# ANABUKI KOSAN INC.: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第62期(2024/07/01－2025/06/30) (S100WQZC)
> Page: https://vizora.meequs.com/en/company/anabuki-kosan
> Retrieved: 2026-09-30T20:27:05.776Z

## Company

Anabuki Kosan, founded in 1964, is a company in Condominium Developers listed on TSE Standard. It has 1,780 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ANABUKI KOSAN INC. |
| Ticker | 8928 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8928.T) |
| Listing | TSE Standard |
| Head office | 香川県高松市鍛冶屋町7番地12 |
| Representative (per filing) | 代表取締役社長 穴吹 忠嗣 |
| Founded | May 1964 |
| Share capital | ¥755.8M |
| Employees (consolidated) | 1,780 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | June |
| Website | www.pronexus.co.jp (https://www.pronexus.co.jp/) |
| Corporate number | 8470001000424 |
| EDINET | E04025 |
| Industries (Vizora) | Condominium Developers, HR & Staffing, Hotels & Inns, Nursing Care, Supermarkets, Electric Power & Gas, Travel Agencies |

> Profile source: annual securities report (S100WQZC, filed 2025-09-25). As of filing

## Five-axis industry profile

Primary industry: Condominium Developers (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 54.8 | 21 |
| Profitability | 26 | 25 |
| Cash conversion | 54 | 25 |
| Efficiency | 74 | 25 |
| Financial strength | 60.7 | 14 |

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 71% of Anabuki Kosan's sales come from Real estate-related business, with Energy business and Facilities operation business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -2.6% from the prior year, operating profit -0.5%.

## Company structure

- Segment revenue mix: Real estate-related business 70.5%、Energy business 6.2%、Facilities operation business 5.9%、Retail distribution business 5.8%、Medical servics business 5.3%
- Revenue → net income: ¥130973099000 → ¥3721107000
- Net income → operating cash flow: ¥3721107000 → ¥55033000（difference ¥-3666074000）
- Main uses of operating cash flow: CapEx ¥2265957000 / dividends ¥725009000 / buybacks —
- Change in cash: ¥-2906772000
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 | ¥131B |  |
| Operating income | ¥5.69B | Margin 4.3% |
| Net income | ¥3.72B | Margin 2.8% |
| Free cash flow | -¥2.21B |  |
| Largest business | Real estate-related business | of segment revenue 70.5% |
| Employees (consolidated) | 1,780 |  |
| EPS | ¥249.15 |  |
| Book value per share | ¥3719.45 |  |
| Equity ratio | 29.4% |  |
| Shares outstanding | 11,535,000 |  |
| Treasury shares | 868,700 |  |
| Shareholders | 19,166 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 4.7% | Net cash -¥55.9B · Cash ÷ revenue 5.3% |
| Vs. industry median margin | -3.8 pp | Condominium Developers |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 90% of positive segment profit
- FY2025, cash is 5% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥95378926000 | ¥130973099000 | +37.3% |
| Operating income | ¥5744399000 | ¥5690206000 | -0.9% |
| Operating margin | 6.0% | 4.3% | -1.7 pp |
| Employees | 1,521 people | 1,780 people | +17.0% |
| Cash and equivalents | ¥6365301000 | ¥6972573000 | +9.5% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 不動産関連事業 → 不動産関連事業 | 68.4% |
| 人材サービス関連事業 → 人材サービス関連事業 | 4.5% |
| 人材サービス関連事業 → 事業再編・廃止 | 1.9% |
| 施設運営事業 → 施設運営事業 | 5.0% |
| 介護医療関連事業 → 介護医療関連事業 | 5.3% |
| 介護医療関連事業 → 事業再編・廃止 | 0.1% |
| 小売流通関連事業 → 小売流通関連事業 | 5.8% |
| 小売流通関連事業 → 事業再編・廃止 | 3.1% |
| エネルギー関連事業 → エネルギー関連事業 | 4.3% |
| 観光事業 → 観光事業 | 1.5% |
| 新設・再編 → 不動産関連事業 | 2.1% |
| 新設・再編 → 施設運営事業 | 0.9% |
| 新設・再編 → エネルギー関連事業 | 1.9% |
| 新設・再編 → 観光事業 | 0.1% |
| 新設・再編 → その他 | 0.1% |

Segment revenue source references: 15 (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-related business | 5 years | +7.2% | ¥92363328000 | 5.9% | 2 |
| Energy business | 5 years | +14.8% | ¥8165332000 | -0.9% | 2 |
| Facilities operation business | 5 years | +10.0% | ¥7725082000 | 1.3% | 2 |
| Retail distribution business | 5 years | -2.1% | ¥7596044000 | -2.6% | 2 |
| Medical servics business | 5 years | +6.0% | ¥6982812000 | 2.8% | 2 |
| Human resource service business | 5 years | -0.7% | ¥5932297000 | 4.6% | 2 |
| Tourism business | 5 years | +8.3% | ¥2106567000 | 1.9% | 2 |
| Other | 3 years | +227.3% | ¥101634000 | -101.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 130,973 | 100.0% | S100WQZC |
| Cost of revenue | 104,741 | 80.0% | S100WQZC |
| Gross profit | 26,232 | 20.0% | S100WQZC |
| SG&A | 20,542 | 15.7% | S100WQZC |
| Operating income | 5,690 | 4.3% | S100WQZC |
| Ordinary income | 5,619 | 4.3% | S100WQZC |
| Pretax income | 5,568 | 4.3% | S100WQZC |
| Income tax | 1,847 | 1.4% | S100WQZC |
| Net income | 3,721 | 2.8% | S100WQZC |
| Net income attributable to owners | 3,722 | 2.8% | S100WQZC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 16 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 20.0% → Operating margin 4.3% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.6%; Core profit growth: -0.5%
Operating leverage (core profit growth ÷ revenue growth): 0.19×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 134,500 | 130,973 | -3,527 | -2.6% |
| Gross profit | 26,719 | 26,232 | -487 | -1.8% |
| Operating income | 5,719 | 5,690 | -29 | -0.5% |
| Net income attributable to owners | 4,843 | 3,722 | -1,121 | -23.1% |
| Operating cash flow | -1,137 | 55 | 1,192 | — |
| Free cash flow | -3,155 | -2,211 | 944 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 99,669 | 6,100 | 6.1% | 3,395 | 6,380 | 3,306 | S100JRGZ |
| FY ending Jun 2020 | 95,379 | 5,744 | 6.0% | 3,283 | -4,069 | -7,725 | S100O582 |
| FY ending Jun 2021 | 104,750 | 5,765 | 5.5% | 3,059 | 4,003 | 1,108 | S100P9HN |
| FY ending Jun 2022 | 111,339 | 6,971 | 6.3% | 4,188 | 1,797 | 169 | S100RXND |
| FY ending Jun 2023 | 113,835 | 6,962 | 6.1% | 4,051 | -7,861 | -10,910 | S100UFYL |
| FY ending Jun 2024 | 134,500 | 5,719 | 4.3% | 4,843 | -1,137 | -3,155 | S100WQZC |
| FY ending Jun 2025 | 130,973 | 5,690 | 4.3% | 3,722 | 55 | -2,211 | S100WQZC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥73.6M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2.1M |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,606 | 1,644 | 1,633 | 1,668 | 1,780 |
| Average salary (parent company) | ¥5.8M | ¥6M | ¥6.1M | ¥6.5M | ¥6.8M |
| Average age (parent company) | 35.5 years | 35.9 years | 36.2 years | 37.9 years | 37.7 years |
| Average tenure (parent company) | 8.3 years | 8.5 years | 9.0 years | 10.4 years | 10.6 years |

Year over year: Employees (consolidated) +6.7% · Revenue (consolidated) -2.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate-related business | 92,363 | 70.5% | 5,454 | 5.9% |
| Human resource service business | 5,932 | 4.5% | 272 | 4.6% |
| Facilities operation business | 7,725 | 5.9% | 97 | 1.3% |
| Medical servics business | 6,983 | 5.3% | 193 | 2.8% |
| Retail distribution business | 7,596 | 5.8% | -194 | -2.6% |
| Energy business | 8,165 | 6.2% | -71 | -0.9% |
| Tourism business | 2,107 | 1.6% | 40 | 1.9% |
| Other | 102 | 0.1% | -103 | -101.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Real estate-related business | 70.5% | 90.1% | 19.6 | 5.9% |
| Human resource service business | 4.5% | 4.5% | -0.0 | 4.6% |
| Facilities operation business | 5.9% | 1.6% | -4.3 | 1.3% |
| Medical servics business | 5.3% | 3.2% | -2.1 | 2.8% |
| Retail distribution business | 5.8% | — | — | -2.6% |
| Energy business | 6.2% | — | — | -0.9% |
| Tourism business | 1.6% | 0.7% | -1.0 | 1.9% |
| Other | 0.1% | — | — | -101.1% |

Loss-making segment (excluded from profit shares): Retail distribution business -194 JPY mn

Loss-making segment (excluded from profit shares): Energy business -71 JPY mn

Loss-making segment (excluded from profit shares): Other -103 JPY mn

Segment → industry: Real estate-related business → Condominium Developers / Human resource service business → HR & Staffing / Facilities operation business → Hotels & Inns / Medical servics business → Nursing Care / Retail distribution business → Supermarkets / Energy business → Electric Power & Gas / Tourism business → Travel Agencies

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 55 | 0.0% | S100WQZC |
| Capital expenditure | 2,266 | 1.7% | S100WQZC |
| Free cash flow | -2,211 | -1.7% | 算出 |
| Investing cash flow | -6,544 | -5.0% | S100WQZC |
| Financing cash flow | 3,576 | 2.7% | S100WQZC |
| Dividends paid | 725 | 0.6% | S100WQZC |
| Change in cash | -2,907 | -2.2% | S100WQZC |
| Cash and equivalents | 6,973 | 5.3% | S100WQZC |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,967 | 8,199 | 8,301 | 9,556 | 6,973 | S100RXND, S100UFYL, S100WQZC |
| Total assets | 114,371 | 113,337 | 126,609 | 136,304 | 148,139 | S100P9HN, S100RXND, S100UFYL, S100WQZC |
| Net assets | 30,210 | 32,850 | 36,251 | 40,468 | 43,654 | S100RXND, S100UFYL, S100WQZC |
| Share capital | 756 | 756 | 756 | 756 | 756 | S100P9HN, S100RXND, S100UFYL, S100WQZC |
| Trade receivables | 1,573 | 1,937 | 1,902 | 3,001 | 3,174 | S100P9HN, S100RXND, S100UFYL, S100WQZC |
| Property, plant and equipment | 22,702 | 22,910 | 17,710 | 15,049 | 15,935 | S100P9HN, S100RXND, S100UFYL, S100WQZC |
| Intangible assets excluding goodwill | 478 | 386 | 359 | 270 | 618 | S100P9HN, S100RXND, S100UFYL, S100WQZC |
| Goodwill | 104 | 82 | 60 | 38 | 391 | S100P9HN, S100RXND, S100UFYL, S100WQZC |
| Investment securities | 5,334 | 1,316 | 2,739 | 3,501 | 3,798 | S100P9HN, S100RXND, S100UFYL, S100WQZC |
| Current assets | 80,687 | 83,333 | 97,926 | 108,307 | 116,047 | S100P9HN, S100RXND, S100UFYL, S100WQZC |
| Current liabilities | 43,599 | 33,790 | 40,030 | 48,078 | 51,542 | S100P9HN, S100RXND, S100UFYL, S100WQZC |
| Trade payables | 8,151 | 4,803 | 3,612 | 4,861 | 8,523 | S100P9HN, S100RXND, S100UFYL, S100WQZC |
| Short-term borrowings | 13,689 | 6,691 | 6,692 | 11,854 | 12,314 | S100P9HN, S100RXND, S100UFYL, S100WQZC |
| Long-term borrowings | 26,160 | 32,442 | 37,150 | 36,678 | 39,408 | S100P9HN, S100RXND, S100UFYL, S100WQZC |
| Bonds | 10,989 | 11,085 | 10,075 | 9,061 | 11,126 | S100P9HN, S100RXND, S100UFYL, S100WQZC |
| Interest-bearing debt | 50,838 | 50,218 | 53,916 | 57,593 | 62,849 | 算出 |
| Total liabilities | 84,161 | 80,487 | 90,358 | 95,836 | 104,486 | S100P9HN, S100RXND, S100UFYL, S100WQZC |
| Non-controlling interests | 631 | 94 | 92 | 91 | 89 | S100P9HN, S100RXND, S100UFYL, S100WQZC |
| Equity attributable to owners of parent | 29,588 | 32,765 | 36,165 | 40,379 | 43,499 | S100P9HN, S100RXND, S100UFYL, S100WQZC |
| Retained earnings | 28,456 | 31,970 | 35,370 | 39,584 | 42,704 | S100P9HN, S100RXND, S100UFYL, S100WQZC |
| Treasury stock | -445 | -445 | -445 | -445 | -445 | S100P9HN, S100RXND, S100UFYL, S100WQZC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100WQZC |
| Receivables | 2% | S100WQZC |
| Property, plant and equipment | 11% | S100WQZC |
| Intangibles and goodwill | 1% | S100WQZC |
| Investment securities | 2% | S100WQZC |
| Other assets | 79% | S100WQZC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100WQZC |
| Interest-bearing debt | 42% | 算出 |
| Other liabilities | 22% | S100WQZC |
| Equity | 30% | S100WQZC |
| Other liabilities | 0% | S100WQZC |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 114,371 | 113,337 | 126,609 | 136,304 | 148,139 |
| Equity | 30,210 | 32,850 | 36,251 | 40,468 | 43,654 |
| Interest-bearing debt | 50,838 | 50,218 | 53,916 | 57,593 | 62,849 |
| Cash | 4,967 | 8,199 | 8,301 | 9,556 | 6,973 |

## 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) | 12.2% | S100WQZC |
| Fixed assets ÷ total assets | 10.8% | S100WQZC |
| Goodwill ÷ parent equity | 0.9% | S100WQZC |

Goodwill over 4 years: 104 → 391 JPY; total investing cash flow: -12,595 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) | 4.7% |
| Cash ÷ revenue | 5.3% |
| Net cash (cash − interest-bearing debt) | -¥55.9B |
| Net debt ÷ operating cash flow | 1015.32× |
| Cash conversion (operating CF ÷ operating income) | 1.0% |
| Cash vs. profit gap | -3,667 JPY mn (of net income -98.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 11890.3% |

## 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 | 2.9% | 0.92× | 2.7% | 3.87× | 10.3% | S100P9HN |
| 2022 | 3.8% | 0.98× | 3.7% | 3.65× | 13.4% | S100RXND |
| 2023 | 3.6% | 0.95× | 3.4% | 3.48× | 11.8% | S100UFYL |
| 2024 | 3.6% | 1.02× | 3.7% | 3.43× | 12.7% | S100WQZC |
| 2025 | 2.8% | 0.92× | 2.6% | 3.39× | 8.9% | S100WQZC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱穴吹ハウジングサービス | Major shareholder | 47.4% | 2025-06-30 |
| 穴吹 忠嗣 | Major shareholder | 8.2% | 2025-06-30 |
| 公益財団法人穴吹キヌヱ忠嗣教育基金 | Major shareholder | 6.6% | 2025-06-30 |
| あなぶき興産従業員持株会 | Major shareholder | 1.6% | 2025-06-30 |
| 穴吹 薫 | Major shareholder | 1.5% | 2025-06-30 |
| ㈱ワカタケ | Major shareholder | 1.0% | 2025-06-30 |
| 田中 日登美 | Major shareholder | 0.8% | 2025-06-30 |
| ㈱中国銀行 | Major shareholder | 0.7% | 2025-06-30 |
| 穴吹 忠裕 | Major shareholder | 0.5% | 2025-06-30 |
| 池田 優佳 | Major shareholder | 0.5% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第62期(2024/07/01－2025/06/30) | S100WQZC | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQZC,, |
| 有価証券報告書－第61期(2023/07/01－2024/06/30) | S100UFYL | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFYL,, |
| 有価証券報告書－第60期(2022/07/01－2023/06/30) | S100RXND | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXND,, |
| 有価証券報告書－第59期(令和3年7月1日－令和4年6月30日) | S100P9HN | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P9HN,, |
| 訂正有価証券報告書－第58期(令和2年7月1日－令和3年6月30日) | S100O582 | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O582,, |
| 有価証券報告書－第57期(令和1年7月1日－令和2年6月30日) | S100JRGZ | 2020-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JRGZ,, |

## 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).