# Gakken Holdings vs Nagase Brothers vs TBS Holdings vs Waseda Academy

> Unit: JPY millions (ratios in %)
> Periods: Gakken Holdings = FY ending Sep 2025, consolidated, J-GAAP / Nagase Brothers = FY ending Mar 2026, consolidated, J-GAAP / TBS Holdings = FY ending Mar 2026, consolidated, J-GAAP / Waseda Academy = FY ending Mar 2026, consolidated, J-GAAP
> Retrieved: 2026-10-01T00:03:04.556Z

| Metric | Gakken Holdings | Nagase Brothers | TBS Holdings | Waseda Academy |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 199,119 | 64,183 | 424,850 | 37,659 |
| Operating income | 8,237 | 5,979 | 24,750 | 3,960 |
| Net income | 3,578 | 3,983 | 52,228 | 2,487 |
| COGS ratio | 72.4% | — | 66.7% | 67.6% |
| Operating margin | 4.1% | 9.3% | 5.8% | 10.5% |
| Net margin | 1.8% | 6.2% | 12.3% | 6.6% |
| FCF margin | 2.1% | 10.5% | -1.5% | 8.4% |
| Period | FY ending Sep 2025 | FY ending Mar 2026 | FY ending Mar 2026 | FY ending Mar 2026 |
| Source | S100XKOH | S100YK8I | S100YI1U | S100YHCO |

## Five-axis industry profile

Each axis shows a rank within that company's primary industry, so peer groups may differ. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

| Axis | Gakken Holdings | Nagase Brothers | TBS Holdings | Waseda Academy |
| --- | ---: | ---: | ---: | ---: |
| Revenue growth | 51.9 (26 peers) | 55.8 (26 peers) | 77.3 (11 peers) | 63.5 (26 peers) |
| Profitability | 21.7 (30 peers) | 61.7 (30 peers) | 40.9 (11 peers) | 71.7 (30 peers) |
| Cash conversion | 44.6 (28 peers) | 83.9 (28 peers) | 5 (10 peers) | 51.8 (28 peers) |
| Efficiency | 78.3 (30 peers) | 15 (30 peers) | 4.5 (11 peers) | 81.7 (30 peers) |
| Financial strength | 16.7 (3 peers) | — | — | — |

## Company details

- https://vizora.meequs.com/en/company/gakken-holdings/md
- https://vizora.meequs.com/en/company/nagase-brothers/md
- https://vizora.meequs.com/en/company/tbs-holdings/md
- https://vizora.meequs.com/en/company/waseda-academy/md

## 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).