# Tsubota Laboratory Incorporated: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2025/04/01－2026/03/31) (S100YFH9)
> Page: https://vizora.meequs.com/en/company/tsubota-lab
> Retrieved: 2026-09-30T22:40:40.201Z

## Company

Tsubota Laboratory, founded in 2012, is a company in Biotech & Regenerative Medicine listed on TSE Growth. It has 22 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tsubota Laboratory Incorporated |
| Ticker | 4890 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4890.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区信濃町35番地 慶應義塾大学信濃町キャンパス2号館9階 CRIK信濃町E7 |
| Representative (per filing) | 代表取締役社長 坪田 一男 |
| Founded | May 2012 |
| Share capital | ¥844.4M |
| Employees (consolidated) | 22 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | tsubota-lab.com (https://tsubota-lab.com/) |
| Corporate number | 5010401099989 |
| EDINET | E36956 |
| Industries (Vizora) | Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100YFH9, filed 2026-06-19). As of filing

## Key points (generated from figures)

- Tsubota Laboratory brought in ¥200M in revenue.
- It lost about ¥394 for every ¥100 of sales at the operating level.
- Revenue changed -85.3% from the prior year, operating profit -434.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥200M |  |
| Operating income | -¥787.8M | Margin -393.9% |
| Net income | -¥761.8M | Margin -380.9% |
| Free cash flow | -¥586.6M |  |
| Employees (consolidated) | 22 |  |
| EPS | ¥-29.58 |  |
| Book value per share | ¥33.49 |  |
| Equity ratio | 65.5% |  |
| Shares outstanding | 25,794,300 |  |
| Shareholders | 7,243 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 73.5% | Cash ÷ revenue 484.9% |
| Vs. industry median margin | -400.9 pp | Biotech & Regenerative Medicine |
| ROA | -39.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating loss is 394 per ¥100 of revenue
- FY2026, revenue is 0.3× its level five years ago
- FY2026, cash is 74% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥687502000 | ¥200022000 | -70.9% |
| Operating income | ¥250242000 | ¥-787816000 | -414.8% |
| Operating margin | 36.4% | -393.9% | -430.3 pp |
| Employees | 8 people | 22 people | +175.0% |
| Cash and equivalents | ¥610773000 | ¥969849000 | +58.8% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 200 | 100.0% | S100YFH9 |
| Cost of revenue | 68 | 34.2% | S100YFH9 |
| Gross profit | 132 | 65.8% | S100YFH9 |
| SG&A | 919 | 459.6% | S100YFH9 |
| Operating income | -788 | -393.9% | S100YFH9 |
| Ordinary income | -761 | -380.4% | S100YFH9 |
| Pretax income | -761 | -380.4% | S100YFH9 |
| Income tax | 1 | 0.5% | S100YFH9 |
| Net income | -762 | -380.9% | S100YFH9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 34 |
| SG&A | 460 |
| Operating income | -394 |
| (Ref.) Net income | -381 |

### Margin funnel

Gross margin 65.8% → Operating margin -393.9% → Net margin -380.9%
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 Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,357 | 200 | -1,157 | -85.3% |
| Gross profit | 1,177 | 132 | -1,045 | -88.8% |
| Operating income | 235 | -788 | -1,023 | -434.6% |
| Operating cash flow | -318 | -578 | -260 | — |
| Free cash flow | -332 | -587 | -255 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 688 | 250 | 36.4% | 202 | 37 | -9 | S100OYG2 |
| FY ending Mar 2022 | 641 | 136 | 21.2% | 153 | 655 | 583 | S100R4M3 |
| FY ending Mar 2023 | 955 | 167 | 17.5% | 90 | 28 | -20 | S100TO2G |
| FY ending Mar 2024 | 674 | -650 | -96.4% | -641 | -301 | -313 | S100W7HJ |
| FY ending Mar 2025 | 1,357 | 235 | 17.4% | 206 | -318 | -332 | S100YFH9 |
| FY ending Mar 2026 | 200 | -788 | -393.9% | -762 | -578 | -587 | S100YFH9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥9.1M |
| Operating income per employee (consolidated) | -¥35.8M |
| Net income per employee (consolidated) | -¥34.6M |

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) | 9 | 10 | 7 | 17 | 22 |
| Average salary (parent company) | ¥7.7M | ¥8.7M | ¥10.5M | ¥8.9M | ¥8.2M |
| Average age (parent company) | 42.4 years | 46.1 years | 51.0 years | 47.8 years | 48.0 years |
| Average tenure (parent company) | 1.2 years | 1.6 years | 3.4 years | 1.6 years | 2.1 years |

Year over year: Employees (consolidated) +29.4% · Revenue (consolidated) -85.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -578 | -288.9% | S100YFH9 |
| Capital expenditure | 9 | 4.4% | S100YFH9 |
| Free cash flow | -587 | -293.3% | 算出 |
| Investing cash flow | -8 | -4.2% | S100YFH9 |
| Financing cash flow | 17 | 8.6% | S100YFH9 |
| Change in cash | -569 | -284.5% | S100YFH9 |
| Cash and equivalents | 970 | 484.9% | S100YFH9 |

## 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 | 1,175 | 2,161 | 1,883 | 1,539 | 970 | S100TO2G, S100W7HJ, S100YFH9 |
| Total assets | 1,618 | 2,673 | 2,295 | 2,503 | 1,319 | S100R4M3, S100TO2G, S100W7HJ, S100YFH9 |
| Net assets | 744 | 1,950 | 1,367 | 1,587 | 864 | S100TO2G, S100W7HJ, S100YFH9 |
| Share capital | 231 | 789 | 818 | 825 | 844 | S100R4M3, S100TO2G, S100W7HJ, S100YFH9 |
| Property, plant and equipment | 71 | 78 | 53 | 44 | 27 | S100R4M3, S100TO2G, S100W7HJ, S100YFH9 |
| Intangible assets excluding goodwill | 15 | 12 | 9 | 7 | 5 | S100R4M3, S100TO2G, S100W7HJ, S100YFH9 |
| Current assets | 1,515 | 2,569 | 2,224 | 2,445 | 1,281 | S100R4M3, S100TO2G, S100W7HJ, S100YFH9 |
| Current liabilities | 674 | 608 | 838 | 847 | 408 | S100R4M3, S100TO2G, S100W7HJ, S100YFH9 |
| Long-term borrowings | 199 | 115 | 90 | 69 | 47 | S100R4M3, S100TO2G, S100W7HJ, S100YFH9 |
| Total liabilities | 873 | 723 | 928 | 916 | 455 | S100R4M3, S100TO2G, S100W7HJ, S100YFH9 |
| Equity attributable to owners of parent | 744 | 1,950 | 1,367 | 1,587 | 864 | S100R4M3, S100TO2G, S100W7HJ, S100YFH9 |
| Retained earnings | 298 | 388 | -253 | -47 | -809 | S100R4M3, S100TO2G, S100W7HJ, S100YFH9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 74% | S100YFH9 |
| Property, plant and equipment | 2% | S100YFH9 |
| Intangibles and goodwill | 0% | S100YFH9 |
| Other assets | 24% | S100YFH9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 34% | S100YFH9 |
| Equity | 66% | S100YFH9 |
| Other liabilities | 0% | S100YFH9 |

### 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 | 1,618 | 2,673 | 2,295 | 2,503 | 1,319 |
| Equity | 744 | 1,950 | 1,367 | 1,587 | 864 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,175 | 2,161 | 1,883 | 1,539 | 970 |

## 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) | 13.6% | S100YFH9 |
| Fixed assets ÷ total assets | 2.1% | S100YFH9 |
| Goodwill ÷ parent equity | — | —, S100YFH9 |

### 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) | 73.5% |
| Cash ÷ revenue | 484.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 184 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.4% |
| 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 | 23.9% | 0.40× | 9.5% | 2.17× | 20.6% | S100R4M3 |
| 2023 | 9.4% | 0.44× | 4.2% | 1.59× | 6.7% | S100TO2G |
| 2024 | — | —× | -25.8% | —× | — | S100W7HJ |
| 2025 | 15.2% | 0.57× | 8.6% | 1.62× | 13.9% | S100YFH9 |
| 2026 | — | —× | -39.9% | —× | — | S100YFH9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 坪田 一男 | Major shareholder | 46.2% | 2026-03-31 |
| 株式会社坪田 | Major shareholder | 12.4% | 2026-03-31 |
| 大高 功 | Major shareholder | 7.1% | 2026-03-31 |
| ロート製薬株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 竹村 敬司 | Major shareholder | 1.2% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 合同会社マーズ | Major shareholder | 1.0% | 2026-03-31 |
| 原 裕 | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社ジンズホールディングス | Major shareholder | 0.9% | 2026-03-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2025/04/01－2026/03/31) | S100YFH9 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFH9,, |
| 有価証券報告書－第13期(2024/04/01－2025/03/31) | S100W7HJ | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7HJ,, |
| 有価証券報告書－第12期(2023/04/01－2024/03/31) | S100TO2G | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO2G,, |
| 有価証券報告書－第11期(2022/04/01－2023/03/31) | S100R4M3 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4M3,, |
| 訂正有価証券報告書－第10期(令和3年4月1日－令和4年3月31日) | S100OYG2 | 2022-08-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OYG2,, |

## 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).