# AZUMA HOUSE Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第49期(2025/04/01－2026/03/31) (S100YL9X)
> Page: https://vizora.meequs.com/en/company/azumahouse
> Retrieved: 2026-09-30T20:26:33.259Z

## Company

Azuma House, founded in 1977, is a company in Homebuilders listed on TSE Standard. It has 224 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AZUMA HOUSE Co., Ltd. |
| Ticker | 3293 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3293.T) |
| Listing | TSE Standard |
| Head office | 和歌山県和歌山市黒田一丁目2番17号 |
| Representative (per filing) | 代表取締役社長 東 行男 |
| Founded | May 1977 |
| Share capital | ¥596.8M |
| Employees (consolidated) | 224 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | azumahouse.com (https://azumahouse.com/) |
| Corporate number | 1170001000122 |
| EDINET | E30066 |
| Industries (Vizora) | Homebuilders, Real Estate Development & Leasing, Real Estate Brokerage & Management, Hotels & Inns |

> Profile source: annual securities report (S100YL9X, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Homebuilders (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.5 | 23 |
| Profitability | 82.7 | 26 |
| Cash conversion | 85.4 | 24 |
| Efficiency | 5.8 | 26 |
| Financial strength | 50 | 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 54% of Azuma House's sales come from Real estate and construction, with Leasing and Hotel making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -12.5% from the prior year, operating profit -17.9%.

## Company structure

- Segment revenue mix: Real estate and construction 54.2%、Leasing 33.4%、Hotel 6.4%、Asset utilization business 5.7%、Other 0.4%
- Revenue → net income: ¥11622373000 → ¥504571000
- Net income → operating cash flow: ¥504571000 → ¥1393737000（difference ¥889166000）
- Main uses of operating cash flow: CapEx ¥931560000 / dividends ¥281767000 / buybacks —
- Change in cash: ¥54163000
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 | ¥11.6B |  |
| Operating income | ¥1.01B | Margin 8.7% |
| Net income | ¥504.6M | Margin 4.3% |
| Free cash flow | ¥462.2M |  |
| Largest business | Real estate and construction | of segment revenue 54.2% |
| Employees (consolidated) | 224 |  |
| EPS | ¥58.73 |  |
| Book value per share | ¥2141.35 |  |
| Equity ratio | 53.9% |  |
| Shares outstanding | 8,063,400 |  |
| Treasury shares | 13,200 |  |
| Shareholders | 2,743 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 10.9% | Net cash -¥7.16B · Cash ÷ revenue 30.0% |
| Vs. industry median margin | +3.3 pp | Homebuilders |
| ROE | 2.9% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14286145000 | ¥11622373000 | -18.6% |
| Operating income | ¥1151992000 | ¥1010422000 | -12.3% |
| Operating margin | 8.1% | 8.7% | +0.6 pp |
| Employees | 244 people | 224 people | -8.2% |
| Cash and equivalents | ¥3630119000 | ¥3488888000 | -3.9% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 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・建設事業 → 不動産・建設事業 | 54.2% |
| 不動産・建設事業 → 事業再編・廃止 | 18.3% |
| 不動産賃貸事業 → 不動産賃貸事業 | 17.9% |
| 土地有効活用事業 → 事業再編・廃止 | 6.0% |
| ホテル事業 → ホテル事業 | 3.2% |
| その他 → その他 | 0.4% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 不動産賃貸事業 | 15.5% |
| 新設・再編 → 資産活用事業 | 5.7% |
| 新設・再編 → ホテル事業 | 3.1% |

Segment revenue source references: 10 (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 and construction | 5 years | -9.5% | ¥6296049000 | 1.7% | 2 |
| Leasing | 5 years | +8.7% | ¥3880220000 | 29.0% | 2 |
| Hotel | 5 years | +10.0% | ¥738461000 | 6.8% | 2 |
| Asset utilization business | 2 years | -20.0% | ¥661447000 | 6.4% | 2 |
| Other | 5 years | -7.2% | ¥46194000 | 2.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,622 | 100.0% | S100YL9X |
| Cost of revenue | 7,414 | 63.8% | S100YL9X |
| Gross profit | 4,209 | 36.2% | S100YL9X |
| SG&A | 3,198 | 27.5% | S100YL9X |
| Operating income | 1,010 | 8.7% | S100YL9X |
| Ordinary income | 918 | 7.9% | S100YL9X |
| Pretax income | 901 | 7.8% | S100YL9X |
| Income tax | 396 | 3.4% | S100YL9X |
| Net income | 505 | 4.3% | S100YL9X |
| Net income attributable to owners | 505 | 4.3% | S100YL9X |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 27 |
| Operating income | 9 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 36.2% → Operating margin 8.7% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -12.5%; Core profit growth: -17.9%
Operating leverage (core profit growth ÷ revenue growth): 1.43×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,279 | 11,622 | -1,657 | -12.5% |
| Gross profit | 4,519 | 4,209 | -310 | -6.9% |
| Operating income | 1,230 | 1,010 | -220 | -17.9% |
| Net income attributable to owners | 765 | 505 | -261 | -34.1% |
| Operating cash flow | 2,714 | 1,394 | -1,321 | -48.7% |
| Free cash flow | 1,192 | 462 | -730 | -61.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 13,556 | 1,277 | 9.4% | 811 | 1,462 | 654 | S100LRFF |
| FY ending Mar 2021 | 14,286 | 1,152 | 8.1% | 760 | 2,364 | 1,272 | S100OKGI |
| FY ending Mar 2022 | 13,911 | 1,192 | 8.6% | 756 | 1,603 | 845 | S100R7PO |
| FY ending Mar 2023 | 14,163 | 1,204 | 8.5% | 724 | 1,294 | 645 | S100TV4I |
| FY ending Mar 2024 | 13,088 | 1,012 | 7.7% | 797 | 794 | -1,018 | S100W4QL |
| FY ending Mar 2025 | 13,279 | 1,230 | 9.3% | 765 | 2,714 | 1,192 | S100YL9X |
| FY ending Mar 2026 | 11,622 | 1,010 | 8.7% | 505 | 1,394 | 462 | S100YL9X |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥51.9M |
| Operating income per employee (consolidated) | ¥4.5M |
| Net income per employee (consolidated) | ¥2.3M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 260 | 249 | 239 | 235 | 224 |
| Average salary (parent company) | ¥5.9M | ¥5.5M | ¥5.5M | ¥5.5M | ¥5.6M |
| Average age (parent company) | 47.0 years | 47.3 years | 48.9 years | 48.8 years | 52.1 years |
| Average tenure (parent company) | 7.0 years | 7.0 years | 7.1 years | 8.1 years | 9.0 years |

Year over year: Employees (consolidated) -4.7% · Revenue (consolidated) -12.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate and construction | 6,296 | 54.2% | 106 | 1.7% |
| Leasing | 3,880 | 33.4% | 1,124 | 29.0% |
| Asset utilization business | 661 | 5.7% | 43 | 6.4% |
| Hotel | 738 | 6.4% | 50 | 6.8% |
| Other | 46 | 0.4% | 1 | 2.2% |

### 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 |
| --- | ---: |
| Real estate and construction | 54.2% |
| Leasing | 33.4% |
| Asset utilization business | 5.7% |
| Hotel | 6.4% |
| Other | 0.4% |

Segment → industry: Asset utilization business → Homebuilders / Real estate and construction → Homebuilders / Leasing → Real Estate Development & Leasing / Other → Real Estate Brokerage & Management / Leasing → Real Estate Brokerage & Management / Hotel → Hotels & Inns

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,394 | 12.0% | S100YL9X |
| Capital expenditure | 932 | 8.0% | S100YL9X |
| Free cash flow | 462 | 4.0% | 算出 |
| Investing cash flow | -1,080 | -9.3% | S100YL9X |
| Financing cash flow | -259 | -2.2% | S100YL9X |
| Dividends paid | 282 | 2.4% | S100YL9X |
| Change in cash | 54 | 0.5% | S100YL9X |
| Cash and equivalents | 3,489 | 30.0% | S100YL9X |

## 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 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,917 | 3,140 | 3,456 | 3,435 | 3,489 | S100TV4I, S100W4QL, S100YL9X |
| Total assets | 31,327 | 30,878 | 32,436 | 31,739 | 32,056 | S100R7PO, S100TV4I, S100W4QL, S100YL9X |
| Net assets | 15,801 | 16,143 | 16,587 | 17,070 | 17,293 | S100TV4I, S100W4QL, S100YL9X |
| Share capital | 597 | 597 | 597 | 597 | 597 | S100R7PO, S100TV4I, S100W4QL, S100YL9X |
| Property, plant and equipment | 19,730 | 19,617 | 21,103 | 22,510 | 22,763 | S100R7PO, S100TV4I, S100W4QL, S100YL9X |
| Intangible assets excluding goodwill | 388 | 348 | 315 | 274 | 234 | S100R7PO, S100TV4I, S100W4QL, S100YL9X |
| Goodwill | 341 | 304 | 267 | 229 | 192 | S100R7PO, S100TV4I, S100W4QL, S100YL9X |
| Investment securities | 309 | 463 | 25 | 14 | 10 | S100R7PO, S100TV4I, S100W4QL, S100YL9X |
| Current assets | 10,520 | 10,125 | 10,615 | 8,557 | 8,781 | S100R7PO, S100TV4I, S100W4QL, S100YL9X |
| Current liabilities | 5,012 | 3,630 | 4,342 | 3,437 | 3,945 | S100R7PO, S100TV4I, S100W4QL, S100YL9X |
| Short-term borrowings | 1,628 | 263 | 252 | 260 | 481 | S100R7PO, S100TV4I, S100W4QL, S100YL9X |
| Long-term borrowings | 9,642 | 10,138 | 10,533 | 10,325 | 9,897 | S100R7PO, S100TV4I, S100W4QL, S100YL9X |
| Bonds | 250 | 390 | 350 | 310 | 270 | S100R7PO, S100TV4I, S100W4QL, S100YL9X |
| Interest-bearing debt | 11,520 | 10,791 | 11,135 | 10,895 | 10,648 | 算出 |
| Total liabilities | 15,526 | 14,735 | 15,850 | 14,669 | 14,763 | S100R7PO, S100TV4I, S100W4QL, S100YL9X |
| Equity attributable to owners of parent | 15,757 | 16,062 | 16,587 | 17,070 | 17,293 | S100R7PO, S100TV4I, S100W4QL, S100YL9X |
| Retained earnings | 14,644 | 14,947 | 15,463 | 15,946 | 16,169 | S100R7PO, S100TV4I, S100W4QL, S100YL9X |
| Treasury stock | -20 | -18 | -10 | -10 | -10 | S100R7PO, S100TV4I, S100W4QL, S100YL9X |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YL9X |
| Property, plant and equipment | 71% | S100YL9X |
| Intangibles and goodwill | 1% | S100YL9X |
| Investment securities | 0% | S100YL9X |
| Other assets | 17% | S100YL9X |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 33% | 算出 |
| Other liabilities | 13% | S100YL9X |
| Equity | 54% | S100YL9X |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 31,327 | 30,878 | 32,436 | 31,739 | 32,056 |
| Equity | 15,801 | 16,143 | 16,587 | 17,070 | 17,293 |
| Interest-bearing debt | 11,520 | 10,791 | 11,135 | 10,895 | 10,648 |
| Cash | 3,917 | 3,140 | 3,456 | 3,435 | 3,489 |

## 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) | 195.9% | S100YL9X |
| Fixed assets ÷ total assets | 71.0% | S100YL9X |
| Goodwill ÷ parent equity | 1.1% | S100YL9X |

Goodwill over 4 years: 341 → 192 JPY; total investing cash flow: -5,002 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) | 10.9% |
| Cash ÷ revenue | 30.0% |
| Net cash (cash − interest-bearing debt) | -¥7.16B |
| Net debt ÷ operating cash flow | 5.14× |
| Cash conversion (operating CF ÷ operating income) | 137.9% |
| Cash vs. profit gap | 889 JPY mn (of net income 176.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 55.8% |
| Shareholder payments — dividends / FCF | 61.0% |
| CapEx intensity (capex ÷ revenue) | 8.0% |
| Investing CF relative to operating CF | 77.5% |

## 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 | 5.4% | 0.44× | 2.4% | 1.99× | 4.8% | S100R7PO |
| 2023 | 5.1% | 0.46× | 2.3% | 1.95× | 4.6% | S100TV4I |
| 2024 | 6.1% | 0.41× | 2.5% | 1.94× | 4.9% | S100W4QL |
| 2025 | 5.8% | 0.41× | 2.4% | 1.91× | 4.5% | S100YL9X |
| 2026 | 4.3% | 0.36× | 1.6% | 1.86× | 2.9% | S100YL9X |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東 行男 | Major shareholder | 36.1% | 2026-03-31 |
| 東 優子 | Major shareholder | 15.4% | 2026-03-31 |
| スリーエースコーポレーション株式会社 | Major shareholder | 5.2% | 2026-03-31 |
| 山本 知宏 | Major shareholder | 3.0% | 2026-03-31 |
| 東 さゆり | Major shareholder | 3.0% | 2026-03-31 |
| 東 祐子 | Major shareholder | 3.0% | 2026-03-31 |
| アズマハウス社員持株会 | Major shareholder | 2.8% | 2026-03-31 |
| 徳田 芳和 | Major shareholder | 0.9% | 2026-03-31 |
| 吉田 忠義 | Major shareholder | 0.9% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第49期(2025/04/01－2026/03/31) | S100YL9X | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL9X,, |
| 有価証券報告書－第48期(2024/04/01－2025/03/31) | S100W4QL | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4QL,, |
| 有価証券報告書－第47期(2023/04/01－2024/03/31) | S100TV4I | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV4I,, |
| 有価証券報告書－第46期(2022/04/01－2023/03/31) | S100R7PO | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7PO,, |
| 有価証券報告書－第45期(令和3年4月1日－令和4年3月31日) | S100OKGI | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKGI,, |
| 有価証券報告書－第44期(令和2年4月1日－令和3年3月31日) | S100LRFF | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRFF,, |

## 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).