# TRUST Holdings Inc.: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2024/07/01－2025/06/30) (S100WQTF)
> Page: https://vizora.meequs.com/en/company/trust-holdings
> Retrieved: 2026-09-30T17:56:56.734Z

## Company

TRUST Holdings, founded in 1993, is a company in Automobiles listed on TSE Standard. It has 196 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TRUST Holdings Inc. |
| Ticker | 3286 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3286.T) |
| Listing | TSE Standard |
| Head office | 福岡市博多区博多駅南5丁目15番18号 |
| Representative (per filing) | 代表取締役社長 山川 修 |
| Founded | Aug 1993 |
| Share capital | ¥423M |
| Employees (consolidated) | 196 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | June |
| Website | www.trust-hd.co.jp (https://www.trust-hd.co.jp/) |
| Corporate number | 5290001063277 |
| EDINET | E27464 |
| Industries (Vizora) | Automobiles, Real Estate Development & Leasing, Hospitals & Medical Services, Condominium Developers |

> Profile source: annual securities report (S100WQTF, filed 2025-09-24). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.7 | 75 |
| Profitability | 15.7 | 86 |
| Cash conversion | 9.1 | 82 |
| Efficiency | 90.1 | 86 |
| Financial strength | 79.7 | 37 |

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 54% of TRUST Holdings's sales come from Parking, with Properties Development and Sales and Other making up much of the rest.
- 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%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥12.9B |  |
| Operating income | ¥530M | Margin 4.1% |
| Net income | ¥346M | Margin 2.7% |
| Free cash flow | -¥1.02B |  |
| Largest business | Parking | of segment revenue 54.3% |
| Employees (consolidated) | 196 |  |
| EPS | ¥43.19 |  |
| Book value per share | ¥372.39 |  |
| Equity ratio | 13.9% |  |
| Shares outstanding | 5,204,500 |  |
| Treasury shares | 1,075,900 |  |
| Shareholders | 5,770 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 19.6% | Net cash -¥2.15B · Cash ÷ revenue 13.3% |
| Vs. industry median margin | -6.4 pp | Real Estate Development & Leasing |
| ROE | 32.4% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13560520000 | ¥12887524000 | -5.0% |
| Operating income | ¥291831000 | ¥529976000 | +81.6% |
| Operating margin | 2.2% | 4.1% | +2 pp |
| Employees | 234 people | 196 people | -16.2% |
| Cash and equivalents | ¥1655722000 | ¥1711817000 | +3.4% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 駐車場事業 → 駐車場事業 | 48.3% |
| 不動産事業 → 不動産事業 | 23.2% |
| 駐車場等小口化事業 → 駐車場等小口化事業 | 4.8% |
| 駐車場等小口化事業 → 事業再編・廃止 | 12.9% |
| メディカルサービス事業 → メディカルサービス事業 | 1.4% |
| ＲＶ事業 → ＲＶ事業 | 1.7% |
| その他 → その他 | 7.7% |
| 新設・再編 → 駐車場事業 | 6.0% |
| 新設・再編 → 不動産事業 | 3.8% |
| 新設・再編 → メディカルサービス事業 | 0.8% |
| 新設・再編 → ＲＶ事業 | 2.2% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Parking | 5 years | +1.3% | ¥7002314000 | 3.8% | 2 |
| Properties Development and Sales | 5 years | +2.1% | ¥3485679000 | 3.6% | 2 |
| Other | 5 years | -0.9% | ¥1001198000 | 0.6% | 2 |
| Securities Retailing Business | 5 years | -23.7% | ¥618920000 | 6.1% | 2 |
| RV | 5 years | +17.4% | ¥502068000 | 5.5% | 2 |
| medical | 5 years | +8.2% | ¥277342000 | 30.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,888 | 100.0% | S100WQTF |
| Cost of revenue | 10,374 | 80.5% | S100WQTF |
| Gross profit | 2,513 | 19.5% | S100WQTF |
| SG&A | 1,983 | 15.4% | S100WQTF |
| Operating income | 530 | 4.1% | S100WQTF |
| Ordinary income | 475 | 3.7% | S100WQTF |
| Pretax income | 457 | 3.5% | S100WQTF |
| Income tax | 111 | 0.9% | S100WQTF |
| Net income | 346 | 2.7% | S100WQTF |
| Net income attributable to owners | 346 | 2.7% | S100WQTF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 15 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 19.5% → Operating margin 4.1% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -5.9%; Core profit growth: -21.6%
Operating leverage (core profit growth ÷ revenue growth): 3.66×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,694 | 12,888 | -807 | -5.9% |
| Gross profit | 2,744 | 2,513 | -231 | -8.4% |
| Operating income | 676 | 530 | -146 | -21.6% |
| Net income attributable to owners | 338 | 346 | 8 | +2.3% |
| Operating cash flow | 1,698 | -738 | -2,436 | -143.4% |
| Free cash flow | 1,484 | -1,023 | -2,507 | -169.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 13,963 | 523 | 3.7% | 198 | 1,926 | 1,403 | S100JRG1 |
| FY ending Jun 2020 | 13,561 | 292 | 2.2% | 58 | 929 | 294 | S100MIEA |
| FY ending Jun 2021 | 12,338 | -10 | -0.1% | 73 | 2,191 | 1,628 | S100P9UM |
| FY ending Jun 2022 | 12,668 | 398 | 3.1% | 131 | 420 | 162 | S100RXZ1 |
| FY ending Jun 2023 | 13,418 | 569 | 4.2% | 240 | 1,000 | 741 | S100UG51 |
| FY ending Jun 2024 | 13,694 | 676 | 4.9% | 338 | 1,698 | 1,484 | S100WQTF |
| FY ending Jun 2025 | 12,888 | 530 | 4.1% | 346 | -738 | -1,023 | S100WQTF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥65.8M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥1.8M |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 221 | 190 | 171 | 183 | 196 |
| Average salary (parent company) | ¥4.7M | ¥4M | ¥4.6M | ¥4.8M | ¥5.1M |
| Average age (parent company) | 38.6 years | 27.6 years | 33.1 years | 35.8 years | 34.6 years |
| Average tenure (parent company) | 5.9 years | 3.3 years | 5.8 years | 8.5 years | 7.1 years |

Year over year: Employees (consolidated) +7.1% · Revenue (consolidated) -5.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Parking | 7,002 | 54.3% | 263 | 3.8% |
| Properties Development and Sales | 3,486 | 27.0% | 125 | 3.6% |
| Securities Retailing Business | 619 | 4.8% | 38 | 6.1% |
| medical | 277 | 2.2% | 83 | 30.1% |
| RV | 502 | 3.9% | 27 | 5.5% |
| Other | 1,001 | 7.8% | 6 | 0.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Parking | 54.3% | 48.5% | -5.8 | 3.8% |
| Properties Development and Sales | 27.0% | 23.0% | -4.0 | 3.6% |
| Securities Retailing Business | 4.8% | 7.0% | 2.2 | 6.1% |
| medical | 2.2% | 15.4% | 13.2 | 30.1% |
| RV | 3.9% | 5.1% | 1.2 | 5.5% |
| Other | 7.8% | 1.1% | -6.7 | 0.6% |

Segment → industry: RV → Automobiles / medical → Real Estate Development & Leasing / Securities Retailing Business → Real Estate Development & Leasing / Parking → Real Estate Development & Leasing / medical → Hospitals & Medical Services / Properties Development and Sales → Condominium Developers

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -738 | -5.7% | S100WQTF |
| Capital expenditure | 286 | 2.2% | S100WQTF |
| Free cash flow | -1,023 | -7.9% | 算出 |
| Investing cash flow | -226 | -1.7% | S100WQTF |
| Financing cash flow | -64 | -0.5% | S100WQTF |
| Dividends paid | 66 | 0.5% | S100WQTF |
| Change in cash | -1,027 | -8.0% | S100WQTF |
| Cash and equivalents | 1,712 | 13.3% | S100WQTF |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,218 | 2,145 | 2,807 | 2,739 | 1,712 | S100RXZ1, S100UG51, S100WQTF |
| Total assets | 8,912 | 8,564 | 9,432 | 8,838 | 8,731 | S100P9UM, S100RXZ1, S100UG51, S100WQTF |
| Net assets | 725 | 399 | 623 | 915 | 1,218 | S100RXZ1, S100UG51, S100WQTF |
| Share capital | 423 | 423 | 423 | 423 | 423 | S100P9UM, S100RXZ1, S100UG51, S100WQTF |
| Trade receivables | 170 | — | — | — | — | S100P9UM |
| Property, plant and equipment | 2,652 | 2,186 | 2,152 | 2,101 | 2,251 | S100P9UM, S100RXZ1, S100UG51, S100WQTF |
| Intangible assets excluding goodwill | 195 | 182 | 109 | 34 | 26 | S100P9UM, S100RXZ1, S100UG51, S100WQTF |
| Goodwill | 79 | 62 | 13 | — | — | S100P9UM, S100RXZ1, S100UG51 |
| Investment securities | 53 | 40 | 68 | 70 | 54 | S100P9UM, S100RXZ1, S100UG51, S100WQTF |
| Current assets | 5,222 | 5,455 | 6,370 | 5,946 | 5,672 | S100P9UM, S100RXZ1, S100UG51, S100WQTF |
| Current liabilities | 4,301 | 4,715 | 5,550 | 4,816 | 4,295 | S100P9UM, S100RXZ1, S100UG51, S100WQTF |
| Short-term borrowings | 1,968 | 2,000 | 2,737 | 1,566 | 1,499 | S100P9UM, S100RXZ1, S100UG51, S100WQTF |
| Long-term borrowings | 2,741 | 2,400 | 2,110 | 1,944 | 2,259 | S100P9UM, S100RXZ1, S100UG51, S100WQTF |
| Bonds | 300 | 300 | 400 | 400 | 100 | S100P9UM, S100RXZ1, S100UG51, S100WQTF |
| Interest-bearing debt | 5,009 | 4,700 | 5,247 | 3,910 | 3,858 | 算出 |
| Total liabilities | 8,187 | 8,165 | 8,809 | 7,923 | 7,513 | S100P9UM, S100RXZ1, S100UG51, S100WQTF |
| Equity attributable to owners of parent | 726 | 402 | 625 | 916 | 1,219 | S100P9UM, S100RXZ1, S100UG51, S100WQTF |
| Retained earnings | 280 | 351 | 552 | 817 | 1,097 | S100P9UM, S100RXZ1, S100UG51, S100WQTF |
| Treasury stock | -202 | -596 | -556 | -534 | -521 | S100P9UM, S100RXZ1, S100UG51, S100WQTF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100WQTF |
| Property, plant and equipment | 26% | S100WQTF |
| Intangibles and goodwill | 0% | S100WQTF |
| Investment securities | 1% | S100WQTF |
| Other assets | 54% | S100WQTF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 44% | 算出 |
| Other liabilities | 42% | S100WQTF |
| Equity | 14% | S100WQTF |
| Other liabilities | 0% | S100WQTF |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,912 | 8,564 | 9,432 | 8,838 | 8,731 |
| Equity | 725 | 399 | 623 | 915 | 1,218 |
| Interest-bearing debt | 5,009 | 4,700 | 5,247 | 3,910 | 3,858 |
| Cash | 2,218 | 2,145 | 2,807 | 2,739 | 1,712 |

## 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) | 17.5% | S100WQTF |
| Fixed assets ÷ total assets | 25.8% | S100WQTF |
| Goodwill ÷ parent equity | — | —, S100WQTF |

### 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) | 19.6% |
| Cash ÷ revenue | 13.3% |
| Net cash (cash − interest-bearing debt) | -¥2.15B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -139.2% |
| Cash vs. profit gap | -1,084 JPY mn (of net income -313.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| 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 | 0.6% | 1.38× | 0.8% | 12.28× | 10.1% | S100P9UM |
| 2022 | 1.0% | 1.45× | 1.5% | 15.49× | 23.2% | S100RXZ1 |
| 2023 | 1.8% | 1.49× | 2.7% | 17.52× | 46.7% | S100UG51 |
| 2024 | 2.5% | 1.50× | 3.7% | 11.86× | 43.9% | S100WQTF |
| 2025 | 2.7% | 1.47× | 3.9% | 8.23× | 32.4% | S100WQTF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 九州応援ファンド第１号組合 | Major shareholder | 9.9% | 2025-06-30 |
| 九州応援ファンド第２号組合 | Major shareholder | 8.5% | 2025-06-30 |
| 日本マスタートラスト信託銀行株式会社（株式付与ＥＳＯＰ信託口・75551口） | Major shareholder | 7.2% | 2025-06-30 |
| トラストホールディングス従業員持株会 | Major shareholder | 4.6% | 2025-06-30 |
| 九州応援ファンド第３号組合 | Major shareholder | 2.9% | 2025-06-30 |
| 山川 修 | Major shareholder | 2.1% | 2025-06-30 |
| 矢羽田 弘 | Major shareholder | 2.1% | 2025-06-30 |
| 藤原 香代子 | Major shareholder | 1.8% | 2025-06-30 |
| 株式会社竹田商会 | Major shareholder | 1.5% | 2025-06-30 |
| 大津 忠芳 | Major shareholder | 1.0% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2024/07/01－2025/06/30) | S100WQTF | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQTF,, |
| 有価証券報告書－第11期(2023/07/01－2024/06/30) | S100UG51 | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UG51,, |
| 有価証券報告書－第10期(2022/07/01－2023/06/30) | S100RXZ1 | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXZ1,, |
| 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) | S100P9UM | 2022-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P9UM,, |
| 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) | S100MIEA | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MIEA,, |
| 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) | S100JRG1 | 2020-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JRG1,, |

## 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).