# A.D.Works Group Co.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第6期(2025/01/01－2025/12/31) (S100XS5K)
> Page: https://vizora.meequs.com/en/company/a-d-works-group
> Retrieved: 2026-09-30T17:55:52.826Z

## Company

A.D.Works Group, founded in 2020, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 255 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | A.D.Works Group Co.,Ltd. |
| Ticker | 2982 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2982.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区内幸町二丁目2番3号 |
| Representative (per filing) | 代表取締役社長CEO 田中 秀夫 |
| Founded | Apr 2020 |
| Share capital | ¥6.35B |
| Employees (consolidated) | 255 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | December |
| Website | www.adwg.co.jp (https://www.adwg.co.jp/) |
| Corporate number | 1010001208771 |
| EDINET | E35340 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100XS5K, filed 2026-03-19). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 26.2 | 86 |
| Cash conversion | 11.6 | 82 |
| Efficiency | 78.5 | 86 |
| Financial strength | 44.6 | 37 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 92% of A.D.Works Group's sales come from Real estate, with Stock type fee business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +35.3% from the prior year, operating profit +55.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥67.5B |  |
| Operating income | ¥4.99B | Margin 7.4% |
| Net income | ¥3.32B | Margin 4.9% |
| Free cash flow | -¥7.28B |  |
| Largest business | Real estate | of segment revenue 92.5% |
| Employees (consolidated) | 255 |  |
| EPS | ¥47.8 |  |
| Diluted EPS | ¥47.12 |  |
| Book value per share | ¥362.56 |  |
| Equity ratio | 28.5% |  |
| Shares outstanding | 50,420,864 |  |
| Treasury shares | 613,900 |  |
| Shareholders | 24,642 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 16.1% | Net cash -¥27.6B · Cash ÷ revenue 17.2% |
| Vs. industry median margin | -3.1 pp | Real Estate Development & Leasing |
| ROE | 17.5% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.7× its level five years ago
- FY2025, one segment accounts for 84% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16840798000 | ¥67531965000 | +301.0% |
| Operating income | ¥645752000 | ¥4987647000 | +672.4% |
| Operating margin | 3.8% | 7.4% | +3.6 pp |
| Employees | 195 people | 255 people | +30.8% |
| Cash and equivalents | ¥7362974000 | ¥11634326000 | +58.0% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 収益不動産販売事業 → 収益不動産販売事業 | 80.4% |
| ストック型フィービジネス → ストック型フィービジネス | 7.5% |
| ストック型フィービジネス → 事業再編・廃止 | 12.1% |
| 新設・再編 → 収益不動産販売事業 | 12.1% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 67,532 | 100.0% | S100XS5K |
| Cost of revenue | 55,457 | 82.1% | S100XS5K |
| Gross profit | 12,075 | 17.9% | S100XS5K |
| SG&A | 7,087 | 10.5% | S100XS5K |
| Operating income | 4,988 | 7.4% | S100XS5K |
| Ordinary income | 4,150 | 6.1% | S100XS5K |
| Pretax income | 5,191 | 7.7% | S100XS5K |
| Income tax | 1,891 | 2.8% | S100XS5K |
| Net income | 3,300 | 4.9% | S100XS5K |
| Net income attributable to owners | 3,315 | 4.9% | S100XS5K |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 11 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 17.9% → Operating margin 7.4% → Net margin 4.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +35.3%; Core profit growth: +55.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.56×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 49,911 | 67,532 | 17,621 | +35.3% |
| Gross profit | 8,636 | 12,075 | 3,439 | +39.8% |
| Operating income | 3,217 | 4,988 | 1,771 | +55.1% |
| Net income attributable to owners | 1,611 | 3,315 | 1,705 | +105.9% |
| Operating cash flow | 1,726 | -5,954 | -7,680 | -445.0% |
| Free cash flow | 1,268 | -7,282 | -8,550 | -674.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 16,841 | 646 | 3.8% | 265 | -1,058 | -1,074 | S100NQA0 |
| FY ending Dec 2021 | 24,961 | 933 | 3.7% | 312 | -4,436 | -4,453 | S100QGPD |
| FY ending Dec 2022 | 27,856 | 1,377 | 4.9% | 527 | -11,455 | -11,520 | S100T4V8 |
| FY ending Dec 2023 | 41,343 | 2,442 | 5.9% | 1,420 | -684 | -766 | S100VGT3 |
| FY ending Dec 2024 | 49,911 | 3,217 | 6.4% | 1,611 | 1,726 | 1,268 | S100XS5K |
| FY ending Dec 2025 | 67,532 | 4,988 | 7.4% | 3,315 | -5,954 | -7,282 | S100XS5K |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥264.8M |
| Operating income per employee (consolidated) | ¥19.6M |
| Net income per employee (consolidated) | ¥13M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 207 | 219 | 232 | 240 | 255 |
| Average salary (parent company) | ¥8.2M | ¥8.1M | ¥9.1M | ¥8.3M | ¥8.6M |
| Average age (parent company) | 42.4 years | 44.6 years | 43.2 years | 41.4 years | 41.6 years |
| Average tenure (parent company) | 4.0 years | 4.7 years | 5.0 years | 4.7 years | 5.0 years |

Year over year: Employees (consolidated) +6.3% · Revenue (consolidated) +35.3%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate | 62,437 | 92.5% | 6,362 | 10.2% |
| Stock type fee business | 5,095 | 7.5% | 1,205 | 23.7% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate | 92.5% | 84.1% | -8.4 | 10.2% |
| Stock type fee business | 7.5% | 15.9% | 8.4 | 23.7% |

Segment → industry: Real estate → Real Estate Development & Leasing / Stock type fee business → Real Estate Brokerage & Management

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -5,954 | -8.8% | S100XS5K |
| Capital expenditure | 1,328 | 2.0% | S100XS5K |
| Free cash flow | -7,282 | -10.8% | 算出 |
| Investing cash flow | -1,335 | -2.0% | S100XS5K |
| Financing cash flow | 8,901 | 13.2% | S100XS5K |
| Dividends paid | 564 | 0.8% | S100XS5K |
| Change in cash | 1,572 | 2.3% | S100XS5K |
| Cash and equivalents | 11,634 | 17.2% | S100XS5K |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,403 | 7,423 | 9,727 | 10,063 | 11,634 | S100T4V8, S100VGT3, S100XS5K |
| Total assets | 42,047 | 53,359 | 58,855 | 59,810 | 72,063 | S100QGPD, S100T4V8, S100VGT3, S100XS5K |
| Net assets | 14,818 | 15,858 | 17,167 | 18,761 | 20,577 | S100T4V8, S100VGT3, S100XS5K |
| Share capital | 6,084 | 6,232 | 6,263 | 6,284 | 6,347 | S100QGPD, S100T4V8, S100VGT3, S100XS5K |
| Property, plant and equipment | 182 | 157 | 6,559 | 9,106 | 11,188 | S100QGPD, S100T4V8, S100VGT3, S100XS5K |
| Intangible assets excluding goodwill | 81 | 85 | 430 | 447 | 452 | S100QGPD, S100T4V8, S100VGT3, S100XS5K |
| Goodwill | 42 | — | 327 | 296 | 264 | S100QGPD, S100VGT3, S100XS5K |
| Investment securities | 366 | 779 | 661 | 481 | 487 | S100QGPD, S100T4V8, S100VGT3, S100XS5K |
| Current assets | 40,779 | 51,735 | 50,293 | 48,702 | 58,942 | S100QGPD, S100T4V8, S100VGT3, S100XS5K |
| Current liabilities | 6,249 | 9,100 | 15,048 | 10,136 | 12,850 | S100QGPD, S100T4V8, S100VGT3, S100XS5K |
| Short-term borrowings | 253 | 71 | 779 | 432 | 606 | S100QGPD, S100T4V8, S100VGT3, S100XS5K |
| Long-term borrowings | 20,708 | 27,631 | 25,951 | 30,529 | 38,013 | S100QGPD, S100T4V8, S100VGT3, S100XS5K |
| Bonds | 185 | 719 | 676 | 361 | 595 | S100QGPD, S100T4V8, S100VGT3, S100XS5K |
| Interest-bearing debt | 21,146 | 28,422 | 27,407 | 31,322 | 39,214 | 算出 |
| Total liabilities | 27,230 | 37,501 | 41,688 | 41,049 | 51,486 | S100QGPD, S100T4V8, S100VGT3, S100XS5K |
| Non-controlling interests | 30 | 49 | 31 | 20 | -3 | S100QGPD, S100T4V8, S100VGT3, S100XS5K |
| Equity attributable to owners of parent | 14,724 | 15,218 | 16,354 | 17,511 | 20,367 | S100QGPD, S100T4V8, S100VGT3, S100XS5K |
| Retained earnings | 3,590 | 3,952 | 4,980 | 6,147 | 8,820 | S100QGPD, S100T4V8, S100VGT3, S100XS5K |
| Treasury stock | -50 | -296 | -236 | -288 | -233 | S100QGPD, S100T4V8, S100VGT3, S100XS5K |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100XS5K |
| Property, plant and equipment | 15% | S100XS5K |
| Intangibles and goodwill | 1% | S100XS5K |
| Investment securities | 1% | S100XS5K |
| Other assets | 67% | S100XS5K |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 54% | 算出 |
| Other liabilities | 17% | S100XS5K |
| Equity | 29% | S100XS5K |
| Other liabilities | 0% | S100XS5K |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 42,047 | 53,359 | 58,855 | 59,810 | 72,063 |
| Equity | 14,818 | 15,858 | 17,167 | 18,761 | 20,577 |
| Interest-bearing debt | 21,146 | 28,422 | 27,407 | 31,322 | 39,214 |
| Cash | 8,403 | 7,423 | 9,727 | 10,063 | 11,634 |

## 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) | 16.6% | S100XS5K |
| Fixed assets ÷ total assets | 15.5% | S100XS5K |
| Goodwill ÷ parent equity | 1.3% | S100XS5K |

Goodwill over 4 years: 42 → 264 JPY; total investing cash flow: -1,822 JPY. This does not imply causation.

### 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) | 16.1% |
| Cash ÷ revenue | 17.2% |
| Net cash (cash − interest-bearing debt) | -¥27.6B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -119.4% |
| Cash vs. profit gap | -9,270 JPY mn (of net income -279.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 17.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 1.3% | 0.59× | 0.7% | 2.86× | 2.1% | S100QGPD |
| 2022 | 1.9% | 0.58× | 1.1% | 3.19× | 3.5% | S100T4V8 |
| 2023 | 3.4% | 0.74× | 2.5% | 3.55× | 9.0% | S100VGT3 |
| 2024 | 3.2% | 0.84× | 2.7% | 3.50× | 9.5% | S100XS5K |
| 2025 | 4.9% | 1.02× | 5.0% | 3.48× | 17.5% | S100XS5K |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 田中 秀夫 | Major shareholder | 10.8% | 2025-12-31 |
| 有限会社リバティーハウス | Major shareholder | 4.0% | 2025-12-31 |
| ＮＯＭＵＲＡ ＰＢ ＮＯＭＩＮＥＥＳ ＬＩＭＩＴＥＤ ＯＭＮＩＢＵＳ－ＭＡＲＧＩＮ （ＣＡＳＨＰＢ）（常任代理人 野村證券株式会社） | Major shareholder | 1.8% | 2025-12-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５２２３（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.8% | 2025-12-31 |
| ＢＯＦＡＳ ＩＮＣ ＳＥＧＲＥＧＡＴＩＯＮ ＡＣＣＯＵＮＴ（常任代理人 ＢＯＦＡ証券株式会社） | Major shareholder | 1.8% | 2025-12-31 |
| 立花証券株式会社 | Major shareholder | 1.5% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社(役員株式報酬信託口・76735口) | Major shareholder | 1.4% | 2025-12-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５０４４（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.4% | 2025-12-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ）（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.4% | 2025-12-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８０８０２（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第6期(2025/01/01－2025/12/31) | S100XS5K | 2026-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS5K,, |
| 有価証券報告書－第5期(2024/01/01－2024/12/31) | S100VGT3 | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGT3,, |
| 有価証券報告書－第4期(2023/01/01－2023/12/31) | S100T4V8 | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4V8,, |
| 有価証券報告書－第3期(2022/01/01－2022/12/31) | S100QGPD | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGPD,, |
| 有価証券報告書－第2期(令和3年1月1日－令和3年12月31日) | S100NQA0 | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQA0,, |
| 有価証券報告書－第1期(令和2年4月1日－令和2年12月31日) | S100L1MX | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1MX,, |

## 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).