# VT HOLDINGS CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第44期(2025/04/01－2026/03/31) (S100YEXL)
> Page: https://vizora.meequs.com/en/company/vt-holdings
> Retrieved: 2026-09-30T21:44:01.592Z

## Company

VT Holdings, founded in 1983, is a company in Homebuilders listed on TSE Prime. It has 4,527 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | VT HOLDINGS CO.,LTD. |
| Ticker | 7593 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7593.T) |
| Listing | TSE Prime |
| Head office | 愛知県名古屋市中区錦三丁目10番32号 |
| Representative (per filing) | 代表取締役社長 高橋一穂 |
| Founded | Mar 1983 |
| Share capital | ¥5.1B |
| Employees (consolidated) | 4,527 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.vt-holdings.co.jp (https://www.vt-holdings.co.jp/) |
| Corporate number | 5180001094556 |
| EDINET | E02889 |
| Industries (Vizora) | Homebuilders, Car Dealers & Used Cars |

> Profile source: annual securities report (S100YEXL, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Car Dealers & Used Cars (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75 | 18 |
| Profitability | 29.5 | 22 |
| Cash conversion | 82.5 | 20 |
| Efficiency | 34.1 | 22 |

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 92% of VT Holdings's sales come from Car Business, with Housing Business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +10.6% from the prior year, operating profit +1.3%.

## Company structure

- Segment revenue mix: Car Business 91.8%、Housing Business 8.1%、Other 0.1%
- Revenue → net income: ¥388733000000 → ¥5950000000
- Net income → operating cash flow: ¥5950000000 → ¥18791000000（difference ¥12841000000）
- Main uses of operating cash flow: CapEx ¥14562000000 / dividends ¥2847000000 / buybacks ¥2302000000
- Change in cash: ¥-1078000000
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 | ¥388.7B |  |
| Operating income | ¥11B | Margin 2.8% |
| Net income | ¥4.9B | Margin 1.3% |
| Free cash flow | ¥4.23B |  |
| Largest business | Car Business | of segment revenue 91.8% |
| Employees (consolidated) | 4,527 |  |
| EPS | ¥41.5 |  |
| Diluted EPS | ¥41.5 |  |
| Book value per share | ¥183.15 |  |
| Equity ratio | 23.3% | Derived from disclosed figures |
| Shares outstanding | 122,581,034 |  |
| Treasury shares | 6,325,800 |  |
| Shareholders | 50,481 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 4.5% | Cash ÷ revenue 3.5% |
| Vs. industry median margin | -0.3 pp | Car Dealers & Used Cars |
| ROE | 6.9% | Derived from disclosed figures |
| ROA | 1.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.8× net income
- FY2026, one segment accounts for 73% of positive segment profit
- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥199535000000 | ¥388733000000 | +94.8% |
| Operating income | ¥7713000000 | ¥11003000000 | +42.7% |
| Operating margin | 3.9% | 2.8% | -1 pp |
| Employees | 3,667 people | 4,527 people | +23.5% |
| Cash and equivalents | ¥9195000000 | ¥13565000000 | +47.5% |

### 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 |
| --- | ---: |
| 自動車販売関連事業 → 自動車販売関連事業 | 91.8% |
| 自動車販売関連事業 → 事業再編・廃止 | 1.7% |
| 住宅関連事業 → 住宅関連事業 | 6.3% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 住宅関連事業 | 1.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Car Business | 5 years | +13.8% | ¥357041000000 | 2.2% | 2 |
| Housing Business | 5 years | +20.0% | ¥31493000000 | 6.5% | 2 |
| Other | 5 years | +4.0% | ¥200000000 | 433.5% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 388,733 | 100.0% | S100YEXL |
| Cost of revenue | 328,741 | 84.6% | S100YEXL |
| Gross profit | 59,992 | 15.4% | S100YEXL |
| SG&A | 48,714 | 12.5% | S100YEXL |
| Operating income | 11,003 | 2.8% | S100YEXL |
| Pretax income | 10,129 | 2.6% | S100YEXL |
| Income tax | 4,178 | 1.1% | S100YEXL |
| Net income | 5,950 | 1.5% | S100YEXL |
| Net income attributable to owners | 4,898 | 1.3% | S100YEXL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 12 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 15.4% → Operating margin 2.8% → Net margin 1.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.6%; Core profit growth: +1.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.13×
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 | 351,630 | 388,733 | 37,103 | +10.6% |
| Gross profit | 53,378 | 59,992 | 6,614 | +12.4% |
| Operating income | 10,859 | 11,003 | 144 | +1.3% |
| Net income attributable to owners | 5,302 | 4,898 | -404 | -7.6% |
| Operating cash flow | 27,956 | 18,791 | -9,165 | -32.8% |
| Free cash flow | 11,861 | 4,229 | -7,632 | -64.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2018 | 201,621 | — | — | 4,690 | 11,351 | — | S100OMN5 |
| FY ending Mar 2019 | 218,848 | — | — | 3,767 | 13,147 | — | S100R81C |
| FY ending Mar 2020 | 207,468 | 5,277 | 2.5% | 2,079 | 8,361 | -2,957 | S100LV4A |
| FY ending Mar 2021 | 199,535 | 7,713 | 3.9% | 4,711 | 16,454 | 10,584 | S100OMN5 |
| FY ending Mar 2022 | 237,930 | 10,192 | 4.3% | 11,678 | 16,818 | 7,858 | S100R81C |
| FY ending Mar 2023 | 266,329 | 12,856 | 4.8% | 7,180 | 11,173 | -2,535 | S100TX57 |
| FY ending Mar 2024 | 311,604 | 12,008 | 3.9% | 6,697 | 12,064 | -1,843 | S100W7AZ |
| FY ending Mar 2025 | 351,630 | 10,859 | 3.1% | 5,302 | 27,956 | 11,861 | S100YEXL |
| FY ending Mar 2026 | 388,733 | 11,003 | 2.8% | 4,898 | 18,791 | 4,229 | S100YEXL |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥85.9M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 3,786 | 4,062 | 4,067 | 4,299 | 4,527 |
| Average salary (parent company) | ¥6.7M | ¥7.1M | ¥7.1M | ¥6.4M | ¥6.5M |
| Average age (parent company) | 43.1 years | 40.8 years | 38.1 years | 39.0 years | 38.3 years |
| Average tenure (parent company) | 7.4 years | 6.3 years | 4.8 years | 5.6 years | 6.2 years |

Year over year: Employees (consolidated) +5.3% · Revenue (consolidated) +10.6%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Car Business | 357,041 | 91.8% | 8,005 | 2.2% |
| Housing Business | 31,493 | 8.1% | 2,061 | 6.5% |
| Other | 200 | 0.1% | 867 | 433.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Car Business | 91.8% | 73.2% | -18.6 | 2.2% |
| Housing Business | 8.1% | 18.9% | 10.7 | 6.5% |
| Other | 0.1% | 7.9% | 7.9 | 433.5% |

Segment → industry: Housing Business → Homebuilders / Car Business → Car Dealers & Used Cars

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 18,791 | 4.8% | S100YEXL |
| Capital expenditure | 14,562 | 3.7% | S100YEXL |
| Free cash flow | 4,229 | 1.1% | 算出 |
| Investing cash flow | -10,814 | -2.8% | S100YEXL |
| Financing cash flow | -9,471 | -2.4% | S100YEXL |
| Dividends paid | 2,847 | 0.7% | S100YEXL |
| Share buyback | 2,302 | 0.6% | S100YEXL |
| Change in cash | -1,078 | -0.3% | S100YEXL |
| Cash and equivalents | 13,565 | 3.5% | S100YEXL |

## 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 | 11,844 | 12,644 | 13,483 | 14,643 | 13,565 | S100TX57, S100W7AZ, S100YEXL |
| Total assets | 188,049 | 229,834 | 272,883 | 277,900 | 303,067 | S100R81C, S100TX57, S100W7AZ, S100YEXL |
| Net assets | 56,934 | 72,740 | 82,002 | 80,407 | 77,941 | S100TX57, S100W7AZ, S100YEXL |
| Share capital | 4,297 | 4,297 | 4,862 | 5,100 | 5,100 | S100R81C, S100TX57, S100W7AZ, S100YEXL |
| Property, plant and equipment | 68,250 | 73,386 | 89,171 | 97,711 | 103,843 | S100R81C, S100TX57, S100W7AZ, S100YEXL |
| Goodwill | 13,513 | 13,376 | 13,280 | 13,106 | 13,522 | S100R81C, S100TX57, S100W7AZ, S100YEXL |
| Current assets | 73,748 | 97,529 | 123,368 | 126,007 | 147,541 | S100R81C, S100TX57, S100W7AZ, S100YEXL |
| Total liabilities | 131,115 | 157,093 | 190,881 | 197,493 | 225,126 | S100R81C, S100TX57, S100W7AZ, S100YEXL |
| Equity attributable to owners of parent | 51,342 | 64,500 | 72,851 | 71,244 | 70,684 | S100R81C, S100TX57, S100W7AZ, S100YEXL |
| Retained earnings | 43,397 | 56,130 | 60,770 | 59,200 | 59,161 | S100R81C, S100TX57, S100W7AZ, S100YEXL |
| Treasury stock | -866 | -866 | -667 | -667 | -2,970 | S100R81C, S100TX57, S100W7AZ, S100YEXL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YEXL |
| Property, plant and equipment | 34% | S100YEXL |
| Intangibles and goodwill | 4% | — |
| Other assets | 57% | S100YEXL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 74% | S100YEXL |
| Equity | 26% | S100YEXL |

### 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 | 188,049 | 229,834 | 272,883 | 277,900 | 303,067 |
| Equity | 56,934 | 72,740 | 82,002 | 80,407 | 77,941 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,844 | 12,644 | 13,483 | 14,643 | 13,565 |

## 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) | 26.7% | S100YEXL |
| Fixed assets ÷ total assets | 34.3% | S100YEXL |
| Goodwill ÷ parent equity | 19.1% | S100YEXL |

Goodwill over 4 years: 13,513 → 13,522 JPY; total investing cash flow: -47,563 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) | 4.5% |
| Cash ÷ revenue | 3.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 170.8% |
| Cash vs. profit gap | 13,893 JPY mn (of net income 283.6%) |
| Shareholder returns / net income | 105.1% |
| Shareholder returns / FCF | 121.8% |
| Shareholder payments — dividends / net income | 58.1% |
| Shareholder payments — dividends / FCF | 67.3% |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 57.5% |

## 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 | 4.9% | 1.27× | 6.2% | 3.66× | 22.7% | S100R81C |
| 2023 | 2.7% | 1.27× | 3.4% | 3.61× | 12.4% | S100TX57 |
| 2024 | 2.1% | 1.24× | 2.7% | 3.66× | 9.8% | S100W7AZ |
| 2025 | 1.5% | 1.28× | 1.9% | 3.82× | 7.4% | S100YEXL |
| 2026 | 1.3% | 1.34× | 1.7% | 4.09× | 6.9% | S100YEXL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈲エスアンドアイ | Major shareholder | 14.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 10.5% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 6.9% | 2026-03-31 |
| バンク オブ ニユーヨーク ジーシーエム クライアント アカウント ジエイピーアールデイ アイエスジー エフイー− エイシー （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 3.9% | 2026-03-31 |
| 高橋一穂 | Major shareholder | 3.1% | 2026-03-31 |
| 高橋淳子 | Major shareholder | 2.8% | 2026-03-31 |
| 損害保険ジャパン㈱ | Major shareholder | 2.6% | 2026-03-31 |
| 東京海上日動火災保険㈱ | Major shareholder | 2.4% | 2026-03-31 |
| 高橋倫二 | Major shareholder | 1.7% | 2026-03-31 |
| ＶＴホールディングス従業員持株会 | Major shareholder | 1.6% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥388.7B, up 10.6% from ¥351.6B.
- Profit did not keep pace: operating income edged up 1.3% to ¥11B, and net income fell 7.6% to ¥4.9B.
- Operating cash flow dropped 32.8% to ¥18.8B, and free cash flow shrank to ¥4.23B.

### Drivers

- Sales overseas, led by Spain, lifted both new and used car volumes
- Used car sales grew as supply shortages eased, while domestic new car sales of Honda and Nissan models slipped because few new models launched
- Impairment charges on unprofitable stores and goodwill weighed on profit
- A build-up of inventory held back operating cash flow

### Risks

- A large share of sales comes from Honda and Nissan dealers, so model launches and carmaker dealer policies drive results
- Acquired businesses that miss their plans could lead to further goodwill write-downs
- The group relies partly on borrowing, so higher interest rates would raise funding costs

Cited: Annual Securities Report (44th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (44th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2025/04/01－2026/03/31) | S100YEXL | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEXL,, |
| 有価証券報告書－第43期(2024/04/01－2025/03/31) | S100W7AZ | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7AZ,, |
| 有価証券報告書－第42期(2023/04/01－2024/03/31) | S100TX57 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX57,, |
| 有価証券報告書－第41期(2022/04/01－2023/03/31) | S100R81C | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R81C,, |
| 有価証券報告書－第40期(令和3年4月1日－令和4年3月31日) | S100OMN5 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMN5,, |
| 有価証券報告書－第39期(令和2年4月1日－令和3年3月31日) | S100LV4A | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV4A,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| ホンダ | Supply/OEM | Hondaブランド車両・部品の販売店契約 | S100YEXL |
| 日産 | Supply/OEM | 日産ブランド車・部品の特約販売契約 | S100YEXL |
| ビー・エム・ダブリュー㈱ | Supply/OEM | BMWブランド車両・部品の販売店契約 | S100YEXL |
| NISSAN MOTOR (GB) LIMITED | Supply/OEM | 英国日産ブランド車の販売店契約 | S100YEXL |
| Kia Motors (UK) Limited | Supply/OEM | 英国KIAブランド車の販売店契約 | S100YEXL |
| HYUNDAI MOTOR UK LIMITED | Supply/OEM | 英国HYUNDAIブランド車の正規販売店契約 | S100YEXL |
| TOYOTA ESPANA,S.L.U. | Supply/OEM | スペインでのトヨタ車両の正規小売販売契約 | S100YEXL |
| HYUNDAI MOTOR ESPANA, S.L.U. | Supply/OEM | スペインでのHYUNDAI車両の正規取扱契約 | S100YEXL |
| EBRO SUV, S.L. | Supply/OEM | スペインでのEBRO車両の販売・アフターサービス契約 | S100YEXL |
| Mazda Automoviles Espana, S.A. | Supply/OEM | スペインでのMazda車両の正規取扱契約 | S100YEXL |
| SUZUKI AUTO SOUTH AFRICA (PTY) LTD | Supply/OEM | 南アフリカでのSuzuki車両の販売店契約 | S100YEXL |

## 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).