# TOHO LAMAC CO., LTD.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第68期(2024/12/21－2025/12/20) (S100XRD8)
> Page: https://vizora.meequs.com/en/company/toho-lamac
> Retrieved: 2026-09-30T21:00:30.400Z

## Company

Toho Lamac, founded in 1958, is a company in Shoes & Bags listed on TSE Standard. It has 74 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOHO LAMAC CO., LTD. |
| Ticker | 7422 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7422.T) |
| Listing | TSE Standard |
| Head office | 東京都文京区湯島三丁目42番6号 |
| Representative (per filing) | 代表取締役社長 笠井信剛 |
| Founded | Jul 1958 |
| Share capital | ¥961.7M |
| Employees (consolidated) | 74 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | December |
| Website | www.toho-lamac.co.jp (https://www.toho-lamac.co.jp/) |
| Corporate number | 2010001005342 |
| EDINET | E02794 |
| Industries (Vizora) | Shoes & Bags, Real Estate Development & Leasing |

> Profile source: annual securities report (S100XRD8, filed 2026-03-17). As of filing

## Five-axis industry profile

Primary industry: Shoes & Bags (2025-12-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 7.1 | 7 |
| Profitability | 5.6 | 9 |
| Efficiency | 5.6 | 9 |

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 98% of Toho Lamac's sales come from Shoes business, with Real estate business making up much of the rest.
- It lost about ¥3 for every ¥100 of sales at the operating level.
- Revenue changed -10.9% from the prior year, operating profit -263.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.55B |  |
| Operating income | -¥120.6M | Margin -2.7% |
| Net income | ¥17.5M | Margin 0.4% |
| Free cash flow | -¥956.8M |  |
| Largest business | Shoes business | of segment revenue 97.9% |
| Employees (consolidated) | 74 |  |
| EPS | ¥3.44 |  |
| Book value per share | ¥888.66 |  |
| Equity ratio | 67.4% |  |
| Shares outstanding | 5,120,700 |  |
| Treasury shares | 32,500 |  |
| Shareholders | 1,038 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 26.5% | Cash ÷ revenue 39.0% |
| Vs. industry median margin | -4.6 pp | Shoes & Bags |
| ROE | 0.4% | Derived from disclosed figures |
| ROA | 0.3% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, segment profit share differs by 98 points
- FY2025, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6728159000 | ¥4547599000 | -32.4% |
| Operating income | ¥-262788000 | ¥-120634000 | — |
| Operating margin | -3.9% | -2.7% | +1.3 pp |
| Employees | 93 people | 74 people | -20.4% |
| Cash and equivalents | ¥1612798000 | ¥1775032000 | +10.1% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. 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 → シューズ事業 | 97.9% |
| 新設・再編 → 不動産事業 | 2.1% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,548 | 100.0% | S100XRD8 |
| Cost of revenue | 3,234 | 71.1% | S100XRD8 |
| Gross profit | 1,313 | 28.9% | S100XRD8 |
| SG&A | 1,434 | 31.5% | S100XRD8 |
| Operating income | -121 | -2.7% | S100XRD8 |
| Ordinary income | -99 | -2.2% | S100XRD8 |
| Pretax income | 51 | 1.1% | S100XRD8 |
| Income tax | 33 | 0.7% | S100XRD8 |
| Net income | 17 | 0.4% | S100XRD8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 32 |
| Operating income | -3 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 28.9% → Operating margin -2.7% → Net margin 0.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,106 | 4,548 | -558 | -10.9% |
| Gross profit | 1,498 | 1,313 | -185 | -12.3% |
| Operating income | 74 | -121 | -194 | -263.7% |
| Operating cash flow | 196 | -482 | -678 | -345.8% |
| Free cash flow | 89 | -957 | -1,046 | -1169.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 9,251 | -205 | -2.2% | -26 | 521 | 519 | S100KZI9 |
| FY ending Dec 2020 | 6,728 | -263 | -3.9% | -193 | 372 | 371 | S100NOW8 |
| FY ending Dec 2021 | 6,339 | -234 | -3.7% | -218 | 154 | 143 | S100QEX4 |
| FY ending Dec 2022 | 6,376 | -252 | -4.0% | -6 | -654 | -666 | S100T2JV |
| FY ending Dec 2023 | 5,096 | -208 | -4.1% | -136 | 385 | 346 | S100VEQH |
| FY ending Dec 2024 | 5,106 | 74 | 1.4% | 124 | 196 | 89 | S100XRD8 |
| FY ending Dec 2025 | 4,548 | -121 | -2.7% | 17 | -482 | -957 | S100XRD8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥61.5M |
| Operating income per employee (consolidated) | -¥1.6M |
| Net income per employee (consolidated) | ¥236.2K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 94 | 92 | 83 | 77 | 74 |
| Average salary (parent company) | ¥4.9M | ¥4.7M | ¥4.8M | ¥5M | ¥5M |
| Average age (parent company) | 43.6 years | 44.6 years | 44.9 years | 46.1 years | 45.3 years |
| Average tenure (parent company) | 19.6 years | 20.3 years | 20.7 years | 22.1 years | 21.6 years |

Year over year: Employees (consolidated) -3.9% · Revenue (consolidated) -10.9%

## Segments（FY ending Dec 2025, non-consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Shoes business | 4,453 | 97.9% | -133 | -3.0% |
| Real estate business | 95 | 2.1% | 12 | 13.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Shoes business | 97.9% | — | — | -3.0% |
| Real estate business | 2.1% | 100.0% | 97.9 | 13.1% |

Loss-making segment (excluded from profit shares): Shoes business -133 JPY mn

Segment → industry: Shoes business → Shoes & Bags / Real estate business → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -482 | -10.6% | S100XRD8 |
| Capital expenditure | 475 | 10.4% | S100XRD8 |
| Free cash flow | -957 | -21.0% | 算出 |
| Investing cash flow | -307 | -6.7% | S100XRD8 |
| Financing cash flow | 672 | 14.8% | S100XRD8 |
| Dividends paid | 58 | 1.3% | S100XRD8 |
| Change in cash | -117 | -2.6% | S100XRD8 |
| Cash and equivalents | 1,775 | 39.0% | S100XRD8 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,985 | 1,409 | 1,830 | 1,892 | 1,775 | S100T2JV, S100VEQH, S100XRD8 |
| Total assets | 6,411 | 6,199 | 5,957 | 6,106 | 6,705 | S100QEX4, S100T2JV, S100VEQH, S100XRD8 |
| Net assets | 4,656 | 4,502 | 4,444 | 4,670 | 4,522 | S100T2JV, S100VEQH, S100XRD8 |
| Share capital | 962 | 962 | 962 | 962 | 962 | S100QEX4, S100T2JV, S100VEQH, S100XRD8 |
| Property, plant and equipment | 929 | 840 | 723 | 1,464 | 1,783 | S100QEX4, S100T2JV, S100VEQH, S100XRD8 |
| Intangible assets excluding goodwill | 12 | 22 | 53 | 55 | 44 | S100QEX4, S100T2JV, S100VEQH, S100XRD8 |
| Investment securities | 460 | 561 | 555 | 705 | 490 | S100QEX4, S100T2JV, S100VEQH, S100XRD8 |
| Current assets | 4,352 | 4,091 | 3,929 | 3,858 | 4,365 | S100QEX4, S100T2JV, S100VEQH, S100XRD8 |
| Current liabilities | 1,177 | 1,135 | 1,144 | 1,061 | 1,395 | S100QEX4, S100T2JV, S100VEQH, S100XRD8 |
| Short-term borrowings | 800 | 700 | 800 | 800 | 1,095 | S100QEX4, S100T2JV, S100VEQH, S100XRD8 |
| Long-term borrowings | 200 | 188 | — | — | 429 | S100QEX4, S100T2JV, S100XRD8 |
| Total liabilities | 1,755 | 1,697 | 1,513 | 1,436 | 2,183 | S100QEX4, S100T2JV, S100VEQH, S100XRD8 |
| Equity attributable to owners of parent | 4,631 | 4,569 | 4,379 | 4,448 | 4,407 | S100QEX4, S100T2JV, S100VEQH, S100XRD8 |
| Retained earnings | 2,846 | 2,784 | 2,595 | 2,664 | 2,623 | S100QEX4, S100T2JV, S100VEQH, S100XRD8 |
| Treasury stock | -16 | -16 | -16 | -17 | -17 | S100QEX4, S100T2JV, S100VEQH, S100XRD8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100XRD8 |
| Property, plant and equipment | 27% | S100XRD8 |
| Intangibles and goodwill | 1% | S100XRD8 |
| Investment securities | 7% | S100XRD8 |
| Other assets | 39% | S100XRD8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 33% | S100XRD8 |
| Equity | 67% | S100XRD8 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 6,411 | 6,199 | 5,957 | 6,106 | 6,705 |
| Equity | 4,656 | 4,502 | 4,444 | 4,670 | 4,522 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,985 | 1,409 | 1,830 | 1,892 | 1,775 |

## 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) | 39.2% | S100XRD8 |
| Fixed assets ÷ total assets | 26.6% | S100XRD8 |
| Goodwill ÷ parent equity | — | —, S100XRD8 |

### 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) | 26.5% |
| Cash ÷ revenue | 39.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -500 JPY mn (of net income -2858.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 331.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 10.4% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -3.4% | —× | — | S100QEX4 |
| 2022 | — | —× | -0.1% | —× | — | S100T2JV |
| 2023 | — | —× | -2.2% | —× | — | S100VEQH |
| 2024 | 2.4% | 0.85× | 2.1% | 1.37× | 2.8% | S100XRD8 |
| 2025 | 0.4% | 0.71× | 0.3% | 1.45× | 0.4% | S100XRD8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社フロンティアグループ | Major shareholder | 18.6% | 2025-12-20 |
| 笠 井 庄 治 | Major shareholder | 13.5% | 2025-12-20 |
| 金 子 将 幸 | Major shareholder | 11.6% | 2025-12-20 |
| レマック共栄会 | Major shareholder | 3.4% | 2025-12-20 |
| 吉 原 頼 道 | Major shareholder | 2.8% | 2025-12-20 |
| PERSHING-DIV. OF DLJ SECS. CORP.（常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.9% | 2025-12-20 |
| 株式会社ヌル | Major shareholder | 1.7% | 2025-12-20 |
| 株式会社商工組合中央金庫 | Major shareholder | 1.7% | 2025-12-20 |
| 笠 井 正 紀 | Major shareholder | 1.7% | 2025-12-20 |
| 清 水 英 助 | Major shareholder | 1.3% | 2025-12-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第68期(2024/12/21－2025/12/20) | S100XRD8 | 2026-03-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRD8,, |
| 有価証券報告書－第67期(2023/12/21－2024/12/20) | S100VEQH | 2025-03-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VEQH,, |
| 有価証券報告書－第66期(2022/12/21－2023/12/20) | S100T2JV | 2024-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T2JV,, |
| 有価証券報告書－第65期(2021/12/21－2022/12/20) | S100QEX4 | 2023-03-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QEX4,, |
| 有価証券報告書－第961期(令和2年12月21日－令和3年12月20日) | S100NOW8 | 2022-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NOW8,, |
| 有価証券報告書－第63期(令和1年12月21日－令和2年12月20日) | S100KZI9 | 2021-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZI9,, |

## 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).