# Tokai Tokyo Financial 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114期(2025/04/01－2026/03/31) (S100YGI5)
> Page: https://vizora.meequs.com/en/company/tokai-tokyo-financial-holdings
> Retrieved: 2026-09-30T20:46:44.659Z

## Company

Tokai Tokyo Financial Holdings, founded in 1929, is a company in Securities & Asset Management listed on TSE Prime. It has 2,528 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tokai Tokyo Financial Holdings, Inc. |
| Ticker | 8616 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8616.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋二丁目5番1号 |
| Representative (per filing) | 代表取締役社長 春日井 博 |
| Founded | Jun 1929 |
| Share capital | ¥36.3B |
| Employees (consolidated) | 2,528 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | www.tokaitokyo-fh.jp (https://www.tokaitokyo-fh.jp/) |
| Corporate number | 1010001034202 |
| EDINET | E03764 |
| Industries (Vizora) | Securities & Asset Management |

> Profile source: annual securities report (S100YGI5, filed 2026-06-23). As of filing

## Key points (generated from figures)

- Tokai Tokyo Financial Holdings brought in ¥97.7B in revenue.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +13.2% from the prior year, operating profit +26.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥97716000000 → ¥18188000000
- Net income → operating cash flow: ¥18188000000 → ¥4737000000（difference ¥-13451000000）
- Main uses of operating cash flow: CapEx ¥3642000000 / dividends ¥9539000000 / buybacks —
- Change in cash: ¥-18721000000
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 | ¥97.7B |  |
| Operating income | ¥14.8B | Margin 15.2% |
| Net income | ¥16.6B | Margin 17.0% |
| Free cash flow | ¥1.09B |  |
| Employees (consolidated) | 2,528 |  |
| EPS | ¥11.37 |  |
| Diluted EPS | ¥11.32 |  |
| Book value per share | ¥417.86 |  |
| Equity ratio | 12.8% |  |
| Shares outstanding | 260,582,115 |  |
| Treasury shares | 6,886,100 |  |
| Shareholders | 78,066 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 6.1% | Net cash -¥285.9B · Cash ÷ revenue 94.8% |
| Vs. industry median margin | -5.6 pp | Securities & Asset Management |
| ROE | 9.2% | Derived from disclosed figures |
| ROA | 1.1% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -5% while operating income rose 26%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥69362000000 | ¥97716000000 | +40.9% |
| Operating income | ¥9685000000 | ¥14815000000 | +53.0% |
| Operating margin | 14.0% | 15.2% | +1.2 pp |
| Employees | 2,442 people | 2,528 people | +3.5% |
| Cash and equivalents | ¥81950000000 | ¥92623000000 | +13.0% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 97,716 | 100.0% | S100YGI5 |
| SG&A | 77,105 | 78.9% | S100YGI5 |
| Operating income | 14,815 | 15.2% | S100YGI5 |
| Ordinary income | 20,492 | 21.0% | S100YGI5 |
| Pretax income | 22,718 | 23.2% | S100YGI5 |
| Income tax | 4,529 | 4.6% | S100YGI5 |
| Net income | 18,188 | 18.6% | S100YGI5 |
| Net income attributable to owners | 16,569 | 17.0% | S100YGI5 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 85 |
| Operating income | 15 |
| (Ref.) Net income | 17 |

### Margin funnel

Operating margin 15.2% → Net margin 17.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.2%; Core profit growth: +26.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.99×
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 | 86,328 | 97,716 | 11,388 | +13.2% |
| Operating income | 11,739 | 14,815 | 3,076 | +26.2% |
| Net income attributable to owners | 11,048 | 16,569 | 5,521 | +50.0% |
| Operating cash flow | 20,779 | 4,737 | -16,042 | -77.2% |
| Free cash flow | 18,154 | 1,095 | -17,059 | -94.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 61,694 | -823 | -1.3% | 2,763 | 10,945 | 8,357 | S100TSR6 |
| FY ending Mar 2021 | 69,362 | 9,685 | 14.0% | 9,094 | -73,074 | -75,265 | S100WBEW |
| FY ending Mar 2022 | 80,975 | 9,881 | 12.2% | 13,150 | 5,672 | 1,490 | S100YGI5 |
| FY ending Mar 2023 | 73,383 | 3,159 | 4.3% | 1,953 | 107,307 | 104,189 | S100YGI5 |
| FY ending Mar 2024 | 89,201 | 15,304 | 17.2% | 10,189 | 12,814 | 8,361 | S100YGI5 |
| FY ending Mar 2025 | 86,328 | 11,739 | 13.6% | 11,048 | 20,779 | 18,154 | S100YGI5 |
| FY ending Mar 2026 | 97,716 | 14,815 | 15.2% | 16,569 | 4,737 | 1,095 | S100YGI5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.7M |
| Operating income per employee (consolidated) | ¥5.9M |
| Net income per employee (consolidated) | ¥6.6M |

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) | 2,847 | 2,747 | 2,655 | 2,658 | 2,528 |
| Average salary (parent company) | ¥7.6M | ¥7.3M | ¥7.2M | ¥7.9M | ¥7.9M |
| Average age (parent company) | 40.0 years | 40.0 years | 40.0 years | 39.0 years | 38.0 years |
| Average tenure (parent company) | 2.0 years | 2.0 years | 3.0 years | 3.0 years | 11.0 years |

Year over year: Employees (consolidated) -4.9% · Revenue (consolidated) +13.2%

## 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 | 4,737 | 4.8% | S100YGI5 |
| Capital expenditure | 3,642 | 3.7% | S100YGI5 |
| Free cash flow | 1,095 | 1.1% | 算出 |
| Investing cash flow | -20,734 | -21.2% | S100YGI5 |
| Financing cash flow | -2,737 | -2.8% | S100YGI5 |
| Dividends paid | 9,539 | 9.8% | S100YGI5 |
| Change in cash | -18,721 | -19.2% | S100YGI5 |
| Cash and equivalents | 92,623 | 94.8% | S100YGI5 |

## 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 | 98,442 | 130,423 | 96,651 | 111,345 | 92,623 | S100TSR6, S100WBEW, S100YGI5 |
| Total assets | 1,581,231 | 1,056,020 | 1,400,360 | 1,409,429 | 1,526,284 | S100R6Q6, S100TSR6, S100WBEW, S100YGI5 |
| Net assets | 185,568 | 181,348 | 192,935 | 194,828 | 209,529 | S100TSR6, S100WBEW, S100YGI5 |
| Share capital | 36,000 | 36,000 | 36,000 | 36,000 | 36,296 | S100R6Q6, S100TSR6, S100WBEW, S100YGI5 |
| Property, plant and equipment | 10,478 | 9,683 | 11,107 | 10,520 | 10,287 | S100R6Q6, S100TSR6, S100WBEW, S100YGI5 |
| Intangible assets excluding goodwill | 7,585 | 7,883 | 7,615 | 7,276 | 4,611 | S100R6Q6, S100TSR6, S100WBEW, S100YGI5 |
| Goodwill | 1,247 | 975 | 664 | 448 | 46 | S100R6Q6, S100TSR6, S100WBEW, S100YGI5 |
| Investment securities | 44,206 | 45,923 | 51,781 | 56,226 | 59,768 | S100R6Q6, S100TSR6, S100WBEW, S100YGI5 |
| Current assets | 1,505,707 | 979,880 | 1,312,677 | 1,322,176 | 1,434,585 | S100R6Q6, S100TSR6, S100WBEW, S100YGI5 |
| Current liabilities | 1,254,845 | 754,508 | 1,058,720 | 1,041,128 | 1,128,772 | S100R6Q6, S100TSR6, S100WBEW, S100YGI5 |
| Short-term borrowings | 234,364 | 208,602 | 201,043 | 202,696 | 198,335 | S100R6Q6, S100TSR6, S100WBEW, S100YGI5 |
| Long-term borrowings | 107,300 | 93,500 | 127,000 | 153,300 | 159,700 | S100R6Q6, S100TSR6, S100WBEW, S100YGI5 |
| Bonds | 28,585 | 21,979 | 13,731 | 12,699 | 20,500 | S100R6Q6, S100TSR6, S100WBEW, S100YGI5 |
| Interest-bearing debt | 370,249 | 324,081 | 341,774 | 368,695 | 378,535 | 算出 |
| Total liabilities | 1,395,663 | 874,672 | 1,207,425 | 1,214,600 | 1,316,755 | S100R6Q6, S100TSR6, S100WBEW, S100YGI5 |
| Non-controlling interests | 12,340 | 11,513 | 12,663 | 12,910 | 13,754 | S100R6Q6, S100TSR6, S100WBEW, S100YGI5 |
| Equity attributable to owners of parent | 169,952 | 166,562 | 172,302 | 176,537 | 185,089 | S100R6Q6, S100TSR6, S100WBEW, S100YGI5 |
| Retained earnings | 114,580 | 111,064 | 116,270 | 120,305 | 127,322 | S100R6Q6, S100TSR6, S100WBEW, S100YGI5 |
| Treasury stock | -5,197 | -5,036 | -4,409 | -4,148 | -2,982 | S100R6Q6, S100TSR6, S100WBEW, S100YGI5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YGI5 |
| Property, plant and equipment | 1% | S100YGI5 |
| Intangibles and goodwill | 0% | S100YGI5 |
| Investment securities | 4% | S100YGI5 |
| Other assets | 89% | S100YGI5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 25% | 算出 |
| Other liabilities | 61% | S100YGI5 |
| Equity | 14% | S100YGI5 |

### 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 | 1,581,231 | 1,056,020 | 1,400,360 | 1,409,429 | 1,526,284 |
| Equity | 185,568 | 181,348 | 192,935 | 194,828 | 209,529 |
| Interest-bearing debt | 370,249 | 324,081 | 341,774 | 368,695 | 378,535 |
| Cash | 98,442 | 130,423 | 96,651 | 111,345 | 92,623 |

## 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) | 10.5% | S100YGI5 |
| Fixed assets ÷ total assets | 0.7% | S100YGI5 |
| Goodwill ÷ parent equity | 0.0% | S100YGI5 |

Goodwill over 4 years: 1,247 → 46 JPY; total investing cash flow: -129,297 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) | 6.1% |
| Cash ÷ revenue | 94.8% |
| Net cash (cash − interest-bearing debt) | -¥285.9B |
| Net debt ÷ operating cash flow | 60.36× |
| Cash conversion (operating CF ÷ operating income) | 32.0% |
| Cash vs. profit gap | -11,832 JPY mn (of net income -71.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 57.6% |
| Shareholder payments — dividends / FCF | 871.1% |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 437.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 16.2% | 0.05× | 0.8% | 9.30× | 7.7% | S100R6Q6, S100YGI5 |
| 2023 | 2.7% | 0.06× | 0.1% | 7.84× | 1.2% | S100TSR6, S100YGI5 |
| 2024 | 11.4% | 0.07× | 0.8% | 7.25× | 6.0% | S100WBEW, S100YGI5 |
| 2025 | 12.8% | 0.06× | 0.8% | 8.05× | 6.3% | S100YGI5 |
| 2026 | 17.0% | 0.07× | 1.1% | 8.12× | 9.2% | S100YGI5 |

## 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 | 13.1% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社横浜銀行(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 2.8% | 2026-03-31 |
| 日本生命保険相互会社(常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 2.2% | 2026-03-31 |
| 三井住友信託銀行株式会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 1.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.8% | 2026-03-31 |
| 明治安田生命保険相互会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 1.7% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.6% | 2026-03-31 |
| 三井住友海上火災保険株式会社 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第114期(2025/04/01－2026/03/31) | S100YGI5 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGI5,, |
| 訂正有価証券報告書－第113期(2024/04/01－2025/03/31) | S100WBEW | 2025-07-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WBEW,, |
| 有価証券報告書－第112期(2023/04/01－2024/03/31) | S100TSR6 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSR6,, |
| 有価証券報告書－第111期(2022/04/01－2023/03/31) | S100R6Q6 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6Q6,, |
| 有価証券報告書－第110期(令和3年4月1日－令和4年3月31日) | S100OI8V | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI8V,, |
| 訂正有価証券報告書－第109期(令和2年4月1日－令和3年3月31日) | S100NAGB | 2022-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NAGB,, |

## 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).