# TSUBAKIMOTO KOGYO CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第123期(2025/04/01－2026/03/31) (S100YIO8)
> Page: https://vizora.meequs.com/en/company/tsubakimoto-kogyo
> Retrieved: 2026-09-30T17:57:02.255Z

## Company

Tsubakimoto Kogyo, founded in 1916, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 808 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TSUBAKIMOTO KOGYO CO.,LTD. |
| Ticker | 8052 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8052.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区梅田3丁目3番20号 |
| Representative (per filing) | 取締役社長 香田昌司 |
| Founded | Oct 1916 |
| Share capital | ¥2.94B |
| Employees (consolidated) | 808 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | March |
| Website | www.tsubaki.co.jp (https://www.tsubaki.co.jp/) |
| Corporate number | 4120001059664 |
| EDINET | E02572 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YIO8, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 72.3 | 179 |
| Profitability | 77 | 185 |
| Cash conversion | 6.4 | 179 |
| Efficiency | 33.2 | 185 |

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 37% of Tsubakimoto Kogyo's sales come from Western Japan headquarters, with Eastern Japan headquarters and Central Japan headquarters making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +5.4% from the prior year, operating profit +8.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥131B |  |
| Operating income | ¥6.51B | Margin 5.0% |
| Net income | ¥5.02B | Margin 3.8% |
| Free cash flow | -¥3.9B |  |
| Largest business | Western Japan headquarters | of segment revenue 37.4% |
| Employees (consolidated) | 808 |  |
| EPS | ¥268.84 |  |
| Book value per share | ¥2485.39 |  |
| Equity ratio | 49.9% |  |
| Shares outstanding | 19,493,907 |  |
| Treasury shares | 881,500 |  |
| Shareholders | 16,247 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 24.1% | Cash ÷ revenue 18.4% |
| Vs. industry median margin | +2.1 pp | Specialty Trading & Wholesale |
| ROE | 13.3% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥89646000000 | ¥131032000000 | +46.2% |
| Operating income | ¥3283000000 | ¥6513000000 | +98.4% |
| Operating margin | 3.7% | 5.0% | +1.3 pp |
| Employees | 761 people | 808 people | +6.2% |
| Cash and equivalents | ¥11935000000 | ¥24100000000 | +101.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 東日本本部 → 東日本本部 | 34.0% |
| 東日本本部 → 事業再編・廃止 | 2.5% |
| 西日本本部 → 西日本本部 | 30.8% |
| 中日本本部 → 中日本本部 | 14.3% |
| 中日本本部 → 事業再編・廃止 | 1.6% |
| 開発戦略本部 → 開発戦略本部 | 14.3% |
| 開発戦略本部 → 事業再編・廃止 | 2.5% |
| 新設・再編 → 西日本本部 | 6.6% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Western Japan headquarters | 5 years | +12.2% | ¥49000000000 | 7.1% | 2 |
| Eastern Japan headquarters | 5 years | +6.4% | ¥44548000000 | 6.5% | 2 |
| Central Japan headquarters | 5 years | +5.7% | ¥18780000000 | 7.1% | 2 |
| Stategic business development center | 5 years | +4.4% | ¥18703000000 | 3.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 131,032 | 100.0% | S100YIO8 |
| Cost of revenue | 110,842 | 84.6% | S100YIO8 |
| Gross profit | 20,190 | 15.4% | S100YIO8 |
| SG&A | 13,677 | 10.4% | S100YIO8 |
| Operating income | 6,513 | 5.0% | S100YIO8 |
| Ordinary income | 7,094 | 5.4% | S100YIO8 |
| Pretax income | 7,448 | 5.7% | S100YIO8 |
| Income tax | 2,432 | 1.9% | S100YIO8 |
| Net income | 5,016 | 3.8% | S100YIO8 |
| Net income attributable to owners | 5,023 | 3.8% | S100YIO8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 10 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 15.4% → Operating margin 5.0% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.4%; Core profit growth: +8.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.51×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 124,323 | 131,032 | 6,709 | +5.4% |
| Gross profit | 19,107 | 20,190 | 1,083 | +5.7% |
| Operating income | 6,021 | 6,513 | 492 | +8.2% |
| Net income attributable to owners | 4,691 | 5,023 | 332 | +7.1% |
| Operating cash flow | 3,592 | -3,553 | -7,145 | -198.9% |
| Free cash flow | 3,183 | -3,905 | -7,088 | -222.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 104,939 | 5,293 | 5.0% | 3,740 | 190 | -384 | S100LM2F |
| FY ending Mar 2021 | 89,646 | 3,283 | 3.7% | 2,736 | -3,412 | -3,617 | S100OBYI |
| FY ending Mar 2022 | 96,890 | 4,396 | 4.5% | 3,177 | 6,570 | 6,464 | S100R3I8 |
| FY ending Mar 2023 | 107,963 | 5,102 | 4.7% | 3,667 | 6,716 | 6,351 | S100TSAD |
| FY ending Mar 2024 | 113,503 | 5,233 | 4.6% | 4,000 | 5,015 | 4,515 | S100W4VE |
| FY ending Mar 2025 | 124,323 | 6,021 | 4.8% | 4,691 | 3,592 | 3,183 | S100YIO8 |
| FY ending Mar 2026 | 131,032 | 6,513 | 5.0% | 5,023 | -3,553 | -3,905 | S100YIO8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥162.2M |
| Operating income per employee (consolidated) | ¥8.1M |
| Net income per employee (consolidated) | ¥6.2M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 744 | 736 | 757 | 792 | 808 |
| Average salary (parent company) | ¥6.9M | ¥7.5M | ¥8.1M | ¥8.1M | ¥8.1M |
| Average age (parent company) | 41.6 years | 42.1 years | 42.4 years | 42.5 years | 42.5 years |
| Average tenure (parent company) | 15.1 years | 15.5 years | 15.7 years | 15.4 years | 15.5 years |

Year over year: Employees (consolidated) +2.0% · Revenue (consolidated) +5.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Eastern Japan headquarters | 44,548 | 34.0% | 2,883 | 6.5% |
| Western Japan headquarters | 49,000 | 37.4% | 3,463 | 7.1% |
| Central Japan headquarters | 18,780 | 14.3% | 1,334 | 7.1% |
| Stategic business development center | 18,703 | 14.3% | 709 | 3.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Eastern Japan headquarters | 34.0% | 34.4% | 0.4 | 6.5% |
| Western Japan headquarters | 37.4% | 41.3% | 3.9 | 7.1% |
| Central Japan headquarters | 14.3% | 15.9% | 1.6 | 7.1% |
| Stategic business development center | 14.3% | 8.5% | -5.8 | 3.8% |

Segment → industry: Stategic business development center → Specialty Trading & Wholesale / Central Japan headquarters → Specialty Trading & Wholesale / Western Japan headquarters → Specialty Trading & Wholesale / Eastern Japan headquarters → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -3,553 | -2.7% | S100YIO8 |
| Capital expenditure | 352 | 0.3% | S100YIO8 |
| Free cash flow | -3,905 | -3.0% | 算出 |
| Investing cash flow | 250 | 0.2% | S100YIO8 |
| Financing cash flow | -1,629 | -1.2% | S100YIO8 |
| Dividends paid | 1,582 | 1.2% | S100YIO8 |
| Share buyback | 1 | 0.0% | S100YIO8 |
| Change in cash | -4,853 | -3.7% | S100YIO8 |
| Cash and equivalents | 24,100 | 18.4% | S100YIO8 |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 17,604 | 22,927 | 26,855 | 28,953 | 24,100 | S100TSAD, S100W4VE, S100YIO8 |
| Total assets | 76,773 | 84,474 | 94,756 | 100,672 | 100,064 | S100R3I8, S100TSAD, S100W4VE, S100YIO8 |
| Net assets | 30,762 | 34,039 | 40,377 | 44,017 | 50,201 | S100TSAD, S100W4VE, S100YIO8 |
| Share capital | 2,945 | 2,945 | 2,945 | 2,945 | 2,945 | S100R3I8, S100TSAD, S100W4VE, S100YIO8 |
| Property, plant and equipment | 1,913 | 2,055 | 2,284 | 2,454 | 2,199 | S100R3I8, S100TSAD, S100W4VE, S100YIO8 |
| Intangible assets excluding goodwill | 106 | 357 | 421 | 429 | 484 | S100R3I8, S100TSAD, S100W4VE, S100YIO8 |
| Investment securities | 9,269 | 9,825 | 14,633 | 15,459 | 18,952 | S100R3I8, S100TSAD, S100W4VE, S100YIO8 |
| Current assets | 64,317 | 71,049 | 76,279 | 81,082 | 77,117 | S100R3I8, S100TSAD, S100W4VE, S100YIO8 |
| Current liabilities | 43,435 | 47,730 | 50,080 | 52,016 | 44,197 | S100R3I8, S100TSAD, S100W4VE, S100YIO8 |
| Trade payables | 20,813 | 18,592 | 20,954 | 22,114 | 24,644 | S100R3I8, S100TSAD, S100W4VE, S100YIO8 |
| Total liabilities | 46,010 | 50,434 | 54,379 | 56,655 | 49,863 | S100R3I8, S100TSAD, S100W4VE, S100YIO8 |
| Non-controlling interests | 185 | 233 | 243 | 280 | 283 | S100R3I8, S100TSAD, S100W4VE, S100YIO8 |
| Equity attributable to owners of parent | 27,726 | 30,455 | 33,439 | 36,134 | 39,585 | S100R3I8, S100TSAD, S100W4VE, S100YIO8 |
| Retained earnings | 23,465 | 26,184 | 29,172 | 32,688 | 36,129 | S100R3I8, S100TSAD, S100W4VE, S100YIO8 |
| Treasury stock | -553 | -542 | -622 | -1,444 | -1,434 | S100R3I8, S100TSAD, S100W4VE, S100YIO8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YIO8 |
| Property, plant and equipment | 2% | S100YIO8 |
| Intangibles and goodwill | 1% | S100YIO8 |
| Investment securities | 19% | S100YIO8 |
| Other assets | 54% | S100YIO8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 25% | S100YIO8 |
| Other liabilities | 25% | S100YIO8 |
| Equity | 50% | S100YIO8 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 76,773 | 84,474 | 94,756 | 100,672 | 100,064 |
| Equity | 30,762 | 34,039 | 40,377 | 44,017 | 50,201 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 17,604 | 22,927 | 26,855 | 28,953 | 24,100 |

## 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) | 1.7% | S100YIO8 |
| Fixed assets ÷ total assets | 2.2% | S100YIO8 |
| Goodwill ÷ parent equity | — | —, S100YIO8 |

### 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) | 24.1% |
| Cash ÷ revenue | 18.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -54.6% |
| Cash vs. profit gap | -8,576 JPY mn (of net income -170.7%) |
| Shareholder returns / net income | 31.5% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 31.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| 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 | 3.3% | 1.26× | 4.1% | 2.77× | 11.5% | S100R3I8 |
| 2023 | 3.4% | 1.34× | 4.5% | 2.77× | 12.6% | S100TSAD |
| 2024 | 3.5% | 1.27× | 4.5% | 2.81× | 12.5% | S100W4VE |
| 2025 | 3.8% | 1.27× | 4.8% | 2.81× | 13.5% | S100YIO8 |
| 2026 | 3.8% | 1.31× | 5.0% | 2.65× | 13.3% | S100YIO8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社椿本チエイン | Major shareholder | 10.8% | 2026-03-31 |
| 太陽生命保険株式会社 | Major shareholder | 8.8% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE IEDP AIF CLIENTS NON TREATY ACCOUNT(常任代理人 香港上海銀行東京支店 カストディ業務部) | Major shareholder | 6.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.9% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 無限責任組合員光通信株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.3% | 2026-03-31 |
| ツバコー従業員持株会 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第123期(2025/04/01－2026/03/31) | S100YIO8 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIO8,, |
| 有価証券報告書－第122期(2024/04/01－2025/03/31) | S100W4VE | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4VE,, |
| 有価証券報告書－第121期(2023/04/01－2024/03/31) | S100TSAD | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSAD,, |
| 有価証券報告書－第120期(2022/04/01－2023/03/31) | S100R3I8 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3I8,, |
| 有価証券報告書－第119期(令和3年4月1日－令和4年3月31日) | S100OBYI | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBYI,, |
| 有価証券報告書－第118期(令和2年4月1日－令和3年3月31日) | S100LM2F | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM2F,, |

## 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).