# TIEMCO LTD.: business model and financials

> Latest period: FY ending Nov 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第56期(2024/12/01－2025/11/30) (S100XMV5)
> Page: https://vizora.meequs.com/en/company/tiemco
> Retrieved: 2026-09-30T21:32:13.983Z

## Company

Tiemco, founded in 1969, is a company in Sporting Goods & Fitness listed on TSE Standard. It has 71 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TIEMCO LTD. |
| Ticker | 7501 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7501.T) |
| Listing | TSE Standard |
| Head office | 東京都墨田区菊川三丁目1番11号 |
| Representative (per filing) | 代表取締役社長 酒井誠一 |
| Founded | Dec 1969 |
| Share capital | ¥1.08B |
| Employees (consolidated) | 71 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | November |
| Website | www.tiemco.co.jp (https://www.tiemco.co.jp/) |
| Corporate number | 6010601021421 |
| EDINET | E02848 |
| Industries (Vizora) | Sporting Goods & Fitness |

> Profile source: annual securities report (S100XMV5, filed 2026-02-26). As of filing

## Five-axis industry profile

Primary industry: Sporting Goods & Fitness (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 19.4 | 18 |
| Profitability | 7.5 | 20 |
| Efficiency | 17.5 | 20 |

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 73% of Tiemco's sales come from Outdoor, with Fishing and Other making up much of the rest.
- It lost about ¥3 for every ¥100 of sales at the operating level.
- Revenue changed +0.2% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.22B |  |
| Operating income | -¥98.3M | Margin -3.1% |
| Net income | -¥128.9M | Margin -4.0% |
| Free cash flow | -¥296.7M |  |
| Largest business | Outdoor | of segment revenue 72.7% |
| Employees (consolidated) | 71 |  |
| EPS | ¥-52.04 |  |
| Book value per share | ¥1763.06 |  |
| Equity ratio | 79.9% |  |
| Shares outstanding | 3,339,995 |  |
| Treasury shares | 863,500 |  |
| Shareholders | 2,151 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 10.4% | Cash ÷ revenue 17.6% |
| Vs. industry median margin | -8.7 pp | Sporting Goods & Fitness |
| ROA | -2.3% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 85% of positive segment profit

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2666659000 | ¥3219133000 | +20.7% |
| Operating income | ¥-134499000 | ¥-98279000 | — |
| Operating margin | -5.0% | -3.1% | +2 pp |
| Employees | 70 people | 71 people | +1.4% |
| Cash and equivalents | ¥578815000 | ¥566150000 | -2.2% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| フィッシング事業 → フィッシング事業 | 26.6% |
| フィッシング事業 → 事業再編・廃止 | 6.8% |
| アウトドア事業 → アウトドア事業 | 65.6% |
| その他 → その他 | 0.7% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → アウトドア事業 | 7.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Outdoor | 5 years | +6.0% | ¥2340262000 | 3.3% | 2 |
| Fishing | 5 years | -0.8% | ¥856978000 | -0.2% | 2 |
| Other | 5 years | -3.7% | ¥21892000 | 65.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,219 | 100.0% | S100XMV5 |
| Cost of revenue | 1,768 | 54.9% | S100XMV5 |
| Gross profit | 1,451 | 45.1% | S100XMV5 |
| SG&A | 1,550 | 48.1% | S100XMV5 |
| Operating income | -98 | -3.1% | S100XMV5 |
| Ordinary income | -85 | -2.7% | S100XMV5 |
| Pretax income | -88 | -2.7% | S100XMV5 |
| Income tax | 41 | 1.3% | S100XMV5 |
| Net income | -129 | -4.0% | S100XMV5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 48 |
| Operating income | -3 |
| (Ref.) Net income | -4 |

### Margin funnel

Gross margin 45.1% → Operating margin -3.1% → Net margin -4.0%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,212 | 3,219 | 7 | +0.2% |
| Gross profit | 1,487 | 1,451 | -36 | -2.4% |
| Operating income | -30 | -98 | -68 | — |
| Operating cash flow | -118 | -248 | -130 | — |
| Free cash flow | -218 | -297 | -78 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 2,924 | -5 | -0.2% | -13 | -35 | -65 | S100KUV3 |
| FY ending Nov 2020 | 2,667 | -134 | -5.0% | -229 | -272 | -352 | S100NJW6 |
| FY ending Nov 2021 | 2,952 | -27 | -0.9% | -10 | 196 | 166 | S100QA64 |
| FY ending Nov 2022 | 3,290 | 113 | 3.4% | 126 | 221 | 189 | S100SYOB |
| FY ending Nov 2023 | 3,403 | 116 | 3.4% | 109 | 141 | 104 | S100X6XJ |
| FY ending Nov 2024 | 3,212 | -30 | -0.9% | -109 | -118 | -218 | S100XMV5 |
| FY ending Nov 2025 | 3,219 | -98 | -3.1% | -129 | -248 | -297 | S100XMV5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.3M |
| Operating income per employee (consolidated) | -¥1.4M |
| Net income per employee (consolidated) | -¥1.8M |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 67 | 66 | 68 | 69 | 71 |
| Average salary (parent company) | ¥5.1M | ¥5.3M | ¥5.4M | ¥5.2M | ¥5.2M |
| Average age (parent company) | 46.8 years | 46.9 years | 46.5 years | 46.4 years | 45.7 years |
| Average tenure (parent company) | 20.0 years | 19.8 years | 19.4 years | 19.3 years | 17.8 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) +0.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Fishing | 857 | 26.6% | -2 | -0.2% |
| Outdoor | 2,340 | 72.7% | 78 | 3.3% |
| Other | 22 | 0.7% | 14 | 65.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Fishing | 26.6% | — | — | -0.2% |
| Outdoor | 72.7% | 84.6% | 11.9 | 3.3% |
| Other | 0.7% | 15.4% | 14.7 | 65.2% |

Loss-making segment (excluded from profit shares): Fishing -2 JPY mn

Segment → industry: Outdoor → Sporting Goods & Fitness / Fishing → Sporting Goods & Fitness

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -248 | -7.7% | S100XMV5 |
| Capital expenditure | 49 | 1.5% | S100XMV5 |
| Free cash flow | -297 | -9.2% | 算出 |
| Investing cash flow | 198 | 6.1% | S100XMV5 |
| Financing cash flow | -31 | -1.0% | S100XMV5 |
| Dividends paid | 30 | 0.9% | S100XMV5 |
| Share buyback | 0 | 0.0% | S100XMV5 |
| Change in cash | -78 | -2.4% | S100XMV5 |
| Cash and equivalents | 566 | 17.6% | S100XMV5 |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 630 | 883 | 889 | 644 | 566 | S100SYOB, S100X6XJ, S100XMV5 |
| Total assets | 5,461 | 5,727 | 5,752 | 5,537 | 5,464 | S100QA64, S100SYOB, S100X6XJ, S100XMV5 |
| Net assets | 4,482 | 4,598 | 4,671 | 4,526 | 4,366 | S100SYOB, S100X6XJ, S100XMV5 |
| Share capital | 1,080 | 1,080 | 1,080 | 1,080 | 1,080 | S100QA64, S100SYOB, S100X6XJ, S100XMV5 |
| Property, plant and equipment | 1,156 | 1,135 | 1,122 | 1,089 | 1,073 | S100QA64, S100SYOB, S100X6XJ, S100XMV5 |
| Intangible assets excluding goodwill | 26 | 23 | 18 | 45 | 36 | S100QA64, S100SYOB, S100X6XJ, S100XMV5 |
| Investment securities | 524 | 428 | 599 | 594 | 593 | S100QA64, S100SYOB, S100X6XJ, S100XMV5 |
| Current assets | 3,649 | 4,010 | 3,869 | 3,717 | 3,695 | S100QA64, S100SYOB, S100X6XJ, S100XMV5 |
| Current liabilities | 746 | 893 | 846 | 768 | 852 | S100QA64, S100SYOB, S100X6XJ, S100XMV5 |
| Total liabilities | 979 | 1,130 | 1,081 | 1,010 | 1,098 | S100QA64, S100SYOB, S100X6XJ, S100XMV5 |
| Equity attributable to owners of parent | 4,480 | 4,593 | 4,672 | 4,533 | 4,374 | S100QA64, S100SYOB, S100X6XJ, S100XMV5 |
| Retained earnings | 30 | 156 | 235 | 96 | -33 | S100QA64, S100SYOB, S100X6XJ, S100XMV5 |
| Treasury stock | -478 | -478 | -478 | -478 | -478 | S100QA64, S100SYOB, S100X6XJ, S100XMV5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100XMV5 |
| Property, plant and equipment | 20% | S100XMV5 |
| Intangibles and goodwill | 1% | S100XMV5 |
| Investment securities | 11% | S100XMV5 |
| Other assets | 58% | S100XMV5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 20% | S100XMV5 |
| Equity | 80% | S100XMV5 |
| Other liabilities | 0% | S100XMV5 |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,461 | 5,727 | 5,752 | 5,537 | 5,464 |
| Equity | 4,482 | 4,598 | 4,671 | 4,526 | 4,366 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 630 | 883 | 889 | 644 | 566 |

## 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) | 33.3% | S100XMV5 |
| Fixed assets ÷ total assets | 19.6% | S100XMV5 |
| Goodwill ÷ parent equity | — | —, S100XMV5 |

### 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) | 10.4% |
| Cash ÷ revenue | 17.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -119 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -0.2% | —× | — | S100QA64 |
| 2022 | 3.8% | 0.59× | 2.3% | 1.23× | 2.8% | S100SYOB |
| 2023 | 3.2% | 0.59× | 1.9% | 1.24× | 2.3% | S100X6XJ |
| 2024 | — | —× | -1.9% | —× | — | S100XMV5 |
| 2025 | — | —× | -2.3% | —× | — | S100XMV5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社キャピタルギャラリー | Major shareholder | 14.1% | 2025-11-30 |
| 大 谷 寛 | Major shareholder | 11.0% | 2025-11-30 |
| 酒 井 誠 一 | Major shareholder | 7.2% | 2025-11-30 |
| 株式会社ＨＫＫ ＨＯＬＤＩＮＧＳ | Major shareholder | 7.0% | 2025-11-30 |
| 酒 井 貞 彦 | Major shareholder | 6.5% | 2025-11-30 |
| INTERCTIVE BROKERS LLC（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 6.3% | 2025-11-30 |
| 酒 井 由紀子 | Major shareholder | 3.8% | 2025-11-30 |
| 酒 井 八重子 | Major shareholder | 3.8% | 2025-11-30 |
| 株式会社オーナーばり | Major shareholder | 3.4% | 2025-11-30 |
| 立花証券株式会社 | Major shareholder | 2.6% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第56期(2024/12/01－2025/11/30) | S100XMV5 | 2026-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XMV5,, |
| 訂正有価証券報告書－第55期(2023/12/01－2024/11/30) | S100X6XJ | 2025-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6XJ,, |
| 有価証券報告書－第54期(2022/12/01－2023/11/30) | S100SYOB | 2024-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SYOB,, |
| 有価証券報告書－第53期(2021/12/01－2022/11/30) | S100QA64 | 2023-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QA64,, |
| 有価証券報告書－第52期(令和2年12月1日－令和3年11月30日) | S100NJW6 | 2022-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NJW6,, |
| 有価証券報告書－第51期(令和1年12月1日－令和2年11月30日) | S100KUV3 | 2021-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KUV3,, |

## 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).