# TOKAI Holdings Corporation: 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15期(2025/04/01－2026/03/31) (S100YFV5)
> Page: https://vizora.meequs.com/en/company/tokai-holdings
> Retrieved: 2026-09-30T18:36:58.359Z

## Company

TOKAI Holdings, founded in 2010, is a company in Electric Power & Gas listed on TSE Prime. It has 5,033 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKAI Holdings Corporation |
| Ticker | 3167 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3167.T) |
| Listing | TSE Prime |
| Head office | 静岡市葵区常磐町2丁目6番地の8 |
| Representative (per filing) | 代表取締役社長 小栗 勝男 |
| Founded | Nov 2010 |
| Share capital | ¥14B |
| Employees (consolidated) | 5,033 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.tokaiholdings.co.jp (https://www.tokaiholdings.co.jp/) |
| Corporate number | 2080001017736 |
| EDINET | E25165 |
| Industries (Vizora) | Electric Power & Gas, Broadband & ISPs, IT Services & System Integration, Plant Engineering & Building Services, Real Estate Development & Leasing, Beverages & Dairy, Nursing Care |

> Profile source: annual securities report (S100YFV5, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Electric Power & Gas (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.1 | 42 |
| Profitability | 55.7 | 44 |
| Cash conversion | 41.7 | 42 |
| Efficiency | 76.1 | 44 |

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 42% of TOKAI Holdings's sales come from Energy, with Information Communications and CATV making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +0.6% from the prior year, operating profit +11.0%.

## Company structure

- Segment revenue mix: Energy 42.0%、Information Communications 25.3%、CATV 15.3%、Building Equipment and Real Estate 10.9%、Aqua 4.1%
- Revenue → net income: ¥244838000000 → ¥10912000000
- Net income → operating cash flow: ¥10912000000 → ¥27215000000（difference ¥16303000000）
- Main uses of operating cash flow: CapEx ¥17052000000 / dividends ¥4449000000 / buybacks ¥2000000000
- Change in cash: ¥-249000000
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 | ¥244.8B |  |
| Operating income | ¥18.7B | Margin 7.6% |
| Net income | ¥10.7B | Margin 4.4% |
| Free cash flow | ¥10.2B |  |
| Largest business | Energy | of segment revenue 42.0% |
| Employees (consolidated) | 5,033 |  |
| EPS | ¥37.28 |  |
| Diluted EPS | ¥37.25 |  |
| Book value per share | ¥298.71 |  |
| Equity ratio | 46.4% |  |
| Shares outstanding | 139,679,000 |  |
| Treasury shares | 10,146,700 |  |
| Shareholders | 136,976 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 2.4% | Cash ÷ revenue 2.1% |
| Vs. industry median margin | +0.7 pp | Electric Power & Gas |
| ROE | 12.4% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income
- FY2026, cash is 2% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥196726000000 | ¥244838000000 | +24.5% |
| Operating income | ¥15226000000 | ¥18699000000 | +22.8% |
| Operating margin | 7.7% | 7.6% | -0.1 pp |
| Employees | 4,251 people | 5,033 people | +18.4% |
| Cash and equivalents | ¥5136000000 | ¥5214000000 | +1.5% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → 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 |
| --- | ---: |
| エネルギー → エネルギー | 39.3% |
| 情報通信 → 情報通信 | 25.3% |
| 情報通信 → 事業再編・廃止 | 0.5% |
| ＣＡＴＶ → ＣＡＴＶ | 15.3% |
| ＣＡＴＶ → 事業再編・廃止 | 1.9% |
| 建築設備不動産 → 建築設備不動産 | 10.9% |
| 建築設備不動産 → 事業再編・廃止 | 0.9% |
| アクア → アクア | 3.9% |
| その他 → その他 | 2.1% |
| 新設・再編 → エネルギー | 2.7% |
| 新設・再編 → アクア | 0.2% |
| 新設・再編 → その他 | 0.3% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Energy | 5 years | +5.9% | ¥102937000000 | 6.8% | 2 |
| Information Communications | 5 years | +4.0% | ¥61823000000 | 7.1% | 2 |
| CATV | 5 years | +2.1% | ¥37389000000 | 16.4% | 2 |
| Building Equipment and Real Estate | 5 years | +2.9% | ¥26724000000 | 6.2% | 2 |
| Aqua | 5 years | +5.8% | ¥10087000000 | 3.5% | 2 |
| Other | 5 years | +7.6% | ¥5876000000 | 3.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 244,838 | 100.0% | S100YFV5 |
| Cost of revenue | 148,208 | 60.5% | S100YFV5 |
| Gross profit | 96,630 | 39.5% | S100YFV5 |
| SG&A | 77,930 | 31.8% | S100YFV5 |
| Operating income | 18,699 | 7.6% | S100YFV5 |
| Ordinary income | 19,152 | 7.8% | S100YFV5 |
| Pretax income | 16,396 | 6.7% | S100YFV5 |
| Income tax | 5,484 | 2.2% | S100YFV5 |
| Net income | 10,912 | 4.5% | S100YFV5 |
| Net income attributable to owners | 10,749 | 4.4% | S100YFV5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 32 |
| Operating income | 8 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 39.5% → Operating margin 7.6% → Net margin 4.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.6%; Core profit growth: +11.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 19.81×
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 | 243,482 | 244,838 | 1,356 | +0.6% |
| Gross profit | 93,739 | 96,630 | 2,891 | +3.1% |
| Operating income | 16,841 | 18,699 | 1,858 | +11.0% |
| Net income attributable to owners | 9,216 | 10,749 | 1,533 | +16.6% |
| Operating cash flow | 25,769 | 27,215 | 1,446 | +5.6% |
| Free cash flow | 12,093 | 10,163 | -1,930 | -16.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 195,952 | 14,224 | 7.3% | 8,241 | 22,535 | 10,943 | S100LPQU |
| FY ending Mar 2021 | 196,726 | 15,226 | 7.7% | 8,815 | 32,223 | 19,298 | S100OI34 |
| FY ending Mar 2022 | 210,691 | 15,794 | 7.5% | 8,969 | 20,808 | 7,463 | S100R6WQ |
| FY ending Mar 2023 | 230,190 | 14,919 | 6.5% | 6,465 | 21,193 | 7,230 | S100TT5R |
| FY ending Mar 2024 | 231,513 | 15,511 | 6.7% | 8,481 | 30,066 | 13,695 | S100W1KU |
| FY ending Mar 2025 | 243,482 | 16,841 | 6.9% | 9,216 | 25,769 | 12,093 | S100YFV5 |
| FY ending Mar 2026 | 244,838 | 18,699 | 7.6% | 10,749 | 27,215 | 10,163 | S100YFV5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.6M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥2.1M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 4,407 | 4,589 | 4,732 | 4,952 | 5,033 |
| Average salary (parent company) | ¥6.7M | ¥6.5M | ¥6.9M | ¥7.2M | ¥7M |
| Average age (parent company) | 40.0 years | 39.2 years | 41.1 years | 41.0 years | 39.9 years |
| Average tenure (parent company) | 14.6 years | 13.8 years | 15.5 years | 14.7 years | 13.3 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) +0.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Energy | 102,937 | 42.0% | 6,980 | 6.8% |
| Information Communications | 61,823 | 25.3% | 4,411 | 7.1% |
| CATV | 37,389 | 15.3% | 6,131 | 16.4% |
| Building Equipment and Real Estate | 26,724 | 10.9% | 1,657 | 6.2% |
| Aqua | 10,087 | 4.1% | 351 | 3.5% |
| Other | 5,876 | 2.4% | 210 | 3.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Energy | 42.0% | 35.4% | -6.7 | 6.8% |
| Information Communications | 25.3% | 22.3% | -2.9 | 7.1% |
| CATV | 15.3% | 31.1% | 15.8 | 16.4% |
| Building Equipment and Real Estate | 10.9% | 8.4% | -2.5 | 6.2% |
| Aqua | 4.1% | 1.8% | -2.3 | 3.5% |
| Other | 2.4% | 1.1% | -1.3 | 3.6% |

Segment → industry: Energy → Electric Power & Gas / Information Communications → Broadband & ISPs / Information Communications → IT Services & System Integration / CATV → Broadband & ISPs / Building Equipment and Real Estate → Plant Engineering & Building Services / Building Equipment and Real Estate → Real Estate Development & Leasing / Aqua → Beverages & Dairy / Other → Nursing Care

## 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 | 27,215 | 11.1% | S100YFV5 |
| Capital expenditure | 17,052 | 7.0% | S100YFV5 |
| Free cash flow | 10,163 | 4.2% | 算出 |
| Investing cash flow | -16,883 | -6.9% | S100YFV5 |
| Financing cash flow | -10,591 | -4.3% | S100YFV5 |
| Dividends paid | 4,449 | 1.8% | S100YFV5 |
| Share buyback | 2,000 | 0.8% | S100YFV5 |
| Change in cash | -249 | -0.1% | S100YFV5 |
| Cash and equivalents | 5,214 | 2.1% | S100YFV5 |

## 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 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,447 | 4,028 | 5,604 | 5,463 | 5,214 | S100TT5R, S100W1KU, S100YFV5 |
| Total assets | 184,473 | 193,339 | 205,301 | 211,114 | 219,586 | S100R6WQ, S100TT5R, S100W1KU, S100YFV5 |
| Net assets | 78,946 | 82,304 | 91,300 | 95,855 | 104,462 | S100TT5R, S100W1KU, S100YFV5 |
| Share capital | 14,000 | 14,000 | 14,000 | 14,000 | 14,000 | S100R6WQ, S100TT5R, S100W1KU, S100YFV5 |
| Property, plant and equipment | 106,017 | 110,384 | 114,298 | 114,655 | 115,897 | S100R6WQ, S100TT5R, S100W1KU, S100YFV5 |
| Intangible assets excluding goodwill | 10,993 | 10,492 | 10,093 | 12,954 | 13,235 | S100R6WQ, S100TT5R, S100W1KU, S100YFV5 |
| Goodwill | 6,040 | 5,904 | 5,422 | 6,143 | 4,510 | S100R6WQ, S100TT5R, S100W1KU, S100YFV5 |
| Investment securities | 9,454 | 9,829 | 14,796 | 16,274 | 20,364 | S100R6WQ, S100TT5R, S100W1KU, S100YFV5 |
| Current assets | 47,098 | 51,824 | 54,719 | 54,955 | 55,345 | S100R6WQ, S100TT5R, S100W1KU, S100YFV5 |
| Current liabilities | 57,822 | 61,046 | 61,761 | 61,582 | 61,264 | S100R6WQ, S100TT5R, S100W1KU, S100YFV5 |
| Trade payables | 18,668 | 19,801 | 19,825 | 17,757 | 15,234 | S100R6WQ, S100TT5R, S100W1KU, S100YFV5 |
| Short-term borrowings | 14,411 | 15,753 | 14,190 | 13,996 | 17,202 | S100R6WQ, S100TT5R, S100W1KU, S100YFV5 |
| Long-term borrowings | 29,736 | 30,855 | 32,105 | 32,124 | 30,645 | S100R6WQ, S100TT5R, S100W1KU, S100YFV5 |
| Total liabilities | 105,527 | 111,034 | 114,000 | 115,259 | 115,123 | S100R6WQ, S100TT5R, S100W1KU, S100YFV5 |
| Non-controlling interests | 1,702 | 2,083 | 2,216 | 2,386 | 2,540 | S100R6WQ, S100TT5R, S100W1KU, S100YFV5 |
| Equity attributable to owners of parent | 73,615 | 75,492 | 79,812 | 84,575 | 88,933 | S100R6WQ, S100TT5R, S100W1KU, S100YFV5 |
| Retained earnings | 36,395 | 38,526 | 42,804 | 47,554 | 53,840 | S100R6WQ, S100TT5R, S100W1KU, S100YFV5 |
| Treasury stock | -2,332 | -2,601 | -2,562 | -2,554 | -4,491 | S100R6WQ, S100TT5R, S100W1KU, S100YFV5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100YFV5 |
| Property, plant and equipment | 53% | S100YFV5 |
| Intangibles and goodwill | 8% | S100YFV5 |
| Investment securities | 9% | S100YFV5 |
| Other assets | 28% | S100YFV5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YFV5 |
| Other liabilities | 45% | S100YFV5 |
| Equity | 48% | S100YFV5 |
| Other liabilities | 0% | S100YFV5 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 184,473 | 193,339 | 205,301 | 211,114 | 219,586 |
| Equity | 78,946 | 82,304 | 91,300 | 95,855 | 104,462 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,447 | 4,028 | 5,604 | 5,463 | 5,214 |

## 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) | 47.3% | S100YFV5 |
| Fixed assets ÷ total assets | 52.8% | S100YFV5 |
| Goodwill ÷ parent equity | 5.1% | S100YFV5 |

Goodwill over 4 years: 6,040 → 4,510 JPY; total investing cash flow: -79,843 JPY. This does not imply causation.

### 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) | 2.4% |
| Cash ÷ revenue | 2.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 145.5% |
| Cash vs. profit gap | 16,466 JPY mn (of net income 153.2%) |
| Shareholder returns / net income | 60.0% |
| Shareholder returns / FCF | 63.5% |
| Shareholder payments — dividends / net income | 41.4% |
| Shareholder payments — dividends / FCF | 43.8% |
| CapEx intensity (capex ÷ revenue) | 7.0% |
| Investing CF relative to operating CF | 62.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 4.3% | 1.14× | 4.9% | 2.51× | 12.2% | S100R6WQ |
| 2023 | 2.8% | 1.22× | 3.4% | 2.53× | 8.7% | S100TT5R |
| 2024 | 3.7% | 1.16× | 4.3% | 2.57× | 10.9% | S100W1KU |
| 2025 | 3.8% | 1.17× | 4.4% | 2.53× | 11.2% | S100YFV5 |
| 2026 | 4.4% | 1.14× | 5.0% | 2.48× | 12.4% | S100YFV5 |

## 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 | 10.0% | 2026-03-31 |
| 鈴与商事株式会社 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社静岡銀行 | Major shareholder | 3.1% | 2026-03-31 |
| ＴＯＫＡＩグループ従業員持株会 | Major shareholder | 3.1% | 2026-03-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.6% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 2.5% | 2026-03-31 |
| アストモスエネルギー株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| ステートストリートバンクアンド トラストカンパニー５０５２２３ | Major shareholder | 2.1% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2025/04/01－2026/03/31) | S100YFV5 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFV5,, |
| 有価証券報告書－第14期(2024/04/01－2025/03/31) | S100W1KU | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1KU,, |
| 有価証券報告書－第13期(2023/04/01－2024/03/31) | S100TT5R | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT5R,, |
| 有価証券報告書－第12期(2022/04/01－2023/03/31) | S100R6WQ | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6WQ,, |
| 有価証券報告書－第11期(令和3年4月1日－令和4年3月31日) | S100OI34 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI34,, |
| 有価証券報告書－第10期(令和2年4月1日－令和3年3月31日) | S100LPQU | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPQU,, |

## 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).