TMHTMH Inc.280A東証グロース卸売業FY ending Nov 2025, consolidated, J-GAAP
Out of every ¥100 of sales, about ¥4 is left as operating profit. Revenue changed +43.4% from the prior year, operating profit +9.9%.
Net margin × asset turnover = ROA; ROA × financial leverage = ROE
Denominators: ending assets and ending equity. Derived from reported values; ROE is shown only for positive profit and equity.
| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE |
|---|---|---|---|---|---|
| 2023 | 6.7% | 1.03× | 6.9% | 3.33× | 22.9% |
| 2024 | 4.5% | 2.18× | 9.9% | 4.27× | 42.2% |
| 2025 | 2.9% | 3.11× | 9.0% | 1.94× | 17.4% |
Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.
Annual trends in tangible-asset ratios and goodwill balance.
Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition
| Item | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
|---|---|---|---|
| Revenue | 1,747 | 6,017 | 8,628 |
| Cost of revenue | 1,406 | 5,155 | 7,658 |
| Gross profit | 341 | 863 | 970 |
| SG&A | 468 | 539 | 615 |
| Operating income | -127 | 324 | 356 |
| Pretax income | 118 | 306 | 338 |
| Income tax | 1 | 34 | 89 |
| Net income attributable to owners | 117 | 273 | 249 |
| Operating margin | -7.3% | 5.4% | 4.1% |
Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.
Each bar totals 100% of assets; other is the residual.
| Item | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
|---|---|---|---|
| Cash and equivalents | ¥1.07B | ¥2.53B | ¥633.9M |
| Total assets | ¥1.7B | ¥3.82B | ¥2.77B |
| Net assets | ¥509.3M | ¥781.8M | ¥1.42B |
| Share capital | ¥100M | ¥100M | ¥299.1M |
| Property, plant and equipment | ¥96.4M | ¥213.8M | ¥213.2M |
| Intangible assets excluding goodwill | ¥3.3M | ¥7.7M | ¥24M |
| Current assets | ¥1.58B | ¥3.55B | ¥2.48B |
| Current liabilities | ¥1.01B | ¥2.86B | ¥1.2B |
| Short-term borrowings | — | — | ¥200M |
| Long-term borrowings | ¥179.8M | ¥173.7M | ¥142.4M |
| Total liabilities | ¥1.19B | ¥3.04B | ¥1.35B |
| Equity attributable to owners of parent | ¥509.3M | ¥781.8M | ¥1.43B |
| Retained earnings | ¥315.3M | ¥587.8M | ¥837.1M |
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