# TSI HOLDINGS 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15期(2025/03/01－2026/02/28) (S100Y5A2)
> Page: https://vizora.meequs.com/en/company/tsi-holdings
> Retrieved: 2026-09-30T20:31:36.775Z

## Company

TSI Holdings, founded in 2010, is a company in HR & Staffing listed on TSE Prime. It has 4,108 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TSI HOLDINGS CO.,LTD. |
| Ticker | 3608 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3608.T) |
| Listing | TSE Prime |
| Head office | 東京都港区赤坂八丁目5番27号 |
| Representative (per filing) | 代表取締役社長 CEO 下地毅 |
| Founded | Oct 2010 |
| Share capital | ¥15B |
| Employees (consolidated) | 4,108 |
| Average salary (parent only) | ¥15M |
| Fiscal year end | February |
| Website | www.tsi-holdings.com (https://www.tsi-holdings.com/) |
| Corporate number | 3010001140386 |
| EDINET | E25234 |
| Industries (Vizora) | HR & Staffing, Apparel, Restaurants & Pubs |

> Profile source: annual securities report (S100Y5A2, filed 2026-05-20). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 48.2 | 55 |
| Profitability | 43.4 | 61 |
| Cash conversion | 7.4 | 47 |
| Efficiency | 51.6 | 61 |

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 97% of TSI Holdings's sales come from Apparel related business, with Other business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +6.7% from the prior year, operating profit +164.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥167.1B |  |
| Operating income | ¥4.33B | Margin 2.6% |
| Net income | ¥3.79B | Margin 2.3% |
| Free cash flow | -¥12.6B |  |
| Largest business | Apparel related business | of segment revenue 97.0% |
| Employees (consolidated) | 4,108 |  |
| EPS | ¥21.29 |  |
| Book value per share | ¥1632.34 |  |
| Equity ratio | 57.0% |  |
| Shares outstanding | 63,438,793 |  |
| Treasury shares | 4,349,200 |  |
| Shareholders | 17,530 |  |
| Average salary (parent only) | ¥15M | Filing company only |
| Cash ratio | 16.0% | Cash ÷ revenue 16.7% |
| Vs. industry median margin | -0.4 pp | Apparel |
| ROE | 4.1% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.8× dividends
- FY2026, one segment accounts for 96% of positive segment profit
- FY2026, parent-company salary changed +40% over five years

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥134078000000 | ¥167085000000 | +24.6% |
| Operating income | ¥-11843000000 | ¥4325000000 | — |
| Operating margin | -8.8% | 2.6% | +11.4 pp |
| Employees | 5,172 people | 4,108 people | -20.6% |
| Cash and equivalents | ¥49761000000 | ¥27955000000 | -43.8% |

### 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 |
| --- | ---: |
| アパレル関連事業 → アパレル関連事業 | 96.9% |
| その他の事業 → その他の事業 | 3.0% |
| その他の事業 → 事業再編・廃止 | 0.1% |
| 新設・再編 → アパレル関連事業 | 0.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 167,085 | 100.0% | S100Y5A2 |
| Cost of revenue | 75,627 | 45.3% | S100Y5A2 |
| Gross profit | 91,458 | 54.7% | S100Y5A2 |
| SG&A | 87,132 | 52.1% | S100Y5A2 |
| Operating income | 4,325 | 2.6% | S100Y5A2 |
| Ordinary income | 5,440 | 3.3% | S100Y5A2 |
| Pretax income | 6,120 | 3.7% | S100Y5A2 |
| Income tax | 2,645 | 1.6% | S100Y5A2 |
| Net income | 3,475 | 2.1% | S100Y5A2 |
| Net income attributable to owners | 3,793 | 2.3% | S100Y5A2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 45 |
| SG&A | 52 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 54.7% → Operating margin 2.6% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.7%; Core profit growth: +164.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 24.56×
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 | 156,606 | 167,085 | 10,479 | +6.7% |
| Gross profit | 83,995 | 91,458 | 7,463 | +8.9% |
| Operating income | 1,636 | 4,325 | 2,689 | +164.4% |
| Net income attributable to owners | 15,230 | 3,793 | -11,437 | -75.1% |
| Operating cash flow | 5,717 | -7,717 | -13,434 | -235.0% |
| Free cash flow | 2,654 | -12,624 | -15,278 | -575.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 170,068 | 70 | 0.0% | 2,181 | 4,702 | -36 | S100LETM |
| FY ending Feb 2021 | 134,078 | -11,843 | -8.8% | 3,861 | -5,300 | -8,937 | S100O48N |
| FY ending Feb 2022 | 140,382 | 4,440 | 3.2% | 1,022 | 1,380 | -710 | S100QTHX |
| FY ending Feb 2023 | 154,456 | 2,329 | 1.5% | 3,063 | 1,326 | -2,426 | S100THH4 |
| FY ending Feb 2024 | 155,383 | 1,760 | 1.1% | 4,849 | -525 | -3,571 | S100VSWZ |
| FY ending Feb 2025 | 156,606 | 1,636 | 1.0% | 15,230 | 5,717 | 2,654 | S100Y5A2 |
| FY ending Feb 2026 | 167,085 | 4,325 | 2.6% | 3,793 | -7,717 | -12,624 | S100Y5A2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.7M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥923.3K |

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) | 4,521 | 4,206 | 4,102 | 3,837 | 4,108 |
| Average salary (parent company) | ¥10.7M | ¥14.5M | ¥13.5M | ¥15M | ¥15M |
| Average age (parent company) | 55.9 years | 58.8 years | 60.0 years | 56.6 years | 56.7 years |
| Average tenure (parent company) | 16.3 years | 16.1 years | 16.5 years | 19.6 years | 18.7 years |

Year over year: Employees (consolidated) +7.1% · Revenue (consolidated) +6.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Apparel related business | 162,075 | 97.0% | 6,948 | 4.3% |
| Other business | 5,009 | 3.0% | 283 | 5.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Apparel related business | 97.0% | 96.1% | -0.9 | 4.3% |
| Other business | 3.0% | 3.9% | 0.9 | 5.6% |

Segment → industry: Other business → HR & Staffing / Apparel related business → Apparel / Other business → Restaurants & Pubs

## 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 | -7,717 | -4.6% | S100Y5A2 |
| Capital expenditure | 4,907 | 2.9% | S100Y5A2 |
| Free cash flow | -12,624 | -7.6% | 算出 |
| Investing cash flow | -27,353 | -16.4% | S100Y5A2 |
| Financing cash flow | 16,995 | 10.2% | S100Y5A2 |
| Dividends paid | 4,559 | 2.7% | S100Y5A2 |
| Share buyback | 12,874 | 7.7% | S100Y5A2 |
| Change in cash | -17,835 | -10.7% | S100Y5A2 |
| Cash and equivalents | 27,955 | 16.7% | S100Y5A2 |

## 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 | 38,503 | 30,721 | 26,766 | 45,822 | 27,955 | S100THH4, S100VSWZ, S100Y5A2 |
| Total assets | 140,440 | 135,427 | 133,464 | 141,159 | 174,204 | S100QTHX, S100THH4, S100VSWZ, S100Y5A2 |
| Net assets | 97,736 | 98,878 | 97,422 | 108,230 | 99,321 | S100THH4, S100VSWZ, S100Y5A2 |
| Share capital | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | S100QTHX, S100THH4, S100VSWZ, S100Y5A2 |
| Trade receivables | 10,378 | — | — | — | — | S100QTHX |
| Property, plant and equipment | 6,544 | 6,136 | 6,560 | 6,165 | 7,394 | S100QTHX, S100THH4, S100VSWZ, S100Y5A2 |
| Intangible assets excluding goodwill | 9,265 | 8,946 | 7,159 | 6,318 | 39,970 | S100QTHX, S100THH4, S100VSWZ, S100Y5A2 |
| Goodwill | 2,044 | 1,922 | 1,501 | 1,626 | 32,238 | S100QTHX, S100THH4, S100VSWZ, S100Y5A2 |
| Investment securities | 28,397 | 27,879 | 25,137 | 23,490 | 28,628 | S100QTHX, S100THH4, S100VSWZ, S100Y5A2 |
| Current assets | 75,547 | 71,837 | 70,877 | 86,273 | 79,682 | S100QTHX, S100THH4, S100VSWZ, S100Y5A2 |
| Current liabilities | 28,375 | 26,239 | 28,388 | 26,864 | 35,190 | S100QTHX, S100THH4, S100VSWZ, S100Y5A2 |
| Trade payables | 10,595 | 11,407 | 9,615 | 8,005 | 10,566 | S100QTHX, S100THH4, S100VSWZ, S100Y5A2 |
| Short-term borrowings | 114 | 17 | 5,013 | 107 | 7,637 | S100QTHX, S100THH4, S100VSWZ, S100Y5A2 |
| Long-term borrowings | 9,803 | 5,010 | 1,630 | 407 | 31,621 | S100QTHX, S100THH4, S100VSWZ, S100Y5A2 |
| Total liabilities | 42,704 | 36,549 | 36,041 | 32,928 | 74,883 | S100QTHX, S100THH4, S100VSWZ, S100Y5A2 |
| Non-controlling interests | 523 | 397 | 337 | 325 | — | S100QTHX, S100THH4, S100VSWZ, S100Y5A2 |
| Equity attributable to owners of parent | 93,822 | 93,953 | 91,477 | 99,908 | 86,400 | S100QTHX, S100THH4, S100VSWZ, S100Y5A2 |
| Retained earnings | 53,236 | 56,052 | 60,052 | 74,140 | 73,374 | S100QTHX, S100THH4, S100VSWZ, S100Y5A2 |
| Treasury stock | -3,668 | -3,031 | -7,605 | -6,160 | -5,233 | S100QTHX, S100THH4, S100VSWZ, S100Y5A2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100Y5A2 |
| Property, plant and equipment | 4% | S100Y5A2 |
| Intangibles and goodwill | 42% | S100Y5A2 |
| Investment securities | 16% | S100Y5A2 |
| Other assets | 22% | S100Y5A2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100Y5A2 |
| Other liabilities | 37% | S100Y5A2 |
| Equity | 57% | S100Y5A2 |

### 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 | 140,440 | 135,427 | 133,464 | 141,159 | 174,204 |
| Equity | 97,736 | 98,878 | 97,422 | 108,230 | 99,321 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 38,503 | 30,721 | 26,766 | 45,822 | 27,955 |

## 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) | 4.4% | S100Y5A2 |
| Fixed assets ÷ total assets | 4.2% | S100Y5A2 |
| Goodwill ÷ parent equity | 37.3% | S100Y5A2 |

Goodwill over 4 years: 2,044 → 32,238 JPY; total investing cash flow: 380 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) | 16.0% |
| Cash ÷ revenue | 16.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -178.4% |
| Cash vs. profit gap | -11,510 JPY mn (of net income -303.5%) |
| Shareholder returns / net income | 459.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 120.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 0.7% | 1.00× | 0.7% | 1.50× | 1.1% | S100QTHX |
| 2023 | 2.0% | 1.12× | 2.2% | 1.47× | 3.3% | S100THH4 |
| 2024 | 3.1% | 1.16× | 3.6% | 1.45× | 5.2% | S100VSWZ |
| 2025 | 9.7% | 1.14× | 11.1% | 1.43× | 15.9% | S100Y5A2 |
| 2026 | 2.3% | 1.06× | 2.4% | 1.69× | 4.1% | S100Y5A2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 13.7% | 2026-02-28 |
| ㈱アルペン | Major shareholder | 6.1% | 2026-02-28 |
| 日本生命保険（相） | Major shareholder | 5.9% | 2026-02-28 |
| ㈱みずほ銀行 | Major shareholder | 5.0% | 2026-02-28 |
| 住友不動産㈱ | Major shareholder | 4.3% | 2026-02-28 |
| ㈱三井住友銀行 | Major shareholder | 3.7% | 2026-02-28 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 3.5% | 2026-02-28 |
| ㈲理貴 | Major shareholder | 3.1% | 2026-02-28 |
| 長谷川文彦 | Major shareholder | 2.8% | 2026-02-28 |
| 三宅正彦 | Major shareholder | 1.9% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2025/03/01－2026/02/28) | S100Y5A2 | 2026-05-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5A2,, |
| 有価証券報告書－第14期(2024/03/01－2025/02/28) | S100VSWZ | 2025-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VSWZ,, |
| 有価証券報告書－第13期(2023/03/01－2024/02/29) | S100THH4 | 2024-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THH4,, |
| 有価証券報告書－第12期(2022/03/01－2023/02/28) | S100QTHX | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTHX,, |
| 有価証券報告書－第11期(令和3年3月1日－令和4年2月28日) | S100O48N | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O48N,, |
| 有価証券報告書－第10期(令和2年3月1日－令和3年2月28日) | S100LETM | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LETM,, |

## 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).