# TRANSACTION 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39期(2024/09/01－2025/08/31) (S100X6MS)
> Page: https://vizora.meequs.com/en/company/trans-action
> Retrieved: 2026-09-30T19:41:59.885Z

## Company

Transaction, founded in 1987, is a company in Furniture, Interior & Lifestyle Goods listed on TSE Prime. It has 495 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TRANSACTION CO.,Ltd. |
| Ticker | 7818 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7818.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区渋谷三丁目28番13号 |
| Representative (per filing) | 代表取締役会長 石川 諭 |
| Founded | Jan 1987 |
| Share capital | ¥93.2M |
| Employees (consolidated) | 495 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | August |
| Website | www.trans-action.co.jp (https://www.trans-action.co.jp/) |
| Corporate number | 4011001032309 |
| EDINET | E24753 |
| Industries (Vizora) | Furniture, Interior & Lifestyle Goods |

> Profile source: annual securities report (S100X6MS, filed 2025-11-26). As of filing

## Five-axis industry profile

Primary industry: Furniture, Interior & Lifestyle Goods (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 89.3 | 14 |
| Profitability | 97.2 | 18 |
| Cash conversion | 32.4 | 17 |
| Efficiency | 47.2 | 18 |

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)

- Transaction brought in ¥27.5B in revenue.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +9.6% from the prior year, operating profit +9.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥27453452000 → ¥4078402000
- Net income → operating cash flow: ¥4078402000 → ¥4247416000（difference ¥169014000）
- Main uses of operating cash flow: CapEx ¥302200000 / dividends ¥1124955000 / buybacks ¥1487631000
- Change in cash: ¥764233000
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 | ¥27.5B |  |
| Operating income | ¥5.71B | Margin 20.8% |
| Net income | ¥4.08B | Margin 14.9% |
| Free cash flow | ¥3.95B |  |
| Employees (consolidated) | 495 |  |
| EPS | ¥104.26 |  |
| Book value per share | ¥168.77 |  |
| Equity ratio | 82.6% |  |
| Shares outstanding | 28,775,400 |  |
| Treasury shares | 536,000 |  |
| Shareholders | 9,879 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 27.8% | Cash ÷ revenue 24.1% |
| Vs. industry median margin | +16.5 pp | Furniture, Interior & Lifestyle Goods |
| ROE | 22.3% | Derived from disclosed figures |
| ROA | 17.7% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.3× dividends
- FY2025, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18472523000 | ¥27453452000 | +48.6% |
| Operating income | ¥2802183000 | ¥5706383000 | +103.6% |
| Operating margin | 15.2% | 20.8% | +5.6 pp |
| Employees | 476 people | 495 people | +4.0% |
| Cash and equivalents | ¥3941425000 | ¥6611013000 | +67.7% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 27,453 | 100.0% | S100X6MS |
| Cost of revenue | 16,661 | 60.7% | S100X6MS |
| Gross profit | 10,793 | 39.3% | S100X6MS |
| SG&A | 5,086 | 18.5% | S100X6MS |
| Operating income | 5,706 | 20.8% | S100X6MS |
| Ordinary income | 6,012 | 21.9% | S100X6MS |
| Pretax income | 6,110 | 22.3% | S100X6MS |
| Income tax | 2,032 | 7.4% | S100X6MS |
| Net income | 4,078 | 14.9% | S100X6MS |
| Net income attributable to owners | 4,078 | 14.9% | S100X6MS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 18 |
| Operating income | 21 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 39.3% → Operating margin 20.8% → Net margin 14.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.6%; Core profit growth: +9.0%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.94×
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 | 25,047 | 27,453 | 2,406 | +9.6% |
| Gross profit | 9,810 | 10,793 | 983 | +10.0% |
| Operating income | 5,233 | 5,706 | 473 | +9.0% |
| Net income attributable to owners | 3,764 | 4,078 | 315 | +8.4% |
| Operating cash flow | 3,022 | 4,247 | 1,225 | +40.5% |
| Free cash flow | 2,223 | 3,945 | 1,722 | +77.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 16,451 | 2,046 | 12.4% | 1,287 | 1,035 | 401 | S100K9DB |
| FY ending Aug 2020 | 18,473 | 2,802 | 15.2% | 1,652 | 1,613 | 1,392 | S100MXV2 |
| FY ending Aug 2021 | 17,139 | 2,821 | 16.5% | 2,060 | 2,306 | 2,238 | S100PP1Z |
| FY ending Aug 2022 | 18,273 | 3,232 | 17.7% | 2,195 | 240 | 161 | S100SD2N |
| FY ending Aug 2023 | 22,958 | 4,659 | 20.3% | 3,305 | 3,768 | 3,525 | S100UUQV |
| FY ending Aug 2024 | 25,047 | 5,233 | 20.9% | 3,764 | 3,022 | 2,223 | S100X6MS |
| FY ending Aug 2025 | 27,453 | 5,706 | 20.8% | 4,078 | 4,247 | 3,945 | S100X6MS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥55.5M |
| Operating income per employee (consolidated) | ¥11.5M |
| Net income per employee (consolidated) | ¥8.2M |

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) | 453 | 442 | 455 | 481 | 495 |
| Average salary (parent company) | ¥5.6M | ¥5.5M | ¥5.6M | ¥5.7M | ¥5.9M |
| Average age (parent company) | 38.5 years | 39.9 years | 38.3 years | 39.3 years | 40.4 years |
| Average tenure (parent company) | 6.3 years | 5.4 years | 4.9 years | 5.1 years | 6.4 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) +9.6%

## 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 | 4,247 | 15.5% | S100X6MS |
| Capital expenditure | 302 | 1.1% | S100X6MS |
| Free cash flow | 3,945 | 14.4% | 算出 |
| Investing cash flow | -547 | -2.0% | S100X6MS |
| Financing cash flow | -2,946 | -10.7% | S100X6MS |
| Dividends paid | 1,125 | 4.1% | S100X6MS |
| Share buyback | 1,488 | 5.4% | S100X6MS |
| Change in cash | 764 | 2.8% | S100X6MS |
| Cash and equivalents | 6,611 | 24.1% | S100X6MS |

## 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 | 5,083 | 4,352 | 6,060 | 5,847 | 6,611 | S100SD2N, S100UUQV, S100X6MS |
| Total assets | 14,423 | 16,650 | 20,599 | 22,321 | 23,798 | S100PP1Z, S100SD2N, S100UUQV, S100X6MS |
| Net assets | 11,325 | 13,354 | 16,237 | 18,149 | 19,663 | S100SD2N, S100UUQV, S100X6MS |
| Share capital | 93 | 93 | 93 | 93 | 93 | S100PP1Z, S100SD2N, S100UUQV, S100X6MS |
| Trade receivables | 2,154 | — | — | — | — | S100PP1Z |
| Property, plant and equipment | 1,083 | 1,068 | 1,115 | 1,776 | 1,768 | S100PP1Z, S100SD2N, S100UUQV, S100X6MS |
| Intangible assets excluding goodwill | 136 | 127 | 165 | 201 | 221 | S100PP1Z, S100SD2N, S100UUQV, S100X6MS |
| Investment securities | 1,073 | 1,578 | 2,880 | 4,151 | 4,653 | S100PP1Z, S100SD2N, S100UUQV, S100X6MS |
| Current assets | 10,985 | 12,811 | 15,190 | 14,801 | 15,732 | S100PP1Z, S100SD2N, S100UUQV, S100X6MS |
| Current liabilities | 2,253 | 2,654 | 3,426 | 3,334 | 3,475 | S100PP1Z, S100SD2N, S100UUQV, S100X6MS |
| Long-term borrowings | 427 | 235 | 431 | 435 | 173 | S100PP1Z, S100SD2N, S100UUQV, S100X6MS |
| Total liabilities | 3,098 | 3,296 | 4,363 | 4,172 | 4,135 | S100PP1Z, S100SD2N, S100UUQV, S100X6MS |
| Equity attributable to owners of parent | 11,185 | 12,732 | 15,340 | 17,584 | 19,051 | S100PP1Z, S100SD2N, S100UUQV, S100X6MS |
| Retained earnings | 8,021 | 9,567 | 12,145 | 14,889 | 17,843 | S100PP1Z, S100SD2N, S100UUQV, S100X6MS |
| Treasury stock | -223 | -223 | -203 | -703 | -1,033 | S100PP1Z, S100SD2N, S100UUQV, S100X6MS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100X6MS |
| Property, plant and equipment | 7% | S100X6MS |
| Intangibles and goodwill | 1% | S100X6MS |
| Investment securities | 20% | S100X6MS |
| Other assets | 44% | S100X6MS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 17% | S100X6MS |
| Equity | 83% | S100X6MS |

### 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 | 14,423 | 16,650 | 20,599 | 22,321 | 23,798 |
| Equity | 11,325 | 13,354 | 16,237 | 18,149 | 19,663 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,083 | 4,352 | 6,060 | 5,847 | 6,611 |

## 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) | 6.4% | S100X6MS |
| Fixed assets ÷ total assets | 7.4% | S100X6MS |
| Goodwill ÷ parent equity | — | —, S100X6MS |

### 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) | 27.8% |
| Cash ÷ revenue | 24.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 74.4% |
| Cash vs. profit gap | 169 JPY mn (of net income 4.1%) |
| Shareholder returns / net income | 64.1% |
| Shareholder returns / FCF | 66.2% |
| Shareholder payments — dividends / net income | 27.6% |
| Shareholder payments — dividends / FCF | 28.5% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 12.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 12.0% | 1.19× | 14.3% | 1.29× | 18.4% | S100PP1Z |
| 2022 | 12.0% | 1.18× | 14.1% | 1.30× | 18.4% | S100SD2N |
| 2023 | 14.4% | 1.23× | 17.7% | 1.33× | 23.5% | S100UUQV |
| 2024 | 15.0% | 1.17× | 17.5% | 1.30× | 22.9% | S100X6MS |
| 2025 | 14.9% | 1.19× | 17.7% | 1.26× | 22.3% | S100X6MS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 石川 諭 | Major shareholder | 21.6% | 2025-08-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.5% | 2025-08-31 |
| 石川 葵 | Major shareholder | 7.8% | 2025-08-31 |
| 石川 新 | Major shareholder | 7.7% | 2025-08-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.4% | 2025-08-31 |
| 石川 智香子 | Major shareholder | 2.9% | 2025-08-31 |
| 日本生命保険相互会社 | Major shareholder | 2.7% | 2025-08-31 |
| THE NOMURA TRUST AND BANKING CO., LTD. AS THE TRUSTEE OF REPURCHASE AGREEMENT MOTHER FUND （常任代理人 シティバンク、エヌ・エイ 東京支店） | Major shareholder | 1.9% | 2025-08-31 |
| BBH FOR BBHTSIL NEUBERGER BERMAN INVESTMENT FUNDS PLC-NEUBERGER BERMAN JAPAN EQUITY ENGAGEMENT FUND（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.9% | 2025-08-31 |
| GOVERNMENT OF NORWAY （常任代理人 シティバンク、エヌ・エイ 東京支店） | Major shareholder | 1.7% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2024/09/01－2025/08/31) | S100X6MS | 2025-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6MS,, |
| 有価証券報告書－第38期(2023/09/01－2024/08/31) | S100UUQV | 2024-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UUQV,, |
| 有価証券報告書－第37期(2022/09/01－2023/08/31) | S100SD2N | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SD2N,, |
| 有価証券報告書－第36期(令和3年9月1日－令和4年8月31日) | S100PP1Z | 2022-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PP1Z,, |
| 有価証券報告書－第35期(令和2年9月1日－令和3年8月31日) | S100MXV2 | 2021-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MXV2,, |
| 有価証券報告書－第34期(令和1年9月1日－令和2年8月31日) | S100K9DB | 2020-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K9DB,, |

## 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).