# TOUMEI 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28期(2024/09/01－2025/08/31) (S100X6GX)
> Page: https://vizora.meequs.com/en/company/toumei
> Retrieved: 2026-09-30T21:02:36.573Z

## Company

Toumei, founded in 1997, is a company in Broadband & ISPs listed on TSE Standard. It has 586 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOUMEI CO.,LTD. |
| Ticker | 4439 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4439.T) |
| Listing | TSE Standard |
| Head office | 三重県四日市市八田二丁目1番39号 |
| Representative (per filing) | 代表取締役社長 日比野 直人 |
| Founded | Dec 1997 |
| Share capital | ¥641.3M |
| Employees (consolidated) | 586 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | August |
| Website | www.toumei.co.jp (https://www.toumei.co.jp/) |
| Corporate number | 2190001015679 |
| EDINET | E34729 |
| Industries (Vizora) | Broadband & ISPs, IT Services & System Integration, Electric Power & Gas |

> Profile source: annual securities report (S100X6GX, filed 2025-11-25). As of filing

## Five-axis industry profile

Primary industry: Electric Power & Gas (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 96.4 | 42 |
| Profitability | 89.8 | 44 |
| Cash conversion | 20.2 | 42 |
| Efficiency | 94.3 | 44 |

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 45% of Toumei's sales come from Office Denki 119 package, with Office Hikari 119 package and Office Solutions making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +21.5% from the prior year, operating profit +42.3%.

## Company structure

- Segment revenue mix: Office Denki 119 package 45.4%、Office Hikari 119 package 43.3%、Office Solutions 11.3%
- Revenue → net income: ¥29070434000 → ¥2432598000
- Net income → operating cash flow: ¥2432598000 → ¥2417808000（difference ¥-14790000）
- Main uses of operating cash flow: CapEx ¥31722000 / dividends ¥313459000 / buybacks —
- Change in cash: ¥1241207000
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 | ¥29.1B |  |
| Operating income | ¥3.29B | Margin 11.3% |
| Net income | ¥2.43B | Margin 8.4% |
| Free cash flow | ¥2.39B |  |
| Largest business | Office Denki 119 package | of segment revenue 45.4% |
| Employees (consolidated) | 586 |  |
| EPS | ¥83.21 |  |
| Diluted EPS | ¥81.77 |  |
| Book value per share | ¥311.59 |  |
| Equity ratio | 58.9% |  |
| Shares outstanding | 14,993,100 |  |
| Treasury shares | 1,000 |  |
| Shareholders | 1,497 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 45.6% | Cash ÷ revenue 26.0% |
| Vs. industry median margin | +4.3 pp | Electric Power & Gas |
| ROE | 28.0% | Derived from disclosed figures |
| ROA | 15.8% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.2× its level five years ago
- FY2025, cash is 46% of total assets

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11517190000 | ¥29070434000 | +152.4% |
| Operating income | ¥835786000 | ¥3292660000 | +294.0% |
| Operating margin | 7.3% | 11.3% | +4.1 pp |
| Employees | 329 people | 586 people | +78.1% |
| Cash and equivalents | ¥3516810000 | ¥7564611000 | +115.1% |

### 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 |
| --- | ---: |
| オフィス光119事業 → オフィス光119事業 | 43.3% |
| オフィス光119事業 → 事業再編・廃止 | 39.8% |
| ファイナンシャル・プランニング事業 → 事業再編・廃止 | 2.3% |
| オフィスソリューション事業 → オフィスソリューション事業 | 11.3% |
| オフィスソリューション事業 → 事業再編・廃止 | 3.2% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → オフィスでんき119事業 | 45.4% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Office Denki 119 package | — | — | ¥13194320000 | 16.7% | 2 |
| Office Hikari 119 package | 5 years | +5.6% | ¥12579900000 | 13.8% | 2 |
| Office Solutions | 5 years | +14.5% | ¥3296213000 | 11.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,070 | 100.0% | S100X6GX |
| Cost of revenue | 19,235 | 66.2% | S100X6GX |
| Gross profit | 9,835 | 33.8% | S100X6GX |
| SG&A | 6,543 | 22.5% | S100X6GX |
| Operating income | 3,293 | 11.3% | S100X6GX |
| Ordinary income | 3,384 | 11.6% | S100X6GX |
| Pretax income | 3,387 | 11.7% | S100X6GX |
| Income tax | 954 | 3.3% | S100X6GX |
| Net income | 2,433 | 8.4% | S100X6GX |
| Net income attributable to owners | 2,433 | 8.4% | S100X6GX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 23 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 33.8% → Operating margin 11.3% → Net margin 8.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +21.5%; Core profit growth: +42.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.96×
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 | 23,919 | 29,070 | 5,152 | +21.5% |
| Gross profit | 7,831 | 9,835 | 2,005 | +25.6% |
| Operating income | 2,314 | 3,293 | 978 | +42.3% |
| Net income attributable to owners | 1,553 | 2,433 | 880 | +56.6% |
| Operating cash flow | 2,899 | 2,418 | -481 | -16.6% |
| Free cash flow | 2,657 | 2,386 | -271 | -10.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 10,855 | 608 | 5.6% | 511 | 741 | 713 | S100K9F1 |
| FY ending Aug 2020 | 11,517 | 836 | 7.3% | 612 | 396 | 380 | S100MY85 |
| FY ending Aug 2021 | 13,027 | 393 | 3.0% | 277 | -446 | -476 | S100PPI5 |
| FY ending Aug 2022 | 17,701 | 335 | 1.9% | 269 | -2,537 | -2,563 | S100SDLE |
| FY ending Aug 2023 | 20,532 | 1,650 | 8.0% | 1,151 | 3,322 | 2,674 | S100UV4Y |
| FY ending Aug 2024 | 23,919 | 2,314 | 9.7% | 1,553 | 2,899 | 2,657 | S100X6GX |
| FY ending Aug 2025 | 29,070 | 3,293 | 11.3% | 2,433 | 2,418 | 2,386 | S100X6GX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥49.6M |
| Operating income per employee (consolidated) | ¥5.6M |
| Net income per employee (consolidated) | ¥4.2M |

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) | 344 | 395 | 448 | 512 | 586 |
| Average salary (parent company) | ¥4.6M | ¥4.3M | ¥4.5M | ¥4.5M | ¥4.6M |
| Average age (parent company) | 31.8 years | 32.1 years | 32.3 years | 31.4 years | 30.9 years |
| Average tenure (parent company) | 4.5 years | 4.6 years | 4.5 years | 4.8 years | 4.3 years |

Year over year: Employees (consolidated) +14.5% · Revenue (consolidated) +21.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Office Hikari 119 package | 12,580 | 43.3% | 1,731 | 13.8% |
| Office Denki 119 package | 13,194 | 45.4% | 2,208 | 16.7% |
| Office Solutions | 3,296 | 11.3% | 392 | 11.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Office Hikari 119 package | 43.3% | 40.0% | -3.3 | 13.8% |
| Office Denki 119 package | 45.4% | 51.0% | 5.6 | 16.7% |
| Office Solutions | 11.3% | 9.1% | -2.3 | 11.9% |

Segment → industry: Office Hikari 119 package → Broadband & ISPs / Office Solutions → IT Services & System Integration / Office Denki 119 package → Electric Power & Gas

## 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 | 2,418 | 8.3% | S100X6GX |
| Capital expenditure | 32 | 0.1% | S100X6GX |
| Free cash flow | 2,386 | 8.2% | 算出 |
| Investing cash flow | -368 | -1.3% | S100X6GX |
| Financing cash flow | -809 | -2.8% | S100X6GX |
| Dividends paid | 313 | 1.1% | S100X6GX |
| Change in cash | 1,241 | 4.3% | S100X6GX |
| Cash and equivalents | 7,565 | 26.0% | S100X6GX |

## 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 | 2,666 | 1,289 | 4,093 | 6,323 | 7,565 | S100SDLE, S100UV4Y, S100X6GX |
| Total assets | 7,791 | 9,356 | 11,533 | 14,173 | 16,584 | S100PPI5, S100SDLE, S100UV4Y, S100X6GX |
| Net assets | 4,882 | 5,076 | 6,177 | 7,639 | 9,798 | S100SDLE, S100UV4Y, S100X6GX |
| Share capital | 608 | 608 | 625 | 629 | 641 | S100PPI5, S100SDLE, S100UV4Y, S100X6GX |
| Trade receivables | 3,746 | — | — | — | — | S100PPI5 |
| Property, plant and equipment | 330 | 213 | 218 | 230 | 249 | S100PPI5, S100SDLE, S100UV4Y, S100X6GX |
| Intangible assets excluding goodwill | 16 | 14 | 547 | 604 | 523 | S100PPI5, S100SDLE, S100UV4Y, S100X6GX |
| Investment securities | 24 | 26 | 30 | 24 | 23 | S100PPI5, S100SDLE, S100UV4Y, S100X6GX |
| Current assets | 7,003 | 8,403 | 10,173 | 12,653 | 14,712 | S100PPI5, S100SDLE, S100UV4Y, S100X6GX |
| Current liabilities | 2,052 | 3,424 | 4,693 | 6,126 | 6,645 | S100PPI5, S100SDLE, S100UV4Y, S100X6GX |
| Trade payables | 1,439 | 1,594 | 1,916 | 2,950 | 3,179 | S100PPI5, S100SDLE, S100UV4Y, S100X6GX |
| Short-term borrowings | 100 | 1,200 | 1,400 | 1,200 | 1,200 | S100PPI5, S100SDLE, S100UV4Y, S100X6GX |
| Long-term borrowings | 800 | 800 | 600 | 322 | 11 | S100PPI5, S100SDLE, S100UV4Y, S100X6GX |
| Total liabilities | 2,909 | 4,280 | 5,356 | 6,533 | 6,786 | S100PPI5, S100SDLE, S100UV4Y, S100X6GX |
| Equity attributable to owners of parent | 4,866 | 5,056 | 6,151 | 7,616 | 9,759 | S100PPI5, S100SDLE, S100UV4Y, S100X6GX |
| Retained earnings | 3,661 | 3,849 | 4,912 | 6,368 | 8,487 | S100PPI5, S100SDLE, S100UV4Y, S100X6GX |
| Treasury stock | -0 | -0 | -1 | -1 | -1 | S100PPI5, S100SDLE, S100UV4Y, S100X6GX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 46% | S100X6GX |
| Property, plant and equipment | 1% | S100X6GX |
| Intangibles and goodwill | 3% | S100X6GX |
| Investment securities | 0% | S100X6GX |
| Other assets | 50% | S100X6GX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 19% | S100X6GX |
| Other liabilities | 22% | S100X6GX |
| Equity | 59% | S100X6GX |
| Other liabilities | 0% | S100X6GX |

### 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 | 7,791 | 9,356 | 11,533 | 14,173 | 16,584 |
| Equity | 4,882 | 5,076 | 6,177 | 7,639 | 9,798 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,666 | 1,289 | 4,093 | 6,323 | 7,565 |

## 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) | 0.9% | S100X6GX |
| Fixed assets ÷ total assets | 1.5% | S100X6GX |
| Goodwill ÷ parent equity | — | —, S100X6GX |

### 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) | 45.6% |
| Cash ÷ revenue | 26.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 73.4% |
| Cash vs. profit gap | -15 JPY mn (of net income -0.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 12.9% |
| Shareholder payments — dividends / FCF | 13.1% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 15.2% |

## 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 | 2.1% | 1.67× | 3.6% | 1.60× | 5.7% | S100PPI5 |
| 2022 | 1.5% | 2.06× | 3.1% | 1.73× | 5.4% | S100SDLE |
| 2023 | 5.6% | 1.97× | 11.0% | 1.86× | 20.5% | S100UV4Y |
| 2024 | 6.5% | 1.86× | 12.1% | 1.87× | 22.6% | S100X6GX |
| 2025 | 8.4% | 1.89× | 15.8% | 1.77× | 28.0% | S100X6GX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山本 文彦 | Major shareholder | 42.3% | 2025-08-31 |
| 株式会社エフティグループ | Major shareholder | 8.0% | 2025-08-31 |
| 光通信株式会社 | Major shareholder | 7.3% | 2025-08-31 |
| 株式会社セレッソ | Major shareholder | 7.3% | 2025-08-31 |
| 株式会社ＵＨ Ｐａｒｔｎｅｒｓ３ | Major shareholder | 7.0% | 2025-08-31 |
| 株式会社ＵＨ Ｐａｒｔｎｅｒｓ２ | Major shareholder | 7.0% | 2025-08-31 |
| 日比野 直人 | Major shareholder | 5.8% | 2025-08-31 |
| 株式会社三十三銀行 | Major shareholder | 1.6% | 2025-08-31 |
| 東名従業員持株会 | Major shareholder | 1.3% | 2025-08-31 |
| 株式会社ウィズアス | Major shareholder | 0.9% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2024/09/01－2025/08/31) | S100X6GX | 2025-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6GX,, |
| 有価証券報告書－第27期(2023/09/01－2024/08/31) | S100UV4Y | 2024-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UV4Y,, |
| 有価証券報告書－第26期(2022/09/01－2023/08/31) | S100SDLE | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDLE,, |
| 有価証券報告書－第25期(令和3年9月1日－令和4年8月31日) | S100PPI5 | 2022-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PPI5,, |
| 有価証券報告書－第24期(令和2年9月1日－令和3年8月31日) | S100MY85 | 2021-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MY85,, |
| 有価証券報告書－第23期(令和1年9月1日－令和2年8月31日) | S100K9F1 | 2020-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K9F1,, |

## 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).