# TVE Co.,Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2024/10/01－2025/09/30) (S100XBK6)
> Page: https://vizora.meequs.com/en/company/tve
> Retrieved: 2026-09-30T22:08:09.974Z

## Company

TVE, founded in 1999, is a company in Steel listed on TSE Standard. It has 400 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TVE Co., Ltd. |
| Ticker | 6466 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6466.T) |
| Listing | TSE Standard |
| Head office | 兵庫県尼崎市西立花町五丁目12番1号 |
| Representative (per filing) | 代表取締役 奥井 一史 |
| Founded | Nov 1999 |
| Share capital | ¥1.74B |
| Employees (consolidated) | 400 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | September |
| Website | www.toavalve.co.jp (https://www.toavalve.co.jp/) |
| Corporate number | 3140001052189 |
| EDINET | E01716 |
| Industries (Vizora) | Steel, Plant Engineering & Building Services, Waste Management & Recycling, Industrial Machinery |

> Profile source: annual securities report (S100XBK6, filed 2025-12-23). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21.4 | 110 |
| Profitability | 34 | 122 |
| Cash conversion | 7.3 | 116 |
| Efficiency | 32.4 | 122 |

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 67% of TVE's sales come from The valve business, with The electric installation business and The cast steel business. making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -9.2% from the prior year, operating profit -42.0%.

## Company structure

- Segment revenue mix: The valve business 66.6%、The electric installation business 17.1%、The cast steel business. 14.4%、Other 1.9%
- Revenue → net income: ¥10183746000 → ¥597568000
- Net income → operating cash flow: ¥597568000 → ¥27407000（difference ¥-570161000）
- Main uses of operating cash flow: CapEx ¥3400594000 / dividends ¥140390000 / buybacks ¥113000
- Change in cash: ¥-3488927000
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 | ¥10.2B |  |
| Operating income | ¥595.7M | Margin 5.8% |
| Net income | ¥597.6M | Margin 5.9% |
| Free cash flow | -¥3.37B |  |
| Largest business | The valve business | of segment revenue 66.6% |
| Employees (consolidated) | 400 |  |
| EPS | ¥194.93 |  |
| Book value per share | ¥4733.96 |  |
| Equity ratio | 75.0% |  |
| Shares outstanding | 2,461,600 |  |
| Treasury shares | 115,600 |  |
| Shareholders | 1,317 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 15.0% | Cash ÷ revenue 23.5% |
| Vs. industry median margin | -1.7 pp | Industrial Machinery |
| ROE | 5.9% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 80% of positive segment profit

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8824693000 | ¥10183746000 | +15.4% |
| Operating income | ¥885622000 | ¥595732000 | -32.7% |
| Operating margin | 10.0% | 5.8% | -4.2 pp |
| Employees | 331 people | 400 people | +20.8% |
| Cash and equivalents | ¥3004386000 | ¥2392771000 | -20.4% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| バルブ事業 → バルブ事業 | 66.6% |
| バルブ事業 → 事業再編・廃止 | 13.1% |
| 製鋼事業 → 製鋼事業 | 13.2% |
| 除染事業 → 事業再編・廃止 | 6.8% |
| その他 → その他 | 0.3% |
| 新設・再編 → 製鋼事業 | 1.2% |
| 新設・再編 → 電気設備関連事業 | 17.1% |
| 新設・再編 → その他 | 1.6% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| The valve business | 5 years | -0.7% | ¥6780350000 | 18.2% | 2 |
| The electric installation business | 3 years | +19.1% | ¥1744955000 | 17.3% | 2 |
| The cast steel business. | 5 years | +4.7% | ¥1465984000 | -2.8% | 2 |
| Other | 5 years | +47.0% | ¥192456000 | 6.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,184 | 100.0% | S100XBK6 |
| Cost of revenue | 7,644 | 75.1% | S100XBK6 |
| Gross profit | 2,540 | 24.9% | S100XBK6 |
| SG&A | 1,944 | 19.1% | S100XBK6 |
| Operating income | 596 | 5.8% | S100XBK6 |
| Ordinary income | 724 | 7.1% | S100XBK6 |
| Pretax income | 909 | 8.9% | S100XBK6 |
| Income tax | 312 | 3.1% | S100XBK6 |
| Net income | 598 | 5.9% | S100XBK6 |
| Net income attributable to owners | 598 | 5.9% | S100XBK6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 19 |
| Operating income | 6 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 24.9% → Operating margin 5.8% → Net margin 5.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -9.2%; Core profit growth: -42.0%
Operating leverage (core profit growth ÷ revenue growth): 4.55×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,221 | 10,184 | -1,037 | -9.2% |
| Gross profit | 3,170 | 2,540 | -630 | -19.9% |
| Operating income | 1,028 | 596 | -432 | -42.0% |
| Net income attributable to owners | 722 | 598 | -124 | -17.2% |
| Operating cash flow | 1,840 | 27 | -1,813 | -98.5% |
| Free cash flow | 1,528 | -3,373 | -4,901 | -320.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 8,239 | 521 | 6.3% | 714 | 1,170 | 980 | S100KEXS |
| FY ending Sep 2020 | 8,825 | 886 | 10.0% | 678 | 189 | -31 | S100N474 |
| FY ending Sep 2021 | 10,451 | 696 | 6.7% | 456 | 2,788 | 2,253 | S100PUFY |
| FY ending Sep 2022 | 8,514 | -87 | -1.0% | -60 | -383 | -821 | S100SIIV |
| FY ending Sep 2023 | 9,396 | 476 | 5.1% | 435 | 1,112 | 486 | S100UZNM |
| FY ending Sep 2024 | 11,221 | 1,028 | 9.2% | 722 | 1,840 | 1,528 | S100XBK6 |
| FY ending Sep 2025 | 10,184 | 596 | 5.8% | 598 | 27 | -3,373 | S100XBK6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.5M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥1.5M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 328 | 412 | 397 | 395 | 400 |
| Average salary (parent company) | ¥6.4M | ¥6.2M | ¥5.9M | ¥6.3M | ¥6.5M |
| Average age (parent company) | 42.0 years | 43.0 years | 43.0 years | 43.0 years | 43.0 years |
| Average tenure (parent company) | 15.0 years | 16.0 years | 16.0 years | 16.0 years | 15.0 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) -9.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| The valve business | 6,780 | 66.6% | 1,237 | 18.2% |
| The cast steel business. | 1,466 | 14.4% | -41 | -2.8% |
| The electric installation business | 1,745 | 17.1% | 302 | 17.3% |
| Other | 192 | 1.9% | 13 | 6.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| The valve business | 66.6% | 79.7% | 13.1 | 18.2% |
| The cast steel business. | 14.4% | — | — | -2.8% |
| The electric installation business | 17.1% | 19.5% | 2.3 | 17.3% |
| Other | 1.9% | 0.8% | -1.0 | 6.8% |

Loss-making segment (excluded from profit shares): The cast steel business. -41 JPY mn

Segment → industry: The cast steel business. → Steel / The electric installation business → Plant Engineering & Building Services / Other → Waste Management & Recycling / The valve business → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 27 | 0.3% | S100XBK6 |
| Capital expenditure | 3,401 | 33.4% | S100XBK6 |
| Free cash flow | -3,373 | -33.1% | 算出 |
| Investing cash flow | -3,167 | -31.1% | S100XBK6 |
| Financing cash flow | -354 | -3.5% | S100XBK6 |
| Dividends paid | 140 | 1.4% | S100XBK6 |
| Share buyback | 0 | 0.0% | S100XBK6 |
| Change in cash | -3,489 | -34.3% | S100XBK6 |
| Cash and equivalents | 2,393 | 23.5% | S100XBK6 |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,056 | 4,126 | 4,707 | 5,882 | 2,393 | S100SIIV, S100UZNM, S100XBK6 |
| Total assets | 12,340 | 12,974 | 14,066 | 15,090 | 15,931 | S100PUFY, S100SIIV, S100UZNM, S100XBK6 |
| Net assets | 9,367 | 9,309 | 9,966 | 11,029 | 11,944 | S100SIIV, S100UZNM, S100XBK6 |
| Share capital | 1,740 | 1,740 | 1,740 | 1,740 | 1,740 | S100PUFY, S100SIIV, S100UZNM, S100XBK6 |
| Trade receivables | 2,056 | — | — | — | — | S100PUFY |
| Property, plant and equipment | 1,514 | 2,116 | 2,250 | 2,223 | 5,716 | S100PUFY, S100SIIV, S100UZNM, S100XBK6 |
| Intangible assets excluding goodwill | 253 | 425 | 400 | 334 | 289 | S100PUFY, S100SIIV, S100UZNM, S100XBK6 |
| Goodwill | — | 62 | 55 | 49 | 42 | S100SIIV, S100UZNM, S100XBK6 |
| Investment securities | 1,067 | 1,141 | 1,266 | 1,860 | 2,330 | S100PUFY, S100SIIV, S100UZNM, S100XBK6 |
| Current assets | 9,263 | 9,044 | 9,890 | 10,415 | 7,353 | S100PUFY, S100SIIV, S100UZNM, S100XBK6 |
| Current liabilities | 2,123 | 2,837 | 2,948 | 2,875 | 2,569 | S100PUFY, S100SIIV, S100UZNM, S100XBK6 |
| Trade payables | 413 | 437 | 394 | 434 | 492 | S100PUFY, S100SIIV, S100UZNM, S100XBK6 |
| Short-term borrowings | — | 450 | 100 | 70 | — | S100SIIV, S100UZNM, S100XBK6 |
| Long-term borrowings | 90 | 67 | 240 | 130 | 25 | S100PUFY, S100SIIV, S100UZNM, S100XBK6 |
| Total liabilities | 2,974 | 3,665 | 4,100 | 4,061 | 3,987 | S100PUFY, S100SIIV, S100UZNM, S100XBK6 |
| Non-controlling interests | 0 | 0 | — | — | — | S100PUFY, S100SIIV |
| Equity attributable to owners of parent | 9,064 | 8,975 | 9,325 | 9,953 | 10,420 | S100PUFY, S100SIIV, S100UZNM, S100XBK6 |
| Retained earnings | 5,948 | 5,784 | 6,126 | 6,743 | 7,200 | S100PUFY, S100SIIV, S100UZNM, S100XBK6 |
| Treasury stock | -639 | -212 | -204 | -196 | -189 | S100PUFY, S100SIIV, S100UZNM, S100XBK6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100XBK6 |
| Property, plant and equipment | 36% | S100XBK6 |
| Intangibles and goodwill | 2% | S100XBK6 |
| Investment securities | 15% | S100XBK6 |
| Other assets | 32% | S100XBK6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100XBK6 |
| Other liabilities | 22% | S100XBK6 |
| Equity | 75% | S100XBK6 |
| Other liabilities | 0% | S100XBK6 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 12,340 | 12,974 | 14,066 | 15,090 | 15,931 |
| Equity | 9,367 | 9,309 | 9,966 | 11,029 | 11,944 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,056 | 4,126 | 4,707 | 5,882 | 2,393 |

## 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) | 56.1% | S100XBK6 |
| Fixed assets ÷ total assets | 35.9% | S100XBK6 |
| Goodwill ÷ parent equity | 0.4% | S100XBK6 |

### 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) | 15.0% |
| Cash ÷ revenue | 23.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 4.6% |
| Cash vs. profit gap | -570 JPY mn (of net income -95.4%) |
| Shareholder returns / net income | 23.5% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 33.4% |
| Investing CF relative to operating CF | 11555.3% |

## 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 | 4.4% | 0.85× | 3.7% | 1.36× | 5.0% | S100PUFY |
| 2022 | — | —× | -0.5% | —× | — | S100SIIV |
| 2023 | 4.6% | 0.69× | 3.2% | 1.48× | 4.8% | S100UZNM |
| 2024 | 6.4% | 0.77× | 5.0% | 1.51× | 7.5% | S100XBK6 |
| 2025 | 5.9% | 0.66× | 3.9% | 1.52× | 5.9% | S100XBK6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 西華産業株式会社 | Major shareholder | 21.5% | 2025-09-30 |
| 株式会社UH Partners ２ | Major shareholder | 7.8% | 2025-09-30 |
| 株式会社UH Partners ３ | Major shareholder | 7.6% | 2025-09-30 |
| 光通信株式会社 | Major shareholder | 7.3% | 2025-09-30 |
| 株式会社エスアイエル | Major shareholder | 5.3% | 2025-09-30 |
| ＴＯＡ取引先持株会 | Major shareholder | 4.3% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.6% | 2025-09-30 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.6% | 2025-09-30 |
| 株式会社SBI証券 | Major shareholder | 2.4% | 2025-09-30 |
| BNYM RE BNYMLB RE GPP CLIENT MONEY AND ASSETS AC （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.4% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2024/10/01－2025/09/30) | S100XBK6 | 2025-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBK6,, |
| 有価証券報告書－第25期(2023/10/01－2024/09/30) | S100UZNM | 2024-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZNM,, |
| 有価証券報告書－第24期(2022/10/01－2023/09/30) | S100SIIV | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIIV,, |
| 有価証券報告書－第23期(令和3年10月1日－令和4年9月30日) | S100PUFY | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUFY,, |
| 有価証券報告書－第22期(令和2年10月1日－令和3年9月30日) | S100N474 | 2021-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N474,, |
| 有価証券報告書－第21期(令和1年10月1日－令和2年9月30日) | S100KEXS | 2020-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KEXS,, |

## 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).