# Columbia Works Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第13期(2025/01/01－2025/12/31) (S100XUIC)
> Page: https://vizora.meequs.com/en/company/columbiaworks
> Retrieved: 2026-09-30T21:02:31.096Z

## Company

Columbia Works, founded in 2013, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 84 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Columbia Works Inc. |
| Ticker | 146A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/146A.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区渋谷二丁目17番1号 |
| Representative (per filing) | 代表取締役 中内 準 |
| Founded | May 2013 |
| Share capital | ¥2.7B |
| Employees (consolidated) | 84 |
| Average salary (parent only) | ¥8.7M |
| Fiscal year end | December |
| Website | columbiaworks.jp (https://columbiaworks.jp/) |
| Corporate number | 8011001094980 |
| EDINET | E39407 |
| Industries (Vizora) | Real Estate Development & Leasing |

> Profile source: annual securities report (S100XUIC, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.3 | 75 |
| Profitability | 75 | 86 |
| Cash conversion | 20.1 | 82 |
| Efficiency | 45.9 | 86 |
| Financial strength | 25.7 | 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)

- Columbia Works brought in ¥37.1B in revenue.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +76.8% from the prior year, operating profit +54.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥37.1B |  |
| Operating income | ¥6.03B | Margin 16.3% |
| Net income | ¥3.46B | Margin 9.3% |
| Free cash flow | -¥5.76B |  |
| Employees (consolidated) | 84 |  |
| EPS | ¥441.4 |  |
| Diluted EPS | ¥440.43 |  |
| Book value per share | ¥2169.67 |  |
| Equity ratio | 26.1% |  |
| Shares outstanding | 7,716,600 |  |
| Shareholders | 2,676 |  |
| Average salary (parent only) | ¥8.7M | Filing company only |
| Cash ratio | 11.7% | Net cash -¥28.7B · Cash ÷ revenue 21.2% |
| Vs. industry median margin | +5.7 pp | Real Estate Development & Leasing |
| ROE | 23.5% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## What changed in 3 years

| Metric | FY ending Dec 2022 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11013000000 | ¥37084000000 | +236.7% |
| Operating income | ¥2190000000 | ¥6028000000 | +175.3% |
| Operating margin | 19.9% | 16.3% | -3.6 pp |
| Employees | 46 people | 84 people | +82.6% |
| Cash and equivalents | ¥3033000000 | ¥7855000000 | +159.0% |

### Change in segment revenue mix

Span: FY ending Dec 2022 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 37,084 | 100.0% | S100XUIC |
| Cost of revenue | 28,428 | 76.7% | S100XUIC |
| Gross profit | 8,656 | 23.3% | S100XUIC |
| SG&A | 2,627 | 7.1% | S100XUIC |
| Operating income | 6,028 | 16.3% | S100XUIC |
| Ordinary income | 5,123 | 13.8% | S100XUIC |
| Pretax income | 5,288 | 14.3% | S100XUIC |
| Income tax | 1,823 | 4.9% | S100XUIC |
| Net income | 3,464 | 9.3% | S100XUIC |
| Net income attributable to owners | 3,464 | 9.3% | S100XUIC |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 7 |
| Operating income | 16 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 23.3% → Operating margin 16.3% → Net margin 9.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +76.8%; Core profit growth: +54.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.72×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 20,981 | 37,084 | 16,103 | +76.8% |
| Gross profit | 5,673 | 8,656 | 2,983 | +52.6% |
| Operating income | 3,892 | 6,028 | 2,136 | +54.9% |
| Net income attributable to owners | 2,238 | 3,464 | 1,226 | +54.8% |
| Operating cash flow | -14,347 | -4,318 | 10,029 | — |
| Free cash flow | -16,046 | -5,765 | 10,281 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2022 | 11,013 | 2,190 | 19.9% | 1,174 | -5,740 | -6,129 | S100T6JR |
| FY ending Dec 2023 | 14,469 | 2,718 | 18.8% | 1,516 | -1,778 | -2,915 | S100VJ20 |
| FY ending Dec 2024 | 20,981 | 3,892 | 18.6% | 2,238 | -14,347 | -16,046 | S100XUIC |
| FY ending Dec 2025 | 37,084 | 6,028 | 16.3% | 3,464 | -4,318 | -5,765 | S100XUIC |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥441.5M |
| Operating income per employee (consolidated) | ¥71.8M |
| Net income per employee (consolidated) | ¥41.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 46 | 47 | 57 | 84 |
| Average salary (parent company) | — | ¥7.1M | ¥8.1M | ¥8.7M |
| Average age (parent company) | — | 34.5 years | 36.9 years | 37.1 years |
| Average tenure (parent company) | — | 3.5 years | 3.2 years | 3.1 years |

Year over year: Employees (consolidated) +47.4% · Revenue (consolidated) +76.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -4,318 | -11.6% | S100XUIC |
| Capital expenditure | 1,447 | 3.9% | S100XUIC |
| Free cash flow | -5,765 | -15.5% | 算出 |
| Investing cash flow | -1,706 | -4.6% | S100XUIC |
| Financing cash flow | 9,637 | 26.0% | S100XUIC |
| Dividends paid | 399 | 1.1% | S100XUIC |
| Change in cash | 3,612 | 9.7% | S100XUIC |
| Cash and equivalents | 7,855 | 21.2% | S100XUIC |

## 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 Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,033 | 3,101 | 4,243 | 7,855 | S100VJ20, S100XUIC |
| Total assets | 26,983 | 32,001 | 52,186 | 66,877 | S100T6JR, S100VJ20, S100XUIC |
| Net assets | 5,798 | 7,140 | 12,101 | 17,439 | S100VJ20, S100XUIC |
| Share capital | 100 | 100 | 1,576 | 2,700 | S100T6JR, S100VJ20, S100XUIC |
| Property, plant and equipment | 5,554 | 8,969 | 10,334 | 11,682 | S100T6JR, S100VJ20, S100XUIC |
| Intangible assets excluding goodwill | 95 | 90 | 213 | 169 | S100T6JR, S100VJ20, S100XUIC |
| Investment securities | 128 | 20 | 7 | 133 | S100T6JR, S100VJ20, S100XUIC |
| Current assets | 20,795 | 22,027 | 40,764 | 53,678 | S100T6JR, S100VJ20, S100XUIC |
| Current liabilities | 6,552 | 8,952 | 9,117 | 22,302 | S100T6JR, S100VJ20, S100XUIC |
| Short-term borrowings | 2,631 | 3,251 | 2,255 | 9,928 | S100T6JR, S100VJ20, S100XUIC |
| Long-term borrowings | 14,212 | 15,296 | 30,515 | 26,456 | S100T6JR, S100VJ20, S100XUIC |
| Bonds | 43 | 16 | 8 | 136 | S100T6JR, S100VJ20, S100XUIC |
| Interest-bearing debt | 16,886 | 18,563 | 32,778 | 36,520 | 算出 |
| Total liabilities | 21,185 | 24,860 | 40,085 | 49,437 | S100T6JR, S100VJ20, S100XUIC |
| Equity attributable to owners of parent | 5,798 | 7,140 | 12,100 | 17,418 | S100T6JR, S100VJ20, S100XUIC |
| Retained earnings | 5,692 | 7,034 | 9,045 | 12,110 | S100T6JR, S100VJ20, S100XUIC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100XUIC |
| Property, plant and equipment | 18% | S100XUIC |
| Intangibles and goodwill | 0% | S100XUIC |
| Investment securities | 0% | S100XUIC |
| Other assets | 70% | S100XUIC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 55% | 算出 |
| Other liabilities | 19% | S100XUIC |
| Equity | 26% | S100XUIC |
| Other liabilities | 0% | S100XUIC |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 26,983 | 32,001 | 52,186 | 66,877 |
| Equity | 5,798 | 7,140 | 12,101 | 17,439 |
| Interest-bearing debt | 16,886 | 18,563 | 32,778 | 36,520 |
| Cash | 3,033 | 3,101 | 4,243 | 7,855 |

## 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) | 31.5% | S100XUIC |
| Fixed assets ÷ total assets | 17.5% | S100XUIC |
| Goodwill ÷ parent equity | — | —, S100XUIC |

### 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) | 11.7% |
| Cash ÷ revenue | 21.2% |
| Net cash (cash − interest-bearing debt) | -¥28.7B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -71.6% |
| Cash vs. profit gap | -7,782 JPY mn (of net income -224.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 11.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| 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 | 10.7% | 0.41× | 4.4% | 4.65× | 20.2% | S100T6JR |
| 2023 | 10.5% | 0.49× | 5.1% | 4.56× | 23.4% | S100VJ20 |
| 2024 | 10.7% | 0.50× | 5.3% | 4.38× | 23.3% | S100XUIC |
| 2025 | 9.3% | 0.62× | 5.8% | 4.03× | 23.5% | S100XUIC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Nstyle株式会社 | Major shareholder | 33.7% | 2025-12-31 |
| 中内 準 | Major shareholder | 24.9% | 2025-12-31 |
| 水山 直也 | Major shareholder | 4.1% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 1.9% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.7% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 1.4% | 2025-12-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG(FE-AC) (常任代理人株式会社三菱UFJ銀行） | Major shareholder | 1.2% | 2025-12-31 |
| セントラル短資株式会社 | Major shareholder | 1.0% | 2025-12-31 |
| MORGAN STANLEY & CO. LLC (常任代理人モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 0.7% | 2025-12-31 |
| THE BANK OF NEW YORK MELLON 140044 (常任代理人株式会社みずほ銀行） | Major shareholder | 0.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2025/01/01－2025/12/31) | S100XUIC | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUIC,, |
| 有価証券報告書－第12期(2024/01/01－2024/12/31) | S100VJ20 | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJ20,, |
| 有価証券報告書－第11期(2023/01/01－2023/12/31) | S100T6JR | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6JR,, |

## 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).