# ADVAN CO .,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第53期(2025/04/01－2026/03/31) (S100YM3U)
> Page: https://vizora.meequs.com/en/company/advan-co
> Retrieved: 2026-09-30T17:49:10.961Z

## Company

Advan Co ., founded in 1975, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 217 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ADVAN GROUP CO., LTD. |
| Ticker | 7463 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7463.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区神宮前4丁目32番14号 |
| Representative (per filing) | 代表取締役社長 末次 廣明 |
| Founded | Mar 1975 |
| Share capital | ¥12.5B |
| Employees (consolidated) | 217 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.advan.co.jp (https://www.advan.co.jp/) |
| Corporate number | 2011001001075 |
| EDINET | E02826 |
| Industries (Vizora) | Real Estate Development & Leasing, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YM3U, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 12.6 | 179 |
| Profitability | 98.1 | 185 |
| Cash conversion | 89.1 | 179 |
| Efficiency | 0.3 | 185 |

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 99% of Advan Co .'s sales come from Construction materials related, with Leasing making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed -8.0% from the prior year, operating profit -29.1%.

## Company structure

- Segment revenue mix: Construction materials related 99.1%、Leasing 0.9%
- Revenue → net income: ¥17036444000 → ¥8063366000
- Net income → operating cash flow: ¥8063366000 → ¥4984890000（difference ¥-3078476000）
- Main uses of operating cash flow: CapEx ¥1558952000 / dividends ¥1393368000 / buybacks ¥1670941000
- Change in cash: ¥-4944359000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥17B |  |
| Operating income | ¥2.23B | Margin 13.1% |
| Net income | ¥8.06B | Margin 47.3% |
| Free cash flow | ¥3.43B |  |
| Largest business | Construction materials related | of segment revenue 99.1% |
| Employees (consolidated) | 217 |  |
| EPS | ¥226.16 |  |
| Book value per share | ¥1393.89 |  |
| Equity ratio | 71.5% |  |
| Treasury shares | 9,732,000 |  |
| Shareholders | 16,187 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 5.5% | Cash ÷ revenue 27.4% |
| Vs. industry median margin | +10.2 pp | Specialty Trading & Wholesale |
| ROE | 14.4% | Derived from disclosed figures |
| ROA | 9.8% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.2× dividends
- FY2026, one segment accounts for 66% of positive segment profit
- FY2026, segment profit share differs by -33 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17089556000 | ¥17036444000 | -0.3% |
| Operating income | ¥4085689000 | ¥2232534000 | -45.4% |
| Operating margin | 23.9% | 13.1% | -10.8 pp |
| Employees | 257 people | 217 people | -15.6% |
| Cash and equivalents | ¥10711023000 | ¥4666080000 | -56.4% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 建材関連事業 → 建材関連事業 | 99.1% |
| 建材関連事業 → 事業再編・廃止 | 0.1% |
| 不動産賃貸事業 → 不動産賃貸事業 | 0.8% |
| 新設・再編 → 不動産賃貸事業 | 0.1% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,036 | 100.0% | S100YM3U |
| Cost of revenue | 10,485 | 61.5% | S100YM3U |
| Gross profit | 6,552 | 38.5% | S100YM3U |
| SG&A | 4,319 | 25.4% | S100YM3U |
| Operating income | 2,233 | 13.1% | S100YM3U |
| Ordinary income | 12,126 | 71.2% | S100YM3U |
| Pretax income | 12,161 | 71.4% | S100YM3U |
| Income tax | 4,098 | 24.1% | S100YM3U |
| Net income | 8,063 | 47.3% | S100YM3U |
| Net income attributable to owners | 8,063 | 47.3% | S100YM3U |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 25 |
| Operating income | 13 |
| (Ref.) Net income | 47 |

### Margin funnel

Gross margin 38.5% → Operating margin 13.1% → Net margin 47.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -8.0%; Core profit growth: -29.1%
Operating leverage (core profit growth ÷ revenue growth): 3.64×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 18,519 | 17,036 | -1,482 | -8.0% |
| Gross profit | 7,352 | 6,552 | -800 | -10.9% |
| Operating income | 3,151 | 2,233 | -918 | -29.1% |
| Net income attributable to owners | 6,012 | 8,063 | 2,051 | +34.1% |
| Operating cash flow | 1,890 | 4,985 | 3,095 | +163.7% |
| Free cash flow | -132 | 3,426 | 3,558 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 21,114 | 5,253 | 24.9% | 5,044 | 4,034 | 3,072 | S100LTV2 |
| FY ending Mar 2021 | 17,090 | 4,086 | 23.9% | 2,734 | 5,458 | 4,440 | S100OJUY |
| FY ending Mar 2022 | 17,567 | 3,828 | 21.8% | 3,820 | 3,210 | 2,640 | S100R98B |
| FY ending Mar 2023 | 20,400 | 4,702 | 23.0% | 3,365 | 3,753 | -98 | S100TWTJ |
| FY ending Mar 2024 | 20,303 | 3,940 | 19.4% | 10,299 | 4,967 | 2,240 | S100W8K6 |
| FY ending Mar 2025 | 18,519 | 3,151 | 17.0% | 6,012 | 1,890 | -132 | S100YM3U |
| FY ending Mar 2026 | 17,036 | 2,233 | 13.1% | 8,063 | 4,985 | 3,426 | S100YM3U |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥78.5M |
| Operating income per employee (consolidated) | ¥10.3M |
| Net income per employee (consolidated) | ¥37.2M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 254 | 244 | 248 | 239 | 217 |
| Average salary (parent company) | ¥5.4M | ¥5.8M | ¥6.4M | ¥6.1M | ¥6.6M |
| Average age (parent company) | 38.4 years | 39.0 years | 39.5 years | 38.3 years | 40.2 years |
| Average tenure (parent company) | 12.1 years | 13.3 years | 13.3 years | 12.5 years | 13.5 years |

Year over year: Employees (consolidated) -9.2% · Revenue (consolidated) -8.0%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction materials related | 16,886 | 99.1% | 2,456 | 14.5% |
| Leasing | 151 | 0.9% | 1,269 | 842.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction materials related | 99.1% | 65.9% | -33.2 | 14.5% |
| Leasing | 0.9% | 34.1% | 33.2 | 842.3% |

Segment → industry: Leasing → Real Estate Development & Leasing / Construction materials related → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,985 | 29.3% | S100YM3U |
| Capital expenditure | 1,559 | 9.2% | S100YM3U |
| Free cash flow | 3,426 | 20.1% | 算出 |
| Investing cash flow | -3,159 | -18.5% | S100YM3U |
| Financing cash flow | -6,716 | -39.4% | S100YM3U |
| Dividends paid | 1,393 | 8.2% | S100YM3U |
| Share buyback | 1,671 | 9.8% | S100YM3U |
| Change in cash | -4,944 | -29.0% | S100YM3U |
| Cash and equivalents | 4,666 | 27.4% | S100YM3U |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,563 | 8,982 | 7,939 | 9,610 | 4,666 | S100TWTJ, S100W8K6, S100YM3U |
| Total assets | 57,592 | 64,532 | 78,698 | 80,293 | 84,243 | S100R98B, S100TWTJ, S100W8K6, S100YM3U |
| Net assets | 42,659 | 42,356 | 49,585 | 53,863 | 60,271 | S100TWTJ, S100W8K6, S100YM3U |
| Share capital | 12,500 | 12,500 | 12,500 | 12,500 | 12,500 | S100R98B, S100TWTJ, S100W8K6, S100YM3U |
| Property, plant and equipment | 31,263 | 34,299 | 36,234 | 37,609 | 37,677 | S100R98B, S100TWTJ, S100W8K6, S100YM3U |
| Intangible assets excluding goodwill | 94 | 68 | 90 | 89 | 76 | S100R98B, S100TWTJ, S100W8K6, S100YM3U |
| Investment securities | 1,396 | 1,666 | 2,373 | 2,591 | 9,177 | S100R98B, S100TWTJ, S100W8K6, S100YM3U |
| Current assets | 21,781 | 26,343 | 29,846 | 27,864 | 19,532 | S100R98B, S100TWTJ, S100W8K6, S100YM3U |
| Current liabilities | 5,274 | 6,144 | 10,615 | 7,934 | 8,203 | S100R98B, S100TWTJ, S100W8K6, S100YM3U |
| Long-term borrowings | 9,602 | 15,969 | 18,424 | 18,399 | 15,055 | S100R98B, S100TWTJ, S100W8K6, S100YM3U |
| Total liabilities | 14,933 | 22,176 | 29,114 | 26,430 | 23,972 | S100R98B, S100TWTJ, S100W8K6, S100YM3U |
| Equity attributable to owners of parent | 42,543 | 42,318 | 49,221 | 53,375 | 58,380 | S100R98B, S100TWTJ, S100W8K6, S100YM3U |
| Retained earnings | 36,092 | 37,906 | 44,574 | 46,692 | 51,706 | S100R98B, S100TWTJ, S100W8K6, S100YM3U |
| Treasury stock | -10,972 | -13,010 | -10,085 | -8,048 | -8,058 | S100R98B, S100TWTJ, S100W8K6, S100YM3U |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YM3U |
| Property, plant and equipment | 45% | S100YM3U |
| Intangibles and goodwill | 0% | S100YM3U |
| Investment securities | 11% | S100YM3U |
| Other assets | 39% | S100YM3U |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100YM3U |
| Equity | 72% | S100YM3U |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 57,592 | 64,532 | 78,698 | 80,293 | 84,243 |
| Equity | 42,659 | 42,356 | 49,585 | 53,863 | 60,271 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,563 | 8,982 | 7,939 | 9,610 | 4,666 |

## 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) | 221.2% | S100YM3U |
| Fixed assets ÷ total assets | 44.7% | S100YM3U |
| Goodwill ÷ parent equity | — | —, S100YM3U |

### 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) | 5.5% |
| Cash ÷ revenue | 27.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 223.3% |
| Cash vs. profit gap | -3,078 JPY mn (of net income -38.2%) |
| Shareholder returns / net income | 38.0% |
| Shareholder returns / FCF | 89.4% |
| Shareholder payments — dividends / net income | 17.3% |
| Shareholder payments — dividends / FCF | 40.7% |
| CapEx intensity (capex ÷ revenue) | 9.2% |
| Investing CF relative to operating CF | 63.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 21.7% | 0.31× | 6.6% | 1.35× | 9.0% | S100R98B |
| 2023 | 16.5% | 0.33× | 5.5% | 1.44× | 7.9% | S100TWTJ |
| 2024 | 50.7% | 0.28× | 14.4% | 1.56× | 22.5% | S100W8K6 |
| 2025 | 32.5% | 0.23× | 7.6% | 1.55× | 11.7% | S100YM3U |
| 2026 | 47.3% | 0.21× | 9.8% | 1.47× | 14.4% | S100YM3U |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社不二総業 | Major shareholder | 49.9% | 2026-03-31 |
| 山形兄弟株式会社 | Major shareholder | 7.5% | 2026-03-31 |
| 岡 秀朋 | Major shareholder | 3.9% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.5% | 2026-03-31 |
| 有限会社山形兄弟 | Major shareholder | 2.9% | 2026-03-31 |
| 薮田 雅子 | Major shareholder | 1.2% | 2026-03-31 |
| 山形 文乃 | Major shareholder | 1.1% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 0.8% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 | Major shareholder | 0.8% | 2026-03-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第53期(2025/04/01－2026/03/31) | S100YM3U | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YM3U,, |
| 有価証券報告書－第52期(2024/04/01－2025/03/31) | S100W8K6 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8K6,, |
| 有価証券報告書－第51期(2023/04/01－2024/03/31) | S100TWTJ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWTJ,, |
| 有価証券報告書－第50期(2022/04/01－2023/03/31) | S100R98B | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R98B,, |
| 有価証券報告書－第49期(令和3年4月1日－令和4年3月31日) | S100OJUY | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJUY,, |
| 有価証券報告書－第48期(令和2年4月1日－令和3年3月31日) | S100LTV2 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTV2,, |

## 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).