# Choei Inc.: 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38期(2025/04/01－2026/03/31) (S100YCXS)
> Page: https://vizora.meequs.com/en/company/choei
> Retrieved: 2026-09-30T18:13:19.852Z

## Company

Choei, founded in 1988, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 261 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Choei Inc. |
| Ticker | 2993 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2993.T) |
| Listing | TSE Standard |
| Head office | 京都市伏見区深草西浦町三丁目70番地 第5長栄アストロビル (同所は登記上の本店所在地で実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役 社長執行役員 舩井 渉 |
| Founded | Apr 1988 |
| Share capital | ¥714.8M |
| Employees (consolidated) | 261 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | March |
| Website | www.kk-choei.co.jp (https://www.kk-choei.co.jp/) |
| Corporate number | 9130001015067 |
| EDINET | E37141 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100YCXS, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30 | 75 |
| Profitability | 77.3 | 86 |
| Cash conversion | 68.9 | 82 |
| Efficiency | 6.4 | 86 |

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 60% of Choei's sales come from Real estate rental business, with Real estate management business making up much of the rest.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed +9.9% from the prior year, operating profit +9.3%.

## Company structure

- Segment revenue mix: Real estate rental business 59.6%、Real estate management business 40.4%
- Revenue → net income: ¥11008008000 → ¥996330000
- Net income → operating cash flow: ¥996330000 → ¥2561169000（difference ¥1564839000）
- Main uses of operating cash flow: CapEx ¥7827037000 / dividends ¥551750000 / buybacks ¥209800000
- Change in cash: ¥101447000
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 | ¥11B |  |
| Operating income | ¥1.97B | Margin 17.9% |
| Net income | ¥996.3M | Margin 9.1% |
| Free cash flow | -¥5.27B |  |
| Largest business | Real estate rental business | of segment revenue 59.6% |
| Employees (consolidated) | 261 |  |
| EPS | ¥226.82 |  |
| Diluted EPS | ¥224.45 |  |
| Book value per share | ¥2804.44 |  |
| Equity ratio | 16.8% |  |
| Shares outstanding | 4,473,400 |  |
| Treasury shares | 86,400 |  |
| Shareholders | 1,990 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 16.0% | Cash ÷ revenue 105.9% |
| Vs. industry median margin | +7.4 pp | Real Estate Development & Leasing |
| ROE | 8.2% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8031258000 | ¥11008008000 | +37.1% |
| Operating income | ¥1813218000 | ¥1968554000 | +8.6% |
| Operating margin | 22.6% | 17.9% | -4.7 pp |
| Employees | 233 people | 261 people | +12.0% |
| Cash and equivalents | ¥6669963000 | ¥11653547000 | +74.7% |

### 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 |
| --- | ---: |
| 不動産管理事業 → 不動産管理事業 | 39.3% |
| 不動産賃貸事業 → 不動産賃貸事業 | 59.6% |
| 不動産賃貸事業 → 事業再編・廃止 | 1.2% |
| 新設・再編 → 不動産管理事業 | 1.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,008 | 100.0% | S100YCXS |
| Cost of revenue | 7,393 | 67.2% | S100YCXS |
| Gross profit | 3,615 | 32.8% | S100YCXS |
| SG&A | 1,646 | 15.0% | S100YCXS |
| Operating income | 1,969 | 17.9% | S100YCXS |
| Ordinary income | 1,417 | 12.9% | S100YCXS |
| Pretax income | 1,421 | 12.9% | S100YCXS |
| Income tax | 424 | 3.9% | S100YCXS |
| Net income | 996 | 9.1% | S100YCXS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 15 |
| Operating income | 18 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 32.8% → Operating margin 17.9% → Net margin 9.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.9%; Core profit growth: +9.3%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.94×
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 | 10,018 | 11,008 | 990 | +9.9% |
| Gross profit | 3,355 | 3,615 | 260 | +7.8% |
| Operating income | 1,801 | 1,969 | 168 | +9.3% |
| Operating cash flow | 1,884 | 2,561 | 677 | +35.9% |
| Free cash flow | -5,084 | -5,266 | -182 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 8,031 | 1,813 | 22.6% | 982 | 2,206 | -969 | S100OL6Y |
| FY ending Mar 2022 | 8,475 | 2,015 | 23.8% | 1,563 | 3,701 | 2,089 | S100R9HF |
| FY ending Mar 2023 | 9,162 | 2,329 | 25.4% | 1,370 | 2,016 | -3,647 | S100TSJ0 |
| FY ending Mar 2024 | 9,369 | 1,824 | 19.5% | 1,256 | 3,219 | -1,911 | S100VZPZ |
| FY ending Mar 2025 | 10,018 | 1,801 | 18.0% | 2,068 | 1,884 | -5,084 | S100YCXS |
| FY ending Mar 2026 | 11,008 | 1,969 | 17.9% | 996 | 2,561 | -5,266 | S100YCXS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.2M |
| Operating income per employee (consolidated) | ¥7.5M |
| Net income per employee (consolidated) | ¥3.8M |

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) | 241 | 242 | 250 | 254 | 261 |
| Average salary (parent company) | ¥4.6M | ¥4.6M | ¥4.6M | ¥4.8M | ¥5.1M |
| Average age (parent company) | 34.9 years | 35.1 years | 35.3 years | 35.5 years | 35.5 years |
| Average tenure (parent company) | 8.0 years | 7.8 years | 7.9 years | 8.0 years | 8.4 years |

Year over year: Employees (consolidated) +2.8% · Revenue (consolidated) +9.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate management business | 4,452 | 40.4% | 791 | 17.8% |
| Real estate rental business | 6,556 | 59.6% | 1,177 | 18.0% |

### 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 management business | 40.4% | 40.2% | -0.3 | 17.8% |
| Real estate rental business | 59.6% | 59.8% | 0.3 | 18.0% |

Segment → industry: Real estate rental business → Real Estate Development & Leasing / Real estate management business → Real Estate Brokerage & Management

## 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 | 2,561 | 23.3% | S100YCXS |
| Capital expenditure | 7,827 | 71.1% | S100YCXS |
| Free cash flow | -5,266 | -47.8% | 算出 |
| Investing cash flow | -7,823 | -71.1% | S100YCXS |
| Financing cash flow | 5,363 | 48.7% | S100YCXS |
| Dividends paid | 552 | 5.0% | S100YCXS |
| Share buyback | 210 | 1.9% | S100YCXS |
| Change in cash | 101 | 0.9% | S100YCXS |
| Cash and equivalents | 11,654 | 105.9% | S100YCXS |

## 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 | 8,123 | 7,140 | 9,803 | 11,552 | 11,654 | S100TSJ0, S100VZPZ, S100YCXS |
| Total assets | 53,572 | 56,852 | 60,651 | 66,686 | 73,016 | S100R9HF, S100TSJ0, S100VZPZ, S100YCXS |
| Net assets | 8,785 | 9,482 | 10,260 | 11,933 | 12,303 | S100TSJ0, S100VZPZ, S100YCXS |
| Share capital | 710 | 715 | 715 | 715 | 715 | S100R9HF, S100TSJ0, S100VZPZ, S100YCXS |
| Property, plant and equipment | 44,207 | 48,560 | 49,597 | 53,993 | 60,097 | S100R9HF, S100TSJ0, S100VZPZ, S100YCXS |
| Intangible assets excluding goodwill | 55 | 51 | 28 | 20 | 15 | S100R9HF, S100TSJ0, S100VZPZ, S100YCXS |
| Current assets | 8,911 | 7,966 | 10,633 | 12,375 | 12,618 | S100R9HF, S100TSJ0, S100VZPZ, S100YCXS |
| Current liabilities | 4,097 | 3,449 | 4,509 | 4,128 | 4,688 | S100R9HF, S100TSJ0, S100VZPZ, S100YCXS |
| Short-term borrowings | — | — | — | — | 360 | S100YCXS |
| Long-term borrowings | 36,807 | 40,247 | 42,362 | 46,953 | 52,520 | S100R9HF, S100TSJ0, S100VZPZ, S100YCXS |
| Bonds | 260 | — | — | — | — | S100R9HF |
| Total liabilities | 44,787 | 47,369 | 50,391 | 54,753 | 60,713 | S100R9HF, S100TSJ0, S100VZPZ, S100YCXS |
| Equity attributable to owners of parent | 8,785 | 9,482 | 10,260 | 11,933 | 12,303 | S100R9HF, S100TSJ0, S100VZPZ, S100YCXS |
| Retained earnings | 7,273 | 8,152 | 8,946 | 10,536 | 10,971 | S100R9HF, S100TSJ0, S100VZPZ, S100YCXS |
| Treasury stock | — | -181 | -198 | -115 | -180 | S100TSJ0, S100VZPZ, S100YCXS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YCXS |
| Property, plant and equipment | 82% | S100YCXS |
| Intangibles and goodwill | 0% | S100YCXS |
| Other assets | 2% | S100YCXS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 83% | S100YCXS |
| Equity | 17% | S100YCXS |

### 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 | 53,572 | 56,852 | 60,651 | 66,686 | 73,016 |
| Equity | 8,785 | 9,482 | 10,260 | 11,933 | 12,303 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,123 | 7,140 | 9,803 | 11,552 | 11,654 |

## 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) | 545.9% | S100YCXS |
| Fixed assets ÷ total assets | 82.3% | S100YCXS |
| Goodwill ÷ parent equity | — | —, S100YCXS |

### 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) | 16.0% |
| Cash ÷ revenue | 105.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 130.1% |
| Cash vs. profit gap | 1,565 JPY mn (of net income 157.1%) |
| Shareholder returns / net income | 76.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 55.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 71.1% |
| Investing CF relative to operating CF | 305.5% |

## 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 | 18.4% | 0.16× | 2.9% | 6.10× | 17.8% | S100R9HF |
| 2023 | 15.0% | 0.17× | 2.5% | 6.04× | 15.0% | S100TSJ0 |
| 2024 | 13.4% | 0.16× | 2.1% | 5.95× | 12.7% | S100VZPZ |
| 2025 | 20.6% | 0.16× | 3.2% | 5.74× | 18.6% | S100YCXS |
| 2026 | 9.1% | 0.16× | 1.4% | 5.76× | 8.2% | S100YCXS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 長田 修 | Major shareholder | 35.1% | 2026-03-31 |
| 長田 久美子 | Major shareholder | 14.8% | 2026-03-31 |
| ＯＳＡフィールド株式会社 | Major shareholder | 8.3% | 2026-03-31 |
| 長田 栄臣 | Major shareholder | 2.1% | 2026-03-31 |
| 浅原 正和 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社グッドアット | Major shareholder | 1.4% | 2026-03-31 |
| 長栄従業員持株会 | Major shareholder | 1.2% | 2026-03-31 |
| 山本 光伸 | Major shareholder | 1.1% | 2026-03-31 |
| 舩井 渉 | Major shareholder | 1.1% | 2026-03-31 |
| 田中 健司 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第38期(2025/04/01－2026/03/31) | S100YCXS | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCXS,, |
| 有価証券報告書－第37期(2024/04/01－2025/03/31) | S100VZPZ | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZPZ,, |
| 有価証券報告書－第36期(2023/04/01－2024/03/31) | S100TSJ0 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSJ0,, |
| 有価証券報告書－第35期(2022/04/01－2023/03/31) | S100R9HF | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9HF,, |
| 有価証券報告書－第34期(令和3年4月1日－令和4年3月31日) | S100OL6Y | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL6Y,, |

## 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).