# TOKYO ENERGY & SYSTEMS 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79期(2025/04/01－2026/03/31) (S100YJBK)
> Page: https://vizora.meequs.com/en/company/tokyo-energy-and-systems
> Retrieved: 2026-09-30T20:32:49.644Z

## Company

Tokyo Energy & Systems, founded in 1947, is a company in Electric Power & Gas listed on TSE Prime. It has 1,687 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKYO ENERGY & SYSTEMS INC. |
| Ticker | 1945 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1945.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋茅場町一丁目3番1号 |
| Representative (per filing) | 代表取締役社長 社長執行役員 眞島 俊昭 |
| Founded | Aug 1947 |
| Share capital | ¥2.88B |
| Employees (consolidated) | 1,687 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | www.qtes.co.jp (https://www.qtes.co.jp/) |
| Corporate number | 6010401020680 |
| EDINET | E00092 |
| Industries (Vizora) | Electric Power & Gas, Plant Engineering & Building Services |

> Profile source: annual securities report (S100YJBK, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 61.8 | 72 |
| Profitability | 20.4 | 76 |
| Cash conversion | 69.6 | 74 |
| Efficiency | 12.5 | 76 |
| Financial strength | 50 | 9 |

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 93% of Tokyo Energy & Systems's sales come from Facility and Equipment Work, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +22.7% from the prior year, operating profit +77.7%.

## Company structure

- Segment revenue mix: Facility and Equipment Work 92.7%、Other 7.3%
- Revenue → net income: ¥83083000000 → ¥4287000000
- Net income → operating cash flow: ¥4287000000 → ¥4706000000（difference ¥419000000）
- Main uses of operating cash flow: CapEx ¥884000000 / dividends ¥1794000000 / buybacks ¥371000000
- Change in cash: ¥2039000000
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 | ¥83.1B |  |
| Operating income | ¥4.74B | Margin 5.7% |
| Net income | ¥4.29B | Margin 5.2% |
| Free cash flow | ¥3.82B |  |
| Largest business | Facility and Equipment Work | of segment revenue 92.7% |
| Employees (consolidated) | 1,687 |  |
| EPS | ¥122.65 |  |
| Book value per share | ¥2113.03 |  |
| Equity ratio | 60.7% |  |
| Shares outstanding | 33,223,752 |  |
| Treasury shares | 88,800 |  |
| Shareholders | 10,033 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 8.1% | Net cash -¥8.45B · Cash ÷ revenue 11.7% |
| Vs. industry median margin | -3.4 pp | Plant Engineering & Building Services |
| ROE | 6.4% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 99% of positive segment profit
- FY2026, parent-company salary changed +23% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥59514000000 | ¥83083000000 | +39.6% |
| Operating income | ¥4104000000 | ¥4737000000 | +15.4% |
| Operating margin | 6.9% | 5.7% | -1.2 pp |
| Employees | 1,464 people | 1,687 people | +15.2% |
| Cash and equivalents | ¥9264000000 | ¥9687000000 | +4.6% |

### 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 |
| --- | ---: |
| 設備工事業 → 設備工事業 | 92.7% |
| 設備工事業 → 事業再編・廃止 | 5.9% |
| その他 → その他 | 1.4% |
| 新設・再編 → その他 | 5.9% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 83,083 | 100.0% | S100YJBK |
| Cost of revenue | 70,380 | 84.7% | S100YJBK |
| Gross profit | 12,702 | 15.3% | S100YJBK |
| SG&A | 7,964 | 9.6% | S100YJBK |
| Operating income | 4,737 | 5.7% | S100YJBK |
| Ordinary income | 5,518 | 6.6% | S100YJBK |
| Pretax income | 7,190 | 8.7% | S100YJBK |
| Income tax | 2,902 | 3.5% | S100YJBK |
| Net income | 4,287 | 5.2% | S100YJBK |
| Net income attributable to owners | 4,287 | 5.2% | S100YJBK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 9 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 15.3% → Operating margin 5.7% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +22.7%; Core profit growth: +77.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.43×
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 | 67,722 | 83,083 | 15,361 | +22.7% |
| Gross profit | 9,005 | 12,702 | 3,697 | +41.1% |
| Operating income | 2,665 | 4,737 | 2,072 | +77.7% |
| Net income attributable to owners | 2,900 | 4,287 | 1,387 | +47.8% |
| Operating cash flow | -15,229 | 4,706 | 19,935 | — |
| Free cash flow | -15,987 | 3,822 | 19,809 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 66,520 | 3,918 | 5.9% | 2,376 | 2,390 | 2,076 | S100LTTS |
| FY ending Mar 2021 | 59,514 | 4,104 | 6.9% | 2,747 | 10,754 | 7,348 | S100PCTI |
| FY ending Mar 2022 | 72,578 | 3,158 | 4.4% | 1,226 | -5,733 | -12,015 | S100R7IK |
| FY ending Mar 2023 | 79,055 | 3,458 | 4.4% | 2,120 | 8,143 | 4,194 | S100TTWE |
| FY ending Mar 2024 | 88,467 | 3,959 | 4.5% | 2,960 | 8,503 | 7,568 | S100W2UG |
| FY ending Mar 2025 | 67,722 | 2,665 | 3.9% | 2,900 | -15,229 | -15,987 | S100YJBK |
| FY ending Mar 2026 | 83,083 | 4,737 | 5.7% | 4,287 | 4,706 | 3,822 | S100YJBK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥49.2M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥2.5M |

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) | 1,618 | 1,558 | 1,563 | 1,628 | 1,687 |
| Average salary (parent company) | ¥6.4M | ¥6.8M | ¥7.8M | ¥8M | ¥7.9M |
| Average age (parent company) | 46.0 years | 46.4 years | 46.8 years | 46.9 years | 46.6 years |
| Average tenure (parent company) | 18.0 years | 20.0 years | 19.5 years | 19.3 years | 19.0 years |

Year over year: Employees (consolidated) +3.6% · Revenue (consolidated) +22.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Facility and Equipment Work | 77,297 | 92.7% | 10,688 | 13.8% |
| Other | 6,110 | 7.3% | 70 | 1.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Facility and Equipment Work | 92.7% | 99.3% | 6.7 | 13.8% |
| Other | 7.3% | 0.7% | -6.7 | 1.1% |

Segment → industry: Other → Electric Power & Gas / Facility and Equipment Work → Plant Engineering & Building 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 | 4,706 | 5.7% | S100YJBK |
| Capital expenditure | 884 | 1.1% | S100YJBK |
| Free cash flow | 3,822 | 4.6% | 算出 |
| Investing cash flow | 931 | 1.1% | S100YJBK |
| Financing cash flow | -3,671 | -4.4% | S100YJBK |
| Dividends paid | 1,794 | 2.2% | S100YJBK |
| Share buyback | 371 | 0.4% | S100YJBK |
| Change in cash | 2,039 | 2.5% | S100YJBK |
| Cash and equivalents | 9,687 | 11.7% | S100YJBK |

## 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 | 9,025 | 13,175 | 12,158 | 7,648 | 9,687 | S100TTWE, S100W2UG, S100YJBK |
| Total assets | 102,982 | 108,513 | 107,471 | 108,081 | 119,329 | S100R7IK, S100TTWE, S100W2UG, S100YJBK |
| Net assets | 64,472 | 65,938 | 68,548 | 68,427 | 72,452 | S100TTWE, S100W2UG, S100YJBK |
| Share capital | 2,881 | 2,881 | 2,881 | 2,881 | 2,881 | S100R7IK, S100TTWE, S100W2UG, S100YJBK |
| Property, plant and equipment | 25,945 | 28,841 | 28,343 | 27,739 | 26,406 | S100R7IK, S100TTWE, S100W2UG, S100YJBK |
| Intangible assets excluding goodwill | 3,464 | 2,956 | 2,444 | 2,072 | 2,028 | S100R7IK, S100TTWE, S100W2UG, S100YJBK |
| Goodwill | 304 | 233 | 161 | 89 | 17 | S100R7IK, S100TTWE, S100W2UG, S100YJBK |
| Investment securities | 10,076 | 11,078 | 16,882 | 15,427 | 18,341 | S100R7IK, S100TTWE, S100W2UG, S100YJBK |
| Current assets | 59,614 | 61,740 | 55,719 | 58,018 | 66,994 | S100R7IK, S100TTWE, S100W2UG, S100YJBK |
| Current liabilities | 27,218 | 28,139 | 26,256 | 28,347 | 31,093 | S100R7IK, S100TTWE, S100W2UG, S100YJBK |
| Short-term borrowings | 3,819 | 2,368 | 992 | 14,468 | 8,818 | S100R7IK, S100TTWE, S100W2UG, S100YJBK |
| Long-term borrowings | 4,830 | 6,821 | 5,952 | 5,134 | 4,315 | S100R7IK, S100TTWE, S100W2UG, S100YJBK |
| Bonds | — | — | — | — | 5,000 | S100YJBK |
| Interest-bearing debt | — | — | — | — | 18,133 | 算出 |
| Total liabilities | 38,510 | 42,574 | 38,923 | 39,654 | 46,877 | S100R7IK, S100TTWE, S100W2UG, S100YJBK |
| Non-controlling interests | -158 | -320 | — | — | — | S100R7IK, S100TTWE |
| Equity attributable to owners of parent | 63,016 | 63,955 | 64,736 | 65,741 | 67,889 | S100R7IK, S100TTWE, S100W2UG, S100YJBK |
| Retained earnings | 58,103 | 59,025 | 59,214 | 60,406 | 61,365 | S100R7IK, S100TTWE, S100W2UG, S100YJBK |
| Treasury stock | -1,941 | -1,929 | -1,083 | -1,287 | -79 | S100R7IK, S100TTWE, S100W2UG, S100YJBK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YJBK |
| Property, plant and equipment | 22% | S100YJBK |
| Intangibles and goodwill | 2% | S100YJBK |
| Investment securities | 15% | S100YJBK |
| Other assets | 53% | S100YJBK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 15% | 算出 |
| Other liabilities | 24% | S100YJBK |
| Equity | 61% | S100YJBK |

### 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 | 102,982 | 108,513 | 107,471 | 108,081 | 119,329 |
| Equity | 64,472 | 65,938 | 68,548 | 68,427 | 72,452 |
| Interest-bearing debt | — | — | — | — | 18,133 |
| Cash | 9,025 | 13,175 | 12,158 | 7,648 | 9,687 |

## 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) | 31.8% | S100YJBK |
| Fixed assets ÷ total assets | 22.1% | S100YJBK |
| Goodwill ÷ parent equity | 0.0% | S100YJBK |

Goodwill over 4 years: 304 → 17 JPY; total investing cash flow: -7,789 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) | 8.1% |
| Cash ÷ revenue | 11.7% |
| Net cash (cash − interest-bearing debt) | -¥8.45B |
| Net debt ÷ operating cash flow | 1.79× |
| Cash conversion (operating CF ÷ operating income) | 99.3% |
| Cash vs. profit gap | 419 JPY mn (of net income 9.8%) |
| Shareholder returns / net income | 50.5% |
| Shareholder returns / FCF | 56.6% |
| Shareholder payments — dividends / net income | 41.8% |
| Shareholder payments — dividends / FCF | 46.9% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 19.8% |

## 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 | 1.7% | 0.70× | 1.2% | 1.63× | 1.9% | S100R7IK |
| 2023 | 2.7% | 0.75× | 2.0% | 1.67× | 3.3% | S100TTWE |
| 2024 | 3.3% | 0.82× | 2.7% | 1.68× | 4.6% | S100W2UG |
| 2025 | 4.3% | 0.63× | 2.7% | 1.65× | 4.4% | S100YJBK |
| 2026 | 5.2% | 0.73× | 3.8% | 1.70× | 6.4% | S100YJBK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東京電力ホールディングス株式会社 | Major shareholder | 18.1% | 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 | 7.8% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 6.1% | 2026-03-31 |
| 東京エネシス社員持株会 | Major shareholder | 3.0% | 2026-03-31 |
| 太平電業株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 東京産業株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE IEDP AIF CLIENTS NON TREATY ACCOUNT(常任代理人 香港上海銀行東京支店) | Major shareholder | 2.0% | 2026-03-31 |
| 新日本空調株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| MURAKAMI TAKATERU(常任代理人 三田証券株式会社) | Major shareholder | 1.7% | 2026-03-31 |
| 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 | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YJBK | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJBK,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100W2UG | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2UG,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TTWE | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTWE,, |
| 有価証券報告書－第76期(2022/04/01－2023/03/31) | S100R7IK | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7IK,, |
| 訂正有価証券報告書－第75期(令和3年4月1日－令和4年3月31日) | S100PCTI | 2022-10-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PCTI,, |
| 有価証券報告書－第74期(令和2年4月1日－令和3年3月31日) | S100LTTS | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTTS,, |

## 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).