# TOSNETCORPORATION: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第49期(2024/10/01－2025/09/30) (S100XBF5)
> Page: https://vizora.meequs.com/en/company/tosnetcorporation
> Retrieved: 2026-09-30T19:51:22.358Z

## Company

Tosnetcorporation, founded in 1977, is a company in Business Process Outsourcing listed on TSE Standard. It has 864 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOSNET CORPORATION |
| Ticker | 4754 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4754.T) |
| Listing | TSE Standard |
| Head office | 宮城県仙台市宮城野区宮城野一丁目10番1号 |
| Representative (per filing) | 代表取締役社長 氏家 仁 |
| Founded | Mar 1977 |
| Share capital | ¥782.9M |
| Employees (consolidated) | 864 |
| Average salary (parent only) | ¥3M |
| Fiscal year end | September |
| Website | www.tosnet.co.jp (https://www.tosnet.co.jp/) |
| Corporate number | 3370001005710 |
| EDINET | E05073 |
| Industries (Vizora) | Business Process Outsourcing, Real Estate Brokerage & Management, Security Services |

> Profile source: annual securities report (S100XBF5, filed 2025-12-18). As of filing

## Five-axis industry profile

Primary industry: Security Services (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21.4 | 7 |
| Profitability | 64.3 | 7 |
| Cash conversion | 35.7 | 7 |
| Efficiency | 35.7 | 7 |

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 86% of Tosnetcorporation's sales come from Guard, with Power supply and Mailing service making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +3.0% from the prior year, operating profit +5.2%.

## Company structure

- Segment revenue mix: Guard 85.7%、Power supply 9.7%、Mailing service 3.0%、Building maintenance 1.6%
- Revenue → net income: ¥11907000000 → ¥757668000
- Net income → operating cash flow: ¥757668000 → ¥797433000（difference ¥39765000）
- Main uses of operating cash flow: CapEx ¥236045000 / dividends ¥155202000 / buybacks ¥96882000
- Change in cash: ¥306453000
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 | ¥11.9B |  |
| Operating income | ¥859.9M | Margin 7.2% |
| Net income | ¥757.7M | Margin 6.4% |
| Free cash flow | ¥561.4M |  |
| Largest business | Guard | of segment revenue 85.7% |
| Employees (consolidated) | 864 |  |
| EPS | ¥92.14 |  |
| Book value per share | ¥1139.7 |  |
| Equity ratio | 75.2% |  |
| Shares outstanding | 4,732,600 |  |
| Treasury shares | 96,500 |  |
| Shareholders | 903 |  |
| Average salary (parent only) | ¥3M | Filing company only |
| Cash ratio | 53.3% | Cash ÷ revenue 50.4% |
| Vs. industry median margin | +0.5 pp | Security Services |
| ROE | 9.3% | Derived from disclosed figures |
| ROA | 6.7% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 98% of positive segment profit
- FY2025, segment profit share differs by 88 points
- FY2025, cash is 53% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9948456000 | ¥11907000000 | +19.7% |
| Operating income | ¥431905000 | ¥859901000 | +99.1% |
| Operating margin | 4.3% | 7.2% | +2.9 pp |
| Employees | 933 people | 864 people | -7.4% |
| Cash and equivalents | ¥4112926000 | ¥6004081000 | +46.0% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 警備事業 → 警備事業 | 85.7% |
| 警備事業 → 事業再編・廃止 | 3.5% |
| ビルメンテナンス事業 → ビルメンテナンス事業 | 1.6% |
| ビルメンテナンス事業 → 事業再編・廃止 | 0.0% |
| メーリングサービス事業 → メーリングサービス事業 | 3.0% |
| メーリングサービス事業 → 事業再編・廃止 | 2.5% |
| 電源供給事業 → 電源供給事業 | 3.7% |
| 新設・再編 → 電源供給事業 | 6.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Guard | 5 years | +2.8% | ¥10207403000 | -0.3% | 2 |
| Power supply | 5 years | +25.6% | ¥1158114000 | 32.3% | 2 |
| Mailing service | 5 years | -8.1% | ¥354152000 | 2.1% | 2 |
| Building maintenance | 5 years | +3.5% | ¥187330000 | -2.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,907 | 100.0% | S100XBF5 |
| Cost of revenue | 7,959 | 66.8% | S100XBF5 |
| Gross profit | 3,948 | 33.2% | S100XBF5 |
| SG&A | 3,088 | 25.9% | S100XBF5 |
| Operating income | 860 | 7.2% | S100XBF5 |
| Ordinary income | 964 | 8.1% | S100XBF5 |
| Pretax income | 1,134 | 9.5% | S100XBF5 |
| Income tax | 377 | 3.2% | S100XBF5 |
| Net income | 758 | 6.4% | S100XBF5 |
| Net income attributable to owners | 758 | 6.4% | S100XBF5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 26 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 33.2% → Operating margin 7.2% → Net margin 6.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.0%; Core profit growth: +5.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.73×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,560 | 11,907 | 347 | +3.0% |
| Gross profit | 3,800 | 3,948 | 147 | +3.9% |
| Operating income | 817 | 860 | 42 | +5.2% |
| Net income attributable to owners | 892 | 758 | -134 | -15.0% |
| Operating cash flow | 1,063 | 797 | -266 | -25.0% |
| Free cash flow | 965 | 561 | -403 | -41.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 10,761 | 958 | 8.9% | 636 | 639 | 541 | S100KG3C |
| FY ending Sep 2020 | 9,948 | 432 | 4.3% | 322 | 677 | 542 | S100N4T3 |
| FY ending Sep 2021 | 9,919 | 742 | 7.5% | 564 | 810 | 720 | S100PVSG |
| FY ending Sep 2022 | 10,030 | 691 | 6.9% | 499 | 526 | 235 | S100SJL8 |
| FY ending Sep 2023 | 10,937 | 797 | 7.3% | 577 | 1,015 | 926 | S100V15I |
| FY ending Sep 2024 | 11,560 | 817 | 7.1% | 892 | 1,063 | 965 | S100XBF5 |
| FY ending Sep 2025 | 11,907 | 860 | 7.2% | 758 | 797 | 561 | S100XBF5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.8M |
| Operating income per employee (consolidated) | ¥995.3K |
| Net income per employee (consolidated) | ¥876.9K |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 893 | 908 | 919 | 880 | 864 |
| Average salary (parent company) | ¥2.7M | ¥2.7M | ¥2.4M | ¥2.7M | ¥3M |
| Average age (parent company) | 42.1 years | 42.5 years | 43.0 years | 43.0 years | 41.6 years |
| Average tenure (parent company) | 9.9 years | 9.5 years | 10.1 years | 10.5 years | 10.0 years |

Year over year: Employees (consolidated) -1.8% · Revenue (consolidated) +3.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Guard | 10,207 | 85.7% | -29 | -0.3% |
| Building maintenance | 187 | 1.6% | -5 | -2.6% |
| Mailing service | 354 | 3.0% | 7 | 2.1% |
| Power supply | 1,158 | 9.7% | 374 | 32.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Guard | 85.7% | — | — | -0.3% |
| Building maintenance | 1.6% | — | — | -2.6% |
| Mailing service | 3.0% | 1.9% | -1.1 | 2.1% |
| Power supply | 9.7% | 98.1% | 88.4 | 32.3% |

Loss-making segment (excluded from profit shares): Guard -29 JPY mn

Loss-making segment (excluded from profit shares): Building maintenance -5 JPY mn

Segment → industry: Mailing service → Business Process Outsourcing / Building maintenance → Real Estate Brokerage & Management / Guard → Security Services

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 797 | 6.7% | S100XBF5 |
| Capital expenditure | 236 | 2.0% | S100XBF5 |
| Free cash flow | 561 | 4.7% | 算出 |
| Investing cash flow | -87 | -0.7% | S100XBF5 |
| Financing cash flow | -404 | -3.4% | S100XBF5 |
| Dividends paid | 155 | 1.3% | S100XBF5 |
| Share buyback | 97 | 0.8% | S100XBF5 |
| Change in cash | 306 | 2.6% | S100XBF5 |
| Cash and equivalents | 6,004 | 50.4% | S100XBF5 |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,581 | 4,567 | 5,421 | 5,698 | 6,004 | S100SJL8, S100V15I, S100XBF5 |
| Total assets | 9,023 | 9,409 | 10,551 | 11,191 | 11,273 | S100PVSG, S100SJL8, S100V15I, S100XBF5 |
| Net assets | 6,312 | 6,682 | 7,204 | 7,927 | 8,476 | S100SJL8, S100V15I, S100XBF5 |
| Share capital | 783 | 783 | 783 | 783 | 783 | S100PVSG, S100SJL8, S100V15I, S100XBF5 |
| Trade receivables | 173 | 309 | 422 | 459 | — | S100PVSG, S100SJL8, S100V15I |
| Property, plant and equipment | 2,038 | 2,272 | 2,221 | 2,336 | 2,269 | S100PVSG, S100SJL8, S100V15I, S100XBF5 |
| Intangible assets excluding goodwill | 199 | 202 | 261 | 316 | 262 | S100PVSG, S100SJL8, S100V15I, S100XBF5 |
| Goodwill | 173 | 147 | 199 | 257 | 212 | S100PVSG, S100SJL8, S100V15I, S100XBF5 |
| Investment securities | 247 | 227 | 254 | 307 | 325 | S100PVSG, S100SJL8, S100V15I, S100XBF5 |
| Current assets | 6,055 | 6,191 | 7,208 | 7,595 | 7,832 | S100PVSG, S100SJL8, S100V15I, S100XBF5 |
| Current liabilities | 1,920 | 1,922 | 2,343 | 2,386 | 2,069 | S100PVSG, S100SJL8, S100V15I, S100XBF5 |
| Short-term borrowings | 500 | 500 | 500 | 400 | 350 | S100PVSG, S100SJL8, S100V15I, S100XBF5 |
| Long-term borrowings | 307 | 271 | 498 | 393 | 313 | S100PVSG, S100SJL8, S100V15I, S100XBF5 |
| Total liabilities | 2,711 | 2,727 | 3,347 | 3,264 | 2,797 | S100PVSG, S100SJL8, S100V15I, S100XBF5 |
| Equity attributable to owners of parent | 6,294 | 6,675 | 7,143 | 7,859 | 8,365 | S100PVSG, S100SJL8, S100V15I, S100XBF5 |
| Retained earnings | 4,745 | 5,126 | 5,594 | 6,344 | 6,946 | S100PVSG, S100SJL8, S100V15I, S100XBF5 |
| Treasury stock | -1 | -1 | -1 | -34 | -131 | S100PVSG, S100SJL8, S100V15I, S100XBF5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 53% | S100XBF5 |
| Property, plant and equipment | 20% | S100XBF5 |
| Intangibles and goodwill | 4% | S100XBF5 |
| Investment securities | 3% | S100XBF5 |
| Other assets | 20% | S100XBF5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100XBF5 |
| Equity | 75% | S100XBF5 |
| Other liabilities | 0% | S100XBF5 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 9,023 | 9,409 | 10,551 | 11,191 | 11,273 |
| Equity | 6,312 | 6,682 | 7,204 | 7,927 | 8,476 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,581 | 4,567 | 5,421 | 5,698 | 6,004 |

## 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) | 19.1% | S100XBF5 |
| Fixed assets ÷ total assets | 20.1% | S100XBF5 |
| Goodwill ÷ parent equity | 2.5% | S100XBF5 |

Goodwill over 4 years: 173 → 212 JPY; total investing cash flow: -1,003 JPY. This does not imply causation.

### 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) | 53.3% |
| Cash ÷ revenue | 50.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 92.7% |
| Cash vs. profit gap | 40 JPY mn (of net income 5.2%) |
| Shareholder returns / net income | 33.3% |
| Shareholder returns / FCF | 44.9% |
| Shareholder payments — dividends / net income | 20.5% |
| Shareholder payments — dividends / FCF | 27.6% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 10.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 5.7% | 1.10× | 6.3% | 1.43× | 9.0% | S100PVSG |
| 2022 | 5.0% | 1.09× | 5.4% | 1.42× | 7.7% | S100SJL8 |
| 2023 | 5.3% | 1.10× | 5.8% | 1.44× | 8.3% | S100V15I |
| 2024 | 7.7% | 1.06× | 8.2% | 1.45× | 11.9% | S100XBF5 |
| 2025 | 6.4% | 1.06× | 6.7% | 1.38× | 9.3% | S100XBF5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社元気 | Major shareholder | 26.3% | 2025-09-30 |
| セコム株式会社 | Major shareholder | 15.5% | 2025-09-30 |
| 佐藤 雅彦 | Major shareholder | 11.9% | 2025-09-30 |
| ＵＨ Ｐａｒｔｎｅｒｓ ２ 投資事業有限責任組合 | Major shareholder | 7.7% | 2025-09-30 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.6% | 2025-09-30 |
| 佐藤 康廣 | Major shareholder | 3.0% | 2025-09-30 |
| エスアイエル投資事業有限責任組合 | Major shareholder | 2.5% | 2025-09-30 |
| トスネット社員持株会 | Major shareholder | 2.4% | 2025-09-30 |
| 株式会社ＵＨ Ｐａｒｔｎｅｒｓ ３ | Major shareholder | 1.7% | 2025-09-30 |
| 山形共立株式会社 | Major shareholder | 1.1% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第49期(2024/10/01－2025/09/30) | S100XBF5 | 2025-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBF5,, |
| 有価証券報告書－第48期(2023/10/01－2024/09/30) | S100V15I | 2024-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V15I,, |
| 有価証券報告書－第47期(2022/10/01－2023/09/30) | S100SJL8 | 2023-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJL8,, |
| 有価証券報告書－第46期(令和3年10月1日－令和4年9月30日) | S100PVSG | 2022-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVSG,, |
| 有価証券報告書－第45期(令和2年10月1日－令和3年9月30日) | S100N4T3 | 2021-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4T3,, |
| 有価証券報告書－第44期(令和1年10月1日－令和2年9月30日) | S100KG3C | 2020-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KG3C,, |

## 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).