# TOSHIN HOLDINGS CO.,LTD: business model and financials

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第40期(2025/05/01－2026/04/30) (S100YTD8)
> Page: https://vizora.meequs.com/en/company/toshin-holdings
> Retrieved: 2026-09-30T17:59:45.469Z

## Company

Toshin Holdings, founded in 1986, is a company in Theme Parks & Leisure Facilities listed on TSE Standard. It has 94 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOSHIN HOLDINGS CO.,LTD |
| Ticker | 9444 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9444.T) |
| Listing | TSE Standard |
| Head office | 名古屋市中区栄三丁目4番21号 |
| Representative (per filing) | 管財人 石田 雅文 管財人 粟田口 太郎 |
| Founded | Jul 1986 |
| Share capital | ¥742.1M |
| Employees (consolidated) | 94 |
| Average salary (parent only) | ¥3.4M |
| Fiscal year end | May |
| Website | www.toshin-group.com (https://www.toshin-group.com/) |
| Corporate number | 3180001020233 |
| EDINET | E05137 |
| Industries (Vizora) | Theme Parks & Leisure Facilities, Real Estate Development & Leasing, Electronics Retailers |

> Profile source: annual securities report (S100YTD8, filed 2026-07-31). As of filing

## Five-axis industry profile

Primary industry: Electronics Retailers (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 3.8 | 13 |
| Profitability | 17.9 | 14 |
| Cash conversion | 3.6 | 14 |
| Efficiency | 3.6 | 14 |

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 87% of Toshin Holdings's sales come from Mobile communications associated business, with Resort enterprise and Real estate enterprise making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +1.8% from the prior year, operating profit +477.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥17.8B |  |
| Operating income | ¥259.5M | Margin 1.5% |
| Net income | -¥1.38B | Margin -7.7% |
| Free cash flow | -¥1.08B |  |
| Largest business | Mobile communications associated business | of segment revenue 86.6% |
| Employees (consolidated) | 94 |  |
| EPS | ¥-102.88 |  |
| Book value per share | ¥37.86 |  |
| Equity ratio | 4.9% |  |
| Shares outstanding | 6,536,800 |  |
| Treasury shares | 72,200 |  |
| Shareholders | 5,105 |  |
| Average salary (parent only) | ¥3.4M | Filing company only |
| Cash ratio | 7.1% | Cash ÷ revenue 8.7% |
| Vs. industry median margin | -1.9 pp | Electronics Retailers |
| ROA | -5.9% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥20979215000 | ¥17795149000 | -15.2% |
| Operating income | ¥592657000 | ¥259532000 | -56.2% |
| Operating margin | 2.8% | 1.5% | -1.4 pp |
| Employees | 154 people | 94 people | -39.0% |
| Cash and equivalents | ¥1675485000 | ¥1540847000 | -8.0% |

### Change in segment revenue mix

Span: FY ending Apr 2021 → FY ending Apr 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 移動体通信関連事業 → 移動体通信関連事業 | 86.6% |
| 移動体通信関連事業 → 事業再編・廃止 | 3.0% |
| 不動産事業 → 不動産事業 | 3.3% |
| リゾート事業 → リゾート事業 | 6.7% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 不動産事業 | 1.4% |
| 新設・再編 → リゾート事業 | 1.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Mobile communications associated business | 5 years | -3.9% | ¥15417518000 | 1.2% | 2 |
| Resort enterprise | 5 years | +1.6% | ¥1528892000 | 14.1% | 2 |
| Real estate enterprise | 5 years | +3.8% | ¥837785000 | 36.3% | 2 |
| Other | 5 years | -27.8% | ¥10952000 | -170.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,795 | 100.0% | S100YTD8 |
| Cost of revenue | 14,883 | 83.6% | S100YTD8 |
| Gross profit | 2,912 | 16.4% | S100YTD8 |
| SG&A | 2,652 | 14.9% | S100YTD8 |
| Operating income | 260 | 1.5% | S100YTD8 |
| Ordinary income | 71 | 0.4% | S100YTD8 |
| Pretax income | -1,031 | -5.8% | S100YTD8 |
| Income tax | 310 | 1.7% | S100YTD8 |
| Net income | -1,341 | -7.5% | S100YTD8 |
| Net income attributable to owners | -1,376 | -7.7% | S100YTD8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 15 |
| Operating income | 1 |
| (Ref.) Net income | -8 |

### Margin funnel

Gross margin 16.4% → Operating margin 1.5% → Net margin -7.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.8%; Core profit growth: +477.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 262.66×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Apr 2025 → FY ending Apr 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 17,477 | 17,795 | 318 | +1.8% |
| Gross profit | 3,287 | 2,912 | -375 | -11.4% |
| Operating income | 45 | 260 | 215 | +477.4% |
| Net income attributable to owners | -16 | -1,376 | -1,360 | — |
| Operating cash flow | 277 | -549 | -826 | -298.0% |
| Free cash flow | -770 | -1,076 | -305 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2019 | 24,363 | 354 | 1.5% | 132 | 312 | -1,089 | S100JCDE |
| FY ending Apr 2020 | 21,326 | 268 | 1.3% | 187 | 768 | -1,960 | S100M2W8 |
| FY ending Apr 2021 | 20,979 | 593 | 2.8% | -346 | 1,281 | 608 | S100M2W8 |
| FY ending Apr 2022 | 18,030 | 595 | 3.3% | 315 | -212 | -1,634 | S100RHWO |
| FY ending Apr 2023 | 16,942 | 402 | 2.4% | 251 | 294 | -20 | S100V8ZE |
| FY ending Apr 2024 | 17,377 | 654 | 3.8% | 448 | 232 | -1,973 | S100V8ZE |
| FY ending Apr 2025 | 17,477 | 45 | 0.3% | -16 | 277 | -770 | S100YTD8 |
| FY ending Apr 2026 | 17,795 | 260 | 1.5% | -1,376 | -549 | -1,076 | S100YTD8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥189.3M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | -¥14.6M |

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

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 145 | 146 | 132 | 77 | 94 |
| Average salary (parent company) | — | ¥4.9M | ¥4.9M | — | ¥3.4M |
| Average age (parent company) | — | 35.1 years | 34.7 years | — | 44.0 years |
| Average tenure (parent company) | — | 6.3 years | 6.4 years | — | 5.8 years |

Year over year: Employees (consolidated) +22.1% · Revenue (consolidated) +1.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mobile communications associated business | 15,418 | 86.6% | 183 | 1.2% |
| Real estate enterprise | 838 | 4.7% | 304 | 36.3% |
| Resort enterprise | 1,529 | 8.6% | 216 | 14.1% |
| Other | 11 | 0.1% | -19 | -170.5% |

### 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 |
| --- | ---: |
| Mobile communications associated business | 86.6% |
| Real estate enterprise | 4.7% |
| Resort enterprise | 8.6% |
| Other | 0.1% |

Segment → industry: Resort enterprise → Theme Parks & Leisure Facilities / Real estate enterprise → Real Estate Development & Leasing / Mobile communications associated business → Electronics Retailers

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Apr 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -549 | -3.1% | S100YTD8 |
| Capital expenditure | 527 | 3.0% | S100YTD8 |
| Free cash flow | -1,076 | -6.0% | 算出 |
| Investing cash flow | 1,368 | 7.7% | S100YTD8 |
| Financing cash flow | -1,372 | -7.7% | S100YTD8 |
| Change in cash | -553 | -3.1% | S100YTD8 |
| Cash and equivalents | 1,541 | 8.7% | S100YTD8 |

## 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,105 | 1,308 | 1,082 | 2,094 | 1,541 | S100V8ZE, S100YTD8 |
| Total assets | 23,527 | 23,350 | 25,089 | 24,702 | 21,783 | S100RHWO, S100V8ZE, S100YTD8 |
| Net assets | 3,188 | 3,299 | 2,622 | 2,487 | 1,129 | S100V8ZE, S100YTD8 |
| Share capital | 742 | 742 | 742 | 742 | 742 | S100RHWO, S100V8ZE, S100YTD8 |
| Property, plant and equipment | 16,812 | 16,758 | — | 17,730 | 15,090 | S100RHWO, S100V8ZE, S100YTD8 |
| Intangible assets excluding goodwill | 151 | 151 | — | 152 | 135 | S100RHWO, S100V8ZE, S100YTD8 |
| Investment securities | 67 | 70 | — | 96 | 58 | S100RHWO, S100V8ZE, S100YTD8 |
| Current assets | 5,824 | 5,678 | — | 6,296 | 6,119 | S100RHWO, S100V8ZE, S100YTD8 |
| Current liabilities | 9,044 | 8,735 | — | 10,774 | 11,729 | S100RHWO, S100V8ZE, S100YTD8 |
| Trade payables | 1,906 | 1,608 | — | 1,865 | 1,873 | S100RHWO, S100V8ZE, S100YTD8 |
| Short-term borrowings | 4,300 | 4,100 | — | 5,350 | 6,035 | S100RHWO, S100V8ZE, S100YTD8 |
| Long-term borrowings | 9,061 | 9,093 | — | 8,585 | 7,075 | S100RHWO, S100V8ZE, S100YTD8 |
| Bonds | 500 | 460 | — | 825 | — | S100RHWO, S100V8ZE, S100YTD8 |
| Interest-bearing debt | 13,861 | 13,653 | — | 14,760 | — | 算出 |
| Total liabilities | 20,340 | 20,052 | — | 22,215 | 20,653 | S100RHWO, S100V8ZE, S100YTD8 |
| Non-controlling interests | 8 | 8 | — | 30 | 65 | S100RHWO, S100V8ZE, S100YTD8 |
| Equity attributable to owners of parent | 3,157 | 3,266 | — | 2,415 | 1,038 | S100RHWO, S100V8ZE, S100YTD8 |
| Retained earnings | 1,583 | 1,692 | — | 842 | -534 | S100RHWO, S100V8ZE, S100YTD8 |
| Treasury stock | -49 | -49 | — | -50 | -50 | S100RHWO, S100V8ZE, S100YTD8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YTD8 |
| Property, plant and equipment | 69% | S100YTD8 |
| Intangibles and goodwill | 1% | S100YTD8 |
| Investment securities | 0% | S100YTD8 |
| Other assets | 23% | S100YTD8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YTD8 |
| Other liabilities | 86% | S100YTD8 |
| Equity | 5% | S100YTD8 |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 23,527 | 23,350 | 25,089 | 24,702 | 21,783 |
| Equity | 3,188 | 3,299 | 2,622 | 2,487 | 1,129 |
| Interest-bearing debt | 13,861 | 13,653 | — | 14,760 | — |
| Cash | 1,105 | 1,308 | 1,082 | 2,094 | 1,541 |

## 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) | 84.8% | S100YTD8 |
| Fixed assets ÷ total assets | 69.3% | S100YTD8 |
| Goodwill ÷ parent equity | — | —, S100YTD8 |

### 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) | 7.1% |
| Cash ÷ revenue | 8.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -211.6% |
| Cash vs. profit gap | 827 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| 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 | 1.7% | 0.77× | 1.3% | 7.45× | 10.0% | S100RHWO |
| 2023 | 1.5% | 0.72× | 1.1% | 7.30× | 7.8% | S100V8ZE |
| 2024 | 2.6% | 0.72× | 1.8% | 8.18× | 15.1% | S100V8ZE, S100YTD8 |
| 2025 | — | —× | -0.1% | —× | — | S100YTD8 |
| 2026 | — | —× | -5.9% | —× | — | S100YTD8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ジェット | Major shareholder | 33.6% | 2026-04-30 |
| 石 田 信 文 | Major shareholder | 6.3% | 2026-04-30 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 5.9% | 2026-04-30 |
| 石 田 ゆ か り | Major shareholder | 4.7% | 2026-04-30 |
| トーシングループ従業員持株会 | Major shareholder | 2.3% | 2026-04-30 |
| ソフトバンク株式会社 | Major shareholder | 2.2% | 2026-04-30 |
| 株式会社CNCエンタープライズ | Major shareholder | 2.2% | 2026-04-30 |
| 光通信株式会社 | Major shareholder | 1.0% | 2026-04-30 |
| 株式会社オーレンジ | Major shareholder | 0.8% | 2026-04-30 |
| JPモルガン証券株式会社 | Major shareholder | 0.8% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第40期(2025/05/01－2026/04/30) | S100YTD8 | 2026-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YTD8,, |
| 訂正有価証券報告書－第38期(2023/05/01－2024/04/30) | S100V8ZE | 2025-02-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V8ZE,, |
| 有価証券報告書－第37期(2022/05/01－2023/04/30) | S100RHWO | 2023-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RHWO,, |
| 有価証券報告書－第35期(令和2年5月1日－令和3年4月30日) | S100M2W8 | 2021-07-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M2W8,, |
| 有価証券報告書－第34期(令和1年5月1日－令和2年4月30日) | S100JCDE | 2020-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JCDE,, |

## 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).