# TOSHO CO., LTD.: 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48期(2025/04/01－2026/03/31) (S100YI5M)
> Page: https://vizora.meequs.com/en/company/tosho
> Retrieved: 2026-09-30T17:58:16.721Z

## Company

Tosho, founded in 1979, is a company in Sporting Goods & Fitness listed on TSE Standard. It has 376 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOSHO CO., LTD. |
| Ticker | 8920 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8920.T) |
| Listing | TSE Standard |
| Head office | 愛知県安城市三河安城町1丁目16番地5 |
| Representative (per filing) | 代表取締役社長 沓名 裕一郎 |
| Founded | Mar 1979 |
| Share capital | ¥1.58B |
| Employees (consolidated) | 376 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | March |
| Website | www.to-sho.net (https://www.to-sho.net/) |
| Corporate number | 2180301013169 |
| EDINET | E04018 |
| Industries (Vizora) | Sporting Goods & Fitness, Real Estate Development & Leasing, Hotels & Inns |

> Profile source: annual securities report (S100YI5M, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Sporting Goods & Fitness (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.3 | 18 |
| Profitability | 97.5 | 20 |
| Cash conversion | 61.8 | 17 |
| Efficiency | 2.5 | 20 |

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 46% of Tosho's sales come from sportsclub, with hotel and lease making up much of the rest.
- Out of every ¥100 of sales, about ¥27 is left as operating profit.
- Revenue changed -22.5% from the prior year, operating profit +27.0%.

## Company structure

- Segment revenue mix: sportsclub 45.5%、hotel 44.5%、lease 10.0%
- Revenue → net income: ¥27595541000 → ¥5033345000
- Net income → operating cash flow: ¥5033345000 → ¥7899663000（difference ¥2866318000）
- Main uses of operating cash flow: CapEx ¥2725548000 / dividends ¥302434000 / buybacks ¥1714658000
- Change in cash: ¥1011520000
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 | ¥27.6B |  |
| Operating income | ¥7.47B | Margin 27.1% |
| Net income | ¥3.55B | Margin 12.9% |
| Free cash flow | ¥5.17B |  |
| Largest business | sportsclub | of segment revenue 45.5% |
| Employees (consolidated) | 376 |  |
| EPS | ¥54.64 |  |
| Book value per share | ¥833.08 |  |
| Equity ratio | 52.5% |  |
| Shares outstanding | 38,315,000 |  |
| Treasury shares | 2,192,700 |  |
| Shareholders | 6,219 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 27.8% | Cash ÷ revenue 72.5% |
| Vs. industry median margin | +21.4 pp | Sporting Goods & Fitness |
| ROE | 9.6% | Derived from disclosed figures |
| ROA | 4.9% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 5.7× dividends
- FY2026, operating cash flow is 2.2× net income
- FY2026, one segment accounts for 65% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17625205000 | ¥27595541000 | +56.6% |
| Operating income | ¥1080063000 | ¥7472359000 | +591.8% |
| Operating margin | 6.1% | 27.1% | +21 pp |
| Employees | 478 people | 376 people | -21.3% |
| Cash and equivalents | ¥19538443000 | ¥20016698000 | +2.4% |

### 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 |
| --- | ---: |
| スポーツクラブ事業 → スポーツクラブ事業 | 45.5% |
| スポーツクラブ事業 → 事業再編・廃止 | 19.4% |
| ホテル事業 → ホテル事業 | 26.7% |
| 不動産事業 → 不動産事業 | 8.4% |
| 新設・再編 → ホテル事業 | 17.8% |
| 新設・再編 → 不動産事業 | 1.6% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| sportsclub | 5 years | +1.9% | ¥12562593000 | 13.3% | 2 |
| hotel | 5 years | +21.1% | ¥12274128000 | 39.9% | 2 |
| lease | 5 years | +13.3% | ¥2758819000 | 33.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 27,596 | 100.0% | S100YI5M |
| Cost of revenue | 18,395 | 66.7% | S100YI5M |
| Gross profit | 9,200 | 33.3% | S100YI5M |
| SG&A | 1,728 | 6.3% | S100YI5M |
| Operating income | 7,472 | 27.1% | S100YI5M |
| Ordinary income | 7,476 | 27.1% | S100YI5M |
| Pretax income | 7,539 | 27.3% | S100YI5M |
| Income tax | 2,505 | 9.1% | S100YI5M |
| Net income | 5,033 | 18.2% | S100YI5M |
| Net income attributable to owners | 3,549 | 12.9% | S100YI5M |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 6 |
| Operating income | 27 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 33.3% → Operating margin 27.1% → Net margin 12.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -22.5%; Core profit growth: +27.0%
Operating leverage (core profit growth ÷ revenue growth): -1.20×
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 | 35,619 | 27,596 | -8,024 | -22.5% |
| Gross profit | 7,799 | 9,200 | 1,401 | +18.0% |
| Operating income | 5,885 | 7,472 | 1,587 | +27.0% |
| Net income attributable to owners | 1,228 | 3,549 | 2,320 | +188.9% |
| Operating cash flow | 15,426 | 7,900 | -7,526 | -48.8% |
| Free cash flow | 6,473 | 5,174 | -1,298 | -20.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 34,466 | 9,682 | 28.1% | 5,804 | 13,964 | 6,834 | S100LOOC |
| FY ending Mar 2021 | 17,625 | 1,080 | 6.1% | 218 | -1,449 | -5,330 | S100OI93 |
| FY ending Mar 2022 | 27,320 | 4,485 | 16.4% | 2,425 | 13,162 | 11,377 | S100R7M6 |
| FY ending Mar 2023 | 22,507 | 3,134 | 13.9% | 858 | -12,445 | -14,247 | S100ULW5 |
| FY ending Mar 2024 | 30,928 | 3,959 | 12.8% | -2,230 | 10,900 | 7,342 | S100W0M0 |
| FY ending Mar 2025 | 35,619 | 5,885 | 16.5% | 1,228 | 15,426 | 6,473 | S100YI5M |
| FY ending Mar 2026 | 27,596 | 7,472 | 27.1% | 3,549 | 7,900 | 5,174 | S100YI5M |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥73.4M |
| Operating income per employee (consolidated) | ¥19.9M |
| Net income per employee (consolidated) | ¥9.4M |

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) | 413 | 377 | 368 | 402 | 376 |
| Average salary (parent company) | ¥4.2M | ¥4.4M | ¥4.8M | ¥4.8M | ¥4.8M |
| Average age (parent company) | 28.5 years | 29.3 years | 29.5 years | 29.5 years | 30.0 years |
| Average tenure (parent company) | 6.3 years | 6.0 years | 5.9 years | 5.8 years | 6.5 years |

Year over year: Employees (consolidated) -6.5% · Revenue (consolidated) -22.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| sportsclub | 12,563 | 45.5% | 1,669 | 13.3% |
| hotel | 12,274 | 44.5% | 4,893 | 39.9% |
| lease | 2,759 | 10.0% | 909 | 33.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| sportsclub | 45.5% | 22.3% | -23.2 | 13.3% |
| hotel | 44.5% | 65.5% | 21.0 | 39.9% |
| lease | 10.0% | 12.2% | 2.2 | 33.0% |

Segment → industry: sportsclub → Sporting Goods & Fitness / lease → Real Estate Development & Leasing / hotel → Hotels & Inns

## 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 | 7,900 | 28.6% | S100YI5M |
| Capital expenditure | 2,726 | 9.9% | S100YI5M |
| Free cash flow | 5,174 | 18.7% | 算出 |
| Investing cash flow | -1,334 | -4.8% | S100YI5M |
| Financing cash flow | -5,555 | -20.1% | S100YI5M |
| Dividends paid | 302 | 1.1% | S100YI5M |
| Share buyback | 1,715 | 6.2% | S100YI5M |
| Change in cash | 1,012 | 3.7% | S100YI5M |
| Cash and equivalents | 20,017 | 72.5% | S100YI5M |

## 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 | 25,048 | 14,973 | 14,565 | 19,005 | 20,017 | S100ULW5, S100W0M0, S100YI5M |
| Total assets | 77,980 | 83,287 | 74,219 | 72,178 | 71,977 | S100R7M6, S100ULW5, S100W0M0, S100YI5M |
| Net assets | 40,202 | 41,673 | 40,318 | 42,266 | 45,154 | S100ULW5, S100W0M0, S100YI5M |
| Share capital | 1,581 | 1,581 | 1,581 | 1,581 | 1,581 | S100R7M6, S100ULW5, S100W0M0, S100YI5M |
| Property, plant and equipment | 44,665 | 43,667 | 41,790 | 46,492 | 46,136 | S100R7M6, S100ULW5, S100W0M0, S100YI5M |
| Intangible assets excluding goodwill | 140 | 102 | 90 | 74 | 70 | S100R7M6, S100ULW5, S100W0M0, S100YI5M |
| Investment securities | 1,370 | 1,376 | 1,389 | 1 | 1 | S100R7M6, S100ULW5, S100W0M0, S100YI5M |
| Current assets | 27,777 | 33,398 | 27,080 | 22,431 | 22,468 | S100R7M6, S100ULW5, S100W0M0, S100YI5M |
| Current liabilities | 11,059 | 8,841 | 9,014 | 14,453 | 7,421 | S100R7M6, S100ULW5, S100W0M0, S100YI5M |
| Short-term borrowings | — | — | 130 | 721 | — | S100W0M0, S100YI5M |
| Long-term borrowings | 14,366 | 20,111 | 12,878 | 8,698 | 12,428 | S100R7M6, S100ULW5, S100W0M0, S100YI5M |
| Bonds | 5,000 | 5,000 | 5,000 | — | — | S100R7M6, S100ULW5, S100W0M0 |
| Interest-bearing debt | — | — | 18,008 | — | — | 算出 |
| Total liabilities | 37,777 | 41,614 | 33,901 | 29,912 | 26,823 | S100R7M6, S100ULW5, S100W0M0, S100YI5M |
| Non-controlling interests | 3,289 | 4,121 | 5,143 | 6,021 | 7,372 | S100R7M6, S100ULW5, S100W0M0, S100YI5M |
| Equity attributable to owners of parent | 36,912 | 37,540 | 35,157 | 36,232 | 37,763 | S100R7M6, S100ULW5, S100W0M0, S100YI5M |
| Retained earnings | 33,044 | 33,671 | 31,289 | 32,363 | 35,610 | S100R7M6, S100ULW5, S100W0M0, S100YI5M |
| Treasury stock | -8 | -8 | -8 | -8 | -1,723 | S100R7M6, S100ULW5, S100W0M0, S100YI5M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YI5M |
| Property, plant and equipment | 64% | S100YI5M |
| Intangibles and goodwill | 0% | S100YI5M |
| Investment securities | 0% | S100YI5M |
| Other assets | 8% | S100YI5M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100YI5M |
| Equity | 63% | S100YI5M |

### 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 | 77,980 | 83,287 | 74,219 | 72,178 | 71,977 |
| Equity | 40,202 | 41,673 | 40,318 | 42,266 | 45,154 |
| Interest-bearing debt | — | — | 18,008 | — | — |
| Cash | 25,048 | 14,973 | 14,565 | 19,005 | 20,017 |

## 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) | 167.2% | S100YI5M |
| Fixed assets ÷ total assets | 64.1% | S100YI5M |
| Goodwill ÷ parent equity | — | —, S100YI5M |

### 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) | 27.8% |
| Cash ÷ revenue | 72.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 105.7% |
| Cash vs. profit gap | 4,351 JPY mn (of net income 122.6%) |
| Shareholder returns / net income | 56.8% |
| Shareholder returns / FCF | 39.0% |
| Shareholder payments — dividends / net income | 8.5% |
| Shareholder payments — dividends / FCF | 5.8% |
| CapEx intensity (capex ÷ revenue) | 9.9% |
| Investing CF relative to operating CF | 16.9% |

## 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 | 8.9% | 0.35× | 3.1% | 2.11× | 6.6% | S100R7M6 |
| 2023 | 3.8% | 0.28× | 1.1% | 2.17× | 2.3% | S100ULW5 |
| 2024 | — | —× | -2.8% | —× | — | S100W0M0 |
| 2025 | 3.4% | 0.49× | 1.7% | 2.05× | 3.4% | S100YI5M |
| 2026 | 12.9% | 0.38× | 4.9% | 1.95× | 9.6% | S100YI5M |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 沓 名 俊 裕 | Major shareholder | 43.7% | 2026-03-31 |
| 沓 名 裕一郎（注２） | Major shareholder | 11.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.3% | 2026-03-31 |
| 沓 名 一 樹（注２） | Major shareholder | 3.4% | 2026-03-31 |
| ラセット合同会社 | Major shareholder | 3.2% | 2026-03-31 |
| 沓 名 眞裕美 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.8% | 2026-03-31 |
| MORGAN STANLEY＆ CO. LLC （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 1.2% | 2026-03-31 |
| NORTHERN TRUST CO．(AVFC) RE NON TREATY CLIENTS ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.1% | 2026-03-31 |
| NORTHERN TRUST CO．(AVFC) RE STATE TEACHERS RETIREMENT SYSTEM OF OHIO （常任代理人 香港上海銀行東京支店） | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第48期(2025/04/01－2026/03/31) | S100YI5M | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI5M,, |
| 有価証券報告書－第47期(2024/04/01－2025/03/31) | S100W0M0 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0M0,, |
| 訂正有価証券報告書－第46期(2023/04/01－2024/03/31) | S100ULW5 | 2024-10-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ULW5,, |
| 有価証券報告書－第45期(2022/04/01－2023/03/31) | S100R7M6 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7M6,, |
| 有価証券報告書－第44期(令和3年4月1日－令和4年3月31日) | S100OI93 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI93,, |
| 有価証券報告書－第43期(令和2年4月1日－令和3年3月31日) | S100LOOC | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOOC,, |

## 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).