# TORQ Inc.: 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85期(2024/11/01－2025/10/31) (S100XHJG)
> Page: https://vizora.meequs.com/en/company/torq
> Retrieved: 2026-09-30T21:03:36.246Z

## Company

Torq, founded in 1926, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 213 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TORQ Inc. |
| Ticker | 8077 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8077.T) |
| Listing | TSE Standard |
| Head office | 大阪市西区南堀江二丁目7番4号 |
| Representative (per filing) | 代表取締役社長 檜垣俊行 |
| Founded | Aug 1926 |
| Share capital | ¥2.71B |
| Employees (consolidated) | 213 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | October |
| Website | www.torq.co.jp (https://www.torq.co.jp/) |
| Corporate number | 7120001048994 |
| EDINET | E02570 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XHJG, filed 2026-01-27). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 33.8 | 179 |
| Profitability | 72.2 | 185 |
| Cash conversion | 86.3 | 179 |
| Efficiency | 5.7 | 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)

- Torq brought in ¥22.5B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +0.6% from the prior year, operating profit +11.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥22538290000 → ¥904875000
- Net income → operating cash flow: ¥904875000 → ¥2061422000（difference ¥1156547000）
- Main uses of operating cash flow: CapEx ¥28066000 / dividends ¥137059000 / buybacks ¥157896000
- Change in cash: ¥1076225000
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 | ¥22.5B |  |
| Operating income | ¥1.01B | Margin 4.5% |
| Net income | ¥904.9M | Margin 4.0% |
| Free cash flow | ¥2.03B |  |
| Employees (consolidated) | 213 |  |
| EPS | ¥25.75 |  |
| Diluted EPS | ¥25.73 |  |
| Book value per share | ¥502.58 |  |
| Equity ratio | 42.0% |  |
| Shares outstanding | 28,007,000 |  |
| Treasury shares | 5,437,100 |  |
| Shareholders | 3,655 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 9.6% | Cash ÷ revenue 14.5% |
| Vs. industry median margin | +1.6 pp | Specialty Trading & Wholesale |
| ROE | 9.2% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.3× net income
- FY2025, buybacks were 1.2× dividends
- FY2025, employees -4% while operating income rose 12%

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18950541000 | ¥22538290000 | +18.9% |
| Operating income | ¥-57641000 | ¥1009912000 | — |
| Operating margin | -0.3% | 4.5% | +4.8 pp |
| Employees | 267 people | 213 people | -20.2% |
| Cash and equivalents | ¥1956474000 | ¥3257913000 | +66.5% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 22,538 | 100.0% | S100XHJG |
| Cost of revenue | 17,384 | 77.1% | S100XHJG |
| Gross profit | 5,154 | 22.9% | S100XHJG |
| SG&A | 4,144 | 18.4% | S100XHJG |
| Operating income | 1,010 | 4.5% | S100XHJG |
| Ordinary income | 1,280 | 5.7% | S100XHJG |
| Pretax income | 1,314 | 5.8% | S100XHJG |
| Income tax | 409 | 1.8% | S100XHJG |
| Net income | 905 | 4.0% | S100XHJG |
| Net income attributable to owners | 905 | 4.0% | S100XHJG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 18 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 22.9% → Operating margin 4.5% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.6%; Core profit growth: +11.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 20.19×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 22,410 | 22,538 | 128 | +0.6% |
| Gross profit | 5,068 | 5,154 | 86 | +1.7% |
| Operating income | 905 | 1,010 | 105 | +11.6% |
| Net income attributable to owners | 895 | 905 | 9 | +1.0% |
| Operating cash flow | -20 | 2,061 | 2,081 | — |
| Free cash flow | -68 | 2,033 | 2,101 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 22,051 | 433 | 2.0% | 469 | 1,274 | -1,598 | S100KLOC |
| FY ending Oct 2020 | 18,951 | -58 | -0.3% | -132 | 601 | -491 | S100N9UC |
| FY ending Oct 2021 | 19,253 | 158 | 0.8% | 259 | -29 | -2,648 | S100Q199 |
| FY ending Oct 2022 | 20,478 | 419 | 2.0% | 532 | -870 | -2,032 | S100SP3E |
| FY ending Oct 2023 | 21,757 | 772 | 3.6% | 845 | 1,865 | 1,773 | S100V5FN |
| FY ending Oct 2024 | 22,410 | 905 | 4.0% | 895 | -20 | -68 | S100XHJG |
| FY ending Oct 2025 | 22,538 | 1,010 | 4.5% | 905 | 2,061 | 2,033 | S100XHJG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥105.8M |
| Operating income per employee (consolidated) | ¥4.7M |
| Net income per employee (consolidated) | ¥4.2M |

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) | 284 | 261 | 241 | 223 | 213 |
| Average salary (parent company) | ¥4.5M | ¥4.6M | ¥4.8M | ¥5.1M | ¥5.3M |
| Average age (parent company) | 35.4 years | 36.6 years | 37.5 years | 39.1 years | 39.1 years |
| Average tenure (parent company) | 11.1 years | 12.3 years | 13.3 years | 14.8 years | 14.6 years |

Year over year: Employees (consolidated) -4.5% · Revenue (consolidated) +0.6%

## 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 | 2,061 | 9.1% | S100XHJG |
| Capital expenditure | 28 | 0.1% | S100XHJG |
| Free cash flow | 2,033 | 9.0% | 算出 |
| Investing cash flow | -191 | -0.8% | S100XHJG |
| Financing cash flow | -782 | -3.5% | S100XHJG |
| Dividends paid | 137 | 0.6% | S100XHJG |
| Share buyback | 158 | 0.7% | S100XHJG |
| Change in cash | 1,076 | 4.8% | S100XHJG |
| Cash and equivalents | 3,258 | 14.5% | S100XHJG |

## 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 | 1,968 | 1,462 | 2,632 | 2,182 | 3,258 | S100SP3E, S100V5FN, S100XHJG |
| Total assets | 28,440 | 31,121 | 32,690 | 33,681 | 34,042 | S100Q199, S100SP3E, S100V5FN, S100XHJG |
| Net assets | 10,616 | 11,036 | 12,345 | 13,267 | 14,291 | S100SP3E, S100V5FN, S100XHJG |
| Share capital | 2,712 | 2,712 | 2,712 | 2,712 | 2,712 | S100Q199, S100SP3E, S100V5FN, S100XHJG |
| Trade receivables | 5,550 | 5,427 | 5,191 | 5,072 | 3,925 | S100Q199, S100SP3E, S100V5FN, S100XHJG |
| Property, plant and equipment | 8,591 | 9,315 | 8,859 | 8,281 | 7,902 | S100Q199, S100SP3E, S100V5FN, S100XHJG |
| Intangible assets excluding goodwill | 108 | 130 | 139 | 130 | 113 | S100Q199, S100SP3E, S100V5FN, S100XHJG |
| Investment securities | 5,671 | 6,409 | 7,286 | 8,225 | 9,080 | S100Q199, S100SP3E, S100V5FN, S100XHJG |
| Current assets | 13,539 | 14,882 | 16,006 | 16,655 | 16,529 | S100Q199, S100SP3E, S100V5FN, S100XHJG |
| Current liabilities | 10,114 | 12,089 | 11,469 | 11,965 | 12,034 | S100Q199, S100SP3E, S100V5FN, S100XHJG |
| Trade payables | 4,135 | 4,314 | 2,613 | 2,522 | 2,393 | S100Q199, S100SP3E, S100V5FN, S100XHJG |
| Short-term borrowings | 4,850 | 5,450 | 5,450 | 5,950 | 6,100 | S100Q199, S100SP3E, S100V5FN, S100XHJG |
| Long-term borrowings | 6,511 | 6,720 | 7,333 | 6,696 | 5,710 | S100Q199, S100SP3E, S100V5FN, S100XHJG |
| Total liabilities | 17,824 | 20,084 | 20,345 | 20,414 | 19,752 | S100Q199, S100SP3E, S100V5FN, S100XHJG |
| Equity attributable to owners of parent | 8,097 | 8,489 | 9,194 | 9,576 | 10,196 | S100Q199, S100SP3E, S100V5FN, S100XHJG |
| Retained earnings | 4,613 | 4,996 | 5,693 | 6,439 | 7,207 | S100Q199, S100SP3E, S100V5FN, S100XHJG |
| Treasury stock | -956 | -944 | -932 | -1,296 | -1,442 | S100Q199, S100SP3E, S100V5FN, S100XHJG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100XHJG |
| Receivables | 11% | S100XHJG |
| Property, plant and equipment | 23% | S100XHJG |
| Intangibles and goodwill | 0% | S100XHJG |
| Investment securities | 27% | S100XHJG |
| Other assets | 29% | S100XHJG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100XHJG |
| Other liabilities | 51% | S100XHJG |
| Equity | 42% | S100XHJG |
| Other liabilities | 0% | S100XHJG |

### 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 | 28,440 | 31,121 | 32,690 | 33,681 | 34,042 |
| Equity | 10,616 | 11,036 | 12,345 | 13,267 | 14,291 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,968 | 1,462 | 2,632 | 2,182 | 3,258 |

## 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) | 35.1% | S100XHJG |
| Fixed assets ÷ total assets | 23.2% | S100XHJG |
| Goodwill ÷ parent equity | — | —, S100XHJG |

### 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) | 9.6% |
| Cash ÷ revenue | 14.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 204.1% |
| Cash vs. profit gap | 1,157 JPY mn (of net income 127.8%) |
| Shareholder returns / net income | 32.6% |
| Shareholder returns / FCF | 14.5% |
| Shareholder payments — dividends / net income | 15.1% |
| Shareholder payments — dividends / FCF | 6.7% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 9.3% |

## 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 | 1.3% | 0.68× | 0.9% | 3.51× | 3.2% | S100Q199 |
| 2022 | 2.6% | 0.69× | 1.8% | 3.59× | 6.4% | S100SP3E |
| 2023 | 3.9% | 0.68× | 2.6% | 3.61× | 9.6% | S100V5FN |
| 2024 | 4.0% | 0.68× | 2.7% | 3.54× | 9.5% | S100XHJG |
| 2025 | 4.0% | 0.67× | 2.7% | 3.43× | 9.2% | S100XHJG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社濱重興産 | Major shareholder | 24.5% | 2025-10-31 |
| 岡部株式会社 | Major shareholder | 15.5% | 2025-10-31 |
| 日本ナット株式会社 | Major shareholder | 5.5% | 2025-10-31 |
| 檜垣 俊行 | Major shareholder | 3.2% | 2025-10-31 |
| サンコー株式会社 | Major shareholder | 2.6% | 2025-10-31 |
| 日亜鋼業株式会社 | Major shareholder | 2.5% | 2025-10-31 |
| テンクモ株式会社 | Major shareholder | 1.5% | 2025-10-31 |
| 濱中 大三郎 | Major shareholder | 1.2% | 2025-10-31 |
| 濱中 駿 | Major shareholder | 1.1% | 2025-10-31 |
| 濱中 慧 | Major shareholder | 1.1% | 2025-10-31 |
| 濱中 亮 | Major shareholder | 1.1% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第85期(2024/11/01－2025/10/31) | S100XHJG | 2026-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHJG,, |
| 有価証券報告書－第84期(2023/11/01－2024/10/31) | S100V5FN | 2025-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5FN,, |
| 有価証券報告書－第83期(2022/11/01－2023/10/31) | S100SP3E | 2024-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SP3E,, |
| 有価証券報告書－第82期(2021/11/01－2022/10/31) | S100Q199 | 2023-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q199,, |
| 有価証券報告書－第81期(令和2年11月1日－令和3年10月31日) | S100N9UC | 2022-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N9UC,, |
| 有価証券報告書－第80期(令和1年11月1日－令和2年10月31日) | S100KLOC | 2021-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KLOC,, |

## 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).