# TOP CULTURE Co.,Ltd.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第41期(2024/11/01－2025/10/31) (S100XI4H)
> Page: https://vizora.meequs.com/en/company/top-culture
> Retrieved: 2026-09-30T21:10:19.330Z

## Company

TOP Culture, founded in 1986, is a company in Publishing & Bookstores listed on TSE Standard. It has 192 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOP CULTURE Co.,Ltd. |
| Ticker | 7640 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7640.T) |
| Listing | TSE Standard |
| Head office | 新潟県新潟市西区小針4丁目9番1号 |
| Representative (per filing) | 代表取締役社長CEO 清水大輔 |
| Founded | Dec 1986 |
| Share capital | ¥100M |
| Employees (consolidated) | 192 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | October |
| Website | www.topculture.co.jp (https://www.topculture.co.jp/) |
| Corporate number | 1110001003592 |
| EDINET | E03336 |
| Industries (Vizora) | Publishing & Bookstores, Sporting Goods & Fitness, Nursing Care, Secondhand Retail, Cafés |

> Profile source: annual securities report (S100XI4H, filed 2026-01-29). As of filing

## Five-axis industry profile

Primary industry: Publishing & Bookstores (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.9 | 17 |
| Profitability | 7.9 | 19 |
| Efficiency | 60.5 | 19 |

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 88% of TOP Culture's sales come from TSUTAYA bookstore business, with Food Business and Game Trading Card business making up much of the rest.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed -5.9% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥17.3B |  |
| Operating income | -¥391M | Margin -2.3% |
| Net income | -¥731.2M | Margin -4.2% |
| Free cash flow | ¥776.8M |  |
| Largest business | TSUTAYA bookstore business | of segment revenue 87.5% |
| Employees (consolidated) | 192 |  |
| EPS | ¥-51.58 |  |
| Book value per share | ¥-99.25 |  |
| Equity ratio | 4.9% |  |
| Shares outstanding | 16,214,400 |  |
| Treasury shares | 603,400 |  |
| Shareholders | 7,943 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 8.1% | Cash ÷ revenue 6.9% |
| Vs. industry median margin | -7.7 pp | Publishing & Bookstores |
| ROA | -4.8% | Derived from disclosed figures |

## Notable figures

- FY2025, segment profit share differs by 34 points

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥30127312000 | ¥17333260000 | -42.5% |
| Operating income | ¥436118000 | ¥-391037000 | -189.7% |
| Operating margin | 1.4% | -2.3% | -3.7 pp |
| Employees | 266 people | 192 people | -27.8% |
| Cash and equivalents | ¥2212414000 | ¥1194764000 | -46.0% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 蔦屋書店事業 → 蔦屋書店事業 | 87.5% |
| 蔦屋書店事業 → 事業再編・廃止 | 11.5% |
| スポーツ関連事業 → スポーツ関連事業 | 0.6% |
| 訪問看護事業 → 訪問看護事業 | 0.3% |
| 新設・再編 → ゲーム・トレーディングカード事業 | 3.0% |
| 新設・再編 → スポーツ関連事業 | 0.7% |
| 新設・再編 → 訪問看護事業 | 0.9% |
| 新設・再編 → 飲食事業 | 7.0% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| TSUTAYA bookstore business | 5 years | -12.4% | ¥15172489000 | -3.9% | 2 |
| Food Business | 2 years | +68.5% | ¥1210590000 | 5.3% | 2 |
| Game Trading Card business | 3 years | +55.7% | ¥513507000 | 9.4% | 2 |
| Sports-related business | 5 years | +4.6% | ¥228578000 | 11.8% | 2 |
| Home-visit nursing business | 5 years | +18.2% | ¥208094000 | 8.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,333 | 100.0% | S100XI4H |
| Cost of revenue | 11,289 | 65.1% | S100XI4H |
| Gross profit | 6,044 | 34.9% | S100XI4H |
| SG&A | 6,435 | 37.1% | S100XI4H |
| Operating income | -391 | -2.3% | S100XI4H |
| Ordinary income | -477 | -2.8% | S100XI4H |
| Pretax income | -672 | -3.9% | S100XI4H |
| Income tax | 47 | 0.3% | S100XI4H |
| Net income | -719 | -4.2% | S100XI4H |
| Net income attributable to owners | -731 | -4.2% | S100XI4H |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 65 |
| SG&A | 37 |
| Operating income | -2 |
| (Ref.) Net income | -4 |

### Margin funnel

Gross margin 34.9% → Operating margin -2.3% → Net margin -4.2%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 18,414 | 17,333 | -1,081 | -5.9% |
| Gross profit | 6,321 | 6,044 | -277 | -4.4% |
| Operating income | -502 | -391 | 111 | — |
| Net income attributable to owners | -718 | -731 | -14 | — |
| Operating cash flow | 796 | 899 | 103 | +12.9% |
| Free cash flow | 732 | 777 | 45 | +6.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 31,186 | 174 | 0.6% | 136 | 623 | 594 | S100KJQI |
| FY ending Oct 2020 | 30,127 | 436 | 1.4% | 371 | 3,359 | 3,183 | S100NIGC |
| FY ending Oct 2021 | 26,407 | 356 | 1.3% | -1,940 | -2,412 | -2,536 | S100Q2HX |
| FY ending Oct 2022 | 20,906 | -155 | -0.7% | -273 | 220 | 150 | S100SNY2 |
| FY ending Oct 2023 | 18,954 | -802 | -4.2% | -1,377 | -204 | -242 | S100V5HB |
| FY ending Oct 2024 | 18,414 | -502 | -2.7% | -718 | 796 | 732 | S100XI4H |
| FY ending Oct 2025 | 17,333 | -391 | -2.3% | -731 | 899 | 777 | S100XI4H |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥90.3M |
| Operating income per employee (consolidated) | -¥2M |
| Net income per employee (consolidated) | -¥3.8M |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 221 | 207 | 207 | 198 | 192 |
| Average salary (parent company) | ¥4.4M | ¥4.5M | ¥4.6M | ¥4.8M | ¥5M |
| Average age (parent company) | 39.7 years | 40.0 years | 40.8 years | 42.5 years | 43.5 years |
| Average tenure (parent company) | 14.0 years | 14.9 years | 15.6 years | 16.7 years | 17.8 years |

Year over year: Employees (consolidated) -3.0% · Revenue (consolidated) -5.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| TSUTAYA bookstore business | 15,172 | 87.5% | -587 | -3.9% |
| Game Trading Card business | 514 | 3.0% | 48 | 9.4% |
| Sports-related business | 229 | 1.3% | 27 | 11.8% |
| Home-visit nursing business | 208 | 1.2% | 19 | 8.9% |
| Food Business | 1,211 | 7.0% | 64 | 5.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| TSUTAYA bookstore business | 87.5% | — | — | -3.9% |
| Game Trading Card business | 3.0% | 30.4% | 27.5 | 9.4% |
| Sports-related business | 1.3% | 17.1% | 15.8 | 11.8% |
| Home-visit nursing business | 1.2% | 11.7% | 10.5 | 8.9% |
| Food Business | 7.0% | 40.7% | 33.7 | 5.3% |

Loss-making segment (excluded from profit shares): TSUTAYA bookstore business -587 JPY mn

Segment → industry: TSUTAYA bookstore business → Publishing & Bookstores / Sports-related business → Sporting Goods & Fitness / Home-visit nursing business → Nursing Care / Game Trading Card business → Secondhand Retail / Food Business → Cafés

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 899 | 5.2% | S100XI4H |
| Capital expenditure | 122 | 0.7% | S100XI4H |
| Free cash flow | 777 | 4.5% | 算出 |
| Investing cash flow | 91 | 0.5% | S100XI4H |
| Financing cash flow | -774 | -4.5% | S100XI4H |
| Dividends paid | 126 | 0.7% | S100XI4H |
| Change in cash | 216 | 1.2% | S100XI4H |
| Cash and equivalents | 1,195 | 6.9% | S100XI4H |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,315 | 1,574 | 1,561 | 979 | 1,195 | S100SNY2, S100V5HB, S100XI4H |
| Total assets | 18,326 | 18,178 | 17,237 | 15,780 | 14,793 | S100Q2HX, S100SNY2, S100V5HB, S100XI4H |
| Net assets | 3,809 | 3,402 | 2,510 | 1,618 | 773 | S100SNY2, S100V5HB, S100XI4H |
| Share capital | 2,007 | 2,007 | 2,342 | 100 | 100 | S100Q2HX, S100SNY2, S100V5HB, S100XI4H |
| Property, plant and equipment | 5,614 | 5,364 | 4,795 | 4,576 | 4,406 | S100Q2HX, S100SNY2, S100V5HB, S100XI4H |
| Intangible assets excluding goodwill | 46 | 44 | 157 | 135 | 115 | S100Q2HX, S100SNY2, S100V5HB, S100XI4H |
| Goodwill | — | — | 139 | 118 | 97 | S100V5HB, S100XI4H |
| Investment securities | 22 | 125 | 68 | 32 | 12 | S100Q2HX, S100SNY2, S100V5HB, S100XI4H |
| Current assets | 9,734 | 9,872 | 9,717 | 8,749 | 8,283 | S100Q2HX, S100SNY2, S100V5HB, S100XI4H |
| Current liabilities | 8,159 | 8,836 | 9,107 | 9,334 | 10,002 | S100Q2HX, S100SNY2, S100V5HB, S100XI4H |
| Short-term borrowings | 3,200 | 4,400 | 4,500 | 4,500 | 4,800 | S100Q2HX, S100SNY2, S100V5HB, S100XI4H |
| Long-term borrowings | 2,500 | 2,367 | 2,196 | 1,608 | 1,075 | S100Q2HX, S100SNY2, S100V5HB, S100XI4H |
| Total liabilities | 14,517 | 14,776 | 14,727 | 14,163 | 14,020 | S100Q2HX, S100SNY2, S100V5HB, S100XI4H |
| Non-controlling interests | 28 | 30 | 30 | 24 | 36 | S100Q2HX, S100SNY2, S100V5HB, S100XI4H |
| Equity attributable to owners of parent | 3,773 | 3,379 | 2,474 | 1,584 | 727 | S100Q2HX, S100SNY2, S100V5HB, S100XI4H |
| Retained earnings | -2,368 | -267 | -1,644 | -2,362 | -3,093 | S100Q2HX, S100SNY2, S100V5HB, S100XI4H |
| Treasury stock | -270 | -270 | -270 | -270 | -270 | S100Q2HX, S100SNY2, S100V5HB, S100XI4H |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100XI4H |
| Property, plant and equipment | 30% | S100XI4H |
| Intangibles and goodwill | 1% | S100XI4H |
| Investment securities | 0% | S100XI4H |
| Other assets | 61% | S100XI4H |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 95% | S100XI4H |
| Equity | 5% | S100XI4H |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 18,326 | 18,178 | 17,237 | 15,780 | 14,793 |
| Equity | 3,809 | 3,402 | 2,510 | 1,618 | 773 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,315 | 1,574 | 1,561 | 979 | 1,195 |

## 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) | 25.4% | S100XI4H |
| Fixed assets ÷ total assets | 29.8% | S100XI4H |
| Goodwill ÷ parent equity | 13.4% | S100XI4H |

### 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 | 6.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 1,630 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 16.2% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 10.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -10.6% | —× | — | S100Q2HX |
| 2022 | — | —× | -1.5% | —× | — | S100SNY2 |
| 2023 | — | —× | -7.8% | —× | — | S100V5HB |
| 2024 | — | —× | -4.3% | —× | — | S100XI4H |
| 2025 | — | —× | -4.8% | —× | — | S100XI4H |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社トーハン | Major shareholder | 22.6% | 2025-10-31 |
| 株式会社ヒーズ | Major shareholder | 16.8% | 2025-10-31 |
| カルチュア・コンビニエンス・クラブ株式会社 | Major shareholder | 15.5% | 2025-10-31 |
| 清水 秀雄 | Major shareholder | 4.4% | 2025-10-31 |
| 清水 大輔 | Major shareholder | 1.9% | 2025-10-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.3% | 2025-10-31 |
| BNP PARIBAS SINGAPORE/2S/JASDEC /CLIENT ASSET(常任代理人 香港上海銀行東京支店セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 1.2% | 2025-10-31 |
| 株式会社第四北越銀行 | Major shareholder | 1.0% | 2025-10-31 |
| トップカルチャー従業員持株会 | Major shareholder | 0.9% | 2025-10-31 |
| 株式会社本間組 | Major shareholder | 0.7% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第41期(2024/11/01－2025/10/31) | S100XI4H | 2026-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XI4H,, |
| 有価証券報告書－第40期(2023/11/01－2024/10/31) | S100V5HB | 2025-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5HB,, |
| 有価証券報告書－第39期(2022/11/01－2023/10/31) | S100SNY2 | 2024-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SNY2,, |
| 訂正有価証券報告書－第38期(2021/11/01－2022/10/31) | S100Q2HX | 2023-02-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q2HX,, |
| 訂正有価証券報告書－第37期(令和2年11月1日－令和3年10月31日) | S100NIGC | 2022-02-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NIGC,, |
| 有価証券報告書－第36期(令和1年11月1日－令和2年10月31日) | S100KJQI | 2021-01-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KJQI,, |

## 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).