7IQ |
| Equity attributable to owners of parent | 172 | 210 | 216 | 221 | 642 | S100PPWP, S100SDVV, S100UWL2, S100X7IQ |
| Retained earnings | -294 | -262 | 186 | 190 | 526 | S100PPWP, S100SDVV, S100UWL2, S100X7IQ |
| Treasury stock | -177 | -171 | -171 | -170 | -169 | S100PPWP, S100SDVV, S100UWL2, S100X7IQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100X7IQ |
| Property, plant and equipment | 29% | S100X7IQ |
| Intangibles and goodwill | 3% | S100X7IQ |
| Other assets | 46% | S100X7IQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 85% | S100X7IQ |
| Equity | 15% | S100X7IQ |
| Other liabilities | 0% | S100X7IQ |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,942 | 4,501 | 4,322 | 4,326 | 4,504 |
| Equity | 190 | 221 | 220 | 224 | 656 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,400 | 951 | 880 | 739 | 979 |

## 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) | 16.2% | S100X7IQ |
| Fixed assets ÷ total assets | 28.9% | S100X7IQ |
| Goodwill ÷ parent equity | 10.0% | S100X7IQ |

Goodwill over 4 years: 32 → 64 JPY; total investing cash flow: -290 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) | 21.7% |
| Cash ÷ revenue | 12.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 322.8% |
| Cash vs. profit gap | 346 JPY mn (of net income 103.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 24.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -5.7% | —× | — | S100PPWP |
| 2022 | 0.6% | 1.24× | 0.7% | 24.76× | 17.0% | S100SDVV |
| 2023 | 0.1% | 1.49× | 0.1% | 20.72× | 2.6% | S100UWL2 |
| 2024 | 0.1% | 1.63× | 0.1% | 19.80× | 1.8% | S100X7IQ |
| 2025 | 4.2% | 1.82× | 7.6% | 10.23× | 77.8% | S100X7IQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ファースト・パシフィック・キャピタル有限会社 | Major shareholder | 62.3% | 2025-08-31 |
| 株式会社第一興商 | Major shareholder | 3.8% | 2025-08-31 |
| 株式会社エクシング | Major shareholder | 3.8% | 2025-08-31 |
| 株式会社横浜銀行（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.8% | 2025-08-31 |
| 日 野 洋 一 | Major shareholder | 1.5% | 2025-08-31 |
| 吉 田 嘉 明 | Major shareholder | 1.4% | 2025-08-31 |
| 佐 藤 幹 雄 | Major shareholder | 1.2% | 2025-08-31 |
| 株式会社グッドスマイルカンパニー | Major shareholder | 0.6% | 2025-08-31 |
| 日 野 元 太 | Major shareholder | 0.5% | 2025-08-31 |
| 内 藤 月 路 | Major shareholder | 0.5% | 2025-08-31 |
| 日 野 加 代 子 | Major shareholder | 0.5% | 2025-08-31 |
| 福 與 な お み | Major shareholder | 0.5% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2024/09/01－2025/08/31) | S100X7IQ | 2025-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X7IQ,, |
| 訂正有価証券報告書－第26期(2023/09/01－2024/08/31) | S100UWL2 | 2024-12-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UWL2,, |
| 有価証券報告書－第25期(2022/09/01－2023/08/31) | S100SDVV | 2023-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDVV,, |
| 有価証券報告書－第24期(令和3年9月1日－令和4年8月31日) | S100PPWP | 2022-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PPWP,, |
| 有価証券報告書－第23期(令和2年9月1日－令和3年8月31日) | S100MY0L | 2021-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MY0L,, |
| 有価証券報告書－第22期(令和1年9月1日－令和2年8月31日) | S100K99M | 2020-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K99M,, |

## 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).