# TKC Corporation: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第59期(2024/10/01－2025/09/30) (S100X9LY)
> Page: https://vizora.meequs.com/en/company/tkc
> Retrieved: 2026-09-30T20:30:37.358Z

## Company

TKC is a company in Software & SaaS listed on TSE Prime. It has 2,964 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TKC Corporation |
| Ticker | 9746 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9746.T) |
| Listing | TSE Prime |
| Head office | 栃木県宇都宮市鶴田町1758番地 |
| Representative (per filing) | 代表取締役 社長執行役員 飯塚 真規 |
| Share capital | ¥5.7B |
| Employees (consolidated) | 2,964 |
| Average salary (parent only) | ¥9.2M |
| Fiscal year end | September |
| Website | www.tkc.jp (https://www.tkc.jp/) |
| Corporate number | 5060001002844 |
| EDINET | E04807 |
| Industries (Vizora) | Software & SaaS, Printing |

> Profile source: annual securities report (S100X9LY, filed 2025-12-11). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21.4 | 105 |
| Profitability | 71.4 | 145 |
| Cash conversion | 23.8 | 128 |
| Efficiency | 30 | 145 |

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 63% of TKC's sales come from Accounting Firm business, with Local Government business and Printing business making up much of the rest.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed +11.0% from the prior year, operating profit +4.1%.

## Company structure

- Segment revenue mix: Accounting Firm business 63.3%、Local Government business 33.0%、Printing business 3.7%
- Revenue → net income: ¥83476000000 → ¥12094000000
- Net income → operating cash flow: ¥12094000000 → ¥12486000000（difference ¥392000000）
- Main uses of operating cash flow: CapEx ¥3555000000 / dividends ¥5450000000 / buybacks ¥3302000000
- Change in cash: ¥3182000000
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 | ¥83.5B |  |
| Operating income | ¥16.1B | Margin 19.3% |
| Net income | ¥12.1B | Margin 14.5% |
| Free cash flow | ¥8.93B |  |
| Largest business | Accounting Firm business | of segment revenue 63.3% |
| Employees (consolidated) | 2,964 |  |
| EPS | ¥229.64 |  |
| Book value per share | ¥2022.57 |  |
| Equity ratio | 83.6% |  |
| Shares outstanding | 52,301,400 |  |
| Treasury shares | 815,800 |  |
| Shareholders | 8,183 |  |
| Average salary (parent only) | ¥9.2M | Filing company only |
| Cash ratio | 25.9% | Cash ÷ revenue 40.2% |
| Vs. industry median margin | +6.9 pp | Software & SaaS |
| ROE | 11.8% | Derived from disclosed figures |
| ROA | 9.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 77% of positive segment profit
- FY2025, parent-company salary changed +21% over five years
- FY2025, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥67814000000 | ¥83476000000 | +23.1% |
| Operating income | ¥11381000000 | ¥16142000000 | +41.8% |
| Operating margin | 16.8% | 19.3% | +2.6 pp |
| Employees | 2,770 people | 2,964 people | +7.0% |
| Cash and equivalents | ¥23469000000 | ¥33580000000 | +43.1% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 会計事務所事業 → 会計事務所事業 | 63.3% |
| 会計事務所事業 → 事業再編・廃止 | 6.2% |
| 地方公共団体事業 → 地方公共団体事業 | 25.6% |
| 印刷事業 → 印刷事業 | 3.7% |
| 印刷事業 → 事業再編・廃止 | 1.2% |
| 新設・再編 → 地方公共団体事業 | 7.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Accounting Firm business | 5 years | +2.3% | ¥52827000000 | 23.6% | 2 |
| Local Government business | 5 years | +9.7% | ¥27565000000 | 12.7% | 2 |
| Printing business | 5 years | -1.3% | ¥3083000000 | 4.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 83,476 | 100.0% | S100X9LY |
| Cost of revenue | 26,869 | 32.2% | S100X9LY |
| Gross profit | 56,606 | 67.8% | S100X9LY |
| SG&A | 40,464 | 48.5% | S100X9LY |
| Operating income | 16,142 | 19.3% | S100X9LY |
| Ordinary income | 16,590 | 19.9% | S100X9LY |
| Pretax income | 16,678 | 20.0% | S100X9LY |
| Income tax | 4,583 | 5.5% | S100X9LY |
| Net income | 12,094 | 14.5% | S100X9LY |
| Net income attributable to owners | 12,094 | 14.5% | S100X9LY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 32 |
| SG&A | 49 |
| Operating income | 19 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 67.8% → Operating margin 19.3% → Net margin 14.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.0%; Core profit growth: +4.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.37×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 75,219 | 83,476 | 8,257 | +11.0% |
| Gross profit | 53,647 | 56,606 | 2,959 | +5.5% |
| Operating income | 15,505 | 16,142 | 637 | +4.1% |
| Net income attributable to owners | 11,274 | 12,094 | 820 | +7.3% |
| Operating cash flow | 12,796 | 12,486 | -310 | -2.4% |
| Free cash flow | 7,280 | 8,931 | 1,651 | +22.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 66,120 | 9,347 | 14.1% | 6,721 | 10,550 | 7,372 | S100KEZH |
| FY ending Sep 2020 | 67,814 | 11,381 | 16.8% | 7,821 | 10,569 | 7,462 | S100N511 |
| FY ending Sep 2021 | 66,221 | 12,314 | 18.6% | 8,686 | 10,550 | 7,243 | S100PTHR |
| FY ending Sep 2022 | 67,838 | 13,351 | 19.7% | 9,317 | 13,050 | 9,717 | S100SH8G |
| FY ending Sep 2023 | 71,915 | 14,338 | 19.9% | 10,826 | 13,067 | 8,277 | S100UZMM |
| FY ending Sep 2024 | 75,219 | 15,505 | 20.6% | 11,274 | 12,796 | 7,280 | S100X9LY |
| FY ending Sep 2025 | 83,476 | 16,142 | 19.3% | 12,094 | 12,486 | 8,931 | S100X9LY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.2M |
| Operating income per employee (consolidated) | ¥5.4M |
| Net income per employee (consolidated) | ¥4.1M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,851 | 2,880 | 2,895 | 2,922 | 2,964 |
| Average salary (parent company) | ¥7.6M | ¥7.7M | ¥8.2M | ¥8.6M | ¥9.2M |
| Average age (parent company) | 39.5 years | 40.0 years | 40.2 years | 40.4 years | 40.3 years |
| Average tenure (parent company) | 16.2 years | 16.8 years | 17.0 years | 17.2 years | 17.1 years |

Year over year: Employees (consolidated) +1.4% · Revenue (consolidated) +11.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Accounting Firm business | 52,827 | 63.3% | 12,476 | 23.6% |
| Local Government business | 27,565 | 33.0% | 3,513 | 12.7% |
| Printing business | 3,083 | 3.7% | 144 | 4.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Accounting Firm business | 63.3% | 77.3% | 14.0 | 23.6% |
| Local Government business | 33.0% | 21.8% | -11.2 | 12.7% |
| Printing business | 3.7% | 0.9% | -2.8 | 4.7% |

Segment → industry: Local Government business → Software & SaaS / Accounting Firm business → Software & SaaS / Printing business → Printing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 12,486 | 15.0% | S100X9LY |
| Capital expenditure | 3,555 | 4.3% | S100X9LY |
| Free cash flow | 8,931 | 10.7% | 算出 |
| Investing cash flow | -360 | -0.4% | S100X9LY |
| Financing cash flow | -8,943 | -10.7% | S100X9LY |
| Dividends paid | 5,450 | 6.5% | S100X9LY |
| Share buyback | 3,302 | 4.0% | S100X9LY |
| Change in cash | 3,182 | 3.8% | S100X9LY |
| Cash and equivalents | 33,580 | 40.2% | S100X9LY |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 23,126 | 26,620 | 28,793 | 30,397 | 33,580 | S100SH8G, S100UZMM, S100X9LY |
| Total assets | 103,406 | 109,225 | 116,356 | 124,882 | 129,817 | S100PTHR, S100SH8G, S100UZMM, S100X9LY |
| Net assets | 83,416 | 87,325 | 95,308 | 102,176 | 108,497 | S100SH8G, S100UZMM, S100X9LY |
| Share capital | 5,700 | 5,700 | 5,700 | 5,700 | 5,700 | S100PTHR, S100SH8G, S100UZMM, S100X9LY |
| Trade receivables | 6,973 | — | — | — | — | S100N511 |
| Property, plant and equipment | 17,540 | 17,153 | 17,308 | 17,094 | 16,973 | S100PTHR, S100SH8G, S100UZMM, S100X9LY |
| Intangible assets excluding goodwill | 3,605 | 4,666 | 5,813 | 8,064 | 7,384 | S100PTHR, S100SH8G, S100UZMM, S100X9LY |
| Investment securities | 19,705 | 18,748 | 22,050 | 21,700 | 21,195 | S100PTHR, S100SH8G, S100UZMM, S100X9LY |
| Current assets | 36,107 | 40,715 | 43,173 | 46,672 | 52,513 | S100PTHR, S100SH8G, S100UZMM, S100X9LY |
| Current liabilities | 14,721 | 17,679 | 16,797 | 19,347 | 18,349 | S100PTHR, S100SH8G, S100UZMM, S100X9LY |
| Long-term borrowings | 214 | 142 | 71 | — | — | S100PTHR, S100SH8G, S100UZMM |
| Total liabilities | 19,990 | 21,899 | 21,047 | 22,705 | 21,320 | S100PTHR, S100SH8G, S100UZMM, S100X9LY |
| Equity attributable to owners of parent | 84,348 | 88,672 | 94,271 | 100,519 | 103,872 | S100PTHR, S100SH8G, S100UZMM, S100X9LY |
| Retained earnings | 73,411 | 78,743 | 84,890 | 91,138 | 94,947 | S100PTHR, S100SH8G, S100UZMM, S100X9LY |
| Treasury stock | -1,352 | -2,359 | -2,604 | -2,606 | -3,060 | S100PTHR, S100SH8G, S100UZMM, S100X9LY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100X9LY |
| Property, plant and equipment | 13% | S100X9LY |
| Intangibles and goodwill | 6% | S100X9LY |
| Investment securities | 16% | S100X9LY |
| Other assets | 39% | S100X9LY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 16% | S100X9LY |
| Equity | 84% | S100X9LY |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 103,406 | 109,225 | 116,356 | 124,882 | 129,817 |
| Equity | 83,416 | 87,325 | 95,308 | 102,176 | 108,497 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 23,126 | 26,620 | 28,793 | 30,397 | 33,580 |

## 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) | 20.3% | S100X9LY |
| Fixed assets ÷ total assets | 13.1% | S100X9LY |
| Goodwill ÷ parent equity | — | —, S100X9LY |

### 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) | 25.9% |
| Cash ÷ revenue | 40.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.4% |
| Cash vs. profit gap | 392 JPY mn (of net income 3.2%) |
| Shareholder returns / net income | 72.4% |
| Shareholder returns / FCF | 98.0% |
| Shareholder payments — dividends / net income | 45.1% |
| Shareholder payments — dividends / FCF | 61.0% |
| CapEx intensity (capex ÷ revenue) | 4.3% |
| Investing CF relative to operating CF | 2.9% |

## 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 | 13.1% | 0.64× | 8.4% | 1.23× | 10.3% | S100PTHR |
| 2022 | 13.7% | 0.64× | 8.8% | 1.23× | 10.8% | S100SH8G |
| 2023 | 15.1% | 0.64× | 9.6% | 1.23× | 11.8% | S100UZMM |
| 2024 | 15.0% | 0.62× | 9.3% | 1.24× | 11.6% | S100X9LY |
| 2025 | 14.5% | 0.66× | 9.5% | 1.25× | 11.8% | S100X9LY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人飯塚毅育英会 | Major shareholder | 14.6% | 2025-09-30 |
| 大同生命保険株式会社 | Major shareholder | 9.3% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.8% | 2025-09-30 |
| 公益財団法人租税資料館 | Major shareholder | 6.0% | 2025-09-30 |
| ＴＫＣグループ社員持株会 | Major shareholder | 5.9% | 2025-09-30 |
| STATE STREET BANK AND TRUST COMPANY 505001 （株式会社みずほ銀行決済営業部） | Major shareholder | 3.7% | 2025-09-30 |
| 飯塚真玄 | Major shareholder | 2.8% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.1% | 2025-09-30 |
| 東京海上日動火災保険株式会社 | Major shareholder | 2.1% | 2025-09-30 |
| 損害保険ジャパン株式会社 | Major shareholder | 1.9% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第59期(2024/10/01－2025/09/30) | S100X9LY | 2025-12-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X9LY,, |
| 有価証券報告書－第58期(2023/10/01－2024/09/30) | S100UZMM | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZMM,, |
| 有価証券報告書－第57期(2022/10/01－2023/09/30) | S100SH8G | 2023-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SH8G,, |
| 有価証券報告書－第56期(令和3年10月1日－令和4年9月30日) | S100PTHR | 2022-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTHR,, |
| 訂正有価証券報告書－第55期(令和2年10月1日－令和3年9月30日) | S100N511 | 2021-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N511,, |
| 訂正有価証券報告書－第54期(令和1年10月1日－令和2年9月30日) | S100KEZH | 2020-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KEZH,, |

## 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).