# AMG HOLDINGS 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41期(2025/04/01－2026/03/31) (S100YF0Z)
> Page: https://vizora.meequs.com/en/company/amg-holdings
> Retrieved: 2026-09-30T21:08:27.385Z

## Company

AMG Holdings, founded in 1986, is a company in Homebuilders listed on TSE Standard. It has 293 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AMG HOLDINGS CO., LTD. |
| Ticker | 8891 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8891.T) |
| Listing | TSE Standard |
| Head office | 名古屋市中区錦三丁目10番32号 |
| Representative (per filing) | 代表取締役社長 長谷川 克彦 |
| Founded | Jul 1986 |
| Share capital | ¥1.17B |
| Employees (consolidated) | 293 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | March |
| Website | www.amg-hd.co.jp (https://www.amg-hd.co.jp/) |
| Corporate number | 7180001049070 |
| EDINET | E03991 |
| Industries (Vizora) | Homebuilders, Real Estate Brokerage & Management, Condominium Developers |

> Profile source: annual securities report (S100YF0Z, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Condominium Developers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.6 | 21 |
| Profitability | 42 | 25 |
| Cash conversion | 50 | 25 |
| Efficiency | 78 | 25 |

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 65% of AMG Holdings's sales come from Real estate development business, with Construction and Real estate management business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +3.1% from the prior year, operating profit +24.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥31.4B |  |
| Operating income | ¥1.93B | Margin 6.2% |
| Net income | ¥1.16B | Margin 3.7% |
| Free cash flow | -¥567.7M |  |
| Largest business | Real estate development business | of segment revenue 64.7% |
| Employees (consolidated) | 293 |  |
| EPS | ¥127.72 |  |
| Book value per share | ¥822.32 |  |
| Equity ratio | 37.5% |  |
| Shares outstanding | 2,906,048 |  |
| Treasury shares | 104,898 |  |
| Shareholders | 1,913 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 10.7% | Cash ÷ revenue 11.0% |
| Vs. industry median margin | -1.9 pp | Condominium Developers |
| ROE | 10.1% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 64% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13108439000 | ¥31352850000 | +139.2% |
| Operating income | ¥983259000 | ¥1930345000 | +96.3% |
| Operating margin | 7.5% | 6.2% | -1.3 pp |
| Employees | 111 people | 293 people | +164.0% |
| Cash and equivalents | ¥2974350000 | ¥3433397000 | +15.4% |

### 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 |
| --- | ---: |
| 分譲マンション事業 → 事業再編・廃止 | 53.9% |
| 注文建築事業 → 事業再編・廃止 | 23.6% |
| 不動産管理事業 → 不動産管理事業 | 2.7% |
| 不動産管理事業 → 事業再編・廃止 | 0.9% |
| 戸建分譲事業 → 事業再編・廃止 | 18.3% |
| 賃貸事業 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 建設事業 | 32.6% |
| 新設・再編 → 不動産開発事業 | 64.7% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Real estate development business | — | — | ¥20271763000 | 8.2% | 2 |
| Construction | — | — | ¥10222287000 | 7.2% | 2 |
| Real estate management business | 5 years | +12.3% | ¥858799000 | 24.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 31,353 | 100.0% | S100YF0Z |
| Cost of revenue | 26,285 | 83.8% | S100YF0Z |
| Gross profit | 5,068 | 16.2% | S100YF0Z |
| SG&A | 3,138 | 10.0% | S100YF0Z |
| Operating income | 1,930 | 6.2% | S100YF0Z |
| Ordinary income | 1,813 | 5.8% | S100YF0Z |
| Pretax income | 1,751 | 5.6% | S100YF0Z |
| Income tax | 592 | 1.9% | S100YF0Z |
| Net income | 1,159 | 3.7% | S100YF0Z |
| Net income attributable to owners | 1,159 | 3.7% | S100YF0Z |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 10 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 16.2% → Operating margin 6.2% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.1%; Core profit growth: +24.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.95×
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 | 30,418 | 31,353 | 935 | +3.1% |
| Gross profit | 4,490 | 5,068 | 578 | +12.9% |
| Operating income | 1,551 | 1,930 | 379 | +24.5% |
| Net income attributable to owners | 975 | 1,159 | 184 | +18.9% |
| Operating cash flow | 4,267 | -439 | -4,706 | -110.3% |
| Free cash flow | 4,180 | -568 | -4,748 | -113.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 10,355 | 789 | 7.6% | 676 | -224 | -241 | S100LSWR |
| FY ending Mar 2021 | 13,108 | 983 | 7.5% | 1,823 | 945 | 904 | S100OH95 |
| FY ending Mar 2022 | 16,360 | 1,421 | 8.7% | 882 | 58 | 34 | S100R3I3 |
| FY ending Mar 2023 | 22,806 | 1,435 | 6.3% | 2,947 | -3,861 | -3,976 | S100TPO7 |
| FY ending Mar 2024 | 29,090 | 1,816 | 6.2% | 1,090 | -3,040 | -3,086 | S100WFDS |
| FY ending Mar 2025 | 30,418 | 1,551 | 5.1% | 975 | 4,267 | 4,180 | S100YF0Z |
| FY ending Mar 2026 | 31,353 | 1,930 | 6.2% | 1,159 | -439 | -568 | S100YF0Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥107M |
| Operating income per employee (consolidated) | ¥6.6M |
| Net income per employee (consolidated) | ¥4M |

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) | 220 | 291 | 276 | 279 | 293 |
| Average salary (parent company) | ¥5.4M | ¥5.5M | ¥5.6M | ¥5.9M | ¥4.7M |
| Average age (parent company) | 39.0 years | 40.0 years | 41.0 years | 28.0 years | 45.0 years |
| Average tenure (parent company) | 11.0 years | 11.0 years | 12.0 years | — | — |

Year over year: Employees (consolidated) +5.0% · Revenue (consolidated) +3.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction | 10,222 | 32.6% | 734 | 7.2% |
| Real estate development business | 20,272 | 64.7% | 1,660 | 8.2% |
| Real estate management business | 859 | 2.7% | 207 | 24.1% |

### 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 | 32.6% | 28.2% | -4.4 | 7.2% |
| Real estate development business | 64.7% | 63.8% | -0.9 | 8.2% |
| Real estate management business | 2.7% | 8.0% | 5.2 | 24.1% |

Segment → industry: Construction → Homebuilders / Real estate management business → Real Estate Brokerage & Management / Real estate development business → Condominium Developers

## 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 | -439 | -1.4% | S100YF0Z |
| Capital expenditure | 129 | 0.4% | S100YF0Z |
| Free cash flow | -568 | -1.8% | 算出 |
| Investing cash flow | -109 | -0.3% | S100YF0Z |
| Financing cash flow | 926 | 3.0% | S100YF0Z |
| Dividends paid | 182 | 0.6% | S100YF0Z |
| Share buyback | 0 | 0.0% | S100YF0Z |
| Change in cash | 377 | 1.2% | S100YF0Z |
| Cash and equivalents | 3,433 | 11.0% | S100YF0Z |

## 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 | 3,226 | 3,741 | 3,043 | 3,056 | 3,433 | S100TPO7, S100WFDS, S100YF0Z |
| Total assets | 18,068 | 28,928 | 33,148 | 29,326 | 31,968 | S100R3I3, S100TPO7, S100WFDS, S100YF0Z |
| Net assets | 6,600 | 9,479 | 10,395 | 10,983 | 11,985 | S100TPO7, S100WFDS, S100YF0Z |
| Share capital | 1,168 | 1,168 | 1,168 | 1,168 | 1,168 | S100R3I3, S100TPO7, S100WFDS, S100YF0Z |
| Property, plant and equipment | 2,155 | 2,490 | 2,424 | 2,405 | 2,279 | S100R3I3, S100TPO7, S100WFDS, S100YF0Z |
| Intangible assets excluding goodwill | 283 | 271 | 259 | 210 | 184 | S100R3I3, S100TPO7, S100WFDS, S100YF0Z |
| Goodwill | 267 | 247 | 226 | 176 | 158 | S100R3I3, S100TPO7, S100WFDS, S100YF0Z |
| Investment securities | 109 | 117 | 122 | 85 | 124 | S100R3I3, S100TPO7, S100WFDS, S100YF0Z |
| Current assets | 15,154 | 25,496 | 29,909 | 26,233 | 28,932 | S100R3I3, S100TPO7, S100WFDS, S100YF0Z |
| Current liabilities | 9,553 | 14,698 | 17,527 | 14,608 | 16,083 | S100R3I3, S100TPO7, S100WFDS, S100YF0Z |
| Trade payables | 3,084 | 2,797 | 3,584 | 2,761 | 2,661 | S100R3I3, S100TPO7, S100WFDS, S100YF0Z |
| Short-term borrowings | 2,879 | 7,928 | 9,288 | 5,903 | 8,016 | S100R3I3, S100TPO7, S100WFDS, S100YF0Z |
| Long-term borrowings | 1,467 | 3,922 | 4,591 | 3,309 | 3,568 | S100R3I3, S100TPO7, S100WFDS, S100YF0Z |
| Bonds | 18 | 471 | 262 | 95 | — | S100R3I3, S100TPO7, S100WFDS, S100YF0Z |
| Interest-bearing debt | 4,364 | 12,321 | 14,141 | 9,307 | — | 算出 |
| Total liabilities | 11,468 | 19,449 | 22,753 | 18,343 | 19,983 | S100R3I3, S100TPO7, S100WFDS, S100YF0Z |
| Non-controlling interests | 61 | 67 | 74 | — | — | S100R3I3, S100TPO7, S100WFDS |
| Equity attributable to owners of parent | 6,519 | 9,390 | 10,271 | 10,950 | 11,927 | S100R3I3, S100TPO7, S100WFDS, S100YF0Z |
| Retained earnings | 5,218 | 8,078 | 8,960 | 9,772 | 10,749 | S100R3I3, S100TPO7, S100WFDS, S100YF0Z |
| Treasury stock | -30 | -23 | -23 | -161 | -161 | S100R3I3, S100TPO7, S100WFDS, S100YF0Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YF0Z |
| Property, plant and equipment | 7% | S100YF0Z |
| Intangibles and goodwill | 1% | S100YF0Z |
| Investment securities | 0% | S100YF0Z |
| Other assets | 81% | S100YF0Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YF0Z |
| Other liabilities | 54% | S100YF0Z |
| Equity | 38% | S100YF0Z |
| Other liabilities | 0% | S100YF0Z |

### 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 | 18,068 | 28,928 | 33,148 | 29,326 | 31,968 |
| Equity | 6,600 | 9,479 | 10,395 | 10,983 | 11,985 |
| Interest-bearing debt | 4,364 | 12,321 | 14,141 | 9,307 | — |
| Cash | 3,226 | 3,741 | 3,043 | 3,056 | 3,433 |

## 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) | 7.3% | S100YF0Z |
| Fixed assets ÷ total assets | 7.1% | S100YF0Z |
| Goodwill ÷ parent equity | 1.3% | S100YF0Z |

Goodwill over 4 years: 267 → 158 JPY; total investing cash flow: 928 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) | 10.7% |
| Cash ÷ revenue | 11.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -22.7% |
| Cash vs. profit gap | -1,598 JPY mn (of net income -137.9%) |
| Shareholder returns / net income | 15.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 15.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| 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 | 5.4% | 0.91× | 4.9% | 2.77× | 13.5% | S100R3I3 |
| 2023 | 12.9% | 0.97× | 12.5% | 2.95× | 37.0% | S100TPO7 |
| 2024 | 3.7% | 0.94× | 3.5% | 3.16× | 11.1% | S100WFDS |
| 2025 | 3.2% | 0.97× | 3.1% | 2.94× | 9.2% | S100YF0Z |
| 2026 | 3.7% | 1.02× | 3.8% | 2.68× | 10.1% | S100YF0Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| VTホールディングス㈱ | Major shareholder | 43.4% | 2026-03-31 |
| ㈱SBIネオトレード証券 | Major shareholder | 4.7% | 2026-03-31 |
| いちい信用金庫 | Major shareholder | 2.9% | 2026-03-31 |
| INTERACTIVE BROKERS LLC 常任代理人インタラクティブ・ブローカーズ証券㈱ | Major shareholder | 2.0% | 2026-03-31 |
| 宮川和利 | Major shareholder | 1.7% | 2026-03-31 |
| 中野建設㈱ | Major shareholder | 1.7% | 2026-03-31 |
| 新原栄寿 | Major shareholder | 1.6% | 2026-03-31 |
| AMGホールディングス社員持株会 | Major shareholder | 1.4% | 2026-03-31 |
| 徳倉建設㈱ | Major shareholder | 1.3% | 2026-03-31 |
| ㈱SBI証券 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第41期(2025/04/01－2026/03/31) | S100YF0Z | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF0Z,, |
| 訂正有価証券報告書－第40期(2024/04/01－2025/03/31) | S100WFDS | 2025-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WFDS,, |
| 有価証券報告書－第39期(2023/04/01－2024/03/31) | S100TPO7 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPO7,, |
| 有価証券報告書－第38期(2022/04/01－2023/03/31) | S100R3I3 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3I3,, |
| 有価証券報告書－第37期(令和3年4月1日－令和4年3月31日) | S100OH95 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH95,, |
| 有価証券報告書－第36期(令和2年4月1日－令和3年3月31日) | S100LSWR | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSWR,, |

## 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).