# Tokyo Century Corporation: 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57期(2025/04/01－2026/03/31) (S100YDRI)
> Page: https://vizora.meequs.com/en/company/tokyo-century
> Retrieved: 2026-09-30T18:27:13.224Z

## Company

Tokyo Century, founded in 1969, is a company in Electric Power & Gas listed on TSE Prime. It has 8,583 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tokyo Century Corporation |
| Ticker | 8439 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8439.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区神田練塀町3番地 |
| Representative (per filing) | 代表取締役社長 CEO 藤原 弘治 |
| Founded | Jul 1969 |
| Share capital | ¥81.1B |
| Employees (consolidated) | 8,583 |
| Average salary (parent only) | ¥9.3M |
| Fiscal year end | March |
| Website | www.tokyocentury.co.jp (https://www.tokyocentury.co.jp/) |
| Corporate number | 6010401015821 |
| EDINET | E05346 |
| Industries (Vizora) | Electric Power & Gas, Leasing |

> Profile source: annual securities report (S100YDRI, filed 2026-06-19). As of filing

## Key points (generated from figures)

- About 32% of Tokyo Century's sales come from Equipment leasing, with Specialty financing and Automobility making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +6.5% from the prior year, operating profit +26.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.46T |  |
| Operating income | ¥148.3B | Margin 10.2% |
| Net income | ¥111.3B | Margin 7.6% |
| Free cash flow | — |  |
| Largest business | Equipment leasing | of segment revenue 31.7% |
| Employees (consolidated) | 8,583 |  |
| EPS | ¥32.5 |  |
| Diluted EPS | ¥32.39 |  |
| Book value per share | ¥847.64 |  |
| Equity ratio | 15.5% |  |
| Shares outstanding | 492,113,000 |  |
| Treasury shares | 1,660,800 |  |
| Shareholders | 26,256 |  |
| Average salary (parent only) | ¥9.3M | Filing company only |
| Cash ratio | 3.0% | Net cash -¥3.38T · Cash ÷ revenue 15.1% |
| Vs. industry median margin | +3.1 pp | Leasing |
| ROE | 14.7% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1200184000000 | ¥1457670000000 | +21.5% |
| Operating income | ¥77154000000 | ¥148306000000 | +92.2% |
| Operating margin | 6.4% | 10.2% | +3.7 pp |
| Employees | 7,438 people | 8,583 people | +15.4% |
| Cash and equivalents | ¥216901000000 | ¥219668000000 | +1.3% |

### 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 |
| --- | ---: |
| 国内リース → 国内リース | 31.7% |
| 国内リース → 事業再編・廃止 | 12.1% |
| 国内オート → 事業再編・廃止 | 28.2% |
| スペシャルティ → スペシャルティ | 19.5% |
| 国際 → 国際 | 8.4% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → オートモビリティ | 21.6% |
| 新設・再編 → スペシャルティ | 4.0% |
| 新設・再編 → 国際 | 10.2% |
| 新設・再編 → 環境インフラ | 4.5% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Equipment leasing | 5 years | -2.5% | ¥462066000000 | — | 2 |
| Specialty financing | 5 years | +7.9% | ¥342981000000 | — | 2 |
| Automobility | 3 years | -3.8% | ¥314948000000 | — | 2 |
| International business | 5 years | +22.0% | ¥270900000000 | — | 2 |
| Environmental infrastructure | 3 years | +8.8% | ¥66081000000 | — | 2 |
| Other | 5 years | -14.4% | ¥691000000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,457,670 | 100.0% | S100YDRI |
| Cost of revenue | 1,129,417 | 77.5% | S100YDRI |
| Gross profit | 328,253 | 22.5% | S100YDRI |
| SG&A | 179,946 | 12.3% | S100YDRI |
| Operating income | 148,306 | 10.2% | S100YDRI |
| Ordinary income | 163,417 | 11.2% | S100YDRI |
| Pretax income | 155,904 | 10.7% | S100YDRI |
| Income tax | 37,644 | 2.6% | S100YDRI |
| Net income | 118,259 | 8.1% | S100YDRI |
| Net income attributable to owners | 111,299 | 7.6% | S100YDRI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 12 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 22.5% → Operating margin 10.2% → Net margin 7.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.5%; Core profit growth: +26.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.10×
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 | 1,368,635 | 1,457,670 | 89,035 | +6.5% |
| Gross profit | 280,226 | 328,253 | 48,027 | +17.1% |
| Operating income | 117,060 | 148,306 | 31,246 | +26.7% |
| Net income attributable to owners | 85,279 | 111,299 | 26,020 | +30.5% |
| Operating cash flow | 51,371 | -76,934 | -128,305 | -249.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,166,599 | 88,346 | 7.6% | 56,303 | -50,664 | — | S100LLRR |
| FY ending Mar 2021 | 1,200,184 | 77,154 | 6.4% | 49,145 | 51,331 | — | S100OFRN |
| FY ending Mar 2022 | 1,277,976 | 82,675 | 6.5% | 50,290 | 227,383 | — | S100R2ZU |
| FY ending Mar 2023 | 1,324,962 | 91,221 | 6.9% | 4,765 | -31,429 | — | S100TQ8K |
| FY ending Mar 2024 | 1,346,113 | 104,225 | 7.7% | 72,136 | -176,742 | — | S100VZGW |
| FY ending Mar 2025 | 1,368,635 | 117,060 | 8.6% | 85,279 | 51,371 | — | S100YDRI |
| FY ending Mar 2026 | 1,457,670 | 148,306 | 10.2% | 111,299 | -76,934 | — | S100YDRI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥169.8M |
| Operating income per employee (consolidated) | ¥17.3M |
| Net income per employee (consolidated) | ¥13M |

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) | 7,634 | 7,878 | 7,876 | 8,146 | 8,583 |
| Average salary (parent company) | ¥8.6M | ¥8.6M | ¥8.8M | ¥9M | ¥9.3M |
| Average age (parent company) | 43.9 years | 43.7 years | 44.1 years | 43.7 years | 43.0 years |
| Average tenure (parent company) | 17.2 years | 16.8 years | 17.2 years | 16.6 years | 16.0 years |

Year over year: Employees (consolidated) +5.4% · Revenue (consolidated) +6.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Equipment leasing | 462,066 | 31.7% | — | — |
| Automobility | 314,948 | 21.6% | — | — |
| Specialty financing | 342,981 | 23.5% | — | — |
| International business | 270,900 | 18.6% | — | — |
| Environmental infrastructure | 66,081 | 4.5% | — | — |
| Other | 691 | 0.0% | — | — |

### 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 |
| --- | ---: |
| Equipment leasing | 31.7% |
| Automobility | 21.6% |
| Specialty financing | 23.5% |
| International business | 18.6% |
| Environmental infrastructure | 4.5% |
| Other | 0.0% |

Segment → industry: Environmental infrastructure → Electric Power & Gas / Environmental infrastructure → Leasing / International business → Leasing / Specialty financing → Leasing / Automobility → Leasing / Equipment leasing → Leasing

## 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 | -76,934 | -5.3% | S100YDRI |
| Investing cash flow | -61,919 | -4.2% | S100YDRI |
| Financing cash flow | 187,955 | 12.9% | S100YDRI |
| Dividends paid | 33,817 | 2.3% | S100YDRI |
| Share buyback | 0 | 0.0% | S100YDRI |
| Change in cash | 50,870 | 3.5% | S100YDRI |
| Cash and equivalents | 219,668 | 15.1% | S100YDRI |

## 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 | 240,047 | 201,280 | 183,925 | 168,797 | 219,668 | S100TQ8K, S100VZGW, S100YDRI |
| Total assets | 5,663,787 | 6,082,114 | 6,460,930 | 6,862,861 | 7,214,810 | S100R2ZU, S100TQ8K, S100VZGW, S100YDRI |
| Net assets | 795,580 | 888,985 | 1,011,176 | 1,176,889 | 1,252,593 | S100TQ8K, S100VZGW, S100YDRI |
| Share capital | 81,129 | 81,129 | 81,129 | 81,129 | 81,129 | S100R2ZU, S100TQ8K, S100VZGW, S100YDRI |
| Inventories | 13,341 | 28,147 | 36,712 | 33,983 | 41,670 | S100R2ZU, S100TQ8K, S100VZGW, S100YDRI |
| Property, plant and equipment | 2,267,353 | 2,554,833 | 2,895,981 | 3,099,230 | 3,143,626 | S100R2ZU, S100TQ8K, S100VZGW, S100YDRI |
| Intangible assets excluding goodwill | 90,219 | 95,455 | 115,088 | 124,948 | 92,979 | S100R2ZU, S100TQ8K, S100VZGW, S100YDRI |
| Goodwill | 53,308 | 58,064 | 72,924 | 71,912 | 56,245 | S100R2ZU, S100TQ8K, S100VZGW, S100YDRI |
| Investment securities | 234,951 | 325,745 | 404,150 | 451,367 | 615,698 | S100R2ZU, S100TQ8K, S100VZGW, S100YDRI |
| Current assets | 2,963,571 | 2,996,794 | 2,938,879 | 3,076,059 | 3,217,955 | S100R2ZU, S100TQ8K, S100VZGW, S100YDRI |
| Current liabilities | 1,823,584 | 2,106,181 | 2,142,083 | 1,881,062 | 2,393,114 | S100R2ZU, S100TQ8K, S100VZGW, S100YDRI |
| Trade payables | 206,112 | 202,665 | 216,852 | 226,580 | 223,956 | S100R2ZU, S100TQ8K, S100VZGW, S100YDRI |
| Short-term borrowings | 252,174 | 278,054 | 412,825 | 358,785 | 404,965 | S100R2ZU, S100TQ8K, S100VZGW, S100YDRI |
| Long-term borrowings | 1,846,430 | 1,900,271 | 2,025,626 | 2,367,941 | 2,214,978 | S100R2ZU, S100TQ8K, S100VZGW, S100YDRI |
| Bonds | 963,371 | 908,454 | 978,673 | 1,092,441 | 982,155 | S100R2ZU, S100TQ8K, S100VZGW, S100YDRI |
| Interest-bearing debt | 3,061,975 | 3,086,779 | 3,417,124 | 3,819,167 | 3,602,098 | 算出 |
| Total liabilities | 4,868,206 | 5,193,128 | 5,449,754 | 5,685,971 | 5,962,217 | S100R2ZU, S100TQ8K, S100VZGW, S100YDRI |
| Non-controlling interests | 120,123 | 125,349 | 136,704 | 144,734 | 130,314 | S100R2ZU, S100TQ8K, S100VZGW, S100YDRI |
| Equity attributable to owners of parent | 622,171 | 610,212 | 660,631 | 715,510 | 798,869 | S100R2ZU, S100TQ8K, S100VZGW, S100YDRI |
| Retained earnings | 486,946 | 474,223 | 524,903 | 582,759 | 665,085 | S100R2ZU, S100TQ8K, S100VZGW, S100YDRI |
| Treasury stock | -2,148 | -1,631 | -1,599 | -4,625 | -3,893 | S100R2ZU, S100TQ8K, S100VZGW, S100YDRI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YDRI |
| Inventories | 1% | S100YDRI |
| Property, plant and equipment | 44% | S100YDRI |
| Intangibles and goodwill | 2% | S100YDRI |
| Investment securities | 8% | S100YDRI |
| Other assets | 42% | S100YDRI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YDRI |
| Interest-bearing debt | 50% | 算出 |
| Other liabilities | 30% | S100YDRI |
| Equity | 17% | S100YDRI |

### 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 | 5,663,787 | 6,082,114 | 6,460,930 | 6,862,861 | 7,214,810 |
| Equity | 795,580 | 888,985 | 1,011,176 | 1,176,889 | 1,252,593 |
| Interest-bearing debt | 3,061,975 | 3,086,779 | 3,417,124 | 3,819,167 | 3,602,098 |
| Cash | 240,047 | 201,280 | 183,925 | 168,797 | 219,668 |

## 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) | 215.7% | S100YDRI |
| Fixed assets ÷ total assets | 43.6% | S100YDRI |
| Goodwill ÷ parent equity | 7.0% | S100YDRI |

Goodwill over 4 years: 53,308 → 56,245 JPY; total investing cash flow: -249,265 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) | 3.0% |
| Cash ÷ revenue | 15.1% |
| Net cash (cash − interest-bearing debt) | -¥3.38T |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -51.9% |
| Cash vs. profit gap | -188,233 JPY mn (of net income -169.1%) |
| Shareholder returns / net income | 30.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 30.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | — |

## 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 | 3.9% | 0.23× | 0.9% | 9.10× | 8.1% | S100R2ZU |
| 2023 | 0.4% | 0.23× | 0.1% | 9.53× | 0.8% | S100TQ8K |
| 2024 | 5.4% | 0.21× | 1.2% | 9.87× | 11.4% | S100VZGW |
| 2025 | 6.2% | 0.21× | 1.3% | 9.68× | 12.4% | S100YDRI |
| 2026 | 7.6% | 0.21× | 1.6% | 9.30× | 14.7% | S100YDRI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊藤忠商事株式会社 | Major shareholder | 29.9% | 2026-03-31 |
| 中央日本土地建物株式会社 | Major shareholder | 14.0% | 2026-03-31 |
| ＮＴＴ株式会社 | Major shareholder | 10.0% | 2026-03-31 |
| ケイ・エス・オー株式会社 | Major shareholder | 8.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.3% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.8% | 2026-03-31 |
| 清和綜合建物株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.9% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.7% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託 オリエントコーポレーション口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 1.6% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥1.46T, up 6.5% from ¥1.37T.
- Profit grew faster than sales: operating income rose 26.7% to ¥148.3B and net income rose 30.5% to ¥111.3B.
- Operating cash flow swung from ¥51.4B to -¥76.9B. A leasing company counts purchases of assets it rents out as operating spending, so heavier investment pushes this figure down.

### Drivers

- Higher gross profit came mainly from the specialty financing and international segments.
- In specialty financing, an insurance settlement related to aircraft in Russia and a reversal of tax expenses lifted net income.
- In the international segment, CSI Leasing did well, led by Latin America, and gains on selling a U.S. data center and other holdings added to profit.
- An impairment loss on a biomass co-firing power business in the environmental infrastructure segment pulled overall profit down.

### Risks

- A sharp rise in interest rates would raise the cost of its floating-rate borrowing and squeeze profit.
- If markets for aircraft, ships or real estate weaken, the value of assets it owns could fall and lead to impairment losses.
- With a large overseas business, currency swings and changes in local rules or politics could hurt results.

Cited: Annual securities report (57th term) (Management's analysis of financial position, results and cash flows); Annual securities report (57th term) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/04/01－2026/03/31) | S100YDRI | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDRI,, |
| 有価証券報告書－第56期(2024/04/01－2025/03/31) | S100VZGW | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZGW,, |
| 有価証券報告書－第55期(2023/04/01－2024/03/31) | S100TQ8K | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ8K,, |
| 有価証券報告書－第54期(2022/04/01－2023/03/31) | S100R2ZU | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2ZU,, |
| 有価証券報告書－第53期(令和3年4月1日－令和4年3月31日) | S100OFRN | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFRN,, |
| 有価証券報告書－第52期(令和2年4月1日－令和3年3月31日) | S100LLRR | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLRR,, |

## 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).