# TO Books, Inc.: business model and financials

> Latest period: FY ending Apr 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2025/05/01－2026/04/30) (S100YSBO)
> Page: https://vizora.meequs.com/en/company/tobooks
> Retrieved: 2026-09-30T22:08:16.237Z

## Company

TO Books, founded in 2014, is a company in Publishing & Bookstores listed on TSE Standard. It has 149 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TO Books, Inc. |
| Ticker | 500A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/500A.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区桜丘町1番1号 渋谷サクラステージSHIBUYAタワー38階 |
| Representative (per filing) | 代表取締役 本田 武市 |
| Founded | May 2014 |
| Share capital | ¥894.2M |
| Employees (consolidated) | 149 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | April |
| Website | www.tobooks.jp (https://www.tobooks.jp/) |
| Corporate number | 3011001100140 |
| EDINET | E41257 |
| Industries (Vizora) | Publishing & Bookstores |

> Profile source: annual securities report (S100YSBO, filed 2026-07-27). As of filing

## Five-axis industry profile

Primary industry: Publishing & Bookstores (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.1 | 17 |
| Profitability | 81.6 | 19 |
| Cash conversion | 53.1 | 16 |
| Efficiency | 81.6 | 19 |

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)

- TO Books brought in ¥11.8B in revenue.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +25.1% from the prior year, operating profit +72.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥11795979000 → ¥1310417000
- Net income → operating cash flow: ¥1310417000 → ¥1766767000（difference ¥456350000）
- Main uses of operating cash flow: CapEx ¥191967000 / dividends ¥69000000 / buybacks —
- Change in cash: ¥3099691000
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 | ¥11.8B |  |
| Operating income | ¥1.98B | Margin 16.8% |
| Net income | ¥1.31B | Margin 11.1% |
| Free cash flow | ¥1.57B |  |
| Employees (consolidated) | 149 |  |
| EPS | ¥422.09 |  |
| Diluted EPS | ¥377.61 |  |
| Book value per share | ¥2067.77 |  |
| Equity ratio | 69.6% |  |
| Shares outstanding | 3,516,400 |  |
| Shareholders | 2,085 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 41.8% | Cash ÷ revenue 37.0% |
| Vs. industry median margin | +11.4 pp | Publishing & Bookstores |
| ROE | 22.7% | Derived from disclosed figures |
| ROA | 15.8% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -6% while operating income rose 73%
- FY2026, cash is 42% of total assets

## What changed in 1 years

| Metric | FY ending Apr 2025 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9426601000 | ¥11795979000 | +25.1% |
| Operating income | ¥1149464000 | ¥1984672000 | +72.7% |
| Operating margin | 12.2% | 16.8% | +4.6 pp |
| Employees | 159 people | 149 people | -6.3% |
| Cash and equivalents | ¥1264103000 | ¥4363794000 | +245.2% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,796 | 100.0% | S100YSBO |
| Cost of revenue | 3,274 | 27.8% | S100YSBO |
| Gross profit | 8,522 | 72.2% | S100YSBO |
| SG&A | 6,537 | 55.4% | S100YSBO |
| Operating income | 1,985 | 16.8% | S100YSBO |
| Ordinary income | 1,954 | 16.6% | S100YSBO |
| Pretax income | 1,939 | 16.4% | S100YSBO |
| Income tax | 628 | 5.3% | S100YSBO |
| Net income | 1,310 | 11.1% | S100YSBO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 28 |
| SG&A | 55 |
| Operating income | 17 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 72.2% → Operating margin 16.8% → Net margin 11.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +25.1%; Core profit growth: +72.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.89×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 9,427 | 11,796 | 2,369 | +25.1% |
| Gross profit | 6,468 | 8,522 | 2,054 | +31.8% |
| Operating income | 1,149 | 1,985 | 835 | +72.7% |
| Operating cash flow | 309 | 1,767 | 1,458 | +471.5% |
| Free cash flow | 114 | 1,575 | 1,461 | +1280.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2025 | 9,427 | 1,149 | 12.2% | 775 | 309 | 114 | S100YSBO |
| FY ending Apr 2026 | 11,796 | 1,985 | 16.8% | 1,310 | 1,767 | 1,575 | S100YSBO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥79.2M |
| Operating income per employee (consolidated) | ¥13.3M |
| Net income per employee (consolidated) | ¥8.8M |

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

| History | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: |
| Employees (consolidated) | 159 | 149 |
| Average salary (parent company) | — | ¥5.3M |
| Average age (parent company) | — | 30.9 years |
| Average tenure (parent company) | — | 3.6 years |

Year over year: Employees (consolidated) -6.3% · Revenue (consolidated) +25.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,767 | 15.0% | S100YSBO |
| Capital expenditure | 192 | 1.6% | S100YSBO |
| Free cash flow | 1,575 | 13.4% | 算出 |
| Investing cash flow | -277 | -2.4% | S100YSBO |
| Financing cash flow | 1,610 | 13.7% | S100YSBO |
| Dividends paid | 69 | 0.6% | S100YSBO |
| Change in cash | 3,100 | 26.3% | S100YSBO |
| Cash and equivalents | 4,364 | 37.0% | S100YSBO |

## 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 Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 1,264 | 4,364 | S100YSBO |
| Total assets | 6,161 | 10,442 | S100YSBO |
| Net assets | 4,262 | 7,274 | S100YSBO |
| Share capital | 9 | 894 | S100YSBO |
| Property, plant and equipment | 438 | 378 | S100YSBO |
| Intangible assets excluding goodwill | 49 | 35 | S100YSBO |
| Current assets | 5,012 | 9,435 | S100YSBO |
| Current liabilities | 1,839 | 3,168 | S100YSBO |
| Short-term borrowings | 100 | 100 | S100YSBO |
| Bonds | 60 | — | S100YSBO |
| Total liabilities | 1,899 | 3,168 | S100YSBO |
| Equity attributable to owners of parent | 4,259 | 7,271 | S100YSBO |
| Retained earnings | 4,244 | 5,486 | S100YSBO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100YSBO |
| Property, plant and equipment | 4% | S100YSBO |
| Intangibles and goodwill | 0% | S100YSBO |
| Other assets | 54% | S100YSBO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 30% | S100YSBO |
| Equity | 70% | S100YSBO |
| Other liabilities | 0% | S100YSBO |

### Balance sheet history

| Metric | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: |
| Total assets | 6,161 | 10,442 |
| Equity | 4,262 | 7,274 |
| Interest-bearing debt | — | — |
| Cash | 1,264 | 4,364 |

## 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) | 3.2% | S100YSBO |
| Fixed assets ÷ total assets | 3.6% | S100YSBO |
| Goodwill ÷ parent equity | — | —, S100YSBO |

### 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) | 41.8% |
| Cash ÷ revenue | 37.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 89.0% |
| Cash vs. profit gap | 456 JPY mn (of net income 34.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 5.3% |
| Shareholder payments — dividends / FCF | 4.4% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 15.7% |

## 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 | 8.2% | 1.53× | 12.6% | 1.45× | 18.2% | S100YSBO |
| 2026 | 11.1% | 1.42× | 15.8% | 1.44× | 22.7% | S100YSBO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＭＴＳ | Major shareholder | 56.9% | 2026-04-30 |
| 本田 武市 | Major shareholder | 16.4% | 2026-04-30 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.2% | 2026-04-30 |
| 田辺 啓輔 | Major shareholder | 1.9% | 2026-04-30 |
| MSIP CLIENT SECURITIES（常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 1.1% | 2026-04-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 0.9% | 2026-04-30 |
| 凪 拓史 | Major shareholder | 0.9% | 2026-04-30 |
| BBH CO FOR ARCUS JAPAN VALUE FUND（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.8% | 2026-04-30 |
| 小山 倫良 | Major shareholder | 0.4% | 2026-04-30 |
| 松田 昌士 | Major shareholder | 0.4% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/05/01－2026/04/30) | S100YSBO | 2026-07-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YSBO,, |

## 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).