# TSUTSUMI JEWELRY 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53期(2025/04/01－2026/03/31) (S100Y7SI)
> Page: https://vizora.meequs.com/en/company/tsutsumi-jewelry
> Retrieved: 2026-09-30T19:15:30.132Z

## Company

Tsutsumi Jewelry, founded in 1973, is a company in Watches, Jewelry & Eyewear listed on TSE Standard. It has 889 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TSUTSUMI JEWELRY CO.,LTD. |
| Ticker | 7937 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7937.T) |
| Listing | TSE Standard |
| Head office | 埼玉県蕨市中央4丁目24番26号 |
| Representative (per filing) | 代表取締役社長 互 智司 |
| Founded | Jun 1973 |
| Share capital | ¥13.1B |
| Employees (consolidated) | 889 |
| Average salary (parent only) | ¥4.4M |
| Fiscal year end | March |
| Website | www.tsutsumi.co.jp (https://www.tsutsumi.co.jp/) |
| Corporate number | 2030001021115 |
| EDINET | E03180 |
| Industries (Vizora) | Watches, Jewelry & Eyewear |

> Profile source: annual securities report (S100Y7SI, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Watches, Jewelry & Eyewear (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92.5 | 20 |
| Profitability | 87.5 | 20 |
| Cash conversion | 23.7 | 19 |
| Efficiency | 7.1 | 21 |

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)

- Tsutsumi Jewelry brought in ¥35.2B in revenue.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +41.8% from the prior year, operating profit +117.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥35225000000 → ¥3691000000
- Net income → operating cash flow: ¥3691000000 → ¥603000000（difference ¥-3088000000）
- Main uses of operating cash flow: CapEx ¥791000000 / dividends ¥1406000000 / buybacks ¥0
- Change in cash: ¥-1415000000
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 | ¥35.2B |  |
| Operating income | ¥5.24B | Margin 14.9% |
| Net income | ¥3.69B | Margin 10.5% |
| Free cash flow | -¥188M |  |
| Employees (consolidated) | 889 |  |
| EPS | ¥236.2 |  |
| Book value per share | ¥4486.21 |  |
| Equity ratio | 95.1% |  |
| Shares outstanding | 15,630,000 |  |
| Treasury shares | 3,300 |  |
| Shareholders | 3,443 |  |
| Average salary (parent only) | ¥4.4M | Filing company only |
| Cash ratio | 43.7% | Cash ÷ revenue 91.5% |
| Vs. industry median margin | +8.2 pp | Watches, Jewelry & Eyewear |
| ROE | 5.4% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.1× its level five years ago
- FY2026, cash is 44% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14523000000 | ¥35225000000 | +142.5% |
| Operating income | ¥658000000 | ¥5243000000 | +696.8% |
| Operating margin | 4.5% | 14.9% | +10.4 pp |
| Employees | 924 people | 889 people | -3.8% |
| Cash and equivalents | ¥38437000000 | ¥32225000000 | -16.2% |

### 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 | 35,225 | 100.0% | S100Y7SI |
| Cost of revenue | 19,930 | 56.6% | 算出 |
| Gross profit | 15,295 | 43.4% | S100Y7SI |
| SG&A | 10,052 | 28.5% | S100Y7SI |
| Operating income | 5,243 | 14.9% | S100Y7SI |
| Ordinary income | 5,398 | 15.3% | S100Y7SI |
| Pretax income | 5,437 | 15.4% | S100Y7SI |
| Income tax | 1,746 | 5.0% | S100Y7SI |
| Net income | 3,691 | 10.5% | S100Y7SI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 28 |
| Operating income | 15 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 43.4% → Operating margin 14.9% → Net margin 10.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +41.8%; Core profit growth: +117.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.81×
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 | 24,835 | 35,225 | 10,390 | +41.8% |
| Gross profit | 11,383 | 15,295 | 3,912 | +34.4% |
| Operating income | 2,410 | 5,243 | 2,833 | +117.6% |
| Operating cash flow | -1,331 | 603 | 1,934 | — |
| Free cash flow | -1,984 | -188 | 1,796 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 18,703 | 775 | 4.1% | 681 | 1,849 | 1,684 | S100LH3X |
| FY ending Mar 2021 | 14,523 | 658 | 4.5% | 423 | 278 | 116 | S100O5PH |
| FY ending Mar 2022 | 16,477 | 1,071 | 6.5% | 684 | 1,515 | 901 | S100QW5G |
| FY ending Mar 2023 | 18,119 | 1,465 | 8.1% | 909 | 643 | 71 | S100TLUD |
| FY ending Mar 2024 | 19,907 | 1,671 | 8.4% | 1,155 | -968 | -1,271 | S100VWP8 |
| FY ending Mar 2025 | 24,835 | 2,410 | 9.7% | 1,986 | -1,331 | -1,984 | S100Y7SI |
| FY ending Mar 2026 | 35,225 | 5,243 | 14.9% | 3,691 | 603 | -188 | S100Y7SI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.6M |
| Operating income per employee (consolidated) | ¥5.9M |
| Net income per employee (consolidated) | ¥4.2M |

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) | 933 | 905 | 879 | 878 | 889 |
| Average salary (parent company) | ¥3.8M | ¥3.9M | ¥4.1M | ¥4.2M | ¥4.4M |
| Average age (parent company) | 38.6 years | 38.9 years | 39.5 years | 39.5 years | 39.0 years |
| Average tenure (parent company) | 10.0 years | 10.4 years | 10.4 years | 10.2 years | 9.8 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +41.8%

## 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 | 603 | 1.7% | S100Y7SI |
| Capital expenditure | 791 | 2.2% | S100Y7SI |
| Free cash flow | -188 | -0.5% | 算出 |
| Investing cash flow | -612 | -1.7% | S100Y7SI |
| Financing cash flow | -1,406 | -4.0% | S100Y7SI |
| Dividends paid | 1,406 | 4.0% | S100Y7SI |
| Share buyback | 0 | 0.0% | S100Y7SI |
| Change in cash | -1,415 | -4.0% | S100Y7SI |
| Cash and equivalents | 32,225 | 91.5% | S100Y7SI |

## 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 | 38,857 | 38,502 | 36,538 | 33,640 | 32,225 | S100TLUD, S100VWP8, S100Y7SI |
| Total assets | 67,914 | 68,344 | 69,075 | 69,637 | 73,704 | S100QW5G, S100TLUD, S100VWP8, S100Y7SI |
| Net assets | 66,090 | 66,534 | 66,911 | 67,800 | 70,104 | S100TLUD, S100VWP8, S100Y7SI |
| Share capital | 13,098 | 13,098 | 13,098 | 13,098 | 13,098 | S100QW5G, S100TLUD, S100VWP8, S100Y7SI |
| Property, plant and equipment | 8,792 | 6,272 | 6,293 | 6,262 | 6,818 | S100QW5G, S100TLUD, S100VWP8, S100Y7SI |
| Intangible assets excluding goodwill | 262 | 235 | 363 | 386 | 501 | S100QW5G, S100TLUD, S100VWP8, S100Y7SI |
| Investment securities | 53 | 58 | 63 | 52 | 82 | S100QW5G, S100TLUD, S100VWP8, S100Y7SI |
| Current assets | 55,111 | 55,245 | 55,811 | 56,415 | 60,032 | S100QW5G, S100TLUD, S100VWP8, S100Y7SI |
| Current liabilities | 1,751 | 1,722 | 2,064 | 1,714 | 3,477 | S100QW5G, S100TLUD, S100VWP8, S100Y7SI |
| Total liabilities | 1,823 | 1,809 | 2,163 | 1,837 | 3,599 | S100QW5G, S100TLUD, S100VWP8, S100Y7SI |
| Equity attributable to owners of parent | 66,081 | 66,522 | 66,896 | 67,788 | 70,073 | S100QW5G, S100TLUD, S100VWP8, S100Y7SI |
| Retained earnings | 47,336 | 37,724 | 38,098 | 38,991 | 41,276 | S100QW5G, S100TLUD, S100VWP8, S100Y7SI |
| Treasury stock | -10,060 | -7 | -8 | -8 | -8 | S100QW5G, S100TLUD, S100VWP8, S100Y7SI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 44% | S100Y7SI |
| Property, plant and equipment | 9% | S100Y7SI |
| Intangibles and goodwill | 1% | S100Y7SI |
| Investment securities | 0% | S100Y7SI |
| Other assets | 46% | S100Y7SI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 5% | S100Y7SI |
| Equity | 95% | S100Y7SI |
| Other liabilities | 0% | S100Y7SI |

### 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 | 67,914 | 68,344 | 69,075 | 69,637 | 73,704 |
| Equity | 66,090 | 66,534 | 66,911 | 67,800 | 70,104 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 38,857 | 38,502 | 36,538 | 33,640 | 32,225 |

## 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) | 19.4% | S100Y7SI |
| Fixed assets ÷ total assets | 9.3% | S100Y7SI |
| Goodwill ÷ parent equity | — | —, S100Y7SI |

### 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) | 43.7% |
| Cash ÷ revenue | 91.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 11.5% |
| Cash vs. profit gap | -3,088 JPY mn (of net income -83.7%) |
| Shareholder returns / net income | 38.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 38.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 101.5% |

## 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 | 4.2% | 0.24× | 1.0% | 1.03× | 1.0% | S100QW5G |
| 2023 | 5.0% | 0.27× | 1.3% | 1.03× | 1.4% | S100TLUD |
| 2024 | 5.8% | 0.29× | 1.7% | 1.03× | 1.7% | S100VWP8 |
| 2025 | 8.0% | 0.36× | 2.9% | 1.03× | 2.9% | S100Y7SI |
| 2026 | 10.5% | 0.49× | 5.1% | 1.04× | 5.4% | S100Y7SI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 堤 倭子 | Major shareholder | 51.2% | 2026-03-31 |
| 互 夕希子 | Major shareholder | 9.8% | 2026-03-31 |
| 石花 千花 | Major shareholder | 9.7% | 2026-03-31 |
| 公益財団法人堤征二記念奨学財団 | Major shareholder | 6.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.3% | 2026-03-31 |
| MERCURY AIFLNP V.C.I.C. LTD(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.8% | 2026-03-31 |
| THE BANK OF NEW YORK 134105(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.7% | 2026-03-31 |
| HOST-PLUS PTY LIMITED-HOSTPLUS POOLED SUPERANNUATION TRUST HOSKING PARTNERS LLP (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第53期(2025/04/01－2026/03/31) | S100Y7SI | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y7SI,, |
| 有価証券報告書－第52期(2024/04/01－2025/03/31) | S100VWP8 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VWP8,, |
| 有価証券報告書－第51期(2023/04/01－2024/03/31) | S100TLUD | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TLUD,, |
| 有価証券報告書－第50期(2022/04/01－2023/03/31) | S100QW5G | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QW5G,, |
| 有価証券報告書－第49期(令和3年4月1日－令和4年3月31日) | S100O5PH | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O5PH,, |
| 有価証券報告書－第48期(令和2年4月1日－令和3年3月31日) | S100LH3X | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LH3X,, |

## 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).