# ARCHITECTS STUDIO JAPAN INC.: business model and financials

> Latest period: FY ending Mar 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第18期(2024/04/01－2025/03/31) (S100W5UW)
> Page: https://vizora.meequs.com/en/company/architects-studio-japan
> Retrieved: 2026-09-30T21:40:28.739Z

## Company

Architects Studio Japan, founded in 2007, is a company in Homebuilders listed on TSE Growth. It has 48 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ARCHITECTS STUDIO JAPAN INC. |
| Ticker | 6085 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6085.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区丸の内三丁目4番2号 |
| Representative (per filing) | 代表取締役社長 庵下伸一郎 |
| Founded | Nov 2007 |
| Share capital | ¥929.3M |
| Employees (consolidated) | 48 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | March |
| Corporate number | 7010401074016 |
| EDINET | E30119 |
| Industries (Vizora) | Homebuilders |

> Profile source: annual securities report (S100W5UW, filed 2025-06-27). As of filing

## Key points (generated from figures)

- About 63% of Architects Studio Japan's sales come from Lifestyle related business, with Investment related business and Housing related business making up much of the rest.
- It lost about ¥11 for every ¥100 of sales at the operating level.
- Revenue changed +51.4% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥897.5M |  |
| Operating income | -¥96.6M | Margin -10.8% |
| Net income | -¥79.9M | Margin -8.9% |
| Free cash flow | -¥128.1M |  |
| Largest business | Lifestyle related business | of segment revenue 63.0% |
| Employees (consolidated) | 48 |  |
| EPS | ¥-19.51 |  |
| Book value per share | ¥-0.19 |  |
| Equity ratio | 4.5% |  |
| Shares outstanding | 3,242,574 |  |
| Treasury shares | 3,900 |  |
| Shareholders | 1,059 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 9.9% | Cash ÷ revenue 23.6% |
| Vs. industry median margin | -16.2 pp | Homebuilders |
| ROA | -6.0% | Derived from disclosed figures |

## Notable figures

- FY2025, operating loss is 11 per ¥100 of revenue

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2020 | FY ending Mar 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥890190000 | ¥897496000 | — |
| Operating income | ¥-445093000 | ¥-96615000 | — |
| Operating margin | -50.0% | -10.8% | +39.2 pp |
| Employees | 56 people | 48 people | — |
| Cash and equivalents | ¥85542000 | ¥211375000 | — |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 住まい関連事業 | 63.0% |
| 新設・再編 → 暮らし関連事業 | 3.2% |
| 新設・再編 → 投資関連事業 | 33.9% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Lifestyle related business | — | — | ¥565121000 | 11.9% | 2 |
| Investment related business | — | — | ¥304080000 | 24.5% | 2 |
| Housing related business | — | — | ¥28294000 | 26.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 897 | 100.0% | S100W5UW |
| Cost of revenue | 291 | 32.4% | S100W5UW |
| Gross profit | 607 | 67.6% | S100W5UW |
| SG&A | 703 | 78.4% | S100W5UW |
| Operating income | -97 | -10.8% | S100W5UW |
| Ordinary income | -93 | -10.4% | S100W5UW |
| Pretax income | -80 | -8.9% | S100W5UW |
| Income tax | 3 | 0.3% | S100W5UW |
| Net income | -83 | -9.2% | S100W5UW |
| Net income attributable to owners | -80 | -8.9% | S100W5UW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 33 |
| SG&A | 78 |
| Operating income | -11 |
| (Ref.) Net income | -9 |

### Margin funnel

Gross margin 67.6% → Operating margin -10.8% → Net margin -8.9%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 593 | 897 | 305 | +51.4% |
| Gross profit | 510 | 607 | 97 | +19.0% |
| Operating income | -217 | -97 | 120 | — |
| Net income attributable to owners | -361 | -80 | 281 | — |
| Operating cash flow | -204 | -84 | 120 | — |
| Free cash flow | -251 | -128 | 123 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2019 | 1,253 | 34 | 2.7% | 30 | -67 | -94 | S100IXEE |
| FY ending Mar 2020 | 890 | -445 | -50.0% | -524 | -310 | -361 | S100LLX7 |
| FY ending Mar 2021 | 675 | -260 | -38.5% | -273 | -142 | — | S100LLX7 |
| FY ending Mar 2022 | 737 | -261 | -35.4% | -349 | -211 | — | S100RAOV |
| FY ending Mar 2023 | 554 | -349 | -63.0% | -428 | -319 | -363 | S100TODR |
| FY ending Mar 2024 | 593 | -217 | -36.5% | -361 | -204 | -251 | S100W5UW |
| FY ending Mar 2025 | 897 | -97 | -10.8% | -80 | -84 | -128 | S100W5UW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.7M |
| Operating income per employee (consolidated) | -¥2M |
| Net income per employee (consolidated) | -¥1.7M |

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

| History | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 49 | 49 | 47 | 39 | 48 |
| Average salary (parent company) | ¥5.5M | ¥5.6M | ¥5.4M | ¥5.7M | ¥5.3M |
| Average age (parent company) | 48.9 years | 49.3 years | 50.8 years | 51.4 years | 52.9 years |
| Average tenure (parent company) | 8.7 years | 9.3 years | 10.5 years | 12.3 years | 13.3 years |

Year over year: Employees (consolidated) +23.1% · Revenue (consolidated) +51.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Lifestyle related business | 565 | 63.0% | 67 | 11.9% |
| Housing related business | 28 | 3.2% | 8 | 26.8% |
| Investment related business | 304 | 33.9% | 74 | 24.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Lifestyle related business | 63.0% | 45.1% | -17.9 | 11.9% |
| Housing related business | 3.2% | 5.1% | 1.9 | 26.8% |
| Investment related business | 33.9% | 49.8% | 15.9 | 24.5% |

Segment → industry: Lifestyle related business → Homebuilders

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -84 | -9.4% | S100W5UW |
| Capital expenditure | 44 | 4.9% | S100W5UW |
| Free cash flow | -128 | -14.3% | 算出 |
| Investing cash flow | -47 | -5.2% | S100W5UW |
| Financing cash flow | 78 | 8.7% | S100W5UW |
| Change in cash | -52 | -5.8% | S100W5UW |
| Cash and equivalents | 211 | 23.6% | S100W5UW |

## 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 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 237 | 697 | 313 | 263 | 211 | S100LLX7, S100TODR, S100W5UW |
| Total assets | 584 | 1,242 | 720 | 544 | 2,131 | S100LLX7, S100RAOV, S100TODR, S100W5UW |
| Net assets | 187 | 587 | 159 | 63 | 235 | S100LLX7, S100TODR, S100W5UW |
| Share capital | 491 | 741 | 741 | 873 | 929 | S100LLX7, S100RAOV, S100TODR, S100W5UW |
| Property, plant and equipment | — | — | — | — | 22 | S100W5UW |
| Intangible assets excluding goodwill | — | 82 | 124 | — | 6 | S100RAOV, S100TODR, S100W5UW |
| Goodwill | — | 50 | 45 | — | 6 | S100RAOV, S100TODR, S100W5UW |
| Investment securities | — | — | — | 10 | — | S100TODR |
| Current assets | 460 | 1,042 | 489 | 466 | 631 | S100LLX7, S100RAOV, S100TODR, S100W5UW |
| Current liabilities | 183 | 364 | 247 | 268 | 576 | S100LLX7, S100RAOV, S100TODR, S100W5UW |
| Short-term borrowings | — | — | — | — | 25 | S100W5UW |
| Long-term borrowings | 200 | 250 | 248 | 212 | 1,197 | S100LLX7, S100RAOV, S100TODR, S100W5UW |
| Total liabilities | 398 | 655 | 561 | 481 | 1,896 | S100LLX7, S100RAOV, S100TODR, S100W5UW |
| Non-controlling interests | — | — | — | — | 139 | S100W5UW |
| Equity attributable to owners of parent | 187 | 587 | 159 | 62 | 95 | S100LLX7, S100RAOV, S100TODR, S100W5UW |
| Retained earnings | -794 | -1,142 | -1,570 | -1,931 | -2,011 | S100LLX7, S100RAOV, S100TODR, S100W5UW |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100LLX7, S100RAOV, S100TODR, S100W5UW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100W5UW |
| Property, plant and equipment | 1% | S100W5UW |
| Intangibles and goodwill | 1% | S100W5UW |
| Other assets | 88% | S100W5UW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 89% | S100W5UW |
| Equity | 11% | S100W5UW |

### Balance sheet history

| Metric | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 584 | 1,242 | 720 | 544 | 2,131 |
| Equity | 187 | 587 | 159 | 63 | 235 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 237 | 697 | 313 | 263 | 211 |

## 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) | 2.4% | S100W5UW |
| Fixed assets ÷ total assets | 1.0% | S100W5UW |
| Goodwill ÷ parent equity | 6.0% | S100W5UW |

### 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) | 9.9% |
| Cash ÷ revenue | 23.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -4 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -46.7% | —× | — | S100LLX7 |
| 2022 | — | —× | -28.1% | —× | — | S100RAOV |
| 2023 | — | —× | -43.6% | —× | — | S100TODR |
| 2024 | — | —× | -57.2% | —× | — | S100W5UW |
| 2025 | — | —× | -6.0% | —× | — | S100W5UW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Apaman Network株式会社 | Major shareholder | 22.0% | 2025-03-31 |
| 丸山 雄平 | Major shareholder | 11.5% | 2025-03-31 |
| 木下 昭彦 | Major shareholder | 8.6% | 2025-03-31 |
| 株式会社Ｔ.ＭＡＫＥ | Major shareholder | 8.1% | 2025-03-31 |
| 中谷 宅雄 | Major shareholder | 4.5% | 2025-03-31 |
| マイルストーン・キャピタル・マネジメント株式会社 | Major shareholder | 3.1% | 2025-03-31 |
| 株式会社ケイアイホ－ルディングス | Major shareholder | 2.9% | 2025-03-31 |
| 中日実業株式会社 | Major shareholder | 2.8% | 2025-03-31 |
| 日本証券金融株式会社 | Major shareholder | 2.5% | 2025-03-31 |
| 株式会社ピュア・クリエイト | Major shareholder | 2.4% | 2025-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2024/04/01－2025/03/31) | S100W5UW | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5UW,, |
| 有価証券報告書－第17期(2023/04/01－2024/03/31) | S100TODR | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TODR,, |
| 有価証券報告書－第16期(2022/04/01－2023/03/31) | S100RAOV | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAOV,, |
| 有価証券報告書－第15期(令和3年4月1日－令和4年3月31日) | S100OGEB | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGEB,, |
| 有価証券報告書－第14期(令和2年4月1日－令和3年3月31日) | S100LLX7 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLX7,, |
| 有価証券報告書－第13期(平成31年4月1日－令和2年3月31日) | S100IXEE | 2020-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100IXEE,, |

## 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).