# Trailhead Global Holdings, Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第32期(2025/04/01－2026/03/31) (S100YQ83)
> Page: https://vizora.meequs.com/en/company/trailhead-global-holdings
> Retrieved: 2026-09-30T21:47:12.064Z

## Company

Trailhead Global Holdings, founded in 1994, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 245 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Trailhead Global Holdings, Inc. (旧英訳名 Y.S.FOOD CO.,LTD.) |
| Ticker | 3358 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3358.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区道玄坂1丁目2番3号 |
| Representative (per filing) | 代表取締役社長 高田 十光 |
| Founded | May 1994 |
| Share capital | ¥1.64B |
| Employees (consolidated) | 245 |
| Fiscal year end | March |
| Website | thg-hd.com (https://thg-hd.com/) |
| Corporate number | 9290801016604 |
| EDINET | E03451 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management, Fast Food & Quick Service, Restaurants & Pubs |

> Profile source: annual securities report (S100YQ83, filed 2026-07-13). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 11.4 | 66 |
| Efficiency | 3.8 | 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 92% of Trailhead Global Holdings's sales come from Food service business, with Contracted Management Business and Real estate leasing business making up much of the rest.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed +25.1% from the prior year, operating profit -147.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.83B |  |
| Operating income | -¥11.8M | Margin -0.6% |
| Net income | ¥64.1M | Margin 3.5% |
| Free cash flow | -¥106.3M |  |
| Largest business | Food service business | of segment revenue 91.6% |
| Employees (consolidated) | 245 |  |
| EPS | ¥1.99 |  |
| Diluted EPS | ¥1.92 |  |
| Book value per share | ¥57.49 |  |
| Equity ratio | 66.5% |  |
| Shares outstanding | 37,088,900 |  |
| Shareholders | 4,668 |  |
| Cash ratio | 17.0% | Cash ÷ revenue 29.8% |
| Vs. industry median margin | -6.1 pp | Fast Food & Quick Service |
| ROE | 3.0% | Derived from disclosed figures |
| ROA | 2.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 90% of positive segment profit

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1303598000 | ¥1826575000 | — |
| Operating income | ¥-94885000 | ¥-11842000 | — |
| Operating margin | -7.3% | -0.6% | +6.6 pp |
| Employees | 71 people | 245 people | — |
| Cash and equivalents | ¥478339000 | ¥544956000 | — |

### 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 |
| --- | ---: |
| 飲食事業 → 飲食事業 | 85.6% |
| 不動産賃貸事業 → 不動産賃貸事業 | 1.9% |
| 不動産賃貸事業 → 事業再編・廃止 | 0.7% |
| 外販事業 → 事業再編・廃止 | 3.8% |
| 温泉事業 → 事業再編・廃止 | 4.8% |
| 衛生事業 → 事業再編・廃止 | 2.7% |
| その他 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 飲食事業 | 6.0% |
| 新設・再編 → 運営受託事業 | 6.5% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Food service business | — | — | ¥1673365000 | 4.1% | 2 |
| Contracted Management Business | — | — | ¥118063000 | 4.9% | 2 |
| Real estate leasing business | — | — | ¥35147000 | 4.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,827 | 100.0% | S100YQ83 |
| Cost of revenue | 847 | 46.4% | S100YQ83 |
| Gross profit | 979 | 53.6% | S100YQ83 |
| SG&A | 991 | 54.3% | S100YQ83 |
| Operating income | -12 | -0.6% | S100YQ83 |
| Ordinary income | 83 | 4.5% | S100YQ83 |
| Pretax income | 82 | 4.5% | S100YQ83 |
| Income tax | 14 | 0.8% | S100YQ83 |
| Net income | 68 | 3.7% | S100YQ83 |
| Net income attributable to owners | 64 | 3.5% | S100YQ83 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 47 |
| SG&A | 54 |
| Operating income | -1 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 53.6% → Operating margin -0.6% → Net margin 3.5%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,460 | 1,827 | 366 | +25.1% |
| Gross profit | 722 | 979 | 257 | +35.6% |
| Operating income | 25 | -12 | -37 | -147.2% |
| Operating cash flow | 94 | -32 | -126 | -134.4% |
| Free cash flow | 56 | -106 | -162 | -291.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,484 | -115 | -7.8% | -357 | -25 | -60 | S100LT4W |
| FY ending Mar 2021 | 1,304 | -95 | -7.3% | 0 | 70 | 1 | S100OMCA |
| FY ending Mar 2022 | 1,287 | -46 | -3.6% | -83 | 61 | 29 | S100RAMD |
| FY ending Mar 2023 | 1,426 | -33 | -2.3% | 36 | 63 | 44 | S100TYB4 |
| FY ending Mar 2024 | 1,422 | 37 | 2.6% | 38 | 54 | 34 | S100WDOM |
| FY ending Mar 2025 | 1,460 | 25 | 1.7% | 18 | 94 | 56 | S100WDOM |
| FY ending Mar 2026 | 1,827 | -12 | -0.6% | 64 | -32 | -106 | S100YQ83 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥7.5M |
| Operating income per employee (consolidated) | -¥48.3K |
| Net income per employee (consolidated) | ¥261.7K |

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) | 67 | 71 | 87 | 89 | 245 |
| Average salary (parent company) | ¥3.4M | ¥3M | ¥3.7M | ¥3.8M | — |
| Average age (parent company) | 45.9 years | 46.3 years | 46.0 years | 48.3 years | — |
| Average tenure (parent company) | 11.0 years | 11.4 years | 12.4 years | 13.1 years | — |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Food service business | 1,673 | 91.6% | 68 | 4.1% |
| Real estate leasing business | 35 | 1.9% | 2 | 4.6% |
| Contracted Management Business | 118 | 6.5% | 6 | 4.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Food service business | 91.6% | 90.3% | -1.4 | 4.1% |
| Real estate leasing business | 1.9% | 2.1% | 0.2 | 4.6% |
| Contracted Management Business | 6.5% | 7.6% | 1.1 | 4.9% |

Segment → industry: Real estate leasing business → Real Estate Development & Leasing / Contracted Management Business → Real Estate Brokerage & Management / Food service business → Fast Food & Quick Service / Food service business → Restaurants & Pubs

## 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 | -32 | -1.8% | S100YQ83 |
| Capital expenditure | 74 | 4.1% | S100YQ83 |
| Free cash flow | -106 | -5.8% | 算出 |
| Investing cash flow | -660 | -36.1% | S100YQ83 |
| Financing cash flow | 848 | 46.4% | S100YQ83 |
| Change in cash | 156 | 8.5% | S100YQ83 |
| Cash and equivalents | 545 | 29.8% | S100YQ83 |

## 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 | 434 | 709 | 211 | 389 | 545 | S100TYB4, S100WDOM, S100YQ83 |
| Total assets | 2,716 | 2,585 | 1,991 | 2,133 | 3,196 | S100RAMD, S100TYB4, S100WDOM, S100YQ83 |
| Net assets | 1,389 | 1,436 | 1,505 | 1,638 | 2,158 | S100TYB4, S100WDOM, S100YQ83 |
| Share capital | 1,354 | 1,356 | 1,363 | 1,421 | 1,639 | S100RAMD, S100TYB4, S100WDOM, S100YQ83 |
| Property, plant and equipment | 1,837 | 1,439 | 1,363 | 1,347 | 1,495 | S100RAMD, S100TYB4, S100WDOM, S100YQ83 |
| Intangible assets excluding goodwill | 3 | 2 | 9 | 7 | 440 | S100RAMD, S100TYB4, S100WDOM, S100YQ83 |
| Goodwill | — | — | — | — | 435 | S100YQ83 |
| Investment securities | 81 | 84 | 52 | 47 | 48 | S100RAMD, S100TYB4, S100WDOM, S100YQ83 |
| Current assets | 663 | 939 | 461 | 628 | 849 | S100RAMD, S100TYB4, S100WDOM, S100YQ83 |
| Current liabilities | 599 | 784 | 243 | 279 | 757 | S100RAMD, S100TYB4, S100WDOM, S100YQ83 |
| Short-term borrowings | 100 | 100 | — | — | 380 | S100RAMD, S100TYB4, S100YQ83 |
| Long-term borrowings | 469 | 126 | — | — | 60 | S100RAMD, S100TYB4, S100YQ83 |
| Total liabilities | 1,327 | 1,149 | 486 | 495 | 1,038 | S100RAMD, S100TYB4, S100WDOM, S100YQ83 |
| Non-controlling interests | — | — | — | — | 22 | S100YQ83 |
| Equity attributable to owners of parent | 1,390 | 1,430 | 1,482 | 1,616 | 2,115 | S100RAMD, S100TYB4, S100WDOM, S100YQ83 |
| Retained earnings | -796 | -760 | -722 | -704 | -640 | S100RAMD, S100TYB4, S100WDOM, S100YQ83 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100RAMD, S100TYB4, S100WDOM, S100YQ83 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YQ83 |
| Property, plant and equipment | 47% | S100YQ83 |
| Intangibles and goodwill | 27% | S100YQ83 |
| Investment securities | 2% | S100YQ83 |
| Other assets | 7% | S100YQ83 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100YQ83 |
| Equity | 68% | S100YQ83 |
| Other liabilities | 0% | S100YQ83 |

### 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 | 2,716 | 2,585 | 1,991 | 2,133 | 3,196 |
| Equity | 1,389 | 1,436 | 1,505 | 1,638 | 2,158 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 434 | 709 | 211 | 389 | 545 |

## 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) | 81.8% | S100YQ83 |
| Fixed assets ÷ total assets | 46.8% | S100YQ83 |
| Goodwill ÷ parent equity | 20.5% | S100YQ83 |

### 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) | 17.0% |
| Cash ÷ revenue | 29.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -96 JPY mn (of net income -150.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.1% |
| 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 | — | —× | -3.1% | —× | — | S100RAMD |
| 2023 | 2.5% | 0.54× | 1.3% | 1.88× | 2.5% | S100TYB4 |
| 2024 | 2.6% | 0.62× | 1.6% | 1.57× | 2.6% | S100WDOM |
| 2025 | 1.3% | 0.71× | 0.9% | 1.33× | 1.2% | S100WDOM |
| 2026 | 3.5% | 0.57× | 2.0% | 1.51× | 3.0% | S100YQ83 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 青柳 和洋 | Major shareholder | 22.0% | 2026-03-31 |
| 須田 忠雄 | Major shareholder | 13.8% | 2026-03-31 |
| Blue Goats Capital株式会社 | Major shareholder | 11.0% | 2026-03-31 |
| 株式会社テクノバンク・サンケン | Major shareholder | 2.4% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 岡三証券株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| MSIP CLIENT SECURITIES | Major shareholder | 1.7% | 2026-03-31 |
| 緒方 正憲 | Major shareholder | 1.3% | 2026-03-31 |
| 西本 誠治 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社老松醤油松岡本家 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第32期(2025/04/01－2026/03/31) | S100YQ83 | 2026-07-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YQ83,, |
| 訂正有価証券報告書－第31期(2024/04/01－2025/03/31) | S100WDOM | 2025-07-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WDOM,, |
| 有価証券報告書－第30期(2023/04/01－2024/03/31) | S100TYB4 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TYB4,, |
| 有価証券報告書－第29期(2022/04/01－2023/03/31) | S100RAMD | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAMD,, |
| 有価証券報告書－第28期(令和3年4月1日－令和4年3月31日) | S100OMCA | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMCA,, |
| 有価証券報告書－第27期(令和2年4月1日－令和3年3月31日) | S100LT4W | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT4W,, |

## 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).