# AlbaLink: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第15期(2025/01/01－2025/12/31) (S100XV4H)
> Page: https://vizora.meequs.com/en/company/albalink
> Retrieved: 2026-09-30T18:31:22.060Z

## Company

AlbaLink, founded in 2011, is a company in Real Estate Development & Leasing listed on TSE Growth. It has 184 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AlbaLink Co., Ltd. |
| Ticker | 5537 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5537.T) |
| Listing | TSE Growth |
| Head office | 東京都江東区木場二丁目17番16号 |
| Representative (per filing) | 代表取締役 河田 憲二 |
| Founded | Jan 2011 |
| Share capital | ¥78.4M |
| Employees (consolidated) | 184 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | December |
| Website | albalink.co.jp (https://albalink.co.jp/) |
| Corporate number | 4010401091724 |
| EDINET | E39023 |
| Industries (Vizora) | Real Estate Development & Leasing |

> Profile source: annual securities report (S100XV4H, filed 2026-03-27). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 94 | 75 |
| Profitability | 71.5 | 86 |
| Cash conversion | 57.9 | 82 |
| Efficiency | 95.9 | 86 |
| Financial strength | 98.6 | 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)

- AlbaLink brought in ¥8.19B in revenue.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +50.6% from the prior year, operating profit +137.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥8191248000 → ¥981647000
- Net income → operating cash flow: ¥981647000 → ¥1105544000（difference ¥123897000）
- Main uses of operating cash flow: CapEx ¥105305000 / dividends — / buybacks —
- Change in cash: ¥2092064000
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 | ¥8.19B |  |
| Operating income | ¥1.31B | Margin 16.0% |
| Net income | ¥981.6M | Margin 12.0% |
| Free cash flow | ¥1B |  |
| Employees (consolidated) | 184 |  |
| EPS | ¥121.62 |  |
| Diluted EPS | ¥113.58 |  |
| Book value per share | ¥246.23 |  |
| Equity ratio | 38.3% |  |
| Shares outstanding | 8,183,200 |  |
| Shareholders | 1,851 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 66.5% | Net cash ¥1.88B · Cash ÷ revenue 42.7% |
| Vs. industry median margin | +5.5 pp | Real Estate Development & Leasing |
| ROE | 67.1% | Derived from disclosed figures |
| ROA | 24.8% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 66% of total assets

## What changed in 1 years

| Metric | FY ending Dec 2024 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5440231000 | ¥8191248000 | +50.6% |
| Operating income | ¥552984000 | ¥1311446000 | +137.2% |
| Operating margin | 10.2% | 16.0% | +5.8 pp |
| Employees | 115 people | 184 people | +60.0% |
| Cash and equivalents | ¥1405541000 | ¥3497606000 | +148.8% |

### Change in segment revenue mix

Span: FY ending Dec 2024 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,191 | 100.0% | S100XV4H |
| Cost of revenue | 3,712 | 45.3% | S100XV4H |
| Gross profit | 4,479 | 54.7% | S100XV4H |
| SG&A | 3,168 | 38.7% | S100XV4H |
| Operating income | 1,311 | 16.0% | S100XV4H |
| Ordinary income | 1,263 | 15.4% | S100XV4H |
| Pretax income | 1,263 | 15.4% | S100XV4H |
| Income tax | 282 | 3.4% | S100XV4H |
| Net income | 982 | 12.0% | S100XV4H |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 45 |
| SG&A | 39 |
| Operating income | 16 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 54.7% → Operating margin 16.0% → Net margin 12.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +50.6%; Core profit growth: +137.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.71×
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 | 5,440 | 8,191 | 2,751 | +50.6% |
| Gross profit | 2,426 | 4,479 | 2,053 | +84.7% |
| Operating income | 553 | 1,311 | 758 | +137.2% |
| Operating cash flow | 860 | 1,106 | 246 | +28.6% |
| Free cash flow | 699 | 1,000 | 301 | +43.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2024 | 5,440 | 553 | 10.2% | 378 | 860 | 699 | S100XV4H |
| FY ending Dec 2025 | 8,191 | 1,311 | 16.0% | 982 | 1,106 | 1,000 | S100XV4H |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.5M |
| Operating income per employee (consolidated) | ¥7.1M |
| Net income per employee (consolidated) | ¥5.3M |

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

| History | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: |
| Employees (consolidated) | 115 | 184 |
| Average salary (parent company) | — | ¥7.3M |
| Average age (parent company) | — | 32.1 years |
| Average tenure (parent company) | — | 1.7 years |

Year over year: Employees (consolidated) +60.0% · Revenue (consolidated) +50.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,106 | 13.5% | S100XV4H |
| Capital expenditure | 105 | 1.3% | S100XV4H |
| Free cash flow | 1,000 | 12.2% | 算出 |
| Investing cash flow | -145 | -1.8% | S100XV4H |
| Financing cash flow | 1,132 | 13.8% | S100XV4H |
| Change in cash | 2,092 | 25.5% | S100XV4H |
| Cash and equivalents | 3,498 | 42.7% | S100XV4H |

## 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 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 1,406 | 3,498 | S100XV4H |
| Total assets | 2,647 | 5,260 | S100XV4H |
| Net assets | 910 | 2,016 | S100XV4H |
| Share capital | 17 | 78 | S100XV4H |
| Property, plant and equipment | 249 | 300 | S100XV4H |
| Intangible assets excluding goodwill | 0 | 20 | S100XV4H |
| Current assets | 2,218 | 4,590 | S100XV4H |
| Current liabilities | 970 | 1,587 | S100XV4H |
| Short-term borrowings | 261 | 67 | S100XV4H |
| Long-term borrowings | 482 | 1,399 | S100XV4H |
| Bonds | 203 | 157 | S100XV4H |
| Interest-bearing debt | 947 | 1,622 | 算出 |
| Total liabilities | 1,736 | 3,244 | S100XV4H |
| Equity attributable to owners of parent | 910 | 2,015 | S100XV4H |
| Retained earnings | 886 | 1,867 | S100XV4H |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 67% | S100XV4H |
| Property, plant and equipment | 6% | S100XV4H |
| Intangibles and goodwill | 0% | S100XV4H |
| Other assets | 27% | S100XV4H |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 31% | 算出 |
| Other liabilities | 31% | S100XV4H |
| Equity | 38% | S100XV4H |

### Balance sheet history

| Metric | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: |
| Total assets | 2,647 | 5,260 |
| Equity | 910 | 2,016 |
| Interest-bearing debt | 947 | 1,622 |
| Cash | 1,406 | 3,498 |

## 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) | 3.7% | S100XV4H |
| Fixed assets ÷ total assets | 5.7% | S100XV4H |
| Goodwill ÷ parent equity | — | —, S100XV4H |

### 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) | 66.5% |
| Cash ÷ revenue | 42.7% |
| Net cash (cash − interest-bearing debt) | ¥1.88B |
| Net debt ÷ operating cash flow | -1.70× |
| Cash conversion (operating CF ÷ operating income) | 84.3% |
| Cash vs. profit gap | 124 JPY mn (of net income 12.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 13.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 7.0% | 2.06× | 14.3% | 2.91× | 41.6% | S100XV4H |
| 2025 | 12.0% | 2.07× | 24.8% | 2.70× | 67.1% | S100XV4H |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 河田 憲二 | Major shareholder | 53.8% | 2025-12-31 |
| 内木場 隼 | Major shareholder | 17.3% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 3.5% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.9% | 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 | 1.9% | 2025-12-31 |
| AKパートナーズ株式会社 | Major shareholder | 1.2% | 2025-12-31 |
| 井口 亮 | Major shareholder | 1.1% | 2025-12-31 |
| 上総 尚吾 | Major shareholder | 1.0% | 2025-12-31 |
| 行田 耕介 | Major shareholder | 1.0% | 2025-12-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 0.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2025/01/01－2025/12/31) | S100XV4H | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XV4H,, |

## 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).