# transcosmos inc.: 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41期(2025/04/01－2026/03/31) (S100YENI)
> Page: https://vizora.meequs.com/en/company/transcosmos
> Retrieved: 2026-09-30T21:34:44.963Z

## Company

transcosmos, founded in 1966, is a company in Business Process Outsourcing listed on TSE Prime. It has 43,571 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | transcosmos inc. |
| Ticker | 9715 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9715.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区東一丁目2番20号 |
| Representative (per filing) | 代表取締役共同社長 牟田 正明 代表取締役共同社長 神谷 健志 |
| Founded | Jun 1966 |
| Share capital | ¥29.1B |
| Employees (consolidated) | 43,571 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.trans-cosmos.co.jp (https://www.trans-cosmos.co.jp/) |
| Corporate number | 3011001041302 |
| EDINET | E04837 |
| Industries (Vizora) | Business Process Outsourcing, Advertising |

> Profile source: annual securities report (S100YENI, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Advertising (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37.7 | 57 |
| Profitability | 37.8 | 86 |
| Cash conversion | 78 | 75 |
| Efficiency | 83.1 | 86 |
| Financial strength | 90 | 5 |

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 65% of transcosmos's sales come from Stand-alone service, with Overseas affiliated companies and Domestic affiliated companies making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +4.8% from the prior year, operating profit +14.4%.

## Company structure

- Segment revenue mix: Stand-alone service 64.6%、Overseas affiliated companies 25.3%、Domestic affiliated companies 10.1%
- Revenue → net income: ¥393866000000 → ¥13991000000
- Net income → operating cash flow: ¥13991000000 → ¥20760000000（difference ¥6769000000）
- Main uses of operating cash flow: CapEx ¥4452000000 / dividends ¥3975000000 / buybacks —
- Change in cash: ¥5719000000
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 | ¥393.9B |  |
| Operating income | ¥16.6B | Margin 4.2% |
| Net income | ¥13.1B | Margin 3.3% |
| Free cash flow | ¥16.3B |  |
| Largest business | Stand-alone service | of segment revenue 64.6% |
| Employees (consolidated) | 43,571 |  |
| EPS | ¥166.59 |  |
| Diluted EPS | ¥155.93 |  |
| Book value per share | ¥1959.66 |  |
| Equity ratio | 57.3% |  |
| Shares outstanding | 43,863,116 |  |
| Treasury shares | 6,390,400 |  |
| Shareholders | 6,135 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 35.2% | Net cash ¥76.6B · Cash ÷ revenue 20.0% |
| Vs. industry median margin | +0.3 pp | Business Process Outsourcing |
| ROE | 11.3% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 35% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥336405000000 | ¥393866000000 | +17.1% |
| Operating income | ¥17752000000 | ¥16558000000 | -6.7% |
| Operating margin | 5.3% | 4.2% | -1.1 pp |
| Employees | 35,760 people | 43,571 people | +21.8% |
| Cash and equivalents | ¥49074000000 | ¥78901000000 | +60.8% |

### 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 |
| --- | ---: |
| 単体サービス → 単体サービス | 64.6% |
| 単体サービス → 事業再編・廃止 | 6.6% |
| 国内関係会社 → 国内関係会社 | 9.8% |
| 海外関係会社 → 海外関係会社 | 19.1% |
| 新設・再編 → 国内関係会社 | 0.4% |
| 新設・再編 → 海外関係会社 | 6.2% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Stand-alone service | 5 years | +1.2% | ¥254286000000 | 3.4% | 2 |
| Overseas affiliated companies | 5 years | +9.2% | ¥99601000000 | 4.6% | 2 |
| Domestic affiliated companies | 5 years | +4.0% | ¥39977000000 | 8.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 393,866 | 100.0% | S100YENI |
| Cost of revenue | 317,222 | 80.5% | S100YENI |
| Gross profit | 76,643 | 19.5% | S100YENI |
| SG&A | 60,084 | 15.3% | S100YENI |
| Operating income | 16,558 | 4.2% | S100YENI |
| Ordinary income | 18,970 | 4.8% | S100YENI |
| Pretax income | 18,613 | 4.7% | S100YENI |
| Income tax | 4,621 | 1.2% | S100YENI |
| Net income | 13,991 | 3.6% | S100YENI |
| Net income attributable to owners | 13,084 | 3.3% | S100YENI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 15 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 19.5% → Operating margin 4.2% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.8%; Core profit growth: +14.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.00×
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 | 375,849 | 393,866 | 18,017 | +4.8% |
| Gross profit | 72,244 | 76,643 | 4,399 | +6.1% |
| Operating income | 14,475 | 16,558 | 2,083 | +14.4% |
| Net income attributable to owners | 11,332 | 13,084 | 1,752 | +15.5% |
| Operating cash flow | 17,314 | 20,760 | 3,446 | +19.9% |
| Free cash flow | 13,225 | 16,308 | 3,083 | +23.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 311,871 | 10,689 | 3.4% | 6,279 | 8,093 | 3,189 | S100LME8 |
| FY ending Mar 2021 | 336,405 | 17,752 | 5.3% | 10,022 | 15,715 | 9,899 | S100OUXJ |
| FY ending Mar 2022 | 354,085 | 25,846 | 7.3% | 21,488 | 15,770 | 10,547 | S100QZZ6 |
| FY ending Mar 2023 | 373,830 | 23,290 | 6.2% | 15,767 | 24,253 | 18,220 | S100TRG8 |
| FY ending Mar 2024 | 362,201 | 11,474 | 3.2% | 10,097 | 18,255 | 13,202 | S100W1SJ |
| FY ending Mar 2025 | 375,849 | 14,475 | 3.9% | 11,332 | 17,314 | 13,225 | S100YENI |
| FY ending Mar 2026 | 393,866 | 16,558 | 4.2% | 13,084 | 20,760 | 16,308 | S100YENI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥9M |
| Operating income per employee (consolidated) | ¥380K |
| Net income per employee (consolidated) | ¥300.3K |

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) | 39,870 | 40,582 | 40,793 | 41,682 | 43,571 |
| Average salary (parent company) | ¥4.8M | ¥4.9M | ¥4.8M | ¥4.8M | ¥5M |
| Average age (parent company) | 37.0 years | 37.0 years | 37.0 years | 37.0 years | 37.0 years |
| Average tenure (parent company) | 9.0 years | 9.0 years | 9.0 years | 9.0 years | 9.0 years |

Year over year: Employees (consolidated) +4.5% · Revenue (consolidated) +4.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Stand-alone service | 254,286 | 64.6% | 8,687 | 3.4% |
| Domestic affiliated companies | 39,977 | 10.1% | 3,337 | 8.3% |
| Overseas affiliated companies | 99,601 | 25.3% | 4,630 | 4.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Stand-alone service | 64.6% | 52.2% | -12.4 | 3.4% |
| Domestic affiliated companies | 10.1% | 20.0% | 9.9 | 8.3% |
| Overseas affiliated companies | 25.3% | 27.8% | 2.5 | 4.6% |

Segment → industry: Overseas affiliated companies → Business Process Outsourcing / Domestic affiliated companies → Business Process Outsourcing / Stand-alone service → Business Process Outsourcing / Stand-alone service → Advertising

## 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 | 20,760 | 5.3% | S100YENI |
| Capital expenditure | 4,452 | 1.1% | S100YENI |
| Free cash flow | 16,308 | 4.1% | 算出 |
| Investing cash flow | -9,033 | -2.3% | S100YENI |
| Financing cash flow | -6,948 | -1.8% | S100YENI |
| Dividends paid | 3,975 | 1.0% | S100YENI |
| Change in cash | 5,719 | 1.5% | S100YENI |
| Cash and equivalents | 78,901 | 20.0% | S100YENI |

## 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 | 63,858 | 49,366 | 64,421 | 73,134 | 78,901 | S100TRG8, S100W1SJ, S100YENI |
| Total assets | 218,455 | 193,842 | 199,446 | 207,984 | 223,865 | S100QZZ6, S100TRG8, S100W1SJ, S100YENI |
| Net assets | 120,880 | 112,381 | 118,065 | 129,068 | 139,293 | S100TRG8, S100W1SJ, S100YENI |
| Share capital | 29,065 | 29,065 | 29,065 | 29,065 | 29,065 | S100QZZ6, S100TRG8, S100W1SJ, S100YENI |
| Property, plant and equipment | 15,474 | 16,550 | 16,275 | 15,099 | 14,669 | S100QZZ6, S100TRG8, S100W1SJ, S100YENI |
| Intangible assets excluding goodwill | 4,646 | 4,523 | 5,468 | 5,329 | 5,941 | S100QZZ6, S100TRG8, S100W1SJ, S100YENI |
| Goodwill | 792 | 604 | 842 | 619 | 910 | S100QZZ6, S100TRG8, S100W1SJ, S100YENI |
| Investment securities | 16,579 | 8,111 | 4,355 | 3,363 | 3,904 | S100QZZ6, S100TRG8, S100W1SJ, S100YENI |
| Current assets | 150,990 | 135,423 | 144,790 | 154,658 | 167,528 | S100QZZ6, S100TRG8, S100W1SJ, S100YENI |
| Current liabilities | 80,178 | 66,433 | 63,014 | 62,014 | 79,316 | S100QZZ6, S100TRG8, S100W1SJ, S100YENI |
| Short-term borrowings | 1,563 | 1,629 | 114 | 80 | 58 | S100QZZ6, S100TRG8, S100W1SJ, S100YENI |
| Long-term borrowings | 4,233 | 2,222 | 6,210 | 4,151 | 2,102 | S100QZZ6, S100TRG8, S100W1SJ, S100YENI |
| Bonds | 174 | 194 | 119 | 128 | 150 | S100QZZ6, S100TRG8, S100W1SJ, S100YENI |
| Interest-bearing debt | 5,970 | 4,045 | 6,443 | 4,359 | 2,310 | 算出 |
| Total liabilities | 97,575 | 81,461 | 81,381 | 78,916 | 84,572 | S100QZZ6, S100TRG8, S100W1SJ, S100YENI |
| Non-controlling interests | 7,932 | 8,892 | 9,680 | 10,422 | 11,014 | S100QZZ6, S100TRG8, S100W1SJ, S100YENI |
| Equity attributable to owners of parent | 100,564 | 97,568 | 103,283 | 111,579 | 120,673 | S100QZZ6, S100TRG8, S100W1SJ, S100YENI |
| Retained earnings | 67,408 | 77,739 | 83,452 | 91,749 | 100,842 | S100QZZ6, S100TRG8, S100W1SJ, S100YENI |
| Treasury stock | -15,240 | -28,567 | -28,567 | -16,125 | -16,125 | S100QZZ6, S100TRG8, S100W1SJ, S100YENI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100YENI |
| Property, plant and equipment | 7% | S100YENI |
| Intangibles and goodwill | 3% | S100YENI |
| Investment securities | 2% | S100YENI |
| Other assets | 53% | S100YENI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 1% | 算出 |
| Other liabilities | 37% | S100YENI |
| Equity | 62% | S100YENI |

### 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 | 218,455 | 193,842 | 199,446 | 207,984 | 223,865 |
| Equity | 120,880 | 112,381 | 118,065 | 129,068 | 139,293 |
| Interest-bearing debt | 5,970 | 4,045 | 6,443 | 4,359 | 2,310 |
| Cash | 63,858 | 49,366 | 64,421 | 73,134 | 78,901 |

## 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) | 3.7% | S100YENI |
| Fixed assets ÷ total assets | 6.6% | S100YENI |
| Goodwill ÷ parent equity | 0.8% | S100YENI |

Goodwill over 4 years: 792 → 910 JPY; total investing cash flow: -27,340 JPY. This does not imply causation.

### 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) | 35.2% |
| Cash ÷ revenue | 20.0% |
| Net cash (cash − interest-bearing debt) | ¥76.6B |
| Net debt ÷ operating cash flow | -3.69× |
| Cash conversion (operating CF ÷ operating income) | 125.4% |
| Cash vs. profit gap | 7,676 JPY mn (of net income 58.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 30.4% |
| Shareholder payments — dividends / FCF | 24.4% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 43.5% |

## 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 | 6.1% | 1.62× | 9.8% | 2.17× | 21.4% | S100QZZ6 |
| 2023 | 4.2% | 1.81× | 7.6% | 2.08× | 15.9% | S100TRG8 |
| 2024 | 2.8% | 1.84× | 5.1% | 1.96× | 10.1% | S100W1SJ |
| 2025 | 3.0% | 1.84× | 5.6% | 1.90× | 10.5% | S100YENI |
| 2026 | 3.3% | 1.82× | 6.1% | 1.86× | 11.3% | S100YENI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人トランスコスモス財団 | Major shareholder | 18.0% | 2026-03-31 |
| 奥 田 昌 孝 | Major shareholder | 17.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行 株式会社(信託口) | Major shareholder | 8.6% | 2026-03-31 |
| 平 井 美 穂 子 | Major shareholder | 3.5% | 2026-03-31 |
| CEPLUX- THE INDEPENDENT UCITS PLATFORM 2 （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.8% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140042 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.4% | 2026-03-31 |
| 有限会社HM興産 | Major shareholder | 2.4% | 2026-03-31 |
| トランス・コスモス社員持株会 | Major shareholder | 1.9% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue rose +4.8% to ¥393.9B, but operating income jumped +14.4% to ¥16.6B.
- The gap came from better margins in CX and BPO work, not just more sales.
- Net income attributable to owners was ¥13.1B (+15.5%), and operating cash flow reached ¥20.8B (+19.9%).

### Drivers

- CX and BPO services became more profitable
- Domestic affiliates grew as a BPO joint venture took on more work and new companies were consolidated
- Overseas, sales in Greater China and Korea went up, but profit fell at Southeast Asian subsidiaries

### Risks

- Falling behind on new technology could shrink the business
- Clients may bring outsourced work back in-house, or cut volume when the economy slows
- Labor shortages may make it hard to hire and train skilled staff

Cited: Annual Securities Report, 41st term (Apr 2025 to Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 41st term (Apr 2025 to Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第41期(2025/04/01－2026/03/31) | S100YENI | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YENI,, |
| 有価証券報告書－第40期(2024/04/01－2025/03/31) | S100W1SJ | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1SJ,, |
| 有価証券報告書－第39期(2023/04/01－2024/03/31) | S100TRG8 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRG8,, |
| 有価証券報告書－第38期(2022/04/01－2023/03/31) | S100QZZ6 | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZZ6,, |
| 訂正有価証券報告書－第37期(令和3年4月1日－令和4年3月31日) | S100OUXJ | 2022-08-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OUXJ,, |
| 有価証券報告書－第36期(令和2年4月1日－令和3年3月31日) | S100LME8 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LME8,, |

## 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).