T 
Thermae-Yu Holdings Co 3521.T · JPY
Consumer Discretionary · Tokyo Stock Exchange · 🇯🇵 Japan
151
-0.66%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥2.70bn
FY2017FY2026
Net income
¥161.9m
FY2017FY2026
Free cash flow
¥356.2m
FY2017FY2026
Shareholders' equity
¥4.97bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.70bn | ¥1.98bn | ¥1.89bn | ¥1.41bn | ¥751.4m | ¥599.1m | ¥1.69bn | ¥1.71bn | ¥1.89bn | ¥1.79bn |
| Gross profit | ¥590.3m | ¥509.2m | ¥338.1m | ¥196.2m | ¥54.0m | −¥48.0m | ¥489.3m | ¥364.1m | ¥373.4m | ¥332.6m |
| Operating income | ¥308.3m | ¥341.5m | ¥188.6m | ¥172.6m | −¥114.2m | −¥190.1m | ¥320.3m | ¥189.5m | ¥174.5m | ¥99.0m |
| Net income | ¥161.9m | ¥191.6m | ¥96.2m | ¥51.0m | −¥22.0m | −¥158.5m | ¥174.8m | ¥175.4m | ¥167.0m | ¥24.9m |
| Diluted earnings per share | 6.03 | 7.15 | 3.64 | 1.93 | -0.83 | -7.42 | 8.19 | 8.21 | 7.82 | 1.17 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥6.00bn | ¥6.09bn | ¥6.01bn | ¥6.11bn | ¥6.10bn | ¥5.41bn | ¥5.19bn | ¥5.08bn | ¥5.22bn | ¥5.70bn |
| Cash and short-term investments | ¥1.30bn | ¥1.50bn | ¥1.23bn | ¥1.01bn | ¥1.93bn | ¥1.21bn | ¥924.2m | ¥599.9m | ¥393.4m | ¥378.3m |
| Total liabilities | ¥1.03bn | ¥1.17bn | ¥1.28bn | ¥1.48bn | ¥1.52bn | ¥1.70bn | ¥1.31bn | ¥1.38bn | ¥1.70bn | ¥2.33bn |
| Debt | ¥405.3m | ¥600.7m | ¥794.3m | ¥939.8m | ¥1.06bn | ¥1.17bn | ¥755.0m | ¥877.9m | ¥1.22bn | ¥1.80bn |
| Shareholders' equity | ¥4.97bn | ¥4.92bn | ¥4.73bn | ¥4.63bn | ¥4.58bn | ¥3.72bn | ¥3.88bn | ¥3.70bn | ¥3.53bn | ¥3.36bn |
| Shares outstanding | 27m | 27m | 26m | 26m | 26m | 21m | 21m | 21m | 21m | 21m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥449.6m | ¥562.9m | ¥505.5m | −¥25.1m | ¥134.4m | −¥52.3m | ¥503.2m | ¥564.8m | ¥447.0m | ¥462.9m |
| Capital spending | −¥93.3m | −¥92.5m | −¥135.9m | −¥1.18bn | −¥181.3m | −¥81.9m | −¥55.9m | −¥9.5m | −¥19.4m | −¥23.1m |
| Free cash flow | ¥356.2m | ¥470.4m | ¥369.6m | −¥1.21bn | −¥46.9m | −¥134.2m | ¥447.2m | ¥555.4m | ¥427.7m | ¥439.8m |
| Dividends paid | −¥131.2m | — | — | — | — | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥754.9m | ¥696.8m | ¥768.1m | ¥739.7m | ¥491.4m | ¥477.5m | ¥542.9m | ¥500.6m |
| Gross profit | ¥169.7m | ¥150.1m | ¥185.1m | ¥131.5m | ¥123.6m | ¥134.5m | ¥157.9m | ¥129.0m |
| Operating income | ¥69.6m | ¥70.5m | ¥109.3m | ¥61.1m | ¥67.3m | ¥95.6m | ¥116.1m | ¥92.2m |
| Net income | ¥36.2m | ¥35.5m | ¥68.7m | ¥33.7m | ¥23.9m | ¥37.0m | ¥73.0m | ¥60.3m |
| Diluted earnings per share | 1.35 | 1.32 | 2.56 | 1.26 | 0.89 | 1.38 | 2.76 | 2.28 |
| Cash from operations | — | — | — | — | — | — | — | ¥112.0m |
| Capital spending | — | — | — | — | — | — | — | −¥34.0m |
| Free cash flow | — | — | — | — | — | — | — | ¥78.0m |
| Total assets | ¥5.86bn | ¥6.00bn | ¥6.07bn | ¥5.97bn | ¥5.92bn | ¥6.09bn | ¥5.97bn | ¥5.92bn |
| Cash and short-term investments | ¥1.22bn | ¥1.30bn | ¥1.25bn | ¥1.12bn | ¥1.37bn | ¥1.50bn | ¥1.39bn | ¥1.28bn |
| Debt | ¥131.6m | ¥405.3m | ¥197.7m | ¥504.6m | ¥198.7m | ¥600.7m | ¥188.7m | ¥690.0m |
| Shareholders' equity | ¥4.88bn | ¥4.97bn | ¥4.93bn | ¥4.86bn | ¥4.82bn | ¥4.92bn | ¥4.88bn | ¥4.81bn |
Financial ratios
Data as of 17 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 21.9% | 25.7% | 17.9% | 13.9% | 7.2% | -8.0% |
| Operating margin | 11.4% | 17.2% | 10.0% | -0.0% | -15.2% | -29.7% |
| Net margin | 6.0% | 9.7% | 5.1% | 3.6% | -2.9% | -26.5% |
| Return on equity | 3.3% | 3.9% | 2.0% | 1.1% | -0.5% | -4.3% |
| Return on assets | 2.7% | 3.1% | 1.6% | 0.8% | -0.4% | -2.9% |
| Free cash flow yield | 13.0% | 15.7% | 15.5% | 28.0% | 7.6% | 0.9% |
| Revenue growth | 36.1% | 4.6% | 34.5% | 87.3% | 25.4% | -64.5% |
| Earnings growth | -15.5% | 99.1% | 88.4% | -332.0% | -86.1% | -190.6% |
| Current ratio | 3.05x | 3.38x | 2.72x | 2.49x | 7.13x | 3.48x |
| Debt to equity | 0.08x | 0.12x | 0.17x | 0.20x | 0.23x | 0.32x |
| Equity ratio | 82.8% | 80.9% | 78.7% | 75.8% | 75.1% | 68.7% |
| Interest coverage | 49.36x | 43.18x | 20.46x | -0.04x | -9.55x | -13.75x |
| Buybacks as a share of market value | -0.2% | -1.2% | 0.0% | 0.0% | -23.9% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 24.2% | 35.1% | 8.3% |
| Operating income | 21.3% | — | — |
| Net income | 46.9% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 23.5% | 20.5% | 17.6% | 17.3% |
| Operating margin | 13.9% | 12.7% | 7.6% | 6.0% |
| Net margin | 7.6% | 6.3% | 3.4% | 2.1% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 25.7 | 24.6 | 31.4 | 70.5 | -211.6 | -24.0 | 22.2 | 34.1 | 26.3 | 210.9 |
| Price to sales | 1.5 | 2.4 | 1.6 | 2.6 | 6.2 | 6.3 | 2.3 | 3.5 | 2.3 | 2.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 1 years. Last went ex-dividend on 30 Mar 2026.
| FY2026 | FY2025 | |
|---|---|---|
| Paid in the year | 5.00 | 5.00 |
- 2-to-1 reverse split · 28 Sept 2023
- 2-to-1 reverse split · 27 Sept 2017
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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