TRE HOLDINGS CORPORATION9247

Results over the years

From the five-year summary in the latest annual report (consolidated where available). Operating profit is shown only for the two years the report tags.

Why the market may be pricing it low

• The temporary boost from Noto earthquake disaster-waste processing largely wound down by October 2025, and profit is seen as entering a fade-out phase.

  令和6年能登半島地震に起因する災害廃棄物の処理支援事業は、公費解体が石川県の完了目標として掲げた2025年10月末に概ね計画通り終了しMD&A

• No dominant national player exists in the core business, leaving the firm exposed to price competition with regional small and mid-sized rivals.

  当社グループの主力事業分野には大きな市場占有率を持つ全国的な企業が存在せず、地域別に中小・中堅企業が多数存在し競合しておりますRisk factors

• Customers are concentrated in general contractors and homebuilders, so results are seen as hostage to construction-sector swings.

  取引先は総合建設業(ゼネコン)・ハウスメーカーに偏重しておりますRisk factors

What could close the gap

• The 2030 mid-term plan set a floor of ¥50 annual dividend and a 35-40% payout target, signaling a clearer shareholder-return stance.

  新たに1株当たり年間配当金の下限を50円と設定し、総還元性向35％～40％...を下限とした株主還元を実施することとしておりますDividend policy

• The company has been buying back shares, and continued active capital allocation could shift market perception.

  自己株式の取得による支出3,025百万円MD&A

• Progress on new growth areas such as the Ichihara GX zone and Soma Circular Park concept could reshape the growth narrative.

  「TRE環境複合事業」構想の拡充（千葉県市原市GX推進地域）「相馬サーキュラーパーク」構想（福島県相馬市）等の事業領域の拡充を産学官連携により推進Management policy

How a buyer could still lose (value trap)

• Ordinary profit already fell 3.1% year on year, and the reversal of the disaster-waste boom could weigh further on results ahead.

  Based on the figures below

• Interest-bearing debt equals 35% of total assets and growth investment needs are rising, so higher rates could squeeze profit.

  社債、借入金の当連結会計年度末の総額は、60,388百万円(対総資産比率35.3％)となっておりますRisk factors

Financial quality (Piotroski F-score)

• ✓Profitable (ROA > 0)
• ✓Positive operating cash flow
• ✓ROA up on last year
• ✓Cash flow exceeds net profit
• ✓Leverage down on last year
• ✗Current ratio up on last year
• ✓No new shares issued
• ✓Gross margin up on last year
• ✓Asset turnover up on last year

Scored out of the checks with data, scaled to 9. Compares the latest year with the year before.

Figures

Sales

¥119.2bn

Operating profit

¥22.3bn

Net profit

¥14.7bn

Operating cash flow

¥28.5bn

Cash

¥33.7bn

Debt

¥60.4bn

Equity

¥85.3bn

Minority interests (added to EV)

¥2.4bn

Annual report for the year to 2026-03-31