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TRUST HoldingsTRUST Holdings Inc.3286東証スタンダード不動産業FY ending Jun 2025, consolidated, J-GAAP

TRUST Holdings revenue and profit

Out of every ¥100 of sales, about ¥4 is left as operating profit. Revenue changed -5.9% from the prior year, operating profit -21.6%.

Five-year trend

Revenue¥12.9B
FY ending Jun 2021: ¥12.3B¥12.3BFY ending Jun 2022: ¥12.7B¥12.7BFY ending Jun 2023: ¥13.4B¥13.4BFY ending Jun 2024: ¥13.7B¥13.7BFY ending Jun 2025: ¥12.9B¥12.9BFY21FY22FY23FY24FY25
Operating income¥530M
FY ending Jun 2021: -¥10.4M-¥10.4MFY ending Jun 2022: ¥397.8M¥397.8MFY ending Jun 2023: ¥569.2M¥569.2MFY ending Jun 2024: ¥675.7M¥675.7MFY ending Jun 2025: ¥530M¥530MFY21FY22FY23FY24FY25
Operating margin4.1%
FY ending Jun 2021: -0.1%-0.1%FY ending Jun 2022: 3.1%3.1%FY ending Jun 2023: 4.2%4.2%FY ending Jun 2024: 4.9%4.9%FY ending Jun 2025: 4.1%4.1%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin2.7%
Asset turnover1.47×
ROA3.9%
ROA3.9%
Financial leverage8.23×
ROE32.4%

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

Net margin2.7%
2021: 0.6%0.6%2022: 1.0%1.0%2023: 1.8%1.8%2024: 2.5%2.5%2025: 2.7%2.7%2122232425
Asset turnover1.47×
2021: 1.38×1.38×2022: 1.45×1.45×2023: 1.49×1.49×2024: 1.50×1.50×2025: 1.47×1.47×2122232425
ROA3.9%
2021: 0.8%0.8%2022: 1.5%1.5%2023: 2.7%2.7%2024: 3.7%3.7%2025: 3.9%3.9%2122232425
Financial leverage8.23×
2021: 12.28×12.28×2022: 15.49×15.49×2023: 17.52×17.52×2024: 11.86×11.86×2025: 8.23×8.23×2122232425
ROE32.4%
2021: 10.1%10.1%2022: 23.2%23.2%2023: 46.7%46.7%2024: 43.9%43.9%2025: 32.4%32.4%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20210.6%1.38×0.8%12.28×10.1%
20221.0%1.45×1.5%15.49×23.2%
20231.8%1.49×2.7%17.52×46.7%
20242.5%1.50×3.7%11.86×43.9%
20252.7%1.47×3.9%8.23×32.4%

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 ÷ revenue17.5%
2020: 24.1%24.1%2021: 21.5%21.5%2022: 17.3%17.3%2023: 16.0%16.0%2024: 15.3%15.3%2025: 17.5%17.5%202122232425
PPE ÷ total assets25.8%
2020: 34.5%34.5%2021: 29.8%29.8%2022: 25.5%25.5%2023: 22.8%22.8%2024: 23.8%23.8%2025: 25.8%25.8%202122232425
Goodwill ÷ parent equity—
2020: 13.1%13.1%2021: 10.9%10.9%2022: 15.5%15.5%2023: 2.1%2.1%202122232425
Goodwill balance—
2020: ¥95.8M¥95.8M2021: ¥79M¥79M2022: ¥62.2M¥62.2M2023: ¥13.2M¥13.2M202122232425

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.

Receivable days—
2020: 4d4d2021: 5d5d202122232425

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 Jun 2021FY ending Jun 2022FY ending Jun 2023FY ending Jun 2024FY ending Jun 2025
Revenue12,33812,66813,41813,69412,888
Cost of revenue10,05110,14910,79610,95010,374
Gross profit2,2872,5202,6222,7442,513
SG&A2,2972,1222,0532,0681,983
Operating income-10398569676530
Pretax income294237396555457
Income tax221107157217111
Net income attributable to owners73131240338346
Operating margin-0.1%3.1%4.2%4.9%4.1%

Balance sheet (reported items)

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

Assets

Cash 19%
Property, plant and equipment 26%
0%
1%
Other assets 54%

Funding

Interest-bearing debt 44%
Other liabilities 42%
Equity 14%
0%

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

ItemFY ending Jun 2021FY ending Jun 2022FY ending Jun 2023FY ending Jun 2024FY ending Jun 2025
Cash and equivalents¥2.22B¥2.14B¥2.81B¥2.74B¥1.71B
Total assets¥8.91B¥8.56B¥9.43B¥8.84B¥8.73B
Net assets¥724.7M¥399M¥622.5M¥915.2M¥1.22B
Share capital¥423M¥423M¥423M¥423M¥423M
Trade receivables¥170.3M————
Property, plant and equipment¥2.65B¥2.19B¥2.15B¥2.1B¥2.25B
Intangible assets excluding goodwill¥195.2M¥181.8M¥108.8M¥33.5M¥26.2M
Goodwill¥79M¥62.2M¥13.2M——
Investment securities¥52.8M¥40.1M¥68.1M¥69.8M¥54.5M
Current assets¥5.22B¥5.46B¥6.37B¥5.95B¥5.67B
Current liabilities¥4.3B¥4.72B¥5.55B¥4.82B¥4.29B
Short-term borrowings¥1.97B¥2B¥2.74B¥1.57B¥1.5B
Long-term borrowings¥2.74B¥2.4B¥2.11B¥1.94B¥2.26B
Bonds¥300M¥300M¥400M¥400M¥100M
Interest-bearing debt¥5.01Bderived¥4.7Bderived¥5.25Bderived¥3.91Bderived¥3.86Bderived
Total liabilities¥8.19B¥8.16B¥8.81B¥7.92B¥7.51B
Equity attributable to owners of parent¥725.8M¥402.2M¥624.9M¥915.8M¥1.22B
Retained earnings¥280.4M¥351.2M¥551.6M¥816.7M¥1.1B
Treasury stock-¥201.8M-¥596.1M-¥555.9M-¥533.8M-¥521.2M

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第12期(2024/07/01－2025/06/30)

    ID S100WQTF2025-09-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第11期(2023/07/01－2024/06/30)

    ID S100UG512024-09-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第10期(2022/07/01－2023/06/30)

    ID S100RXZ12023-09-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第9期(令和3年7月1日－令和4年6月30日)

    ID S100P9UM2022-09-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第8期(令和2年7月1日－令和3年6月30日)

    ID S100MIEA2021-09-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第7期(令和1年7月1日－令和2年6月30日)

    ID S100JRG12020-09-28Open

Extracted from XBRL: 48 / Derived from other figures: 2

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