# TSUKAMOTO CORPORATION 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107期(2025/04/01－2026/03/31) (S100YDV3)
> Page: https://vizora.meequs.com/en/company/tsukamoto
> Retrieved: 2026-09-30T20:59:56.048Z

## Company

Tsukamoto, founded in 1920, is a company in Home Appliances listed on TSE Standard. It has 180 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TSUKAMOTO CORPORATION CO., LTD. |
| Ticker | 8025 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8025.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋本町1丁目6番5号 |
| Representative (per filing) | 代表取締役社長 百瀬二郎 |
| Founded | Jan 1920 |
| Share capital | ¥2.83B |
| Employees (consolidated) | 180 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | www.tsukamoto.co.jp (https://www.tsukamoto.co.jp/) |
| Corporate number | 2010001034878 |
| EDINET | E02588 |
| Industries (Vizora) | Home Appliances, Real Estate Development & Leasing, Furniture, Interior & Lifestyle Goods, Apparel |

> Profile source: annual securities report (S100YDV3, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.7 | 55 |
| Profitability | 23.8 | 61 |
| Cash conversion | 1.1 | 47 |
| Efficiency | 9 | 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 51% of Tsukamoto's sales come from European style, with Health and life and Leasing of building making up much of the rest.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed +4.4% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥10.1B |  |
| Operating income | ¥17.3M | Margin 0.2% |
| Net income | ¥177.1M | Margin 1.8% |
| Free cash flow | -¥1.18B |  |
| Largest business | European style | of segment revenue 50.9% |
| Employees (consolidated) | 180 |  |
| EPS | ¥40.98 |  |
| Book value per share | ¥3902.33 |  |
| Equity ratio | 51.5% |  |
| Shares outstanding | 4,069,747 |  |
| Treasury shares | 35,100 |  |
| Shareholders | 6,158 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 4.2% | Cash ÷ revenue 13.0% |
| Vs. industry median margin | -2.9 pp | Apparel |
| ROE | 1.8% | Derived from disclosed figures |
| ROA | 0.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 75% of positive segment profit
- FY2026, segment profit share differs by 66 points
- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17849948000 | ¥10106618000 | -43.4% |
| Operating income | ¥188850000 | ¥17260000 | -90.9% |
| Operating margin | 1.1% | 0.2% | -0.9 pp |
| Employees | 253 people | 180 people | -28.9% |
| Cash and equivalents | ¥2349897000 | ¥1315711000 | -44.0% |

### 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 |
| --- | ---: |
| 和装 → 和装 | 9.6% |
| 和装 → 事業再編・廃止 | 0.9% |
| 洋装 → 洋装 | 42.7% |
| ホームファニシング → ホームファニシング | 4.0% |
| ホームファニシング → 事業再編・廃止 | 15.5% |
| 健康・生活 → 健康・生活 | 22.1% |
| 建物の賃貸 → 建物の賃貸 | 5.3% |
| 新設・再編 → 洋装 | 8.1% |
| 新設・再編 → 健康・生活 | 3.6% |
| 新設・再編 → 建物の賃貸 | 4.6% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| European style | 5 years | -7.6% | ¥5139685000 | 3.8% | 2 |
| Health and life | 5 years | -8.0% | ¥2593402000 | -12.2% | 2 |
| Leasing of building | 5 years | +1.1% | ¥991933000 | 60.7% | 2 |
| Japanese style | 5 years | -12.3% | ¥970052000 | -9.0% | 2 |
| Home furnishing | 5 years | -34.9% | ¥407209000 | -55.2% | 2 |
| Other | 3 years | -62.2% | ¥4335000 | 15.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,107 | 100.0% | S100YDV3 |
| Cost of revenue | 6,940 | 68.7% | S100YDV3 |
| Gross profit | 3,167 | 31.3% | S100YDV3 |
| SG&A | 3,149 | 31.2% | S100YDV3 |
| Operating income | 17 | 0.2% | S100YDV3 |
| Ordinary income | 182 | 1.8% | S100YDV3 |
| Pretax income | 235 | 2.3% | S100YDV3 |
| Income tax | 58 | 0.6% | S100YDV3 |
| Net income | 177 | 1.8% | S100YDV3 |
| Net income attributable to owners | 177 | 1.8% | S100YDV3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 31 |
| Operating income | 0 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 31.3% → Operating margin 0.2% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 9,681 | 10,107 | 425 | +4.4% |
| Gross profit | 2,835 | 3,167 | 332 | +11.7% |
| Operating income | -332 | 17 | 350 | — |
| Net income attributable to owners | -380 | 177 | 557 | — |
| Operating cash flow | -261 | -1,045 | -784 | — |
| Free cash flow | -463 | -1,182 | -719 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 17,797 | 201 | 1.1% | 442 | -649 | -836 | S100LQZE |
| FY ending Mar 2021 | 17,850 | 189 | 1.1% | 146 | 894 | 738 | S100OERU |
| FY ending Mar 2022 | 15,659 | 229 | 1.5% | -330 | 46 | -112 | S100QZXP |
| FY ending Mar 2023 | 12,880 | 15 | 0.1% | 65 | 418 | 364 | S100TXUU |
| FY ending Mar 2024 | 9,798 | -223 | -2.3% | 175 | 275 | 252 | S100W4T4 |
| FY ending Mar 2025 | 9,681 | -332 | -3.4% | -380 | -261 | -463 | S100YDV3 |
| FY ending Mar 2026 | 10,107 | 17 | 0.2% | 177 | -1,045 | -1,182 | S100YDV3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥56.1M |
| Operating income per employee (consolidated) | ¥95.9K |
| Net income per employee (consolidated) | ¥983.7K |

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) | 236 | 198 | 188 | 189 | 180 |
| Average salary (parent company) | ¥5.7M | ¥5.7M | ¥5.6M | ¥5.6M | ¥5.8M |
| Average age (parent company) | 43.4 years | 44.6 years | 45.4 years | 46.6 years | 46.1 years |
| Average tenure (parent company) | 17.7 years | 18.6 years | 19.0 years | 19.6 years | 19.1 years |

Year over year: Employees (consolidated) -4.8% · Revenue (consolidated) +4.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japanese style | 970 | 9.6% | -88 | -9.0% |
| European style | 5,140 | 50.9% | 195 | 3.8% |
| Home furnishing | 407 | 4.0% | -225 | -55.2% |
| Health and life | 2,593 | 25.7% | -318 | -12.2% |
| Leasing of building | 992 | 9.8% | 602 | 60.7% |
| Other | 4 | 0.0% | 1 | 15.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japanese style | 9.6% | — | — | -9.0% |
| European style | 50.9% | 24.4% | -26.4 | 3.8% |
| Home furnishing | 4.0% | — | — | -55.2% |
| Health and life | 25.7% | — | — | -12.2% |
| Leasing of building | 9.8% | 75.5% | 65.7 | 60.7% |
| Other | 0.0% | 0.1% | 0.0 | 15.8% |

Loss-making segment (excluded from profit shares): Japanese style -88 JPY mn

Loss-making segment (excluded from profit shares): Home furnishing -225 JPY mn

Loss-making segment (excluded from profit shares): Health and life -318 JPY mn

Segment → industry: Health and life → Home Appliances / Leasing of building → Real Estate Development & Leasing / Home furnishing → Furniture, Interior & Lifestyle Goods / European style → Apparel / Japanese style → Apparel

## 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 | -1,045 | -10.3% | S100YDV3 |
| Capital expenditure | 137 | 1.4% | S100YDV3 |
| Free cash flow | -1,182 | -11.7% | 算出 |
| Investing cash flow | 370 | 3.7% | S100YDV3 |
| Financing cash flow | -73 | -0.7% | S100YDV3 |
| Dividends paid | 121 | 1.2% | S100YDV3 |
| Share buyback | 1 | 0.0% | S100YDV3 |
| Change in cash | -748 | -7.4% | S100YDV3 |
| Cash and equivalents | 1,316 | 13.0% | S100YDV3 |

## 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 | 1,818 | 2,159 | 2,675 | 2,064 | 1,316 | S100TXUU, S100W4T4, S100YDV3 |
| Total assets | 26,524 | 25,808 | 28,176 | 28,899 | 31,386 | S100QZXP, S100TXUU, S100W4T4, S100YDV3 |
| Net assets | 11,529 | 11,901 | 13,726 | 14,055 | 16,159 | S100TXUU, S100W4T4, S100YDV3 |
| Share capital | 2,830 | 2,830 | 2,830 | 2,830 | 2,830 | S100QZXP, S100TXUU, S100W4T4, S100YDV3 |
| Trade receivables | 2,502 | 1,969 | 1,674 | 1,448 | 1,591 | S100QZXP, S100TXUU, S100W4T4, S100YDV3 |
| Inventories | 2,239 | 1,789 | 1,738 | 1,886 | 2,171 | S100QZXP, S100TXUU, S100W4T4, S100YDV3 |
| Property, plant and equipment | 13,107 | 12,758 | 12,653 | 12,724 | 12,674 | S100QZXP, S100TXUU, S100W4T4, S100YDV3 |
| Intangible assets excluding goodwill | 74 | 64 | 62 | 70 | 78 | S100QZXP, S100TXUU, S100W4T4, S100YDV3 |
| Investment securities | 3,775 | 4,721 | 6,824 | 8,066 | 10,839 | S100QZXP, S100TXUU, S100W4T4, S100YDV3 |
| Current assets | 7,379 | 6,740 | 6,849 | 6,126 | 5,963 | S100QZXP, S100TXUU, S100W4T4, S100YDV3 |
| Current liabilities | 10,030 | 9,142 | 8,253 | 9,251 | 8,900 | S100QZXP, S100TXUU, S100W4T4, S100YDV3 |
| Trade payables | 1,511 | 1,041 | 1,023 | 885 | 874 | S100QZXP, S100TXUU, S100W4T4, S100YDV3 |
| Short-term borrowings | 5,064 | 5,051 | 4,925 | 4,895 | 5,612 | S100QZXP, S100TXUU, S100W4T4, S100YDV3 |
| Long-term borrowings | 1,930 | 1,550 | 2,220 | 1,087 | 1,010 | S100QZXP, S100TXUU, S100W4T4, S100YDV3 |
| Total liabilities | 14,996 | 13,907 | 14,449 | 14,844 | 15,227 | S100QZXP, S100TXUU, S100W4T4, S100YDV3 |
| Equity attributable to owners of parent | 10,319 | 10,290 | 10,366 | 9,865 | 9,920 | S100QZXP, S100TXUU, S100W4T4, S100YDV3 |
| Retained earnings | 6,865 | 6,810 | 6,864 | 6,363 | 6,419 | S100QZXP, S100TXUU, S100W4T4, S100YDV3 |
| Treasury stock | -83 | -61 | -41 | -41 | -42 | S100QZXP, S100TXUU, S100W4T4, S100YDV3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YDV3 |
| Receivables | 5% | S100YDV3 |
| Inventories | 7% | S100YDV3 |
| Property, plant and equipment | 40% | S100YDV3 |
| Intangibles and goodwill | 0% | S100YDV3 |
| Investment securities | 35% | S100YDV3 |
| Other assets | 9% | S100YDV3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YDV3 |
| Other liabilities | 46% | S100YDV3 |
| Equity | 51% | S100YDV3 |

### 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 | 26,524 | 25,808 | 28,176 | 28,899 | 31,386 |
| Equity | 11,529 | 11,901 | 13,726 | 14,055 | 16,159 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,818 | 2,159 | 2,675 | 2,064 | 1,316 |

## 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) | 125.4% | S100YDV3 |
| Fixed assets ÷ total assets | 40.4% | S100YDV3 |
| Goodwill ÷ parent equity | — | —, S100YDV3 |

### 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) | 4.2% |
| Cash ÷ revenue | 13.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -6056.4% |
| Cash vs. profit gap | -1,222 JPY mn (of net income -690.4%) |
| Shareholder returns / net income | 69.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 68.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| 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 | — | —× | -1.2% | —× | — | S100QZXP |
| 2023 | 0.5% | 0.49× | 0.2% | 2.54× | 0.6% | S100TXUU |
| 2024 | 1.8% | 0.36× | 0.6% | 2.61× | 1.7% | S100W4T4 |
| 2025 | — | —× | -1.3% | —× | — | S100YDV3 |
| 2026 | 1.8% | 0.34× | 0.6% | 3.05× | 1.8% | S100YDV3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| フリージア・マクロス㈱ | Major shareholder | 18.4% | 2026-03-31 |
| 明治安田生命保険(相) | Major shareholder | 5.0% | 2026-03-31 |
| ㈱三菱UFJ銀行 | Major shareholder | 4.2% | 2026-03-31 |
| ＶＡＳＡＮＴＡ ＭＡＳＴＥＲ ＦＵＮＤ ＰＴＥ． ＬＴＤ．(常任代理人 みずほ銀行決済営業部) | Major shareholder | 4.1% | 2026-03-31 |
| ツカモト共栄会 | Major shareholder | 3.7% | 2026-03-31 |
| ㈱レンティック | Major shareholder | 3.5% | 2026-03-31 |
| ㈱アドバンスト・メディア | Major shareholder | 3.5% | 2026-03-31 |
| ㈱三井住友銀行 | Major shareholder | 2.9% | 2026-03-31 |
| ㈱みずほ銀行 | Major shareholder | 2.8% | 2026-03-31 |
| 三菱UFJ信託銀行㈱ | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第107期(2025/04/01－2026/03/31) | S100YDV3 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDV3,, |
| 有価証券報告書－第106期(2024/04/01－2025/03/31) | S100W4T4 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4T4,, |
| 訂正有価証券報告書－第105期(2023/04/01－2024/03/31) | S100TXUU | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXUU,, |
| 有価証券報告書－第104期(2022/04/01－2023/03/31) | S100QZXP | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZXP,, |
| 有価証券報告書－第103期(令和3年4月1日－令和4年3月31日) | S100OERU | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OERU,, |
| 有価証券報告書－第102期(令和2年4月1日－令和3年3月31日) | S100LQZE | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQZE,, |

## 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).