# TSUKADA GLOBAL HOLDINGS Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第31期(2025/01/01－2025/12/31) (S100XTC0)
> Page: https://vizora.meequs.com/en/company/tsukada-global-holdings
> Retrieved: 2026-09-30T21:52:13.171Z

## Company

Tsukada Global Holdings, founded in 1995, is a company in Hotels & Inns listed on TSE Standard. It has 2,365 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TSUKADA GLOBAL HOLDINGS Inc. |
| Ticker | 2418 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2418.T) |
| Listing | TSE Standard |
| Head office | 東京都港区海岸一丁目16番1号 |
| Representative (per filing) | 代表取締役社長 塚田 正之 |
| Founded | Oct 1995 |
| Share capital | ¥472M |
| Employees (consolidated) | 2,365 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | December |
| Website | www.tsukada-global.holdings (https://www.tsukada-global.holdings/) |
| Corporate number | 2011001035049 |
| EDINET | E05411 |
| Industries (Vizora) | Hotels & Inns, Weddings, Beauty Salons |

> Profile source: annual securities report (S100XTC0, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Weddings (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.6 | 7 |
| Profitability | 83.3 | 9 |
| Cash conversion | 16.7 | 9 |
| Efficiency | 16.7 | 9 |

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 53% of Tsukada Global Holdings's sales come from Bridal operations, with Hotel operations and Wellness relaxation operations making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +15.0% from the prior year, operating profit +28.8%.

## Company structure

- Segment revenue mix: Bridal operations 53.1%、Hotel operations 42.9%、Wellness relaxation operations 4.0%
- Revenue → net income: ¥73095000000 → ¥4555000000
- Net income → operating cash flow: ¥4555000000 → ¥10340000000（difference ¥5785000000）
- Main uses of operating cash flow: CapEx ¥3690000000 / dividends ¥570000000 / buybacks ¥199000000
- Change in cash: ¥6808000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥73.1B |  |
| Operating income | ¥9.54B | Margin 13.1% |
| Net income | ¥4.77B | Margin 6.5% |
| Free cash flow | ¥6.65B |  |
| Largest business | Bridal operations | of segment revenue 53.1% |
| Employees (consolidated) | 2,365 |  |
| EPS | ¥49.46 |  |
| Book value per share | ¥507.03 |  |
| Equity ratio | 26.6% |  |
| Shares outstanding | 48,960,000 |  |
| Treasury shares | 1,613,500 |  |
| Shareholders | 13,454 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 19.9% | Cash ÷ revenue 38.2% |
| Vs. industry median margin | +4.9 pp | Weddings |
| ROE | 14.3% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.2× net income
- FY2025, revenue is 2.2× its level five years ago
- FY2025, one segment accounts for 62% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27114000000 | ¥73095000000 | +169.6% |
| Operating income | ¥-11476000000 | ¥9540000000 | — |
| Operating margin | -42.3% | 13.1% | +55.4 pp |
| Employees | 2,354 people | 2,365 people | +0.5% |
| Cash and equivalents | ¥22202000000 | ¥27903000000 | +25.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 婚礼事業 → 婚礼事業 | 53.1% |
| 婚礼事業 → 事業再編・廃止 | 7.9% |
| ホテル事業 → ホテル事業 | 29.4% |
| Ｗ＆Ｒ事業 → Ｗ＆Ｒ事業 | 4.0% |
| Ｗ＆Ｒ事業 → 事業再編・廃止 | 5.7% |
| 新設・再編 → ホテル事業 | 13.5% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Bridal operations | 5 years | +18.6% | ¥38800000000 | 18.9% | 2 |
| Hotel operations | 5 years | +31.5% | ¥31345000000 | 13.9% | 2 |
| Wellness relaxation operations | 5 years | +2.3% | ¥2949000000 | 5.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 73,095 | 100.0% | S100XTC0 |
| Cost of revenue | 42,564 | 58.2% | S100XTC0 |
| Gross profit | 30,531 | 41.8% | S100XTC0 |
| SG&A | 20,991 | 28.7% | S100XTC0 |
| Operating income | 9,540 | 13.1% | S100XTC0 |
| Ordinary income | 7,494 | 10.3% | S100XTC0 |
| Pretax income | 7,139 | 9.8% | S100XTC0 |
| Income tax | 2,583 | 3.5% | S100XTC0 |
| Net income | 4,555 | 6.2% | S100XTC0 |
| Net income attributable to owners | 4,768 | 6.5% | S100XTC0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 29 |
| Operating income | 13 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 41.8% → Operating margin 13.1% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.0%; Core profit growth: +28.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.91×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 63,545 | 73,095 | 9,550 | +15.0% |
| Gross profit | 25,559 | 30,531 | 4,972 | +19.5% |
| Operating income | 7,408 | 9,540 | 2,132 | +28.8% |
| Net income attributable to owners | 5,147 | 4,768 | -379 | -7.4% |
| Operating cash flow | 10,394 | 10,340 | -54 | -0.5% |
| Free cash flow | -106 | 6,650 | 6,756 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 61,121 | 6,383 | 10.4% | 2,565 | 7,297 | -3,760 | S100L2FX |
| FY ending Dec 2020 | 27,114 | -11,476 | -42.3% | -10,628 | -8,871 | -17,796 | S100NRWA |
| FY ending Dec 2021 | 33,429 | -6,391 | -19.1% | -6,137 | -899 | -1,786 | S100QHGQ |
| FY ending Dec 2022 | 51,699 | 2,976 | 5.8% | 1,498 | 7,958 | 6,027 | S100T59D |
| FY ending Dec 2023 | 57,474 | 5,341 | 9.3% | 4,730 | 8,075 | -907 | S100VHTG |
| FY ending Dec 2024 | 63,545 | 7,408 | 11.7% | 5,147 | 10,394 | -106 | S100XTC0 |
| FY ending Dec 2025 | 73,095 | 9,540 | 13.1% | 4,768 | 10,340 | 6,650 | S100XTC0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.9M |
| Operating income per employee (consolidated) | ¥4M |
| Net income per employee (consolidated) | ¥2M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,082 | 2,041 | 2,199 | 2,296 | 2,365 |
| Average salary (parent company) | ¥4.7M | ¥4.8M | ¥5M | ¥5.3M | ¥5.6M |
| Average age (parent company) | 42.5 years | 42.8 years | 43.2 years | 42.6 years | 43.5 years |
| Average tenure (parent company) | 9.6 years | 7.6 years | 7.3 years | 7.4 years | 7.9 years |

Year over year: Employees (consolidated) +3.0% · Revenue (consolidated) +15.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Bridal operations | 38,800 | 53.1% | 7,314 | 18.9% |
| Hotel operations | 31,345 | 42.9% | 4,355 | 13.9% |
| Wellness relaxation operations | 2,949 | 4.0% | 169 | 5.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Bridal operations | 53.1% | 61.8% | 8.7 | 18.9% |
| Hotel operations | 42.9% | 36.8% | -6.1 | 13.9% |
| Wellness relaxation operations | 4.0% | 1.4% | -2.6 | 5.7% |

Segment → industry: Hotel operations → Hotels & Inns / Bridal operations → Weddings / Wellness relaxation operations → Beauty Salons

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 10,340 | 14.1% | S100XTC0 |
| Capital expenditure | 3,690 | 5.0% | S100XTC0 |
| Free cash flow | 6,650 | 9.1% | 算出 |
| Investing cash flow | -7,258 | -9.9% | S100XTC0 |
| Financing cash flow | 3,597 | 4.9% | S100XTC0 |
| Dividends paid | 570 | 0.8% | S100XTC0 |
| Share buyback | 199 | 0.3% | S100XTC0 |
| Change in cash | 6,808 | 9.3% | S100XTC0 |
| Cash and equivalents | 27,903 | 38.2% | S100XTC0 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 16,451 | 21,149 | 18,916 | 21,094 | 27,903 | S100T59D, S100VHTG, S100XTC0 |
| Total assets | 90,901 | 87,472 | 93,154 | 111,711 | 140,138 | S100QHGQ, S100T59D, S100VHTG, S100XTC0 |
| Net assets | 20,641 | 23,086 | 27,428 | 34,030 | 39,792 | S100T59D, S100VHTG, S100XTC0 |
| Share capital | 472 | 472 | 472 | 472 | 472 | S100QHGQ, S100T59D, S100VHTG, S100XTC0 |
| Property, plant and equipment | 45,847 | 41,131 | 46,481 | 65,592 | 89,428 | S100QHGQ, S100T59D, S100VHTG, S100XTC0 |
| Intangible assets excluding goodwill | 2,383 | 2,177 | 1,622 | 1,448 | 1,330 | S100QHGQ, S100T59D, S100VHTG, S100XTC0 |
| Goodwill | 1,732 | 1,157 | 745 | 789 | 523 | S100QHGQ, S100T59D, S100VHTG, S100XTC0 |
| Investment securities | 6,361 | 5,599 | 4,806 | 4,673 | 1,432 | S100QHGQ, S100T59D, S100VHTG, S100XTC0 |
| Current assets | 20,792 | 24,588 | 25,249 | 26,315 | 34,150 | S100QHGQ, S100T59D, S100VHTG, S100XTC0 |
| Current liabilities | 24,525 | 18,530 | 18,312 | 20,877 | 24,695 | S100QHGQ, S100T59D, S100VHTG, S100XTC0 |
| Short-term borrowings | 500 | — | — | — | — | S100QHGQ |
| Long-term borrowings | 33,528 | 33,722 | 36,391 | 46,183 | 58,346 | S100QHGQ, S100T59D, S100VHTG, S100XTC0 |
| Bonds | 5,393 | 5,703 | 4,709 | 4,014 | 7,706 | S100QHGQ, S100T59D, S100VHTG, S100XTC0 |
| Interest-bearing debt | 39,421 | — | — | — | — | 算出 |
| Total liabilities | 70,260 | 64,386 | 65,726 | 77,680 | 100,345 | S100QHGQ, S100T59D, S100VHTG, S100XTC0 |
| Non-controlling interests | 189 | 219 | 231 | 1,798 | 2,580 | S100QHGQ, S100T59D, S100VHTG, S100XTC0 |
| Equity attributable to owners of parent | 21,146 | 22,353 | 26,606 | 31,277 | 35,276 | S100QHGQ, S100T59D, S100VHTG, S100XTC0 |
| Retained earnings | 20,933 | 22,140 | 26,393 | 31,064 | 35,262 | S100QHGQ, S100T59D, S100VHTG, S100XTC0 |
| Treasury stock | -892 | -892 | -892 | -892 | -1,092 | S100QHGQ, S100T59D, S100VHTG, S100XTC0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100XTC0 |
| Property, plant and equipment | 64% | S100XTC0 |
| Intangibles and goodwill | 1% | S100XTC0 |
| Investment securities | 1% | S100XTC0 |
| Other assets | 14% | S100XTC0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 72% | S100XTC0 |
| Equity | 28% | S100XTC0 |
| Other liabilities | 0% | S100XTC0 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 90,901 | 87,472 | 93,154 | 111,711 | 140,138 |
| Equity | 20,641 | 23,086 | 27,428 | 34,030 | 39,792 |
| Interest-bearing debt | 39,421 | — | — | — | — |
| Cash | 16,451 | 21,149 | 18,916 | 21,094 | 27,903 |

## 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) | 122.3% | S100XTC0 |
| Fixed assets ÷ total assets | 63.8% | S100XTC0 |
| Goodwill ÷ parent equity | 1.5% | S100XTC0 |

Goodwill over 4 years: 1,732 → 523 JPY; total investing cash flow: -29,993 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) | 19.9% |
| Cash ÷ revenue | 38.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 108.4% |
| Cash vs. profit gap | 5,572 JPY mn (of net income 116.9%) |
| Shareholder returns / net income | 16.1% |
| Shareholder returns / FCF | 11.6% |
| Shareholder payments — dividends / net income | 12.0% |
| Shareholder payments — dividends / FCF | 8.6% |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 70.2% |

## 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 | — | —× | -6.8% | —× | — | S100QHGQ |
| 2022 | 2.9% | 0.58× | 1.7% | 4.10× | 6.9% | S100T59D |
| 2023 | 8.2% | 0.64× | 5.2% | 3.69× | 19.3% | S100VHTG |
| 2024 | 8.1% | 0.62× | 5.0% | 3.54× | 17.8% | S100XTC0 |
| 2025 | 6.5% | 0.58× | 3.8% | 3.78× | 14.3% | S100XTC0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ファインエクスパンド有限会社 | Major shareholder | 44.3% | 2025-12-31 |
| 塚田 正之 | Major shareholder | 14.9% | 2025-12-31 |
| 塚田 啓子 | Major shareholder | 2.6% | 2025-12-31 |
| 中尾 隆友 | Major shareholder | 2.1% | 2025-12-31 |
| 塚田 健斗 | Major shareholder | 1.6% | 2025-12-31 |
| 大田 宜明 | Major shareholder | 1.2% | 2025-12-31 |
| 野村證券株式会社（常任代理人 株式会社三井住友銀行） | Major shareholder | 1.1% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 0.9% | 2025-12-31 |
| JPLLC-CL JPY（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.9% | 2025-12-31 |
| ヨシダ トモヒロ | Major shareholder | 0.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第31期(2025/01/01－2025/12/31) | S100XTC0 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTC0,, |
| 有価証券報告書－第30期(2024/01/01－2024/12/31) | S100VHTG | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHTG,, |
| 有価証券報告書－第29期(2023/01/01－2023/12/31) | S100T59D | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T59D,, |
| 有価証券報告書－第28期(2022/01/01－2022/12/31) | S100QHGQ | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHGQ,, |
| 有価証券報告書－第27期(令和3年1月1日－令和3年12月31日) | S100NRWA | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRWA,, |
| 有価証券報告書－第26期(令和2年1月1日－令和2年12月31日) | S100L2FX | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2FX,, |

## 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).