# TWOSTONE&Sons: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2024/09/01－2025/08/31) (S100X747)
> Page: https://vizora.meequs.com/en/company/twostone-and-sons
> Retrieved: 2026-09-30T21:44:00.165Z

## Company

TWOSTONE&Sons, founded in 2013, is a company in IT Services & System Integration listed on TSE Growth. It has 750 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TWOSTONE&Sons Inc. |
| Ticker | 7352 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7352.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区渋谷二丁目22番3号 渋谷東口ビル6F |
| Representative (per filing) | 代表取締役CEO 河端 保志 |
| Founded | Oct 2013 |
| Share capital | ¥1.04B |
| Employees (consolidated) | 750 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | August |
| Website | b-engineer.co.jp (https://b-engineer.co.jp/) |
| Corporate number | 2011001096974 |
| EDINET | E35767 |
| Industries (Vizora) | IT Services & System Integration, HR & Staffing, Consulting, M&A Advisory, Advertising |

> Profile source: annual securities report (S100X747, filed 2025-11-27). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 30.1 | 88 |
| Cash conversion | 50.6 | 80 |
| Efficiency | 80.1 | 88 |

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 87% of TWOSTONE&Sons's sales come from Engineerplatformservice, with Consul / Advisoryservice and Marketingplatformservice making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +26.5% from the prior year, operating profit +72.7%.

## Company structure

- Segment revenue mix: Engineerplatformservice 87.2%、Consul / Advisoryservice 10.3%、Marketingplatformservice 2.5%
- Revenue → net income: ¥18077366000 → ¥529449000
- Net income → operating cash flow: ¥529449000 → ¥749693000（difference ¥220244000）
- Main uses of operating cash flow: CapEx ¥65283000 / dividends ¥21519000 / buybacks —
- Change in cash: ¥859004000
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 | ¥18.1B |  |
| Operating income | ¥820M | Margin 4.5% |
| Net income | ¥494.3M | Margin 2.7% |
| Free cash flow | ¥684.4M |  |
| Largest business | Engineerplatformservice | of segment revenue 87.2% |
| Employees (consolidated) | 750 |  |
| EPS | ¥1.38 |  |
| Diluted EPS | ¥1.25 |  |
| Book value per share | ¥51.41 |  |
| Equity ratio | 33.7% |  |
| Shares outstanding | 43,493,360 |  |
| Treasury shares | 600 |  |
| Shareholders | 8,628 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 45.8% | Cash ÷ revenue 25.2% |
| Vs. industry median margin | -4.4 pp | IT Services & System Integration |
| ROE | 15.9% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 4.2× its level five years ago
- FY2025, one segment accounts for 68% of positive segment profit
- FY2025, cash is 46% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3110686000 | ¥18077366000 | — |
| Operating income | ¥101610000 | ¥819999000 | — |
| Operating margin | 3.3% | 4.5% | +1.3 pp |
| Employees | 165 people | 750 people | — |
| Cash and equivalents | ¥585302000 | ¥4557240000 | — |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| Midworks事業 → 事業再編・廃止 | 77.0% |
| メディア事業 → 事業再編・廃止 | 9.7% |
| tech boost事業 → 事業再編・廃止 | 8.2% |
| その他 → 事業再編・廃止 | 2.0% |
| FCS事業 → 事業再編・廃止 | 3.1% |
| 新設・再編 → エンジニアプラットフォームサービス | 87.2% |
| 新設・再編 → マーケティングプラットフォームサービス | 2.5% |
| 新設・再編 → コンサル・アドバイザリーサービス | 10.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Engineerplatformservice | 4 years | +42.1% | ¥15758646000 | 7.3% | 2 |
| Consul / Advisoryservice | 2 years | +550.8% | ¥1864616000 | 26.1% | 2 |
| Marketingplatformservice | 4 years | +2.3% | ¥454103000 | 10.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,077 | 100.0% | S100X747 |
| Cost of revenue | 12,566 | 69.5% | S100X747 |
| Gross profit | 5,512 | 30.5% | S100X747 |
| SG&A | 4,692 | 26.0% | S100X747 |
| Operating income | 820 | 4.5% | S100X747 |
| Ordinary income | 807 | 4.5% | S100X747 |
| Pretax income | 818 | 4.5% | S100X747 |
| Income tax | 289 | 1.6% | S100X747 |
| Net income | 529 | 2.9% | S100X747 |
| Net income attributable to owners | 494 | 2.7% | S100X747 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 26 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 30.5% → Operating margin 4.5% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +26.5%; Core profit growth: +72.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.74×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 14,291 | 18,077 | 3,786 | +26.5% |
| Gross profit | 4,122 | 5,512 | 1,390 | +33.7% |
| Operating income | 475 | 820 | 345 | +72.7% |
| Net income attributable to owners | 189 | 494 | 305 | +161.7% |
| Operating cash flow | 697 | 750 | 53 | +7.5% |
| Free cash flow | 667 | 684 | 17 | +2.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 2,820 | 143 | 5.1% | 110 | 84 | 78 | S100K998 |
| FY ending Aug 2020 | 3,111 | 102 | 3.3% | 80 | -72 | -85 | S100K998 |
| FY ending Aug 2021 | 4,283 | 128 | 3.0% | 76 | 54 | 50 | S100PP8F |
| FY ending Aug 2022 | 6,870 | 196 | 2.8% | 135 | 216 | 112 | S100SDKS |
| FY ending Aug 2023 | 10,057 | 320 | 3.2% | 170 | 173 | 143 | S100UV55 |
| FY ending Aug 2024 | 14,291 | 475 | 3.3% | 189 | 697 | 667 | S100X747 |
| FY ending Aug 2025 | 18,077 | 820 | 4.5% | 494 | 750 | 684 | S100X747 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.1M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥659.1K |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 163 | 168 | 368 | 526 | 750 |
| Average salary (parent company) | ¥4.8M | ¥5.2M | ¥5.4M | ¥5.4M | ¥5.5M |
| Average age (parent company) | 29.1 years | 29.0 years | 30.0 years | 31.5 years | 32.4 years |
| Average tenure (parent company) | 1.5 years | 2.3 years | 1.7 years | 2.4 years | 2.5 years |

Year over year: Employees (consolidated) +42.6% · Revenue (consolidated) +26.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Engineerplatformservice | 15,759 | 87.2% | 1,148 | 7.3% |
| Marketingplatformservice | 454 | 2.5% | 49 | 10.7% |
| Consul / Advisoryservice | 1,865 | 10.3% | 487 | 26.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Engineerplatformservice | 87.2% | 68.2% | -19.0 | 7.3% |
| Marketingplatformservice | 2.5% | 2.9% | 0.4 | 10.7% |
| Consul / Advisoryservice | 10.3% | 28.9% | 18.6 | 26.1% |

Segment → industry: Engineerplatformservice → IT Services & System Integration / Engineerplatformservice → HR & Staffing / Consul / Advisoryservice → Consulting / Consul / Advisoryservice → M&A Advisory / Marketingplatformservice → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 750 | 4.1% | S100X747 |
| Capital expenditure | 65 | 0.4% | S100X747 |
| Free cash flow | 684 | 3.8% | 算出 |
| Investing cash flow | -1,278 | -7.1% | S100X747 |
| Financing cash flow | 1,387 | 7.7% | S100X747 |
| Dividends paid | 22 | 0.1% | S100X747 |
| Change in cash | 859 | 4.8% | S100X747 |
| Cash and equivalents | 4,557 | 25.2% | S100X747 |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 482 | 875 | 1,290 | 3,698 | 4,557 | S100SDKS, S100UV55, S100X747 |
| Total assets | 1,325 | 2,511 | 4,086 | 7,102 | 9,948 | S100PP8F, S100SDKS, S100UV55, S100X747 |
| Net assets | 582 | 737 | 897 | 2,886 | 3,468 | S100SDKS, S100UV55, S100X747 |
| Share capital | 130 | 140 | 145 | 1,038 | 1,039 | S100PP8F, S100SDKS, S100UV55, S100X747 |
| Property, plant and equipment | 13 | 63 | 45 | 42 | 83 | S100PP8F, S100SDKS, S100UV55, S100X747 |
| Intangible assets excluding goodwill | 34 | 341 | 1,018 | 1,051 | 2,271 | S100PP8F, S100SDKS, S100UV55, S100X747 |
| Goodwill | 26 | 287 | 891 | 939 | 1,873 | S100PP8F, S100SDKS, S100UV55, S100X747 |
| Investment securities | 10 | 77 | 41 | 25 | 40 | S100PP8F, S100SDKS, S100UV55, S100X747 |
| Current assets | 1,172 | 1,947 | 2,841 | 5,872 | 7,217 | S100PP8F, S100SDKS, S100UV55, S100X747 |
| Current liabilities | 639 | 1,128 | 1,954 | 2,866 | 3,931 | S100PP8F, S100SDKS, S100UV55, S100X747 |
| Short-term borrowings | — | — | 200 | — | 100 | S100UV55, S100X747 |
| Long-term borrowings | 104 | 647 | 1,215 | 1,347 | 2,468 | S100PP8F, S100SDKS, S100UV55, S100X747 |
| Total liabilities | 743 | 1,774 | 3,189 | 4,216 | 6,480 | S100PP8F, S100SDKS, S100UV55, S100X747 |
| Non-controlling interests | — | — | — | — | 106 | S100X747 |
| Equity attributable to owners of parent | 579 | 733 | 892 | 2,877 | 3,351 | S100PP8F, S100SDKS, S100UV55, S100X747 |
| Retained earnings | 319 | 454 | 603 | 771 | 1,243 | S100PP8F, S100SDKS, S100UV55, S100X747 |
| Treasury stock | — | -0 | -0 | -0 | -0 | S100SDKS, S100UV55, S100X747 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 46% | S100X747 |
| Property, plant and equipment | 1% | S100X747 |
| Intangibles and goodwill | 42% | S100X747 |
| Investment securities | 0% | S100X747 |
| Other assets | 11% | S100X747 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 65% | S100X747 |
| Equity | 35% | S100X747 |
| Other liabilities | 0% | S100X747 |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,325 | 2,511 | 4,086 | 7,102 | 9,948 |
| Equity | 582 | 737 | 897 | 2,886 | 3,468 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 482 | 875 | 1,290 | 3,698 | 4,557 |

## 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) | 0.5% | S100X747 |
| Fixed assets ÷ total assets | 0.8% | S100X747 |
| Goodwill ÷ parent equity | 55.9% | S100X747 |

Goodwill over 4 years: 26 → 1,873 JPY; total investing cash flow: -2,391 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) | 45.8% |
| Cash ÷ revenue | 25.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 91.4% |
| Cash vs. profit gap | 255 JPY mn (of net income 51.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 4.4% |
| Shareholder payments — dividends / FCF | 3.1% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 170.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 1.8% | 3.23× | 5.7% | 2.29× | 13.1% | S100PP8F |
| 2022 | 2.0% | 3.58× | 7.0% | 2.93× | 20.5% | S100SDKS |
| 2023 | 1.7% | 3.05× | 5.2% | 4.06× | 20.9% | S100UV55 |
| 2024 | 1.3% | 2.55× | 3.4% | 2.97× | 10.0% | S100X747 |
| 2025 | 2.7% | 2.12× | 5.8% | 2.74× | 15.9% | S100X747 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 河端 保志 | Major shareholder | 29.1% | 2025-08-31 |
| 髙原 克弥 | Major shareholder | 28.7% | 2025-08-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 9.4% | 2025-08-31 |
| 倉田 将志 | Major shareholder | 4.3% | 2025-08-31 |
| 株式会社マイナビ | Major shareholder | 3.6% | 2025-08-31 |
| 上田 真由美 | Major shareholder | 3.1% | 2025-08-31 |
| 楽天証券株式会社 | Major shareholder | 1.0% | 2025-08-31 |
| JSHHoldings合同会社 | Major shareholder | 0.4% | 2025-08-31 |
| 松井証券株式会社 | Major shareholder | 0.4% | 2025-08-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 0.4% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2024/09/01－2025/08/31) | S100X747 | 2025-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X747,, |
| 有価証券報告書－第11期(2023/09/01－2024/08/31) | S100UV55 | 2024-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UV55,, |
| 有価証券報告書－第10期(2022/09/01－2023/08/31) | S100SDKS | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDKS,, |
| 有価証券報告書－第9期(令和3年9月1日－令和4年8月31日) | S100PP8F | 2022-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PP8F,, |
| 有価証券報告書－第8期(令和2年9月1日－令和3年8月31日) | S100MYLT | 2021-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MYLT,, |
| 有価証券報告書－第7期(令和1年9月1日－令和2年8月31日) | S100K998 | 2020-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K998,, |

## 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).