# TOKAI LEASE CO.,LTD.: 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58期(2025/04/01－2026/03/31) (S100YJ2Z)
> Page: https://vizora.meequs.com/en/company/tokai-lease
> Retrieved: 2026-09-30T23:26:59.063Z

## Company

Tokai Lease, founded in 1968, is a company in Leasing listed on TSE Standard. It has 590 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKAI LEASE CO.,LTD. |
| Ticker | 9761 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9761.T) |
| Listing | TSE Standard |
| Head office | 大阪市北区天神橋2丁目北2番6号 |
| Representative (per filing) | 代表取締役社長 塚本博亮 |
| Founded | May 1968 |
| Share capital | ¥8.03B |
| Employees (consolidated) | 590 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.tokai-lease.co.jp (https://www.tokai-lease.co.jp/) |
| Corporate number | 7120001067607 |
| EDINET | E04800 |
| Industries (Vizora) | Leasing |

> Profile source: annual securities report (S100YJ2Z, filed 2026-06-25). As of filing

## Key points (generated from figures)

- Tokai Lease brought in ¥18.9B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +2.5% from the prior year, operating profit -20.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥18.9B |  |
| Operating income | ¥1.2B | Margin 6.4% |
| Net income | ¥723.2M | Margin 3.8% |
| Free cash flow | — |  |
| Employees (consolidated) | 590 |  |
| EPS | ¥213.38 |  |
| Book value per share | ¥4429.1 |  |
| Equity ratio | 44.4% |  |
| Shares outstanding | 3,494,000 |  |
| Treasury shares | 30,500 |  |
| Shareholders | 5,693 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 7.7% | Cash ÷ revenue 16.2% |
| Vs. industry median margin | -0.7 pp | Leasing |
| ROE | 4.4% | Derived from disclosed figures |
| ROA | 1.9% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15096022000 | ¥18856477000 | +24.9% |
| Operating income | ¥582803000 | ¥1202417000 | +106.3% |
| Operating margin | 3.9% | 6.4% | +2.5 pp |
| Employees | 563 people | 590 people | +4.8% |
| Cash and equivalents | ¥1613309000 | ¥3052722000 | +89.2% |

### 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 |
| --- | ---: |
| 日本 → 事業再編・廃止 | 99.7% |
| 中国 → 事業再編・廃止 | 0.3% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,856 | 100.0% | S100YJ2Z |
| Cost of revenue | 15,112 | 80.1% | S100YJ2Z |
| Gross profit | 3,744 | 19.9% | S100YJ2Z |
| SG&A | 2,542 | 13.5% | S100YJ2Z |
| Operating income | 1,202 | 6.4% | S100YJ2Z |
| Ordinary income | 1,074 | 5.7% | S100YJ2Z |
| Pretax income | 1,120 | 5.9% | S100YJ2Z |
| Income tax | 392 | 2.1% | S100YJ2Z |
| Net income | 728 | 3.9% | S100YJ2Z |
| Net income attributable to owners | 723 | 3.8% | S100YJ2Z |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 14 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 19.9% → Operating margin 6.4% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.5%; Core profit growth: -20.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -8.20×
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 | 18,398 | 18,856 | 459 | +2.5% |
| Gross profit | 3,951 | 3,744 | -207 | -5.2% |
| Operating income | 1,511 | 1,202 | -309 | -20.4% |
| Net income attributable to owners | 1,070 | 723 | -346 | -32.4% |
| Operating cash flow | 1,028 | 673 | -356 | -34.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 14,440 | 348 | 2.4% | 267 | 1,863 | — | S100LVME |
| FY ending Mar 2021 | 15,096 | 583 | 3.9% | 345 | 2,104 | — | S100OL6K |
| FY ending Mar 2022 | 16,421 | 565 | 3.4% | 439 | 2,422 | — | S100R7CO |
| FY ending Mar 2023 | 15,736 | 282 | 1.8% | 149 | 2,403 | — | S100V8GY |
| FY ending Mar 2024 | 17,176 | 999 | 5.8% | 675 | 1,191 | — | S100W5OH |
| FY ending Mar 2025 | 18,398 | 1,511 | 8.2% | 1,070 | 1,028 | — | S100YJ2Z |
| FY ending Mar 2026 | 18,856 | 1,202 | 6.4% | 723 | 673 | — | S100YJ2Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 536 | 572 | 568 | 582 | 590 |
| Average salary (parent company) | ¥5.9M | ¥5.1M | ¥5.5M | ¥6.5M | ¥6.5M |
| Average age (parent company) | 42.2 years | 41.7 years | 42.9 years | 42.6 years | 43.3 years |
| Average tenure (parent company) | 14.7 years | 14.0 years | 14.8 years | 14.4 years | 14.8 years |

Year over year: Employees (consolidated) +1.4% · Revenue (consolidated) +2.5%

## 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 | 673 | 3.6% | S100YJ2Z |
| Investing cash flow | -2,165 | -11.5% | S100YJ2Z |
| Financing cash flow | 2,567 | 13.6% | S100YJ2Z |
| Dividends paid | 417 | 2.2% | S100YJ2Z |
| Share buyback | 0 | 0.0% | S100YJ2Z |
| Change in cash | 1,081 | 5.7% | S100YJ2Z |
| Cash and equivalents | 3,053 | 16.2% | S100YJ2Z |

## 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 | 2,449 | 2,568 | 1,793 | 1,972 | 3,053 | S100V8GY, S100W5OH, S100YJ2Z |
| Total assets | 31,777 | 31,294 | 34,549 | 36,659 | 39,414 | S100R7CO, S100V8GY, S100W5OH, S100YJ2Z |
| Net assets | 15,526 | 15,405 | 16,231 | 17,080 | 17,668 | S100V8GY, S100W5OH, S100YJ2Z |
| Share capital | 8,033 | 8,033 | 8,033 | 8,033 | 8,033 | S100R7CO, S100V8GY, S100W5OH, S100YJ2Z |
| Property, plant and equipment | 18,754 | 18,896 | 20,044 | 20,420 | 20,804 | S100R7CO, S100V8GY, S100W5OH, S100YJ2Z |
| Intangible assets excluding goodwill | 205 | 209 | 211 | 221 | 221 | S100R7CO, S100V8GY, S100W5OH, S100YJ2Z |
| Investment securities | 199 | 189 | 265 | 314 | 420 | S100R7CO, S100V8GY, S100W5OH, S100YJ2Z |
| Current assets | 12,052 | 11,502 | 13,418 | 15,080 | 17,105 | S100R7CO, S100V8GY, S100W5OH, S100YJ2Z |
| Current liabilities | 9,244 | 8,884 | 10,820 | 10,151 | 11,154 | S100R7CO, S100V8GY, S100W5OH, S100YJ2Z |
| Trade payables | 1,849 | 1,496 | 1,692 | 1,874 | 1,308 | S100R7CO, S100V8GY, S100W5OH, S100YJ2Z |
| Short-term borrowings | 4,587 | 4,508 | 5,565 | 5,099 | 7,118 | S100R7CO, S100V8GY, S100W5OH, S100YJ2Z |
| Long-term borrowings | 6,609 | 6,602 | 6,664 | 8,700 | 9,886 | S100R7CO, S100V8GY, S100W5OH, S100YJ2Z |
| Total liabilities | 16,250 | 15,889 | 18,318 | 19,579 | 21,745 | S100R7CO, S100V8GY, S100W5OH, S100YJ2Z |
| Non-controlling interests | 136 | 144 | 154 | 164 | 167 | S100R7CO, S100V8GY, S100W5OH, S100YJ2Z |
| Equity attributable to owners of parent | 15,143 | 14,901 | 15,515 | 16,247 | 16,567 | S100R7CO, S100V8GY, S100W5OH, S100YJ2Z |
| Retained earnings | 1,453 | 1,211 | 1,817 | 2,541 | 2,849 | S100R7CO, S100V8GY, S100W5OH, S100YJ2Z |
| Treasury stock | -74 | -73 | -63 | -57 | -48 | S100R7CO, S100V8GY, S100W5OH, S100YJ2Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YJ2Z |
| Property, plant and equipment | 53% | S100YJ2Z |
| Intangibles and goodwill | 0% | S100YJ2Z |
| Investment securities | 1% | S100YJ2Z |
| Other assets | 38% | S100YJ2Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YJ2Z |
| Other liabilities | 52% | S100YJ2Z |
| Equity | 45% | S100YJ2Z |

### 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 | 31,777 | 31,294 | 34,549 | 36,659 | 39,414 |
| Equity | 15,526 | 15,405 | 16,231 | 17,080 | 17,668 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,449 | 2,568 | 1,793 | 1,972 | 3,053 |

## 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) | 110.3% | S100YJ2Z |
| Fixed assets ÷ total assets | 52.8% | S100YJ2Z |
| Goodwill ÷ parent equity | — | —, S100YJ2Z |

### 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) | 7.7% |
| Cash ÷ revenue | 16.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 55.9% |
| Cash vs. profit gap | -51 JPY mn (of net income -7.0%) |
| Shareholder returns / net income | 57.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 57.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 321.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.7% | 0.52× | 1.4% | 2.10× | 2.9% | S100R7CO |
| 2023 | 0.9% | 0.50× | 0.5% | 2.10× | 1.0% | S100V8GY |
| 2024 | 3.9% | 0.52× | 2.1% | 2.16× | 4.4% | S100W5OH |
| 2025 | 5.8% | 0.52× | 3.0% | 2.24× | 6.7% | S100YJ2Z |
| 2026 | 3.8% | 0.50× | 1.9% | 2.32× | 4.4% | S100YJ2Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 塚本 博亮 | Major shareholder | 7.3% | 2026-03-31 |
| 株式会社オーガスト・エイト | Major shareholder | 6.1% | 2026-03-31 |
| 塚本 四女子 | Major shareholder | 3.6% | 2026-03-31 |
| 塚本 幸司 | Major shareholder | 2.8% | 2026-03-31 |
| 東海リース従業員持株会 | Major shareholder | 2.6% | 2026-03-31 |
| 中島 和信 | Major shareholder | 1.7% | 2026-03-31 |
| 渡邉 俊雄 | Major shareholder | 1.5% | 2026-03-31 |
| 有限会社 福田商事 | Major shareholder | 1.1% | 2026-03-31 |
| 中間 高子 | Major shareholder | 1.1% | 2026-03-31 |
| 塚本 貴文 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第58期(2025/04/01－2026/03/31) | S100YJ2Z | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ2Z,, |
| 有価証券報告書－第57期(2024/04/01－2025/03/31) | S100W5OH | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5OH,, |
| 訂正有価証券報告書－第56期(2023/04/01－2024/03/31) | S100V8GY | 2025-02-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V8GY,, |
| 有価証券報告書－第55期(2022/04/01－2023/03/31) | S100R7CO | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7CO,, |
| 有価証券報告書－第54期(令和3年4月1日－令和4年3月31日) | S100OL6K | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL6K,, |
| 有価証券報告書－第53期(令和2年4月1日－令和3年3月31日) | S100LVME | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVME,, |

## 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).