# Area Quest 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26期(2024/07/01－2025/06/30) (S100WQF8)
> Page: https://vizora.meequs.com/en/company/area-quest
> Retrieved: 2026-09-30T22:08:13.505Z

## Company

Area Quest, founded in 2000, is a company in Real Estate Brokerage & Management listed on TSE Standard. It has 31 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Area Quest Inc. |
| Ticker | 8912 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8912.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区西新宿六丁目5番1号 新宿アイランドタワー7階 |
| Representative (per filing) | 代表取締役社長 清原 雅人 |
| Founded | Jan 2000 |
| Share capital | ¥991.1M |
| Employees (consolidated) | 31 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | June |
| Website | www.area-quest.com (https://www.area-quest.com/) |
| Corporate number | 8013201016434 |
| EDINET | E04008 |
| Industries (Vizora) | Real Estate Brokerage & Management |

> Profile source: annual securities report (S100WQF8, filed 2025-09-24). As of filing

## Five-axis industry profile

Primary industry: Real Estate Brokerage & Management (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 18 | 25 |
| Profitability | 71.2 | 26 |
| Cash conversion | 71.2 | 26 |
| Efficiency | 9.6 | 26 |
| Financial strength | 41.7 | 6 |

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)

- Area Quest brought in ¥2.48B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +6.3% from the prior year, operating profit +157.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2476579000 → ¥112461000
- Net income → operating cash flow: ¥112461000 → ¥297189000（difference ¥184728000）
- Main uses of operating cash flow: CapEx ¥161359000 / dividends ¥49845000 / buybacks ¥101375000
- Change in cash: ¥-220666000
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 | ¥2.48B |  |
| Operating income | ¥291.1M | Margin 11.8% |
| Net income | ¥112.5M | Margin 4.5% |
| Free cash flow | ¥135.8M |  |
| Employees (consolidated) | 31 |  |
| EPS | ¥2.01 |  |
| Book value per share | ¥72.74 |  |
| Equity ratio | 35.1% |  |
| Shares outstanding | 17,145,800 |  |
| Treasury shares | 1,120,000 |  |
| Shareholders | 10,984 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 10.7% | Net cash ¥55M · Cash ÷ revenue 17.0% |
| Vs. industry median margin | +2.8 pp | Real Estate Brokerage & Management |
| ROE | 7.9% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.6× net income
- FY2025, buybacks were 2.0× dividends
- FY2025, employees -21% while operating income rose 157%

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2166441000 | ¥2476579000 | +14.3% |
| Operating income | ¥220374000 | ¥291087000 | +32.1% |
| Operating margin | 10.2% | 11.8% | +1.6 pp |
| Employees | 39 people | 31 people | -20.5% |
| Cash and equivalents | ¥416088000 | ¥421410000 | +1.3% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,477 | 100.0% | S100WQF8 |
| Cost of revenue | 1,756 | 70.9% | S100WQF8 |
| Gross profit | 721 | 29.1% | S100WQF8 |
| SG&A | 430 | 17.3% | S100WQF8 |
| Operating income | 291 | 11.8% | S100WQF8 |
| Ordinary income | 188 | 7.6% | S100WQF8 |
| Pretax income | 194 | 7.8% | S100WQF8 |
| Income tax | 81 | 3.3% | S100WQF8 |
| Net income | 112 | 4.5% | S100WQF8 |
| Net income attributable to owners | 112 | 4.5% | S100WQF8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 17 |
| Operating income | 12 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 29.1% → Operating margin 11.8% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.3%; Core profit growth: +157.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 24.93×
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 | 2,329 | 2,477 | 147 | +6.3% |
| Gross profit | 640 | 721 | 81 | +12.7% |
| Operating income | 113 | 291 | 178 | +157.5% |
| Net income attributable to owners | 135 | 112 | -22 | -16.6% |
| Operating cash flow | 63 | 297 | 235 | +374.6% |
| Free cash flow | 45 | 136 | 91 | +201.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 2,511 | 335 | 13.3% | 251 | 382 | 316 | S100JR9E |
| FY ending Jun 2020 | 2,166 | 220 | 10.2% | 140 | 222 | -21 | S100MIIM |
| FY ending Jun 2021 | 2,143 | 216 | 10.1% | 141 | 205 | 77 | S100P8OY |
| FY ending Jun 2022 | 2,182 | 178 | 8.1% | 104 | 185 | 11 | S100RWSR |
| FY ending Jun 2023 | 2,319 | 233 | 10.0% | 115 | 207 | 198 | S100UFVZ |
| FY ending Jun 2024 | 2,329 | 113 | 4.9% | 135 | 63 | 45 | S100WQF8 |
| FY ending Jun 2025 | 2,477 | 291 | 11.8% | 112 | 297 | 136 | S100WQF8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥79.9M |
| Operating income per employee (consolidated) | ¥9.4M |
| Net income per employee (consolidated) | ¥3.6M |

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) | 38 | 42 | 45 | 39 | 31 |
| Average salary (parent company) | ¥4M | ¥4.1M | ¥4.5M | ¥5M | ¥5.6M |
| Average age (parent company) | 25.5 years | 28.3 years | 26.5 years | 27.5 years | 28.0 years |
| Average tenure (parent company) | 4.0 years | 3.9 years | 4.3 years | 4.4 years | 4.5 years |

Year over year: Employees (consolidated) -20.5% · Revenue (consolidated) +6.3%

## 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 | 297 | 12.0% | S100WQF8 |
| Capital expenditure | 161 | 6.5% | S100WQF8 |
| Free cash flow | 136 | 5.5% | 算出 |
| Investing cash flow | -183 | -7.4% | S100WQF8 |
| Financing cash flow | -335 | -13.5% | S100WQF8 |
| Dividends paid | 50 | 2.0% | S100WQF8 |
| Share buyback | 101 | 4.1% | S100WQF8 |
| Change in cash | -221 | -8.9% | S100WQF8 |
| Cash and equivalents | 421 | 17.0% | S100WQF8 |

## 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 | 443 | 382 | 398 | 642 | 421 | S100RWSR, S100UFVZ, S100WQF8 |
| Total assets | 3,350 | 3,701 | 3,811 | 4,346 | 3,954 | S100P8OY, S100RWSR, S100UFVZ, S100WQF8 |
| Net assets | 1,452 | 1,658 | 1,621 | 1,623 | 1,389 | S100RWSR, S100UFVZ, S100WQF8 |
| Share capital | 991 | 991 | 991 | 991 | 991 | S100P8OY, S100RWSR, S100UFVZ, S100WQF8 |
| Property, plant and equipment | 1,088 | 1,222 | 1,199 | 1,202 | 1,359 | S100P8OY, S100RWSR, S100UFVZ, S100WQF8 |
| Intangible assets excluding goodwill | 25 | 18 | 13 | 11 | 63 | S100P8OY, S100RWSR, S100UFVZ, S100WQF8 |
| Investment securities | 462 | 692 | 795 | 1,028 | 695 | S100P8OY, S100RWSR, S100UFVZ, S100WQF8 |
| Current assets | 668 | 632 | 647 | 890 | 621 | S100P8OY, S100RWSR, S100UFVZ, S100WQF8 |
| Current liabilities | 539 | 543 | 653 | 974 | 1,019 | S100P8OY, S100RWSR, S100UFVZ, S100WQF8 |
| Short-term borrowings | 150 | 175 | 79 | 85 | 85 | S100P8OY, S100RWSR, S100UFVZ, S100WQF8 |
| Long-term borrowings | 132 | 111 | 161 | 287 | 177 | S100P8OY, S100RWSR, S100UFVZ, S100WQF8 |
| Bonds | 137 | 222 | 181 | 139 | 105 | S100P8OY, S100RWSR, S100UFVZ, S100WQF8 |
| Interest-bearing debt | 419 | 508 | 421 | 512 | 366 | 算出 |
| Total liabilities | 1,898 | 2,042 | 2,190 | 2,723 | 2,565 | S100P8OY, S100RWSR, S100UFVZ, S100WQF8 |
| Equity attributable to owners of parent | 1,617 | 1,624 | 1,595 | 1,436 | 1,397 | S100P8OY, S100RWSR, S100UFVZ, S100WQF8 |
| Retained earnings | 624 | 687 | 763 | 530 | 593 | S100P8OY, S100RWSR, S100UFVZ, S100WQF8 |
| Treasury stock | — | -57 | -160 | -86 | -187 | S100RWSR, S100UFVZ, S100WQF8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100WQF8 |
| Property, plant and equipment | 34% | S100WQF8 |
| Intangibles and goodwill | 2% | S100WQF8 |
| Investment securities | 17% | S100WQF8 |
| Other assets | 36% | S100WQF8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 9% | 算出 |
| Other liabilities | 56% | S100WQF8 |
| Equity | 35% | S100WQF8 |

### 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 | 3,350 | 3,701 | 3,811 | 4,346 | 3,954 |
| Equity | 1,452 | 1,658 | 1,621 | 1,623 | 1,389 |
| Interest-bearing debt | 419 | 508 | 421 | 512 | 366 |
| Cash | 443 | 382 | 398 | 642 | 421 |

## 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) | 54.9% | S100WQF8 |
| Fixed assets ÷ total assets | 34.4% | S100WQF8 |
| Goodwill ÷ parent equity | — | —, S100WQF8 |

### 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 | 17.0% |
| Net cash (cash − interest-bearing debt) | ¥55M |
| Net debt ÷ operating cash flow | -0.19× |
| Cash conversion (operating CF ÷ operating income) | 102.1% |
| Cash vs. profit gap | 185 JPY mn (of net income 164.3%) |
| Shareholder returns / net income | 134.5% |
| Shareholder returns / FCF | 111.3% |
| Shareholder payments — dividends / net income | 44.3% |
| Shareholder payments — dividends / FCF | 36.7% |
| CapEx intensity (capex ÷ revenue) | 6.5% |
| Investing CF relative to operating CF | 61.7% |

## 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 | 6.6% | 0.64× | 4.2% | 2.07× | 8.7% | S100P8OY |
| 2022 | 4.7% | 0.62× | 2.9% | 2.18× | 6.4% | S100RWSR |
| 2023 | 4.9% | 0.62× | 3.1% | 2.33× | 7.1% | S100UFVZ |
| 2024 | 5.8% | 0.57× | 3.3% | 2.69× | 8.9% | S100WQF8 |
| 2025 | 4.5% | 0.60× | 2.7% | 2.93× | 7.9% | S100WQF8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 謙雅産業株式会社 | Major shareholder | 44.3% | 2025-06-30 |
| 鈴木 洋 | Major shareholder | 11.9% | 2025-06-30 |
| 清原 雅人 | Major shareholder | 2.9% | 2025-06-30 |
| エリアクエストグループ従業員持株会 | Major shareholder | 1.3% | 2025-06-30 |
| 大場 健一 | Major shareholder | 1.2% | 2025-06-30 |
| 関口 さつき | Major shareholder | 0.9% | 2025-06-30 |
| 丸山 秀治 | Major shareholder | 0.8% | 2025-06-30 |
| エリアクエストグループ役員持株会 | Major shareholder | 0.7% | 2025-06-30 |
| 栗原 章 | Major shareholder | 0.5% | 2025-06-30 |
| 甚目 裕史 | Major shareholder | 0.5% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2024/07/01－2025/06/30) | S100WQF8 | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQF8,, |
| 有価証券報告書－第25期(2023/07/01－2024/06/30) | S100UFVZ | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFVZ,, |
| 有価証券報告書－第24期(2022/07/01－2023/06/30) | S100RWSR | 2023-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWSR,, |
| 有価証券報告書－第23期(令和3年7月1日－令和4年6月30日) | S100P8OY | 2022-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P8OY,, |
| 有価証券報告書－第22期(令和2年7月1日－令和3年6月30日) | S100MIIM | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MIIM,, |
| 有価証券報告書－第21期(令和1年7月1日－令和2年6月30日) | S100JR9E | 2020-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JR9E,, |

## 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).