# AVANTIA CO., LTD.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第36期(2024/09/01－2025/08/31) (S100X6R9)
> Page: https://vizora.meequs.com/en/company/avantia
> Retrieved: 2026-09-30T19:06:37.076Z

## Company

Avantia, founded in 1989, is a company in Homebuilders listed on TSE Standard. It has 575 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AVANTIA CO., LTD. |
| Ticker | 8904 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8904.T) |
| Listing | TSE Standard |
| Head office | 名古屋市中区錦二丁目20番15号 広小路クロスタワー12階 |
| Representative (per filing) | 代表取締役社長 沢田康成 |
| Founded | Nov 1989 |
| Share capital | ¥3.73B |
| Employees (consolidated) | 575 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | August |
| Website | avantia-g.jp (https://avantia-g.jp/) |
| Corporate number | 8180001036547 |
| EDINET | E00311 |
| Industries (Vizora) | Homebuilders, Real Estate Brokerage & Management, General Contractors, Condominium Developers |

> Profile source: annual securities report (S100X6R9, filed 2025-11-26). As of filing

## Five-axis industry profile

Primary industry: Homebuilders (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 71.7 | 23 |
| Profitability | 21.2 | 26 |
| Cash conversion | 97.9 | 24 |
| Efficiency | 40.4 | 26 |
| Financial strength | 43.3 | 15 |

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 66% of Avantia's sales come from Custom detached houses, with Real estate distribution business and General contracted construction making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -2.5% from the prior year, operating profit +38.7%.

## Company structure

- Segment revenue mix: Custom detached houses 65.8%、Real estate distribution business 18.1%、General contracted construction 10.2%、Condominiums 3.3%、Other 2.6%
- Revenue → net income: ¥69270817000 → ¥639320000
- Net income → operating cash flow: ¥639320000 → ¥4325111000（difference ¥3685791000）
- Main uses of operating cash flow: CapEx ¥3403167000 / dividends ¥545742000 / buybacks —
- Change in cash: ¥4092633000
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 | ¥69.3B |  |
| Operating income | ¥1.31B | Margin 1.9% |
| Net income | ¥639.4M | Margin 0.9% |
| Free cash flow | ¥921.9M |  |
| Largest business | Custom detached houses | of segment revenue 65.8% |
| Employees (consolidated) | 575 |  |
| EPS | ¥83.63 |  |
| Book value per share | ¥1612.56 |  |
| Equity ratio | 39.4% |  |
| Shares outstanding | 14,884,300 |  |
| Treasury shares | 451,800 |  |
| Shareholders | 36,475 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 25.5% | Net cash -¥16.1B · Cash ÷ revenue 26.2% |
| Vs. industry median margin | -3.5 pp | Homebuilders |
| ROE | 2.3% | Derived from disclosed figures |
| ROA | 0.9% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 6.8× net income
- FY2025, employees -3% while operating income rose 39%
- FY2025, segment profit share differs by 33 points

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥40626638000 | ¥69270817000 | +70.5% |
| Operating income | ¥1159095000 | ¥1313545000 | +13.3% |
| Operating margin | 2.9% | 1.9% | -1 pp |
| Employees | 530 people | 575 people | +8.5% |
| Cash and equivalents | ¥14097824000 | ¥18130689000 | +28.6% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 戸建住宅事業 → 戸建住宅事業 | 65.8% |
| 戸建住宅事業 → 事業再編・廃止 | 14.3% |
| マンション事業 → マンション事業 | 3.3% |
| マンション事業 → 事業再編・廃止 | 0.8% |
| 一般請負工事事業 → 一般請負工事事業 | 10.2% |
| 一般請負工事事業 → 事業再編・廃止 | 3.3% |
| その他 → その他 | 2.3% |
| 新設・再編 → 不動産流通事業 | 18.1% |
| 新設・再編 → その他 | 0.2% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Custom detached houses | 5 years | +7.0% | ¥45564660000 | -0.3% | 2 |
| Real estate distribution business | 2 years | +126.7% | ¥12537047000 | 6.1% | 2 |
| General contracted construction | 5 years | +5.3% | ¥7082340000 | 3.2% | 2 |
| Condominiums | 5 years | +6.8% | ¥2314786000 | 6.1% | 2 |
| Other | 5 years | +13.4% | ¥1771982000 | 21.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 69,271 | 100.0% | S100X6R9 |
| Cost of revenue | 60,156 | 86.8% | S100X6R9 |
| Gross profit | 9,115 | 13.2% | S100X6R9 |
| SG&A | 7,802 | 11.3% | S100X6R9 |
| Operating income | 1,314 | 1.9% | S100X6R9 |
| Ordinary income | 1,146 | 1.7% | S100X6R9 |
| Pretax income | 1,118 | 1.6% | S100X6R9 |
| Income tax | 478 | 0.7% | S100X6R9 |
| Net income | 639 | 0.9% | S100X6R9 |
| Net income attributable to owners | 639 | 0.9% | S100X6R9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 11 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 13.2% → Operating margin 1.9% → Net margin 0.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.5%; Core profit growth: +38.7%
Operating leverage (core profit growth ÷ revenue growth): -15.71×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 71,022 | 69,271 | -1,751 | -2.5% |
| Gross profit | 8,420 | 9,115 | 695 | +8.3% |
| Operating income | 947 | 1,314 | 367 | +38.7% |
| Net income attributable to owners | 589 | 639 | 50 | +8.5% |
| Operating cash flow | 3,870 | 4,325 | 456 | +11.8% |
| Free cash flow | 3,617 | 922 | -2,695 | -74.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 38,463 | 1,493 | 3.9% | 1,251 | -5,956 | -6,100 | S100K9GI |
| FY ending Aug 2020 | 40,627 | 1,159 | 2.9% | 862 | 1,768 | 1,628 | S100MXVN |
| FY ending Aug 2021 | 45,328 | 1,740 | 3.8% | 1,353 | 532 | 355 | S100PVOP |
| FY ending Aug 2022 | 58,753 | 2,326 | 4.0% | 1,870 | -6,100 | -6,191 | S100TJFX |
| FY ending Aug 2023 | 58,161 | 1,922 | 3.3% | 1,235 | -4,125 | -4,235 | S100UV48 |
| FY ending Aug 2024 | 71,022 | 947 | 1.3% | 589 | 3,870 | 3,617 | S100X6R9 |
| FY ending Aug 2025 | 69,271 | 1,314 | 1.9% | 639 | 4,325 | 922 | S100X6R9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥120.5M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.1M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 620 | 591 | 618 | 593 | 575 |
| Average salary (parent company) | ¥5.6M | ¥5.8M | ¥5.9M | ¥5.9M | ¥5.6M |
| Average age (parent company) | 34.6 years | 35.7 years | 36.4 years | 37.1 years | 37.1 years |
| Average tenure (parent company) | 8.4 years | 9.0 years | 9.6 years | 10.0 years | 7.9 years |

Year over year: Employees (consolidated) -3.0% · Revenue (consolidated) -2.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Custom detached houses | 45,565 | 65.8% | -153 | -0.3% |
| Condominiums | 2,315 | 3.3% | 142 | 6.1% |
| General contracted construction | 7,082 | 10.2% | 227 | 3.2% |
| Real estate distribution business | 12,537 | 18.1% | 770 | 6.1% |
| Other | 1,772 | 2.6% | 380 | 21.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Custom detached houses | 65.8% | — | — | -0.3% |
| Condominiums | 3.3% | 9.3% | 6.0 | 6.1% |
| General contracted construction | 10.2% | 14.9% | 4.7 | 3.2% |
| Real estate distribution business | 18.1% | 50.7% | 32.6 | 6.1% |
| Other | 2.6% | 25.0% | 22.5 | 21.5% |

Loss-making segment (excluded from profit shares): Custom detached houses -153 JPY mn

Segment → industry: Custom detached houses → Homebuilders / Real estate distribution business → Real Estate Brokerage & Management / General contracted construction → General Contractors / Condominiums → Condominium Developers

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,325 | 6.2% | S100X6R9 |
| Capital expenditure | 3,403 | 4.9% | S100X6R9 |
| Free cash flow | 922 | 1.3% | 算出 |
| Investing cash flow | -3,389 | -4.9% | S100X6R9 |
| Financing cash flow | 3,156 | 4.6% | S100X6R9 |
| Dividends paid | 546 | 0.8% | S100X6R9 |
| Change in cash | 4,093 | 5.9% | S100X6R9 |
| Cash and equivalents | 18,131 | 26.2% | S100X6R9 |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 12,833 | 13,742 | 13,042 | 14,038 | 18,131 | S100TJFX, S100UV48, S100X6R9 |
| Total assets | 53,467 | 60,684 | 70,863 | 67,376 | 71,082 | S100PVOP, S100TJFX, S100UV48, S100X6R9 |
| Net assets | 25,585 | 26,887 | 27,624 | 27,751 | 28,023 | S100TJFX, S100UV48, S100X6R9 |
| Share capital | 3,733 | 3,733 | 3,733 | 3,733 | 3,733 | S100PVOP, S100TJFX, S100UV48, S100X6R9 |
| Property, plant and equipment | 5,093 | 4,563 | 3,850 | 6,130 | 7,249 | S100PVOP, S100TJFX, S100UV48, S100X6R9 |
| Intangible assets excluding goodwill | 663 | 748 | 1,396 | 1,124 | 1,018 | S100PVOP, S100TJFX, S100UV48, S100X6R9 |
| Goodwill | 563 | 636 | 1,175 | 1,025 | 886 | S100PVOP, S100TJFX, S100UV48, S100X6R9 |
| Investment securities | 561 | 429 | 417 | 438 | 559 | S100PVOP, S100TJFX, S100UV48, S100X6R9 |
| Current assets | 46,285 | 53,944 | 64,010 | 58,537 | 61,149 | S100PVOP, S100TJFX, S100UV48, S100X6R9 |
| Current liabilities | 21,266 | 29,453 | 31,962 | 26,599 | 30,277 | S100PVOP, S100TJFX, S100UV48, S100X6R9 |
| Short-term borrowings | 12,531 | 19,473 | 24,495 | 19,279 | 21,866 | S100PVOP, S100TJFX, S100UV48, S100X6R9 |
| Long-term borrowings | 5,898 | 3,640 | 10,627 | 12,212 | 11,970 | S100PVOP, S100TJFX, S100UV48, S100X6R9 |
| Bonds | — | — | 115 | 325 | 365 | S100UV48, S100X6R9 |
| Interest-bearing debt | — | — | 35,237 | 31,816 | 34,200 | 算出 |
| Total liabilities | 27,882 | 33,797 | 43,240 | 39,625 | 43,059 | S100PVOP, S100TJFX, S100UV48, S100X6R9 |
| Non-controlling interests | — | — | — | — | 1 | S100X6R9 |
| Equity attributable to owners of parent | 25,514 | 26,868 | 27,582 | 27,661 | 27,828 | S100PVOP, S100TJFX, S100UV48, S100X6R9 |
| Retained earnings | 19,403 | 20,732 | 21,420 | 21,465 | 21,557 | S100PVOP, S100TJFX, S100UV48, S100X6R9 |
| Treasury stock | -602 | -575 | -544 | -507 | -419 | S100PVOP, S100TJFX, S100UV48, S100X6R9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100X6R9 |
| Property, plant and equipment | 10% | S100X6R9 |
| Intangibles and goodwill | 3% | S100X6R9 |
| Investment securities | 1% | S100X6R9 |
| Other assets | 61% | S100X6R9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 48% | 算出 |
| Other liabilities | 13% | S100X6R9 |
| Equity | 39% | S100X6R9 |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 53,467 | 60,684 | 70,863 | 67,376 | 71,082 |
| Equity | 25,585 | 26,887 | 27,624 | 27,751 | 28,023 |
| Interest-bearing debt | — | — | 35,237 | 31,816 | 34,200 |
| Cash | 12,833 | 13,742 | 13,042 | 14,038 | 18,131 |

## 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) | 10.5% | S100X6R9 |
| Fixed assets ÷ total assets | 10.2% | S100X6R9 |
| Goodwill ÷ parent equity | 3.2% | S100X6R9 |

Goodwill over 4 years: 563 → 886 JPY; total investing cash flow: -4,497 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) | 25.5% |
| Cash ÷ revenue | 26.2% |
| Net cash (cash − interest-bearing debt) | -¥16.1B |
| Net debt ÷ operating cash flow | 3.72× |
| Cash conversion (operating CF ÷ operating income) | 329.3% |
| Cash vs. profit gap | 3,686 JPY mn (of net income 576.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 85.3% |
| Shareholder payments — dividends / FCF | 59.2% |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 78.4% |

## 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 | 3.0% | 0.85× | 2.5% | 2.10× | 5.3% | S100PVOP |
| 2022 | 3.2% | 1.03× | 3.3% | 2.18× | 7.1% | S100TJFX |
| 2023 | 2.1% | 0.88× | 1.9% | 2.42× | 4.5% | S100UV48 |
| 2024 | 0.8% | 1.03× | 0.9% | 2.50× | 2.1% | S100X6R9 |
| 2025 | 0.9% | 1.00× | 0.9% | 2.50× | 2.3% | S100X6R9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＳＫエイト | Major shareholder | 27.9% | 2025-08-31 |
| 沢田康成 | Major shareholder | 2.3% | 2025-08-31 |
| ＡＶＡＮＴＩＡはなみずき持株会 | Major shareholder | 1.4% | 2025-08-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.3% | 2025-08-31 |
| 株式会社十六銀行 | Major shareholder | 1.1% | 2025-08-31 |
| 株式会社ＬＩＸＩＬ | Major shareholder | 1.0% | 2025-08-31 |
| 株式会社あいち銀行 | Major shareholder | 0.9% | 2025-08-31 |
| 海老沢孝樹 | Major shareholder | 0.9% | 2025-08-31 |
| ＡＶＡＮＴＩＡ従業員持株会 | Major shareholder | 0.8% | 2025-08-31 |
| 松井建設株式会社 | Major shareholder | 0.7% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2024/09/01－2025/08/31) | S100X6R9 | 2025-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6R9,, |
| 有価証券報告書－第35期(2023/09/01－2024/08/31) | S100UV48 | 2024-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UV48,, |
| 訂正有価証券報告書－第34期(2022/09/01－2023/08/31) | S100TJFX | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJFX,, |
| 訂正有価証券報告書－第33期(令和3年9月1日－令和4年8月31日) | S100PVOP | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVOP,, |
| 有価証券報告書－第32期(令和2年9月1日－令和3年8月31日) | S100MXVN | 2021-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MXVN,, |
| 有価証券報告書－第31期(令和1年9月1日－令和2年8月31日) | S100K9GI | 2020-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K9GI,, |

## 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).