# CVS Bay Area Inc.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第46期(2025/03/01－2026/02/28) (S100Y68C)
> Page: https://vizora.meequs.com/en/company/cvs-bay-area
> Retrieved: 2026-09-30T21:03:40.009Z

## Company

CVS Bay Area, founded in 1981, is a company in Real Estate Brokerage & Management listed on TSE Standard. It has 184 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CVS Bay Area Inc. |
| Ticker | 2687 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2687.T) |
| Listing | TSE Standard |
| Head office | 千葉県市川市塩浜二丁目33番1号 (上記は登記上の本店所在地であり、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 泉澤摩利雄 |
| Founded | Feb 1981 |
| Share capital | ¥1.2B |
| Employees (consolidated) | 184 |
| Average salary (parent only) | ¥3.7M |
| Fiscal year end | February |
| Website | www.cvs-bayarea.co.jp (https://www.cvs-bayarea.co.jp/) |
| Corporate number | 6040001029566 |
| EDINET | E03372 |
| Industries (Vizora) | Real Estate Brokerage & Management, Hotels & Inns, Home & Lifestyle Services, Convenience Stores |

> Profile source: annual securities report (S100Y68C, filed 2026-05-26). As of filing

## Five-axis industry profile

Primary industry: Real Estate Brokerage & Management (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10 | 25 |
| Profitability | 1.9 | 26 |
| Cash conversion | 98.1 | 26 |
| Efficiency | 25 | 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)

- About 50% of CVS Bay Area's sales come from Apartment concierge business, with Hotel business and Convenience store business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +1.0% from the prior year, operating profit -69.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥7.9B |  |
| Operating income | ¥130M | Margin 1.6% |
| Net income | -¥1.14B | Margin -14.4% |
| Free cash flow | -¥233.9M |  |
| Largest business | Apartment concierge business | of segment revenue 50.1% |
| Employees (consolidated) | 184 |  |
| EPS | ¥-237.88 |  |
| Book value per share | ¥583.84 |  |
| Equity ratio | 30.1% |  |
| Shares outstanding | 5,064,000 |  |
| Treasury shares | 127,600 |  |
| Shareholders | 7,241 |  |
| Average salary (parent only) | ¥3.7M | Filing company only |
| Cash ratio | 18.2% | Cash ÷ revenue 23.9% |
| Vs. industry median margin | -7.3 pp | Real Estate Brokerage & Management |
| ROA | -10.5% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7318027000 | ¥7902050000 | +8.0% |
| Operating income | ¥-546992000 | ¥130048000 | — |
| Operating margin | -7.5% | 1.6% | +9.1 pp |
| Employees | 276 people | 184 people | -33.3% |
| Cash and equivalents | ¥1936307000 | ¥1886844000 | -2.6% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ホテル事業 → ホテル事業 | 3.4% |
| マンションフロントサービス事業 → マンションフロントサービス事業 | 50.1% |
| マンションフロントサービス事業 → 事業再編・廃止 | 15.7% |
| クリーニング事業 → クリーニング事業 | 2.1% |
| クリーニング事業 → 事業再編・廃止 | 7.9% |
| コンビニエンス・ストア事業 → コンビニエンス・ストア事業 | 18.1% |
| その他事業 → その他事業 | 1.0% |
| その他事業 → 事業再編・廃止 | 1.7% |
| 新設・再編 → ホテル事業 | 24.8% |
| 新設・再編 → コンビニエンス・ストア事業 | 0.5% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Apartment concierge business | 5 years | -3.8% | ¥3959306000 | 7.9% | 2 |
| Hotel business | 5 years | +55.4% | ¥2224589000 | 9.4% | 2 |
| Convenience store business | 5 years | +2.1% | ¥1469703000 | 9.1% | 2 |
| Cleaning business | 5 years | -25.5% | ¥169301000 | 43.5% | 2 |
| Other business | 5 years | -16.7% | ¥79149000 | 34.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,902 | 100.0% | S100Y68C |
| Cost of revenue | 4,107 | 52.0% | S100Y68C |
| Gross profit | 3,795 | 48.0% | 算出 |
| SG&A | 3,665 | 46.4% | S100Y68C |
| Operating income | 130 | 1.6% | S100Y68C |
| Ordinary income | -64 | -0.8% | S100Y68C |
| Pretax income | -679 | -8.6% | S100Y68C |
| Income tax | 461 | 5.8% | S100Y68C |
| Net income | -1,140 | -14.4% | S100Y68C |
| Net income attributable to owners | -1,140 | -14.4% | S100Y68C |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 46 |
| Operating income | 2 |
| (Ref.) Net income | -14 |

### Margin funnel

Gross margin 48.0% → Operating margin 1.6% → Net margin -14.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.0%; Core profit growth: -69.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -68.44×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,823 | 7,902 | 79 | +1.0% |
| Gross profit | 3,645 | 3,795 | 149 | +4.1% |
| Operating income | 422 | 130 | -292 | -69.2% |
| Net income attributable to owners | 1,123 | -1,140 | -2,263 | -201.5% |
| Operating cash flow | 411 | 289 | -121 | -29.5% |
| Free cash flow | -1,083 | -234 | 849 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 10,427 | 38 | 0.4% | -401 | -1,746 | -3,246 | S100LEHI |
| FY ending Feb 2021 | 7,318 | -547 | -7.5% | -1,160 | 121 | -577 | S100OOZC |
| FY ending Feb 2022 | 7,209 | -323 | -4.5% | -832 | -351 | -425 | S100QU8U |
| FY ending Feb 2023 | 6,926 | 82 | 1.2% | -14 | -173 | -201 | S100TIPV |
| FY ending Feb 2024 | 7,520 | 486 | 6.5% | 698 | 482 | -644 | S100VTVD |
| FY ending Feb 2025 | 7,823 | 422 | 5.4% | 1,123 | 411 | -1,083 | S100Y68C |
| FY ending Feb 2026 | 7,902 | 130 | 1.6% | -1,140 | 289 | -234 | S100Y68C |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.9M |
| Operating income per employee (consolidated) | ¥706.8K |
| Net income per employee (consolidated) | -¥6.2M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 240 | 205 | 202 | 189 | 184 |
| Average salary (parent company) | ¥4.1M | ¥4.2M | ¥4.7M | ¥4.8M | ¥3.7M |
| Average age (parent company) | 42.4 years | 42.4 years | 41.0 years | 42.0 years | 43.2 years |
| Average tenure (parent company) | 11.6 years | 12.7 years | 10.4 years | 8.7 years | 7.8 years |

Year over year: Employees (consolidated) -2.6% · Revenue (consolidated) +1.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Hotel business | 2,225 | 28.2% | 210 | 9.4% |
| Apartment concierge business | 3,959 | 50.1% | 314 | 7.9% |
| Cleaning business | 169 | 2.1% | 74 | 43.5% |
| Convenience store business | 1,470 | 18.6% | 133 | 9.1% |
| Other business | 79 | 1.0% | 27 | 34.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Hotel business | 28.2% | 27.7% | -0.5 | 9.4% |
| Apartment concierge business | 50.1% | 41.5% | -8.7 | 7.9% |
| Cleaning business | 2.1% | 9.7% | 7.6 | 43.5% |
| Convenience store business | 18.6% | 17.6% | -1.0 | 9.1% |
| Other business | 1.0% | 3.6% | 2.6 | 34.6% |

Segment → industry: Apartment concierge business → Real Estate Brokerage & Management / Hotel business → Hotels & Inns / Cleaning business → Home & Lifestyle Services / Convenience store business → Convenience Stores

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 289 | 3.7% | S100Y68C |
| Capital expenditure | 523 | 6.6% | S100Y68C |
| Free cash flow | -234 | -3.0% | 算出 |
| Investing cash flow | -500 | -6.3% | S100Y68C |
| Financing cash flow | 315 | 4.0% | S100Y68C |
| Dividends paid | 113 | 1.4% | S100Y68C |
| Change in cash | 105 | 1.3% | S100Y68C |
| Cash and equivalents | 1,887 | 23.9% | S100Y68C |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,733 | 1,772 | 1,886 | 1,782 | 1,887 | S100TIPV, S100VTVD, S100Y68C |
| Total assets | 9,407 | 8,680 | 10,281 | 11,266 | 10,370 | S100QU8U, S100TIPV, S100VTVD, S100Y68C |
| Net assets | 2,834 | 2,744 | 3,359 | 4,379 | 3,126 | S100TIPV, S100VTVD, S100Y68C |
| Share capital | 1,200 | 1,200 | 1,200 | 1,200 | 1,200 | S100QU8U, S100TIPV, S100VTVD, S100Y68C |
| Property, plant and equipment | 4,040 | 3,223 | 4,271 | 5,408 | 5,513 | S100QU8U, S100TIPV, S100VTVD, S100Y68C |
| Intangible assets excluding goodwill | 40 | 39 | 38 | 39 | 61 | S100QU8U, S100TIPV, S100VTVD, S100Y68C |
| Investment securities | 327 | 263 | 266 | 228 | 116 | S100QU8U, S100TIPV, S100VTVD, S100Y68C |
| Current assets | 2,348 | 2,557 | 2,731 | 2,559 | 2,714 | S100QU8U, S100TIPV, S100VTVD, S100Y68C |
| Current liabilities | 3,178 | 2,918 | 2,954 | 2,942 | 3,157 | S100QU8U, S100TIPV, S100VTVD, S100Y68C |
| Short-term borrowings | 1,550 | 1,730 | 1,680 | 1,618 | 1,880 | S100QU8U, S100TIPV, S100VTVD, S100Y68C |
| Long-term borrowings | 2,800 | 2,443 | 3,347 | 3,319 | 3,450 | S100QU8U, S100TIPV, S100VTVD, S100Y68C |
| Total liabilities | 6,572 | 5,935 | 6,922 | 6,887 | 7,244 | S100QU8U, S100TIPV, S100VTVD, S100Y68C |
| Equity attributable to owners of parent | 2,829 | 2,746 | 3,355 | 4,379 | 3,126 | S100QU8U, S100TIPV, S100VTVD, S100Y68C |
| Retained earnings | 1,589 | 1,506 | 2,115 | 3,140 | 1,886 | S100QU8U, S100TIPV, S100VTVD, S100Y68C |
| Treasury stock | -124 | -124 | -124 | -124 | -124 | S100QU8U, S100TIPV, S100VTVD, S100Y68C |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100Y68C |
| Property, plant and equipment | 53% | S100Y68C |
| Intangibles and goodwill | 1% | S100Y68C |
| Investment securities | 1% | S100Y68C |
| Other assets | 27% | S100Y68C |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 70% | S100Y68C |
| Equity | 30% | S100Y68C |
| Other liabilities | 0% | S100Y68C |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 9,407 | 8,680 | 10,281 | 11,266 | 10,370 |
| Equity | 2,834 | 2,744 | 3,359 | 4,379 | 3,126 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,733 | 1,772 | 1,886 | 1,782 | 1,887 |

## 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) | 69.8% | S100Y68C |
| Fixed assets ÷ total assets | 53.2% | S100Y68C |
| Goodwill ÷ parent equity | — | —, S100Y68C |

### 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) | 18.2% |
| Cash ÷ revenue | 23.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 222.6% |
| Cash vs. profit gap | 1,429 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.6% |
| Investing CF relative to operating CF | 172.7% |

## 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 | — | —× | -8.8% | —× | — | S100QU8U |
| 2023 | — | —× | -0.1% | —× | — | S100TIPV |
| 2024 | 9.3% | 0.79× | 7.4% | 3.11× | 22.9% | S100VTVD |
| 2025 | 14.4% | 0.73× | 10.4% | 2.79× | 29.0% | S100Y68C |
| 2026 | — | —× | -10.5% | —× | — | S100Y68C |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ユネイシア | Major shareholder | 27.3% | 2026-02-28 |
| 泉澤 豊 | Major shareholder | 14.7% | 2026-02-28 |
| 泉澤 摩利雄 | Major shareholder | 4.4% | 2026-02-28 |
| 泉澤 節子 | Major shareholder | 2.9% | 2026-02-28 |
| 倉 剛進 | Major shareholder | 2.1% | 2026-02-28 |
| 金室 貴久 | Major shareholder | 1.9% | 2026-02-28 |
| 瀬間 義信 | Major shareholder | 1.3% | 2026-02-28 |
| 中川 一成 | Major shareholder | 1.1% | 2026-02-28 |
| 株式会社京葉銀行 | Major shareholder | 1.1% | 2026-02-28 |
| 猪鼻 隆行 | Major shareholder | 0.8% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第46期(2025/03/01－2026/02/28) | S100Y68C | 2026-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y68C,, |
| 有価証券報告書－第45期(2024/03/01－2025/02/28) | S100VTVD | 2025-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTVD,, |
| 有価証券報告書－第44期(2023/03/01－2024/02/29) | S100TIPV | 2024-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIPV,, |
| 有価証券報告書－第43期(2022/03/01－2023/02/28) | S100QU8U | 2023-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QU8U,, |
| 訂正有価証券報告書－第42期(令和3年3月1日－令和4年2月28日) | S100OOZC | 2022-07-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OOZC,, |
| 有価証券報告書－第41期(令和2年3月1日－令和3年2月28日) | S100LEHI | 2021-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEHI,, |

## 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).