# TOKAI Corp.: 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71期(2025/04/01－2026/03/31) (S100YE2Y)
> Page: https://vizora.meequs.com/en/company/tokai
> Retrieved: 2026-09-30T21:35:15.168Z

## Company

Tokai, founded in 1955, is a company in Nursing Care listed on TSE Prime. It has 4,694 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKAI Corp. |
| Ticker | 9729 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9729.T) |
| Listing | TSE Prime |
| Head office | 岐阜県岐阜市若宮町九丁目16番地 |
| Representative (per filing) | 代表取締役社長 浅井 利明 |
| Founded | Jul 1955 |
| Share capital | ¥8.11B |
| Employees (consolidated) | 4,694 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.tokai-corp.com (https://www.tokai-corp.com/) |
| Corporate number | 8200001003544 |
| EDINET | E04826 |
| Industries (Vizora) | Nursing Care, Drugstores & Pharmacies, Hospitals & Medical Services, Home & Lifestyle Services |

> Profile source: annual securities report (S100YE2Y, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Hospitals & Medical Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.3 | 8 |
| Profitability | 68.8 | 8 |
| Cash conversion | 58.3 | 6 |
| Efficiency | 68.8 | 8 |

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 51% of Tokai's sales come from Healthy life service, with Dispensing service and Ecology service making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +6.8% from the prior year, operating profit +14.5%.

## Company structure

- Segment revenue mix: Healthy life service 51.2%、Dispensing service 39.4%、Ecology service 9.3%、Other 0.1%
- Revenue → net income: ¥159664000000 → ¥6122000000
- Net income → operating cash flow: ¥6122000000 → ¥11442000000（difference ¥5320000000）
- Main uses of operating cash flow: CapEx ¥4068000000 / dividends ¥2129000000 / buybacks ¥6317000000
- Change in cash: ¥-548000000
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 | ¥159.7B |  |
| Operating income | ¥9.38B | Margin 5.9% |
| Net income | ¥6.07B | Margin 3.8% |
| Free cash flow | ¥7.37B |  |
| Largest business | Healthy life service | of segment revenue 51.2% |
| Employees (consolidated) | 4,694 |  |
| EPS | ¥170.41 |  |
| Book value per share | ¥1675.52 |  |
| Equity ratio | 73.0% |  |
| Shares outstanding | 33,092,146 |  |
| Treasury shares | 2,207,400 |  |
| Shareholders | 4,800 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 20.4% | Cash ÷ revenue 14.7% |
| Vs. industry median margin | -0.2 pp | Nursing Care |
| ROE | 7.4% | Derived from disclosed figures |
| ROA | 5.3% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.0× dividends
- FY2026, one segment accounts for 70% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥118009000000 | ¥159664000000 | +35.3% |
| Operating income | ¥7294000000 | ¥9382000000 | +28.6% |
| Operating margin | 6.2% | 5.9% | -0.3 pp |
| Employees | 3,919 people | 4,694 people | +19.8% |
| Cash and equivalents | ¥34987000000 | ¥23417000000 | -33.1% |

### 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 |
| --- | ---: |
| 健康生活サービス → 健康生活サービス | 51.2% |
| 健康生活サービス → 事業再編・廃止 | 0.1% |
| 調剤サービス → 調剤サービス | 37.4% |
| 環境サービス → 環境サービス | 9.3% |
| 環境サービス → 事業再編・廃止 | 1.8% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 調剤サービス | 2.0% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Healthy life service | 5 years | +6.2% | ¥81799000000 | 10.4% | 2 |
| Dispensing service | 5 years | +7.4% | ¥62870000000 | 3.9% | 2 |
| Ecology service | 5 years | +2.6% | ¥14837000000 | 8.3% | 2 |
| Other | 5 years | -5.3% | ¥157000000 | -14.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 159,664 | 100.0% | S100YE2Y |
| Cost of revenue | 120,885 | 75.7% | S100YE2Y |
| Gross profit | 38,779 | 24.3% | S100YE2Y |
| SG&A | 29,396 | 18.4% | S100YE2Y |
| Operating income | 9,382 | 5.9% | S100YE2Y |
| Ordinary income | 10,098 | 6.3% | S100YE2Y |
| Pretax income | 9,408 | 5.9% | S100YE2Y |
| Income tax | 3,286 | 2.1% | S100YE2Y |
| Net income | 6,122 | 3.8% | S100YE2Y |
| Net income attributable to owners | 6,069 | 3.8% | S100YE2Y |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 18 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 24.3% → Operating margin 5.9% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.8%; Core profit growth: +14.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.14×
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 | 149,542 | 159,664 | 10,122 | +6.8% |
| Gross profit | 35,439 | 38,779 | 3,340 | +9.4% |
| Operating income | 8,193 | 9,382 | 1,189 | +14.5% |
| Net income attributable to owners | 4,729 | 6,069 | 1,340 | +28.3% |
| Operating cash flow | 10,096 | 11,442 | 1,346 | +13.3% |
| Free cash flow | 5,337 | 7,374 | 2,037 | +38.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 120,809 | 7,908 | 6.5% | 5,255 | 8,282 | 5,343 | S100LOJL |
| FY ending Mar 2021 | 118,009 | 7,294 | 6.2% | 5,481 | 9,229 | 5,951 | S100OH1I |
| FY ending Mar 2022 | 123,484 | 8,252 | 6.7% | 5,806 | 10,133 | 5,990 | S100R9H8 |
| FY ending Mar 2023 | 130,184 | 7,855 | 6.0% | 6,106 | 8,592 | 2,367 | S100TU4V |
| FY ending Mar 2024 | 138,222 | 8,082 | 5.8% | 5,810 | 8,036 | -664 | S100VZYN |
| FY ending Mar 2025 | 149,542 | 8,193 | 5.5% | 4,729 | 10,096 | 5,337 | S100YE2Y |
| FY ending Mar 2026 | 159,664 | 9,382 | 5.9% | 6,069 | 11,442 | 7,374 | S100YE2Y |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 3,977 | 4,092 | 4,254 | 4,654 | 4,694 |
| Average salary (parent company) | ¥5.4M | ¥5.3M | ¥5.2M | ¥5.3M | ¥5.5M |
| Average age (parent company) | 39.2 years | 40.4 years | 40.7 years | 40.8 years | 41.3 years |
| Average tenure (parent company) | 10.5 years | 10.5 years | 10.3 years | 10.3 years | 10.7 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) +6.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Healthy life service | 81,799 | 51.2% | 8,546 | 10.4% |
| Dispensing service | 62,870 | 39.4% | 2,430 | 3.9% |
| Ecology service | 14,837 | 9.3% | 1,232 | 8.3% |
| Other | 157 | 0.1% | -23 | -14.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Healthy life service | 51.2% | 70.0% | 18.8 | 10.4% |
| Dispensing service | 39.4% | 19.9% | -19.5 | 3.9% |
| Ecology service | 9.3% | 10.1% | 0.8 | 8.3% |
| Other | 0.1% | — | — | -14.6% |

Loss-making segment (excluded from profit shares): Other -23 JPY mn

Segment → industry: Healthy life service → Nursing Care / Dispensing service → Drugstores & Pharmacies / Healthy life service → Hospitals & Medical Services / Ecology service → Home & Lifestyle Services

## 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 | 11,442 | 7.2% | S100YE2Y |
| Capital expenditure | 4,068 | 2.5% | S100YE2Y |
| Free cash flow | 7,374 | 4.6% | 算出 |
| Investing cash flow | -4,233 | -2.7% | S100YE2Y |
| Financing cash flow | -7,831 | -4.9% | S100YE2Y |
| Dividends paid | 2,129 | 1.3% | S100YE2Y |
| Share buyback | 6,317 | 4.0% | S100YE2Y |
| Change in cash | -548 | -0.3% | S100YE2Y |
| Cash and equivalents | 23,417 | 14.7% | S100YE2Y |

## 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 | 35,508 | 35,541 | 30,407 | 23,885 | 23,417 | S100TU4V, S100VZYN, S100YE2Y |
| Total assets | 105,900 | 110,785 | 114,926 | 114,289 | 114,695 | S100R9H8, S100TU4V, S100VZYN, S100YE2Y |
| Net assets | 77,519 | 82,223 | 86,789 | 85,841 | 84,431 | S100TU4V, S100VZYN, S100YE2Y |
| Share capital | 8,108 | 8,108 | 8,108 | 8,108 | 8,108 | S100R9H8, S100TU4V, S100VZYN, S100YE2Y |
| Trade receivables | 18,137 | 19,071 | 20,985 | 21,632 | 23,187 | S100R9H8, S100TU4V, S100VZYN, S100YE2Y |
| Inventories | 4,635 | 5,424 | 5,545 | 6,490 | 6,362 | S100R9H8, S100TU4V, S100VZYN, S100YE2Y |
| Property, plant and equipment | 30,739 | 32,592 | 37,328 | 36,708 | 34,961 | S100R9H8, S100TU4V, S100VZYN, S100YE2Y |
| Intangible assets excluding goodwill | 1,577 | 1,694 | 1,490 | 5,730 | 5,186 | S100R9H8, S100TU4V, S100VZYN, S100YE2Y |
| Goodwill | 97 | 268 | 191 | 3,479 | 2,780 | S100R9H8, S100TU4V, S100VZYN, S100YE2Y |
| Investment securities | 7,325 | 7,709 | 10,126 | 8,257 | 9,696 | S100R9H8, S100TU4V, S100VZYN, S100YE2Y |
| Current assets | 59,748 | 62,628 | 59,601 | 56,311 | 57,434 | S100R9H8, S100TU4V, S100VZYN, S100YE2Y |
| Current liabilities | 23,194 | 23,561 | 22,818 | 23,153 | 25,003 | S100R9H8, S100TU4V, S100VZYN, S100YE2Y |
| Trade payables | 12,305 | 13,159 | 11,802 | 10,728 | 11,563 | S100R9H8, S100TU4V, S100VZYN, S100YE2Y |
| Short-term borrowings | 1,627 | 1,425 | 1,196 | 1,766 | 2,979 | S100R9H8, S100TU4V, S100VZYN, S100YE2Y |
| Long-term borrowings | 660 | 530 | 383 | 166 | 61 | S100R9H8, S100TU4V, S100VZYN, S100YE2Y |
| Total liabilities | 28,381 | 28,562 | 28,137 | 28,447 | 30,264 | S100R9H8, S100TU4V, S100VZYN, S100YE2Y |
| Non-controlling interests | 516 | 568 | 605 | 656 | 710 | S100R9H8, S100TU4V, S100VZYN, S100YE2Y |
| Equity attributable to owners of parent | 75,352 | 79,856 | 83,379 | 83,090 | 80,740 | S100R9H8, S100TU4V, S100VZYN, S100YE2Y |
| Retained earnings | 64,246 | 68,715 | 72,287 | 74,874 | 74,053 | S100R9H8, S100TU4V, S100VZYN, S100YE2Y |
| Treasury stock | -1,951 | -1,901 | -1,936 | -4,813 | -4,752 | S100R9H8, S100TU4V, S100VZYN, S100YE2Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YE2Y |
| Receivables | 20% | S100YE2Y |
| Inventories | 6% | S100YE2Y |
| Property, plant and equipment | 31% | S100YE2Y |
| Intangibles and goodwill | 7% | S100YE2Y |
| Investment securities | 8% | S100YE2Y |
| Other assets | 8% | S100YE2Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YE2Y |
| Other liabilities | 16% | S100YE2Y |
| Equity | 74% | S100YE2Y |

### 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 | 105,900 | 110,785 | 114,926 | 114,289 | 114,695 |
| Equity | 77,519 | 82,223 | 86,789 | 85,841 | 84,431 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 35,508 | 35,541 | 30,407 | 23,885 | 23,417 |

## 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) | 21.9% | S100YE2Y |
| Fixed assets ÷ total assets | 30.5% | S100YE2Y |
| Goodwill ÷ parent equity | 3.4% | S100YE2Y |

Goodwill over 4 years: 97 → 2,780 JPY; total investing cash flow: -38,824 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) | 20.4% |
| Cash ÷ revenue | 14.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 122.0% |
| Cash vs. profit gap | 5,373 JPY mn (of net income 88.5%) |
| Shareholder returns / net income | 139.2% |
| Shareholder returns / FCF | 114.5% |
| Shareholder payments — dividends / net income | 35.1% |
| Shareholder payments — dividends / FCF | 28.9% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 37.0% |

## 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 | 4.7% | 1.17× | 5.5% | 1.41× | 7.7% | S100R9H8 |
| 2023 | 4.7% | 1.20× | 5.6% | 1.40× | 7.9% | S100TU4V |
| 2024 | 4.2% | 1.22× | 5.1% | 1.38× | 7.1% | S100VZYN |
| 2025 | 3.2% | 1.30× | 4.1% | 1.38× | 5.7% | S100YE2Y |
| 2026 | 3.8% | 1.39× | 5.3% | 1.40× | 7.4% | S100YE2Y |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱小野木興産 | Major shareholder | 18.3% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱(信託口) | Major shareholder | 8.4% | 2026-03-31 |
| トーカイ共友会 | Major shareholder | 4.8% | 2026-03-31 |
| 小野木 孝二 | Major shareholder | 3.7% | 2026-03-31 |
| ㈱日本カストディ銀行(信託口) | Major shareholder | 2.8% | 2026-03-31 |
| トーカイ従業員持株会 | Major shareholder | 2.8% | 2026-03-31 |
| ㈱大垣共立銀行(常任代理人 ㈱日本カストディ銀行) | Major shareholder | 2.3% | 2026-03-31 |
| ㈱十六銀行 | Major shareholder | 2.3% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 2.3% | 2026-03-31 |
| 岐阜信用金庫 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第71期(2025/04/01－2026/03/31) | S100YE2Y | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE2Y,, |
| 有価証券報告書－第70期(2024/04/01－2025/03/31) | S100VZYN | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZYN,, |
| 有価証券報告書－第69期(2023/04/01－2024/03/31) | S100TU4V | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU4V,, |
| 有価証券報告書－第68期(2022/04/01－2023/03/31) | S100R9H8 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9H8,, |
| 有価証券報告書－第67期(令和3年4月1日－令和4年3月31日) | S100OH1I | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH1I,, |
| 有価証券報告書－第66期(令和2年4月1日－令和3年3月31日) | S100LOJL | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOJL,, |

## 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).