# Treasure Factory Co.,LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第31期(2025/03/01－2026/02/28) (S100Y644)
> Page: https://vizora.meequs.com/en/company/treasurefactory
> Retrieved: 2026-09-30T19:05:55.822Z

## Company

Treasure Factory, founded in 1995, is a company in Secondhand Retail listed on TSE Prime. It has 1,434 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Treasure Factory Co.,LTD. |
| Ticker | 3093 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3093.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区外神田4丁目14番1号 |
| Representative (per filing) | 代表取締役社長 野坂 英吾 |
| Founded | May 1995 |
| Share capital | ¥906M |
| Employees (consolidated) | 1,434 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | February |
| Website | www.treasurefactory.co.jp (https://www.treasurefactory.co.jp/) |
| Corporate number | 3011801014408 |
| EDINET | E03520 |
| Industries (Vizora) | Secondhand Retail |

> Profile source: annual securities report (S100Y644, filed 2026-05-26). As of filing

## Five-axis industry profile

Primary industry: Secondhand Retail (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 73.5 | 17 |
| Profitability | 87.5 | 20 |
| Cash conversion | 23.3 | 15 |
| Efficiency | 62.5 | 20 |

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 98% of Treasure Factory's sales come from Element, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +15.1% from the prior year, operating profit +18.4%.

## Company structure

- Segment revenue mix: Element 97.6%、Other 2.4%
- Revenue → net income: ¥48597000000 → ¥3236000000
- Net income → operating cash flow: ¥3236000000 → ¥3242000000（difference ¥6000000）
- Main uses of operating cash flow: CapEx ¥1340000000 / dividends ¥866000000 / buybacks —
- Change in cash: ¥2008000000
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 | ¥48.6B |  |
| Operating income | ¥4.78B | Margin 9.8% |
| Net income | ¥3.17B | Margin 6.5% |
| Free cash flow | ¥1.9B |  |
| Largest business | Element | of segment revenue 97.6% |
| Employees (consolidated) | 1,434 |  |
| EPS | ¥83.61 |  |
| Book value per share | ¥403 |  |
| Equity ratio | 50.0% |  |
| Shares outstanding | 24,347,800 |  |
| Treasury shares | 906,500 |  |
| Shareholders | 7,387 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 19.7% | Cash ÷ revenue 10.3% |
| Vs. industry median margin | +6.5 pp | Secondhand Retail |
| ROE | 27.4% | Derived from disclosed figures |
| ROA | 13.7% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.1× its level five years ago
- FY2026, one segment accounts for 99% of positive segment profit

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18735893000 | ¥48597000000 | +159.4% |
| Operating income | ¥106879000 | ¥4777000000 | +4369.5% |
| Operating margin | 0.6% | 9.8% | +9.3 pp |
| Employees | 794 people | 1,434 people | +80.6% |
| Cash and equivalents | ¥1937333000 | ¥5012000000 | +158.7% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| リユース事業 → リユース事業 | 97.5% |
| その他 → その他 | 2.4% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → リユース事業 | 0.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 48,597 | 100.0% | S100Y644 |
| Cost of revenue | 19,866 | 40.9% | S100Y644 |
| Gross profit | 28,731 | 59.1% | S100Y644 |
| SG&A | 23,953 | 49.3% | S100Y644 |
| Operating income | 4,777 | 9.8% | S100Y644 |
| Ordinary income | 4,857 | 10.0% | S100Y644 |
| Pretax income | 4,656 | 9.6% | S100Y644 |
| Income tax | 1,419 | 2.9% | S100Y644 |
| Net income | 3,236 | 6.7% | S100Y644 |
| Net income attributable to owners | 3,171 | 6.5% | S100Y644 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 41 |
| SG&A | 49 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 59.1% → Operating margin 9.8% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.1%; Core profit growth: +18.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.21×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 42,207 | 48,597 | 6,390 | +15.1% |
| Gross profit | 24,924 | 28,731 | 3,807 | +15.3% |
| Operating income | 4,035 | 4,777 | 742 | +18.4% |
| Net income attributable to owners | 2,709 | 3,171 | 462 | +17.1% |
| Operating cash flow | 2,819 | 3,242 | 423 | +15.0% |
| Free cash flow | 1,424 | 1,902 | 478 | +33.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 19,123 | 939 | 4.9% | 516 | 638 | 279 | S100LEOG |
| FY ending Feb 2021 | 18,736 | 107 | 0.6% | -135 | 482 | 182 | S100O3HZ |
| FY ending Feb 2022 | 23,313 | 995 | 4.3% | 703 | 870 | 273 | S100QT1J |
| FY ending Feb 2023 | 28,212 | 2,565 | 9.1% | 1,710 | 1,764 | 981 | S100TI0Y |
| FY ending Feb 2024 | 34,454 | 3,348 | 9.7% | 2,241 | 1,000 | -31 | S100VTSG |
| FY ending Feb 2025 | 42,207 | 4,035 | 9.6% | 2,709 | 2,819 | 1,424 | S100Y644 |
| FY ending Feb 2026 | 48,597 | 4,777 | 9.8% | 3,171 | 3,242 | 1,902 | S100Y644 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.9M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥2.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 867 | 963 | 1,125 | 1,255 | 1,434 |
| Average salary (parent company) | ¥4.8M | ¥4.9M | ¥5M | ¥5M | ¥5.1M |
| Average age (parent company) | 30.9 years | 30.6 years | 30.5 years | 30.6 years | 30.3 years |
| Average tenure (parent company) | 5.8 years | 5.6 years | 5.6 years | 5.5 years | 5.3 years |

Year over year: Employees (consolidated) +14.3% · Revenue (consolidated) +15.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Element | 47,415 | 97.6% | 6,788 | 14.3% |
| Other | 1,182 | 2.4% | 62 | 5.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Element | 97.6% | 99.1% | 1.5 | 14.3% |
| Other | 2.4% | 0.9% | -1.5 | 5.2% |

Segment → industry: Element → Secondhand Retail

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,242 | 6.7% | S100Y644 |
| Capital expenditure | 1,340 | 2.8% | S100Y644 |
| Free cash flow | 1,902 | 3.9% | 算出 |
| Investing cash flow | -1,985 | -4.1% | S100Y644 |
| Financing cash flow | 743 | 1.5% | S100Y644 |
| Dividends paid | 866 | 1.8% | S100Y644 |
| Change in cash | 2,008 | 4.1% | S100Y644 |
| Cash and equivalents | 5,012 | 10.3% | S100Y644 |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,353 | 3,065 | 2,607 | 3,004 | 5,012 | S100TI0Y, S100VTSG, S100Y644 |
| Total assets | 11,810 | 14,659 | 17,728 | 20,830 | 25,479 | S100QT1J, S100TI0Y, S100VTSG, S100Y644 |
| Net assets | 4,895 | 6,815 | 8,526 | 10,502 | 12,900 | S100TI0Y, S100VTSG, S100Y644 |
| Share capital | 521 | 898 | 906 | 906 | 906 | S100QT1J, S100TI0Y, S100VTSG, S100Y644 |
| Property, plant and equipment | 1,808 | 2,192 | 2,831 | 3,584 | 4,049 | S100QT1J, S100TI0Y, S100VTSG, S100Y644 |
| Intangible assets excluding goodwill | 220 | 214 | 520 | 479 | 506 | S100QT1J, S100TI0Y, S100VTSG, S100Y644 |
| Goodwill | 93 | 76 | 361 | 313 | 311 | S100QT1J, S100TI0Y, S100VTSG, S100Y644 |
| Investment securities | 8 | 1 | 0 | 0 | — | S100QT1J, S100TI0Y, S100VTSG, S100Y644 |
| Current assets | 7,552 | 9,697 | 11,464 | 13,274 | 16,827 | S100QT1J, S100TI0Y, S100VTSG, S100Y644 |
| Current liabilities | 4,435 | 5,563 | 6,426 | 7,826 | 9,745 | S100QT1J, S100TI0Y, S100VTSG, S100Y644 |
| Short-term borrowings | 1,792 | 1,892 | 2,506 | 2,893 | 4,021 | S100QT1J, S100TI0Y, S100VTSG, S100Y644 |
| Long-term borrowings | 1,811 | 1,557 | 1,962 | 1,606 | 1,869 | S100QT1J, S100TI0Y, S100VTSG, S100Y644 |
| Total liabilities | 6,914 | 7,843 | 9,202 | 10,327 | 12,579 | S100QT1J, S100TI0Y, S100VTSG, S100Y644 |
| Non-controlling interests | 13 | 13 | 47 | 86 | 166 | S100QT1J, S100TI0Y, S100VTSG, S100Y644 |
| Equity attributable to owners of parent | 4,716 | 6,747 | 8,458 | 10,396 | 12,710 | S100QT1J, S100TI0Y, S100VTSG, S100Y644 |
| Retained earnings | 4,149 | 5,625 | 7,296 | 9,209 | 11,513 | S100QT1J, S100TI0Y, S100VTSG, S100Y644 |
| Treasury stock | -410 | -610 | -603 | -585 | -582 | S100QT1J, S100TI0Y, S100VTSG, S100Y644 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100Y644 |
| Property, plant and equipment | 16% | S100Y644 |
| Intangibles and goodwill | 3% | S100Y644 |
| Other assets | 61% | S100Y644 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 49% | S100Y644 |
| Equity | 51% | S100Y644 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 11,810 | 14,659 | 17,728 | 20,830 | 25,479 |
| Equity | 4,895 | 6,815 | 8,526 | 10,502 | 12,900 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,353 | 3,065 | 2,607 | 3,004 | 5,012 |

## 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) | 8.3% | S100Y644 |
| Fixed assets ÷ total assets | 15.9% | S100Y644 |
| Goodwill ÷ parent equity | 2.4% | S100Y644 |

Goodwill over 4 years: 93 → 311 JPY; total investing cash flow: -7,632 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) | 19.7% |
| Cash ÷ revenue | 10.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 67.9% |
| Cash vs. profit gap | 71 JPY mn (of net income 2.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 27.3% |
| Shareholder payments — dividends / FCF | 45.5% |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 61.2% |

## 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 | 3.0% | 1.97× | 6.0% | 2.50× | 14.9% | S100QT1J |
| 2023 | 6.1% | 2.13× | 12.9% | 2.31× | 29.8% | S100TI0Y |
| 2024 | 6.5% | 2.13× | 13.8% | 2.13× | 29.5% | S100VTSG |
| 2025 | 6.4% | 2.19× | 14.1% | 2.05× | 28.7% | S100Y644 |
| 2026 | 6.5% | 2.10× | 13.7% | 2.00× | 27.4% | S100Y644 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 野坂 英吾 | Major shareholder | 33.4% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.6% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.3% | 2026-02-28 |
| 株式会社スリースターマネジメント | Major shareholder | 5.1% | 2026-02-28 |
| 野坂 淳 | Major shareholder | 3.3% | 2026-02-28 |
| 長南 雅春 | Major shareholder | 3.1% | 2026-02-28 |
| 野村證券株式会社 | Major shareholder | 2.7% | 2026-02-28 |
| BNYM AS AGT/CLTS NON TREATY JASDEC (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 2.5% | 2026-02-28 |
| BNYM AS AGT/CLTS TREATY JASDEC (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.8% | 2026-02-28 |
| トレジャー・ファクトリー従業員持株会 | Major shareholder | 1.5% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第31期(2025/03/01－2026/02/28) | S100Y644 | 2026-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y644,, |
| 有価証券報告書－第30期(2024/03/01－2025/02/28) | S100VTSG | 2025-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTSG,, |
| 有価証券報告書－第29期(2023/03/01－2024/02/29) | S100TI0Y | 2024-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TI0Y,, |
| 有価証券報告書－第28期(2022/03/01－2023/02/28) | S100QT1J | 2023-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QT1J,, |
| 有価証券報告書－第27期(令和3年3月1日－令和4年2月28日) | S100O3HZ | 2022-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O3HZ,, |
| 有価証券報告書－第26期(令和2年3月1日－令和3年2月28日) | S100LEOG | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEOG,, |

## 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).