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TRE HoldingsTRE HOLDINGS CORPORATION9247東証プライムサービス業FY ending Mar 2026, consolidated, J-GAAP

TRE Holdings revenue and profit

Out of every ¥100 of sales, about ¥19 is left as operating profit. Revenue changed +0.4% from the prior year, operating profit -2.8%.

Five-year trend

Revenue¥119.2B
FY ending Mar 2022: ¥68.2B¥68.2BFY ending Mar 2023: ¥90.7B¥90.7BFY ending Mar 2024: ¥92.9B¥92.9BFY ending Mar 2025: ¥118.7B¥118.7BFY ending Mar 2026: ¥119.2B¥119.2BFY22FY23FY24FY25FY26
Operating income¥22.3B
FY ending Mar 2022: ¥7.66B¥7.66BFY ending Mar 2023: ¥7.51B¥7.51BFY ending Mar 2024: ¥7.77B¥7.77BFY ending Mar 2025: ¥23B¥23BFY ending Mar 2026: ¥22.3B¥22.3BFY22FY23FY24FY25FY26
Operating margin18.7%
FY ending Mar 2022: 11.2%11.2%FY ending Mar 2023: 8.3%8.3%FY ending Mar 2024: 8.4%8.4%FY ending Mar 2025: 19.4%19.4%FY ending Mar 2026: 18.7%18.7%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin12.4%
Asset turnover0.72×
ROA8.8%
ROA8.8%
Financial leverage2.15×
ROE19.0%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin12.4%
2022: 6.9%6.9%2023: 5.7%5.7%2024: 3.9%3.9%2025: 10.4%10.4%2026: 12.4%12.4%2223242526
Asset turnover0.72×
2022: 0.53×0.53×2023: 0.69×0.69×2024: 0.68×0.68×2025: 0.78×0.78×2026: 0.72×0.72×2223242526
ROA8.8%
2022: 3.7%3.7%2023: 4.0%4.0%2024: 2.6%2.6%2025: 8.1%8.1%2026: 8.8%8.8%2223242526
Financial leverage2.15×
2022: 2.07×2.07×2023: 2.04×2.04×2024: 2.07×2.07×2025: 2.18×2.18×2026: 2.15×2.15×2223242526
ROE19.0%
2022: 7.6%7.6%2023: 8.1%8.1%2024: 5.5%5.5%2025: 17.6%17.6%2026: 19.0%19.0%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20226.9%0.53×3.7%2.07×7.6%
20235.7%0.69×4.0%2.04×8.1%
20243.9%0.68×2.6%2.07×5.5%
202510.4%0.78×8.1%2.18×17.6%
202612.4%0.72×8.8%2.15×19.0%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue83.1%
2022: 115.8%115.8%2023: 89.5%89.5%2024: 93.5%93.5%2025: 75.8%75.8%2026: 83.1%83.1%2223242526
PPE ÷ total assets57.8%
2022: 61.0%61.0%2023: 61.4%61.4%2024: 61.1%61.1%2025: 55.5%55.5%2026: 57.8%57.8%2223242526
Goodwill ÷ parent equity4.7%
2022: 10.2%10.2%2023: 9.0%9.0%2024: 8.1%8.1%2025: 4.2%4.2%2026: 4.7%4.7%2223242526
Goodwill balance¥3.85B
2022: ¥6.42B¥6.42B2023: ¥5.87B¥5.87B2024: ¥5.43B¥5.43B2025: ¥3.09B¥3.09B2026: ¥3.85B¥3.85B2223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

R&D spending¥200M
2022: ¥39M¥39M2023: ¥96M¥96M2024: ¥143M¥143M2025: ¥165M¥165M2026: ¥200M¥200M2223242526
R&D / revenue0.2%
2022: 0.1%0.1%2023: 0.1%0.1%2024: 0.2%0.2%2025: 0.1%0.1%2026: 0.2%0.2%2223242526
Inventory days16d
2022: 19d19d2023: 15d15d2024: 15d15d2025: 15d15d2026: 16d16d2223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue68,23490,71292,860118,678119,164
Cost of revenue52,28572,37873,58082,43482,355
Gross profit15,94818,33319,27936,24436,809
SG&A8,28810,82311,51013,26014,472
Operating income7,6597,5097,76922,98322,336
Pretax income7,6627,8856,00619,19421,076
Income tax2,7602,5652,1696,7196,180
Net income attributable to owners4,7425,1973,62312,28514,730
Operating margin11.2%8.3%8.4%19.4%18.7%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 19%
2%
Property, plant and equipment 58%
5%
5%
Other assets 11%

Funding

Interest-bearing debt 26%
Other liabilities 24%
Equity 50%
0%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥24B¥23.7B¥20.7B¥29.9B¥33.2B
Total assets¥129.5B¥132.3B¥142.2B¥162B¥171.3B
Net assets¥64.2B¥67.1B¥69.1B¥75.4B¥85.3B
Share capital¥10B¥10B¥10B¥10B¥10B
Inventories¥2.72B¥3.03B¥3.03B¥3.35B¥3.56B
Property, plant and equipment¥79B¥81.2B¥86.8B¥89.9B¥99B
Intangible assets excluding goodwill¥6.96B¥6.48B¥6.19B¥4.48B¥5.17B
Goodwill¥6.42B¥5.87B¥5.43B¥3.09B¥3.85B
Investment securities¥1.7B¥1.86B¥7.12B¥7.3B¥7.56B
Current assets¥38.1B¥39.2B¥38.3B¥55.2B¥53.3B
Current liabilities¥24.4B¥27B¥32.4B¥38.5B¥43.5B
Short-term borrowings¥6.46B¥10.3B¥12.1B¥13.5B¥9.52B
Long-term borrowings¥24.2B¥22B¥20.6B¥27.2B¥28.8B
Bonds¥10.9B¥10.4B¥15B¥14.5B¥6.93B
Interest-bearing debt¥41.6Bderived¥42.6Bderived¥47.7Bderived¥55.2Bderived¥45.2Bderived
Total liabilities¥65.4B¥65.2B¥73.1B¥86.6B¥86B
Non-controlling interests¥1.58B¥1.65B¥1.94B¥2.26B¥2.37B
Equity attributable to owners of parent¥62.7B¥65.5B¥66.9B¥72.8B¥82.3B
Retained earnings¥20.3B¥23.1B¥24.7B¥34.9B¥47.4B
Treasury stock-¥1.7B-¥1.64B-¥1.64B-¥5.96B-¥8.92B

Sources

Show source documents (5)

  • EDINET (FSA Japan)

    有価証券報告書－第5期(2025/04/01－2026/03/31)

    ID S100YFHS2026-06-19Open

  • EDINET (FSA Japan)

    有価証券報告書－第4期(2024/04/01－2025/03/31)

    ID S100W1H52025-06-20Open

  • EDINET (FSA Japan)

    有価証券報告書－第3期(2023/04/01－2024/03/31)

    ID S100TSKR2024-06-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第2期(2022/04/01－2023/03/31)

    ID S100R63X2023-06-27Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第1期(令和3年4月1日－令和4年3月31日)

    ID S100PVMB2022-12-27Open

Extracted from XBRL: 55 / Derived from other figures: 2

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