# CEL Corporation: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第35期(2025/03/01－2026/02/28) (S100YEE9)
> Page: https://vizora.meequs.com/en/company/cel
> Retrieved: 2026-09-30T20:23:35.518Z

## Company

CEL, founded in 2002, is a company in Homebuilders listed on TSE Standard. It has 198 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CEL Corporation |
| Ticker | 5078 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5078.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区京橋三丁目7番1号 相互館110タワー5階 |
| Representative (per filing) | 代表取締役 社長執行役員 山口 貴載 |
| Founded | Dec 2002 |
| Share capital | ¥447.3M |
| Employees (consolidated) | 198 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | February |
| Website | www.cel-co.com (https://www.cel-co.com/) |
| Corporate number | 5010401048987 |
| EDINET | E37456 |
| Industries (Vizora) | Homebuilders, Real Estate Development & Leasing, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100YEE9, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Real Estate Brokerage & Management (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22 | 25 |
| Profitability | 44.2 | 26 |
| Cash conversion | 9.6 | 26 |
| Efficiency | 36.5 | 26 |

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 52% of CEL's sales come from Lease and management business, with Construction business and Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -15.6% from the prior year, operating profit -16.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥20.2B |  |
| Operating income | ¥1.69B | Margin 8.4% |
| Net income | ¥1.15B | Margin 5.7% |
| Free cash flow | -¥1.95B |  |
| Largest business | Lease and management business | of segment revenue 52.1% |
| Employees (consolidated) | 198 |  |
| EPS | ¥327.03 |  |
| Book value per share | ¥6186.23 |  |
| Equity ratio | 85.9% |  |
| Shares outstanding | 3,491,900 |  |
| Treasury shares | 25,100 |  |
| Shareholders | 447 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 64.5% | Cash ÷ revenue 78.5% |
| Vs. industry median margin | -0.6 pp | Real Estate Brokerage & Management |
| ROE | 5.5% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 64% of total assets
- FY2026, parent-company salary changed +25% over five years

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17084586000 | ¥20190480000 | +18.2% |
| Operating income | ¥1051394000 | ¥1692216000 | +60.9% |
| Operating margin | 6.2% | 8.4% | +2.2 pp |
| Employees | 175 people | 198 people | +13.1% |
| Cash and equivalents | ¥7090168000 | ¥15848109000 | +123.5% |

### 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 |
| --- | ---: |
| 賃貸住宅事業 → 事業再編・廃止 | 30.7% |
| 賃貸開発事業 → 事業再編・廃止 | 18.1% |
| 賃貸経営事業 → 事業再編・廃止 | 45.3% |
| 中国賃貸事業 → 事業再編・廃止 | 5.4% |
| その他 → 事業再編・廃止 | 0.4% |
| 新設・再編 → 賃貸住宅事業 | 41.4% |
| 新設・再編 → 賃貸開発事業 | 6.5% |
| 新設・再編 → 賃貸経営事業 | 52.1% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Lease and management business | 3 years | +6.4% | ¥10522186000 | 12.3% | 2 |
| Construction business | 3 years | -1.8% | ¥8358748000 | 13.7% | 2 |
| Real estate business | 3 years | -29.9% | ¥1309545000 | 9.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,190 | 100.0% | S100YEE9 |
| Cost of revenue | 15,817 | 78.3% | S100YEE9 |
| Gross profit | 4,374 | 21.7% | S100YEE9 |
| SG&A | 2,681 | 13.3% | S100YEE9 |
| Operating income | 1,692 | 8.4% | S100YEE9 |
| Ordinary income | 1,703 | 8.4% | S100YEE9 |
| Pretax income | 1,536 | 7.6% | S100YEE9 |
| Income tax | 388 | 1.9% | S100YEE9 |
| Net income | 1,148 | 5.7% | S100YEE9 |
| Net income attributable to owners | 1,148 | 5.7% | S100YEE9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 13 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 21.7% → Operating margin 8.4% → Net margin 5.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -15.6%; Core profit growth: -16.2%
Operating leverage (core profit growth ÷ revenue growth): 1.04×
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 | 23,922 | 20,190 | -3,732 | -15.6% |
| Gross profit | 4,712 | 4,374 | -338 | -7.2% |
| Operating income | 2,018 | 1,692 | -326 | -16.2% |
| Net income attributable to owners | 1,416 | 1,148 | -269 | -19.0% |
| Operating cash flow | 1,526 | -1,627 | -3,153 | -206.6% |
| Free cash flow | 1,395 | -1,946 | -3,341 | -239.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2021 | 17,085 | 1,051 | 6.2% | 577 | 1,343 | 1,292 | S100O5HR |
| FY ending Feb 2022 | 18,424 | 911 | 4.9% | 10,679 | -4,181 | -4,276 | S100QU4I |
| FY ending Feb 2023 | 21,375 | 1,233 | 5.8% | 853 | -4,181 | -4,438 | S100TJD7 |
| FY ending Feb 2024 | 23,103 | 1,638 | 7.1% | 1,110 | 4,343 | 4,025 | S100VSPM |
| FY ending Feb 2025 | 23,922 | 2,018 | 8.4% | 1,416 | 1,526 | 1,395 | S100YEE9 |
| FY ending Feb 2026 | 20,190 | 1,692 | 8.4% | 1,148 | -1,627 | -1,946 | S100YEE9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥102M |
| Operating income per employee (consolidated) | ¥8.5M |
| Net income per employee (consolidated) | ¥5.8M |

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) | 147 | 161 | 180 | 186 | 198 |
| Average salary (parent company) | ¥6.3M | ¥7M | ¥7.1M | ¥7.4M | ¥7.9M |
| Average age (parent company) | 45.1 years | 44.7 years | 43.9 years | 43.8 years | 43.9 years |
| Average tenure (parent company) | 11.0 years | 10.0 years | 9.0 years | 8.0 years | 8.0 years |

Year over year: Employees (consolidated) +6.5% · Revenue (consolidated) -15.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction business | 8,359 | 41.4% | 1,143 | 13.7% |
| Real estate business | 1,310 | 6.5% | 119 | 9.1% |
| Lease and management business | 10,522 | 52.1% | 1,291 | 12.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction business | 41.4% | 44.8% | 3.4 | 13.7% |
| Real estate business | 6.5% | 4.7% | -1.8 | 9.1% |
| Lease and management business | 52.1% | 50.6% | -1.5 | 12.3% |

Segment → industry: Construction business → Homebuilders / Real estate business → Real Estate Development & Leasing / Lease and management business → 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 | -1,627 | -8.1% | S100YEE9 |
| Capital expenditure | 319 | 1.6% | S100YEE9 |
| Free cash flow | -1,946 | -9.6% | 算出 |
| Investing cash flow | -620 | -3.1% | S100YEE9 |
| Financing cash flow | -467 | -2.3% | S100YEE9 |
| Dividends paid | 468 | 2.3% | S100YEE9 |
| Share buyback | 0 | 0.0% | S100YEE9 |
| Change in cash | -2,714 | -13.4% | S100YEE9 |
| Cash and equivalents | 15,848 | 78.5% | S100YEE9 |

## 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 | 19,486 | 14,222 | 17,741 | 18,562 | 15,848 | S100TJD7, S100VSPM, S100YEE9 |
| Total assets | 27,426 | 22,420 | 24,182 | 24,874 | 24,580 | S100QU4I, S100TJD7, S100VSPM, S100YEE9 |
| Net assets | 17,771 | 18,789 | 19,432 | 20,419 | 21,116 | S100TJD7, S100VSPM, S100YEE9 |
| Share capital | 419 | 447 | 447 | 447 | 447 | S100QU4I, S100TJD7, S100VSPM, S100YEE9 |
| Trade receivables | 60 | 61 | 61 | 92 | 53 | S100QU4I, S100TJD7, S100VSPM, S100YEE9 |
| Property, plant and equipment | 1,801 | 1,879 | 1,910 | 1,834 | 1,788 | S100QU4I, S100TJD7, S100VSPM, S100YEE9 |
| Intangible assets excluding goodwill | 99 | 98 | 111 | 111 | 142 | S100QU4I, S100TJD7, S100VSPM, S100YEE9 |
| Investment securities | 124 | 107 | 96 | 30 | 54 | S100QU4I, S100TJD7, S100VSPM, S100YEE9 |
| Current assets | 24,524 | 19,781 | 21,311 | 22,037 | 21,788 | S100QU4I, S100TJD7, S100VSPM, S100YEE9 |
| Current liabilities | 9,197 | 3,177 | 4,318 | 4,182 | 3,180 | S100QU4I, S100TJD7, S100VSPM, S100YEE9 |
| Trade payables | 109 | 123 | 164 | 130 | 119 | S100QU4I, S100TJD7, S100VSPM, S100YEE9 |
| Short-term borrowings | 1,180 | 200 | 200 | — | — | S100QU4I, S100TJD7, S100VSPM |
| Total liabilities | 9,655 | 3,630 | 4,750 | 4,455 | 3,463 | S100QU4I, S100TJD7, S100VSPM, S100YEE9 |
| Equity attributable to owners of parent | 17,749 | 18,762 | 19,390 | 20,401 | 21,082 | S100QU4I, S100TJD7, S100VSPM, S100YEE9 |
| Retained earnings | 17,427 | 18,022 | 18,854 | 19,908 | 20,588 | S100QU4I, S100TJD7, S100VSPM, S100YEE9 |
| Treasury stock | -293 | -32 | -255 | -331 | -330 | S100QU4I, S100TJD7, S100VSPM, S100YEE9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 65% | S100YEE9 |
| Receivables | 0% | S100YEE9 |
| Property, plant and equipment | 7% | S100YEE9 |
| Intangibles and goodwill | 1% | S100YEE9 |
| Investment securities | 0% | S100YEE9 |
| Other assets | 27% | S100YEE9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100YEE9 |
| Other liabilities | 14% | S100YEE9 |
| Equity | 86% | S100YEE9 |

### 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 | 27,426 | 22,420 | 24,182 | 24,874 | 24,580 |
| Equity | 17,771 | 18,789 | 19,432 | 20,419 | 21,116 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 19,486 | 14,222 | 17,741 | 18,562 | 15,848 |

## 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) | 8.9% | S100YEE9 |
| Fixed assets ÷ total assets | 7.3% | S100YEE9 |
| Goodwill ÷ parent equity | — | —, S100YEE9 |

### 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) | 64.5% |
| Cash ÷ revenue | 78.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -96.1% |
| Cash vs. profit gap | -2,774 JPY mn (of net income -241.7%) |
| Shareholder returns / net income | 40.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 40.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| 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 | 58.0% | 0.67× | 38.9% | 1.55× | 60.2% | S100QU4I |
| 2023 | 4.0% | 0.86× | 3.4% | 1.37× | 4.7% | S100TJD7 |
| 2024 | 4.8% | 0.99× | 4.8% | 1.22× | 5.8% | S100VSPM |
| 2025 | 5.9% | 0.98× | 5.8% | 1.23× | 7.1% | S100YEE9 |
| 2026 | 5.7% | 0.82× | 4.6% | 1.19× | 5.5% | S100YEE9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ジェイコーポレーション | Major shareholder | 57.9% | 2026-02-28 |
| 株式会社マキテック | Major shareholder | 11.5% | 2026-02-28 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.4% | 2026-02-28 |
| セレコーポレーション社員持株会 | Major shareholder | 3.1% | 2026-02-28 |
| 株式会社日本カストディ銀行(信託Ｅ口) | Major shareholder | 2.3% | 2026-02-28 |
| ＵＨ Ｐａｒｔｎｅｒｓ ２投資事業有限責任組合 | Major shareholder | 1.7% | 2026-02-28 |
| 山本幸 | Major shareholder | 1.4% | 2026-02-28 |
| 紀平久代 | Major shareholder | 1.4% | 2026-02-28 |
| INTERACTIVE BROKERS LLC[常任代理人]インタラクティブ・ブローカーズ証券株式会社 | Major shareholder | 1.2% | 2026-02-28 |
| 貝本貴哉 | Major shareholder | 1.1% | 2026-02-28 |
| 貝本富哉 | Major shareholder | 1.1% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第35期(2025/03/01－2026/02/28) | S100YEE9 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEE9,, |
| 有価証券報告書－第34期(2024/03/01－2025/02/28) | S100VSPM | 2025-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VSPM,, |
| 有価証券報告書－第33期(2023/03/01－2024/02/29) | S100TJD7 | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJD7,, |
| 有価証券報告書－第32期(2022/03/01－2023/02/28) | S100QU4I | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QU4I,, |
| 有価証券報告書－第31期(令和3年3月1日－令和4年2月28日) | S100O5HR | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O5HR,, |

## 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).