# TSUKISHIMA HOLDINGS 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164期(2025/04/01－2026/03/31) (S100YH1A)
> Page: https://vizora.meequs.com/en/company/tsukishima-holdings
> Retrieved: 2026-09-30T22:25:08.150Z

## Company

Tsukishima Holdings, founded in 1917, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 3,367 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TSUKISHIMA HOLDINGS CO., LTD. |
| Ticker | 6332 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6332.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区晴海三丁目5番1号 |
| Representative (per filing) | 代表取締役社長 川﨑 淳 |
| Founded | May 1917 |
| Share capital | ¥6.65B |
| Employees (consolidated) | 3,367 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | March |
| Website | www.tsk-g.co.jp (https://www.tsk-g.co.jp/) |
| Corporate number | 8010001034856 |
| EDINET | E01537 |
| Industries (Vizora) | Plant Engineering & Building Services, Waste Management & Recycling, Industrial Machinery |

> Profile source: annual securities report (S100YH1A, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 81.3 | 72 |
| Profitability | 28.3 | 76 |
| Cash conversion | 34.5 | 74 |
| Efficiency | 15.1 | 76 |
| Financial strength | 83.3 | 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 66% of Tsukishima Holdings's sales come from Water environmental business, with Industrial business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +7.0% from the prior year, operating profit +10.4%.

## Company structure

- Segment revenue mix: Water environmental business 66.2%、Industrial business 33.4%、Other 0.4%
- Revenue → net income: ¥148954000000 → ¥18611000000
- Net income → operating cash flow: ¥18611000000 → ¥5161000000（difference ¥-13450000000）
- Main uses of operating cash flow: CapEx ¥1394000000 / dividends ¥3937000000 / buybacks ¥12797000000
- Change in cash: ¥11039000000
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 | ¥149B |  |
| Operating income | ¥9.84B | Margin 6.6% |
| Net income | ¥16.9B | Margin 11.4% |
| Free cash flow | ¥3.77B |  |
| Largest business | Water environmental business | of segment revenue 66.2% |
| Employees (consolidated) | 3,367 |  |
| EPS | ¥300.55 |  |
| Book value per share | ¥1797.89 |  |
| Equity ratio | 48.4% |  |
| Shares outstanding | 40,125,000 |  |
| Treasury shares | 565,600 |  |
| Shareholders | 8,860 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 18.8% | Net cash ¥23.2B · Cash ÷ revenue 25.6% |
| Vs. industry median margin | -2.5 pp | Plant Engineering & Building Services |
| ROE | 20.4% | Derived from disclosed figures |
| ROA | 8.6% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.3× dividends
- FY2026, parent-company salary changed +21% over five years
- FY2026, employees -4% while operating income rose 10%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥90553000000 | ¥148954000000 | +64.5% |
| Operating income | ¥5662000000 | ¥9842000000 | +73.8% |
| Operating margin | 6.3% | 6.6% | +0.4 pp |
| Employees | 2,761 people | 3,367 people | +21.9% |
| Cash and equivalents | ¥33870000000 | ¥38166000000 | +12.7% |

### 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 |
| --- | ---: |
| 水環境事業 → 水環境事業 | 56.2% |
| 産業事業 → 産業事業 | 33.4% |
| 産業事業 → 事業再編・廃止 | 10.3% |
| その他 → その他 | 0.1% |
| 新設・再編 → 水環境事業 | 9.9% |
| 新設・再編 → その他 | 0.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Water environmental business | 5 years | +14.1% | ¥98578000000 | 5.9% | 2 |
| Industrial business | 5 years | +4.7% | ¥49735000000 | 8.3% | 2 |
| Other | 5 years | +53.5% | ¥640000000 | -21.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 148,954 | 100.0% | S100YH1A |
| Cost of revenue | 117,832 | 79.1% | S100YH1A |
| Gross profit | 31,122 | 20.9% | S100YH1A |
| SG&A | 21,279 | 14.3% | S100YH1A |
| Operating income | 9,842 | 6.6% | S100YH1A |
| Ordinary income | 10,987 | 7.4% | S100YH1A |
| Pretax income | 26,093 | 17.5% | S100YH1A |
| Income tax | 7,482 | 5.0% | S100YH1A |
| Net income | 18,611 | 12.5% | S100YH1A |
| Net income attributable to owners | 16,910 | 11.4% | S100YH1A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 14 |
| Operating income | 7 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 20.9% → Operating margin 6.6% → Net margin 11.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.0%; Core profit growth: +10.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.49×
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 | 139,235 | 148,954 | 9,719 | +7.0% |
| Gross profit | 28,851 | 31,122 | 2,271 | +7.9% |
| Operating income | 8,915 | 9,842 | 927 | +10.4% |
| Net income attributable to owners | 6,669 | 16,910 | 10,241 | +153.6% |
| Operating cash flow | 18,463 | 5,161 | -13,302 | -72.0% |
| Free cash flow | 17,430 | 3,767 | -13,663 | -78.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 100,333 | 8,051 | 8.0% | 5,696 | 3,641 | -3,719 | S100LMGG |
| FY ending Mar 2021 | 90,553 | 5,662 | 6.3% | 958 | 10,084 | 5,864 | S100ODNG |
| FY ending Mar 2022 | 93,077 | 5,692 | 6.1% | 8,173 | 812 | -14,043 | S100R5CM |
| FY ending Mar 2023 | 97,778 | 5,004 | 5.1% | 4,214 | 8,232 | 5,815 | S100TQMQ |
| FY ending Mar 2024 | 124,205 | 6,765 | 5.4% | 2,675 | -5,632 | -8,370 | S100W666 |
| FY ending Mar 2025 | 139,235 | 8,915 | 6.4% | 6,669 | 18,463 | 17,430 | S100YH1A |
| FY ending Mar 2026 | 148,954 | 9,842 | 6.6% | 16,910 | 5,161 | 3,767 | S100YH1A |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.2M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥5M |

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) | 2,765 | 2,839 | 3,517 | 3,510 | 3,367 |
| Average salary (parent company) | ¥7.1M | ¥7.1M | ¥7.5M | ¥7.7M | ¥8.5M |
| Average age (parent company) | 44.0 years | 43.8 years | 43.8 years | 44.6 years | 45.3 years |
| Average tenure (parent company) | 14.7 years | 15.2 years | 14.5 years | 14.3 years | 14.4 years |

Year over year: Employees (consolidated) -4.1% · Revenue (consolidated) +7.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Water environmental business | 98,578 | 66.2% | 5,805 | 5.9% |
| Industrial business | 49,735 | 33.4% | 4,148 | 8.3% |
| Other | 640 | 0.4% | -137 | -21.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Water environmental business | 66.2% | 58.3% | -7.9 | 5.9% |
| Industrial business | 33.4% | 41.7% | 8.3 | 8.3% |
| Other | 0.4% | — | — | -21.4% |

Loss-making segment (excluded from profit shares): Other -137 JPY mn

Segment → industry: Industrial business → Plant Engineering & Building Services / Water environmental business → Plant Engineering & Building Services / Water environmental business → Waste Management & Recycling / Industrial business → Industrial Machinery

## 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 | 5,161 | 3.5% | S100YH1A |
| Capital expenditure | 1,394 | 0.9% | S100YH1A |
| Free cash flow | 3,767 | 2.5% | 算出 |
| Investing cash flow | 27,168 | 18.2% | S100YH1A |
| Financing cash flow | -21,638 | -14.5% | S100YH1A |
| Dividends paid | 3,937 | 2.6% | S100YH1A |
| Share buyback | 12,797 | 8.6% | S100YH1A |
| Change in cash | 11,039 | 7.4% | S100YH1A |
| Cash and equivalents | 38,166 | 25.6% | S100YH1A |

## 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 | 28,795 | 22,998 | 27,601 | 27,465 | 38,166 | S100TQMQ, S100W666, S100YH1A |
| Total assets | 153,574 | 146,462 | 208,014 | 192,248 | 203,021 | S100R5CM, S100TQMQ, S100W666, S100YH1A |
| Net assets | 80,949 | 82,688 | 105,538 | 112,054 | 117,466 | S100TQMQ, S100W666, S100YH1A |
| Share capital | 6,646 | 6,646 | 6,646 | 6,646 | 6,646 | S100R5CM, S100TQMQ, S100W666, S100YH1A |
| Property, plant and equipment | 47,189 | 46,666 | 46,185 | 44,526 | 32,222 | S100R5CM, S100TQMQ, S100W666, S100YH1A |
| Intangible assets excluding goodwill | 1,615 | 1,770 | 7,015 | 6,409 | 5,874 | S100R5CM, S100TQMQ, S100W666, S100YH1A |
| Goodwill | 974 | 845 | 2,735 | 2,496 | 2,280 | S100R5CM, S100TQMQ, S100W666, S100YH1A |
| Investment securities | 20,013 | 19,005 | 25,387 | 24,363 | 27,060 | S100R5CM, S100TQMQ, S100W666, S100YH1A |
| Current assets | 80,211 | 74,347 | 123,951 | 111,716 | 131,548 | S100R5CM, S100TQMQ, S100W666, S100YH1A |
| Current liabilities | 43,511 | 37,241 | 67,442 | 48,126 | 55,998 | S100R5CM, S100TQMQ, S100W666, S100YH1A |
| Trade payables | 12,710 | 13,341 | 20,581 | 16,954 | 18,212 | S100R5CM, S100TQMQ, S100W666, S100YH1A |
| Short-term borrowings | 6,050 | 50 | 14,050 | 50 | 50 | S100R5CM, S100TQMQ, S100W666, S100YH1A |
| Long-term borrowings | 12,136 | 10,459 | 14,965 | 11,912 | 9,952 | S100R5CM, S100TQMQ, S100W666, S100YH1A |
| Bonds | 5,100 | 5,000 | 5,000 | 5,000 | 5,000 | S100R5CM, S100TQMQ, S100W666, S100YH1A |
| Interest-bearing debt | 23,286 | 15,509 | 34,015 | 16,962 | 15,002 | 算出 |
| Total liabilities | 72,625 | 63,773 | 102,476 | 80,193 | 85,555 | S100R5CM, S100TQMQ, S100W666, S100YH1A |
| Non-controlling interests | 1,450 | 1,508 | 18,189 | 18,993 | 19,276 | S100R5CM, S100TQMQ, S100W666, S100YH1A |
| Equity attributable to owners of parent | 74,710 | 76,319 | 77,246 | 82,101 | 83,348 | S100R5CM, S100TQMQ, S100W666, S100YH1A |
| Retained earnings | 63,748 | 66,505 | 67,117 | 70,445 | 72,196 | S100R5CM, S100TQMQ, S100W666, S100YH1A |
| Treasury stock | -1,284 | -2,441 | -2,731 | -1,047 | -1,549 | S100R5CM, S100TQMQ, S100W666, S100YH1A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YH1A |
| Property, plant and equipment | 16% | S100YH1A |
| Intangibles and goodwill | 4% | S100YH1A |
| Investment securities | 13% | S100YH1A |
| Other assets | 48% | S100YH1A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YH1A |
| Interest-bearing debt | 7% | 算出 |
| Other liabilities | 26% | S100YH1A |
| Equity | 58% | S100YH1A |

### 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 | 153,574 | 146,462 | 208,014 | 192,248 | 203,021 |
| Equity | 80,949 | 82,688 | 105,538 | 112,054 | 117,466 |
| Interest-bearing debt | 23,286 | 15,509 | 34,015 | 16,962 | 15,002 |
| Cash | 28,795 | 22,998 | 27,601 | 27,465 | 38,166 |

## 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) | 21.6% | S100YH1A |
| Fixed assets ÷ total assets | 15.9% | S100YH1A |
| Goodwill ÷ parent equity | 2.7% | S100YH1A |

Goodwill over 4 years: 974 → 2,280 JPY; total investing cash flow: 17,650 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) | 18.8% |
| Cash ÷ revenue | 25.6% |
| Net cash (cash − interest-bearing debt) | ¥23.2B |
| Net debt ÷ operating cash flow | -4.49× |
| Cash conversion (operating CF ÷ operating income) | 52.4% |
| Cash vs. profit gap | -11,749 JPY mn (of net income -69.5%) |
| Shareholder returns / net income | 99.0% |
| Shareholder returns / FCF | 444.2% |
| Shareholder payments — dividends / net income | 23.3% |
| Shareholder payments — dividends / FCF | 104.5% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 526.4% |

## 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 | 8.8% | 0.61× | 5.3% | 2.06× | 10.9% | S100R5CM |
| 2023 | 4.3% | 0.65× | 2.8% | 1.99× | 5.6% | S100TQMQ |
| 2024 | 2.2% | 0.70× | 1.5% | 2.31× | 3.5% | S100W666 |
| 2025 | 4.8% | 0.70× | 3.3% | 2.51× | 8.4% | S100YH1A |
| 2026 | 11.4% | 0.75× | 8.6% | 2.39× | 20.4% | S100YH1A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.8% | 2026-03-31 |
| 月島ホールディングス従業員持株会 | Major shareholder | 5.4% | 2026-03-31 |
| 株式会社日本製鋼所 | Major shareholder | 4.5% | 2026-03-31 |
| 東京センチュリー株式会社 | Major shareholder | 4.4% | 2026-03-31 |
| 月島ホールディングス取引先持株会 | Major shareholder | 3.1% | 2026-03-31 |
| ＧＯＶＥＲＮＭＥＮＴ ＯＦ ＮＯＲＷＡＹ (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 2.4% | 2026-03-31 |
| 東洋電機製造株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社オカムラ | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第164期(2025/04/01－2026/03/31) | S100YH1A | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH1A,, |
| 訂正有価証券報告書－第163期(2024/04/01－2025/03/31) | S100W666 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W666,, |
| 有価証券報告書－第162期(2023/04/01－2024/03/31) | S100TQMQ | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQMQ,, |
| 有価証券報告書－第161期(2022/04/01－2023/03/31) | S100R5CM | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5CM,, |
| 有価証券報告書－第160期(令和3年4月1日－令和4年3月31日) | S100ODNG | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODNG,, |
| 有価証券報告書－第159期(令和2年4月1日－令和3年3月31日) | S100LMGG | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMGG,, |

## 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).