# TSURUYA CO.,LTD.: 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59期(2025/04/01－2026/03/31) (S100YD8C)
> Page: https://vizora.meequs.com/en/company/tsuruya
> Retrieved: 2026-09-30T20:18:14.402Z

## Company

Tsuruya, founded in 1968, is a company in Housing Equipment & Building Materials listed on Tokyo, Nagoya. It has 321 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TSURUYA CO.,LTD. |
| Ticker | 5386 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5386.T) |
| Listing | Tokyo, Nagoya |
| Head office | 愛知県半田市州の崎町2番地12 |
| Representative (per filing) | 代表取締役 鶴見 哲 |
| Founded | Feb 1968 |
| Share capital | ¥2.14B |
| Employees (consolidated) | 321 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.try110.com (https://www.try110.com/) |
| Corporate number | 2180001091861 |
| EDINET | E01204 |
| Industries (Vizora) | Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YD8C, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8 | 56 |
| Profitability | 33.6 | 58 |
| Cash conversion | 5 | 50 |
| Efficiency | 4.3 | 58 |

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)

- Tsuruya brought in ¥6.51B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -4.5% from the prior year, operating profit -20.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥6.51B |  |
| Operating income | ¥146.8M | Margin 2.3% |
| Net income | ¥373.9M | Margin 5.7% |
| Free cash flow | -¥518M |  |
| Employees (consolidated) | 321 |  |
| EPS | ¥50.29 |  |
| Book value per share | ¥1698.33 |  |
| Equity ratio | 81.7% |  |
| Shares outstanding | 7,767,800 |  |
| Treasury shares | 629,900 |  |
| Shareholders | 1,511 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 11.7% | Cash ÷ revenue 26.7% |
| Vs. industry median margin | -2.2 pp | Housing Equipment & Building Materials |
| ROE | 3.2% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.2× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7290495000 | ¥6505410000 | -10.8% |
| Operating income | ¥361291000 | ¥146813000 | -59.4% |
| Operating margin | 5.0% | 2.3% | -2.7 pp |
| Employees | 385 people | 321 people | -16.6% |
| Cash and equivalents | ¥1933487000 | ¥1736899000 | -10.2% |

### 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 | 6,505 | 100.0% | S100YD8C |
| Cost of revenue | 4,835 | 74.3% | S100YD8C |
| Gross profit | 1,670 | 25.7% | S100YD8C |
| SG&A | 1,523 | 23.4% | S100YD8C |
| Operating income | 147 | 2.3% | S100YD8C |
| Ordinary income | 302 | 4.6% | S100YD8C |
| Pretax income | 536 | 8.2% | S100YD8C |
| Income tax | 162 | 2.5% | S100YD8C |
| Net income | 374 | 5.7% | S100YD8C |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 24 |
| Operating income | 2 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 25.7% → Operating margin 2.3% → Net margin 5.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -4.5%; Core profit growth: -20.9%
Operating leverage (core profit growth ÷ revenue growth): 4.61×
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 | 6,815 | 6,505 | -310 | -4.5% |
| Gross profit | 1,789 | 1,670 | -119 | -6.7% |
| Operating income | 186 | 147 | -39 | -20.9% |
| Operating cash flow | 576 | -111 | -687 | -119.3% |
| Free cash flow | 392 | -518 | -910 | -232.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 8,301 | 439 | 5.3% | 299 | 427 | 356 | S100LM16 |
| FY ending Mar 2021 | 7,290 | 361 | 5.0% | 293 | 495 | 442 | S100OCLH |
| FY ending Mar 2022 | 7,740 | 150 | 1.9% | 129 | 217 | 73 | S100R4WO |
| FY ending Mar 2023 | 7,143 | -228 | -3.2% | -91 | -52 | -389 | S100TPXQ |
| FY ending Mar 2024 | 6,369 | 103 | 1.6% | 127 | 661 | 508 | S100W4ZN |
| FY ending Mar 2025 | 6,815 | 186 | 2.7% | 121 | 576 | 392 | S100YD8C |
| FY ending Mar 2026 | 6,505 | 147 | 2.3% | 374 | -111 | -518 | S100YD8C |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.3M |
| Operating income per employee (consolidated) | ¥457.4K |
| Net income per employee (consolidated) | ¥1.2M |

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) | 376 | 370 | 350 | 321 | 321 |
| Average salary (parent company) | ¥4.9M | ¥4.8M | ¥4.5M | ¥4.9M | ¥5M |
| Average age (parent company) | 43.6 years | 44.5 years | 45.3 years | 45.7 years | 45.8 years |
| Average tenure (parent company) | 17.0 years | 17.5 years | 18.5 years | 18.9 years | 19.0 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) -4.5%

## 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 | -111 | -1.7% | S100YD8C |
| Capital expenditure | 407 | 6.2% | S100YD8C |
| Free cash flow | -518 | -8.0% | 算出 |
| Investing cash flow | 1,015 | 15.6% | S100YD8C |
| Financing cash flow | -607 | -9.3% | S100YD8C |
| Dividends paid | 49 | 0.8% | S100YD8C |
| Share buyback | 158 | 2.4% | S100YD8C |
| Change in cash | 297 | 4.6% | S100YD8C |
| Cash and equivalents | 1,737 | 26.7% | S100YD8C |

## 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 | 1,615 | 1,172 | 1,638 | 1,440 | 1,737 | S100TPXQ, S100W4ZN, S100YD8C |
| Total assets | 15,729 | 15,436 | 15,844 | 15,670 | 14,840 | S100R4WO, S100TPXQ, S100W4ZN, S100YD8C |
| Net assets | 11,725 | 11,596 | 11,892 | 11,914 | 12,122 | S100TPXQ, S100W4ZN, S100YD8C |
| Share capital | 2,144 | 2,144 | 2,144 | 2,144 | 2,144 | S100R4WO, S100TPXQ, S100W4ZN, S100YD8C |
| Property, plant and equipment | 10,606 | 10,647 | 10,509 | 10,270 | 9,305 | S100R4WO, S100TPXQ, S100W4ZN, S100YD8C |
| Intangible assets excluding goodwill | 17 | 28 | 35 | 32 | 25 | S100R4WO, S100TPXQ, S100W4ZN, S100YD8C |
| Investment securities | 505 | 527 | 815 | 875 | 933 | S100R4WO, S100TPXQ, S100W4ZN, S100YD8C |
| Current assets | 4,342 | 3,937 | 4,276 | 4,279 | 4,360 | S100R4WO, S100TPXQ, S100W4ZN, S100YD8C |
| Current liabilities | 3,418 | 3,241 | 3,339 | 3,180 | 2,139 | S100R4WO, S100TPXQ, S100W4ZN, S100YD8C |
| Short-term borrowings | 1,500 | 1,500 | 1,500 | 1,300 | 900 | S100R4WO, S100TPXQ, S100W4ZN, S100YD8C |
| Total liabilities | 4,004 | 3,840 | 3,952 | 3,756 | 2,718 | S100R4WO, S100TPXQ, S100W4ZN, S100YD8C |
| Equity attributable to owners of parent | 11,502 | 11,358 | 11,447 | 11,434 | 11,602 | S100R4WO, S100TPXQ, S100W4ZN, S100YD8C |
| Retained earnings | 6,444 | 6,300 | 6,389 | 6,424 | 6,749 | S100R4WO, S100TPXQ, S100W4ZN, S100YD8C |
| Treasury stock | -53 | -53 | -53 | -101 | -258 | S100R4WO, S100TPXQ, S100W4ZN, S100YD8C |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YD8C |
| Property, plant and equipment | 63% | S100YD8C |
| Intangibles and goodwill | 0% | S100YD8C |
| Investment securities | 6% | S100YD8C |
| Other assets | 19% | S100YD8C |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 18% | S100YD8C |
| Equity | 82% | S100YD8C |

### 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 | 15,729 | 15,436 | 15,844 | 15,670 | 14,840 |
| Equity | 11,725 | 11,596 | 11,892 | 11,914 | 12,122 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,615 | 1,172 | 1,638 | 1,440 | 1,737 |

## 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) | 143.0% | S100YD8C |
| Fixed assets ÷ total assets | 62.7% | S100YD8C |
| Goodwill ÷ parent equity | — | —, S100YD8C |

### 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) | 11.7% |
| Cash ÷ revenue | 26.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -75.9% |
| Cash vs. profit gap | -485 JPY mn (of net income -129.8%) |
| Shareholder returns / net income | 55.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 13.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.2% |
| 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 | 1.7% | 0.49× | 0.8% | 1.37× | 1.1% | S100R4WO |
| 2023 | — | —× | -0.6% | —× | — | S100TPXQ |
| 2024 | 2.0% | 0.41× | 0.8% | 1.37× | 1.1% | S100W4ZN |
| 2025 | 1.8% | 0.43× | 0.8% | 1.38× | 1.1% | S100YD8C |
| 2026 | 5.7% | 0.43× | 2.5% | 1.32× | 3.2% | S100YD8C |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 鶴見 哲 | Major shareholder | 21.7% | 2026-03-31 |
| 有限会社トライ | Major shareholder | 10.2% | 2026-03-31 |
| 株式会社商工組合中央金庫 | Major shareholder | 4.3% | 2026-03-31 |
| 遠山 和子 | Major shareholder | 3.3% | 2026-03-31 |
| 長谷川 裕 | Major shareholder | 3.1% | 2026-03-31 |
| 水元 公仁 | Major shareholder | 2.9% | 2026-03-31 |
| 南條 宏 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社石川時鐵工所 | Major shareholder | 1.9% | 2026-03-31 |
| 岡崎信用金庫 | Major shareholder | 1.8% | 2026-03-31 |
| 松田 猛文 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第59期(2025/04/01－2026/03/31) | S100YD8C | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD8C,, |
| 有価証券報告書－第58期(2024/04/01－2025/03/31) | S100W4ZN | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4ZN,, |
| 有価証券報告書－第57期(2023/04/01－2024/03/31) | S100TPXQ | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPXQ,, |
| 有価証券報告書－第56期(2022/04/01－2023/03/31) | S100R4WO | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4WO,, |
| 有価証券報告書－第55期(令和3年4月1日－令和4年3月31日) | S100OCLH | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCLH,, |
| 有価証券報告書－第54期(令和2年4月1日－令和3年3月31日) | S100LM16 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM16,, |

## 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).