# TOKYO SOIR CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第57期(2025/01/01－2025/12/31) (S100XV8N)
> Page: https://vizora.meequs.com/en/company/tokyo-soir
> Retrieved: 2026-09-30T19:50:45.142Z

## Company

Tokyo Soir, founded in 1969, is a company in Watches, Jewelry & Eyewear listed on TSE Standard. It has 235 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKYO SOIR CO.,LTD. |
| Ticker | 8040 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8040.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区銀座七丁目16番12号 |
| Representative (per filing) | 代表取締役社長 小泉純一 |
| Founded | Jan 1969 |
| Share capital | ¥4.05B |
| Employees (consolidated) | 235 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | December |
| Website | www.soir.co.jp (https://www.soir.co.jp/) |
| Corporate number | 8010401020803 |
| EDINET | E02679 |
| Industries (Vizora) | Watches, Jewelry & Eyewear, Apparel |

> Profile source: annual securities report (S100XV8N, filed 2026-03-30). As of filing

## Five-axis industry profile

Primary industry: Apparel (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 28.7 | 61 |
| Cash conversion | 86.2 | 47 |
| Efficiency | 59.8 | 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)

- About 90% of Tokyo Soir's sales come from Formal segment, with Lifestyle segment making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +2.6% from the prior year, operating profit -28.5%.

## Company structure

- Segment revenue mix: Formal segment 89.9%、Lifestyle segment 10.1%
- Revenue → net income: ¥16112480000 → ¥236534000
- Net income → operating cash flow: ¥236534000 → ¥430021000（difference ¥193487000）
- Main uses of operating cash flow: CapEx ¥87799000 / dividends ¥155985000 / buybacks ¥489000
- Change in cash: ¥196522000
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 | ¥16.1B |  |
| Operating income | ¥173.8M | Margin 1.1% |
| Net income | ¥236.5M | Margin 1.5% |
| Free cash flow | ¥342.2M |  |
| Largest business | Formal segment | of segment revenue 89.9% |
| Employees (consolidated) | 235 |  |
| EPS | ¥57.64 |  |
| Book value per share | ¥2963.47 |  |
| Equity ratio | 75.3% |  |
| Shares outstanding | 3,860,000 |  |
| Treasury shares | 358,400 |  |
| Shareholders | 2,391 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 14.8% | Cash ÷ revenue 12.8% |
| Vs. industry median margin | -2 pp | Apparel |
| ROE | 2.5% | Derived from disclosed figures |
| ROA | 1.7% | Derived from disclosed figures |

## Notable figures

- FY2025, segment profit share differs by 37 points

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10242311000 | ¥16112480000 | — |
| Operating income | ¥-2250035000 | ¥173833000 | — |
| Operating margin | -22.0% | 1.1% | +23 pp |
| Employees | 258 people | 235 people | — |
| Cash and equivalents | ¥787087000 | ¥2058553000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → フォーマル事業 | 89.9% |
| 新設・再編 → ライフスタイル事業 | 10.1% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,112 | 100.0% | S100XV8N |
| Cost of revenue | 7,681 | 47.7% | S100XV8N |
| Gross profit | 8,432 | 52.3% | S100XV8N |
| SG&A | 8,258 | 51.3% | S100XV8N |
| Operating income | 174 | 1.1% | S100XV8N |
| Ordinary income | 296 | 1.8% | S100XV8N |
| Pretax income | 343 | 2.1% | S100XV8N |
| Income tax | 106 | 0.7% | S100XV8N |
| Net income | 237 | 1.5% | S100XV8N |
| Net income attributable to owners | 237 | 1.5% | S100XV8N |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 48 |
| SG&A | 51 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 52.3% → Operating margin 1.1% → Net margin 1.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.6%; Core profit growth: -28.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -10.85×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 15,701 | 16,112 | 412 | +2.6% |
| Gross profit | 8,053 | 8,432 | 379 | +4.7% |
| Operating income | 243 | 174 | -69 | -28.5% |
| Net income attributable to owners | 501 | 237 | -264 | -52.7% |
| Operating cash flow | -68 | 430 | 498 | — |
| Free cash flow | -182 | 342 | 524 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 14,972 | -377 | -2.5% | -193 | -730 | -790 | S100L2UY |
| FY ending Dec 2020 | 10,242 | -2,250 | -22.0% | -1,984 | -2,837 | -2,902 | S100NRYI |
| FY ending Dec 2021 | 11,823 | -1,186 | -10.0% | 299 | 672 | 642 | S100QHUM |
| FY ending Dec 2022 | 14,241 | 339 | 2.4% | 519 | 1,621 | 1,537 | S100T6FJ |
| FY ending Dec 2023 | 15,027 | 520 | 3.5% | 799 | -94 | -124 | S100T6FJ |
| FY ending Dec 2024 | 15,701 | 243 | 1.5% | 501 | -68 | -182 | S100XV8N |
| FY ending Dec 2025 | 16,112 | 174 | 1.1% | 237 | 430 | 342 | S100XV8N |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥68.6M |
| Operating income per employee (consolidated) | ¥739.7K |
| Net income per employee (consolidated) | ¥1M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 248 | 201 | 211 | 246 | 235 |
| Average salary (parent company) | ¥4.4M | ¥4.3M | ¥5.8M | ¥5.7M | ¥5.5M |
| Average age (parent company) | 42.9 years | 42.7 years | 42.8 years | 42.3 years | 43.1 years |
| Average tenure (parent company) | 15.8 years | 14.7 years | 14.2 years | 14.0 years | 14.4 years |

Year over year: Employees (consolidated) -4.5% · Revenue (consolidated) +2.6%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Formal segment | 14,487 | 89.9% | 92 | 0.6% |
| Lifestyle segment | 1,625 | 10.1% | 82 | 5.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Formal segment | 89.9% | 52.9% | -37.0 | 0.6% |
| Lifestyle segment | 10.1% | 47.1% | 37.0 | 5.0% |

Segment → industry: Lifestyle segment → Watches, Jewelry & Eyewear / Lifestyle segment → Apparel / Formal segment → Apparel

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 430 | 2.7% | S100XV8N |
| Capital expenditure | 88 | 0.5% | S100XV8N |
| Free cash flow | 342 | 2.1% | 算出 |
| Investing cash flow | 63 | 0.4% | S100XV8N |
| Financing cash flow | -296 | -1.8% | S100XV8N |
| Dividends paid | 156 | 1.0% | S100XV8N |
| Share buyback | 0 | 0.0% | S100XV8N |
| Change in cash | 197 | 1.2% | S100XV8N |
| Cash and equivalents | 2,059 | 12.8% | S100XV8N |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,555 | 2,351 | 2,760 | 1,862 | 2,059 | S100T6FJ, S100XV8N |
| Total assets | 14,123 | 14,073 | 14,715 | 14,301 | 13,934 | S100QHUM, S100T6FJ, S100XV8N |
| Net assets | 7,878 | 8,488 | 9,364 | 10,163 | 10,489 | S100T6FJ, S100XV8N |
| Share capital | 4,049 | 4,049 | 4,049 | 4,049 | 4,049 | S100QHUM, S100T6FJ, S100XV8N |
| Property, plant and equipment | 2,592 | 2,683 | 2,273 | 2,388 | 2,348 | S100QHUM, S100T6FJ, S100XV8N |
| Intangible assets excluding goodwill | 593 | 444 | 307 | 602 | 422 | S100QHUM, S100T6FJ, S100XV8N |
| Goodwill | — | — | — | 431 | 374 | S100XV8N |
| Investment securities | 1,300 | 1,234 | 1,235 | 1,563 | 1,674 | S100QHUM, S100T6FJ, S100XV8N |
| Current assets | 8,366 | 8,448 | 9,674 | 8,525 | 8,314 | S100QHUM, S100T6FJ, S100XV8N |
| Current liabilities | 4,274 | 3,895 | 3,854 | 2,928 | 2,385 | S100QHUM, S100T6FJ, S100XV8N |
| Trade payables | — | — | — | 603 | 333 | S100XV8N |
| Short-term borrowings | 900 | — | — | — | — | S100QHUM |
| Long-term borrowings | 690 | 650 | 610 | 587 | 543 | S100QHUM, S100T6FJ, S100XV8N |
| Total liabilities | 6,245 | 5,585 | 5,350 | 4,138 | 3,446 | S100QHUM, S100T6FJ, S100XV8N |
| Equity attributable to owners of parent | 7,724 | 8,262 | 9,010 | 9,417 | 9,511 | S100QHUM, S100T6FJ, S100XV8N |
| Retained earnings | 564 | 1,075 | 1,795 | 2,181 | 2,252 | S100QHUM, S100T6FJ, S100XV8N |
| Treasury stock | -622 | -595 | -567 | -546 | -522 | S100QHUM, S100T6FJ, S100XV8N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100XV8N |
| Property, plant and equipment | 17% | S100XV8N |
| Intangibles and goodwill | 6% | S100XV8N |
| Investment securities | 12% | S100XV8N |
| Other assets | 50% | S100XV8N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100XV8N |
| Other liabilities | 22% | S100XV8N |
| Equity | 75% | S100XV8N |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 14,123 | 14,073 | 14,715 | 14,301 | 13,934 |
| Equity | 7,878 | 8,488 | 9,364 | 10,163 | 10,489 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,555 | 2,351 | 2,760 | 1,862 | 2,059 |

## 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) | 14.6% | S100XV8N |
| Fixed assets ÷ total assets | 16.8% | S100XV8N |
| Goodwill ÷ parent equity | 3.9% | S100XV8N |

### 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) | 14.8% |
| Cash ÷ revenue | 12.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 247.4% |
| Cash vs. profit gap | 193 JPY mn (of net income 81.8%) |
| Shareholder returns / net income | 66.2% |
| Shareholder returns / FCF | 45.7% |
| Shareholder payments — dividends / net income | 65.9% |
| Shareholder payments — dividends / FCF | 45.6% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 14.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.5% | 0.84× | 2.1% | 1.83× | 3.9% | S100QHUM |
| 2022 | 3.6% | 1.01× | 3.7% | 1.76× | 6.5% | S100T6FJ |
| 2023 | 5.3% | 1.04× | 5.5% | 1.67× | 9.2% | S100T6FJ |
| 2024 | 3.2% | 1.10× | 3.5% | 1.52× | 5.3% | S100XV8N |
| 2025 | 1.5% | 1.14× | 1.7% | 1.49× | 2.5% | S100XV8N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| フリージア・マクロス株式会社 | Major shareholder | 18.9% | 2025-12-31 |
| 田村駒株式会社 | Major shareholder | 5.2% | 2025-12-31 |
| 株式会社みなと銀行 | Major shareholder | 4.8% | 2025-12-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.7% | 2025-12-31 |
| 帝人フロンティア株式会社 | Major shareholder | 4.7% | 2025-12-31 |
| 東京ソワール取引先持株会 | Major shareholder | 3.6% | 2025-12-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.3% | 2025-12-31 |
| 旭化成株式会社 | Major shareholder | 2.3% | 2025-12-31 |
| 住友生命保険相互会社 | Major shareholder | 2.0% | 2025-12-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/01/01－2025/12/31) | S100XV8N | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XV8N,, |
| 有価証券報告書－第56期(2024/01/01－2024/12/31) | S100VIWE | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIWE,, |
| 有価証券報告書－第55期(2023/01/01－2023/12/31) | S100T6FJ | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6FJ,, |
| 有価証券報告書－第54期(2022/01/01－2022/12/31) | S100QHUM | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHUM,, |
| 有価証券報告書－第53期(令和3年1月1日－令和3年12月31日) | S100NRYI | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRYI,, |
| 有価証券報告書－第52期(令和2年1月1日－令和2年12月31日) | S100L2UY | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2UY,, |

## 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).