# COSMOS INITIA 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57期(2025/04/01－2026/03/31) (S100YCZ3)
> Page: https://vizora.meequs.com/en/company/cosmos-initia
> Retrieved: 2026-09-30T19:40:54.852Z

## Company

Cosmos Initia, founded in 1969, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 1,295 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | COSMOS INITIA Co.,Ltd. |
| Ticker | 8844 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8844.T) |
| Listing | TSE Standard |
| Head office | 東京都港区芝五丁目34番6号 |
| Representative (per filing) | 代表取締役社長 髙智 亮大朗 |
| Founded | Jun 1969 |
| Share capital | ¥5B |
| Employees (consolidated) | 1,295 |
| Average salary (parent only) | ¥9.3M |
| Fiscal year end | March |
| Website | www.cigr.co.jp (https://www.cigr.co.jp/) |
| Corporate number | 2010401094621 |
| EDINET | E03938 |
| Industries (Vizora) | Real Estate Development & Leasing, Hotels & Inns, General Contractors, Condominium Developers |

> Profile source: annual securities report (S100YCZ3, filed 2026-06-17). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34 | 75 |
| Profitability | 37.8 | 86 |
| Cash conversion | 42.1 | 82 |
| Efficiency | 64.5 | 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 43% of Cosmos Initia's sales come from Real estate solutions, with Real estate sales and brokerage and Accommodation business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +15.3% from the prior year, operating profit +32.6%.

## Company structure

- Segment revenue mix: Real estate solutions 42.6%、Real estate sales and brokerage 32.3%、Accommodation business 19.5%、Construction works 5.6%
- Revenue → net income: ¥149296000000 → ¥8048000000
- Net income → operating cash flow: ¥8048000000 → ¥3850000000（difference ¥-4198000000）
- Main uses of operating cash flow: CapEx ¥931000000 / dividends ¥1086000000 / buybacks ¥0
- Change in cash: ¥-2618000000
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 | ¥149.3B |  |
| Operating income | ¥12.5B | Margin 8.4% |
| Net income | ¥8.24B | Margin 5.5% |
| Free cash flow | ¥2.92B |  |
| Largest business | Real estate solutions | of segment revenue 42.6% |
| Employees (consolidated) | 1,295 |  |
| EPS | ¥182.24 |  |
| Book value per share | ¥1450.49 |  |
| Equity ratio | 30.6% |  |
| Shares outstanding | 33,911,000 |  |
| Treasury shares | 15,700 |  |
| Shareholders | 7,003 |  |
| Average salary (parent only) | ¥9.3M | Filing company only |
| Cash ratio | 13.6% | Cash ÷ revenue 16.8% |
| Vs. industry median margin | -2.1 pp | Real Estate Development & Leasing |
| ROE | 15.6% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 38 points
- FY2026, parent-company salary changed +32% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥107257000000 | ¥149296000000 | +39.2% |
| Operating income | ¥2376000000 | ¥12537000000 | +427.7% |
| Operating margin | 2.2% | 8.4% | +6.2 pp |
| Employees | 919 people | 1,295 people | +40.9% |
| Cash and equivalents | ¥31186000000 | ¥25148000000 | -19.4% |

### 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 |
| --- | ---: |
| レジデンシャル事業 → レジデンシャル事業 | 32.3% |
| レジデンシャル事業 → 事業再編・廃止 | 5.6% |
| ソリューション事業 → ソリューション事業 | 42.6% |
| ソリューション事業 → 事業再編・廃止 | 6.2% |
| 宿泊事業 → 宿泊事業 | 0.5% |
| 工事事業 → 工事事業 | 5.6% |
| 工事事業 → 事業再編・廃止 | 7.1% |
| 新設・再編 → 宿泊事業 | 18.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Real estate solutions | 5 years | +4.0% | ¥63601000000 | 6.9% | 2 |
| Real estate sales and brokerage | 5 years | +3.5% | ¥48288000000 | 4.6% | 2 |
| Accommodation business | 5 years | +118.1% | ¥29068000000 | 31.6% | 2 |
| Construction works | 5 years | -9.4% | ¥8337000000 | 1.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 149,296 | 100.0% | S100YCZ3 |
| Cost of revenue | 117,362 | 78.6% | S100YCZ3 |
| Gross profit | 31,933 | 21.4% | S100YCZ3 |
| SG&A | 19,396 | 13.0% | S100YCZ3 |
| Operating income | 12,537 | 8.4% | S100YCZ3 |
| Ordinary income | 11,158 | 7.5% | S100YCZ3 |
| Pretax income | 11,558 | 7.7% | S100YCZ3 |
| Income tax | 3,510 | 2.4% | S100YCZ3 |
| Net income | 8,048 | 5.4% | S100YCZ3 |
| Net income attributable to owners | 8,236 | 5.5% | S100YCZ3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 13 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 21.4% → Operating margin 8.4% → Net margin 5.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.3%; Core profit growth: +32.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.14×
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 | 129,528 | 149,296 | 19,768 | +15.3% |
| Gross profit | 27,305 | 31,933 | 4,628 | +16.9% |
| Operating income | 9,452 | 12,537 | 3,085 | +32.6% |
| Net income attributable to owners | 5,323 | 8,236 | 2,913 | +54.7% |
| Operating cash flow | -3,544 | 3,850 | 7,394 | — |
| Free cash flow | -4,242 | 2,919 | 7,161 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 110,559 | 6,010 | 5.4% | 3,415 | -8,020 | -8,471 | S100LOPS |
| FY ending Mar 2021 | 107,257 | 2,376 | 2.2% | 2,007 | 20,025 | 19,739 | S100OIDG |
| FY ending Mar 2022 | 107,349 | 3,351 | 3.1% | 1,703 | -10,547 | -11,080 | S100R4U8 |
| FY ending Mar 2023 | 123,374 | 4,924 | 4.0% | 3,524 | -2,748 | -3,437 | S100TSQJ |
| FY ending Mar 2024 | 124,588 | 7,422 | 6.0% | 4,278 | -9,314 | -9,465 | S100W0W9 |
| FY ending Mar 2025 | 129,528 | 9,452 | 7.3% | 5,323 | -3,544 | -4,242 | S100YCZ3 |
| FY ending Mar 2026 | 149,296 | 12,537 | 8.4% | 8,236 | 3,850 | 2,919 | S100YCZ3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥115.3M |
| Operating income per employee (consolidated) | ¥9.7M |
| Net income per employee (consolidated) | ¥6.4M |

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) | 972 | 990 | 1,095 | 1,169 | 1,295 |
| Average salary (parent company) | ¥7.1M | ¥7.2M | ¥7.5M | ¥8.2M | ¥9.3M |
| Average age (parent company) | 38.1 years | 38.1 years | 38.3 years | 38.0 years | 37.8 years |
| Average tenure (parent company) | 10.3 years | 10.5 years | 10.5 years | 10.4 years | 10.2 years |

Year over year: Employees (consolidated) +10.8% · Revenue (consolidated) +15.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate sales and brokerage | 48,288 | 32.3% | 2,200 | 4.6% |
| Real estate solutions | 63,601 | 42.6% | 4,416 | 6.9% |
| Accommodation business | 29,068 | 19.5% | 9,188 | 31.6% |
| Construction works | 8,337 | 5.6% | 94 | 1.1% |

### 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 and brokerage | 32.3% | 13.8% | -18.5 | 4.6% |
| Real estate solutions | 42.6% | 27.8% | -14.8 | 6.9% |
| Accommodation business | 19.5% | 57.8% | 38.3 | 31.6% |
| Construction works | 5.6% | 0.6% | -5.0 | 1.1% |

Segment → industry: Real estate solutions → Real Estate Development & Leasing / Accommodation business → Hotels & Inns / Construction works → General Contractors / Real estate sales and brokerage → 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 | 3,850 | 2.6% | S100YCZ3 |
| Capital expenditure | 931 | 0.6% | S100YCZ3 |
| Free cash flow | 2,919 | 2.0% | 算出 |
| Investing cash flow | -151 | -0.1% | S100YCZ3 |
| Financing cash flow | -6,523 | -4.4% | S100YCZ3 |
| Dividends paid | 1,086 | 0.7% | S100YCZ3 |
| Share buyback | 0 | 0.0% | S100YCZ3 |
| Change in cash | -2,618 | -1.8% | S100YCZ3 |
| Cash and equivalents | 25,148 | 16.8% | S100YCZ3 |

## 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 | 33,049 | 33,540 | 34,381 | 27,767 | 25,148 | S100TSQJ, S100W0W9, S100YCZ3 |
| Total assets | 145,210 | 157,384 | 173,333 | 176,849 | 185,567 | S100R4U8, S100TSQJ, S100W0W9, S100YCZ3 |
| Net assets | 36,607 | 41,512 | 45,602 | 50,318 | 58,220 | S100TSQJ, S100W0W9, S100YCZ3 |
| Share capital | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | S100R4U8, S100TSQJ, S100W0W9, S100YCZ3 |
| Property, plant and equipment | 1,402 | 1,397 | 1,276 | 1,596 | 6,835 | S100R4U8, S100TSQJ, S100W0W9, S100YCZ3 |
| Intangible assets excluding goodwill | 264 | 517 | 474 | 794 | 1,438 | S100R4U8, S100TSQJ, S100W0W9, S100YCZ3 |
| Goodwill | — | — | — | — | 755 | S100YCZ3 |
| Investment securities | 1,156 | 1,132 | 1,256 | 1,543 | 397 | S100R4U8, S100TSQJ, S100W0W9, S100YCZ3 |
| Current assets | 135,052 | 146,253 | 161,999 | 164,599 | 166,621 | S100R4U8, S100TSQJ, S100W0W9, S100YCZ3 |
| Current liabilities | 70,762 | 67,311 | 74,108 | 66,994 | 65,171 | S100R4U8, S100TSQJ, S100W0W9, S100YCZ3 |
| Trade payables | 4,879 | 7,081 | 2,580 | 3,354 | 2,459 | S100R4U8, S100TSQJ, S100W0W9, S100YCZ3 |
| Short-term borrowings | 33,804 | 34,315 | 27,600 | 23,856 | 11,344 | S100R4U8, S100TSQJ, S100W0W9, S100YCZ3 |
| Long-term borrowings | 33,773 | 44,562 | 47,226 | 54,620 | 57,009 | S100R4U8, S100TSQJ, S100W0W9, S100YCZ3 |
| Total liabilities | 108,603 | 115,871 | 127,730 | 126,531 | 127,346 | S100R4U8, S100TSQJ, S100W0W9, S100YCZ3 |
| Non-controlling interests | 580 | 659 | 974 | 1,004 | 1,371 | S100R4U8, S100TSQJ, S100W0W9, S100YCZ3 |
| Equity attributable to owners of parent | 37,556 | 40,941 | 44,562 | 49,083 | 56,244 | S100R4U8, S100TSQJ, S100W0W9, S100YCZ3 |
| Retained earnings | 26,846 | 30,134 | 33,769 | 38,279 | 45,431 | S100R4U8, S100TSQJ, S100W0W9, S100YCZ3 |
| Treasury stock | -13 | -1 | -17 | -10 | -7 | S100R4U8, S100TSQJ, S100W0W9, S100YCZ3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YCZ3 |
| Property, plant and equipment | 4% | S100YCZ3 |
| Intangibles and goodwill | 1% | S100YCZ3 |
| Investment securities | 0% | S100YCZ3 |
| Other assets | 81% | S100YCZ3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YCZ3 |
| Other liabilities | 67% | S100YCZ3 |
| Equity | 32% | S100YCZ3 |
| Other liabilities | 0% | S100YCZ3 |

### 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 | 145,210 | 157,384 | 173,333 | 176,849 | 185,567 |
| Equity | 36,607 | 41,512 | 45,602 | 50,318 | 58,220 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 33,049 | 33,540 | 34,381 | 27,767 | 25,148 |

## 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) | 4.6% | S100YCZ3 |
| Fixed assets ÷ total assets | 3.7% | S100YCZ3 |
| Goodwill ÷ parent equity | 1.3% | S100YCZ3 |

### 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) | 13.6% |
| Cash ÷ revenue | 16.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 30.7% |
| Cash vs. profit gap | -4,386 JPY mn (of net income -53.3%) |
| Shareholder returns / net income | 13.2% |
| Shareholder returns / FCF | 37.2% |
| Shareholder payments — dividends / net income | 13.2% |
| Shareholder payments — dividends / FCF | 37.2% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 3.9% |

## 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 | 1.6% | 0.74× | 1.2% | 3.87× | 4.5% | S100R4U8 |
| 2023 | 2.9% | 0.82× | 2.3% | 3.85× | 9.0% | S100TSQJ |
| 2024 | 3.4% | 0.75× | 2.6% | 3.87× | 10.0% | S100W0W9 |
| 2025 | 4.1% | 0.74× | 3.0% | 3.74× | 11.4% | S100YCZ3 |
| 2026 | 5.5% | 0.82× | 4.5% | 3.44× | 15.6% | S100YCZ3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大和ハウス工業株式会社 | Major shareholder | 38.2% | 2026-03-31 |
| 株式会社共立メンテナンス | Major shareholder | 25.0% | 2026-03-31 |
| 三津 久直 | Major shareholder | 1.6% | 2026-03-31 |
| MURAKAMI TAKATERU （常任代理人 三田証券株式会社） | Major shareholder | 1.6% | 2026-03-31 |
| 山路 孟 | Major shareholder | 1.0% | 2026-03-31 |
| 円田 陽一 | Major shareholder | 1.0% | 2026-03-31 |
| GOLDMAN SACHS BANK EUROPE SE （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 0.9% | 2026-03-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.9% | 2026-03-31 |
| 時津 昭彦 | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/04/01－2026/03/31) | S100YCZ3 | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCZ3,, |
| 有価証券報告書－第56期(2024/04/01－2025/03/31) | S100W0W9 | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0W9,, |
| 有価証券報告書－第55期(2023/04/01－2024/03/31) | S100TSQJ | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSQJ,, |
| 有価証券報告書－第54期(2022/04/01－2023/03/31) | S100R4U8 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4U8,, |
| 有価証券報告書－第53期(令和3年4月1日－令和4年3月31日) | S100OIDG | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIDG,, |
| 有価証券報告書－第52期(令和2年4月1日－令和3年3月31日) | S100LOPS | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOPS,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 共立メンテナンス | Capital alliance | 大和ハウス工業・コスモスイニシアとの3社間の資本業務提携 | S100YIIM |

## 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).