# TSUCHIYA HOLDINGS CO., LTD.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第50期(2024/11/01－2025/10/31) (S100XHBD)
> Page: https://vizora.meequs.com/en/company/tsuchiya-holdings
> Retrieved: 2026-09-30T19:14:46.876Z

## Company

Tsuchiya Holdings, founded in 1976, is a company in Homebuilders listed on TSE Standard. It has 679 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TSUCHIYA HOLDINGS CO., LTD. |
| Ticker | 1840 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1840.T) |
| Listing | TSE Standard |
| Head office | 札幌市北区北9条西3丁目7番地 |
| Representative (per filing) | 代表取締役社長 土屋 昌三 |
| Founded | Sep 1976 |
| Share capital | ¥7.11B |
| Employees (consolidated) | 679 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | October |
| Website | www.tsuchiya.co.jp (https://www.tsuchiya.co.jp/) |
| Corporate number | 7430001010659 |
| EDINET | E00240 |
| Industries (Vizora) | Homebuilders, Real Estate Development & Leasing, Real Estate Brokerage & Management, Condominium Developers |

> Profile source: annual securities report (S100XHBD, filed 2026-01-26). As of filing

## Five-axis industry profile

Primary industry: Homebuilders (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 28.3 | 23 |
| Profitability | 5.8 | 26 |
| Efficiency | 51.9 | 26 |

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 59% of Tsuchiya Holdings's sales come from Housing business, with Real estate business and Enlargement of a building and renovation business making up much of the rest.
- Operating profit was close to zero, a slight loss per ¥100 of sales.
- Revenue changed -5.5% from the prior year, operating profit -180.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥31.5B |  |
| Operating income | -¥122.7M | Margin -0.4% |
| Net income | -¥93.3M | Margin -0.3% |
| Free cash flow | -¥941.5M |  |
| Largest business | Housing business | of segment revenue 58.6% |
| Employees (consolidated) | 679 |  |
| EPS | ¥7.01 |  |
| Book value per share | ¥501.92 |  |
| Equity ratio | 48.3% |  |
| Shares outstanding | 25,775,118 |  |
| Treasury shares | 100 |  |
| Shareholders | 5,644 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 17.8% | Cash ÷ revenue 15.2% |
| Vs. industry median margin | -5.8 pp | Homebuilders |
| ROA | -0.3% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 82% of positive segment profit
- FY2025, segment profit share differs by 54 points
- FY2025, parent-company salary changed +34% over five years

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥28739621000 | ¥31456837000 | +9.5% |
| Operating income | ¥-501203000 | ¥-122694000 | — |
| Operating margin | -1.7% | -0.4% | +1.4 pp |
| Employees | 767 people | 679 people | -11.5% |
| Cash and equivalents | ¥3238672000 | ¥4795443000 | +48.1% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 住宅事業 → 住宅事業 | 58.6% |
| 住宅事業 → 事業再編・廃止 | 8.6% |
| リフォーム事業 → リフォーム事業 | 12.4% |
| リフォーム事業 → 事業再編・廃止 | 0.4% |
| 不動産事業 → 不動産事業 | 17.9% |
| 賃貸事業 → 賃貸事業 | 1.2% |
| 賃貸事業 → 事業再編・廃止 | 0.8% |
| 新設・再編 → 不動産事業 | 9.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Housing business | 5 years | -0.9% | ¥18447597000 | -1.6% | 2 |
| Real estate business | 5 years | +11.1% | ¥8712582000 | 4.8% | 2 |
| Enlargement of a building and renovation business | 5 years | +1.2% | ¥3910008000 | -0.7% | 2 |
| House lease business | 5 years | -7.7% | ¥386649000 | 23.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 31,457 | 100.0% | S100XHBD |
| Cost of revenue | 23,330 | 74.2% | S100XHBD |
| Gross profit | 8,127 | 25.8% | S100XHBD |
| SG&A | 8,250 | 26.2% | S100XHBD |
| Operating income | -123 | -0.4% | S100XHBD |
| Ordinary income | -95 | -0.3% | S100XHBD |
| Pretax income | 50 | 0.2% | S100XHBD |
| Income tax | 143 | 0.5% | S100XHBD |
| Net income | -93 | -0.3% | S100XHBD |
| Net income attributable to owners | -93 | -0.3% | S100XHBD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 26 |
| Operating income | 0 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 25.8% → Operating margin -0.4% → Net margin -0.3%
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 Oct 2024 → FY ending Oct 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 33,279 | 31,457 | -1,822 | -5.5% |
| Gross profit | 8,700 | 8,127 | -573 | -6.6% |
| Operating income | 153 | -123 | -276 | -180.2% |
| Net income attributable to owners | 758 | -93 | -852 | -112.3% |
| Operating cash flow | 3,225 | 1,250 | -1,975 | -61.2% |
| Free cash flow | 1,494 | -941 | -2,435 | -163.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 30,417 | 351 | 1.2% | 180 | 613 | 246 | S100KLB5 |
| FY ending Oct 2020 | 28,740 | -501 | -1.7% | -788 | 176 | -281 | S100NAA0 |
| FY ending Oct 2021 | 31,052 | 591 | 1.9% | 478 | 2,447 | 2,138 | S100Q0PX |
| FY ending Oct 2022 | 34,717 | 148 | 0.4% | 230 | -2,242 | -2,772 | S100SO3Q |
| FY ending Oct 2023 | 34,404 | 393 | 1.1% | 234 | -1,858 | -2,127 | S100V551 |
| FY ending Oct 2024 | 33,279 | 153 | 0.5% | 758 | 3,225 | 1,494 | S100XHBD |
| FY ending Oct 2025 | 31,457 | -123 | -0.4% | -93 | 1,250 | -941 | S100XHBD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.3M |
| Operating income per employee (consolidated) | -¥180.7K |
| Net income per employee (consolidated) | -¥137.4K |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 760 | 775 | 759 | 718 | 679 |
| Average salary (parent company) | ¥4.5M | ¥4.8M | ¥4.5M | ¥5.7M | ¥6.1M |
| Average age (parent company) | 44.6 years | 47.0 years | 44.3 years | 41.7 years | 43.3 years |
| Average tenure (parent company) | 16.7 years | 15.5 years | 15.5 years | 13.8 years | 15.2 years |

Year over year: Employees (consolidated) -5.4% · Revenue (consolidated) -5.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Housing business | 18,448 | 58.6% | -296 | -1.6% |
| Enlargement of a building and renovation business | 3,910 | 12.4% | -26 | -0.7% |
| Real estate business | 8,713 | 27.7% | 421 | 4.8% |
| House lease business | 387 | 1.2% | 92 | 23.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Housing business | 58.6% | — | — | -1.6% |
| Enlargement of a building and renovation business | 12.4% | — | — | -0.7% |
| Real estate business | 27.7% | 82.0% | 54.3 | 4.8% |
| House lease business | 1.2% | 18.0% | 16.8 | 23.9% |

Loss-making segment (excluded from profit shares): Housing business -296 JPY mn

Loss-making segment (excluded from profit shares): Enlargement of a building and renovation business -26 JPY mn

Segment → industry: Enlargement of a building and renovation business → Homebuilders / Housing business → Homebuilders / House lease business → Real Estate Development & Leasing / Real estate business → Real Estate Brokerage & Management / Real estate business → Condominium Developers

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,250 | 4.0% | S100XHBD |
| Capital expenditure | 2,192 | 7.0% | S100XHBD |
| Free cash flow | -941 | -3.0% | 算出 |
| Investing cash flow | -2,101 | -6.7% | S100XHBD |
| Financing cash flow | -997 | -3.2% | S100XHBD |
| Dividends paid | 249 | 0.8% | S100XHBD |
| Share buyback | 0 | 0.0% | S100XHBD |
| Change in cash | -1,848 | -5.9% | S100XHBD |
| Cash and equivalents | 4,795 | 15.2% | S100XHBD |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,398 | 2,544 | 3,131 | 6,643 | 4,795 | S100SO3Q, S100V551, S100XHBD |
| Total assets | 22,198 | 21,646 | 24,968 | 27,191 | 26,990 | S100Q0PX, S100SO3Q, S100V551, S100XHBD |
| Net assets | 11,946 | 12,094 | 12,339 | 12,927 | 13,041 | S100SO3Q, S100V551, S100XHBD |
| Share capital | 7,115 | 7,115 | 7,115 | 7,115 | 7,115 | S100Q0PX, S100SO3Q, S100V551, S100XHBD |
| Property, plant and equipment | 8,559 | 8,231 | 8,137 | 9,077 | 10,566 | S100Q0PX, S100SO3Q, S100V551, S100XHBD |
| Intangible assets excluding goodwill | 251 | 226 | 219 | 196 | 201 | S100Q0PX, S100SO3Q, S100V551, S100XHBD |
| Investment securities | 666 | 564 | 741 | 791 | 1,274 | S100Q0PX, S100SO3Q, S100V551, S100XHBD |
| Current assets | 11,907 | 11,862 | 15,028 | 16,098 | 14,139 | S100Q0PX, S100SO3Q, S100V551, S100XHBD |
| Current liabilities | 8,501 | 7,942 | 8,024 | 9,569 | 9,200 | S100Q0PX, S100SO3Q, S100V551, S100XHBD |
| Long-term borrowings | — | — | 2,900 | 3,000 | 3,000 | S100V551, S100XHBD |
| Total liabilities | 10,252 | 9,552 | 12,629 | 14,264 | 13,949 | S100Q0PX, S100SO3Q, S100V551, S100XHBD |
| Equity attributable to owners of parent | 12,082 | 12,163 | 12,246 | 12,855 | 12,694 | S100Q0PX, S100SO3Q, S100V551, S100XHBD |
| Retained earnings | 697 | 777 | 861 | 1,469 | 1,126 | S100Q0PX, S100SO3Q, S100V551, S100XHBD |
| Treasury stock | -157 | -157 | -157 | -157 | -0 | S100Q0PX, S100SO3Q, S100V551, S100XHBD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100XHBD |
| Property, plant and equipment | 39% | S100XHBD |
| Intangibles and goodwill | 1% | S100XHBD |
| Investment securities | 5% | S100XHBD |
| Other assets | 37% | S100XHBD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 52% | S100XHBD |
| Equity | 48% | S100XHBD |
| Other liabilities | 0% | S100XHBD |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 22,198 | 21,646 | 24,968 | 27,191 | 26,990 |
| Equity | 11,946 | 12,094 | 12,339 | 12,927 | 13,041 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,398 | 2,544 | 3,131 | 6,643 | 4,795 |

## 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) | 33.6% | S100XHBD |
| Fixed assets ÷ total assets | 39.1% | S100XHBD |
| Goodwill ÷ parent equity | — | —, S100XHBD |

### 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) | 17.8% |
| Cash ÷ revenue | 15.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 1,344 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.0% |
| Investing CF relative to operating CF | 168.0% |

## 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 | 1.5% | 1.40× | 2.2% | 1.84× | 4.0% | S100Q0PX |
| 2022 | 0.7% | 1.58× | 1.1% | 1.81× | 1.9% | S100SO3Q |
| 2023 | 0.7% | 1.48× | 1.0% | 1.91× | 1.9% | S100V551 |
| 2024 | 2.3% | 1.28× | 2.9% | 2.08× | 6.0% | S100XHBD |
| 2025 | — | —× | -0.3% | —× | — | S100XHBD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社土屋総合研究所 | Major shareholder | 13.3% | 2025-10-31 |
| 株式会社土屋経営 | Major shareholder | 10.7% | 2025-10-31 |
| 土屋グループ従業員持株会 | Major shareholder | 7.0% | 2025-10-31 |
| 積水ハウス株式会社 | Major shareholder | 6.2% | 2025-10-31 |
| 株式会社北洋銀行 | Major shareholder | 4.8% | 2025-10-31 |
| 土屋 昌三 | Major shareholder | 3.4% | 2025-10-31 |
| 土屋 博子 | Major shareholder | 2.9% | 2025-10-31 |
| 土屋グループ取引先持株会 | Major shareholder | 2.8% | 2025-10-31 |
| 石原 勝 | Major shareholder | 2.3% | 2025-10-31 |
| 株式会社北海道銀行 | Major shareholder | 2.1% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第50期(2024/11/01－2025/10/31) | S100XHBD | 2026-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHBD,, |
| 有価証券報告書－第49期(2023/11/01－2024/10/31) | S100V551 | 2025-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V551,, |
| 有価証券報告書－第48期(2022/11/01－2023/10/31) | S100SO3Q | 2024-01-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SO3Q,, |
| 有価証券報告書－第47期(2021/11/01－2022/10/31) | S100Q0PX | 2023-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q0PX,, |
| 有価証券報告書－第46期(令和2年11月1日－令和3年10月31日) | S100NAA0 | 2022-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NAA0,, |
| 有価証券報告書－第45期(令和1年11月1日－令和2年10月31日) | S100KLB5 | 2021-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KLB5,, |

## 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).