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Japanese maker of accounting, tax and legal software used by accountants, tax advisors and local governments.
Japanese maker of accounting, tax and legal software used by accountants, tax advisors and local governments.
Sells its software mainly through the TKC National Federation, a nationwide group of tax accountants who use it to keep their clients' books and file returns, so usage fees and regular updates for tax-law changes drive recurring income. Local-government systems are a second line.
In one line: Japan's Intuit/Thomson Reuters for accounting professionals.
Moat: narrow (switching costs, installed base, distribution). Deeply embedded workflow software for tax professionals creates high switching costs.
Headquarters: Tokyo, Japan · Founded: 1966 · Employees: 2,964
Size TKC (9746.T) is a Japan Industrials company (Miscellaneous Commercial Services) with a market value of $1.34B, the 613th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,340 on 6 Nov 2026.
Performance Over six months the shares gained 20.7%, against -11.7% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 14.4% over the last twelve months (peer median +8.6%); the operating margin is 21.5% (peer median 8.4%).
Valuation It trades at 18.1× forward earnings against a peer median of 23.8× (7th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -14 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 13.3 points above its cost of capital (5.0% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥91.3B | ¥83.5B | ¥75.2B | ¥71.9B | ¥67.8B |
| Revenue growth | — | +11% | +5% | +6% | — |
| Gross profit | ¥63.5B | ¥55.9B | ¥53.0B | ¥49.8B | ¥47.2B |
| EBITDA | ¥24.5B | ¥20.6B | ¥19.0B | ¥17.9B | ¥16.4B |
| Net income | ¥14.4B | ¥12.1B | ¥11.3B | ¥10.8B | ¥9.32B |
| Free cash flow | n/a | ¥11.1B | ¥11.3B | ¥11.4B | ¥12.3B |
| Capital expenditure | n/a | ¥3.56B | ¥5.52B | ¥4.79B | ¥3.33B |
| Total debt | ¥932M | ¥244M | ¥471M | ¥816M | ¥1.19B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| TKC 9746.T | $1.34B | +21% | +14% | 22% | 18.1× | -9.9% |
| Money Forward 3994.T | $2.52B | +51% | +35% | 2% | 2,235.1× | n/a |
| freee K.K 4478.T | $1.72B | +100% | +28% | 3% | 79.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9746.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.7% | -8.0% | 3rd highest of 21 |
| 6-month return | +20.7% | -11.7% | 5th highest of 21 |
| Distance from 52-week high | -4.4% | -36.1% | highest of 21 |
| Revenue growth (TTM) | +14.4% | +8.6% | 7th highest of 21 |
| Operating margin | 21.5% | 8.4% | 4th highest of 21 |
| Forward P/E | 18.1× | 23.8× | 7th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -9.9% | 11.0% | least demanding of 14 |
| Growth delivered (Del g) | +4.2% | +13.8% | 3rd lowest of 14 |
| Hurdle (Req g minus delivered) | -14.1 pp | -6.6 pp | 5th least demanding of 14 |
| ROIC minus cost of capital | +13.3 pp | -1.0 pp | 4th highest of 21 |
| EV / EBITDA | 7.1× | 9.3× | 3rd cheapest of 8 |
| Net debt / EBITDA | -1.5× | 1.3× | 2nd least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TKC 9746.T | Japan | $1.34B | +21% | +14% | 22% | 18.1× | -9.9% | +4.2% |
| Nittetsu Mining 1515.T | Japan | $1.34B | +10% | +13% | 9% | n/a | n/a | n/a |
| Central Mine Planning & Design Institute CMPDI.NS | India | $1.34B | -15% | +10% | 33% | n/a | 4.0% | +18.7% |
| Changchun Up Optotech 002338.SZ | China | $1.34B | -39% | +22% | 2% | 43.4× | n/a | n/a |
| Suzhou Novoprotein Scientific 688137.SS | China | $1.33B | +161% | +8% | -62% | n/a | n/a | n/a |
| SBS 2384.T | Japan | $1.38B | +32% | +22% | 6% | 14.1× | -8.2% | +13.8% |
| China Security 600654.SS | China | $1.39B | -31% | -30% | -1% | n/a | 56.7% | +0.4% |
| Wintech Nano (Suzhou) 688757.SS | China | $1.39B | -18% | +23% | 7% | n/a | n/a | n/a |
| Concord Biotech CONCORDBIO.NS | India | $1.40B | +2% | +4% | 28% | 38.2× | 47.1% | +11.6% |
| Siglent Technologies 688112.SS | China | $1.41B | -5% | +30% | 24% | 46.2× | 31.3% | +22.0% |
| Bajaj Mobility BMAG.SW | Switzerland | $1.28B | +86% | -47% | -44% | 10.4× | n/a | n/a |
| Shanghai MicroPort EP Medtech 688351.SS | China | $1.27B | -23% | +20% | 3% | 135.2× | 41.7% | +26.7% |
| China National Electric Apparatus Research Institute 688128.SS | China | $1.42B | -12% | +8% | 11% | 15.5× | 4.0% | +13.5% |
| Derichebourg DBG.PA | France | $1.42B | -24% | -3% | 5% | 8.9× | 6.8% | +6.3% |
| ICF International ICFI | United States | $1.43B | +14% | -8% | 8% | 10.8× | -2.2% | +4.4% |
| CRA International CRAI | United States | $1.24B | +42% | +11% | 10% | 22.4× | n/a | n/a |
| Shanxi Huaxiang 603112.SS | China | $1.24B | -26% | +9% | 11% | 12.1× | 1.4% | +16.2% |
| Vcanbio Cell & Gene Engineering 600645.SS | China | $1.23B | -32% | -6% | 12% | 45.0× | 11.0% | +1.9% |
| Suzhou Recodeal Interconnect System 688800.SS | China | $1.47B | -55% | +5% | 9% | 28.7× | 26.1% | +38.9% |
| Jadard Technology 688252.SS | China | $1.22B | -12% | +6% | 12% | 23.8× | 13.3% | +31.3% |
| Shanghai Medicilon 688202.SS | China | $1.47B | +18% | +42% | -2% | 91.8× | n/a | n/a |