# Agratio urban design Inc.: 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17期(2025/04/01－2026/03/31) (S100YIPZ)
> Page: https://vizora.meequs.com/en/company/agratio-urban-design
> Retrieved: 2026-09-30T20:32:53.594Z

## Company

Agratio urban design, founded in 2009, is a company in Homebuilders listed on TSE Standard. It has 142 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Agratio urban design Inc. |
| Ticker | 3467 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3467.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区西新宿二丁目6番1号 |
| Representative (per filing) | 代表取締役社長 大林 竜一 |
| Founded | Apr 2009 |
| Share capital | ¥390.7M |
| Employees (consolidated) | 142 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Corporate number | 8012401019024 |
| EDINET | E32158 |
| Industries (Vizora) | Homebuilders, Real Estate Development & Leasing, Hotels & Inns |

> Profile source: annual securities report (S100YIPZ, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Homebuilders (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 86.5 | 26 |
| Cash conversion | 27.1 | 24 |
| Efficiency | 48.1 | 26 |
| Financial strength | 56.7 | 15 |

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 82% of Agratio urban design's sales come from Housing, with Asset solution business and Vacation rental making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +20.3% from the prior year, operating profit +28.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥37B |  |
| Operating income | ¥3.28B | Margin 8.9% |
| Net income | ¥1.93B | Margin 5.2% |
| Free cash flow | -¥1.86B |  |
| Largest business | Housing | of segment revenue 82.1% |
| Employees (consolidated) | 142 |  |
| EPS | ¥343.17 |  |
| Book value per share | ¥1516.15 |  |
| Equity ratio | 22.3% |  |
| Shares outstanding | 5,754,000 |  |
| Treasury shares | 300 |  |
| Shareholders | 14,891 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 20.4% | Net cash -¥7.18B · Cash ÷ revenue 21.3% |
| Vs. industry median margin | +3.5 pp | Homebuilders |
| ROE | 24.4% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥20485383000 | ¥36975239000 | — |
| Operating income | ¥1305901000 | ¥3280973000 | — |
| Operating margin | 6.4% | 8.9% | +2.5 pp |
| Employees | 87 people | 142 people | — |
| Cash and equivalents | ¥4564651000 | ¥7868742000 | — |

### 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 |
| --- | ---: |
| 戸建販売事業 → 事業再編・廃止 | 95.8% |
| アセットソリューション事業 → アセットソリューション事業 | 4.2% |
| 新設・再編 → ハウジング事業 | 82.1% |
| 新設・再編 → アセットソリューション事業 | 12.6% |
| 新設・再編 → 宿泊事業 | 1.1% |

Segment revenue source references: 5 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Housing | 2 years | +14.6% | ¥30368151000 | 10.8% | 2 |
| Asset solution business | — | — | ¥6216957000 | 9.8% | 2 |
| Vacation rental | 2 years | +184.3% | ¥390130000 | -7.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 36,975 | 100.0% | S100YIPZ |
| Cost of revenue | 30,388 | 82.2% | S100YIPZ |
| Gross profit | 6,587 | 17.8% | S100YIPZ |
| SG&A | 3,306 | 8.9% | S100YIPZ |
| Operating income | 3,281 | 8.9% | S100YIPZ |
| Ordinary income | 2,783 | 7.5% | S100YIPZ |
| Pretax income | 2,783 | 7.5% | S100YIPZ |
| Income tax | 852 | 2.3% | S100YIPZ |
| Net income | 1,931 | 5.2% | S100YIPZ |
| Net income attributable to owners | 1,931 | 5.2% | S100YIPZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 9 |
| Operating income | 9 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 17.8% → Operating margin 8.9% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.3%; Core profit growth: +28.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.42×
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 | 30,744 | 36,975 | 6,232 | +20.3% |
| Gross profit | 5,329 | 6,587 | 1,258 | +23.6% |
| Operating income | 2,549 | 3,281 | 732 | +28.7% |
| Net income attributable to owners | 1,580 | 1,931 | 351 | +22.2% |
| Operating cash flow | -4,556 | -1,850 | 2,706 | — |
| Free cash flow | -4,568 | -1,862 | 2,705 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 18,154 | 706 | 3.9% | 355 | 1,368 | 1,361 | S100LQSU |
| FY ending Mar 2021 | 20,485 | 1,306 | 6.4% | 784 | 2,013 | 2,011 | S100OFEN |
| FY ending Mar 2022 | 23,764 | 2,252 | 9.5% | 1,412 | -1,645 | -1,662 | S100R514 |
| FY ending Mar 2023 | 25,850 | 2,064 | 8.0% | 1,291 | -2,689 | -2,722 | S100R514 |
| FY ending Mar 2024 | 27,606 | 1,611 | 5.8% | 873 | -588 | -591 | S100W3VZ |
| FY ending Mar 2025 | 30,744 | 2,549 | 8.3% | 1,580 | -4,556 | -4,568 | S100YIPZ |
| FY ending Mar 2026 | 36,975 | 3,281 | 8.9% | 1,931 | -1,850 | -1,862 | S100YIPZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥260.4M |
| Operating income per employee (consolidated) | ¥23.1M |
| Net income per employee (consolidated) | ¥13.6M |

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) | 101 | 113 | 127 | 129 | 142 |
| Average salary (parent company) | ¥6.9M | ¥6.6M | ¥6.9M | ¥7.5M | ¥8.2M |
| Average age (parent company) | 34.8 years | 34.9 years | 36.2 years | 36.6 years | 37.0 years |
| Average tenure (parent company) | 4.6 years | 5.0 years | 5.8 years | 6.2 years | 6.3 years |

Year over year: Employees (consolidated) +10.1% · Revenue (consolidated) +20.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Housing | 30,368 | 82.1% | 3,283 | 10.8% |
| Asset solution business | 6,217 | 16.8% | 610 | 9.8% |
| Vacation rental | 390 | 1.1% | -29 | -7.4% |

### 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 |
| --- | ---: |
| Housing | 82.1% |
| Asset solution business | 16.8% |
| Vacation rental | 1.1% |

Segment → industry: Housing → Homebuilders / Asset solution business → Real Estate Development & Leasing / Vacation rental → Hotels & Inns

## 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 | -1,850 | -5.0% | S100YIPZ |
| Capital expenditure | 13 | 0.0% | S100YIPZ |
| Free cash flow | -1,862 | -5.0% | 算出 |
| Investing cash flow | -34 | -0.1% | S100YIPZ |
| Financing cash flow | 2,581 | 7.0% | S100YIPZ |
| Dividends paid | 552 | 1.5% | S100YIPZ |
| Change in cash | 697 | 1.9% | S100YIPZ |
| Cash and equivalents | 7,869 | 21.3% | S100YIPZ |

## 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 | 6,013 | 5,968 | 6,248 | 7,171 | 7,869 | S100R514, S100YIPZ |
| Total assets | 19,492 | 23,100 | 25,037 | 33,289 | 38,583 | S100R514, S100W3VZ, S100YIPZ |
| Net assets | 4,706 | 5,569 | 5,994 | 7,229 | 8,607 | S100R514, S100YIPZ |
| Share capital | 389 | 391 | 391 | 391 | 391 | S100R514, S100W3VZ, S100YIPZ |
| Property, plant and equipment | 59 | 109 | 152 | 129 | 137 | S100R514, S100W3VZ, S100YIPZ |
| Intangible assets excluding goodwill | 15 | 10 | 470 | 414 | 351 | S100R514, S100W3VZ, S100YIPZ |
| Goodwill | — | — | 461 | 409 | 347 | S100W3VZ, S100YIPZ |
| Current assets | 19,198 | 22,772 | 24,217 | 32,500 | 37,824 | S100R514, S100W3VZ, S100YIPZ |
| Current liabilities | 9,469 | 13,560 | 14,556 | 18,970 | 21,781 | S100R514, S100W3VZ, S100YIPZ |
| Short-term borrowings | 2,515 | 6,411 | 5,723 | 6,982 | 6,878 | S100R514, S100W3VZ, S100YIPZ |
| Long-term borrowings | 5,117 | 3,850 | 4,191 | 6,804 | 8,054 | S100R514, S100W3VZ, S100YIPZ |
| Bonds | 160 | 60 | 260 | 180 | 120 | S100R514, S100W3VZ, S100YIPZ |
| Interest-bearing debt | 7,792 | 10,321 | 10,174 | 13,965 | 15,051 | 算出 |
| Total liabilities | 14,786 | 17,531 | 19,044 | 26,060 | 29,976 | S100R514, S100W3VZ, S100YIPZ |
| Equity attributable to owners of parent | 4,706 | 5,569 | 5,994 | 7,229 | 8,607 | S100R514, S100W3VZ, S100YIPZ |
| Retained earnings | 3,967 | 4,828 | 5,252 | 6,487 | 7,866 | S100R514, S100W3VZ, S100YIPZ |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R514, S100W3VZ, S100YIPZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YIPZ |
| Property, plant and equipment | 0% | S100YIPZ |
| Intangibles and goodwill | 2% | S100YIPZ |
| Other assets | 78% | S100YIPZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 39% | 算出 |
| Other liabilities | 39% | S100YIPZ |
| Equity | 22% | S100YIPZ |
| Other liabilities | 0% | S100YIPZ |

### 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 | 19,492 | 23,100 | 25,037 | 33,289 | 38,583 |
| Equity | 4,706 | 5,569 | 5,994 | 7,229 | 8,607 |
| Interest-bearing debt | 7,792 | 10,321 | 10,174 | 13,965 | 15,051 |
| Cash | 6,013 | 5,968 | 6,248 | 7,171 | 7,869 |

## 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) | 0.4% | S100YIPZ |
| Fixed assets ÷ total assets | 0.4% | S100YIPZ |
| Goodwill ÷ parent equity | 4.0% | S100YIPZ |

### 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) | 20.4% |
| Cash ÷ revenue | 21.3% |
| Net cash (cash − interest-bearing debt) | -¥7.18B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -56.4% |
| Cash vs. profit gap | -3,781 JPY mn (of net income -195.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 5.9% | 1.22× | 7.2% | 4.14× | 30.0% | S100R514 |
| 2023 | 5.0% | 1.21× | 6.1% | 4.15× | 25.1% | S100R514 |
| 2024 | 3.2% | 1.10× | 3.5% | 4.18× | 14.6% | S100W3VZ |
| 2025 | 5.1% | 1.05× | 5.4% | 4.41× | 23.9% | S100YIPZ |
| 2026 | 5.2% | 1.03× | 5.4% | 4.54× | 24.4% | S100YIPZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大林 竜一 | Major shareholder | 40.7% | 2026-03-31 |
| 平井 浩之 | Major shareholder | 2.1% | 2026-03-31 |
| 五郎川 隆 | Major shareholder | 1.7% | 2026-03-31 |
| 伊藤 一也 | Major shareholder | 1.3% | 2026-03-31 |
| 阿多 賢一 | Major shareholder | 1.3% | 2026-03-31 |
| 唐川 範久 | Major shareholder | 1.3% | 2026-03-31 |
| 柿原 宏之 | Major shareholder | 1.3% | 2026-03-31 |
| アグレ都市デザイン従業員持株会 | Major shareholder | 1.1% | 2026-03-31 |
| 三好 秀樹 | Major shareholder | 0.8% | 2026-03-31 |
| 伊藤 武憲 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2025/04/01－2026/03/31) | S100YIPZ | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIPZ,, |
| 有価証券報告書－第16期(2024/04/01－2025/03/31) | S100W3VZ | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3VZ,, |
| 有価証券報告書－第15期(2023/04/01－2024/03/31) | S100TSDM | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSDM,, |
| 有価証券報告書－第14期(2022/04/01－2023/03/31) | S100R514 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R514,, |
| 有価証券報告書－第13期(令和3年4月1日－令和4年3月31日) | S100OFEN | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFEN,, |
| 有価証券報告書－第12期(令和2年4月1日－令和3年3月31日) | S100LQSU | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQSU,, |

## 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).