# TKP: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2025/03/01－2026/02/28) (S100Y7OL)
> Page: https://vizora.meequs.com/en/company/tkp
> Retrieved: 2026-09-30T19:48:28.175Z

## Company

TKP, founded in 2005, is a company in Real Estate Development & Leasing listed on TSE Growth. It has 3,801 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TKP Corporation |
| Ticker | 3479 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3479.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区市谷八幡町8番地 |
| Representative (per filing) | 代表取締役社長 河野 貴輝 |
| Founded | Aug 2005 |
| Share capital | ¥16.4B |
| Employees (consolidated) | 3,801 |
| Average salary (parent only) | ¥4.3M |
| Fiscal year end | February |
| Website | www.tkp.jp (https://www.tkp.jp/) |
| Corporate number | 7010001105955 |
| EDINET | E20616 |
| Industries (Vizora) | Real Estate Development & Leasing, Housing Equipment & Building Materials, Hotels & Inns, Furniture, Interior & Lifestyle Goods, Weddings |

> Profile source: annual securities report (S100Y7OL, filed 2026-05-29). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 72.7 | 75 |
| Profitability | 41.3 | 86 |
| Cash conversion | 70.1 | 82 |
| Efficiency | 62.2 | 86 |
| Financial strength | 90.5 | 37 |

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 46% of TKP's sales come from space regeneration and distribution business, with Lilycolor business and novarese and escrit business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +93.1% from the prior year, operating profit +74.2%.

## Company structure

- Segment revenue mix: space regeneration and distribution business 45.7%、Lilycolor business 28.9%、novarese and escrit business 25.5%
- Revenue → net income: ¥114357000000 → ¥13591000000
- Net income → operating cash flow: ¥13591000000 → ¥13967000000（difference ¥376000000）
- Main uses of operating cash flow: CapEx ¥9742000000 / dividends — / buybacks ¥4049000000
- Change in cash: ¥30854000000
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 | ¥114.4B |  |
| Operating income | ¥10.3B | Margin 9.0% |
| Net income | ¥12.3B | Margin 10.7% |
| Free cash flow | ¥4.22B |  |
| Largest business | space regeneration and distribution business | of segment revenue 45.7% |
| Employees (consolidated) | 3,801 |  |
| EPS | ¥285.11 |  |
| Diluted EPS | ¥283.32 |  |
| Book value per share | ¥1271.29 |  |
| Equity ratio | 29.3% |  |
| Shares outstanding | 42,488,185 |  |
| Treasury shares | 4,446,900 |  |
| Shareholders | 14,256 |  |
| Average salary (parent only) | ¥4.3M | Filing company only |
| Cash ratio | 26.6% | Net cash -¥19.9B · Cash ÷ revenue 39.7% |
| Vs. industry median margin | -1.5 pp | Real Estate Development & Leasing |
| ROE | 27.2% | Derived from disclosed figures |
| ROA | 8.4% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.6× its level five years ago
- FY2026, one segment accounts for 65% of positive segment profit
- FY2026, segment profit share differs by -21 points

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥43138000000 | ¥114357000000 | +165.1% |
| Operating income | ¥-2497000000 | ¥10301000000 | — |
| Operating margin | -5.8% | 9.0% | +14.8 pp |
| Employees | 1,425 people | 3,801 people | +166.7% |
| Cash and equivalents | ¥15195000000 | ¥45383000000 | +198.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 空間再生流通事業 | 45.7% |
| 新設・再編 → リリカラ事業 | 28.9% |
| 新設・再編 → ノバレーゼ・エスクリ事業 | 25.5% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| space regeneration and distribution business | — | — | ¥52226000000 | 12.9% | 2 |
| Lilycolor business | — | — | ¥33019000000 | 2.6% | 2 |
| novarese and escrit business | — | — | ¥29111000000 | 9.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 114,357 | 100.0% | S100Y7OL |
| Cost of revenue | 65,936 | 57.7% | S100Y7OL |
| Gross profit | 48,421 | 42.3% | S100Y7OL |
| SG&A | 38,120 | 33.3% | S100Y7OL |
| Operating income | 10,301 | 9.0% | S100Y7OL |
| Ordinary income | 9,098 | 8.0% | S100Y7OL |
| Pretax income | 20,148 | 17.6% | S100Y7OL |
| Income tax | 6,557 | 5.7% | S100Y7OL |
| Net income | 13,591 | 11.9% | S100Y7OL |
| Net income attributable to owners | 12,293 | 10.7% | S100Y7OL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 33 |
| Operating income | 9 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 42.3% → Operating margin 9.0% → Net margin 10.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +93.1%; Core profit growth: +74.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.80×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 59,208 | 114,357 | 55,149 | +93.1% |
| Gross profit | 21,510 | 48,421 | 26,911 | +125.1% |
| Operating income | 5,915 | 10,301 | 4,386 | +74.2% |
| Net income attributable to owners | 3,789 | 12,293 | 8,504 | +224.4% |
| Operating cash flow | 5,095 | 13,967 | 8,872 | +174.1% |
| Free cash flow | -11,055 | 4,225 | 15,280 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 54,343 | 6,317 | 11.6% | 1,739 | 6,989 | -2,819 | S100LFKF |
| FY ending Feb 2021 | 43,138 | -2,497 | -5.8% | -3,503 | 7,022 | 2,100 | S100O4NY |
| FY ending Feb 2022 | 44,685 | -883 | -2.0% | -3,211 | -2,892 | -4,402 | S100QV53 |
| FY ending Feb 2023 | 50,504 | 3,575 | 7.1% | -4,936 | 4,849 | 3,538 | S100U28W |
| FY ending Feb 2024 | 36,545 | 4,607 | 12.6% | 7,321 | 3,722 | 2,318 | S100VUZ8 |
| FY ending Feb 2025 | 59,208 | 5,915 | 10.0% | 3,789 | 5,095 | -11,055 | S100Y7OL |
| FY ending Feb 2026 | 114,357 | 10,301 | 9.0% | 12,293 | 13,967 | 4,225 | S100Y7OL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.1M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥3.2M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,181 | 873 | 1,071 | 2,897 | 3,801 |
| Average salary (parent company) | ¥3.8M | ¥4.2M | ¥4.4M | ¥4.2M | ¥4.3M |
| Average age (parent company) | 36.7 years | 37.3 years | 37.2 years | 36.5 years | 36.2 years |
| Average tenure (parent company) | 4.7 years | 5.0 years | 4.4 years | 4.3 years | 4.4 years |

Year over year: Employees (consolidated) +31.2% · Revenue (consolidated) +93.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| space regeneration and distribution business | 52,226 | 45.7% | 6,749 | 12.9% |
| Lilycolor business | 33,019 | 28.9% | 856 | 2.6% |
| novarese and escrit business | 29,111 | 25.5% | 2,743 | 9.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| space regeneration and distribution business | 45.7% | 65.2% | 19.6 | 12.9% |
| Lilycolor business | 28.9% | 8.3% | -20.6 | 2.6% |
| novarese and escrit business | 25.5% | 26.5% | 1.1 | 9.4% |

Segment → industry: space regeneration and distribution business → Real Estate Development & Leasing / Lilycolor business → Housing Equipment & Building Materials / space regeneration and distribution business → Hotels & Inns / Lilycolor business → Furniture, Interior & Lifestyle Goods / novarese and escrit business → Weddings

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 13,967 | 12.2% | S100Y7OL |
| Capital expenditure | 9,742 | 8.5% | S100Y7OL |
| Free cash flow | 4,225 | 3.7% | 算出 |
| Investing cash flow | 1,843 | 1.6% | S100Y7OL |
| Financing cash flow | 15,043 | 13.2% | S100Y7OL |
| Share buyback | 4,049 | 3.5% | S100Y7OL |
| Change in cash | 30,854 | 27.0% | S100Y7OL |
| Cash and equivalents | 45,383 | 39.7% | S100Y7OL |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 13,931 | 32,661 | 32,069 | 14,528 | 45,383 | S100U28W, S100VUZ8, S100Y7OL |
| Total assets | 111,280 | 72,089 | 79,672 | 121,394 | 170,851 | S100QV53, S100U28W, S100VUZ8, S100Y7OL |
| Net assets | 39,746 | 32,868 | 40,235 | 45,459 | 57,309 | S100U28W, S100VUZ8, S100Y7OL |
| Share capital | 16,295 | 16,320 | 16,357 | 16,388 | 16,429 | S100QV53, S100U28W, S100VUZ8, S100Y7OL |
| Property, plant and equipment | 35,564 | 23,765 | 24,414 | 51,870 | 59,764 | S100QV53, S100U28W, S100VUZ8, S100Y7OL |
| Intangible assets excluding goodwill | 37,883 | 783 | 836 | 12,897 | 12,778 | S100QV53, S100U28W, S100VUZ8, S100Y7OL |
| Goodwill | 34,817 | 90 | 76 | 5,749 | 5,833 | S100QV53, S100U28W, S100VUZ8, S100Y7OL |
| Investment securities | 1,245 | 1,716 | 5,414 | 6,618 | 6,756 | S100QV53, S100U28W, S100VUZ8, S100Y7OL |
| Current assets | 22,803 | 38,301 | 37,436 | 35,274 | 68,626 | S100QV53, S100U28W, S100VUZ8, S100Y7OL |
| Current liabilities | 20,156 | 12,467 | 10,584 | 32,786 | 43,400 | S100QV53, S100U28W, S100VUZ8, S100Y7OL |
| Trade payables | — | — | 797 | 6,320 | 7,280 | S100VUZ8, S100Y7OL |
| Short-term borrowings | — | — | 100 | 3,402 | 2,756 | S100VUZ8, S100Y7OL |
| Long-term borrowings | 42,028 | 23,507 | 25,829 | 35,878 | 62,061 | S100QV53, S100U28W, S100VUZ8, S100Y7OL |
| Bonds | 2,465 | 1,980 | 1,590 | 1,245 | 450 | S100QV53, S100U28W, S100VUZ8, S100Y7OL |
| Interest-bearing debt | — | — | 27,519 | 40,525 | 65,267 | 算出 |
| Total liabilities | 71,533 | 39,221 | 39,437 | 75,934 | 113,541 | S100QV53, S100U28W, S100VUZ8, S100Y7OL |
| Non-controlling interests | 1,854 | — | — | 4,005 | 7,104 | S100QV53, S100Y7OL |
| Equity attributable to owners of parent | 37,505 | 32,620 | 40,014 | 40,994 | 49,333 | S100QV53, S100U28W, S100VUZ8, S100Y7OL |
| Retained earnings | 2,917 | -2,019 | 5,302 | 9,091 | 21,385 | S100QV53, S100U28W, S100VUZ8, S100Y7OL |
| Treasury stock | -17 | -18 | -18 | -2,888 | -6,937 | S100QV53, S100U28W, S100VUZ8, S100Y7OL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100Y7OL |
| Property, plant and equipment | 35% | S100Y7OL |
| Intangibles and goodwill | 11% | S100Y7OL |
| Investment securities | 4% | S100Y7OL |
| Other assets | 24% | S100Y7OL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100Y7OL |
| Interest-bearing debt | 38% | 算出 |
| Other liabilities | 24% | S100Y7OL |
| Equity | 34% | S100Y7OL |
| Other liabilities | 0% | S100Y7OL |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 111,280 | 72,089 | 79,672 | 121,394 | 170,851 |
| Equity | 39,746 | 32,868 | 40,235 | 45,459 | 57,309 |
| Interest-bearing debt | — | — | 27,519 | 40,525 | 65,267 |
| Cash | 13,931 | 32,661 | 32,069 | 14,528 | 45,383 |

## 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) | 52.3% | S100Y7OL |
| Fixed assets ÷ total assets | 35.0% | S100Y7OL |
| Goodwill ÷ parent equity | 11.8% | S100Y7OL |

Goodwill over 4 years: 34,817 → 5,833 JPY; total investing cash flow: 13,728 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) | 26.6% |
| Cash ÷ revenue | 39.7% |
| Net cash (cash − interest-bearing debt) | -¥19.9B |
| Net debt ÷ operating cash flow | 1.42× |
| Cash conversion (operating CF ÷ operating income) | 135.6% |
| Cash vs. profit gap | 1,674 JPY mn (of net income 13.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.5% |
| Investing CF relative to operating CF | 13.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -2.9% | —× | — | S100QV53 |
| 2023 | — | —× | -5.4% | —× | — | S100U28W |
| 2024 | 20.0% | 0.48× | 9.6% | 2.09× | 20.2% | S100VUZ8 |
| 2025 | 6.4% | 0.59× | 3.8% | 2.48× | 9.4% | S100Y7OL |
| 2026 | 10.7% | 0.78× | 8.4% | 3.24× | 27.2% | S100Y7OL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社リバーフィールド | Major shareholder | 53.5% | 2026-02-28 |
| 株式会社井門コーポレーション | Major shareholder | 6.7% | 2026-02-28 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 5.8% | 2026-02-28 |
| 河野 貴輝 | Major shareholder | 4.9% | 2026-02-28 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ １３３６１２ (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.7% | 2026-02-28 |
| ＲＩＶＥＲ ＦＩＥＬＤ ＣＯ．， ＬＴＤ． (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 2.1% | 2026-02-28 |
| ＧＯＶＥＲＮＭＥＮＴ ＯＦ ＮＯＲＷＡＹ (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.4% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 1.0% | 2026-02-28 |
| 野村證券株式会社 (常任代理人 株式会社三井住友銀行) | Major shareholder | 0.7% | 2026-02-28 |
| 住友生命保険相互会社 (常任代理人 株式会社日本カストディ銀行) | Major shareholder | 0.5% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/03/01－2026/02/28) | S100Y7OL | 2026-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y7OL,, |
| 有価証券報告書－第20期(2024/03/01－2025/02/28) | S100VUZ8 | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUZ8,, |
| 訂正有価証券報告書－第19期(2023/03/01－2024/02/29) | S100U28W | 2024-07-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U28W,, |
| 有価証券報告書－第18期(2022/03/01－2023/02/28) | S100QV53 | 2023-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QV53,, |
| 有価証券報告書－第17期(令和3年3月1日－令和4年2月28日) | S100O4NY | 2022-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4NY,, |
| 有価証券報告書－第16期(令和2年3月1日－令和3年2月28日) | S100LFKF | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LFKF,, |

## 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).