# TOWNNEWS-SHA CO.,LTD.: business model and financials

> Latest period: FY ending Jun 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第46期(2025/07/01－2026/06/30) (S100Z32U)
> Page: https://vizora.meequs.com/en/company/townnews-sha
> Retrieved: 2026-09-30T20:00:01.904Z

## Company

Townnews-Sha, founded in 1980, is a company in Broadcasting & Newspapers listed on TSE Standard. It has 187 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOWNNEWS-SHA CO.,LTD. |
| Ticker | 2481 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2481.T) |
| Listing | TSE Standard |
| Head office | 神奈川県横浜市青葉区荏田西二丁目1番3号 |
| Representative (per filing) | 代表取締役会長兼社長 宇山 知成 |
| Founded | Aug 1980 |
| Share capital | ¥501.4M |
| Employees (consolidated) | 187 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | June |
| Website | www.townnews.co.jp (https://www.townnews.co.jp/) |
| Corporate number | 4021001022663 |
| EDINET | E05576 |
| Industries (Vizora) | Broadcasting & Newspapers |

> Profile source: annual securities report (S100Z32U, filed 2026-09-18). As of filing

## Five-axis industry profile

Primary industry: Broadcasting & Newspapers (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.4 | 11 |
| Profitability | 86.4 | 11 |
| Cash conversion | 15 | 10 |
| Efficiency | 68.2 | 11 |

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)

- Townnews-Sha brought in ¥3.99B in revenue.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +8.4% from the prior year, operating profit +28.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3987635000 → ¥454490000
- Net income → operating cash flow: ¥454490000 → ¥396816000（difference ¥-57674000）
- Main uses of operating cash flow: CapEx ¥23329000 / dividends ¥110412000 / buybacks —
- Change in cash: ¥44815000
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 | ¥3.99B |  |
| Operating income | ¥593.8M | Margin 14.9% |
| Net income | ¥454.5M | Margin 11.4% |
| Free cash flow | ¥373.5M |  |
| Employees (consolidated) | 187 |  |
| EPS | ¥82.33 |  |
| Book value per share | ¥1027.83 |  |
| Equity ratio | 87.8% |  |
| Shares outstanding | 5,575,320 |  |
| Treasury shares | 54,600 |  |
| Shareholders | 1,568 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 19.6% | Cash ÷ revenue 31.8% |
| Vs. industry median margin | +9 pp | Broadcasting & Newspapers |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 7.4% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -2% while operating income rose 28%

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2942872000 | ¥3987635000 | +35.5% |
| Operating income | ¥243274000 | ¥593761000 | +144.1% |
| Operating margin | 8.3% | 14.9% | +6.6 pp |
| Employees | 191 people | 187 people | -2.1% |
| Cash and equivalents | ¥643213000 | ¥1267337000 | +97.0% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,988 | 100.0% | S100Z32U |
| Cost of revenue | 1,374 | 34.4% | S100Z32U |
| Gross profit | 2,614 | 65.6% | S100Z32U |
| SG&A | 2,020 | 50.7% | S100Z32U |
| Operating income | 594 | 14.9% | S100Z32U |
| Ordinary income | 669 | 16.8% | S100Z32U |
| Pretax income | 674 | 16.9% | S100Z32U |
| Income tax | 220 | 5.5% | S100Z32U |
| Net income | 454 | 11.4% | S100Z32U |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 34 |
| SG&A | 51 |
| Operating income | 15 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 65.6% → Operating margin 14.9% → Net margin 11.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.4%; Core profit growth: +28.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.36×
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 | 3,677 | 3,988 | 311 | +8.4% |
| Gross profit | 2,470 | 2,614 | 144 | +5.8% |
| Operating income | 462 | 594 | 131 | +28.4% |
| Operating cash flow | 400 | 397 | -3 | -0.8% |
| Free cash flow | 348 | 373 | 26 | +7.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 2,810 | 124 | 4.4% | 72 | 94 | 70 | S100MH8K |
| FY ending Jun 2021 | 2,943 | 243 | 8.3% | 193 | 244 | 231 | S100P8RJ |
| FY ending Jun 2022 | 3,249 | 379 | 11.7% | 311 | 411 | 363 | S100RWV3 |
| FY ending Jun 2023 | 3,693 | 570 | 15.4% | 430 | 465 | 395 | S100UFAO |
| FY ending Jun 2024 | 3,736 | 577 | 15.4% | 493 | 429 | 349 | S100WPVC |
| FY ending Jun 2025 | 3,677 | 462 | 12.6% | 389 | 400 | 348 | S100Z32U |
| FY ending Jun 2026 | 3,988 | 594 | 14.9% | 454 | 397 | 373 | S100Z32U |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.3M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 190 | 192 | 198 | 191 | 187 |
| Average salary (parent company) | ¥6M | ¥6.4M | ¥6.4M | ¥6.5M | ¥6.7M |
| Average age (parent company) | 40.5 years | 40.5 years | 40.0 years | 39.8 years | 39.5 years |
| Average tenure (parent company) | 14.4 years | 14.1 years | 14.0 years | 13.8 years | 13.1 years |

Year over year: Employees (consolidated) -2.1% · Revenue (consolidated) +8.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 397 | 10.0% | S100Z32U |
| Capital expenditure | 23 | 0.6% | S100Z32U |
| Free cash flow | 373 | 9.4% | 算出 |
| Investing cash flow | -242 | -6.1% | S100Z32U |
| Financing cash flow | -110 | -2.8% | S100Z32U |
| Dividends paid | 110 | 2.8% | S100Z32U |
| Change in cash | 45 | 1.1% | S100Z32U |
| Cash and equivalents | 1,267 | 31.8% | S100Z32U |

## 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 | 755 | 718 | 691 | 1,223 | 1,267 | S100UFAO, S100WPVC, S100Z32U |
| Total assets | 4,539 | 4,977 | 5,441 | 5,792 | 6,463 | S100RWV3, S100UFAO, S100WPVC, S100Z32U |
| Net assets | 3,932 | 4,352 | 4,800 | 5,108 | 5,674 | S100UFAO, S100WPVC, S100Z32U |
| Share capital | 501 | 501 | 501 | 501 | 501 | S100RWV3, S100UFAO, S100WPVC, S100Z32U |
| Property, plant and equipment | 910 | 978 | 960 | 939 | 909 | S100RWV3, S100UFAO, S100WPVC, S100Z32U |
| Intangible assets excluding goodwill | 36 | 37 | 57 | 85 | 85 | S100RWV3, S100UFAO, S100WPVC, S100Z32U |
| Investment securities | 629 | 949 | 1,115 | 1,196 | 1,675 | S100RWV3, S100UFAO, S100WPVC, S100Z32U |
| Current assets | 2,242 | 2,192 | 2,360 | 2,618 | 2,965 | S100RWV3, S100UFAO, S100WPVC, S100Z32U |
| Current liabilities | 475 | 501 | 500 | 526 | 548 | S100RWV3, S100UFAO, S100WPVC, S100Z32U |
| Total liabilities | 607 | 625 | 640 | 684 | 789 | S100RWV3, S100UFAO, S100WPVC, S100Z32U |
| Equity attributable to owners of parent | 3,898 | 4,245 | 4,644 | 4,928 | 5,272 | S100RWV3, S100UFAO, S100WPVC, S100Z32U |
| Retained earnings | 2,929 | 3,277 | 3,675 | 3,960 | 4,304 | S100RWV3, S100UFAO, S100WPVC, S100Z32U |
| Treasury stock | -14 | -14 | -14 | -14 | -14 | S100RWV3, S100UFAO, S100WPVC, S100Z32U |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100Z32U |
| Property, plant and equipment | 14% | S100Z32U |
| Intangibles and goodwill | 1% | S100Z32U |
| Investment securities | 26% | S100Z32U |
| Other assets | 39% | S100Z32U |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 12% | S100Z32U |
| Equity | 88% | S100Z32U |
| Other liabilities | 0% | S100Z32U |

### 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 | 4,539 | 4,977 | 5,441 | 5,792 | 6,463 |
| Equity | 3,932 | 4,352 | 4,800 | 5,108 | 5,674 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 755 | 718 | 691 | 1,223 | 1,267 |

## 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) | 22.8% | S100Z32U |
| Fixed assets ÷ total assets | 14.1% | S100Z32U |
| Goodwill ÷ parent equity | — | —, S100Z32U |

### 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) | 19.6% |
| Cash ÷ revenue | 31.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 66.8% |
| Cash vs. profit gap | -58 JPY mn (of net income -12.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.3% |
| Shareholder payments — dividends / FCF | 29.6% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 60.9% |

## 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 | 9.6% | 0.72× | 6.9% | 1.16× | 8.0% | S100RWV3 |
| 2023 | 11.6% | 0.78× | 9.0% | 1.17× | 10.6% | S100UFAO |
| 2024 | 13.2% | 0.72× | 9.5% | 1.17× | 11.1% | S100WPVC |
| 2025 | 10.6% | 0.65× | 6.9% | 1.17× | 8.1% | S100Z32U |
| 2026 | 11.4% | 0.65× | 7.4% | 1.20× | 8.9% | S100Z32U |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社カネマス | Major shareholder | 40.2% | 2026-06-30 |
| 大津 勝美 | Major shareholder | 10.1% | 2026-06-30 |
| 宇山 忠男 | Major shareholder | 7.2% | 2026-06-30 |
| 宇山 知成 | Major shareholder | 7.2% | 2026-06-30 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.5% | 2026-06-30 |
| タウンニュース社社員持株会 | Major shareholder | 3.8% | 2026-06-30 |
| ＵＨ Ｐａｒｔｎｅｒｓ２投資事業有限責任組合 | Major shareholder | 3.4% | 2026-06-30 |
| 株式会社ＥＰＡＲＫ | Major shareholder | 1.2% | 2026-06-30 |
| 関谷 幸平 | Major shareholder | 1.1% | 2026-06-30 |
| 光通信株式会社 | Major shareholder | 1.0% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第46期(2025/07/01－2026/06/30) | S100Z32U | 2026-09-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z32U,, |
| 有価証券報告書－第45期(2024/07/01－2025/06/30) | S100WPVC | 2025-09-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WPVC,, |
| 有価証券報告書－第44期(2023/07/01－2024/06/30) | S100UFAO | 2024-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFAO,, |
| 有価証券報告書－第43期(2022/07/01－2023/06/30) | S100RWV3 | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWV3,, |
| 有価証券報告書－第42期(令和3年7月1日－令和4年6月30日) | S100P8RJ | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P8RJ,, |
| 有価証券報告書－第41期(令和2年7月1日－令和3年6月30日) | S100MH8K | 2021-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MH8K,, |

## 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).