# TMH Inc.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2024/12/01－2025/11/30) (S100XNNH)
> Page: https://vizora.meequs.com/en/company/tmh
> Retrieved: 2026-09-30T19:41:59.981Z

## Company

TMH, founded in 2012, is a company in Semiconductor Equipment listed on TSE Growth. It has 45 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TMH Inc. |
| Ticker | 280A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/280A.T) |
| Listing | TSE Growth |
| Head office | 大分県大分市下郡北三丁目14番6号 |
| Representative (per filing) | 代表取締役社長 榎並 大輔 |
| Founded | Mar 2012 |
| Share capital | ¥299.1M |
| Employees (consolidated) | 45 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | November |
| Website | www.tmh-inc.co.jp (https://www.tmh-inc.co.jp/) |
| Corporate number | 9320001011625 |
| EDINET | E40175 |
| Industries (Vizora) | Semiconductor Equipment |

> Profile source: annual securities report (S100XNNH, filed 2026-02-27). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Equipment (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 8.5 | 41 |
| Cash conversion | 1.3 | 39 |
| Efficiency | 98.8 | 41 |

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)

- TMH brought in ¥8.63B in revenue.
- 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%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥8.63B |  |
| Operating income | ¥355.6M | Margin 4.1% |
| Net income | ¥249.2M | Margin 2.9% |
| Free cash flow | -¥2.39B |  |
| Employees (consolidated) | 45 |  |
| EPS | ¥61.41 |  |
| Diluted EPS | ¥59.94 |  |
| Book value per share | ¥380.18 |  |
| Equity ratio | 51.4% |  |
| Shares outstanding | 3,698,100 |  |
| Shareholders | 1,566 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 22.9% | Cash ÷ revenue 7.3% |
| Vs. industry median margin | -10.4 pp | Semiconductor Equipment |
| ROE | 17.4% | Derived from disclosed figures |
| ROA | 9.0% | Derived from disclosed figures |

## What changed in 2 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Nov 2023 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1747118000 | ¥8628372000 | — |
| Operating income | ¥-127288000 | ¥355605000 | — |
| Operating margin | -7.3% | 4.1% | +11.4 pp |
| Employees | 34 people | 45 people | — |
| Cash and equivalents | ¥1074636000 | ¥633871000 | — |

### Change in segment revenue mix

Span: FY ending Nov 2023 → FY ending Nov 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,628 | 100.0% | S100XNNH |
| Cost of revenue | 7,658 | 88.8% | S100XNNH |
| Gross profit | 970 | 11.2% | S100XNNH |
| SG&A | 615 | 7.1% | S100XNNH |
| Operating income | 356 | 4.1% | S100XNNH |
| Ordinary income | 338 | 3.9% | S100XNNH |
| Pretax income | 338 | 3.9% | S100XNNH |
| Income tax | 89 | 1.0% | S100XNNH |
| Net income | 249 | 2.9% | S100XNNH |
| Net income attributable to owners | 249 | 2.9% | S100XNNH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 7 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 11.2% → Operating margin 4.1% → Net margin 2.9%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,017 | 8,628 | 2,611 | +43.4% |
| Gross profit | 863 | 970 | 108 | +12.5% |
| Operating income | 324 | 356 | 32 | +9.9% |
| Operating cash flow | 1,546 | -2,370 | -3,916 | -253.2% |
| Free cash flow | 1,413 | -2,393 | -3,806 | -269.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2023 | 1,747 | -127 | -7.3% | 117 | -1,086 | -1,112 | S100VB6E |
| FY ending Nov 2024 | 6,017 | 324 | 5.4% | 273 | 1,546 | 1,413 | S100VB6E |
| FY ending Nov 2025 | 8,628 | 356 | 4.1% | 249 | -2,370 | -2,393 | S100XNNH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥191.7M |
| Operating income per employee (consolidated) | ¥7.9M |
| Net income per employee (consolidated) | ¥5.5M |

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

| History | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 34 | 39 | 45 |
| Average salary (parent company) | — | ¥6.4M | ¥6.6M |
| Average age (parent company) | — | 42.9 years | 43.6 years |
| Average tenure (parent company) | — | 2.7 years | 3.3 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -2,370 | -27.5% | S100XNNH |
| Capital expenditure | 23 | 0.3% | S100XNNH |
| Free cash flow | -2,393 | -27.7% | 算出 |
| Investing cash flow | 0 | 0.0% | S100XNNH |
| Financing cash flow | 473 | 5.5% | S100XNNH |
| Change in cash | -1,899 | -22.0% | S100XNNH |
| Cash and equivalents | 634 | 7.3% | S100XNNH |

## 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 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,075 | 2,532 | 634 | S100VB6E, S100XNNH |
| Total assets | 1,697 | 3,817 | 2,770 | S100VB6E, S100XNNH |
| Net assets | 509 | 782 | 1,424 | S100VB6E, S100XNNH |
| Share capital | 100 | 100 | 299 | S100VB6E, S100XNNH |
| Property, plant and equipment | 96 | 214 | 213 | S100VB6E, S100XNNH |
| Intangible assets excluding goodwill | 3 | 8 | 24 | S100VB6E, S100XNNH |
| Current assets | 1,582 | 3,552 | 2,484 | S100VB6E, S100XNNH |
| Current liabilities | 1,008 | 2,862 | 1,201 | S100VB6E, S100XNNH |
| Short-term borrowings | — | — | 200 | S100XNNH |
| Long-term borrowings | 180 | 174 | 142 | S100VB6E, S100XNNH |
| Total liabilities | 1,188 | 3,035 | 1,346 | S100VB6E, S100XNNH |
| Equity attributable to owners of parent | 509 | 782 | 1,429 | S100VB6E, S100XNNH |
| Retained earnings | 315 | 588 | 837 | S100VB6E, S100XNNH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100XNNH |
| Property, plant and equipment | 8% | S100XNNH |
| Intangibles and goodwill | 1% | S100XNNH |
| Other assets | 68% | S100XNNH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 49% | S100XNNH |
| Equity | 51% | S100XNNH |
| Other liabilities | 0% | S100XNNH |

### Balance sheet history

| Metric | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 1,697 | 3,817 | 2,770 |
| Equity | 509 | 782 | 1,424 |
| Interest-bearing debt | — | — | — |
| Cash | 1,075 | 2,532 | 634 |

## 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) | 2.5% | S100XNNH |
| Fixed assets ÷ total assets | 7.7% | S100XNNH |
| Goodwill ÷ parent equity | — | —, S100XNNH |

### 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) | 22.9% |
| Cash ÷ revenue | 7.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -666.4% |
| Cash vs. profit gap | -2,619 JPY mn (of net income -1050.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 6.7% | 1.03× | 6.9% | 3.33× | 22.9% | S100VB6E |
| 2024 | 4.5% | 2.18× | 9.9% | 4.27× | 42.2% | S100VB6E |
| 2025 | 2.9% | 3.11× | 9.0% | 1.94× | 17.4% | S100XNNH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ET Family Asset株式会社 | Major shareholder | 54.1% | 2025-11-30 |
| SBI AI&Blockchain投資事業有限責任組合 | Major shareholder | 6.8% | 2025-11-30 |
| 榎並 大輔 | Major shareholder | 2.7% | 2025-11-30 |
| INTERACTIVE 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 | 2.5% | 2025-11-30 |
| LIN SHU-HSUAN （常任代理人 行政書士法人中央ライズアクロス） | Major shareholder | 2.0% | 2025-11-30 |
| LIN SHU-HUNG （常任代理人 行政書士法人中央ライズアクロス） | Major shareholder | 2.0% | 2025-11-30 |
| 九州アントレプレナークラブ２号投資事業有限責任組合 | Major shareholder | 1.9% | 2025-11-30 |
| 藤本 茂 | Major shareholder | 1.8% | 2025-11-30 |
| CBC株式会社 | Major shareholder | 1.7% | 2025-11-30 |
| 関 真希 | Major shareholder | 1.5% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2024/12/01－2025/11/30) | S100XNNH | 2026-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XNNH,, |
| 有価証券報告書－第13期(2023/12/01－2024/11/30) | S100VB6E | 2025-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VB6E,, |

## 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).