# CREAL Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第15期(2025/04/01－2026/03/31) (S100YTD0)
> Page: https://vizora.meequs.com/en/company/creal
> Retrieved: 2026-09-30T21:37:56.886Z

## Company

Creal, founded in 2011, is a company in Real Estate Development & Leasing listed on TSE Growth. It has 299 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CREAL Inc. |
| Ticker | 2998 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2998.T) |
| Listing | TSE Growth |
| Head office | 東京都港区新橋二丁目12番11号 |
| Representative (per filing) | 代表取締役社長 執行役員 CEO 横田 大造 |
| Founded | May 2011 |
| Share capital | ¥3.45B |
| Employees (consolidated) | 299 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | March |
| Website | corp.creal.jp (https://corp.creal.jp/) |
| Corporate number | 3010401093663 |
| EDINET | E37504 |
| Industries (Vizora) | Real Estate Development & Leasing |

> Profile source: annual securities report (S100YTD0, filed 2026-07-31). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 88.7 | 75 |
| Profitability | 32 | 86 |
| Cash conversion | 3 | 82 |
| Efficiency | 61 | 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)

- Creal brought in ¥37.8B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -9.6% from the prior year, operating profit +49.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥37.8B |  |
| Operating income | ¥2.94B | Margin 7.8% |
| Net income | ¥1.94B | Margin 5.1% |
| Free cash flow | -¥9.61B |  |
| Employees (consolidated) | 299 |  |
| EPS | ¥59.89 |  |
| Diluted EPS | ¥59.05 |  |
| Book value per share | ¥307.54 |  |
| Equity ratio | 25.5% |  |
| Shares outstanding | 36,066,200 |  |
| Treasury shares | 1,100 |  |
| Shareholders | 4,328 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 30.5% | Cash ÷ revenue 35.7% |
| Vs. industry median margin | -2.7 pp | Real Estate Development & Leasing |
| ROE | 23.6% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 3.6× its level five years ago
- FY2026, parent-company salary changed +26% over five years
- FY2026, cash is 30% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7141139000 | ¥37795040000 | +429.3% |
| Operating income | ¥183886000 | ¥2941637000 | +1499.7% |
| Operating margin | 2.6% | 7.8% | +5.2 pp |
| Employees | 57 people | 299 people | +424.6% |
| Cash and equivalents | ¥2036741000 | ¥13494416000 | +562.5% |

### 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 37,795 | 100.0% | S100YTD0 |
| Cost of revenue | 29,996 | 79.4% | S100YTD0 |
| Gross profit | 7,799 | 20.6% | S100YTD0 |
| SG&A | 4,857 | 12.9% | S100YTD0 |
| Operating income | 2,942 | 7.8% | S100YTD0 |
| Ordinary income | 2,784 | 7.4% | S100YTD0 |
| Pretax income | 2,652 | 7.0% | S100YTD0 |
| Income tax | 713 | 1.9% | S100YTD0 |
| Net income | 1,939 | 5.1% | S100YTD0 |
| Net income attributable to owners | 1,939 | 5.1% | S100YTD0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 13 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 20.6% → Operating margin 7.8% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -9.6%; Core profit growth: +49.5%
Operating leverage (core profit growth ÷ revenue growth): -5.13×
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 | 41,823 | 37,795 | -4,028 | -9.6% |
| Gross profit | 5,666 | 7,799 | 2,133 | +37.6% |
| Operating income | 1,968 | 2,942 | 973 | +49.5% |
| Net income attributable to owners | 1,351 | 1,939 | 587 | +43.5% |
| Operating cash flow | 10,021 | -9,414 | -19,435 | -193.9% |
| Free cash flow | 10,002 | -9,613 | -19,615 | -196.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 7,141 | 184 | 2.6% | 50 | -514 | -746 | S100OLPA |
| FY ending Mar 2022 | 10,581 | 314 | 3.0% | 172 | 275 | 196 | S100R4VV |
| FY ending Mar 2023 | 16,437 | 547 | 3.3% | 336 | 1,290 | 1,270 | S100TR4Y |
| FY ending Mar 2024 | 21,045 | 980 | 4.7% | 648 | -1,211 | -1,257 | S100W4AN |
| FY ending Mar 2025 | 41,823 | 1,968 | 4.7% | 1,351 | 10,021 | 10,002 | S100YTD0 |
| FY ending Mar 2026 | 37,795 | 2,942 | 7.8% | 1,939 | -9,414 | -9,613 | S100YTD0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥126.4M |
| Operating income per employee (consolidated) | ¥9.8M |
| Net income per employee (consolidated) | ¥6.5M |

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) | 62 | 88 | 127 | 225 | 299 |
| Average salary (parent company) | ¥6.8M | ¥6.1M | ¥6M | ¥7.5M | ¥8.6M |
| Average age (parent company) | 40.0 years | 39.0 years | 37.9 years | 37.4 years | 38.0 years |
| Average tenure (parent company) | 2.0 years | 1.9 years | 2.3 years | 2.2 years | 2.2 years |

Year over year: Employees (consolidated) +32.9% · Revenue (consolidated) -9.6%

## 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 | -9,414 | -24.9% | S100YTD0 |
| Capital expenditure | 199 | 0.5% | S100YTD0 |
| Free cash flow | -9,613 | -25.4% | 算出 |
| Investing cash flow | -676 | -1.8% | S100YTD0 |
| Financing cash flow | 8,077 | 21.4% | S100YTD0 |
| Dividends paid | 180 | 0.5% | S100YTD0 |
| Change in cash | -2,005 | -5.3% | S100YTD0 |
| Cash and equivalents | 13,494 | 35.7% | S100YTD0 |

## 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 | 1,458 | 6,198 | 7,760 | 15,500 | 13,494 | S100TR4Y, S100W4AN, S100YTD0 |
| Total assets | 10,926 | 21,492 | 35,749 | 52,937 | 44,262 | S100R4VV, S100TR4Y, S100W4AN, S100YTD0 |
| Net assets | 1,046 | 3,111 | 3,807 | 5,274 | 11,474 | S100TR4Y, S100W4AN, S100YTD0 |
| Share capital | 379 | 1,239 | 1,245 | 1,281 | 3,452 | S100R4VV, S100TR4Y, S100W4AN, S100YTD0 |
| Property, plant and equipment | 1,208 | 1,405 | 863 | 949 | 850 | S100R4VV, S100TR4Y, S100W4AN, S100YTD0 |
| Intangible assets excluding goodwill | 6 | 1 | 1 | 88 | 200 | S100R4VV, S100TR4Y, S100W4AN, S100YTD0 |
| Goodwill | — | — | — | 85 | 73 | S100YTD0 |
| Investment securities | 4 | 7 | — | 1 | 1 | S100R4VV, S100TR4Y, S100YTD0 |
| Current assets | 9,657 | 19,834 | 34,602 | 50,756 | 41,564 | S100R4VV, S100TR4Y, S100W4AN, S100YTD0 |
| Current liabilities | 9,482 | 16,472 | 31,193 | 45,999 | 28,796 | S100R4VV, S100TR4Y, S100W4AN, S100YTD0 |
| Short-term borrowings | 254 | 677 | 4,700 | 2,020 | 1,957 | S100R4VV, S100TR4Y, S100W4AN, S100YTD0 |
| Long-term borrowings | 309 | 1,849 | 723 | 1,635 | 3,974 | S100R4VV, S100TR4Y, S100W4AN, S100YTD0 |
| Total liabilities | 9,880 | 18,381 | 31,942 | 47,663 | 32,788 | S100R4VV, S100TR4Y, S100W4AN, S100YTD0 |
| Non-controlling interests | 2 | 2 | 2 | — | — | S100R4VV, S100TR4Y, S100W4AN |
| Equity attributable to owners of parent | 1,041 | 3,097 | 3,757 | 5,179 | 11,280 | S100R4VV, S100TR4Y, S100W4AN, S100YTD0 |
| Retained earnings | 383 | 719 | 1,367 | 2,718 | 4,476 | S100R4VV, S100TR4Y, S100W4AN, S100YTD0 |
| Treasury stock | — | -0 | -1 | -1 | -1 | S100TR4Y, S100W4AN, S100YTD0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100YTD0 |
| Property, plant and equipment | 2% | S100YTD0 |
| Intangibles and goodwill | 1% | S100YTD0 |
| Investment securities | 0% | S100YTD0 |
| Other assets | 67% | S100YTD0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 74% | S100YTD0 |
| Equity | 26% | S100YTD0 |
| Other liabilities | 0% | S100YTD0 |

### 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 | 10,926 | 21,492 | 35,749 | 52,937 | 44,262 |
| Equity | 1,046 | 3,111 | 3,807 | 5,274 | 11,474 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,458 | 6,198 | 7,760 | 15,500 | 13,494 |

## 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) | 2.2% | S100YTD0 |
| Fixed assets ÷ total assets | 1.9% | S100YTD0 |
| Goodwill ÷ parent equity | 0.6% | S100YTD0 |

### 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) | 30.5% |
| Cash ÷ revenue | 35.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -320.0% |
| Cash vs. profit gap | -11,353 JPY mn (of net income -585.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 9.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| 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 | 1.6% | 0.97× | 1.6% | 10.50× | 16.6% | S100R4VV |
| 2023 | 2.0% | 1.01× | 2.1% | 7.83× | 16.2% | S100TR4Y |
| 2024 | 3.1% | 0.74× | 2.3% | 8.35× | 18.9% | S100W4AN |
| 2025 | 3.2% | 0.94× | 3.0% | 9.92× | 30.2% | S100YTD0 |
| 2026 | 5.1% | 0.78× | 4.0% | 5.91× | 23.6% | S100YTD0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| SBIホールディングス株式会社 | Major shareholder | 20.6% | 2026-03-31 |
| 徳山 明成(常任代理人 みずほ証券株式会社) | Major shareholder | 20.1% | 2026-03-31 |
| ＪＩＣＶＧＩオポチュニティファンド１号投資事業有限責任組合 | Major shareholder | 7.4% | 2026-03-31 |
| 横田 大造 | Major shareholder | 5.5% | 2026-03-31 |
| 金子 好宏 | Major shareholder | 4.4% | 2026-03-31 |
| 櫻井 聖仁 | Major shareholder | 4.3% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.8% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| きらぼしキャピタル東京Ｓｐａｒｋｌｅ投資事業有限責任組合 | Major shareholder | 1.9% | 2026-03-31 |
| 中央日本土地建物株式会社 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第15期(2025/04/01－2026/03/31) | S100YTD0 | 2026-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YTD0,, |
| 有価証券報告書－第14期(2024/04/01－2025/03/31) | S100W4AN | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4AN,, |
| 有価証券報告書－第13期(2023/04/01－2024/03/31) | S100TR4Y | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR4Y,, |
| 有価証券報告書－第12期(2022/04/01－2023/03/31) | S100R4VV | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4VV,, |
| 有価証券報告書－第11期(令和3年4月1日－令和4年3月31日) | S100OLPA | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLPA,, |

## 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).