# TOW CO.,LTD.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第50期(2025/07/01－2026/06/30) (S100Z3IZ)
> Page: https://vizora.meequs.com/en/company/tow
> Retrieved: 2026-09-30T21:31:18.805Z

## Company

TOW, founded in 1980, is a company in Advertising listed on TSE Standard. It has 300 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOW CO.,LTD. |
| Ticker | 4767 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4767.T) |
| Listing | TSE Standard |
| Head office | 東京都港区虎ノ門四丁目3番13号 ヒューリック神谷町ビル |
| Representative (per filing) | 代表取締役社長 村津憲一 |
| Founded | Feb 1980 |
| Share capital | ¥949M |
| Employees (consolidated) | 300 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | June |
| Website | tow.co.jp (https://tow.co.jp/) |
| Corporate number | 3010401029287 |
| EDINET | E05100 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100Z3IZ, filed 2026-09-24). As of filing

## Five-axis industry profile

Primary industry: Advertising (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.8 | 57 |
| Profitability | 78.5 | 86 |
| Cash conversion | 44.7 | 75 |
| Efficiency | 49.4 | 86 |

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)

- TOW brought in ¥18.7B in revenue.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +5.1% from the prior year, operating profit -6.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥18682892000 → ¥1384620000
- Net income → operating cash flow: ¥1384620000 → ¥1687893000（difference ¥303273000）
- Main uses of operating cash flow: CapEx ¥78205000 / dividends ¥685910000 / buybacks —
- Change in cash: ¥606131000
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 | ¥18.7B |  |
| Operating income | ¥2.02B | Margin 10.8% |
| Net income | ¥1.38B | Margin 7.4% |
| Free cash flow | ¥1.61B |  |
| Employees (consolidated) | 300 |  |
| EPS | ¥31.18 |  |
| Diluted EPS | ¥31.1 |  |
| Book value per share | ¥244.13 |  |
| Equity ratio | 73.3% |  |
| Shares outstanding | 48,969,096 |  |
| Treasury shares | 7,698,800 |  |
| Shareholders | 18,404 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 59.3% | Cash ÷ revenue 46.7% |
| Vs. industry median margin | +5.2 pp | Advertising |
| ROE | 14.1% | Derived from disclosed figures |
| ROA | 9.6% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 59% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12209473000 | ¥18682892000 | +53.0% |
| Operating income | ¥655751000 | ¥2024004000 | +208.7% |
| Operating margin | 5.4% | 10.8% | +5.5 pp |
| Employees | 237 people | 300 people | +26.6% |
| Cash and equivalents | ¥7580540000 | ¥8734135000 | +15.2% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,683 | 100.0% | S100Z3IZ |
| Cost of revenue | 15,395 | 82.4% | S100Z3IZ |
| Gross profit | 3,288 | 17.6% | S100Z3IZ |
| SG&A | 1,264 | 6.8% | S100Z3IZ |
| Operating income | 2,024 | 10.8% | S100Z3IZ |
| Ordinary income | 2,031 | 10.9% | S100Z3IZ |
| Pretax income | 2,020 | 10.8% | S100Z3IZ |
| Income tax | 636 | 3.4% | S100Z3IZ |
| Net income | 1,385 | 7.4% | S100Z3IZ |
| Net income attributable to owners | 1,385 | 7.4% | S100Z3IZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 7 |
| Operating income | 11 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 17.6% → Operating margin 10.8% → Net margin 7.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.1%; Core profit growth: -6.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.18×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 17,783 | 18,683 | 900 | +5.1% |
| Gross profit | 3,184 | 3,288 | 104 | +3.3% |
| Operating income | 2,153 | 2,024 | -129 | -6.0% |
| Net income attributable to owners | 1,132 | 1,385 | 252 | +22.3% |
| Operating cash flow | 733 | 1,688 | 955 | +130.2% |
| Free cash flow | 633 | 1,610 | 977 | +154.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 19,326 | 2,317 | 12.0% | 1,585 | 1,143 | 1,065 | S100MHNX |
| FY ending Jun 2021 | 12,209 | 656 | 5.4% | 456 | 3,388 | 3,182 | S100P80S |
| FY ending Jun 2022 | 11,134 | 884 | 7.9% | 598 | 1,555 | 1,530 | S100RWDF |
| FY ending Jun 2023 | 11,774 | 1,151 | 9.8% | 356 | -718 | -752 | S100UETU |
| FY ending Jun 2024 | 17,504 | 2,007 | 11.5% | 1,406 | 3,395 | 3,377 | S100WQIM |
| FY ending Jun 2025 | 17,783 | 2,153 | 12.1% | 1,132 | 733 | 633 | S100Z3IZ |
| FY ending Jun 2026 | 18,683 | 2,024 | 10.8% | 1,385 | 1,688 | 1,610 | S100Z3IZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥62.3M |
| Operating income per employee (consolidated) | ¥6.7M |
| Net income per employee (consolidated) | ¥4.6M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 232 | 233 | 263 | 302 | 300 |
| Average salary (parent company) | ¥6.1M | ¥6.4M | ¥7.4M | ¥7.1M | ¥6.9M |
| Average age (parent company) | 31.9 years | 31.8 years | 31.7 years | 31.6 years | 32.5 years |
| Average tenure (parent company) | 6.1 years | 6.3 years | 6.2 years | 5.8 years | 6.4 years |

Year over year: Employees (consolidated) -0.7% · Revenue (consolidated) +5.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,688 | 9.0% | S100Z3IZ |
| Capital expenditure | 78 | 0.4% | S100Z3IZ |
| Free cash flow | 1,610 | 8.6% | 算出 |
| Investing cash flow | -346 | -1.9% | S100Z3IZ |
| Financing cash flow | -736 | -3.9% | S100Z3IZ |
| Dividends paid | 686 | 3.7% | S100Z3IZ |
| Change in cash | 606 | 3.2% | S100Z3IZ |
| Cash and equivalents | 8,734 | 46.7% | S100Z3IZ |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,590 | 5,782 | 8,453 | 8,128 | 8,734 | S100UETU, S100WQIM, S100Z3IZ |
| Total assets | 13,764 | 11,194 | 14,085 | 14,220 | 14,729 | S100RWDF, S100UETU, S100WQIM, S100Z3IZ |
| Net assets | 10,545 | 8,427 | 9,302 | 9,892 | 10,801 | S100UETU, S100WQIM, S100Z3IZ |
| Share capital | 949 | 949 | 949 | 949 | 949 | S100RWDF, S100UETU, S100WQIM, S100Z3IZ |
| Property, plant and equipment | 193 | 164 | 216 | 214 | 227 | S100RWDF, S100UETU, S100WQIM, S100Z3IZ |
| Intangible assets excluding goodwill | 29 | 27 | 45 | 145 | 436 | S100RWDF, S100UETU, S100WQIM, S100Z3IZ |
| Goodwill | — | — | — | 124 | 422 | S100Z3IZ |
| Investment securities | 1,527 | 1,192 | 1,162 | 1,073 | 1,147 | S100RWDF, S100UETU, S100WQIM, S100Z3IZ |
| Current assets | 11,538 | 9,549 | 12,326 | 12,255 | 12,486 | S100RWDF, S100UETU, S100WQIM, S100Z3IZ |
| Current liabilities | 2,599 | 2,365 | 4,422 | 3,880 | 3,496 | S100RWDF, S100UETU, S100WQIM, S100Z3IZ |
| Short-term borrowings | 840 | 840 | 840 | 525 | 525 | S100RWDF, S100UETU, S100WQIM, S100Z3IZ |
| Long-term borrowings | — | — | — | 71 | 40 | S100Z3IZ |
| Total liabilities | 3,220 | 2,767 | 4,783 | 4,328 | 3,928 | S100RWDF, S100UETU, S100WQIM, S100Z3IZ |
| Equity attributable to owners of parent | 9,738 | 7,822 | 8,753 | 9,419 | 10,275 | S100RWDF, S100UETU, S100WQIM, S100Z3IZ |
| Retained earnings | 7,900 | 7,601 | 8,433 | 8,973 | 9,672 | S100RWDF, S100UETU, S100WQIM, S100Z3IZ |
| Treasury stock | -331 | -1,957 | -1,877 | -1,791 | -1,694 | S100RWDF, S100UETU, S100WQIM, S100Z3IZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 59% | S100Z3IZ |
| Property, plant and equipment | 1% | S100Z3IZ |
| Intangibles and goodwill | 6% | S100Z3IZ |
| Investment securities | 8% | S100Z3IZ |
| Other assets | 26% | S100Z3IZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 27% | S100Z3IZ |
| Equity | 73% | S100Z3IZ |
| Other liabilities | 0% | S100Z3IZ |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 13,764 | 11,194 | 14,085 | 14,220 | 14,729 |
| Equity | 10,545 | 8,427 | 9,302 | 9,892 | 10,801 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,590 | 5,782 | 8,453 | 8,128 | 8,734 |

## 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) | 1.2% | S100Z3IZ |
| Fixed assets ÷ total assets | 1.5% | S100Z3IZ |
| Goodwill ÷ parent equity | 4.1% | S100Z3IZ |

### 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) | 59.3% |
| Cash ÷ revenue | 46.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 83.4% |
| Cash vs. profit gap | 303 JPY mn (of net income 21.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 49.5% |
| Shareholder payments — dividends / FCF | 42.6% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 20.5% |

## 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 | 5.4% | 0.81× | 4.3% | 1.41× | 6.1% | S100RWDF |
| 2023 | 3.0% | 0.94× | 2.9% | 1.42× | 4.1% | S100UETU |
| 2024 | 8.0% | 1.38× | 11.1% | 1.53× | 17.0% | S100WQIM |
| 2025 | 6.4% | 1.26× | 8.0% | 1.56× | 12.5% | S100Z3IZ |
| 2026 | 7.4% | 1.29× | 9.6% | 1.47× | 14.1% | S100Z3IZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.7% | 2026-06-30 |
| 真木 勝次 | Major shareholder | 8.8% | 2026-06-30 |
| MURAKAMI TAKATERU（常任代理人 三田証券株式会社） | Major shareholder | 3.2% | 2026-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.0% | 2026-06-30 |
| ライク株式会社 | Major shareholder | 2.5% | 2026-06-30 |
| 株式会社MI2 | Major shareholder | 2.1% | 2026-06-30 |
| 今津 秀 | Major shareholder | 1.4% | 2026-06-30 |
| 佐竹 一郎 | Major shareholder | 1.3% | 2026-06-30 |
| 村津 憲一 | Major shareholder | 1.0% | 2026-06-30 |
| 舛森 丈人 | Major shareholder | 1.0% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第50期(2025/07/01－2026/06/30) | S100Z3IZ | 2026-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3IZ,, |
| 有価証券報告書－第49期(2024/07/01－2025/06/30) | S100WQIM | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQIM,, |
| 有価証券報告書－第48期(2023/07/01－2024/06/30) | S100UETU | 2024-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UETU,, |
| 有価証券報告書－第47期(2022/07/01－2023/06/30) | S100RWDF | 2023-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWDF,, |
| 有価証券報告書－第46期(令和3年7月1日－令和4年6月30日) | S100P80S | 2022-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P80S,, |
| 有価証券報告書－第45期(令和2年7月1日－令和3年6月30日) | S100MHNX | 2021-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MHNX,, |

## 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).