# TOKYO BASE Co., Ltd.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第18期(2025/02/01－2026/01/31) (S100Y0D8)
> Page: https://vizora.meequs.com/en/company/tokyo-base
> Retrieved: 2026-09-30T22:08:13.924Z

## Company

Tokyo Base, founded in 2008, is a company in Apparel listed on TSE Prime. It has 402 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKYO BASE Co.,Ltd. |
| Ticker | 3415 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3415.T) |
| Listing | TSE Prime |
| Head office | 東京都港区南青山三丁目11番13号 |
| Representative (per filing) | 代表取締役CEO 谷 正人 |
| Founded | Dec 2008 |
| Share capital | ¥682.5M |
| Employees (consolidated) | 402 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | January |
| Website | www.tokyobase.co.jp (https://www.tokyobase.co.jp/) |
| Corporate number | 9011001058992 |
| EDINET | E31742 |
| Industries (Vizora) | Apparel |

> Profile source: annual securities report (S100Y0D8, filed 2026-04-22). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 82.7 | 55 |
| Profitability | 77.9 | 61 |
| Cash conversion | 30.9 | 47 |
| Efficiency | 86.1 | 61 |

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)

- Tokyo Base brought in ¥23.7B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +17.5% from the prior year, operating profit +32.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥23734349000 → ¥1209038000
- Net income → operating cash flow: ¥1209038000 → ¥1310090000（difference ¥101052000）
- Main uses of operating cash flow: CapEx ¥1127400000 / dividends ¥217019000 / buybacks —
- Change in cash: ¥727867000
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 | ¥23.7B |  |
| Operating income | ¥1.96B | Margin 8.2% |
| Net income | ¥1.21B | Margin 5.1% |
| Free cash flow | ¥182.7M |  |
| Employees (consolidated) | 402 |  |
| EPS | ¥28.35 |  |
| Diluted EPS | ¥27.78 |  |
| Book value per share | ¥142.2 |  |
| Equity ratio | 42.0% |  |
| Shares outstanding | 43,959,482 |  |
| Shareholders | 18,034 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 29.6% | Cash ÷ revenue 18.5% |
| Vs. industry median margin | +5.2 pp | Apparel |
| ROE | 20.7% | Derived from disclosed figures |
| ROA | 9.2% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +63% over five years
- FY2026, cash is 30% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14673932000 | ¥23734349000 | +61.7% |
| Operating income | ¥207403000 | ¥1956221000 | +843.2% |
| Operating margin | 1.4% | 8.2% | +6.8 pp |
| Employees | 285 people | 402 people | +41.1% |
| Cash and equivalents | ¥2605711000 | ¥4397162000 | +68.8% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,734 | 100.0% | S100Y0D8 |
| Cost of revenue | 11,430 | 48.2% | S100Y0D8 |
| Gross profit | 12,304 | 51.8% | S100Y0D8 |
| SG&A | 10,348 | 43.6% | S100Y0D8 |
| Operating income | 1,956 | 8.2% | S100Y0D8 |
| Ordinary income | 1,890 | 8.0% | S100Y0D8 |
| Pretax income | 1,773 | 7.5% | S100Y0D8 |
| Income tax | 564 | 2.4% | S100Y0D8 |
| Net income | 1,209 | 5.1% | S100Y0D8 |
| Net income attributable to owners | 1,209 | 5.1% | S100Y0D8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 48 |
| SG&A | 44 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 51.8% → Operating margin 8.2% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.5%; Core profit growth: +32.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.88×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jan 2025 → FY ending Jan 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 20,208 | 23,734 | 3,527 | +17.5% |
| Gross profit | 10,436 | 12,304 | 1,868 | +17.9% |
| Operating income | 1,473 | 1,956 | 483 | +32.8% |
| Net income attributable to owners | 777 | 1,209 | 432 | +55.6% |
| Operating cash flow | 1,744 | 1,310 | -434 | -24.9% |
| Free cash flow | 1,322 | 183 | -1,139 | -86.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2021 | 14,674 | 207 | 1.4% | -112 | 139 | -551 | S100NYOL |
| FY ending Jan 2022 | 17,618 | 947 | 5.4% | 763 | 884 | -124 | S100QN99 |
| FY ending Jan 2023 | 19,182 | 215 | 1.1% | -540 | 64 | -714 | S100TAHL |
| FY ending Jan 2024 | 19,986 | 881 | 4.4% | 335 | 829 | 723 | S100VNT8 |
| FY ending Jan 2025 | 20,208 | 1,473 | 7.3% | 777 | 1,744 | 1,322 | S100Y0D8 |
| FY ending Jan 2026 | 23,734 | 1,956 | 8.2% | 1,209 | 1,310 | 183 | S100Y0D8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥59M |
| Operating income per employee (consolidated) | ¥4.9M |
| Net income per employee (consolidated) | ¥3M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 289 | 253 | 274 | 278 | 402 |
| Average salary (parent company) | ¥4.2M | ¥5M | ¥5.5M | ¥6.4M | ¥6.8M |
| Average age (parent company) | 29.5 years | 28.9 years | 28.2 years | 28.1 years | 27.1 years |
| Average tenure (parent company) | 3.4 years | 3.1 years | 3.1 years | 3.1 years | 2.1 years |

Year over year: Employees (consolidated) +44.6% · Revenue (consolidated) +17.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jan 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,310 | 5.5% | S100Y0D8 |
| Capital expenditure | 1,127 | 4.8% | S100Y0D8 |
| Free cash flow | 183 | 0.8% | 算出 |
| Investing cash flow | -1,678 | -7.1% | S100Y0D8 |
| Financing cash flow | 1,089 | 4.6% | S100Y0D8 |
| Dividends paid | 217 | 0.9% | S100Y0D8 |
| Change in cash | 728 | 3.1% | S100Y0D8 |
| Cash and equivalents | 4,397 | 18.5% | S100Y0D8 |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,145 | 2,505 | 4,163 | 3,669 | 4,397 | S100TAHL, S100VNT8, S100Y0D8 |
| Total assets | 11,548 | 11,196 | 11,888 | 11,455 | 14,864 | S100QN99, S100TAHL, S100VNT8, S100Y0D8 |
| Net assets | 5,905 | 5,366 | 5,534 | 5,108 | 6,266 | S100TAHL, S100VNT8, S100Y0D8 |
| Share capital | 565 | 565 | 576 | 624 | 683 | S100QN99, S100TAHL, S100VNT8, S100Y0D8 |
| Property, plant and equipment | 3,362 | 3,103 | 1,722 | 1,412 | 2,505 | S100QN99, S100TAHL, S100VNT8, S100Y0D8 |
| Intangible assets excluding goodwill | 77 | 65 | 38 | 25 | 28 | S100QN99, S100TAHL, S100VNT8, S100Y0D8 |
| Current assets | 6,488 | 6,523 | 8,679 | 8,342 | 10,141 | S100QN99, S100TAHL, S100VNT8, S100Y0D8 |
| Current liabilities | 4,223 | 4,588 | 4,330 | 4,761 | 7,006 | S100QN99, S100TAHL, S100VNT8, S100Y0D8 |
| Short-term borrowings | — | 1,100 | 900 | 700 | 1,900 | S100TAHL, S100VNT8, S100Y0D8 |
| Long-term borrowings | 748 | 697 | 1,852 | 1,565 | 1,408 | S100QN99, S100TAHL, S100VNT8, S100Y0D8 |
| Total liabilities | 5,643 | 5,829 | 6,354 | 6,347 | 8,598 | S100QN99, S100TAHL, S100VNT8, S100Y0D8 |
| Equity attributable to owners of parent | 5,884 | 5,340 | 5,607 | 5,295 | 6,404 | S100QN99, S100TAHL, S100VNT8, S100Y0D8 |
| Retained earnings | 5,815 | 5,274 | 4,470 | 4,063 | 5,055 | S100QN99, S100TAHL, S100VNT8, S100Y0D8 |
| Treasury stock | -1,359 | -1,362 | — | -0 | -0 | S100QN99, S100TAHL, S100Y0D8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100Y0D8 |
| Property, plant and equipment | 17% | S100Y0D8 |
| Intangibles and goodwill | 0% | S100Y0D8 |
| Other assets | 53% | S100Y0D8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 58% | S100Y0D8 |
| Equity | 42% | S100Y0D8 |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 11,548 | 11,196 | 11,888 | 11,455 | 14,864 |
| Equity | 5,905 | 5,366 | 5,534 | 5,108 | 6,266 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,145 | 2,505 | 4,163 | 3,669 | 4,397 |

## 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) | 10.6% | S100Y0D8 |
| Fixed assets ÷ total assets | 16.9% | S100Y0D8 |
| Goodwill ÷ parent equity | — | —, S100Y0D8 |

### 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) | 29.6% |
| Cash ÷ revenue | 18.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 67.0% |
| Cash vs. profit gap | 101 JPY mn (of net income 8.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 17.9% |
| Shareholder payments — dividends / FCF | 118.8% |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| Investing CF relative to operating CF | 128.1% |

## 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% | 1.53× | 6.6% | 1.96× | 13.0% | S100QN99 |
| 2023 | — | —× | -4.7% | —× | — | S100TAHL |
| 2024 | 1.7% | 1.73× | 2.9% | 2.11× | 6.1% | S100VNT8 |
| 2025 | 3.8% | 1.73× | 6.7% | 2.14× | 14.3% | S100Y0D8 |
| 2026 | 5.1% | 1.80× | 9.2% | 2.25× | 20.7% | S100Y0D8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 谷 正人 | Major shareholder | 23.1% | 2026-01-31 |
| 株式会社MT7 | Major shareholder | 6.9% | 2026-01-31 |
| 日本マスタートラスト信託銀行(信託口) | Major shareholder | 6.6% | 2026-01-31 |
| 株式会社K Asset Management | Major shareholder | 3.9% | 2026-01-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC)(常任代理人株式会社三菱UFJ銀行) | Major shareholder | 3.5% | 2026-01-31 |
| THE NOMURA TRUST AND BANKING CO., LTD. AS THE TRUSTEE OF REPURCHASE AGREEMENT MOTHER FUND(常任代理人シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.9% | 2026-01-31 |
| 上田八木短資株式会社 | Major shareholder | 1.8% | 2026-01-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 1.7% | 2026-01-31 |
| GOLDMAN SACHS INTERNATIONAL(常任代理人ゴールドマン・サックス証券株式会社) | Major shareholder | 1.3% | 2026-01-31 |
| 中水 英紀 | Major shareholder | 1.3% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/02/01－2026/01/31) | S100Y0D8 | 2026-04-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y0D8,, |
| 有価証券報告書－第17期(2024/02/01－2025/01/31) | S100VNT8 | 2025-04-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VNT8,, |
| 有価証券報告書－第16期(2023/02/01－2024/01/31) | S100TAHL | 2024-04-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TAHL,, |
| 有価証券報告書－第15期(2022/02/01－2023/01/31) | S100QN99 | 2023-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QN99,, |
| 有価証券報告書－第14期(令和3年3月1日－令和4年1月31日) | S100NYOL | 2022-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NYOL,, |

## 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).