# Tokyo Board Industries co.,ltd.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第81期(2025/04/01－2026/02/28) (S100YQAW)
> Page: https://vizora.meequs.com/en/company/tokyo-board-industries
> Retrieved: 2026-09-30T21:48:49.912Z

## Company

Tokyo Board Industries, founded in 1946, is a company in Housing Equipment & Building Materials listed on TSE Standard. It has 243 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKYO BOARD INDUSTRIES CO.,LTD. |
| Ticker | 7815 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7815.T) |
| Listing | TSE Standard |
| Head office | 東京都江東区新木場二丁目11番1号 |
| Representative (per filing) | 代表取締役社長 井上 弘之 |
| Founded | May 1946 |
| Share capital | ¥100M |
| Employees (consolidated) | 243 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | February |
| Website | www.t-b-i.co.jp (https://www.t-b-i.co.jp/) |
| Corporate number | 2010601034286 |
| EDINET | E31123 |
| Industries (Vizora) | Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YQAW, filed 2026-07-13). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 0.9 | 56 |
| Profitability | 7.8 | 58 |
| Efficiency | 12.9 | 58 |

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 Board Industries brought in ¥6.63B in revenue.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed -14.3% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥6.63B |  |
| Operating income | -¥81.3M | Margin -1.2% |
| Net income | -¥777.8M | Margin -11.7% |
| Free cash flow | -¥598.7M |  |
| Employees (consolidated) | 243 |  |
| EPS | ¥-279.99 |  |
| Book value per share | ¥-191.75 |  |
| Equity ratio | 7.0% |  |
| Shares outstanding | 3,660,369 |  |
| Treasury shares | 986,500 |  |
| Shareholders | 862 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 10.4% | Cash ÷ revenue 17.7% |
| Vs. industry median margin | -5.7 pp | Housing Equipment & Building Materials |
| ROA | -6.5% | Derived from disclosed figures |

## What changed in 1 years

| Metric | FY ending Mar 2025 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7733749000 | ¥6625098000 | -14.3% |
| Operating income | ¥-32856000 | ¥-81337000 | — |
| Operating margin | -0.4% | -1.2% | -0.8 pp |
| Employees | 234 people | 243 people | +3.8% |
| Cash and equivalents | ¥1776880000 | ¥1171854000 | -34.0% |

### Change in segment revenue mix

Span: FY ending Mar 2025 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,625 | 100.0% | S100YQAW |
| Cost of revenue | 4,937 | 74.5% | S100YQAW |
| Gross profit | 1,688 | 25.5% | S100YQAW |
| SG&A | 1,770 | 26.7% | S100YQAW |
| Operating income | -81 | -1.2% | S100YQAW |
| Ordinary income | -191 | -2.9% | S100YQAW |
| Pretax income | -701 | -10.6% | S100YQAW |
| Income tax | 61 | 0.9% | S100YQAW |
| Net income | -762 | -11.5% | S100YQAW |
| Net income attributable to owners | -778 | -11.7% | S100YQAW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 27 |
| Operating income | -1 |
| (Ref.) Net income | -12 |

### Margin funnel

Gross margin 25.5% → Operating margin -1.2% → Net margin -11.7%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,734 | 6,625 | -1,109 | -14.3% |
| Gross profit | 1,816 | 1,688 | -128 | -7.1% |
| Operating income | -33 | -81 | -48 | — |
| Net income attributable to owners | 293 | -778 | -1,071 | -365.4% |
| Operating cash flow | 1,325 | 725 | -600 | -45.3% |
| Free cash flow | 192 | -599 | -790 | -412.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2025 | 7,734 | -33 | -0.4% | 293 | 1,325 | 192 | S100YQAW |
| FY ending Feb 2026 | 6,625 | -81 | -1.2% | -778 | 725 | -599 | S100YQAW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.3M |
| Operating income per employee (consolidated) | -¥334.7K |
| Net income per employee (consolidated) | -¥3.2M |

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

| History | FY ending Mar 2025 | FY ending Feb 2026 |
| --- | ---: | ---: |
| Employees (consolidated) | 234 | 243 |
| Average salary (parent company) | — | ¥5M |
| Average age (parent company) | — | 47.0 years |
| Average tenure (parent company) | — | 10.0 years |

Year over year: Employees (consolidated) +3.8% · Revenue (consolidated) -14.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 725 | 11.0% | S100YQAW |
| Capital expenditure | 1,324 | 20.0% | S100YQAW |
| Free cash flow | -599 | -9.0% | 算出 |
| Investing cash flow | -1,312 | -19.8% | S100YQAW |
| Financing cash flow | -18 | -0.3% | S100YQAW |
| Change in cash | -605 | -9.1% | S100YQAW |
| Cash and equivalents | 1,172 | 17.7% | S100YQAW |

## 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 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 1,777 | 1,172 | S100YQAW |
| Total assets | 12,526 | 11,239 | S100YQAW |
| Net assets | 2,402 | 1,653 | S100YQAW |
| Share capital | 221 | 100 | S100YQAW |
| Property, plant and equipment | 7,231 | 7,233 | S100YQAW |
| Intangible assets excluding goodwill | 10 | 8 | S100YQAW |
| Investment securities | 112 | 142 | S100YQAW |
| Current assets | 4,766 | 3,463 | S100YQAW |
| Current liabilities | 7,089 | 7,439 | S100YQAW |
| Short-term borrowings | 257 | 256 | S100YQAW |
| Long-term borrowings | 1,864 | 926 | S100YQAW |
| Total liabilities | 10,124 | 9,587 | S100YQAW |
| Non-controlling interests | 857 | 868 | S100YQAW |
| Equity attributable to owners of parent | 1,500 | 722 | S100YQAW |
| Retained earnings | 2,569 | 1,791 | S100YQAW |
| Treasury stock | -1,404 | -1,404 | S100YQAW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YQAW |
| Property, plant and equipment | 64% | S100YQAW |
| Intangibles and goodwill | 0% | S100YQAW |
| Investment securities | 1% | S100YQAW |
| Other assets | 24% | S100YQAW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 85% | S100YQAW |
| Equity | 15% | S100YQAW |

### Balance sheet history

| Metric | FY ending Mar 2025 | FY ending Feb 2026 |
| --- | ---: | ---: |
| Total assets | 12,526 | 11,239 |
| Equity | 2,402 | 1,653 |
| Interest-bearing debt | — | — |
| Cash | 1,777 | 1,172 |

## 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) | 109.2% | S100YQAW |
| Fixed assets ÷ total assets | 64.4% | S100YQAW |
| Goodwill ÷ parent equity | — | —, S100YQAW |

### 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) | 10.4% |
| Cash ÷ revenue | 17.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 1,503 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 20.0% |
| Investing CF relative to operating CF | 180.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | 3.8% | 0.62× | 2.3% | 8.35× | 19.5% | S100YQAW |
| 2026 | — | —× | -6.5% | —× | — | S100YQAW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 井上 弘之 | Major shareholder | 27.8% | 2026-02-28 |
| セイホク株式会社 | Major shareholder | 9.9% | 2026-02-28 |
| Ｔ・Ｂ・Ｈ株式会社 | Major shareholder | 8.8% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 3.1% | 2026-02-28 |
| ＪＫホールディングス株式会社 | Major shareholder | 2.9% | 2026-02-28 |
| ＧＭＯクリック証券株式会社 | Major shareholder | 2.6% | 2026-02-28 |
| 三勇床工事株式会社 | Major shareholder | 2.4% | 2026-02-28 |
| 吉野石膏株式会社 | Major shareholder | 2.2% | 2026-02-28 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.9% | 2026-02-28 |
| 吉岡 裕之 | Major shareholder | 1.8% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第81期(2025/04/01－2026/02/28) | S100YQAW | 2026-07-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YQAW,, |

## 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).