# TOBISHIMA HOLDINGS Inc: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第2期(2025/04/01－2026/03/31) (S100YIL8)
> Page: https://vizora.meequs.com/en/company/tobishima-holdings
> Retrieved: 2026-09-30T19:11:52.305Z

## Company

Tobishima Holdings, founded in 2024, is a company in General Contractors listed on TSE Prime. It has 1,596 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOBISHIMA HOLDINGS Inc. |
| Ticker | 256A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/256A.T) |
| Listing | TSE Prime |
| Head office | 東京都港区港南1丁目8番15号 |
| Representative (per filing) | 代表取締役社長 髙橋光彦 |
| Founded | Oct 2024 |
| Share capital | ¥5.5B |
| Employees (consolidated) | 1,596 |
| Average salary (parent only) | ¥8.9M |
| Fiscal year end | March |
| Website | www.tobishimahd.co.jp (https://www.tobishimahd.co.jp/) |
| Corporate number | 3010401185502 |
| EDINET | E39785 |
| Industries (Vizora) | General Contractors |

> Profile source: annual securities report (S100YIL8, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 14.9 | 84 |
| Profitability | 28.8 | 92 |
| Cash conversion | 41.2 | 91 |
| Efficiency | 36.4 | 92 |

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 43% of Tobishima Holdings's sales come from Engineering, with Construction and Growth business and other making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +0.7% from the prior year, operating profit +7.5%.

## Company structure

- Segment revenue mix: Engineering 43.3%、Construction 37.0%、Growth business and other 19.7%
- Revenue → net income: ¥139255000000 → ¥4838000000
- Net income → operating cash flow: ¥4838000000 → ¥3531000000（difference ¥-1307000000）
- Main uses of operating cash flow: CapEx ¥2178000000 / dividends ¥1730000000 / buybacks —
- Change in cash: ¥-5067000000
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 | ¥139.3B |  |
| Operating income | ¥6.91B | Margin 5.0% |
| Net income | ¥4.84B | Margin 3.5% |
| Free cash flow | ¥1.35B |  |
| Largest business | Engineering | of segment revenue 43.3% |
| Employees (consolidated) | 1,596 |  |
| EPS | ¥53.62 |  |
| Book value per share | ¥2310.06 |  |
| Equity ratio | 33.3% |  |
| Shares outstanding | 19,225,000 |  |
| Treasury shares | 1,000 |  |
| Shareholders | 18,167 |  |
| Average salary (parent only) | ¥8.9M | Filing company only |
| Cash ratio | 12.5% | Cash ÷ revenue 14.7% |
| Vs. industry median margin | -1.9 pp | General Contractors |
| ROE | 9.5% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## What changed in 1 years

| Metric | FY ending Mar 2025 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥138259000000 | ¥139255000000 | +0.7% |
| Operating income | ¥6426000000 | ¥6910000000 | +7.5% |
| Operating margin | 4.6% | 5.0% | +0.3 pp |
| Employees | 1,470 people | 1,596 people | +8.6% |
| Cash and equivalents | ¥25492000000 | ¥20425000000 | -19.9% |

### Change in segment revenue mix

Span: FY ending Mar 2025 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 土木事業 → 土木事業 | 43.3% |
| 土木事業 → 事業再編・廃止 | 6.4% |
| 建築事業 → 建築事業 | 37.0% |
| グロース事業等 → グロース事業等 | 13.4% |
| 新設・再編 → 建築事業 | 0.0% |
| 新設・再編 → グロース事業等 | 6.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Engineering | — | — | ¥60229000000 | 7.3% | 2 |
| Construction | — | — | ¥51535000000 | 7.7% | 2 |
| Growth business and other | — | — | ¥27490000000 | 8.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 139,255 | 100.0% | S100YIL8 |
| Cost of revenue | 122,321 | 87.8% | S100YIL8 |
| Gross profit | 16,934 | 12.2% | S100YIL8 |
| SG&A | 10,024 | 7.2% | S100YIL8 |
| Operating income | 6,910 | 5.0% | S100YIL8 |
| Ordinary income | 5,968 | 4.3% | S100YIL8 |
| Pretax income | 6,503 | 4.7% | S100YIL8 |
| Income tax | 1,665 | 1.2% | S100YIL8 |
| Net income | 4,838 | 3.5% | S100YIL8 |
| Net income attributable to owners | 4,845 | 3.5% | S100YIL8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 7 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 12.2% → Operating margin 5.0% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.7%; Core profit growth: +7.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 10.46×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 138,259 | 139,255 | 996 | +0.7% |
| Gross profit | 15,797 | 16,934 | 1,137 | +7.2% |
| Operating income | 6,426 | 6,910 | 484 | +7.5% |
| Net income attributable to owners | 3,723 | 4,845 | 1,122 | +30.1% |
| Operating cash flow | 2,806 | 3,531 | 725 | +25.8% |
| Free cash flow | 1,398 | 1,353 | -45 | -3.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2025 | 138,259 | 6,426 | 4.6% | 3,723 | 2,806 | 1,398 | S100YIL8 |
| FY ending Mar 2026 | 139,255 | 6,910 | 5.0% | 4,845 | 3,531 | 1,353 | S100YIL8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥87.3M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥3M |

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

| History | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: |
| Employees (consolidated) | 1,470 | 1,596 |
| Average salary (parent company) | ¥9.5M | ¥8.9M |
| Average age (parent company) | 48.0 years | 45.6 years |
| Average tenure (parent company) | 21.1 years | 18.5 years |

Year over year: Employees (consolidated) +8.6% · Revenue (consolidated) +0.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Engineering | 60,229 | 43.3% | 4,371 | 7.3% |
| Construction | 51,535 | 37.0% | 3,991 | 7.7% |
| Growth business and other | 27,490 | 19.7% | 2,458 | 8.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Engineering | 43.3% | 40.4% | -2.9 | 7.3% |
| Construction | 37.0% | 36.9% | -0.1 | 7.7% |
| Growth business and other | 19.7% | 22.7% | 3.0 | 8.9% |

Segment → industry: Growth business and other → General Contractors / Construction → General Contractors / Engineering → General Contractors

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,531 | 2.5% | S100YIL8 |
| Capital expenditure | 2,178 | 1.6% | S100YIL8 |
| Free cash flow | 1,353 | 1.0% | 算出 |
| Investing cash flow | -4,654 | -3.3% | S100YIL8 |
| Financing cash flow | -4,017 | -2.9% | S100YIL8 |
| Dividends paid | 1,730 | 1.2% | S100YIL8 |
| Change in cash | -5,067 | -3.6% | S100YIL8 |
| Cash and equivalents | 20,425 | 14.7% | S100YIL8 |

## 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 Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 25,492 | 20,425 | S100YIL8 |
| Total assets | 157,166 | 163,096 | S100YIL8 |
| Net assets | 50,450 | 54,409 | S100YIL8 |
| Share capital | 5,500 | 5,500 | S100YIL8 |
| Property, plant and equipment | 18,431 | 25,362 | S100YIL8 |
| Intangible assets excluding goodwill | 1,666 | 1,585 | S100YIL8 |
| Investment securities | 4,054 | 4,750 | S100YIL8 |
| Current assets | 127,794 | 124,792 | S100YIL8 |
| Current liabilities | 90,740 | 100,270 | S100YIL8 |
| Short-term borrowings | 22,089 | 30,450 | S100YIL8 |
| Long-term borrowings | 14,322 | 5,500 | S100YIL8 |
| Total liabilities | 106,715 | 108,687 | S100YIL8 |
| Non-controlling interests | 88 | 81 | S100YIL8 |
| Equity attributable to owners of parent | 49,524 | 52,646 | S100YIL8 |
| Retained earnings | 38,325 | 43,171 | S100YIL8 |
| Treasury stock | -85 | -79 | S100YIL8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YIL8 |
| Property, plant and equipment | 16% | S100YIL8 |
| Intangibles and goodwill | 1% | S100YIL8 |
| Investment securities | 3% | S100YIL8 |
| Other assets | 68% | S100YIL8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 67% | S100YIL8 |
| Equity | 33% | S100YIL8 |

### Balance sheet history

| Metric | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: |
| Total assets | 157,166 | 163,096 |
| Equity | 50,450 | 54,409 |
| Interest-bearing debt | — | — |
| Cash | 25,492 | 20,425 |

## 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) | 18.2% | S100YIL8 |
| Fixed assets ÷ total assets | 15.6% | S100YIL8 |
| Goodwill ÷ parent equity | — | —, S100YIL8 |

### 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) | 12.5% |
| Cash ÷ revenue | 14.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 51.1% |
| Cash vs. profit gap | -1,314 JPY mn (of net income -27.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 35.7% |
| Shareholder payments — dividends / FCF | 127.9% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 131.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | 2.7% | 0.88× | 2.4% | 3.17× | 7.5% | S100YIL8 |
| 2026 | 3.5% | 0.87× | 3.0% | 3.13× | 9.5% | S100YIL8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 12.7% | 2026-03-31 |
| トビシマ共栄会 | Major shareholder | 6.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.3% | 2026-03-31 |
| 飛島ホールディングス従業員持株会 | Major shareholder | 2.3% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| ＪＰ ＪＰＭＳＥ ＬＵＸ ＲＥ ＣＩＴＩＧＲＯＵＰ ＧＬＯＢＡＬ ＭＡＲＫＥＴＳ Ｌ ＥＱ ＣＯ （常任代理人株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.0% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| ＤＦＡ ＩＮＴＬ ＳＭＡＬＬＣＡＰ ＶＡＬＵＥ ＰＯＲＴＦＯＬＩＯ（常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.2% | 2026-03-31 |
| 株式会社新居浜鉄工所 | Major shareholder | 1.0% | 2026-03-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＮＥＷ ＹＯＲＫ ＢＲＡＮＣＨ － ＰＲＩＭＥ ＢＲＯＫＥＲＡＧＥ ＣＬＥＡＲＡＮＣＥ ＡＣＣＯＵＮＴ （常任代理人香港上海銀行東京支店） | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第2期(2025/04/01－2026/03/31) | S100YIL8 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIL8,, |
| 有価証券報告書－第1期(2024/04/01－2025/03/31) | S100W6HQ | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6HQ,, |

## 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).