# Totenko Co., Ltd.: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第70期(2025/03/01－2026/02/28) (S100Y6NU)
> Page: https://vizora.meequs.com/en/company/totenko
> Retrieved: 2026-09-30T18:04:21.776Z

## Company

Totenko, founded in 1957, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 145 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Totenko Co.,Ltd. |
| Ticker | 8181 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8181.T) |
| Listing | TSE Standard |
| Head office | 東京都台東区池之端1丁目4番1号 |
| Representative (per filing) | 代表取締役社長 小泉 和久 |
| Founded | Mar 1957 |
| Share capital | ¥50M |
| Employees (consolidated) | 145 |
| Average salary (parent only) | ¥4.2M |
| Fiscal year end | February |
| Website | www.totenko.co.jp (https://www.totenko.co.jp/) |
| Corporate number | 5010501016225 |
| EDINET | E04784 |
| Industries (Vizora) | Real Estate Development & Leasing, Restaurants & Pubs |

> Profile source: annual securities report (S100Y6NU, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.8 | 56 |
| Profitability | 97.7 | 66 |
| Cash conversion | 28.2 | 55 |
| Efficiency | 0.8 | 66 |

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 96% of Totenko's sales come from Restaurant business, with Lease business making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +2.1% from the prior year, operating profit +5.1%.

## Company structure

- Segment revenue mix: Restaurant business 96.0%、Lease business 4.0%
- Revenue → net income: ¥4807526000 → ¥618342000
- Net income → operating cash flow: ¥618342000 → ¥627135000（difference ¥8793000）
- Main uses of operating cash flow: CapEx ¥146743000 / dividends ¥38175000 / buybacks ¥72000
- Change in cash: ¥214855000
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 | ¥4.81B |  |
| Operating income | ¥515.2M | Margin 10.7% |
| Net income | ¥618.3M | Margin 12.9% |
| Free cash flow | ¥480.4M |  |
| Largest business | Restaurant business | of segment revenue 96.0% |
| Employees (consolidated) | 145 |  |
| EPS | ¥240.77 |  |
| Book value per share | ¥2876.5 |  |
| Equity ratio | 65.4% |  |
| Shares outstanding | 2,572,871 |  |
| Treasury shares | 4,600 |  |
| Shareholders | 3,525 |  |
| Average salary (parent only) | ¥4.2M | Filing company only |
| Cash ratio | 16.6% | Cash ÷ revenue 39.0% |
| Vs. industry median margin | +6.8 pp | Restaurants & Pubs |
| ROE | 7.3% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.4× its level five years ago
- FY2026, one segment accounts for 84% of positive segment profit
- FY2026, parent-company salary changed +40% over five years

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1611443000 | ¥4807526000 | +198.3% |
| Operating income | ¥-1672831000 | ¥515239000 | — |
| Operating margin | -103.8% | 10.7% | +114.5 pp |
| Employees | 274 people | 145 people | -47.1% |
| Cash and equivalents | ¥609229000 | ¥1873805000 | +207.6% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 飲食業 → 飲食業 | 88.5% |
| 賃貸業 → 賃貸業 | 4.0% |
| 賃貸業 → 事業再編・廃止 | 7.5% |
| 新設・再編 → 飲食業 | 7.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,808 | 100.0% | S100Y6NU |
| Cost of revenue | 1,922 | 40.0% | S100Y6NU |
| Gross profit | 2,885 | 60.0% | S100Y6NU |
| SG&A | 2,370 | 49.3% | S100Y6NU |
| Operating income | 515 | 10.7% | S100Y6NU |
| Ordinary income | 474 | 9.9% | S100Y6NU |
| Pretax income | 463 | 9.6% | S100Y6NU |
| Income tax | -155 | -3.2% | S100Y6NU |
| Net income | 618 | 12.9% | S100Y6NU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 40 |
| SG&A | 49 |
| Operating income | 11 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 60.0% → Operating margin 10.7% → Net margin 12.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.1%; Core profit growth: +5.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.50×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,711 | 4,808 | 97 | +2.1% |
| Gross profit | 2,817 | 2,885 | 69 | +2.4% |
| Operating income | 490 | 515 | 25 | +5.1% |
| Operating cash flow | 727 | 627 | -100 | -13.7% |
| Free cash flow | 619 | 480 | -138 | -22.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 6,778 | -52 | -0.8% | -238 | 294 | -779 | S100LF5H |
| FY ending Feb 2021 | 1,611 | -1,673 | -103.8% | -1,938 | -1,334 | -1,420 | S100O4NZ |
| FY ending Feb 2022 | 1,997 | -1,047 | -52.4% | -947 | -497 | -501 | S100QTV8 |
| FY ending Feb 2023 | 3,705 | -607 | -16.4% | -828 | -252 | -253 | S100THIF |
| FY ending Feb 2024 | 4,679 | 425 | 9.1% | -135 | 523 | 492 | S100VT5U |
| FY ending Feb 2025 | 4,711 | 490 | 10.4% | 430 | 727 | 619 | S100Y6NU |
| FY ending Feb 2026 | 4,808 | 515 | 10.7% | 618 | 627 | 480 | S100Y6NU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.2M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥4.3M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 244 | 197 | 162 | 152 | 145 |
| Average salary (parent company) | ¥3M | ¥3.2M | ¥3.6M | ¥4M | ¥4.2M |
| Average age (parent company) | 38.8 years | 40.2 years | 40.7 years | 41.2 years | 41.6 years |
| Average tenure (parent company) | 15.7 years | 16.9 years | 18.1 years | 18.5 years | 18.5 years |

Year over year: Employees (consolidated) -4.6% · Revenue (consolidated) +2.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Restaurant business | 4,614 | 96.0% | 435 | 9.4% |
| Lease business | 193 | 4.0% | 80 | 41.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Restaurant business | 96.0% | 84.5% | -11.5 | 9.4% |
| Lease business | 4.0% | 15.5% | 11.5 | 41.4% |

Segment → industry: Lease business → Real Estate Development & Leasing / Restaurant business → Restaurants & Pubs

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 627 | 13.0% | S100Y6NU |
| Capital expenditure | 147 | 3.1% | S100Y6NU |
| Free cash flow | 480 | 10.0% | 算出 |
| Investing cash flow | -150 | -3.1% | S100Y6NU |
| Financing cash flow | -262 | -5.5% | S100Y6NU |
| Dividends paid | 38 | 0.8% | S100Y6NU |
| Share buyback | 0 | 0.0% | S100Y6NU |
| Change in cash | 215 | 4.5% | S100Y6NU |
| Cash and equivalents | 1,874 | 39.0% | S100Y6NU |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 550 | 727 | 1,221 | 1,659 | 1,874 | S100THIF, S100VT5U, S100Y6NU |
| Total assets | 11,218 | 10,760 | 10,515 | 10,903 | 11,289 | S100QTV8, S100THIF, S100VT5U, S100Y6NU |
| Net assets | 7,125 | 6,321 | 6,207 | 6,693 | 7,387 | S100THIF, S100VT5U, S100Y6NU |
| Share capital | 2,572 | 2,572 | 50 | 50 | 50 | S100QTV8, S100THIF, S100VT5U, S100Y6NU |
| Property, plant and equipment | 9,000 | 8,677 | 8,127 | 7,947 | 7,877 | S100QTV8, S100THIF, S100VT5U, S100Y6NU |
| Intangible assets excluding goodwill | 1 | 1 | 0 | 13 | 10 | S100QTV8, S100THIF, S100VT5U, S100Y6NU |
| Investment securities | 94 | 130 | 171 | 254 | 435 | S100QTV8, S100THIF, S100VT5U, S100Y6NU |
| Current assets | 907 | 1,063 | 1,589 | 2,039 | 2,282 | S100QTV8, S100THIF, S100VT5U, S100Y6NU |
| Current liabilities | 2,897 | 3,485 | 3,497 | 1,924 | 1,850 | S100QTV8, S100THIF, S100VT5U, S100Y6NU |
| Short-term borrowings | 2,115 | 2,805 | 2,905 | 1,215 | 1,120 | S100QTV8, S100THIF, S100VT5U, S100Y6NU |
| Long-term borrowings | 435 | 288 | 200 | 1,671 | 1,533 | S100QTV8, S100THIF, S100VT5U, S100Y6NU |
| Total liabilities | 4,094 | 4,438 | 4,308 | 4,210 | 3,902 | S100QTV8, S100THIF, S100VT5U, S100Y6NU |
| Equity attributable to owners of parent | 8,617 | 7,788 | 7,731 | 8,161 | 8,741 | S100QTV8, S100THIF, S100VT5U, S100Y6NU |
| Retained earnings | -507 | -1,335 | -1,392 | 430 | 1,010 | S100QTV8, S100THIF, S100VT5U, S100Y6NU |
| Treasury stock | -10 | -10 | -10 | -10 | -10 | S100QTV8, S100THIF, S100VT5U, S100Y6NU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100Y6NU |
| Property, plant and equipment | 70% | S100Y6NU |
| Intangibles and goodwill | 0% | S100Y6NU |
| Investment securities | 4% | S100Y6NU |
| Other assets | 10% | S100Y6NU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100Y6NU |
| Equity | 65% | S100Y6NU |
| Other liabilities | 0% | S100Y6NU |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 11,218 | 10,760 | 10,515 | 10,903 | 11,289 |
| Equity | 7,125 | 6,321 | 6,207 | 6,693 | 7,387 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 550 | 727 | 1,221 | 1,659 | 1,874 |

## 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) | 163.8% | S100Y6NU |
| Fixed assets ÷ total assets | 69.8% | S100Y6NU |
| Goodwill ÷ parent equity | — | —, S100Y6NU |

### 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) | 16.6% |
| Cash ÷ revenue | 39.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 121.7% |
| Cash vs. profit gap | 9 JPY mn (of net income 1.4%) |
| Shareholder returns / net income | 6.2% |
| Shareholder returns / FCF | 8.0% |
| Shareholder payments — dividends / net income | 6.2% |
| Shareholder payments — dividends / FCF | 7.9% |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 24.0% |

## 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 | — | —× | -8.4% | —× | — | S100QTV8 |
| 2023 | — | —× | -7.5% | —× | — | S100THIF |
| 2024 | — | —× | -1.3% | —× | — | S100VT5U |
| 2025 | 9.1% | 0.44× | 4.0% | 1.35× | 5.4% | S100Y6NU |
| 2026 | 12.9% | 0.43× | 5.6% | 1.31× | 7.3% | S100Y6NU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 小泉グループ株式会社 | Major shareholder | 30.1% | 2026-02-28 |
| 株式会社みずほ銀行 | Major shareholder | 5.0% | 2026-02-28 |
| 九州アフリカ・ライオン・サファリ株式会社 | Major shareholder | 2.5% | 2026-02-28 |
| ヨシダ トモヒロ | Major shareholder | 2.3% | 2026-02-28 |
| みずほ信託銀行株式会社 | Major shareholder | 2.3% | 2026-02-28 |
| 有限会社高瀬本社 | Major shareholder | 2.0% | 2026-02-28 |
| 上田八木短資株式会社 | Major shareholder | 1.8% | 2026-02-28 |
| 明治安田生命保険相互会社 | Major shareholder | 1.6% | 2026-02-28 |
| 株式会社フォートップス | Major shareholder | 1.6% | 2026-02-28 |
| 損害保険ジャパン株式会社 | Major shareholder | 1.5% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第70期(2025/03/01－2026/02/28) | S100Y6NU | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6NU,, |
| 有価証券報告書－第69期(2024/03/01－2025/02/28) | S100VT5U | 2025-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VT5U,, |
| 有価証券報告書－第68期(2023/03/01－2024/02/29) | S100THIF | 2024-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THIF,, |
| 有価証券報告書－第67期(2022/03/01－2023/02/28) | S100QTV8 | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTV8,, |
| 有価証券報告書－第66期(令和3年3月1日－令和4年2月28日) | S100O4NZ | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4NZ,, |
| 有価証券報告書－第65期(令和2年3月1日－令和3年2月28日) | S100LF5H | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF5H,, |

## 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).