# TriIs Incorporated: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第31期(2025/01/01－2025/12/31) (S100XU05)
> Page: https://vizora.meequs.com/en/company/triis
> Retrieved: 2026-09-30T21:03:35.312Z

## Company

TriIs, founded in 1995, is a company in Shoes & Bags listed on TSE Standard. It has 13 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TriIs Incorporated |
| Ticker | 4840 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4840.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区紀尾井町4番1号 |
| Representative (per filing) | 代表取締役社長 東郷 薫 |
| Founded | Mar 1995 |
| Share capital | ¥100M |
| Employees (consolidated) | 13 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | December |
| Website | www.triis.co.jp (https://www.triis.co.jp/) |
| Corporate number | 6010001124460 |
| EDINET | E05183 |
| Industries (Vizora) | Shoes & Bags, Real Estate Development & Leasing, Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100XU05, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 1.7 | 86 |
| Efficiency | 19.2 | 86 |

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 TriIs's sales come from Real Estate Investment business, with Construction consulting business and Fashion brand business making up much of the rest.
- It lost about ¥15 for every ¥100 of sales at the operating level.
- Revenue changed +48.2% from the prior year, operating profit -9365.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.42B |  |
| Operating income | -¥204.9M | Margin -14.4% |
| Net income | -¥423.1M | Margin -29.7% |
| Free cash flow | -¥850.9M |  |
| Largest business | Real Estate Investment business | of segment revenue 65.0% |
| Employees (consolidated) | 13 |  |
| EPS | ¥-88.94 |  |
| Book value per share | ¥508.29 |  |
| Equity ratio | 86.4% |  |
| Shares outstanding | 8,300,000 |  |
| Treasury shares | 495,200 |  |
| Shareholders | 4,820 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 65.6% | Cash ÷ revenue 228.7% |
| Vs. industry median margin | -24.9 pp | Real Estate Development & Leasing |
| ROA | -8.0% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 7.1× dividends
- FY2025, one segment accounts for 68% of positive segment profit
- FY2025, cash is 66% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1004281000 | ¥1424424000 | +41.8% |
| Operating income | ¥98410000 | ¥-204944000 | -308.3% |
| Operating margin | 9.8% | -14.4% | -24.2 pp |
| Employees | 41 people | 13 people | -68.3% |
| Cash and equivalents | ¥1492725000 | ¥3257762000 | +118.2% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 建設コンサルタント事業 → 建設コンサルタント事業 | 23.4% |
| 建設コンサルタント事業 → 事業再編・廃止 | 29.2% |
| ファッションブランド事業 → ファッションブランド事業 | 11.6% |
| ファッションブランド事業 → 事業再編・廃止 | 15.9% |
| 投資事業 → 事業再編・廃止 | 19.9% |
| 新設・再編 → 不動産投資事業 | 65.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Real Estate Investment business | — | — | ¥926111000 | -7.0% | 2 |
| Construction consulting business | 5 years | -8.8% | ¥333652000 | 16.0% | 2 |
| Fashion brand business | 5 years | -9.8% | ¥164661000 | 15.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,424 | 100.0% | S100XU05 |
| Cost of revenue | 1,236 | 86.7% | S100XU05 |
| Gross profit | 189 | 13.3% | S100XU05 |
| SG&A | 394 | 27.6% | S100XU05 |
| Operating income | -205 | -14.4% | S100XU05 |
| Ordinary income | 232 | 16.3% | S100XU05 |
| Pretax income | -382 | -26.8% | S100XU05 |
| Income tax | 41 | 2.9% | S100XU05 |
| Net income | -423 | -29.7% | S100XU05 |
| Net income attributable to owners | -423 | -29.7% | S100XU05 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 28 |
| Operating income | -15 |
| (Ref.) Net income | -30 |

### Margin funnel

Gross margin 13.3% → Operating margin -14.4% → Net margin -29.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 961 | 1,424 | 463 | +48.2% |
| Gross profit | 411 | 189 | -222 | -54.0% |
| Operating income | 2 | -205 | -207 | -9365.1% |
| Net income attributable to owners | 195 | -423 | -618 | -317.2% |
| Operating cash flow | -187 | -850 | -663 | — |
| Free cash flow | -192 | -851 | -659 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 1,715 | 251 | 14.6% | 125 | 383 | 381 | S100L109 |
| FY ending Dec 2020 | 1,004 | 98 | 9.8% | 3 | -104 | -395 | S100NQIL |
| FY ending Dec 2021 | 1,005 | -150 | -15.0% | -225 | -78 | -846 | S100QG1P |
| FY ending Dec 2022 | 722 | -105 | -14.5% | 469 | -186 | -203 | S100T6I9 |
| FY ending Dec 2023 | 636 | -8 | -1.3% | 102 | -557 | -569 | S100VJ9V |
| FY ending Dec 2024 | 961 | 2 | 0.2% | 195 | -187 | -192 | S100XU05 |
| FY ending Dec 2025 | 1,424 | -205 | -14.4% | -423 | -850 | -851 | S100XU05 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥109.6M |
| Operating income per employee (consolidated) | -¥15.8M |
| Net income per employee (consolidated) | -¥32.5M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 28 | 25 | 25 | 29 | 13 |
| Average salary (parent company) | ¥4.5M | ¥5.1M | ¥3.9M | ¥5.2M | ¥5.8M |
| Average age (parent company) | 39.0 years | 40.0 years | 48.0 years | 49.0 years | 49.0 years |
| Average tenure (parent company) | 9.8 years | 9.3 years | 3.3 years | 3.5 years | 4.8 years |

Year over year: Employees (consolidated) -55.2% · Revenue (consolidated) +48.2%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction consulting business | 334 | 23.4% | 53 | 16.0% |
| Fashion brand business | 165 | 11.6% | 25 | 15.4% |
| Real Estate Investment business | 926 | 65.0% | -65 | -7.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction consulting business | 23.4% | 67.8% | 44.4 | 16.0% |
| Fashion brand business | 11.6% | 32.2% | 20.6 | 15.4% |
| Real Estate Investment business | 65.0% | — | — | -7.0% |

Loss-making segment (excluded from profit shares): Real Estate Investment business -65 JPY mn

Segment → industry: Fashion brand business → Shoes & Bags / Real Estate Investment business → Real Estate Development & Leasing / Construction consulting business → Disaster Prevention & Infrastructure Maintenance

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -850 | -59.7% | S100XU05 |
| Capital expenditure | 1 | 0.1% | S100XU05 |
| Free cash flow | -851 | -59.7% | 算出 |
| Investing cash flow | 1,049 | 73.7% | S100XU05 |
| Financing cash flow | 229 | 16.1% | S100XU05 |
| Dividends paid | 0 | 0.0% | S100XU05 |
| Share buyback | 1 | 0.0% | S100XU05 |
| Change in cash | 433 | 30.4% | S100XU05 |
| Cash and equivalents | 3,258 | 228.7% | S100XU05 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 600 | 1,033 | 2,963 | 2,825 | 3,258 | S100T6I9, S100VJ9V, S100XU05 |
| Total assets | 6,422 | 6,219 | 5,601 | 5,673 | 4,969 | S100QG1P, S100T6I9, S100VJ9V, S100XU05 |
| Net assets | 4,153 | 5,328 | 5,149 | 5,227 | 4,363 | S100T6I9, S100VJ9V, S100XU05 |
| Share capital | 5,000 | 5,000 | 5,000 | 100 | 100 | S100QG1P, S100T6I9, S100VJ9V, S100XU05 |
| Trade receivables | 42 | 28 | 56 | 42 | 7 | S100QG1P, S100T6I9, S100VJ9V, S100XU05 |
| Property, plant and equipment | 5,012 | 1,844 | 1,738 | 1,740 | 120 | S100QG1P, S100T6I9, S100VJ9V, S100XU05 |
| Intangible assets excluding goodwill | 9 | 11 | 9 | 7 | 4 | S100QG1P, S100T6I9, S100VJ9V, S100XU05 |
| Investment securities | 84 | 109 | 36 | 37 | 37 | S100QG1P, S100T6I9, S100VJ9V, S100XU05 |
| Current assets | 1,152 | 4,168 | 3,738 | 3,809 | 4,729 | S100QG1P, S100T6I9, S100VJ9V, S100XU05 |
| Current liabilities | 210 | 641 | 209 | 210 | 591 | S100QG1P, S100T6I9, S100VJ9V, S100XU05 |
| Trade payables | 10 | 9 | 6 | 16 | 2 | S100QG1P, S100T6I9, S100VJ9V, S100XU05 |
| Long-term borrowings | 1,996 | 235 | 227 | 223 | — | S100QG1P, S100T6I9, S100VJ9V, S100XU05 |
| Total liabilities | 2,269 | 890 | 451 | 446 | 607 | S100QG1P, S100T6I9, S100VJ9V, S100XU05 |
| Equity attributable to owners of parent | 3,985 | 4,370 | 4,473 | 4,669 | 4,245 | S100QG1P, S100T6I9, S100VJ9V, S100XU05 |
| Retained earnings | -1,380 | -1,004 | -902 | 87 | -336 | S100QG1P, S100T6I9, S100VJ9V, S100XU05 |
| Treasury stock | -225 | -205 | -201 | -200 | -200 | S100QG1P, S100T6I9, S100VJ9V, S100XU05 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 66% | S100XU05 |
| Receivables | 0% | S100XU05 |
| Property, plant and equipment | 2% | S100XU05 |
| Intangibles and goodwill | 0% | S100XU05 |
| Investment securities | 1% | S100XU05 |
| Other assets | 31% | S100XU05 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100XU05 |
| Other liabilities | 12% | S100XU05 |
| Equity | 88% | S100XU05 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 6,422 | 6,219 | 5,601 | 5,673 | 4,969 |
| Equity | 4,153 | 5,328 | 5,149 | 5,227 | 4,363 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 600 | 1,033 | 2,963 | 2,825 | 3,258 |

## 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) | 8.4% | S100XU05 |
| Fixed assets ÷ total assets | 2.4% | S100XU05 |
| Goodwill ÷ parent equity | — | —, S100XU05 |

### 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) | 65.6% |
| Cash ÷ revenue | 228.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -427 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -3.5% | —× | — | S100QG1P |
| 2022 | 64.9% | 0.11× | 7.4% | 1.51× | 11.2% | S100T6I9 |
| 2023 | 16.1% | 0.11× | 1.7% | 1.34× | 2.3% | S100VJ9V |
| 2024 | 20.3% | 0.17× | 3.5% | 1.23× | 4.3% | S100XU05 |
| 2025 | — | —× | -8.0% | —× | — | S100XU05 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| チャレンジ２号投資事業組合 | Major shareholder | 12.3% | 2025-12-31 |
| 池田有希子 | Major shareholder | 10.6% | 2025-12-31 |
| ＦＯＵ ＪＯＨＮ ＣＨＩ ＣＨＯＮＧ | Major shareholder | 6.4% | 2025-12-31 |
| ＤＢＳ ＢＡＮＫ ＬＴＤ ７００１７０ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 5.3% | 2025-12-31 |
| サンシャインＧ号投資事業組合 | Major shareholder | 4.1% | 2025-12-31 |
| サンシャインＨ号投資事業組合 | Major shareholder | 3.0% | 2025-12-31 |
| サンシャインＦ号投資事業組合 | Major shareholder | 3.0% | 2025-12-31 |
| トリリオン投資事業有限責任組合 | Major shareholder | 2.9% | 2025-12-31 |
| ＢＡＮＫ ＪＵＬＩＵＳ ＢＡＥＲ ＡＮＤ ＣＯ． ＬＴＤ． ＳＩＮＧＡＰＯＲＥ ＣＬＩＥＮＴＳ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.7% | 2025-12-31 |
| 竹林 義則 | Major shareholder | 1.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第31期(2025/01/01－2025/12/31) | S100XU05 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU05,, |
| 有価証券報告書－第30期(2024/01/01－2024/12/31) | S100VJ9V | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJ9V,, |
| 有価証券報告書－第29期(2023/01/01－2023/12/31) | S100T6I9 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6I9,, |
| 有価証券報告書－第28期(2022/01/01－2022/12/31) | S100QG1P | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG1P,, |
| 有価証券報告書－第27期(令和3年1月1日－令和3年12月31日) | S100NQIL | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQIL,, |
| 有価証券報告書－第26期(令和2年1月1日－令和2年12月31日) | S100L109 | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L109,, |

## 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).