# TOMOE 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94期(2025/04/01－2026/03/31) (S100YLBY)
> Page: https://vizora.meequs.com/en/company/tomoe
> Retrieved: 2026-09-30T19:00:23.983Z

## Company

Tomoe is a company in Real Estate Development & Leasing listed on TSE Standard. It has 518 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOMOE CORPORATION |
| Ticker | 1921 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1921.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区勝どき四丁目6番2号 |
| Representative (per filing) | 代表取締役社長 深沢 隆 |
| Share capital | ¥3B |
| Employees (consolidated) | 518 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.tomoe-corporation.co.jp (https://www.tomoe-corporation.co.jp/) |
| Corporate number | 9010001034839 |
| EDINET | E01394 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YLBY, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78 | 84 |
| Profitability | 92.9 | 92 |
| Cash conversion | 88.5 | 91 |
| Efficiency | 0.5 | 92 |

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 80% of Tomoe's sales come from Steel Structures Construction business, with Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +0.8% from the prior year, operating profit +21.0%.

## Company structure

- Segment revenue mix: Steel Structures Construction business 79.9%、Real estate business 20.1%
- Revenue → net income: ¥34951962000 → ¥6268468000
- Net income → operating cash flow: ¥6268468000 → ¥9885015000（difference ¥3616547000）
- Main uses of operating cash flow: CapEx ¥700457000 / dividends ¥885183000 / buybacks ¥6698948000
- Change in cash: ¥-1665298000
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 | ¥35B |  |
| Operating income | ¥4.76B | Margin 13.6% |
| Net income | ¥6.23B | Margin 17.8% |
| Free cash flow | ¥9.18B |  |
| Largest business | Steel Structures Construction business | of segment revenue 79.9% |
| Employees (consolidated) | 518 |  |
| EPS | ¥150.71 |  |
| Book value per share | ¥1574.28 |  |
| Equity ratio | 59.8% |  |
| Shares outstanding | 33,800,000 |  |
| Treasury shares | 235,800 |  |
| Shareholders | 2,534 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 7.8% | Cash ÷ revenue 27.1% |
| Vs. industry median margin | +6.8 pp | General Contractors |
| ROE | 12.3% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 7.6× dividends
- FY2026, segment profit share differs by -40 points
- FY2026, employees -2% while operating income rose 21%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥23222024000 | ¥34951962000 | +50.5% |
| Operating income | ¥2048954000 | ¥4759438000 | +132.3% |
| Operating margin | 8.8% | 13.6% | +4.8 pp |
| Employees | 436 people | 518 people | +18.8% |
| Cash and equivalents | ¥9493281000 | ¥9466988000 | -0.3% |

### 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 |
| --- | ---: |
| 鉄構建設事業 → 鉄構建設事業 | 79.9% |
| 鉄構建設事業 → 事業再編・廃止 | 11.4% |
| 不動産事業 → 不動産事業 | 8.7% |
| 新設・再編 → 不動産事業 | 11.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 34,952 | 100.0% | S100YLBY |
| Cost of revenue | 27,426 | 78.5% | S100YLBY |
| Gross profit | 7,526 | 21.5% | S100YLBY |
| SG&A | 2,766 | 7.9% | S100YLBY |
| Operating income | 4,759 | 13.6% | S100YLBY |
| Ordinary income | 5,482 | 15.7% | S100YLBY |
| Pretax income | 8,296 | 23.7% | S100YLBY |
| Income tax | 2,027 | 5.8% | S100YLBY |
| Net income | 6,268 | 17.9% | S100YLBY |
| Net income attributable to owners | 6,227 | 17.8% | S100YLBY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 8 |
| Operating income | 14 |
| (Ref.) Net income | 18 |

### Margin funnel

Gross margin 21.5% → Operating margin 13.6% → Net margin 17.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.8%; Core profit growth: +21.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 25.94×
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 | 34,671 | 34,952 | 281 | +0.8% |
| Gross profit | 6,644 | 7,526 | 882 | +13.3% |
| Operating income | 3,932 | 4,759 | 827 | +21.0% |
| Net income attributable to owners | 14,850 | 6,227 | -8,622 | -58.1% |
| Operating cash flow | 4,980 | 9,885 | 4,905 | +98.5% |
| Free cash flow | 2,569 | 9,185 | 6,616 | +257.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 31,684 | 2,622 | 8.3% | 2,023 | 763 | 50 | S100LT89 |
| FY ending Mar 2021 | 23,222 | 2,049 | 8.8% | 1,679 | 3,434 | 2,586 | S100OJVD |
| FY ending Mar 2022 | 25,302 | 3,497 | 13.8% | 2,756 | 636 | -499 | S100R9JT |
| FY ending Mar 2023 | 35,983 | 3,782 | 10.5% | 3,175 | 437 | -838 | S100TVBR |
| FY ending Mar 2024 | 33,342 | 3,178 | 9.5% | 2,782 | 2,204 | -228 | S100W7IR |
| FY ending Mar 2025 | 34,671 | 3,932 | 11.3% | 14,850 | 4,980 | 2,569 | S100YLBY |
| FY ending Mar 2026 | 34,952 | 4,759 | 13.6% | 6,227 | 9,885 | 9,185 | S100YLBY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥67.5M |
| Operating income per employee (consolidated) | ¥9.2M |
| Net income per employee (consolidated) | ¥12M |

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) | 440 | 450 | 466 | 531 | 518 |
| Average salary (parent company) | ¥5.8M | ¥6.3M | ¥6.6M | ¥6.8M | ¥7M |
| Average age (parent company) | 41.4 years | 41.2 years | 41.3 years | 41.3 years | 40.8 years |
| Average tenure (parent company) | 14.7 years | 14.3 years | 14.0 years | 13.7 years | 13.6 years |

Year over year: Employees (consolidated) -2.4% · Revenue (consolidated) +0.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Steel Structures Construction business | 27,939 | 79.9% | 1,905 | 6.8% |
| Real estate business | 7,013 | 20.1% | 2,855 | 40.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Steel Structures Construction business | 79.9% | 40.0% | -39.9 | 6.8% |
| Real estate business | 20.1% | 60.0% | 39.9 | 40.7% |

Segment → industry: Real estate business → Real Estate Development & Leasing / Steel Structures Construction business → General Contractors

## 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 | 9,885 | 28.3% | S100YLBY |
| Capital expenditure | 700 | 2.0% | S100YLBY |
| Free cash flow | 9,185 | 26.3% | 算出 |
| Investing cash flow | 2,782 | 8.0% | S100YLBY |
| Financing cash flow | -14,332 | -41.0% | S100YLBY |
| Dividends paid | 885 | 2.5% | S100YLBY |
| Share buyback | 6,699 | 19.2% | S100YLBY |
| Change in cash | -1,665 | -4.8% | S100YLBY |
| Cash and equivalents | 9,467 | 27.1% | S100YLBY |

## 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 | 4,456 | 3,644 | 9,800 | 11,132 | 9,467 | S100TVBR, S100W7IR, S100YLBY |
| Total assets | 51,636 | 56,568 | 76,310 | 116,490 | 121,356 | S100R9JT, S100TVBR, S100W7IR, S100YLBY |
| Net assets | 37,660 | 41,924 | 51,395 | 72,963 | 74,185 | S100TVBR, S100W7IR, S100YLBY |
| Share capital | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | S100R9JT, S100TVBR, S100W7IR, S100YLBY |
| Property, plant and equipment | 15,776 | 16,312 | 18,016 | 48,330 | 46,366 | S100R9JT, S100TVBR, S100W7IR, S100YLBY |
| Intangible assets excluding goodwill | 217 | 205 | 172 | 1,152 | 969 | S100R9JT, S100TVBR, S100W7IR, S100YLBY |
| Goodwill | — | — | — | 1,032 | 873 | S100YLBY |
| Investment securities | 16,385 | 18,806 | 30,460 | 35,768 | 45,324 | S100R9JT, S100TVBR, S100W7IR, S100YLBY |
| Current assets | 18,985 | 20,983 | 27,368 | 30,737 | 27,946 | S100R9JT, S100TVBR, S100W7IR, S100YLBY |
| Current liabilities | 8,318 | 8,368 | 13,411 | 15,473 | 15,784 | S100R9JT, S100TVBR, S100W7IR, S100YLBY |
| Short-term borrowings | 640 | 1,336 | 6,000 | 6,220 | 2,900 | S100R9JT, S100TVBR, S100W7IR, S100YLBY |
| Long-term borrowings | 1,228 | 1,225 | 3,751 | 9,112 | 10,256 | S100R9JT, S100TVBR, S100W7IR, S100YLBY |
| Total liabilities | 13,976 | 14,643 | 24,915 | 43,527 | 47,171 | S100R9JT, S100TVBR, S100W7IR, S100YLBY |
| Non-controlling interests | — | — | — | 10,590 | 1,670 | S100YLBY |
| Equity attributable to owners of parent | 34,010 | 36,720 | 39,307 | 49,264 | 52,401 | S100R9JT, S100TVBR, S100W7IR, S100YLBY |
| Retained earnings | 29,700 | 32,389 | 34,604 | 48,806 | 43,370 | S100R9JT, S100TVBR, S100W7IR, S100YLBY |
| Treasury stock | -439 | -419 | -155 | -4,445 | -365 | S100R9JT, S100TVBR, S100W7IR, S100YLBY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YLBY |
| Property, plant and equipment | 38% | S100YLBY |
| Intangibles and goodwill | 2% | S100YLBY |
| Investment securities | 37% | S100YLBY |
| Other assets | 15% | S100YLBY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100YLBY |
| Equity | 61% | S100YLBY |
| Other liabilities | 0% | S100YLBY |

### 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 | 51,636 | 56,568 | 76,310 | 116,490 | 121,356 |
| Equity | 37,660 | 41,924 | 51,395 | 72,963 | 74,185 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,456 | 3,644 | 9,800 | 11,132 | 9,467 |

## 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) | 132.7% | S100YLBY |
| Fixed assets ÷ total assets | 38.2% | S100YLBY |
| Goodwill ÷ parent equity | 1.7% | S100YLBY |

### 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) | 7.8% |
| Cash ÷ revenue | 27.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 207.7% |
| Cash vs. profit gap | 3,658 JPY mn (of net income 58.7%) |
| Shareholder returns / net income | 121.8% |
| Shareholder returns / FCF | 82.6% |
| Shareholder payments — dividends / net income | 14.2% |
| Shareholder payments — dividends / FCF | 9.6% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 28.1% |

## 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 | 10.9% | 0.49× | 5.3% | 1.52× | 8.1% | S100R9JT |
| 2023 | 8.8% | 0.67× | 5.9% | 1.53× | 9.0% | S100TVBR |
| 2024 | 8.3% | 0.50× | 4.2% | 1.75× | 7.3% | S100W7IR |
| 2025 | 42.8% | 0.36× | 15.4% | 2.18× | 33.5% | S100YLBY |
| 2026 | 17.8% | 0.29× | 5.2% | 2.34× | 12.3% | S100YLBY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人野澤一郎育英会 | Major shareholder | 7.2% | 2026-03-31 |
| ＥＳＧ投資事業組合 | Major shareholder | 6.3% | 2026-03-31 |
| 株式会社野澤 | Major shareholder | 6.1% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社ナガワ | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社泉創建エンジニアリング | Major shareholder | 2.9% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社ＣＡＣＨｏｌｄｉｎｇｓ | Major shareholder | 2.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第94期(2025/04/01－2026/03/31) | S100YLBY | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLBY,, |
| 有価証券報告書－第93期(2024/04/01－2025/03/31) | S100W7IR | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7IR,, |
| 有価証券報告書－第92期(2023/04/01－2024/03/31) | S100TVBR | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVBR,, |
| 有価証券報告書－第91期(2022/04/01－2023/03/31) | S100R9JT | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9JT,, |
| 有価証券報告書－第90期(令和3年4月1日－令和4年3月31日) | S100OJVD | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJVD,, |
| 有価証券報告書－第89期(令和2年4月1日－令和3年3月31日) | S100LT89 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT89,, |

## 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).