# TRE HOLDINGS CORPORATION: 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5期(2025/04/01－2026/03/31) (S100YFHS)
> Page: https://vizora.meequs.com/en/company/tre-holdings
> Retrieved: 2026-09-30T22:16:35.267Z

## Company

TRE Holdings, founded in 2021, is a company in Electric Power & Gas listed on TSE Prime. It has 2,425 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TRE HOLDINGS CORPORATION |
| Ticker | 9247 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9247.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町一丁目7番2号 東京サンケイビル15階 |
| Representative (per filing) | 代表取締役社長 阿部光男 |
| Founded | Mar 2021 |
| Share capital | ¥10B |
| Employees (consolidated) | 2,425 |
| Average salary (parent only) | ¥8.9M |
| Fiscal year end | March |
| Website | tre-hd.co.jp (https://tre-hd.co.jp/) |
| Corporate number | 2010001221609 |
| EDINET | E36751 |
| Industries (Vizora) | Electric Power & Gas, Waste Management & Recycling |

> Profile source: annual securities report (S100YFHS, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Waste Management & Recycling (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 85.4 | 24 |
| Profitability | 86 | 25 |
| Cash conversion | 74 | 25 |
| Efficiency | 34 | 25 |
| Financial strength | 95.5 | 11 |

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 44% of TRE Holdings's sales come from Waste disposal and recycling, with Resourse Recycling and Renewable energy making up much of the rest.
- 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%.

## Company structure

- Segment revenue mix: Waste disposal and recycling 44.3%、Resourse Recycling 36.2%、Renewable energy 12.3%、Other 7.1%
- Revenue → net income: ¥119164000000 → ¥14896000000
- Net income → operating cash flow: ¥14896000000 → ¥28540000000（difference ¥13644000000）
- Main uses of operating cash flow: CapEx ¥16584000000 / dividends ¥2226000000 / buybacks ¥3025000000
- Change in cash: ¥3297000000
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 | ¥119.2B |  |
| Operating income | ¥22.3B | Margin 18.7% |
| Net income | ¥14.7B | Margin 12.4% |
| Free cash flow | ¥12B |  |
| Largest business | Waste disposal and recycling | of segment revenue 44.3% |
| Employees (consolidated) | 2,425 |  |
| EPS | ¥105.94 |  |
| Book value per share | ¥1203.97 |  |
| Equity ratio | 48.4% |  |
| Shares outstanding | 52,610,000 |  |
| Treasury shares | 4,840,300 |  |
| Shareholders | 13,408 |  |
| Average salary (parent only) | ¥8.9M | Filing company only |
| Cash ratio | 19.4% | Net cash -¥12B · Cash ÷ revenue 27.9% |
| Vs. industry median margin | +11.6 pp | Waste Management & Recycling |
| ROE | 19.0% | Derived from disclosed figures |
| ROA | 8.8% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.4× dividends
- FY2026, one segment accounts for 77% of positive segment profit
- FY2026, segment profit share differs by 33 points

## What changed in 4 years

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥68234000000 | ¥119164000000 | +74.6% |
| Operating income | ¥7659000000 | ¥22336000000 | +191.6% |
| Operating margin | 11.2% | 18.7% | +7.5 pp |
| Employees | 2,103 people | 2,425 people | +15.3% |
| Cash and equivalents | ¥24014000000 | ¥33220000000 | +38.3% |

### Change in segment revenue mix

Span: FY ending Mar 2022 → 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 |
| --- | ---: |
| 廃棄物処理・再資源化事業 → 廃棄物処理・再資源化事業 | 36.7% |
| 資源リサイクル事業 → 資源リサイクル事業 | 35.3% |
| 再生可能エネルギー事業 → 再生可能エネルギー事業 | 12.3% |
| 再生可能エネルギー事業 → 事業再編・廃止 | 5.9% |
| その他 → その他 | 7.1% |
| その他 → 事業再編・廃止 | 2.8% |
| 新設・再編 → 廃棄物処理・再資源化事業 | 7.7% |
| 新設・再編 → 資源リサイクル事業 | 1.0% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Waste disposal and recycling | 4 years | +20.6% | ¥52843000000 | 35.4% | 2 |
| Resourse Recycling | 4 years | +15.7% | ¥43166000000 | 7.9% | 2 |
| Renewable energy | 4 years | +4.2% | ¥14656000000 | 5.4% | 2 |
| Other | 4 years | +5.9% | ¥8497000000 | 16.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 119,164 | 100.0% | S100YFHS |
| Cost of revenue | 82,355 | 69.1% | S100YFHS |
| Gross profit | 36,809 | 30.9% | S100YFHS |
| SG&A | 14,472 | 12.1% | S100YFHS |
| Operating income | 22,336 | 18.7% | S100YFHS |
| Ordinary income | 21,785 | 18.3% | S100YFHS |
| Pretax income | 21,076 | 17.7% | S100YFHS |
| Income tax | 6,180 | 5.2% | S100YFHS |
| Net income | 14,896 | 12.5% | S100YFHS |
| Net income attributable to owners | 14,730 | 12.4% | S100YFHS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 12 |
| Operating income | 19 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 30.9% → Operating margin 18.7% → Net margin 12.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.4%; Core profit growth: -2.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -6.87×
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 | 118,678 | 119,164 | 486 | +0.4% |
| Gross profit | 36,244 | 36,809 | 565 | +1.6% |
| Operating income | 22,983 | 22,336 | -647 | -2.8% |
| Net income attributable to owners | 12,285 | 14,730 | 2,445 | +19.9% |
| Operating cash flow | 19,835 | 28,540 | 8,705 | +43.9% |
| Free cash flow | 7,957 | 11,956 | 3,999 | +50.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2022 | 68,234 | 7,659 | 11.2% | 4,742 | 11,017 | 6,622 | S100R63X |
| FY ending Mar 2023 | 90,712 | 7,509 | 8.3% | 5,197 | 9,184 | 3,477 | S100TSKR |
| FY ending Mar 2024 | 92,860 | 7,769 | 8.4% | 3,623 | 12,194 | 239 | S100W1H5 |
| FY ending Mar 2025 | 118,678 | 22,983 | 19.4% | 12,285 | 19,835 | 7,957 | S100YFHS |
| FY ending Mar 2026 | 119,164 | 22,336 | 18.7% | 14,730 | 28,540 | 11,956 | S100YFHS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥49.1M |
| Operating income per employee (consolidated) | ¥9.2M |
| Net income per employee (consolidated) | ¥6.1M |

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) | 2,103 | 2,169 | 2,300 | 2,393 | 2,425 |
| Average salary (parent company) | ¥8.3M | ¥7.8M | ¥7M | ¥8.5M | ¥8.9M |
| Average age (parent company) | 46.7 years | 47.8 years | 47.6 years | 47.8 years | 48.3 years |
| Average tenure (parent company) | 10.5 years | 11.7 years | 10.3 years | 10.8 years | 10.8 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +0.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Waste disposal and recycling | 52,843 | 44.3% | 18,691 | 35.4% |
| Resourse Recycling | 43,166 | 36.2% | 3,395 | 7.9% |
| Renewable energy | 14,656 | 12.3% | 790 | 5.4% |
| Other | 8,497 | 7.1% | 1,367 | 16.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Waste disposal and recycling | 44.3% | 77.1% | 32.8 | 35.4% |
| Resourse Recycling | 36.2% | 14.0% | -22.2 | 7.9% |
| Renewable energy | 12.3% | 3.3% | -9.0 | 5.4% |
| Other | 7.1% | 5.6% | -1.5 | 16.1% |

Segment → industry: Renewable energy → Electric Power & Gas / Resourse Recycling → Waste Management & Recycling / Waste disposal and recycling → Waste Management & Recycling

## 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 | 28,540 | 24.0% | S100YFHS |
| Capital expenditure | 16,584 | 13.9% | S100YFHS |
| Free cash flow | 11,956 | 10.0% | 算出 |
| Investing cash flow | -18,815 | -15.8% | S100YFHS |
| Financing cash flow | -6,427 | -5.4% | S100YFHS |
| Dividends paid | 2,226 | 1.9% | S100YFHS |
| Share buyback | 3,025 | 2.5% | S100YFHS |
| Change in cash | 3,297 | 2.8% | S100YFHS |
| Cash and equivalents | 33,220 | 27.9% | S100YFHS |

## 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 | 24,014 | 23,678 | 20,663 | 29,922 | 33,220 | S100TSKR, S100W1H5, S100YFHS |
| Total assets | 129,524 | 132,290 | 142,159 | 162,047 | 171,261 | S100R63X, S100TSKR, S100W1H5, S100YFHS |
| Net assets | 64,173 | 67,137 | 69,083 | 75,426 | 85,267 | S100TSKR, S100W1H5, S100YFHS |
| Share capital | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | S100R63X, S100TSKR, S100W1H5, S100YFHS |
| Inventories | 2,717 | 3,031 | 3,032 | 3,347 | 3,562 | S100R63X, S100TSKR, S100W1H5, S100YFHS |
| Property, plant and equipment | 78,987 | 81,176 | 86,804 | 89,943 | 98,986 | S100R63X, S100TSKR, S100W1H5, S100YFHS |
| Intangible assets excluding goodwill | 6,963 | 6,476 | 6,190 | 4,479 | 5,173 | S100R63X, S100TSKR, S100W1H5, S100YFHS |
| Goodwill | 6,417 | 5,870 | 5,435 | 3,087 | 3,852 | S100R63X, S100TSKR, S100W1H5, S100YFHS |
| Investment securities | 1,696 | 1,859 | 7,116 | 7,301 | 7,563 | S100R63X, S100TSKR, S100W1H5, S100YFHS |
| Current assets | 38,114 | 39,177 | 38,259 | 55,227 | 53,262 | S100R63X, S100TSKR, S100W1H5, S100YFHS |
| Current liabilities | 24,431 | 27,011 | 32,414 | 38,487 | 43,476 | S100R63X, S100TSKR, S100W1H5, S100YFHS |
| Short-term borrowings | 6,458 | 10,302 | 12,052 | 13,492 | 9,523 | S100R63X, S100TSKR, S100W1H5, S100YFHS |
| Long-term borrowings | 24,226 | 21,962 | 20,620 | 27,230 | 28,773 | S100R63X, S100TSKR, S100W1H5, S100YFHS |
| Bonds | 10,929 | 10,358 | 14,987 | 14,456 | 6,930 | S100R63X, S100TSKR, S100W1H5, S100YFHS |
| Interest-bearing debt | 41,613 | 42,622 | 47,659 | 55,178 | 45,226 | 算出 |
| Total liabilities | 65,351 | 65,152 | 73,076 | 86,621 | 85,993 | S100R63X, S100TSKR, S100W1H5, S100YFHS |
| Non-controlling interests | 1,578 | 1,654 | 1,944 | 2,264 | 2,374 | S100R63X, S100TSKR, S100W1H5, S100YFHS |
| Equity attributable to owners of parent | 62,661 | 65,520 | 66,943 | 72,832 | 82,308 | S100R63X, S100TSKR, S100W1H5, S100YFHS |
| Retained earnings | 20,277 | 23,149 | 24,685 | 34,899 | 47,403 | S100R63X, S100TSKR, S100W1H5, S100YFHS |
| Treasury stock | -1,697 | -1,641 | -1,635 | -5,958 | -8,924 | S100R63X, S100TSKR, S100W1H5, S100YFHS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YFHS |
| Inventories | 2% | S100YFHS |
| Property, plant and equipment | 58% | S100YFHS |
| Intangibles and goodwill | 5% | S100YFHS |
| Investment securities | 5% | S100YFHS |
| Other assets | 11% | S100YFHS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 26% | 算出 |
| Other liabilities | 24% | S100YFHS |
| Equity | 50% | S100YFHS |
| Other liabilities | 0% | S100YFHS |

### 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 | 129,524 | 132,290 | 142,159 | 162,047 | 171,261 |
| Equity | 64,173 | 67,137 | 69,083 | 75,426 | 85,267 |
| Interest-bearing debt | 41,613 | 42,622 | 47,659 | 55,178 | 45,226 |
| Cash | 24,014 | 23,678 | 20,663 | 29,922 | 33,220 |

## 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) | 83.1% | S100YFHS |
| Fixed assets ÷ total assets | 57.8% | S100YFHS |
| Goodwill ÷ parent equity | 4.7% | S100YFHS |

Goodwill over 4 years: 6,417 → 3,852 JPY; total investing cash flow: -56,558 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) | 19.4% |
| Cash ÷ revenue | 27.9% |
| Net cash (cash − interest-bearing debt) | -¥12B |
| Net debt ÷ operating cash flow | 0.42× |
| Cash conversion (operating CF ÷ operating income) | 127.8% |
| Cash vs. profit gap | 13,810 JPY mn (of net income 93.8%) |
| Shareholder returns / net income | 35.6% |
| Shareholder returns / FCF | 43.9% |
| Shareholder payments — dividends / net income | 15.1% |
| Shareholder payments — dividends / FCF | 18.6% |
| CapEx intensity (capex ÷ revenue) | 13.9% |
| Investing CF relative to operating CF | 65.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 6.9% | 0.53× | 3.7% | 2.07× | 7.6% | S100R63X |
| 2023 | 5.7% | 0.69× | 4.0% | 2.04× | 8.1% | S100TSKR |
| 2024 | 3.9% | 0.68× | 2.6% | 2.07× | 5.5% | S100W1H5 |
| 2025 | 10.4% | 0.78× | 8.1% | 2.18× | 17.6% | S100YFHS |
| 2026 | 12.4% | 0.72× | 8.8% | 2.15× | 19.0% | S100YFHS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行(株)(信託口) | Major shareholder | 13.0% | 2026-03-31 |
| みずほ証券(株) | Major shareholder | 5.9% | 2026-03-31 |
| (株)日本カストディ銀行(信託口) | Major shareholder | 5.7% | 2026-03-31 |
| 三本守 | Major shareholder | 4.1% | 2026-03-31 |
| みずほリース(株) | Major shareholder | 3.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223(常任代理人 (株)みずほ銀行決済営業部) | Major shareholder | 2.7% | 2026-03-31 |
| 鈴木徹 | Major shareholder | 2.2% | 2026-03-31 |
| TREHD従業員持株会 | Major shareholder | 1.9% | 2026-03-31 |
| ベステラ(株) | Major shareholder | 1.6% | 2026-03-31 |
| (株)日本カストディ銀行(信託E口) | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第5期(2025/04/01－2026/03/31) | S100YFHS | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFHS,, |
| 有価証券報告書－第4期(2024/04/01－2025/03/31) | S100W1H5 | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1H5,, |
| 有価証券報告書－第3期(2023/04/01－2024/03/31) | S100TSKR | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSKR,, |
| 有価証券報告書－第2期(2022/04/01－2023/03/31) | S100R63X | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R63X,, |
| 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) | S100PVMB | 2022-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVMB,, |

## 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).