# CENTURY 21 REAL ESTATE OF JAPAN LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第43期(2025/04/01－2026/03/31) (S100YJMR)
> Page: https://vizora.meequs.com/en/company/century-21-real-estate-of-japan
> Retrieved: 2026-09-30T22:04:06.941Z

## Company

Century 21 Real Estate of Japan, founded in 1983, is a company in Real Estate Brokerage & Management listed on TSE Standard. It has 93 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CENTURY 21 REAL ESTATE OF JAPAN LTD. |
| Ticker | 8898 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8898.T) |
| Listing | TSE Standard |
| Head office | 東京都港区北青山二丁目12番16号 |
| Representative (per filing) | 代表取締役社長 高坂勇介 |
| Founded | Oct 1983 |
| Share capital | ¥517.8M |
| Employees (consolidated) | 93 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | March |
| Website | www.century21japan.co.jp (https://www.century21japan.co.jp/) |
| Corporate number | 4010401015815 |
| EDINET | E05238 |
| Industries (Vizora) | Real Estate Brokerage & Management |

> Profile source: annual securities report (S100YJMR, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Real Estate Brokerage & Management (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 14 | 25 |
| Profitability | 98.1 | 26 |
| Cash conversion | 75 | 26 |
| Efficiency | 5.8 | 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)

- Century 21 Real Estate of Japan brought in ¥4.3B in revenue.
- Out of every ¥100 of sales, about ¥25 is left as operating profit.
- Revenue changed +6.3% from the prior year, operating profit -0.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4300314000 → ¥852631000
- Net income → operating cash flow: ¥852631000 → ¥1102108000（difference ¥249477000）
- Main uses of operating cash flow: CapEx ¥312515000 / dividends ¥564063000 / buybacks ¥264000
- Change in cash: ¥-195034000
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 | ¥4.3B |  |
| Operating income | ¥1.06B | Margin 24.8% |
| Net income | ¥852.6M | Margin 19.8% |
| Free cash flow | ¥789.6M |  |
| Employees (consolidated) | 93 |  |
| EPS | ¥83.09 |  |
| Book value per share | ¥678.52 |  |
| Equity ratio | 84.7% |  |
| Shares outstanding | 11,325,000 |  |
| Treasury shares | 1,063,200 |  |
| Shareholders | 5,423 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 6.9% | Cash ÷ revenue 13.2% |
| Vs. industry median margin | +15.8 pp | Real Estate Brokerage & Management |
| ROE | 13.0% | Derived from disclosed figures |
| ROA | 10.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating income keeps 25 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3867254000 | ¥4300314000 | +11.2% |
| Operating income | ¥943337000 | ¥1064637000 | +12.9% |
| Operating margin | 24.4% | 24.8% | +0.4 pp |
| Employees | 85 people | 93 people | +9.4% |
| Cash and equivalents | ¥1946228000 | ¥566734000 | -70.9% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,300 | 100.0% | S100YJMR |
| SG&A | 2,111 | 49.1% | S100YJMR |
| Operating income | 1,065 | 24.8% | S100YJMR |
| Ordinary income | 1,215 | 28.3% | S100YJMR |
| Pretax income | 1,215 | 28.3% | S100YJMR |
| Income tax | 362 | 8.4% | S100YJMR |
| Net income | 853 | 19.8% | S100YJMR |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 75 |
| Operating income | 25 |
| (Ref.) Net income | 20 |

### Margin funnel

Operating margin 24.8% → Net margin 19.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +6.3%; Core profit growth: -0.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.10×
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 | 4,046 | 4,300 | 255 | +6.3% |
| Operating income | 1,072 | 1,065 | -7 | -0.7% |
| Operating cash flow | 1,039 | 1,102 | 63 | +6.1% |
| Free cash flow | 955 | 790 | -165 | -17.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,113 | 1,105 | 26.9% | 585 | 796 | 554 | S100LM2Z |
| FY ending Mar 2021 | 3,867 | 943 | 24.4% | 705 | 1,013 | 879 | S100OBYG |
| FY ending Mar 2022 | 3,727 | 867 | 23.3% | 741 | 634 | -79 | S100QZW3 |
| FY ending Mar 2023 | 3,798 | 876 | 23.1% | 652 | 1,294 | 1,192 | S100TPX3 |
| FY ending Mar 2024 | 3,851 | 936 | 24.3% | 674 | 867 | 780 | S100WJ5R |
| FY ending Mar 2025 | 4,046 | 1,072 | 26.5% | 802 | 1,039 | 955 | S100YJMR |
| FY ending Mar 2026 | 4,300 | 1,065 | 24.8% | 853 | 1,102 | 790 | S100YJMR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.2M |
| Operating income per employee (consolidated) | ¥11.4M |
| Net income per employee (consolidated) | ¥9.2M |

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) | 96 | 88 | 87 | 85 | 93 |
| Average salary (parent company) | ¥7.1M | ¥7.3M | ¥7.7M | ¥7.8M | ¥8.1M |
| Average age (parent company) | 46.6 years | 47.0 years | 47.7 years | 48.8 years | 49.4 years |
| Average tenure (parent company) | 9.3 years | 10.2 years | 10.9 years | 11.7 years | 11.6 years |

Year over year: Employees (consolidated) +9.4% · Revenue (consolidated) +6.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,102 | 25.6% | S100YJMR |
| Capital expenditure | 313 | 7.3% | S100YJMR |
| Free cash flow | 790 | 18.4% | 算出 |
| Investing cash flow | -733 | -17.0% | S100YJMR |
| Financing cash flow | -564 | -13.1% | S100YJMR |
| Dividends paid | 564 | 13.1% | S100YJMR |
| Share buyback | 0 | 0.0% | S100YJMR |
| Change in cash | -195 | -4.5% | S100YJMR |
| Cash and equivalents | 567 | 13.2% | S100YJMR |

## 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 | 1,550 | 1,900 | 2,138 | 762 | 567 | S100TPX3, S100WJ5R, S100YJMR |
| Total assets | 7,190 | 7,727 | 7,641 | 7,923 | 8,224 | S100QZW3, S100TPX3, S100WJ5R, S100YJMR |
| Net assets | 6,150 | 6,312 | 6,357 | 6,611 | 6,963 | S100TPX3, S100WJ5R, S100YJMR |
| Share capital | 518 | 518 | 518 | 518 | 518 | S100QZW3, S100TPX3, S100WJ5R, S100YJMR |
| Property, plant and equipment | 147 | 124 | 115 | 118 | 133 | S100QZW3, S100TPX3, S100WJ5R, S100YJMR |
| Intangible assets excluding goodwill | 863 | 748 | 574 | 409 | 431 | S100QZW3, S100TPX3, S100WJ5R, S100YJMR |
| Investment securities | 930 | 791 | 835 | 716 | 1,108 | S100QZW3, S100TPX3, S100WJ5R, S100YJMR |
| Current assets | 4,816 | 5,631 | 5,831 | 6,485 | 6,372 | S100QZW3, S100TPX3, S100WJ5R, S100YJMR |
| Current liabilities | 874 | 1,237 | 1,109 | 1,150 | 1,063 | S100QZW3, S100TPX3, S100WJ5R, S100YJMR |
| Total liabilities | 1,040 | 1,414 | 1,284 | 1,311 | 1,261 | S100QZW3, S100TPX3, S100WJ5R, S100YJMR |
| Equity attributable to owners of parent | 5,812 | 6,047 | 6,061 | 6,402 | 6,690 | S100QZW3, S100TPX3, S100WJ5R, S100YJMR |
| Retained earnings | 5,824 | 6,060 | 6,265 | 6,606 | 6,894 | S100QZW3, S100TPX3, S100WJ5R, S100YJMR |
| Treasury stock | -699 | -699 | -890 | -890 | -890 | S100QZW3, S100TPX3, S100WJ5R, S100YJMR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YJMR |
| Property, plant and equipment | 2% | S100YJMR |
| Intangibles and goodwill | 5% | S100YJMR |
| Investment securities | 13% | S100YJMR |
| Other assets | 73% | S100YJMR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 15% | S100YJMR |
| Equity | 85% | S100YJMR |
| Other liabilities | 0% | S100YJMR |

### 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 | 7,190 | 7,727 | 7,641 | 7,923 | 8,224 |
| Equity | 6,150 | 6,312 | 6,357 | 6,611 | 6,963 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,550 | 1,900 | 2,138 | 762 | 567 |

## 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) | 3.1% | S100YJMR |
| Fixed assets ÷ total assets | 1.6% | S100YJMR |
| Goodwill ÷ parent equity | — | —, S100YJMR |

### 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) | 6.9% |
| Cash ÷ revenue | 13.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 103.5% |
| Cash vs. profit gap | 249 JPY mn (of net income 29.3%) |
| Shareholder returns / net income | 66.2% |
| Shareholder returns / FCF | 71.5% |
| Shareholder payments — dividends / net income | 66.2% |
| Shareholder payments — dividends / FCF | 71.4% |
| CapEx intensity (capex ÷ revenue) | 7.3% |
| Investing CF relative to operating CF | 66.5% |

## 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 | 19.9% | 0.52× | 10.3% | 1.24× | 12.8% | S100QZW3 |
| 2023 | 17.2% | 0.51× | 8.7% | 1.26× | 11.0% | S100TPX3 |
| 2024 | 17.5% | 0.50× | 8.8% | 1.27× | 11.1% | S100WJ5R |
| 2025 | 19.8% | 0.52× | 10.3% | 1.25× | 12.9% | S100YJMR |
| 2026 | 19.8% | 0.53× | 10.6% | 1.23× | 13.0% | S100YJMR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊藤忠商事株式会社 | Major shareholder | 48.4% | 2026-03-31 |
| 中央日本土地建物株式会社 | Major shareholder | 6.8% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 4.9% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.3% | 2026-03-31 |
| 和田昌彦 | Major shareholder | 2.2% | 2026-03-31 |
| 田辺幸子 | Major shareholder | 1.5% | 2026-03-31 |
| 東俊秀 | Major shareholder | 1.4% | 2026-03-31 |
| センチュリー21・ジャパン従業員持株会 | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社ハートアセットマネジメント | Major shareholder | 0.9% | 2026-03-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第43期(2025/04/01－2026/03/31) | S100YJMR | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJMR,, |
| 訂正有価証券報告書－第42期(2024/04/01－2025/03/31) | S100WJ5R | 2025-08-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WJ5R,, |
| 有価証券報告書－第41期(2023/04/01－2024/03/31) | S100TPX3 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPX3,, |
| 有価証券報告書－第40期(2022/04/01－2023/03/31) | S100QZW3 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZW3,, |
| 有価証券報告書－第39期(令和3年4月1日－令和4年3月31日) | S100OBYG | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBYG,, |
| 有価証券報告書－第38期(令和2年4月1日－令和3年3月31日) | S100LM2Z | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM2Z,, |

## 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).