# Business One Holdings, Inc.: 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39期(2025/04/01－2026/03/31) (S100YHAI)
> Page: https://vizora.meequs.com/en/company/businessone-hd
> Retrieved: 2026-09-30T22:47:11.677Z

## Company

Business One Holdings, founded in 1987, is a company in Real Estate Development & Leasing listed on Fukuoka. It has 259 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Business One Holdings, Inc. |
| Ticker | 4827 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4827.T) |
| Listing | Fukuoka |
| Head office | 福岡市中央区薬院三丁目16番27号 |
| Representative (per filing) | 代表取締役社長 尾﨑 朝樹 |
| Founded | Aug 1987 |
| Share capital | ¥436M |
| Employees (consolidated) | 259 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.businessone-hd.com (https://www.businessone-hd.com/) |
| Corporate number | 7290001032412 |
| EDINET | E05325 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management, Home & Lifestyle Services, Software & SaaS, General Contractors |

> Profile source: annual securities report (S100YHAI, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 48.7 | 75 |
| Profitability | 42.4 | 86 |
| Cash conversion | 51.8 | 82 |
| Efficiency | 40.1 | 86 |
| Financial strength | 4.1 | 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 58% of Business One Holdings's sales come from Real estate business, with Construction business and Condominium management business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +5.0% from the prior year, operating profit +5.1%.

## Company structure

- Segment revenue mix: Real estate business 57.9%、Construction business 12.4%、Condominium management business 11.8%、Lease business 7.8%、Furniture and home appliances rental business 4.7%
- Revenue → net income: ¥16895101000 → ¥965150000
- Net income → operating cash flow: ¥965150000 → ¥1006632000（difference ¥41482000）
- Main uses of operating cash flow: CapEx ¥1487434000 / dividends ¥40944000 / buybacks —
- Change in cash: ¥590910000
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 | ¥16.9B |  |
| Operating income | ¥1.54B | Margin 9.1% |
| Net income | ¥895.2M | Margin 5.3% |
| Free cash flow | -¥480.8M |  |
| Largest business | Real estate business | of segment revenue 57.9% |
| Employees (consolidated) | 259 |  |
| EPS | ¥147.42 |  |
| Book value per share | ¥1294.1 |  |
| Equity ratio | 20.5% |  |
| Shares outstanding | 4,148,900 |  |
| Shareholders | 450 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 13.8% | Net cash -¥18.2B · Cash ÷ revenue 26.6% |
| Vs. industry median margin | -1.4 pp | Real Estate Development & Leasing |
| ROE | 14.4% | Derived from disclosed figures |
| ROA | 2.8% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +28% over five years
- FY2026, segment profit share differs by 22 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9863318000 | ¥16895101000 | +71.3% |
| Operating income | ¥774373000 | ¥1535926000 | +98.3% |
| Operating margin | 7.9% | 9.1% | +1.2 pp |
| Employees | 153 people | 259 people | +69.3% |
| Cash and equivalents | ¥2250761000 | ¥4493769000 | +99.7% |

### 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 |
| --- | ---: |
| 不動産事業 → 不動産事業 | 57.9% |
| 不動産事業 → 事業再編・廃止 | 13.4% |
| マンション管理事業 → マンション管理事業 | 11.8% |
| マンション管理事業 → 事業再編・廃止 | 1.0% |
| 賃貸事業 → 賃貸事業 | 7.8% |
| 賃貸事業 → 事業再編・廃止 | 0.6% |
| 家具・家電レンタル事業 → 家具・家電レンタル事業 | 4.4% |
| 旅館事業 → 事業再編・廃止 | 0.1% |
| ソフトウェア事業 → ソフトウェア事業 | 1.3% |
| ソフトウェア事業 → 事業再編・廃止 | 0.3% |
| ファイナンス事業 → ファイナンス事業 | 0.8% |
| その他 → その他 | 0.5% |
| 新設・再編 → 家具・家電レンタル事業 | 0.3% |
| 新設・再編 → ファイナンス事業 | 1.7% |
| 新設・再編 → 建設事業 | 12.4% |
| 新設・再編 → その他 | 1.0% |

Segment revenue source references: 16 (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 business | 5 years | +6.8% | ¥9789348000 | 8.0% | 2 |
| Construction business | — | — | ¥2089013000 | 6.2% | 2 |
| Condominium management business | 5 years | +9.6% | ¥2000250000 | 4.8% | 2 |
| Lease business | 5 years | +9.7% | ¥1309978000 | 39.8% | 2 |
| Furniture and home appliances rental business | 5 years | +12.8% | ¥788115000 | 1.6% | 2 |
| Finance business | 5 years | +39.2% | ¥429167000 | 15.2% | 2 |
| Other | 5 years | +37.8% | ¥264325000 | 24.4% | 2 |
| Software business | 5 years | +6.6% | ¥224903000 | 25.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,895 | 100.0% | S100YHAI |
| Cost of revenue | 12,759 | 75.5% | S100YHAI |
| Gross profit | 4,136 | 24.5% | S100YHAI |
| SG&A | 2,600 | 15.4% | S100YHAI |
| Operating income | 1,536 | 9.1% | S100YHAI |
| Ordinary income | 1,366 | 8.1% | S100YHAI |
| Pretax income | 1,375 | 8.1% | S100YHAI |
| Income tax | 410 | 2.4% | S100YHAI |
| Net income | 965 | 5.7% | S100YHAI |
| Net income attributable to owners | 895 | 5.3% | S100YHAI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 15 |
| Operating income | 9 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 24.5% → Operating margin 9.1% → Net margin 5.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.0%; Core profit growth: +5.1%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.02×
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 | 16,094 | 16,895 | 801 | +5.0% |
| Gross profit | 3,848 | 4,136 | 289 | +7.5% |
| Operating income | 1,461 | 1,536 | 74 | +5.1% |
| Net income attributable to owners | 828 | 895 | 67 | +8.1% |
| Operating cash flow | 2,682 | 1,007 | -1,676 | -62.5% |
| Free cash flow | 891 | -481 | -1,372 | -154.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,227 | 756 | 8.2% | 425 | 1,544 | 842 | S100LKB8 |
| FY ending Mar 2021 | 9,863 | 774 | 7.9% | 461 | 2,066 | 877 | S100PVF3 |
| FY ending Mar 2022 | 10,071 | 949 | 9.4% | 511 | -1,192 | -2,900 | S100QZBY |
| FY ending Mar 2023 | 12,211 | 1,197 | 9.8% | 645 | -3,361 | -5,304 | S100TDKS |
| FY ending Mar 2024 | 13,409 | 1,331 | 9.9% | 743 | 1,000 | 266 | S100W67S |
| FY ending Mar 2025 | 16,094 | 1,461 | 9.1% | 828 | 2,682 | 891 | S100YHAI |
| FY ending Mar 2026 | 16,895 | 1,536 | 9.1% | 895 | 1,007 | -481 | S100YHAI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥65.2M |
| Operating income per employee (consolidated) | ¥5.9M |
| Net income per employee (consolidated) | ¥3.5M |

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) | 173 | 193 | 215 | 252 | 259 |
| Average salary (parent company) | ¥4.6M | ¥4.9M | ¥5.2M | ¥5.6M | ¥5.9M |
| Average age (parent company) | 52.1 years | 53.0 years | 54.0 years | 55.1 years | 56.2 years |
| Average tenure (parent company) | 4.1 years | 5.0 years | 5.0 years | 5.1 years | 5.8 years |

Year over year: Employees (consolidated) +2.8% · Revenue (consolidated) +5.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate business | 9,789 | 57.9% | 788 | 8.0% |
| Condominium management business | 2,000 | 11.8% | 97 | 4.8% |
| Lease business | 1,310 | 7.8% | 522 | 39.8% |
| Furniture and home appliances rental business | 788 | 4.7% | 12 | 1.6% |
| Software business | 225 | 1.3% | 56 | 25.1% |
| Finance business | 429 | 2.5% | 65 | 15.2% |
| Construction business | 2,089 | 12.4% | 130 | 6.2% |
| Other | 264 | 1.6% | 64 | 24.4% |

### 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 business | 57.9% | 45.4% | -12.5 | 8.0% |
| Condominium management business | 11.8% | 5.6% | -6.3 | 4.8% |
| Lease business | 7.8% | 30.1% | 22.3 | 39.8% |
| Furniture and home appliances rental business | 4.7% | 0.7% | -4.0 | 1.6% |
| Software business | 1.3% | 3.3% | 1.9 | 25.1% |
| Finance business | 2.5% | 3.8% | 1.2 | 15.2% |
| Construction business | 12.4% | 7.5% | -4.9 | 6.2% |
| Other | 1.6% | 3.7% | 2.1 | 24.4% |

Segment → industry: Real estate business → Real Estate Development & Leasing / Condominium management business → Real Estate Brokerage & Management / Lease business → Real Estate Development & Leasing / Furniture and home appliances rental business → Home & Lifestyle Services / Software business → Software & SaaS / Construction business → General Contractors

## 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 | 1,007 | 6.0% | S100YHAI |
| Capital expenditure | 1,487 | 8.8% | S100YHAI |
| Free cash flow | -481 | -2.8% | 算出 |
| Investing cash flow | -1,534 | -9.1% | S100YHAI |
| Financing cash flow | 1,118 | 6.6% | S100YHAI |
| Dividends paid | 41 | 0.2% | S100YHAI |
| Change in cash | 591 | 3.5% | S100YHAI |
| Cash and equivalents | 4,494 | 26.6% | S100YHAI |

## 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 | 2,704 | 3,145 | 3,578 | 3,902 | 4,494 | S100TDKS, S100W67S, S100YHAI |
| Total assets | 20,899 | 27,528 | 28,546 | 30,555 | 32,607 | S100QZBY, S100TDKS, S100W67S, S100YHAI |
| Net assets | 3,680 | 4,305 | 5,026 | 6,102 | 7,039 | S100TDKS, S100W67S, S100YHAI |
| Share capital | 436 | 436 | 436 | 436 | 436 | S100QZBY, S100TDKS, S100W67S, S100YHAI |
| Property, plant and equipment | 8,750 | 10,142 | 10,424 | 12,462 | 12,727 | S100QZBY, S100TDKS, S100W67S, S100YHAI |
| Intangible assets excluding goodwill | 119 | 85 | 52 | 62 | 63 | S100QZBY, S100TDKS, S100W67S, S100YHAI |
| Goodwill | 109 | 78 | 38 | 44 | 31 | S100QZBY, S100TDKS, S100W67S, S100YHAI |
| Investment securities | 216 | 16 | 21 | 99 | 136 | S100QZBY, S100TDKS, S100W67S, S100YHAI |
| Current assets | 11,588 | 16,959 | 17,708 | 17,362 | 19,118 | S100QZBY, S100TDKS, S100W67S, S100YHAI |
| Current liabilities | 10,385 | 15,085 | 16,395 | 15,912 | 17,106 | S100QZBY, S100TDKS, S100W67S, S100YHAI |
| Trade payables | 57 | 74 | 59 | 193 | 293 | S100QZBY, S100TDKS, S100W67S, S100YHAI |
| Short-term borrowings | 8,424 | 12,881 | 13,455 | 12,398 | 14,378 | S100QZBY, S100TDKS, S100W67S, S100YHAI |
| Long-term borrowings | 6,678 | 7,979 | 6,978 | 8,367 | 8,117 | S100QZBY, S100TDKS, S100W67S, S100YHAI |
| Bonds | — | — | — | — | 150 | S100YHAI |
| Interest-bearing debt | — | — | — | — | 22,646 | 算出 |
| Total liabilities | 17,219 | 23,223 | 23,520 | 24,453 | 25,567 | S100QZBY, S100TDKS, S100W67S, S100YHAI |
| Non-controlling interests | — | — | — | 279 | 359 | S100YHAI |
| Equity attributable to owners of parent | 3,680 | 4,305 | 5,019 | 5,806 | 6,660 | S100QZBY, S100TDKS, S100W67S, S100YHAI |
| Retained earnings | 3,244 | 3,869 | 4,583 | 5,370 | 6,224 | S100QZBY, S100TDKS, S100W67S, S100YHAI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YHAI |
| Property, plant and equipment | 39% | S100YHAI |
| Intangibles and goodwill | 0% | S100YHAI |
| Investment securities | 0% | S100YHAI |
| Other assets | 47% | S100YHAI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YHAI |
| Interest-bearing debt | 69% | 算出 |
| Other liabilities | 8% | S100YHAI |
| Equity | 22% | S100YHAI |
| Other liabilities | 0% | S100YHAI |

### 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 | 20,899 | 27,528 | 28,546 | 30,555 | 32,607 |
| Equity | 3,680 | 4,305 | 5,026 | 6,102 | 7,039 |
| Interest-bearing debt | — | — | — | — | 22,646 |
| Cash | 2,704 | 3,145 | 3,578 | 3,902 | 4,494 |

## 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) | 75.3% | S100YHAI |
| Fixed assets ÷ total assets | 39.0% | S100YHAI |
| Goodwill ÷ parent equity | 0.5% | S100YHAI |

Goodwill over 4 years: 109 → 31 JPY; total investing cash flow: -7,470 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) | 13.8% |
| Cash ÷ revenue | 26.6% |
| Net cash (cash − interest-bearing debt) | -¥18.2B |
| Net debt ÷ operating cash flow | 18.03× |
| Cash conversion (operating CF ÷ operating income) | 65.5% |
| Cash vs. profit gap | 111 JPY mn (of net income 12.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 4.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.8% |
| Investing CF relative to operating CF | 152.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 5.1% | 0.48× | 2.4% | 5.68× | 13.9% | S100QZBY |
| 2023 | 5.3% | 0.50× | 2.7% | 6.06× | 16.2% | S100TDKS |
| 2024 | 5.5% | 0.48× | 2.7% | 6.01× | 15.9% | S100W67S |
| 2025 | 5.1% | 0.54× | 2.8% | 5.46× | 15.3% | S100YHAI |
| 2026 | 5.3% | 0.53× | 2.8% | 5.07× | 14.4% | S100YHAI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社ゴー | Major shareholder | 37.0% | 2026-03-31 |
| 平本 敏夫 | Major shareholder | 19.3% | 2026-03-31 |
| 株式会社九州リースサービス | Major shareholder | 7.7% | 2026-03-31 |
| 株式会社Ｕ・Ｈプランニング | Major shareholder | 4.3% | 2026-03-31 |
| 鈴政 一夫 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社クリエイティブマネージメントコンサルタンツ | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社モダンプロジェ | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社ユーティライズ | Major shareholder | 1.9% | 2026-03-31 |
| 青池 美和 | Major shareholder | 1.7% | 2026-03-31 |
| 森山 順子 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2025/04/01－2026/03/31) | S100YHAI | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHAI,, |
| 有価証券報告書－第38期(2024/04/01－2025/03/31) | S100W67S | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W67S,, |
| 有価証券報告書－第37期(2023/04/01－2024/03/31) | S100TDKS | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TDKS,, |
| 有価証券報告書－第36期(2022/04/01－2023/03/31) | S100QZBY | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZBY,, |
| 訂正有価証券報告書－第35期(2021/04/01－2022/03/31) | S100PVF3 | 2023-02-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVF3,, |
| 有価証券報告書－第34期(令和2年4月1日－令和3年3月31日) | S100LKB8 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKB8,, |

## 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).