# TOKYO KOKI CO. LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第120期(2025/03/01－2026/02/28) (S100Y7MQ)
> Page: https://vizora.meequs.com/en/company/tokyo-koki
> Retrieved: 2026-09-30T21:35:11.135Z

## Company

Tokyo Koki, founded in 1923, is a company in Robots & Factory Automation listed on TSE Standard. It has 185 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKYO KOKI CO. LTD. |
| Ticker | 7719 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7719.T) |
| Listing | TSE Standard |
| Head office | 神奈川県相模原市緑区三井315番地 |
| Representative (per filing) | 代表取締役社長 小塚 英一郎 |
| Founded | Mar 1923 |
| Share capital | ¥502.6M |
| Employees (consolidated) | 185 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | February |
| Website | tk100.jp (https://tk100.jp/) |
| Corporate number | 2010001008816 |
| EDINET | E01587 |
| Industries (Vizora) | Robots & Factory Automation, Software & SaaS, Industrial Machinery |

> Profile source: annual securities report (S100Y7MQ, filed 2026-05-29). As of filing

## Five-axis industry profile

Primary industry: Robots & Factory Automation (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.6 | 33 |
| Profitability | 13.2 | 34 |
| Cash conversion | 95.3 | 32 |
| Efficiency | 95.7 | 35 |

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 82% of Tokyo Koki's sales come from Testing machine business, with Digital business and Engineering Business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +28.4% from the prior year, operating profit +508.0%.

## Company structure

- Segment revenue mix: Testing machine business 82.2%、Digital business 9.1%、Engineering Business 8.3%、Other 0.4%
- Revenue → net income: ¥4473482000 → ¥131569000
- Net income → operating cash flow: ¥131569000 → ¥556799000（difference ¥425230000）
- Main uses of operating cash flow: CapEx ¥24870000 / dividends — / buybacks ¥30000
- Change in cash: ¥771915000
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 | ¥4.47B |  |
| Operating income | ¥152.9M | Margin 3.4% |
| Net income | ¥133.5M | Margin 3.0% |
| Free cash flow | ¥531.9M |  |
| Largest business | Testing machine business | of segment revenue 82.2% |
| Employees (consolidated) | 185 |  |
| EPS | ¥-6.13 |  |
| Diluted EPS | ¥17.74 |  |
| Book value per share | ¥62.18 |  |
| Equity ratio | 34.0% |  |
| Shares outstanding | 7,159,791 |  |
| Treasury shares | 3,000 |  |
| Shareholders | 5,270 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 24.7% | Cash ÷ revenue 27.9% |
| Vs. industry median margin | -8.3 pp | Robots & Factory Automation |
| ROE | 10.3% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.2× net income
- FY2026, one segment accounts for 96% of positive segment profit
- FY2026, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3867733000 | ¥4473482000 | +15.7% |
| Operating income | ¥274989000 | ¥152915000 | -44.4% |
| Operating margin | 7.1% | 3.4% | -3.7 pp |
| Employees | 241 people | 185 people | -23.2% |
| Cash and equivalents | ¥886084000 | ¥1246494000 | +40.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 試験機事業 → 試験機事業 | 76.2% |
| エンジニアリング事業 → エンジニアリング事業 | 8.3% |
| エンジニアリング事業 → 事業再編・廃止 | 1.8% |
| 商事事業 → 事業再編・廃止 | 0.2% |
| その他 → その他 | 0.2% |
| 海外事業 → 事業再編・廃止 | 13.3% |
| 新設・再編 → 試験機事業 | 6.0% |
| 新設・再編 → デジタル事業 | 9.1% |
| 新設・再編 → その他 | 0.2% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Testing machine business | 5 years | +4.5% | ¥3677505000 | 17.7% | 2 |
| Digital business | — | — | ¥406984000 | -6.7% | 2 |
| Engineering Business | 5 years | -0.9% | ¥371832000 | 3.2% | 2 |
| Other | 5 years | +14.0% | ¥17159000 | 100.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,473 | 100.0% | S100Y7MQ |
| Cost of revenue | 2,928 | 65.4% | S100Y7MQ |
| Gross profit | 1,546 | 34.6% | S100Y7MQ |
| SG&A | 1,393 | 31.1% | S100Y7MQ |
| Operating income | 153 | 3.4% | S100Y7MQ |
| Ordinary income | 157 | 3.5% | S100Y7MQ |
| Pretax income | 129 | 2.9% | S100Y7MQ |
| Income tax | -3 | -0.1% | S100Y7MQ |
| Net income | 132 | 2.9% | S100Y7MQ |
| Net income attributable to owners | 133 | 3.0% | S100Y7MQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 31 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 34.6% → Operating margin 3.4% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +28.4%; Core profit growth: +508.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 17.89×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,484 | 4,473 | 990 | +28.4% |
| Gross profit | 1,196 | 1,546 | 350 | +29.3% |
| Operating income | 25 | 153 | 128 | +508.0% |
| Net income attributable to owners | 63 | 133 | 71 | +112.1% |
| Operating cash flow | -594 | 557 | 1,151 | — |
| Free cash flow | -646 | 532 | 1,178 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 7,440 | 419 | 5.6% | 304 | 196 | 171 | S100LEWC |
| FY ending Feb 2021 | 3,868 | 275 | 7.1% | 298 | 205 | 169 | S100QFU7 |
| FY ending Feb 2022 | 4,039 | 198 | 4.9% | 122 | 217 | 67 | S100QTT7 |
| FY ending Feb 2023 | 3,055 | 107 | 3.5% | -702 | -160 | -162 | S100TIX3 |
| FY ending Feb 2024 | 3,365 | 133 | 3.9% | 91 | 220 | 194 | S100VU9R |
| FY ending Feb 2025 | 3,484 | 25 | 0.7% | 63 | -594 | -646 | S100Y7MQ |
| FY ending Feb 2026 | 4,473 | 153 | 3.4% | 133 | 557 | 532 | S100Y7MQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.2M |
| Operating income per employee (consolidated) | ¥826.6K |
| Net income per employee (consolidated) | ¥721.6K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 141 | 136 | 123 | 127 | 185 |
| Average salary (parent company) | ¥5.2M | ¥5.5M | ¥6M | ¥6.1M | ¥6.2M |
| Average age (parent company) | 43.3 years | 44.9 years | 46.4 years | 44.9 years | 41.3 years |
| Average tenure (parent company) | 6.9 years | 8.8 years | 7.6 years | 6.8 years | 7.3 years |

Year over year: Employees (consolidated) +45.7% · Revenue (consolidated) +28.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Testing machine business | 3,678 | 82.2% | 649 | 17.7% |
| Engineering Business | 372 | 8.3% | 12 | 3.2% |
| Digital business | 407 | 9.1% | -27 | -6.7% |
| Other | 17 | 0.4% | 17 | 100.0% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Testing machine business | 82.2% | 95.7% | 13.5 | 17.7% |
| Engineering Business | 8.3% | 1.8% | -6.6 | 3.2% |
| Digital business | 9.1% | — | — | -6.7% |
| Other | 0.4% | 2.5% | 2.1 | 100.0% |

Loss-making segment (excluded from profit shares): Digital business -27 JPY mn

Segment → industry: Testing machine business → Robots & Factory Automation / Digital business → Software & SaaS / Engineering Business → Industrial Machinery

## 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 | 557 | 12.4% | S100Y7MQ |
| Capital expenditure | 25 | 0.6% | S100Y7MQ |
| Free cash flow | 532 | 11.9% | 算出 |
| Investing cash flow | -134 | -3.0% | S100Y7MQ |
| Financing cash flow | 349 | 7.8% | S100Y7MQ |
| Share buyback | 0 | 0.0% | S100Y7MQ |
| Change in cash | 772 | 17.3% | S100Y7MQ |
| Cash and equivalents | 1,246 | 27.9% | S100Y7MQ |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,110 | 515 | 957 | 475 | 1,246 | S100TIX3, S100VU9R, S100Y7MQ |
| Total assets | 4,397 | 3,445 | 3,665 | 3,774 | 5,037 | S100QTT7, S100TIX3, S100VU9R, S100Y7MQ |
| Net assets | 2,119 | 1,416 | 1,520 | 1,625 | 1,902 | S100TIX3, S100VU9R, S100Y7MQ |
| Share capital | 500 | 500 | 500 | 500 | 503 | S100QTT7, S100TIX3, S100VU9R, S100Y7MQ |
| Trade receivables | 1,140 | 1,277 | 556 | — | — | S100QTT7, S100TIX3 |
| Property, plant and equipment | 1,017 | 988 | 864 | 878 | 926 | S100QTT7, S100TIX3, S100VU9R, S100Y7MQ |
| Intangible assets excluding goodwill | 10 | 6 | 3 | 5 | 168 | S100QTT7, S100TIX3, S100VU9R, S100Y7MQ |
| Goodwill | — | — | — | — | 122 | S100Y7MQ |
| Investment securities | 12 | 12 | 69 | 74 | 94 | S100QTT7, S100TIX3, S100VU9R, S100Y7MQ |
| Current assets | 3,232 | 2,320 | 2,599 | 2,697 | 3,655 | S100QTT7, S100TIX3, S100VU9R, S100Y7MQ |
| Current liabilities | 1,506 | 1,305 | 1,382 | 1,164 | 1,596 | S100QTT7, S100TIX3, S100VU9R, S100Y7MQ |
| Trade payables | 566 | 580 | 473 | 329 | 286 | S100QTT7, S100TIX3, S100VU9R, S100Y7MQ |
| Short-term borrowings | 619 | 240 | 271 | 200 | — | S100QTT7, S100TIX3, S100VU9R, S100Y7MQ |
| Long-term borrowings | 217 | 228 | 241 | 493 | 999 | S100QTT7, S100TIX3, S100VU9R, S100Y7MQ |
| Total liabilities | 2,260 | 2,029 | 2,144 | 2,149 | 3,135 | S100QTT7, S100TIX3, S100VU9R, S100Y7MQ |
| Non-controlling interests | — | — | — | — | 113 | S100Y7MQ |
| Equity attributable to owners of parent | 1,791 | 1,070 | 1,163 | 1,226 | 1,364 | S100QTT7, S100TIX3, S100VU9R, S100Y7MQ |
| Retained earnings | 1,191 | 470 | 562 | 625 | 758 | S100QTT7, S100TIX3, S100VU9R, S100Y7MQ |
| Treasury stock | -4 | -4 | -4 | -4 | -4 | S100QTT7, S100TIX3, S100VU9R, S100Y7MQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100Y7MQ |
| Property, plant and equipment | 18% | S100Y7MQ |
| Intangibles and goodwill | 6% | S100Y7MQ |
| Investment securities | 2% | S100Y7MQ |
| Other assets | 49% | S100Y7MQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100Y7MQ |
| Other liabilities | 56% | S100Y7MQ |
| Equity | 38% | S100Y7MQ |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,397 | 3,445 | 3,665 | 3,774 | 5,037 |
| Equity | 2,119 | 1,416 | 1,520 | 1,625 | 1,902 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,110 | 515 | 957 | 475 | 1,246 |

## 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) | 20.7% | S100Y7MQ |
| Fixed assets ÷ total assets | 18.4% | S100Y7MQ |
| Goodwill ÷ parent equity | 8.9% | S100Y7MQ |

### 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) | 24.7% |
| Cash ÷ revenue | 27.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 364.1% |
| Cash vs. profit gap | 423 JPY mn (of net income 317.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 24.1% |

## 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 | 3.0% | 0.92× | 2.8% | 2.46× | 6.8% | S100QTT7 |
| 2023 | — | —× | -17.9% | —× | — | S100TIX3 |
| 2024 | 2.7% | 0.95× | 2.6% | 3.18× | 8.2% | S100VU9R |
| 2025 | 1.8% | 0.94× | 1.7% | 3.11× | 5.3% | S100Y7MQ |
| 2026 | 3.0% | 1.02× | 3.0% | 3.40× | 10.3% | S100Y7MQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Ｄｒｅａｍ Ｂｒｉｄｇｅ㈱ | Major shareholder | 29.9% | 2026-02-28 |
| ㈱ＳＢＩ証券 | Major shareholder | 3.7% | 2026-02-28 |
| 山下秀子 | Major shareholder | 3.3% | 2026-02-28 |
| スマート㈲ | Major shareholder | 1.6% | 2026-02-28 |
| 張正達 | Major shareholder | 1.5% | 2026-02-28 |
| 池上道弘 | Major shareholder | 1.5% | 2026-02-28 |
| 岡崎由雄 | Major shareholder | 1.5% | 2026-02-28 |
| 水流暢彦 | Major shareholder | 0.8% | 2026-02-28 |
| 野村証券㈱ | Major shareholder | 0.8% | 2026-02-28 |
| 熊谷正昭 | Major shareholder | 0.8% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第120期(2025/03/01－2026/02/28) | S100Y7MQ | 2026-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y7MQ,, |
| 有価証券報告書－第119期(2024/03/01－2025/02/28) | S100VU9R | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VU9R,, |
| 有価証券報告書－第118期(2023/03/01－2024/02/29) | S100TIX3 | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIX3,, |
| 有価証券報告書－第117期(2022/03/01－2023/02/28) | S100QTT7 | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTT7,, |
| 訂正有価証券報告書－第116期(2021/03/01－2022/02/28) | S100QFU7 | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFU7,, |
| 有価証券報告書－第115期(令和2年3月1日－令和3年2月28日) | S100LEWC | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEWC,, |

## 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).