# TOMEN DEVICES 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35期(2025/04/01－2026/03/31) (S100YJQ2)
> Page: https://vizora.meequs.com/en/company/tomen-devices
> Retrieved: 2026-09-30T18:18:29.401Z

## Company

Tomen Devices, founded in 1992, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 202 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOMEN DEVICES CORPORATION |
| Ticker | 2737 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2737.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区晴海一丁目8番12号 (注)同所は登記上の本店所在地で実際の業務は「最寄りの連絡場所」で行っております。また、2026年6月29日から本店は下記に移転する予定であります。 本店の所在の場所 東京都港区芝浦三丁目1番1号 |
| Representative (per filing) | 代表取締役社長 中尾 清隆 |
| Founded | Mar 1992 |
| Share capital | ¥2.05B |
| Employees (consolidated) | 202 |
| Average salary (parent only) | ¥9.7M |
| Fiscal year end | March |
| Website | www.tomendevices.co.jp (https://www.tomendevices.co.jp/) |
| Corporate number | 4010001071688 |
| EDINET | E02946 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YJQ2, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 96.4 | 179 |
| Profitability | 52.2 | 185 |
| Cash conversion | 0.3 | 179 |
| Efficiency | 90 | 185 |

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 75% of Tomen Devices's sales come from OVERSEAS, with JAPAN making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +50.3% from the prior year, operating profit +84.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥633.7B |  |
| Operating income | ¥18.8B | Margin 3.0% |
| Net income | ¥10B | Margin 1.6% |
| Free cash flow | -¥97.6B |  |
| Largest business | OVERSEAS | of segment revenue 74.8% |
| Employees (consolidated) | 202 |  |
| EPS | ¥483.78 |  |
| Book value per share | ¥3953.87 |  |
| Equity ratio | 17.2% |  |
| Shares outstanding | 6,802,000 |  |
| Treasury shares | 1,100 |  |
| Shareholders | 7,296 |  |
| Average salary (parent only) | ¥9.7M | Filing company only |
| Cash ratio | 3.4% | Cash ÷ revenue 1.8% |
| Vs. industry median margin | +0.1 pp | Specialty Trading & Wholesale |
| ROE | 20.9% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 62% of positive segment profit
- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥302385000000 | ¥633668000000 | +109.6% |
| Operating income | ¥4997000000 | ¥18784000000 | +275.9% |
| Operating margin | 1.7% | 3.0% | +1.3 pp |
| Employees | 178 people | 202 people | +13.5% |
| Cash and equivalents | ¥9550000000 | ¥11721000000 | +22.7% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 25.2% |
| 日本 → 事業再編・廃止 | 13.3% |
| 海外 → 海外 | 61.5% |
| 新設・再編 → 海外 | 13.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 633,668 | 100.0% | S100YJQ2 |
| Cost of revenue | 609,466 | 96.2% | S100YJQ2 |
| Gross profit | 24,202 | 3.8% | S100YJQ2 |
| SG&A | 5,417 | 0.9% | S100YJQ2 |
| Operating income | 18,784 | 3.0% | S100YJQ2 |
| Ordinary income | 13,322 | 2.1% | S100YJQ2 |
| Pretax income | 13,322 | 2.1% | S100YJQ2 |
| Income tax | 3,307 | 0.5% | S100YJQ2 |
| Net income | 10,015 | 1.6% | S100YJQ2 |
| Net income attributable to owners | 10,015 | 1.6% | S100YJQ2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 96 |
| SG&A | 1 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 3.8% → Operating margin 3.0% → Net margin 1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +50.3%; Core profit growth: +84.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.69×
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 | 421,671 | 633,668 | 211,997 | +50.3% |
| Gross profit | 14,696 | 24,202 | 9,506 | +64.7% |
| Operating income | 10,169 | 18,784 | 8,615 | +84.7% |
| Net income attributable to owners | 5,588 | 10,015 | 4,427 | +79.2% |
| Operating cash flow | 9,210 | -97,467 | -106,677 | -1158.3% |
| Free cash flow | 9,181 | -97,581 | -106,762 | -1162.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 260,367 | 4,526 | 1.7% | 3,382 | 9,554 | 9,538 | S100LOET |
| FY ending Mar 2021 | 302,385 | 4,997 | 1.7% | 3,446 | -11,583 | -11,609 | S100OC70 |
| FY ending Mar 2022 | 462,822 | 10,629 | 2.3% | 6,379 | 5,896 | 5,741 | S100R2AA |
| FY ending Mar 2023 | 417,621 | 12,230 | 2.9% | 4,906 | -4,961 | -5,249 | S100TQSM |
| FY ending Mar 2024 | 370,676 | 9,480 | 2.6% | 2,096 | 4,425 | 4,150 | S100W1B1 |
| FY ending Mar 2025 | 421,671 | 10,169 | 2.4% | 5,588 | 9,210 | 9,181 | S100YJQ2 |
| FY ending Mar 2026 | 633,668 | 18,784 | 3.0% | 10,015 | -97,467 | -97,581 | S100YJQ2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥3.14B |
| Operating income per employee (consolidated) | ¥93M |
| Net income per employee (consolidated) | ¥49.6M |

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) | 188 | 187 | 187 | 197 | 202 |
| Average salary (parent company) | ¥8.5M | ¥9.4M | ¥8.9M | ¥9.2M | ¥9.7M |
| Average age (parent company) | 45.2 years | 46.6 years | 46.5 years | 46.4 years | 46.9 years |
| Average tenure (parent company) | 10.5 years | 11.6 years | 12.3 years | 12.4 years | 12.5 years |

Year over year: Employees (consolidated) +2.5% · Revenue (consolidated) +50.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| JAPAN | 159,885 | 25.2% | 7,094 | 4.4% |
| OVERSEAS | 473,783 | 74.8% | 11,437 | 2.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| JAPAN | 25.2% | 38.3% | 13.1 | 4.4% |
| OVERSEAS | 74.8% | 61.7% | -13.1 | 2.4% |

Segment → industry: OVERSEAS → Specialty Trading & Wholesale / JAPAN → Specialty Trading & Wholesale

## 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 | -97,467 | -15.4% | S100YJQ2 |
| Capital expenditure | 114 | 0.0% | S100YJQ2 |
| Free cash flow | -97,581 | -15.4% | 算出 |
| Investing cash flow | -362 | -0.1% | S100YJQ2 |
| Financing cash flow | 95,965 | 15.1% | S100YJQ2 |
| Dividends paid | 2,040 | 0.3% | S100YJQ2 |
| Change in cash | -1,451 | -0.2% | S100YJQ2 |
| Cash and equivalents | 11,721 | 1.8% | S100YJQ2 |

## 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 | 8,216 | 12,137 | 20,865 | 13,172 | 11,721 | S100TQSM, S100W1B1, S100YJQ2 |
| Total assets | 116,990 | 107,177 | 130,213 | 113,970 | 344,957 | S100R2AA, S100TQSM, S100W1B1, S100YJQ2 |
| Net assets | 39,364 | 44,198 | 45,508 | 49,621 | 59,237 | S100TQSM, S100W1B1, S100YJQ2 |
| Share capital | 2,054 | 2,054 | 2,054 | 2,054 | 2,054 | S100R2AA, S100TQSM, S100W1B1, S100YJQ2 |
| Trade receivables | 58,574 | 51,292 | 60,595 | 55,613 | 102,850 | S100R2AA, S100TQSM, S100W1B1, S100YJQ2 |
| Property, plant and equipment | 399 | 309 | 173 | 222 | 568 | S100R2AA, S100TQSM, S100W1B1, S100YJQ2 |
| Intangible assets excluding goodwill | 82 | 94 | 318 | 264 | 216 | S100R2AA, S100TQSM, S100W1B1, S100YJQ2 |
| Investment securities | 760 | 823 | 213 | 231 | 256 | S100R2AA, S100TQSM, S100W1B1, S100YJQ2 |
| Current assets | 114,998 | 105,352 | 128,486 | 112,703 | 343,129 | S100R2AA, S100TQSM, S100W1B1, S100YJQ2 |
| Current liabilities | 77,094 | 62,264 | 84,005 | 63,566 | 284,860 | S100R2AA, S100TQSM, S100W1B1, S100YJQ2 |
| Short-term borrowings | 9,500 | 20,563 | 29,661 | 14,054 | 118,569 | S100R2AA, S100TQSM, S100W1B1, S100YJQ2 |
| Total liabilities | 77,625 | 62,978 | 84,705 | 64,349 | 285,719 | S100R2AA, S100TQSM, S100W1B1, S100YJQ2 |
| Non-controlling interests | 775 | 985 | — | — | — | S100R2AA, S100TQSM |
| Equity attributable to owners of parent | 36,838 | 39,703 | 39,775 | 44,003 | 51,978 | S100R2AA, S100TQSM, S100W1B1, S100YJQ2 |
| Retained earnings | 34,786 | 37,652 | 37,708 | 41,936 | 49,912 | S100R2AA, S100TQSM, S100W1B1, S100YJQ2 |
| Treasury stock | -2 | -2 | -3 | -3 | -4 | S100R2AA, S100TQSM, S100W1B1, S100YJQ2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YJQ2 |
| Receivables | 30% | S100YJQ2 |
| Property, plant and equipment | 0% | S100YJQ2 |
| Intangibles and goodwill | 0% | S100YJQ2 |
| Investment securities | 0% | S100YJQ2 |
| Other assets | 67% | S100YJQ2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 83% | S100YJQ2 |
| Equity | 17% | S100YJQ2 |
| Other liabilities | 0% | S100YJQ2 |

### 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 | 116,990 | 107,177 | 130,213 | 113,970 | 344,957 |
| Equity | 39,364 | 44,198 | 45,508 | 49,621 | 59,237 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,216 | 12,137 | 20,865 | 13,172 | 11,721 |

## 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) | 0.1% | S100YJQ2 |
| Fixed assets ÷ total assets | 0.2% | S100YJQ2 |
| Goodwill ÷ parent equity | — | —, S100YJQ2 |

### 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) | 3.4% |
| Cash ÷ revenue | 1.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -518.9% |
| Cash vs. profit gap | -107,482 JPY mn (of net income -1073.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| 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 | 1.4% | 3.96× | 5.5% | 3.18× | 17.3% | S100R2AA |
| 2023 | 1.2% | 3.73× | 4.4% | 2.93× | 12.8% | S100TQSM |
| 2024 | 0.6% | 3.12× | 1.8% | 2.99× | 5.3% | S100W1B1 |
| 2025 | 1.3% | 3.45× | 4.6% | 2.91× | 13.3% | S100YJQ2 |
| 2026 | 1.6% | 2.76× | 4.4% | 4.78× | 20.9% | S100YJQ2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 豊田通商株式会社 | Major shareholder | 26.6% | 2026-03-31 |
| 株式会社ネクスティエレクトロニクス | Major shareholder | 23.5% | 2026-03-31 |
| 日本サムスン株式会社 | Major shareholder | 12.2% | 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 | 4.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.9% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 0.7% | 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 | 0.7% | 2026-03-31 |
| 野村證券株式会社 （常任代理人 株式会社三井住友銀行） | Major shareholder | 0.6% | 2026-03-31 |
| みずほ証券株式会社 | Major shareholder | 0.6% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 reached ¥633.7B, up +50.3% from ¥421.7B the year before.
- Profit grew faster than sales: operating income rose +84.7% to ¥18.8B and net income rose +79.2% to ¥10B.
- Cash moved the other way. Operating cash flow was -¥97.5B, compared with an inflow of ¥9.21B the previous year.

### Drivers

- Data center spending driven by generative AI lifted memory sales, mainly for servers, storage and cars
- Higher memory prices helped profits
- A large build-up of inventory drained operating cash, and the gap was covered with short-term loans

### Risks

- Most purchases come from the Samsung group, so changes in its strategy or geopolitical trouble at its sites could hit results
- Chip prices swing with supply and demand, and a fall in memory prices would weigh on earnings
- Working capital and borrowings have grown with sales, so higher interest rates would raise costs

Cited: Annual Securities Report (35th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (35th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2025/04/01－2026/03/31) | S100YJQ2 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJQ2,, |
| 有価証券報告書－第34期(2024/04/01－2025/03/31) | S100W1B1 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1B1,, |
| 有価証券報告書－第33期(2023/04/01－2024/03/31) | S100TQSM | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQSM,, |
| 有価証券報告書－第32期(2022/04/01－2023/03/31) | S100R2AA | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2AA,, |
| 有価証券報告書－第31期(令和3年4月1日－令和4年3月31日) | S100OC70 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OC70,, |
| 有価証券報告書－第30期(令和2年4月1日－令和3年3月31日) | S100LOET | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOET,, |

## 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).