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

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第37期(2025/03/01－2026/02/28) (S100Y6VO)
> Page: https://vizora.meequs.com/en/company/azplanning
> Retrieved: 2026-09-30T18:09:00.222Z

## Company

Azplanning, founded in 1989, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 76 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Azplanning Co.,Ltd. |
| Ticker | 3490 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3490.T) |
| Listing | TSE Standard |
| Head office | 埼玉県川口市戸塚二丁目12番20号 (同所は登記上の本店所在地であり、実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 松本 俊人 |
| Founded | Apr 1989 |
| Share capital | ¥769.9M |
| Employees (consolidated) | 76 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | February |
| Website | www.azplan.co.jp (https://www.azplan.co.jp/) |
| Corporate number | 9030001073546 |
| EDINET | E33863 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100Y6VO, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 21.5 | 86 |
| Cash conversion | 29.9 | 82 |
| Efficiency | 73.8 | 86 |
| Financial strength | 55.4 | 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 93% of Azplanning's sales come from Real estate sales, with Real estate leasing and Real estate management making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +9.0% from the prior year, operating profit -20.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥13.5B |  |
| Operating income | ¥774.4M | Margin 5.7% |
| Net income | ¥294.7M | Margin 2.2% |
| Free cash flow | -¥251.1M |  |
| Largest business | Real estate sales | of segment revenue 92.9% |
| Employees (consolidated) | 76 |  |
| EPS | ¥236.12 |  |
| Book value per share | ¥2649.02 |  |
| Equity ratio | 27.5% |  |
| Shares outstanding | 1,508,000 |  |
| Treasury shares | 200 |  |
| Shareholders | 4,286 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 26.5% | Net cash -¥5.02B · Cash ÷ revenue 28.4% |
| Vs. industry median margin | -4.8 pp | Real Estate Development & Leasing |
| ROE | 8.5% | Derived from disclosed figures |
| ROA | 2.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 85% of positive segment profit
- FY2026, cash is 27% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7544669000 | ¥13543337000 | — |
| Operating income | ¥43764000 | ¥774443000 | — |
| Operating margin | 0.6% | 5.7% | +5.1 pp |
| Employees | 60 people | 76 people | — |
| Cash and equivalents | ¥2078166000 | ¥3852722000 | — |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 不動産販売事業 → 事業再編・廃止 | 90.3% |
| 不動産賃貸事業 → 事業再編・廃止 | 7.6% |
| 不動産管理事業 → 事業再編・廃止 | 2.1% |
| 新設・再編 → 不動産販売事業 | 92.9% |
| 新設・再編 → 不動産賃貸事業 | 5.2% |
| 新設・再編 → 不動産管理事業 | 1.9% |

Segment revenue source references: 6 (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 sales | 2 years | +8.8% | ¥12585011000 | 7.4% | 2 |
| Real estate leasing | 2 years | +5.7% | ¥703651000 | 10.6% | 2 |
| Real estate management | 2 years | +3.7% | ¥254675000 | 34.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,543 | 100.0% | S100Y6VO |
| Cost of revenue | 11,525 | 85.1% | S100Y6VO |
| Gross profit | 2,018 | 14.9% | S100Y6VO |
| SG&A | 1,243 | 9.2% | S100Y6VO |
| Operating income | 774 | 5.7% | S100Y6VO |
| Ordinary income | 468 | 3.5% | S100Y6VO |
| Pretax income | 467 | 3.4% | S100Y6VO |
| Income tax | 172 | 1.3% | S100Y6VO |
| Net income | 295 | 2.2% | S100Y6VO |
| Net income attributable to owners | 295 | 2.2% | S100Y6VO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 9 |
| Operating income | 6 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 14.9% → Operating margin 5.7% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +9.0%; Core profit growth: -20.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.30×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 12,430 | 13,543 | 1,113 | +9.0% |
| Gross profit | 1,941 | 2,018 | 77 | +3.9% |
| Operating income | 975 | 774 | -201 | -20.6% |
| Net income attributable to owners | 462 | 295 | -167 | -36.2% |
| Operating cash flow | -2,015 | -250 | 1,764 | — |
| Free cash flow | -2,016 | -251 | 1,765 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 5,509 | 87 | 1.6% | 13 | 10 | -2 | S100LF1S |
| FY ending Feb 2021 | 7,545 | 44 | 0.6% | 10 | 1,584 | 1,577 | S100O5HN |
| FY ending Feb 2022 | 9,593 | 359 | 3.7% | -527 | 1,276 | 1,271 | S100QUVT |
| FY ending Feb 2023 | 9,375 | 495 | 5.3% | 493 | -3,443 | -3,645 | S100QUVT |
| FY ending Feb 2024 | 11,507 | 664 | 5.8% | 620 | -215 | -256 | S100VU4O |
| FY ending Feb 2025 | 12,430 | 975 | 7.8% | 462 | -2,015 | -2,016 | S100Y6VO |
| FY ending Feb 2026 | 13,543 | 774 | 5.7% | 295 | -250 | -251 | S100Y6VO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥178.2M |
| Operating income per employee (consolidated) | ¥10.2M |
| Net income per employee (consolidated) | ¥3.9M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 47 | 43 | 55 | 63 | 76 |
| Average salary (parent company) | ¥5M | ¥5.4M | ¥5.5M | ¥6.2M | ¥6.5M |
| Average age (parent company) | 36.5 years | 36.3 years | 38.7 years | 38.2 years | 41.1 years |
| Average tenure (parent company) | 4.8 years | 5.3 years | 5.0 years | 5.7 years | 4.9 years |

Year over year: Employees (consolidated) +20.6% · Revenue (consolidated) +9.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate sales | 12,585 | 92.9% | 926 | 7.4% |
| Real estate leasing | 704 | 5.2% | 74 | 10.6% |
| Real estate management | 255 | 1.9% | 89 | 34.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Real estate sales | 92.9% | 85.0% | -7.9 | 7.4% |
| Real estate leasing | 5.2% | 6.8% | 1.6 | 10.6% |
| Real estate management | 1.9% | 8.2% | 6.3 | 34.9% |

Segment → industry: Real estate leasing → Real Estate Development & Leasing / Real estate sales → Real Estate Development & Leasing / Real estate management → Real Estate Brokerage & Management

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -250 | -1.8% | S100Y6VO |
| Capital expenditure | 1 | 0.0% | S100Y6VO |
| Free cash flow | -251 | -1.9% | 算出 |
| Investing cash flow | -284 | -2.1% | S100Y6VO |
| Financing cash flow | 1,011 | 7.5% | S100Y6VO |
| Dividends paid | 36 | 0.3% | S100Y6VO |
| Share buyback | 0 | 0.0% | S100Y6VO |
| Change in cash | 476 | 3.5% | S100Y6VO |
| Cash and equivalents | 3,853 | 28.4% | S100Y6VO |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,132 | 3,028 | 2,973 | 3,377 | 3,853 | S100QUVT, S100Y6VO |
| Total assets | 3,989 | 9,074 | 9,932 | 13,240 | 14,514 | S100QUVT, S100VU4O, S100Y6VO |
| Net assets | 982 | 1,475 | 2,495 | 2,958 | 3,986 | S100QUVT, S100Y6VO |
| Share capital | 171 | 171 | 373 | 385 | 770 | S100QUVT, S100VU4O, S100Y6VO |
| Property, plant and equipment | 297 | 489 | 498 | 466 | 437 | S100QUVT, S100VU4O, S100Y6VO |
| Intangible assets excluding goodwill | 4 | 3 | 2 | 1 | 61 | S100QUVT, S100VU4O, S100Y6VO |
| Goodwill | — | — | — | — | 60 | S100Y6VO |
| Investment securities | 2 | 0 | 30 | 30 | 30 | S100QUVT, S100VU4O, S100Y6VO |
| Current assets | 3,557 | 8,295 | 9,277 | 12,588 | 13,774 | S100QUVT, S100VU4O, S100Y6VO |
| Current liabilities | 1,183 | 2,566 | 4,433 | 3,038 | 3,396 | S100QUVT, S100VU4O, S100Y6VO |
| Short-term borrowings | 318 | 887 | 2,876 | 1,734 | 1,892 | S100QUVT, S100VU4O, S100Y6VO |
| Long-term borrowings | 1,399 | 4,662 | 2,611 | 6,844 | 6,870 | S100QUVT, S100VU4O, S100Y6VO |
| Bonds | 329 | 251 | 258 | 190 | 110 | S100QUVT, S100VU4O, S100Y6VO |
| Interest-bearing debt | 2,045 | 5,800 | 5,745 | 8,767 | 8,872 | 算出 |
| Total liabilities | 3,007 | 7,599 | 7,437 | 10,282 | 10,528 | S100QUVT, S100VU4O, S100Y6VO |
| Equity attributable to owners of parent | 981 | 1,475 | 2,495 | 2,958 | 3,986 | S100QUVT, S100VU4O, S100Y6VO |
| Retained earnings | 480 | 974 | 1,592 | 2,030 | 2,288 | S100QUVT, S100VU4O, S100Y6VO |
| Treasury stock | -0 | -0 | -0 | -1 | -1 | S100QUVT, S100VU4O, S100Y6VO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100Y6VO |
| Property, plant and equipment | 3% | S100Y6VO |
| Intangibles and goodwill | 1% | S100Y6VO |
| Investment securities | 0% | S100Y6VO |
| Other assets | 69% | S100Y6VO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 61% | 算出 |
| Other liabilities | 11% | S100Y6VO |
| Equity | 28% | S100Y6VO |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,989 | 9,074 | 9,932 | 13,240 | 14,514 |
| Equity | 982 | 1,475 | 2,495 | 2,958 | 3,986 |
| Interest-bearing debt | 2,045 | 5,800 | 5,745 | 8,767 | 8,872 |
| Cash | 2,132 | 3,028 | 2,973 | 3,377 | 3,853 |

## 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) | 3.2% | S100Y6VO |
| Fixed assets ÷ total assets | 3.0% | S100Y6VO |
| Goodwill ÷ parent equity | 1.5% | S100Y6VO |

### 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) | 26.5% |
| Cash ÷ revenue | 28.4% |
| Net cash (cash − interest-bearing debt) | -¥5.02B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -32.3% |
| Cash vs. profit gap | -545 JPY mn (of net income -185.0%) |
| Shareholder returns / net income | 12.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 12.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -13.2% | —× | — | S100QUVT |
| 2023 | 5.3% | 1.44× | 7.6% | 5.32× | 40.2% | S100QUVT |
| 2024 | 5.4% | 1.16× | 6.2% | 3.98× | 24.9% | S100VU4O |
| 2025 | 3.7% | 1.07× | 4.0% | 4.25× | 16.9% | S100Y6VO |
| 2026 | 2.2% | 0.98× | 2.1% | 4.00× | 8.5% | S100Y6VO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 松本 俊人 | Major shareholder | 35.5% | 2026-02-28 |
| 株式会社ヒトプラン | Major shareholder | 13.3% | 2026-02-28 |
| 脇田 栄一 | Major shareholder | 2.0% | 2026-02-28 |
| 木原 直哉 | Major shareholder | 1.3% | 2026-02-28 |
| 新沼 吾史 | Major shareholder | 0.8% | 2026-02-28 |
| 小尾 誠 | Major shareholder | 0.5% | 2026-02-28 |
| 今 秀信 | Major shareholder | 0.5% | 2026-02-28 |
| 茅野 高志 | Major shareholder | 0.3% | 2026-02-28 |
| ＢＡＲＣＬＡＹＳ ＣＡＰＩＴＡＬ ＳＥＣＵＲＩＴＩＥＳ ＬＩＭＩＴＥＤ（常任代理人 バークレイズ証券株式会社） | Major shareholder | 0.3% | 2026-02-28 |
| 佐藤 充洋 | Major shareholder | 0.3% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第37期(2025/03/01－2026/02/28) | S100Y6VO | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6VO,, |
| 有価証券報告書－第36期(2024/03/01－2025/02/28) | S100VU4O | 2025-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VU4O,, |
| 有価証券報告書－第35期(2023/03/01－2024/02/29) | S100TJ5K | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJ5K,, |
| 有価証券報告書－第34期(2022/03/01－2023/02/28) | S100QUVT | 2023-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUVT,, |
| 有価証券報告書－第33期(令和3年3月1日－令和4年2月28日) | S100O5HN | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O5HN,, |
| 有価証券報告書－第32期(令和2年3月1日－令和3年2月28日) | S100LF1S | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF1S,, |

## 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).