# Arealink Co.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第31期(2025/01/01－2025/12/31) (S100XSP5)
> Page: https://vizora.meequs.com/en/company/arealink
> Retrieved: 2026-09-30T19:49:55.783Z

## Company

Arealink, founded in 1995, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 81 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Arealink Co.,Ltd. |
| Ticker | 8914 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8914.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区外神田四丁目14番1号 |
| Representative (per filing) | 代表取締役社長 鈴木貴佳 |
| Founded | Apr 1995 |
| Share capital | ¥6.11B |
| Employees (consolidated) | 81 |
| Average salary (parent only) | ¥8.8M |
| Fiscal year end | December |
| Website | www.arealink.co.jp (https://www.arealink.co.jp/) |
| Corporate number | 4010001124347 |
| EDINET | E04011 |
| Industries (Vizora) | Real Estate Development & Leasing, Home & Lifestyle Services |

> Profile source: annual securities report (S100XSP5, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Home & Lifestyle Services (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 72.2 | 9 |
| Profitability | 95 | 10 |
| Cash conversion | 55 | 10 |
| Efficiency | 5 | 10 |

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 84% of Arealink's sales come from Storage Business, with Land Rights Consolidation Business and Other Operational Services Business making up much of the rest.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +7.0% from the prior year, operating profit +11.5%.

## Company structure

- Segment revenue mix: Storage Business 84.1%、Land Rights Consolidation Business 9.9%、Other Operational Services Business 5.9%
- Revenue → net income: ¥26418207000 → ¥3704733000
- Net income → operating cash flow: ¥3704733000 → ¥5217845000（difference ¥1513112000）
- Main uses of operating cash flow: CapEx ¥8057790000 / dividends ¥1269919000 / buybacks ¥519000
- Change in cash: ¥1461139000
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 | ¥26.4B |  |
| Operating income | ¥5.47B | Margin 20.7% |
| Net income | ¥3.7B | Margin 14.0% |
| Free cash flow | -¥2.84B |  |
| Largest business | Storage Business | of segment revenue 84.1% |
| Employees (consolidated) | 81 |  |
| EPS | ¥72.91 |  |
| Book value per share | ¥575.01 |  |
| Equity ratio | 45.6% |  |
| Shares outstanding | 51,763,600 |  |
| Treasury shares | 931,600 |  |
| Shareholders | 6,109 |  |
| Average salary (parent only) | ¥8.8M | Filing company only |
| Cash ratio | 26.0% | Cash ÷ revenue 63.1% |
| Vs. industry median margin | +16.4 pp | Home & Lifestyle Services |
| ROE | 13.2% | Derived from disclosed figures |
| ROA | 6.2% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 88% of positive segment profit
- FY2025, parent-company salary changed +34% over five years
- FY2025, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22477251000 | ¥26418207000 | +17.5% |
| Operating income | ¥2275858000 | ¥5470160000 | +140.4% |
| Operating margin | 10.1% | 20.7% | +10.6 pp |
| Employees | 76 people | 81 people | +6.6% |
| Cash and equivalents | ¥9776968000 | ¥16671735000 | +70.5% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ストレージ運用 → 事業再編・廃止 | 62.4% |
| 土地権利整備事業 → 土地権利整備事業 | 9.9% |
| 土地権利整備事業 → 事業再編・廃止 | 17.0% |
| ストレージ流動化 → 事業再編・廃止 | 3.3% |
| その他運用サービス事業 → その他運用サービス事業 | 5.9% |
| その他運用サービス事業 → 事業再編・廃止 | 1.4% |
| 新設・再編 → ストレージ事業 | 84.1% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Storage Business | 4 years | +9.5% | ¥22229951000 | 27.2% | 2 |
| Land Rights Consolidation Business | 5 years | -15.4% | ¥2627117000 | 15.5% | 2 |
| Other Operational Services Business | 5 years | -1.0% | ¥1561139000 | 27.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 26,418 | 100.0% | S100XSP5 |
| Cost of revenue | 16,876 | 63.9% | S100XSP5 |
| Gross profit | 9,542 | 36.1% | S100XSP5 |
| SG&A | 4,072 | 15.4% | S100XSP5 |
| Operating income | 5,470 | 20.7% | S100XSP5 |
| Ordinary income | 5,192 | 19.7% | S100XSP5 |
| Pretax income | 5,240 | 19.8% | S100XSP5 |
| Income tax | 1,536 | 5.8% | S100XSP5 |
| Net income | 3,705 | 14.0% | S100XSP5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 15 |
| Operating income | 21 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 36.1% → Operating margin 20.7% → Net margin 14.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.0%; Core profit growth: +11.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.65×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 24,696 | 26,418 | 1,722 | +7.0% |
| Gross profit | 8,769 | 9,542 | 773 | +8.8% |
| Operating income | 4,907 | 5,470 | 563 | +11.5% |
| Operating cash flow | 5,322 | 5,218 | -104 | -2.0% |
| Free cash flow | -1,499 | -2,840 | -1,341 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 29,333 | 3,030 | 10.3% | -1,753 | 4,055 | 3,198 | S100L0O8 |
| FY ending Dec 2020 | 22,477 | 2,276 | 10.1% | 2,225 | 2,520 | 299 | S100NS91 |
| FY ending Dec 2021 | 20,572 | 3,045 | 14.8% | 3,172 | 5,741 | 3,904 | S100QPJF |
| FY ending Dec 2022 | 20,878 | 3,742 | 17.9% | 2,883 | 1,605 | -612 | S100T5F1 |
| FY ending Dec 2023 | 22,464 | 4,156 | 18.5% | 2,821 | 3,530 | -1,299 | S100VH77 |
| FY ending Dec 2024 | 24,696 | 4,907 | 19.9% | 3,201 | 5,322 | -1,499 | S100XSP5 |
| FY ending Dec 2025 | 26,418 | 5,470 | 20.7% | 3,705 | 5,218 | -2,840 | S100XSP5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥326.2M |
| Operating income per employee (consolidated) | ¥67.5M |
| Net income per employee (consolidated) | ¥45.7M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 73 | 71 | 80 | 80 | 81 |
| Average salary (parent company) | ¥6.5M | ¥6.8M | ¥7M | ¥7.8M | ¥8.8M |
| Average age (parent company) | 38.7 years | 38.9 years | 38.7 years | 39.0 years | 40.6 years |
| Average tenure (parent company) | 7.3 years | 7.8 years | 7.9 years | 8.3 years | 8.6 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) +7.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Storage Business | 22,230 | 84.1% | 6,045 | 27.2% |
| Land Rights Consolidation Business | 2,627 | 9.9% | 407 | 15.5% |
| Other Operational Services Business | 1,561 | 5.9% | 434 | 27.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Storage Business | 84.1% | 87.8% | 3.6 | 27.2% |
| Land Rights Consolidation Business | 9.9% | 5.9% | -4.0 | 15.5% |
| Other Operational Services Business | 5.9% | 6.3% | 0.4 | 27.8% |

Segment → industry: Other Operational Services Business → Real Estate Development & Leasing / Land Rights Consolidation Business → Real Estate Development & Leasing / Storage Business → Home & Lifestyle Services

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,218 | 19.8% | S100XSP5 |
| Capital expenditure | 8,058 | 30.5% | S100XSP5 |
| Free cash flow | -2,840 | -10.7% | 算出 |
| Investing cash flow | -7,768 | -29.4% | S100XSP5 |
| Financing cash flow | 4,011 | 15.2% | S100XSP5 |
| Dividends paid | 1,270 | 4.8% | S100XSP5 |
| Share buyback | 1 | 0.0% | S100XSP5 |
| Change in cash | 1,461 | 5.5% | S100XSP5 |
| Cash and equivalents | 16,672 | 63.1% | S100XSP5 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 13,441 | 14,300 | 14,996 | 15,211 | 16,672 | S100T5F1, S100VH77, S100XSP5 |
| Total assets | 42,202 | 45,643 | 49,676 | 55,920 | 64,081 | S100QPJF, S100T5F1, S100VH77, S100XSP5 |
| Net assets | 20,963 | 23,073 | 25,021 | 26,770 | 29,229 | S100T5F1, S100VH77, S100XSP5 |
| Share capital | 6,112 | 6,112 | 6,112 | 6,112 | 6,112 | S100QPJF, S100T5F1, S100VH77, S100XSP5 |
| Property, plant and equipment | 21,217 | 21,852 | 24,236 | 28,460 | 33,185 | S100QPJF, S100T5F1, S100VH77, S100XSP5 |
| Intangible assets excluding goodwill | 49 | 50 | 58 | 167 | 258 | S100QPJF, S100T5F1, S100VH77, S100XSP5 |
| Investment securities | 137 | 130 | 23 | 37 | 0 | S100QPJF, S100T5F1, S100VH77, S100XSP5 |
| Current assets | 17,320 | 20,032 | 21,887 | 22,558 | 25,715 | S100QPJF, S100T5F1, S100VH77, S100XSP5 |
| Current liabilities | 5,868 | 6,219 | 7,062 | 7,786 | 9,157 | S100QPJF, S100T5F1, S100VH77, S100XSP5 |
| Short-term borrowings | 397 | 109 | 242 | 331 | 679 | S100QPJF, S100T5F1, S100VH77, S100XSP5 |
| Long-term borrowings | 7,657 | 9,995 | 12,309 | 16,582 | 21,215 | S100QPJF, S100T5F1, S100VH77, S100XSP5 |
| Bonds | 187 | 30 | — | — | — | S100QPJF, S100T5F1 |
| Interest-bearing debt | 8,240 | 10,134 | — | — | — | 算出 |
| Total liabilities | 21,239 | 22,571 | 24,655 | 29,150 | 34,852 | S100QPJF, S100T5F1, S100VH77, S100XSP5 |
| Equity attributable to owners of parent | 20,946 | 23,061 | 25,009 | 26,748 | 29,202 | S100QPJF, S100T5F1, S100VH77, S100XSP5 |
| Retained earnings | 8,918 | 11,009 | 12,956 | 14,685 | 17,120 | S100QPJF, S100T5F1, S100VH77, S100XSP5 |
| Treasury stock | -247 | -234 | -226 | -216 | -205 | S100QPJF, S100T5F1, S100VH77, S100XSP5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100XSP5 |
| Property, plant and equipment | 52% | S100XSP5 |
| Intangibles and goodwill | 0% | S100XSP5 |
| Other assets | 22% | S100XSP5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 54% | S100XSP5 |
| Equity | 46% | S100XSP5 |
| Other liabilities | 0% | S100XSP5 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 42,202 | 45,643 | 49,676 | 55,920 | 64,081 |
| Equity | 20,963 | 23,073 | 25,021 | 26,770 | 29,229 |
| Interest-bearing debt | 8,240 | 10,134 | — | — | — |
| Cash | 13,441 | 14,300 | 14,996 | 15,211 | 16,672 |

## 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) | 125.6% | S100XSP5 |
| Fixed assets ÷ total assets | 51.8% | S100XSP5 |
| Goodwill ÷ parent equity | — | —, S100XSP5 |

### 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) | 26.0% |
| Cash ÷ revenue | 63.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 95.4% |
| Cash vs. profit gap | 1,513 JPY mn (of net income 40.8%) |
| Shareholder returns / net income | 34.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 34.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 30.5% |
| Investing CF relative to operating CF | 148.9% |

## 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 | 15.4% | 0.49× | 7.5% | 2.01× | 15.1% | S100QPJF |
| 2022 | 13.8% | 0.48× | 6.6% | 2.00× | 13.1% | S100T5F1 |
| 2023 | 12.6% | 0.47× | 5.9% | 1.98× | 11.7% | S100VH77 |
| 2024 | 13.0% | 0.47× | 6.1% | 2.04× | 12.4% | S100XSP5 |
| 2025 | 14.0% | 0.44× | 6.2% | 2.14× | 13.2% | S100XSP5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 林 尚道 | Major shareholder | 13.1% | 2025-12-31 |
| CEPLUX-THE INDEPENDENT UCITS PLATFORM 2（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 6.7% | 2025-12-31 |
| 辻本 武泰 | Major shareholder | 4.7% | 2025-12-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.9% | 2025-12-31 |
| NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.9% | 2025-12-31 |
| 株式会社新居浜鉄工所 | Major shareholder | 2.4% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.3% | 2025-12-31 |
| 中嶋 聡 | Major shareholder | 2.2% | 2025-12-31 |
| JP MORGAN CHASE BANK 380634 （常任代理人株式会社みずほ銀行） | Major shareholder | 1.8% | 2025-12-31 |
| BNYMSANV RE BNYMIL RE WS ZENNOR JAPAN EQUITY INCOME FUND （常任代理人株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第31期(2025/01/01－2025/12/31) | S100XSP5 | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSP5,, |
| 有価証券報告書－第30期(2024/01/01－2024/12/31) | S100VH77 | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VH77,, |
| 有価証券報告書－第29期(2023/01/01－2023/12/31) | S100T5F1 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5F1,, |
| 訂正有価証券報告書－第28期(2022/01/01－2022/12/31) | S100QPJF | 2023-05-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QPJF,, |
| 有価証券報告書－第27期(令和3年1月1日－令和3年12月31日) | S100NS91 | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NS91,, |
| 有価証券報告書－第26期(令和2年1月1日－令和2年12月31日) | S100L0O8 | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0O8,, |

## 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).