# TOSE CO.,LTD.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第46期(2024/09/01－2025/08/31) (S100X5JM)
> Page: https://vizora.meequs.com/en/company/tose
> Retrieved: 2026-09-30T19:42:03.057Z

## Company

Tose, founded in 1979, is a company in Games listed on TSE Standard. It has 613 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOSE CO., LTD. |
| Ticker | 4728 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4728.T) |
| Listing | TSE Standard |
| Head office | 京都府乙訓郡大山崎町下植野二階下13(同所は登記上の本店所在地であり、実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 渡辺康人 |
| Founded | Nov 1979 |
| Share capital | ¥967M |
| Employees (consolidated) | 613 |
| Average salary (parent only) | ¥4.5M |
| Fiscal year end | August |
| Website | www.tose.co.jp (https://www.tose.co.jp/) |
| Corporate number | 2130001030304 |
| EDINET | E05042 |
| Industries (Vizora) | Games |

> Profile source: annual securities report (S100X5JM, filed 2025-11-20). As of filing

## Five-axis industry profile

Primary industry: Games (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.9 | 36 |
| Profitability | 64.6 | 41 |
| Cash conversion | 24.2 | 31 |
| Efficiency | 54.9 | 41 |

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 91% of Tose's sales come from Games business, with Other business making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +43.8% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Games business 91.1%、Other business 8.9%
- Revenue → net income: ¥6636289000 → ¥253959000
- Net income → operating cash flow: ¥253959000 → ¥332516000（difference ¥78557000）
- Main uses of operating cash flow: CapEx ¥75052000 / dividends ¥188928000 / buybacks ¥56000
- Change in cash: ¥83343000
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 | ¥6.64B |  |
| Operating income | ¥689.9M | Margin 10.4% |
| Net income | ¥250.2M | Margin 3.8% |
| Free cash flow | ¥257.5M |  |
| Largest business | Games business | of segment revenue 91.1% |
| Employees (consolidated) | 613 |  |
| EPS | ¥23.93 |  |
| Book value per share | ¥739.55 |  |
| Equity ratio | 78.1% |  |
| Shares outstanding | 7,763,000 |  |
| Treasury shares | 183,500 |  |
| Shareholders | 5,407 |  |
| Average salary (parent only) | ¥4.5M | Filing company only |
| Cash ratio | 17.4% | Cash ÷ revenue 20.5% |
| Vs. industry median margin | +5 pp | Games |
| ROE | 4.2% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 90% of positive segment profit

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5635522000 | ¥6636289000 | +17.8% |
| Operating income | ¥365433000 | ¥689872000 | +88.8% |
| Operating margin | 6.5% | 10.4% | +3.9 pp |
| Employees | 618 people | 613 people | -0.8% |
| Cash and equivalents | ¥1022031000 | ¥1361922000 | +33.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| デジタルエンタテインメント事業 → 事業再編・廃止 | 87.9% |
| その他事業 → その他事業 | 8.9% |
| その他事業 → 事業再編・廃止 | 3.2% |
| 新設・再編 → ゲーム事業 | 91.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,636 | 100.0% | S100X5JM |
| Cost of revenue | 4,844 | 73.0% | S100X5JM |
| Gross profit | 1,792 | 27.0% | S100X5JM |
| SG&A | 1,103 | 16.6% | S100X5JM |
| Operating income | 690 | 10.4% | S100X5JM |
| Ordinary income | 678 | 10.2% | S100X5JM |
| Pretax income | 370 | 5.6% | S100X5JM |
| Income tax | 116 | 1.7% | S100X5JM |
| Net income | 254 | 3.8% | S100X5JM |
| Net income attributable to owners | 250 | 3.8% | S100X5JM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 17 |
| Operating income | 10 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 27.0% → Operating margin 10.4% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,616 | 6,636 | 2,021 | +43.8% |
| Gross profit | 518 | 1,792 | 1,275 | +246.2% |
| Operating income | -522 | 690 | 1,212 | — |
| Net income attributable to owners | -261 | 250 | 511 | — |
| Operating cash flow | -1,286 | 333 | 1,619 | — |
| Free cash flow | -1,350 | 257 | 1,607 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 5,353 | 363 | 6.8% | 250 | -324 | -382 | S100K9JT |
| FY ending Aug 2020 | 5,636 | 365 | 6.5% | 227 | 214 | 193 | S100MXWQ |
| FY ending Aug 2021 | 5,960 | 267 | 4.5% | 148 | -95 | -140 | S100POTG |
| FY ending Aug 2022 | 5,663 | 470 | 8.3% | 310 | 684 | 601 | S100SDSE |
| FY ending Aug 2023 | 5,783 | 488 | 8.4% | 499 | 1,177 | 1,073 | S100UV4Z |
| FY ending Aug 2024 | 4,616 | -522 | -11.3% | -261 | -1,286 | -1,350 | S100X5JM |
| FY ending Aug 2025 | 6,636 | 690 | 10.4% | 250 | 333 | 257 | S100X5JM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10.8M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥408.2K |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 630 | 630 | 632 | 653 | 613 |
| Average salary (parent company) | ¥4.1M | ¥4M | ¥4.2M | ¥4.3M | ¥4.5M |
| Average age (parent company) | 32.8 years | 33.5 years | 33.8 years | 34.2 years | 34.8 years |
| Average tenure (parent company) | 8.5 years | 9.1 years | 9.3 years | 9.6 years | 10.1 years |

Year over year: Employees (consolidated) -6.1% · Revenue (consolidated) +43.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Games business | 6,045 | 91.1% | 622 | 10.3% |
| Other business | 591 | 8.9% | 68 | 11.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Games business | 91.1% | 90.1% | -1.0 | 10.3% |
| Other business | 8.9% | 9.9% | 1.0 | 11.5% |

Segment → industry: Games business → Games

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 333 | 5.0% | S100X5JM |
| Capital expenditure | 75 | 1.1% | S100X5JM |
| Free cash flow | 257 | 3.9% | 算出 |
| Investing cash flow | -52 | -0.8% | S100X5JM |
| Financing cash flow | -189 | -2.8% | S100X5JM |
| Dividends paid | 189 | 2.8% | S100X5JM |
| Share buyback | 0 | 0.0% | S100X5JM |
| Change in cash | 83 | 1.3% | S100X5JM |
| Cash and equivalents | 1,362 | 20.5% | S100X5JM |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 909 | 1,643 | 2,555 | 1,279 | 1,362 | S100SDSE, S100UV4Z, S100X5JM |
| Total assets | 7,087 | 7,285 | 7,626 | 7,227 | 7,836 | S100POTG, S100SDSE, S100UV4Z, S100X5JM |
| Net assets | 6,046 | 6,206 | 6,561 | 6,080 | 6,162 | S100SDSE, S100UV4Z, S100X5JM |
| Share capital | 967 | 967 | 967 | 967 | 967 | S100POTG, S100SDSE, S100UV4Z, S100X5JM |
| Property, plant and equipment | 1,258 | 1,228 | 1,239 | 1,211 | 1,395 | S100POTG, S100SDSE, S100UV4Z, S100X5JM |
| Intangible assets excluding goodwill | 49 | 85 | 92 | 84 | 68 | S100POTG, S100SDSE, S100UV4Z, S100X5JM |
| Investment securities | 529 | 530 | 748 | 610 | 685 | S100POTG, S100SDSE, S100UV4Z, S100X5JM |
| Current assets | 4,066 | 4,243 | 4,387 | 3,679 | 4,325 | S100POTG, S100SDSE, S100UV4Z, S100X5JM |
| Current liabilities | 705 | 738 | 708 | 664 | 1,277 | S100POTG, S100SDSE, S100UV4Z, S100X5JM |
| Total liabilities | 1,041 | 1,079 | 1,065 | 1,148 | 1,674 | S100POTG, S100SDSE, S100UV4Z, S100X5JM |
| Non-controlling interests | 21 | 27 | 31 | 35 | 39 | S100POTG, S100SDSE, S100UV4Z, S100X5JM |
| Equity attributable to owners of parent | 5,937 | 6,058 | 6,368 | 5,917 | 5,978 | S100POTG, S100SDSE, S100UV4Z, S100X5JM |
| Retained earnings | 3,830 | 3,951 | 4,261 | 3,810 | 3,871 | S100POTG, S100SDSE, S100UV4Z, S100X5JM |
| Treasury stock | -173 | -173 | -173 | -173 | -174 | S100POTG, S100SDSE, S100UV4Z, S100X5JM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100X5JM |
| Property, plant and equipment | 18% | S100X5JM |
| Intangibles and goodwill | 1% | S100X5JM |
| Investment securities | 9% | S100X5JM |
| Other assets | 55% | S100X5JM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 21% | S100X5JM |
| Equity | 79% | S100X5JM |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,087 | 7,285 | 7,626 | 7,227 | 7,836 |
| Equity | 6,046 | 6,206 | 6,561 | 6,080 | 6,162 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 909 | 1,643 | 2,555 | 1,279 | 1,362 |

## 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) | 21.0% | S100X5JM |
| Fixed assets ÷ total assets | 17.8% | S100X5JM |
| Goodwill ÷ parent equity | — | —, S100X5JM |

### 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) | 17.4% |
| Cash ÷ revenue | 20.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 48.2% |
| Cash vs. profit gap | 82 JPY mn (of net income 32.9%) |
| Shareholder returns / net income | 75.5% |
| Shareholder returns / FCF | 73.4% |
| Shareholder payments — dividends / net income | 75.5% |
| Shareholder payments — dividends / FCF | 73.4% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 15.6% |

## 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% | 1.19× | 2.5% | S100POTG |
| 2022 | 5.5% | 0.79× | 4.3% | 1.20× | 5.2% | S100SDSE |
| 2023 | 8.6% | 0.78× | 6.7% | 1.20× | 8.0% | S100UV4Z |
| 2024 | — | —× | -3.5% | —× | — | S100X5JM |
| 2025 | 3.8% | 0.88× | 3.3% | 1.27× | 4.2% | S100X5JM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Ｓ－ＣＡＮ | Major shareholder | 15.6% | 2025-08-31 |
| 株式会社シン | Major shareholder | 5.1% | 2025-08-31 |
| 株式会社京都銀行 | Major shareholder | 4.1% | 2025-08-31 |
| 戸 田 智 之 | Major shareholder | 3.0% | 2025-08-31 |
| 齋 藤 茂 | Major shareholder | 3.0% | 2025-08-31 |
| 齋 藤 真 也 | Major shareholder | 3.0% | 2025-08-31 |
| 齋 藤 一 枝 | Major shareholder | 2.6% | 2025-08-31 |
| 齋 藤 千 恵 子 | Major shareholder | 1.6% | 2025-08-31 |
| 川 合 満 | Major shareholder | 1.5% | 2025-08-31 |
| 谷 明 憲 | Major shareholder | 1.3% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第46期(2024/09/01－2025/08/31) | S100X5JM | 2025-11-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X5JM,, |
| 有価証券報告書－第45期(2023/09/01－2024/08/31) | S100UV4Z | 2024-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UV4Z,, |
| 有価証券報告書－第44期(2022/09/01－2023/08/31) | S100SDSE | 2023-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDSE,, |
| 有価証券報告書－第43期(令和3年9月1日－令和4年8月31日) | S100POTG | 2022-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100POTG,, |
| 有価証券報告書－第42期(令和2年9月1日－令和3年8月31日) | S100MXWQ | 2021-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MXWQ,, |
| 有価証券報告書－第41期(令和1年9月1日－令和2年8月31日) | S100K9JT | 2020-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K9JT,, |

## 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).