# &Do Holdings Co.,Ltd.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第18期(2025/07/01－2026/06/30) (S100Z3PT)
> Page: https://vizora.meequs.com/en/company/and-do-holdings
> Retrieved: 2026-09-30T20:26:41.998Z

## Company

&Do Holdings, founded in 1997, is a company in Credit Cards & Consumer Credit listed on TSE Prime. It has 525 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | &Do Holdings Co.,Ltd. |
| Ticker | 3457 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3457.T) |
| Listing | TSE Prime |
| Head office | 京都市中京区烏丸通錦小路上ル手洗水町670番地 |
| Representative (per filing) | 代表取締役会長 CEO 安藤 正弘 |
| Founded | Mar 1997 |
| Share capital | ¥3.47B |
| Employees (consolidated) | 525 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | June |
| Website | www.housedo.co.jp (https://www.housedo.co.jp/) |
| Corporate number | 6130001037568 |
| EDINET | E31284 |
| Industries (Vizora) | Credit Cards & Consumer Credit, Real Estate Development & Leasing, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100Z3PT, filed 2026-09-24). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.7 | 75 |
| Profitability | 9.9 | 86 |
| Cash conversion | 97 | 82 |
| Efficiency | 58.7 | 86 |
| Financial strength | 63.5 | 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)

- About 71% of &Do Holdings's sales come from Real estate business, with House-leaseback bussiness and Franchise business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -23.4% from the prior year, operating profit -57.3%.

## Company structure

- Segment revenue mix: Real estate business 71.0%、House-leaseback bussiness 19.2%、Franchise business 6.5%、Other 2.0%、Finance business 1.3%
- Revenue → net income: ¥49617000000 → ¥1452000000
- Net income → operating cash flow: ¥1452000000 → ¥5129000000（difference ¥3677000000）
- Main uses of operating cash flow: CapEx ¥1119000000 / dividends ¥897000000 / buybacks —
- Change in cash: ¥1102000000
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 | ¥49.6B |  |
| Operating income | ¥1.12B | Margin 2.3% |
| Net income | ¥1.45B | Margin 2.9% |
| Free cash flow | ¥4.01B |  |
| Largest business | Real estate business | of segment revenue 71.0% |
| Employees (consolidated) | 525 |  |
| EPS | ¥104.64 |  |
| Book value per share | ¥806.32 |  |
| Equity ratio | 28.0% |  |
| Shares outstanding | 19,969,200 |  |
| Treasury shares | 500 |  |
| Shareholders | 7,827 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 13.2% | Net cash -¥21.6B · Cash ÷ revenue 18.0% |
| Vs. industry median margin | -8.3 pp | Real Estate Development & Leasing |
| ROE | 7.8% | Derived from disclosed figures |
| ROA | 2.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.5× net income
- FY2026, segment profit share differs by -35 points

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39037708000 | ¥49617000000 | +27.1% |
| Operating income | ¥2589204000 | ¥1120000000 | -56.7% |
| Operating margin | 6.6% | 2.3% | -4.4 pp |
| Employees | 838 people | 525 people | -37.4% |
| Cash and equivalents | ¥16313000000 | ¥8954000000 | -45.1% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| フランチャイズ → フランチャイズ | 6.5% |
| フランチャイズ → 事業再編・廃止 | 1.3% |
| ハウス・リースバック → ハウス・リースバック | 19.2% |
| ハウス・リースバック → 事業再編・廃止 | 14.1% |
| 金融 → 金融 | 1.3% |
| 金融 → 事業再編・廃止 | 1.4% |
| 不動産売買 → 不動産売買 | 39.4% |
| 不動産流通 → 事業再編・廃止 | 5.0% |
| その他 → その他 | 0.0% |
| リフォーム → 事業再編・廃止 | 6.6% |
| 小山建設グループ → 事業再編・廃止 | 5.2% |
| 新設・再編 → 不動産売買 | 31.6% |
| 新設・再編 → その他 | 2.0% |

Segment revenue source references: 13 (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 business | 5 years | +16.8% | ¥35219000000 | 4.9% | 2 |
| House-leaseback bussiness | 5 years | -7.0% | ¥9521000000 | 9.3% | 2 |
| Franchise business | 5 years | -0.0% | ¥3234000000 | 59.6% | 2 |
| Other | 5 years | +148.1% | ¥1011000000 | 0.5% | 2 |
| Finance business | 5 years | -10.3% | ¥630000000 | 41.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 49,617 | 100.0% | S100Z3PT |
| Cost of revenue | 38,846 | 78.3% | S100Z3PT |
| Gross profit | 10,771 | 21.7% | S100Z3PT |
| SG&A | 9,651 | 19.5% | S100Z3PT |
| Operating income | 1,120 | 2.3% | S100Z3PT |
| Ordinary income | 1,120 | 2.3% | S100Z3PT |
| Pretax income | 2,468 | 5.0% | S100Z3PT |
| Income tax | 1,016 | 2.0% | S100Z3PT |
| Net income | 1,452 | 2.9% | S100Z3PT |
| Net income attributable to owners | 1,452 | 2.9% | S100Z3PT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 20 |
| Operating income | 2 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 21.7% → Operating margin 2.3% → Net margin 2.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -23.4%; Core profit growth: -57.3%
Operating leverage (core profit growth ÷ revenue growth): 2.45×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 64,735 | 49,617 | -15,118 | -23.4% |
| Gross profit | 14,539 | 10,771 | -3,768 | -25.9% |
| Operating income | 2,620 | 1,120 | -1,500 | -57.3% |
| Net income attributable to owners | 2,341 | 1,452 | -889 | -38.0% |
| Operating cash flow | 7,522 | 5,129 | -2,393 | -31.8% |
| Free cash flow | 6,394 | 4,010 | -2,384 | -37.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 32,879 | 1,893 | 5.8% | 1,031 | 5,021 | -4,873 | S100MI9H |
| FY ending Jun 2021 | 39,038 | 2,589 | 6.6% | 1,617 | 12,697 | -2,029 | S100P93I |
| FY ending Jun 2022 | 41,395 | 2,871 | 6.9% | 1,955 | 11,983 | -8,143 | S100S05F |
| FY ending Jun 2023 | 49,552 | 3,176 | 6.4% | 2,195 | -12,713 | -18,576 | S100UFP6 |
| FY ending Jun 2024 | 67,579 | 3,587 | 5.3% | 2,476 | 7,440 | 6,589 | S100WQWR |
| FY ending Jun 2025 | 64,735 | 2,620 | 4.0% | 2,341 | 7,522 | 6,394 | S100Z3PT |
| FY ending Jun 2026 | 49,617 | 1,120 | 2.3% | 1,452 | 5,129 | 4,010 | S100Z3PT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥94.5M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥2.8M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 825 | 757 | 764 | 663 | 525 |
| Average salary (parent company) | ¥4.8M | ¥4.9M | ¥5M | ¥5M | ¥5.3M |
| Average age (parent company) | 36.0 years | 36.4 years | 35.9 years | 39.2 years | 36.9 years |
| Average tenure (parent company) | 4.2 years | 5.0 years | 4.0 years | 6.0 years | 5.0 years |

Year over year: Employees (consolidated) -20.8% · Revenue (consolidated) -23.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Franchise business | 3,234 | 6.5% | 1,928 | 59.6% |
| House-leaseback bussiness | 9,521 | 19.2% | 889 | 9.3% |
| Finance business | 630 | 1.3% | 262 | 41.6% |
| Real estate business | 35,219 | 71.0% | 1,713 | 4.9% |
| Other | 1,011 | 2.0% | 5 | 0.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Franchise business | 6.5% | 40.2% | 33.7 | 59.6% |
| House-leaseback bussiness | 19.2% | 18.5% | -0.7 | 9.3% |
| Finance business | 1.3% | 5.5% | 4.2 | 41.6% |
| Real estate business | 71.0% | 35.7% | -35.3 | 4.9% |
| Other | 2.0% | 0.1% | -1.9 | 0.5% |

Segment → industry: Finance business → Credit Cards & Consumer Credit / Real estate business → Real Estate Development & Leasing / House-leaseback bussiness → Real Estate Development & Leasing / Franchise business → Real Estate Brokerage & Management

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,129 | 10.3% | S100Z3PT |
| Capital expenditure | 1,119 | 2.3% | S100Z3PT |
| Free cash flow | 4,010 | 8.1% | 算出 |
| Investing cash flow | 523 | 1.1% | S100Z3PT |
| Financing cash flow | -4,570 | -9.2% | S100Z3PT |
| Dividends paid | 897 | 1.8% | S100Z3PT |
| Change in cash | 1,102 | 2.2% | S100Z3PT |
| Cash and equivalents | 8,954 | 18.0% | S100Z3PT |

## 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 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 13,513 | 9,404 | 9,182 | 7,852 | 8,954 | S100UFP6, S100WQWR, S100Z3PT |
| Total assets | 65,495 | 83,027 | 79,568 | 71,973 | 67,798 | S100S05F, S100UFP6, S100WQWR, S100Z3PT |
| Net assets | 13,852 | 15,395 | 17,250 | 18,453 | 19,018 | S100UFP6, S100WQWR, S100Z3PT |
| Share capital | 3,376 | 3,377 | 3,457 | 3,468 | 3,471 | S100S05F, S100UFP6, S100WQWR, S100Z3PT |
| Property, plant and equipment | 22,838 | 17,386 | 11,392 | 8,250 | 6,125 | S100S05F, S100UFP6, S100WQWR, S100Z3PT |
| Intangible assets excluding goodwill | 1,372 | 1,476 | 1,477 | 1,374 | 1,111 | S100S05F, S100UFP6, S100WQWR, S100Z3PT |
| Goodwill | 453 | 339 | 229 | 119 | 9 | S100S05F, S100UFP6, S100WQWR, S100Z3PT |
| Investment securities | 2,564 | 3,741 | 4,838 | 6,025 | 6,520 | S100S05F, S100UFP6, S100WQWR, S100Z3PT |
| Current assets | 36,875 | 58,873 | 60,217 | 54,870 | 52,551 | S100S05F, S100UFP6, S100WQWR, S100Z3PT |
| Current liabilities | 22,807 | 33,849 | 32,288 | 31,463 | 32,943 | S100S05F, S100UFP6, S100WQWR, S100Z3PT |
| Short-term borrowings | 9,446 | 17,520 | 13,223 | 14,089 | 15,467 | S100S05F, S100UFP6, S100WQWR, S100Z3PT |
| Long-term borrowings | 25,027 | 30,162 | 26,991 | 20,102 | 14,557 | S100S05F, S100UFP6, S100WQWR, S100Z3PT |
| Bonds | 2,266 | 2,256 | 1,850 | 1,046 | 560 | S100S05F, S100UFP6, S100WQWR, S100Z3PT |
| Interest-bearing debt | 36,739 | 49,938 | 42,064 | 35,237 | 30,584 | 算出 |
| Total liabilities | 51,643 | 67,632 | 62,318 | 53,520 | 48,780 | S100S05F, S100UFP6, S100WQWR, S100Z3PT |
| Equity attributable to owners of parent | 13,850 | 15,343 | 17,196 | 18,404 | 18,963 | S100S05F, S100UFP6, S100WQWR, S100Z3PT |
| Retained earnings | 7,079 | 8,570 | 10,264 | 11,449 | 12,003 | S100S05F, S100UFP6, S100WQWR, S100Z3PT |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100S05F, S100UFP6, S100WQWR, S100Z3PT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100Z3PT |
| Property, plant and equipment | 9% | S100Z3PT |
| Intangibles and goodwill | 2% | S100Z3PT |
| Investment securities | 10% | S100Z3PT |
| Other assets | 66% | S100Z3PT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 45% | 算出 |
| Other liabilities | 27% | S100Z3PT |
| Equity | 28% | S100Z3PT |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 65,495 | 83,027 | 79,568 | 71,973 | 67,798 |
| Equity | 13,852 | 15,395 | 17,250 | 18,453 | 19,018 |
| Interest-bearing debt | 36,739 | 49,938 | 42,064 | 35,237 | 30,584 |
| Cash | 13,513 | 9,404 | 9,182 | 7,852 | 8,954 |

## 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) | 12.3% | S100Z3PT |
| Fixed assets ÷ total assets | 9.0% | S100Z3PT |
| Goodwill ÷ parent equity | 0.0% | S100Z3PT |

Goodwill over 4 years: 453 → 9 JPY; total investing cash flow: -28,808 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) | 13.2% |
| Cash ÷ revenue | 18.0% |
| Net cash (cash − interest-bearing debt) | -¥21.6B |
| Net debt ÷ operating cash flow | 4.22× |
| Cash conversion (operating CF ÷ operating income) | 457.9% |
| Cash vs. profit gap | 3,677 JPY mn (of net income 253.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 61.8% |
| Shareholder payments — dividends / FCF | 22.4% |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 10.2% |

## 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 | 4.7% | 0.63× | 3.0% | 4.73× | 14.1% | S100S05F |
| 2023 | 4.4% | 0.67× | 3.0% | 5.09× | 15.0% | S100UFP6 |
| 2024 | 3.7% | 0.83× | 3.0% | 5.00× | 15.2% | S100WQWR |
| 2025 | 3.6% | 0.85× | 3.1% | 4.26× | 13.2% | S100Z3PT |
| 2026 | 2.9% | 0.71× | 2.1% | 3.74× | 7.8% | S100Z3PT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社ＡＭＣ | Major shareholder | 34.8% | 2026-06-30 |
| 株式会社第一ライフグループ 資産運用・アセットマネジメントユニット | Major shareholder | 15.7% | 2026-06-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.1% | 2026-06-30 |
| 金城 泰然 | Major shareholder | 1.5% | 2026-06-30 |
| 小岩井 壮 | Major shareholder | 1.1% | 2026-06-30 |
| 京都中央信用金庫 | Major shareholder | 1.1% | 2026-06-30 |
| 大和証券株式会社 | Major shareholder | 0.9% | 2026-06-30 |
| ハウスドゥ取引先持株会 | Major shareholder | 0.9% | 2026-06-30 |
| 株式会社日本カストディ銀行（信託 口） | Major shareholder | 0.8% | 2026-06-30 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 0.6% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/07/01－2026/06/30) | S100Z3PT | 2026-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3PT,, |
| 有価証券報告書－第17期(2024/07/01－2025/06/30) | S100WQWR | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQWR,, |
| 有価証券報告書－第16期(2023/07/01－2024/06/30) | S100UFP6 | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFP6,, |
| 訂正有価証券報告書－第15期(2022/07/01－2023/06/30) | S100S05F | 2023-10-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S05F,, |
| 有価証券報告書－第14期(令和3年7月1日－令和4年6月30日) | S100P93I | 2022-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P93I,, |
| 有価証券報告書－第13期(令和2年7月1日－令和3年6月30日) | S100MI9H | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MI9H,, |

## 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).