# YUTAKA TRUSTY SECURITIES CO., LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第70期(2025/04/01－2026/03/31) (S100YJ8P)
> Page: https://vizora.meequs.com/en/company/yutaka-trusty-securities
> Retrieved: 2026-09-30T20:31:58.326Z

## Company

Yutaka Trusty Securities, founded in 2020, is a company in Securities & Asset Management listed on TSE Standard. It has 358 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YUTAKA TRUSTY SECURITIES CO., LTD. |
| Ticker | 8747 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8747.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋蛎殻町一丁目16番12号 |
| Representative (per filing) | 代表取締役社長 安成 政文 |
| Founded | Nov 2020 |
| Share capital | ¥1.72B |
| Employees (consolidated) | 358 |
| Average salary (parent only) | ¥8.9M |
| Fiscal year end | March |
| Website | www.yutaka-trusty.co.jp (https://www.yutaka-trusty.co.jp/) |
| Corporate number | 6010001059649 |
| EDINET | E03716 |
| Industries (Vizora) | Securities & Asset Management |

> Profile source: annual securities report (S100YJ8P, filed 2026-06-25). As of filing

## Key points (generated from figures)

- Yutaka Trusty Securities brought in ¥13B in revenue.
- Out of every ¥100 of sales, about ¥48 is left as operating profit.
- Revenue changed +69.6% from the prior year, operating profit +203.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥12991583000 → ¥4424233000
- Net income → operating cash flow: ¥4424233000 → ¥2993496000（difference ¥-1430737000）
- Main uses of operating cash flow: CapEx ¥63915000 / dividends ¥517073000 / buybacks —
- Change in cash: ¥3215253000
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 | ¥13B |  |
| Operating income | ¥6.28B | Margin 48.4% |
| Net income | ¥4.42B | Margin 34.1% |
| Free cash flow | ¥2.93B |  |
| Employees (consolidated) | 358 |  |
| EPS | ¥775.86 |  |
| Book value per share | ¥3142.74 |  |
| Equity ratio | 6.3% |  |
| Shares outstanding | 8,897,472 |  |
| Treasury shares | 2,844,500 |  |
| Shareholders | 1,193 |  |
| Average salary (parent only) | ¥8.9M | Filing company only |
| Cash ratio | 4.0% | Cash ÷ revenue 87.4% |
| Vs. industry median margin | +27.6 pp | Securities & Asset Management |
| ROE | 29.1% | Derived from disclosed figures |
| ROA | 2.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating income keeps 48 per ¥100 of revenue
- FY2026, parent-company salary changed +45% over five years
- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5891726000 | ¥12991583000 | +120.5% |
| Operating income | ¥605453000 | ¥6284517000 | +938.0% |
| Operating margin | 10.3% | 48.4% | +38.1 pp |
| Employees | 369 people | 358 people | -3.0% |
| Cash and equivalents | ¥4697699000 | ¥11353108000 | +141.7% |

### 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,992 | 100.0% | S100YJ8P |
| SG&A | 6,685 | 51.5% | S100YJ8P |
| Operating income | 6,285 | 48.4% | S100YJ8P |
| Ordinary income | 6,368 | 49.0% | S100YJ8P |
| Pretax income | 6,545 | 50.4% | S100YJ8P |
| Income tax | 2,120 | 16.3% | S100YJ8P |
| Net income | 4,424 | 34.1% | S100YJ8P |
| Net income attributable to owners | 4,424 | 34.1% | S100YJ8P |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 52 |
| Operating income | 48 |
| (Ref.) Net income | 34 |

### Margin funnel

Operating margin 48.4% → Net margin 34.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +69.6%; Core profit growth: +203.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.92×
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 | 7,662 | 12,992 | 5,329 | +69.6% |
| Operating income | 2,074 | 6,285 | 4,210 | +203.0% |
| Net income attributable to owners | 1,915 | 4,424 | 2,509 | +131.0% |
| Operating cash flow | 1,766 | 2,993 | 1,228 | +69.5% |
| Free cash flow | 1,727 | 2,930 | 1,202 | +69.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,041 | 1,471 | 20.9% | 815 | 2,251 | 2,177 | S100TUR4 |
| FY ending Mar 2021 | 5,892 | 605 | 10.3% | 536 | -1,127 | -1,197 | S100W7GA |
| FY ending Mar 2022 | 6,716 | 1,370 | 20.4% | 975 | 491 | 207 | S100YJ8P |
| FY ending Mar 2023 | 6,875 | 1,530 | 22.3% | 889 | 2,055 | 1,903 | S100YJ8P |
| FY ending Mar 2024 | 7,402 | 1,994 | 26.9% | 1,430 | 1,952 | 1,855 | S100YJ8P |
| FY ending Mar 2025 | 7,662 | 2,074 | 27.1% | 1,915 | 1,766 | 1,727 | S100YJ8P |
| FY ending Mar 2026 | 12,992 | 6,285 | 48.4% | 4,424 | 2,993 | 2,930 | S100YJ8P |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.3M |
| Operating income per employee (consolidated) | ¥17.6M |
| Net income per employee (consolidated) | ¥12.4M |

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) | 356 | 357 | 360 | 348 | 358 |
| Average salary (parent company) | ¥6.1M | ¥6.7M | ¥6.8M | ¥7.2M | ¥8.9M |
| Average age (parent company) | 41.7 years | 41.7 years | 41.6 years | 41.8 years | 40.6 years |
| Average tenure (parent company) | 11.9 years | 12.3 years | 12.3 years | 12.6 years | 12.3 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) +69.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,993 | 23.0% | S100YJ8P |
| Capital expenditure | 64 | 0.5% | S100YJ8P |
| Free cash flow | 2,930 | 22.5% | 算出 |
| Investing cash flow | 742 | 5.7% | S100YJ8P |
| Financing cash flow | -520 | -4.0% | S100YJ8P |
| Dividends paid | 517 | 4.0% | S100YJ8P |
| Change in cash | 3,215 | 24.7% | S100YJ8P |
| Cash and equivalents | 11,353 | 87.4% | S100YJ8P |

## 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 | 5,025 | 5,966 | 7,655 | 8,138 | 11,353 | S100TUR4, S100W7GA, S100YJ8P |
| Total assets | 78,230 | 70,774 | 99,477 | 125,861 | 286,451 | S100R780, S100TUR4, S100W7GA, S100YJ8P |
| Net assets | 10,184 | 10,858 | 12,471 | 13,800 | 18,184 | S100TUR4, S100W7GA, S100YJ8P |
| Share capital | 1,722 | 1,722 | 1,722 | 1,722 | 1,722 | S100R780, S100TUR4, S100W7GA, S100YJ8P |
| Property, plant and equipment | 3,124 | 3,129 | 3,072 | 3,009 | 2,959 | S100R780, S100TUR4, S100W7GA, S100YJ8P |
| Intangible assets excluding goodwill | 317 | 172 | 166 | 122 | 123 | S100R780, S100TUR4, S100W7GA, S100YJ8P |
| Goodwill | 135 | — | — | — | — | S100R780 |
| Investment securities | 1,442 | 1,582 | 2,331 | 2,013 | 2,456 | S100R780, S100TUR4, S100W7GA, S100YJ8P |
| Current assets | 71,857 | 64,953 | 92,967 | 119,790 | 279,968 | S100R780, S100TUR4, S100W7GA, S100YJ8P |
| Current liabilities | 66,486 | 58,191 | 84,937 | 110,399 | 266,501 | S100R780, S100TUR4, S100W7GA, S100YJ8P |
| Short-term borrowings | 1,400 | 700 | 700 | 700 | 700 | S100R780, S100TUR4, S100W7GA, S100YJ8P |
| Total liabilities | 68,046 | 59,916 | 87,006 | 112,061 | 268,267 | S100R780, S100TUR4, S100W7GA, S100YJ8P |
| Equity attributable to owners of parent | 9,920 | 10,498 | 11,626 | 13,246 | 17,196 | S100R780, S100TUR4, S100W7GA, S100YJ8P |
| Retained earnings | 8,882 | 9,458 | 10,580 | 12,089 | 15,997 | S100R780, S100TUR4, S100W7GA, S100YJ8P |
| Treasury stock | -1,791 | -1,789 | -1,782 | -1,823 | -1,825 | S100R780, S100TUR4, S100W7GA, S100YJ8P |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YJ8P |
| Property, plant and equipment | 1% | S100YJ8P |
| Intangibles and goodwill | 0% | S100YJ8P |
| Investment securities | 1% | S100YJ8P |
| Other assets | 94% | S100YJ8P |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 94% | S100YJ8P |
| Equity | 6% | S100YJ8P |
| Other liabilities | 0% | S100YJ8P |

### 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 | 78,230 | 70,774 | 99,477 | 125,861 | 286,451 |
| Equity | 10,184 | 10,858 | 12,471 | 13,800 | 18,184 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,025 | 5,966 | 7,655 | 8,138 | 11,353 |

## 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) | 22.8% | S100YJ8P |
| Fixed assets ÷ total assets | 1.0% | S100YJ8P |
| Goodwill ÷ parent equity | — | —, S100YJ8P |

### 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) | 4.0% |
| Cash ÷ revenue | 87.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 47.6% |
| Cash vs. profit gap | -1,431 JPY mn (of net income -32.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 11.7% |
| Shareholder payments — dividends / FCF | 17.7% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 24.8% |

## 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 | 14.5% | 0.09× | 1.2% | 7.89× | 9.8% | S100R780, S100YJ8P |
| 2023 | 12.9% | 0.09× | 1.2% | 7.30× | 8.7% | S100TUR4, S100YJ8P |
| 2024 | 19.3% | 0.09× | 1.7% | 7.70× | 12.9% | S100W7GA, S100YJ8P |
| 2025 | 25.0% | 0.07× | 1.7% | 9.06× | 15.4% | S100YJ8P |
| 2026 | 34.1% | 0.06× | 2.1% | 13.54× | 29.1% | S100YJ8P |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社多々良マネジメント | Major shareholder | 16.5% | 2026-03-31 |
| 多々良 義成 | Major shareholder | 6.7% | 2026-03-31 |
| 椛田 法義 | Major shareholder | 6.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 6.0% | 2026-03-31 |
| 豊トラスティ証券従業員持株会 | Major shareholder | 5.3% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社みずほ銀行(常任代理人株式会社日本カストディ銀行) | Major shareholder | 3.5% | 2026-03-31 |
| 多々良 實夫 | Major shareholder | 3.4% | 2026-03-31 |
| 賀来 昌義 | Major shareholder | 3.0% | 2026-03-31 |
| 多々良 豊子 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第70期(2025/04/01－2026/03/31) | S100YJ8P | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ8P,, |
| 有価証券報告書－第69期(2024/04/01－2025/03/31) | S100W7GA | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7GA,, |
| 有価証券報告書－第68期(2023/04/01－2024/03/31) | S100TUR4 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUR4,, |
| 有価証券報告書－第67期(2022/04/01－2023/03/31) | S100R780 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R780,, |
| 有価証券報告書－第66期(令和3年4月1日－令和4年3月31日) | S100OFGQ | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFGQ,, |
| 有価証券報告書－第65期(令和2年4月1日－令和3年3月31日) | S100LSVX | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSVX,, |

## 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).