# Traders Holdings Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2025/04/01－2026/03/31) (S100YCGC)
> Page: https://vizora.meequs.com/en/company/traders-holdings
> Retrieved: 2026-09-30T19:50:17.176Z

## Company

Traders Holdings, founded in 1999, is a company in IT Services & System Integration listed on TSE Standard. It has 285 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TRADERS HOLDINGS CO., LTD. |
| Ticker | 8704 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8704.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区恵比寿四丁目20番3号 恵比寿ガーデンプレイスタワー |
| Representative (per filing) | 代表取締役会長兼社長 金丸 貴行 |
| Founded | Nov 1999 |
| Share capital | ¥1.56B |
| Employees (consolidated) | 285 |
| Average salary (parent only) | ¥10.1M |
| Fiscal year end | March |
| Website | www.tradershd.com (https://www.tradershd.com/) |
| Corporate number | 5010401039284 |
| EDINET | E03819 |
| Industries (Vizora) | IT Services & System Integration, Securities & Asset Management |

> Profile source: annual securities report (S100YCGC, filed 2026-06-16). As of filing

## Key points (generated from figures)

- About 99% of Traders Holdings's sales come from Financial Instruments Trading Business, with System Development and System Consulting Business making up much of the rest.
- Out of every ¥100 of sales, about ¥47 is left as operating profit.
- Revenue changed -1.6% from the prior year, operating profit -7.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥13.2B |  |
| Operating income | ¥6.16B | Margin 46.6% |
| Net income | ¥4.24B | Margin 32.1% |
| Free cash flow | -¥1.24B |  |
| Largest business | Financial Instruments Trading Business | of segment revenue 99.1% |
| Employees (consolidated) | 285 |  |
| EPS | ¥41.92 |  |
| Diluted EPS | ¥41.41 |  |
| Book value per share | ¥134.29 |  |
| Equity ratio | 11.9% |  |
| Shares outstanding | 29,538,647 |  |
| Treasury shares | 3,175,200 |  |
| Shareholders | 10,140 |  |
| Average salary (parent only) | ¥10.1M | Filing company only |
| Cash ratio | 5.1% | Cash ÷ revenue 63.3% |
| Vs. industry median margin | +25.9 pp | Securities & Asset Management |
| ROE | 23.0% | Derived from disclosed figures |
| ROA | 2.9% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.1× dividends
- FY2026, one segment accounts for 90% of positive segment profit
- FY2026, operating income keeps 47 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6856000000 | ¥13218000000 | +92.8% |
| Operating income | ¥2356000000 | ¥6161000000 | +161.5% |
| Operating margin | 34.4% | 46.6% | +12.2 pp |
| Employees | 230 people | 285 people | +23.9% |
| Cash and equivalents | ¥4420000000 | ¥8371000000 | +89.4% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 金融商品取引事業 → 事業再編・廃止 | 92.6% |
| システム開発・システムコンサルティング事業 → 事業再編・廃止 | 7.1% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 金融商品取引事業 | 99.1% |
| 新設・再編 → システム開発・システムコンサルティング事業 | 0.9% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,218 | 100.0% | S100YCGC |
| Cost of revenue | 51 | 0.4% | S100YCGC |
| Gross profit | 13,167 | 99.6% | 算出 |
| SG&A | 6,979 | 52.8% | S100YCGC |
| Operating income | 6,161 | 46.6% | S100YCGC |
| Ordinary income | 6,161 | 46.6% | S100YCGC |
| Pretax income | 6,163 | 46.6% | S100YCGC |
| Income tax | 1,919 | 14.5% | S100YCGC |
| Net income | 4,243 | 32.1% | S100YCGC |
| Net income attributable to owners | 4,244 | 32.1% | S100YCGC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 0 |
| SG&A | 53 |
| Operating income | 47 |
| (Ref.) Net income | 32 |

### Margin funnel

Gross margin 99.6% → Operating margin 46.6% → Net margin 32.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.6%; Core profit growth: -7.1%
Operating leverage (core profit growth ÷ revenue growth): 4.54×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,429 | 13,218 | -211 | -1.6% |
| Gross profit | 13,340 | 13,167 | -173 | -1.3% |
| Operating income | 6,634 | 6,161 | -473 | -7.1% |
| Net income attributable to owners | 4,547 | 4,244 | -303 | -6.7% |
| Operating cash flow | 6,473 | -795 | -7,268 | -112.3% |
| Free cash flow | 6,119 | -1,235 | -7,354 | -120.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,677 | 2,542 | 38.1% | 2,227 | 1,126 | 885 | S100LUCQ |
| FY ending Mar 2021 | 6,856 | 2,356 | 34.4% | 1,793 | 1,727 | 1,495 | S100OBJF |
| FY ending Mar 2022 | 7,082 | 2,372 | 33.5% | 2,189 | 849 | 578 | S100R5TC |
| FY ending Mar 2023 | 9,194 | 3,742 | 40.7% | 3,217 | 1,322 | 692 | S100TS9I |
| FY ending Mar 2024 | 10,103 | 4,412 | 43.7% | 3,334 | 5,168 | 4,773 | S100VY4K |
| FY ending Mar 2025 | 13,429 | 6,634 | 49.4% | 4,547 | 6,473 | 6,119 | S100YCGC |
| FY ending Mar 2026 | 13,218 | 6,161 | 46.6% | 4,244 | -795 | -1,235 | S100YCGC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.4M |
| Operating income per employee (consolidated) | ¥21.6M |
| Net income per employee (consolidated) | ¥14.9M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 267 | 283 | 275 | 278 | 285 |
| Average salary (parent company) | ¥10M | ¥9M | ¥7.8M | ¥9.3M | ¥10.1M |
| Average age (parent company) | 48.1 years | 44.0 years | 41.8 years | 43.4 years | 43.5 years |
| Average tenure (parent company) | 5.2 years | 4.3 years | 4.2 years | 6.3 years | 6.8 years |

Year over year: Employees (consolidated) +2.5% · Revenue (consolidated) -1.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Financial Instruments Trading Business | 13,098 | 99.1% | 5,974 | 45.6% |
| System Development and System Consulting Business | 119 | 0.9% | 667 | 560.5% |
| Other | — | 0.0% | -29 | — |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| Financial Instruments Trading Business | 90.0% | 45.6% |
| System Development and System Consulting Business | 10.0% | 560.5% |
| Other | — | — |

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

Segment → industry: System Development and System Consulting Business → IT Services & System Integration / Financial Instruments Trading Business → Securities & Asset Management

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -795 | -6.0% | S100YCGC |
| Capital expenditure | 440 | 3.3% | S100YCGC |
| Free cash flow | -1,235 | -9.3% | 算出 |
| Investing cash flow | -974 | -7.4% | S100YCGC |
| Financing cash flow | -1,968 | -14.9% | S100YCGC |
| Dividends paid | 971 | 7.3% | S100YCGC |
| Share buyback | 1,098 | 8.3% | S100YCGC |
| Change in cash | -3,719 | -28.1% | S100YCGC |
| Cash and equivalents | 8,371 | 63.3% | S100YCGC |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,227 | 5,235 | 8,820 | 12,090 | 8,371 | S100TS9I, S100VY4K, S100YCGC |
| Total assets | 74,099 | 88,317 | 118,193 | 125,048 | 165,756 | S100R5TC, S100TS9I, S100VY4K, S100YCGC |
| Net assets | 9,250 | 11,975 | 14,121 | 17,415 | 19,878 | S100TS9I, S100VY4K, S100YCGC |
| Share capital | 1,500 | 1,564 | 1,564 | 1,564 | 1,564 | S100R5TC, S100TS9I, S100VY4K, S100YCGC |
| Property, plant and equipment | 46 | 285 | 257 | 190 | 192 | S100R5TC, S100TS9I, S100VY4K, S100YCGC |
| Intangible assets excluding goodwill | 490 | 638 | 744 | 825 | 870 | S100R5TC, S100TS9I, S100VY4K, S100YCGC |
| Investment securities | 120 | — | 100 | 316 | 473 | S100R5TC, S100VY4K, S100YCGC |
| Current assets | 72,821 | 86,320 | 116,378 | 123,381 | 163,865 | S100R5TC, S100TS9I, S100VY4K, S100YCGC |
| Current liabilities | 63,656 | 75,226 | 103,884 | 107,419 | 145,510 | S100R5TC, S100TS9I, S100VY4K, S100YCGC |
| Short-term borrowings | 849 | 860 | 1,127 | 971 | 920 | S100R5TC, S100TS9I, S100VY4K, S100YCGC |
| Long-term borrowings | 458 | 463 | 112 | 67 | 201 | S100R5TC, S100TS9I, S100VY4K, S100YCGC |
| Bonds | 700 | 600 | — | — | — | S100R5TC, S100TS9I |
| Interest-bearing debt | 2,007 | 1,923 | — | — | — | 算出 |
| Total liabilities | 64,849 | 76,342 | 104,071 | 107,633 | 145,877 | S100R5TC, S100TS9I, S100VY4K, S100YCGC |
| Non-controlling interests | — | — | 0 | 3 | 4 | S100VY4K, S100YCGC |
| Equity attributable to owners of parent | 9,205 | 11,922 | 13,991 | 17,225 | 19,638 | S100R5TC, S100TS9I, S100VY4K, S100YCGC |
| Retained earnings | 6,870 | 9,768 | 12,386 | 16,157 | 19,430 | S100R5TC, S100TS9I, S100VY4K, S100YCGC |
| Treasury stock | -7 | -310 | -921 | -1,509 | -2,445 | S100R5TC, S100TS9I, S100VY4K, S100YCGC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YCGC |
| Property, plant and equipment | 0% | S100YCGC |
| Intangibles and goodwill | 1% | S100YCGC |
| Investment securities | 0% | S100YCGC |
| Other assets | 94% | S100YCGC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 88% | S100YCGC |
| Equity | 12% | S100YCGC |
| Other liabilities | 0% | S100YCGC |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 74,099 | 88,317 | 118,193 | 125,048 | 165,756 |
| Equity | 9,250 | 11,975 | 14,121 | 17,415 | 19,878 |
| Interest-bearing debt | 2,007 | 1,923 | — | — | — |
| Cash | 5,227 | 5,235 | 8,820 | 12,090 | 8,371 |

## 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) | 1.5% | S100YCGC |
| Fixed assets ÷ total assets | 0.1% | S100YCGC |
| Goodwill ÷ parent equity | — | —, S100YCGC |

### 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) | 5.1% |
| Cash ÷ revenue | 63.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -12.9% |
| Cash vs. profit gap | -5,039 JPY mn (of net income -118.7%) |
| Shareholder returns / net income | 48.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 22.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | — |

## 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 | 30.9% | 0.10× | 3.0% | 8.05× | 23.8% | S100R5TC |
| 2023 | 35.0% | 0.11× | 4.0% | 7.69× | 30.5% | S100TS9I |
| 2024 | 33.0% | 0.10× | 3.2% | 7.97× | 25.7% | S100VY4K |
| 2025 | 33.9% | 0.11× | 3.7% | 7.79× | 29.1% | S100YCGC |
| 2026 | 32.1% | 0.09× | 2.9% | 7.89× | 23.0% | S100YCGC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Kパワー (注)２ | Major shareholder | 22.3% | 2026-03-31 |
| 有限会社ジェイアンドアール | Major shareholder | 12.7% | 2026-03-31 |
| 金丸 多賀 | Major shareholder | 3.9% | 2026-03-31 |
| BNP PARIBAS LUXEMBOURG /2S/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS (常任代理人 香港上海銀行 東京支店） | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社旭興産 | Major shareholder | 3.0% | 2026-03-31 |
| 金丸 貴行 | Major shareholder | 2.9% | 2026-03-31 |
| 福井 利彦 | Major shareholder | 2.8% | 2026-03-31 |
| BBH BOSTON CUSTODIAN FOR JAPAN EQUITY PREMIUM FUND OF UBS UNIVERSAL 620373 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.6% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG(FE-AC) (常任代理人 株式会社三菱UFJ銀行決済事業部） | Major shareholder | 2.5% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/04/01－2026/03/31) | S100YCGC | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCGC,, |
| 有価証券報告書－第26期(2024/04/01－2025/03/31) | S100VY4K | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VY4K,, |
| 有価証券報告書－第25期(2023/04/01－2024/03/31) | S100TS9I | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS9I,, |
| 有価証券報告書－第24期(2022/04/01－2023/03/31) | S100R5TC | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5TC,, |
| 有価証券報告書－第23期(令和3年4月1日－令和4年3月31日) | S100OBJF | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBJF,, |
| 有価証券報告書－第22期(令和2年4月1日－令和3年3月31日) | S100LUCQ | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUCQ,, |

## 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).