# CENTRAL GENERAL DEVELOPMENT 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67期(2025/04/01－2026/03/31) (S100YH5L)
> Page: https://vizora.meequs.com/en/company/central-general-development
> Retrieved: 2026-09-30T19:48:18.693Z

## Company

Central General Development, founded in 1959, is a company in Non-life Insurance listed on TSE Standard. It has 176 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CENTRAL GENERAL DEVELOPMENT CO.,LTD. |
| Ticker | 3238 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3238.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区飯田橋三丁目3番7号 |
| Representative (per filing) | 代表取締役社長 田中洋一 |
| Founded | Nov 1959 |
| Share capital | ¥1.35B |
| Employees (consolidated) | 176 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Website | www.central-gd.co.jp (https://www.central-gd.co.jp/) |
| Corporate number | 7010001021079 |
| EDINET | E04065 |
| Industries (Vizora) | Non-life Insurance, Real Estate Development & Leasing, Real Estate Brokerage & Management, Condominium Developers |

> Profile source: annual securities report (S100YH5L, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Condominium Developers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.5 | 21 |
| Profitability | 6 | 25 |
| Cash conversion | 66 | 25 |
| Efficiency | 62 | 25 |

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 89% of Central General Development's sales come from Real estate sales operation, with Building and condominium lease management operation and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +24.5% from the prior year, operating profit -27.8%.

## Company structure

- Segment revenue mix: Real estate sales operation 89.3%、Building and condominium lease management operation 10.6%、Other 0.1%
- Revenue → net income: ¥38450695000 → ¥147597000
- Net income → operating cash flow: ¥147597000 → ¥178036000（difference ¥30439000）
- Main uses of operating cash flow: CapEx ¥663741000 / dividends ¥134301000 / buybacks ¥39000
- Change in cash: ¥114100000
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 | ¥38.5B |  |
| Operating income | ¥898.6M | Margin 2.3% |
| Net income | ¥147.6M | Margin 0.4% |
| Free cash flow | -¥485.7M |  |
| Largest business | Real estate sales operation | of segment revenue 89.3% |
| Employees (consolidated) | 176 |  |
| EPS | ¥16.89 |  |
| Book value per share | ¥1017.33 |  |
| Equity ratio | 22.3% |  |
| Shares outstanding | 9,681,000 |  |
| Treasury shares | 67,900 |  |
| Shareholders | 1,706 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 2.4% | Cash ÷ revenue 2.8% |
| Vs. industry median margin | -5.8 pp | Condominium Developers |
| ROE | 1.6% | Derived from disclosed figures |
| ROA | 0.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 73% of positive segment profit
- FY2026, cash is 2% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥26029672000 | ¥38450695000 | +47.7% |
| Operating income | ¥1157085000 | ¥898631000 | -22.3% |
| Operating margin | 4.4% | 2.3% | -2.1 pp |
| Employees | 164 people | 176 people | +7.3% |
| Cash and equivalents | ¥1298860000 | ¥1092352000 | -15.9% |

### 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 |
| --- | ---: |
| 不動産販売事業 → 不動産販売事業 | 87.0% |
| 不動産賃貸・管理事業 → 不動産賃貸・管理事業 | 10.6% |
| 不動産賃貸・管理事業 → 事業再編・廃止 | 2.2% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 不動産販売事業 | 2.3% |

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 operation | 5 years | +8.7% | ¥34333223000 | 4.6% | 2 |
| Building and condominium lease management operation | 5 years | +4.1% | ¥4074049000 | 13.9% | 2 |
| Other | 5 years | +2.9% | ¥43422000 | 25.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 38,451 | 100.0% | S100YH5L |
| Cost of revenue | 32,299 | 84.0% | S100YH5L |
| Gross profit | 6,152 | 16.0% | S100YH5L |
| SG&A | 5,254 | 13.7% | S100YH5L |
| Operating income | 899 | 2.3% | S100YH5L |
| Ordinary income | 304 | 0.8% | S100YH5L |
| Pretax income | 302 | 0.8% | S100YH5L |
| Income tax | 154 | 0.4% | S100YH5L |
| Net income | 148 | 0.4% | S100YH5L |
| Net income attributable to owners | 148 | 0.4% | S100YH5L |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 14 |
| Operating income | 2 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 16.0% → Operating margin 2.3% → Net margin 0.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +24.5%; Core profit growth: -27.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.14×
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 | 30,883 | 38,451 | 7,567 | +24.5% |
| Gross profit | 5,761 | 6,152 | 391 | +6.8% |
| Operating income | 1,245 | 899 | -347 | -27.8% |
| Net income attributable to owners | 497 | 148 | -350 | -70.3% |
| Operating cash flow | -7,610 | 178 | 7,788 | — |
| Free cash flow | -8,649 | -486 | 8,164 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 24,111 | 1,680 | 7.0% | 980 | -1,748 | -2,168 | S100LTEK |
| FY ending Mar 2021 | 26,030 | 1,157 | 4.4% | 575 | -2,348 | -2,955 | S100OGGS |
| FY ending Mar 2022 | 29,314 | 1,186 | 4.0% | 630 | 2,358 | 1,108 | S100R1O7 |
| FY ending Mar 2023 | 30,392 | 1,539 | 5.1% | 845 | 2,664 | 1,875 | S100TQ7B |
| FY ending Mar 2024 | 31,925 | 1,707 | 5.3% | 905 | -6,848 | -8,093 | S100W3OF |
| FY ending Mar 2025 | 30,883 | 1,245 | 4.0% | 497 | -7,610 | -8,649 | S100YH5L |
| FY ending Mar 2026 | 38,451 | 899 | 2.3% | 148 | 178 | -486 | S100YH5L |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥218.5M |
| Operating income per employee (consolidated) | ¥5.1M |
| Net income per employee (consolidated) | ¥838.6K |

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) | 168 | 168 | 172 | 184 | 176 |
| Average salary (parent company) | ¥7.7M | ¥7.6M | ¥7.8M | ¥7.5M | ¥7.4M |
| Average age (parent company) | 44.2 years | 44.6 years | 45.0 years | 45.0 years | 45.3 years |
| Average tenure (parent company) | 14.6 years | 14.8 years | 14.8 years | 14.4 years | 14.3 years |

Year over year: Employees (consolidated) -4.3% · Revenue (consolidated) +24.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate sales operation | 34,333 | 89.3% | 1,592 | 4.6% |
| Building and condominium lease management operation | 4,074 | 10.6% | 567 | 13.9% |
| Other | 43 | 0.1% | 11 | 25.9% |

### 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 operation | 89.3% | 73.3% | -15.9 | 4.6% |
| Building and condominium lease management operation | 10.6% | 26.1% | 15.5 | 13.9% |
| Other | 0.1% | 0.5% | 0.4 | 25.9% |

Segment → industry: Other → Non-life Insurance / Building and condominium lease management operation → Real Estate Development & Leasing / Building and condominium lease management operation → Real Estate Brokerage & Management / Real estate sales operation → Condominium Developers

## 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 | 178 | 0.5% | S100YH5L |
| Capital expenditure | 664 | 1.7% | S100YH5L |
| Free cash flow | -486 | -1.3% | 算出 |
| Investing cash flow | -545 | -1.4% | S100YH5L |
| Financing cash flow | 481 | 1.3% | S100YH5L |
| Dividends paid | 134 | 0.3% | S100YH5L |
| Share buyback | 0 | 0.0% | S100YH5L |
| Change in cash | 114 | 0.3% | S100YH5L |
| Cash and equivalents | 1,092 | 2.8% | S100YH5L |

## 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 | 2,036 | 2,531 | 1,415 | 978 | 1,092 | S100TQ7B, S100W3OF, S100YH5L |
| Total assets | 29,242 | 28,963 | 36,591 | 45,416 | 46,101 | S100R1O7, S100TQ7B, S100W3OF, S100YH5L |
| Net assets | 8,350 | 9,087 | 9,944 | 10,257 | 10,303 | S100TQ7B, S100W3OF, S100YH5L |
| Share capital | 1,353 | 1,353 | 1,353 | 1,353 | 1,353 | S100R1O7, S100TQ7B, S100W3OF, S100YH5L |
| Property, plant and equipment | 9,105 | 9,780 | 10,825 | 11,634 | 10,464 | S100R1O7, S100TQ7B, S100W3OF, S100YH5L |
| Intangible assets excluding goodwill | 9 | 32 | 84 | 159 | 196 | S100R1O7, S100TQ7B, S100W3OF, S100YH5L |
| Investment securities | 118 | 153 | 265 | 232 | 241 | S100R1O7, S100TQ7B, S100W3OF, S100YH5L |
| Current assets | 19,308 | 18,274 | 24,665 | 32,625 | 34,505 | S100R1O7, S100TQ7B, S100W3OF, S100YH5L |
| Current liabilities | 8,089 | 8,735 | 8,660 | 15,469 | 21,311 | S100R1O7, S100TQ7B, S100W3OF, S100YH5L |
| Trade payables | 606 | 448 | 654 | 800 | 746 | S100R1O7, S100TQ7B, S100W3OF, S100YH5L |
| Short-term borrowings | 4,825 | 5,236 | 5,511 | 12,306 | 18,138 | S100R1O7, S100TQ7B, S100W3OF, S100YH5L |
| Long-term borrowings | 11,674 | 10,023 | 16,870 | 18,391 | 13,094 | S100R1O7, S100TQ7B, S100W3OF, S100YH5L |
| Total liabilities | 20,892 | 19,877 | 26,647 | 35,159 | 35,798 | S100R1O7, S100TQ7B, S100W3OF, S100YH5L |
| Equity attributable to owners of parent | 7,589 | 8,301 | 9,078 | 9,419 | 9,442 | S100R1O7, S100TQ7B, S100W3OF, S100YH5L |
| Retained earnings | 5,259 | 5,990 | 6,751 | 7,077 | 7,090 | S100R1O7, S100TQ7B, S100W3OF, S100YH5L |
| Treasury stock | -41 | -61 | -49 | -37 | -27 | S100R1O7, S100TQ7B, S100W3OF, S100YH5L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100YH5L |
| Property, plant and equipment | 23% | S100YH5L |
| Intangibles and goodwill | 0% | S100YH5L |
| Investment securities | 1% | S100YH5L |
| Other assets | 74% | S100YH5L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YH5L |
| Other liabilities | 76% | S100YH5L |
| Equity | 22% | S100YH5L |

### 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 | 29,242 | 28,963 | 36,591 | 45,416 | 46,101 |
| Equity | 8,350 | 9,087 | 9,944 | 10,257 | 10,303 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,036 | 2,531 | 1,415 | 978 | 1,092 |

## 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) | 27.2% | S100YH5L |
| Fixed assets ÷ total assets | 22.7% | S100YH5L |
| Goodwill ÷ parent equity | — | —, S100YH5L |

### 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) | 2.4% |
| Cash ÷ revenue | 2.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 19.8% |
| Cash vs. profit gap | 30 JPY mn (of net income 20.6%) |
| Shareholder returns / net income | 91.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 91.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 306.2% |

## 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 | 2.1% | 1.00× | 2.2% | 3.85× | 8.3% | S100R1O7 |
| 2023 | 2.8% | 1.04× | 2.9% | 3.66× | 10.6% | S100TQ7B |
| 2024 | 2.8% | 0.97× | 2.8% | 3.77× | 10.4% | S100W3OF |
| 2025 | 1.6% | 0.75× | 1.2% | 4.43× | 5.4% | S100YH5L |
| 2026 | 0.4% | 0.84× | 0.3% | 4.85× | 1.6% | S100YH5L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱クラフティア | Major shareholder | 30.3% | 2026-03-31 |
| 田中 美津子 | Major shareholder | 4.9% | 2026-03-31 |
| 田中 洋一 | Major shareholder | 3.2% | 2026-03-31 |
| 田中 エリカ | Major shareholder | 3.0% | 2026-03-31 |
| セントラル総合開発社員持株会 | Major shareholder | 2.6% | 2026-03-31 |
| 三好 俊男 | Major shareholder | 2.5% | 2026-03-31 |
| 渡部 文悟 | Major shareholder | 2.4% | 2026-03-31 |
| 福本 統一 | Major shareholder | 2.4% | 2026-03-31 |
| 東京海上日動火災保険㈱ | Major shareholder | 2.4% | 2026-03-31 |
| ㈱SBI証券 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第67期(2025/04/01－2026/03/31) | S100YH5L | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH5L,, |
| 有価証券報告書－第66期(2024/04/01－2025/03/31) | S100W3OF | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3OF,, |
| 有価証券報告書－第65期(2023/04/01－2024/03/31) | S100TQ7B | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ7B,, |
| 有価証券報告書－第64期(2022/04/01－2023/03/31) | S100R1O7 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1O7,, |
| 有価証券報告書－第63期(令和3年4月1日－令和4年3月31日) | S100OGGS | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGGS,, |
| 訂正有価証券報告書－第62期(令和2年4月1日－令和3年3月31日) | S100LTEK | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTEK,, |

## 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).