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Dear LifeDEAR LIFE CO.,LTD.3245東証プライム不動産業FY ending Sep 2025, consolidated, J-GAAP

Dear Life revenue and profit

Out of every ¥100 of sales, about ¥10 is left as operating profit. Revenue changed +67.5% from the prior year, operating profit +67.3%.

Five-year trend

Revenue¥78.5B
FY ending Sep 2021: ¥26.4B¥26.4BFY ending Sep 2022: ¥51.9B¥51.9BFY ending Sep 2023: ¥43.5B¥43.5BFY ending Sep 2024: ¥46.9B¥46.9BFY ending Sep 2025: ¥78.5B¥78.5BFY21FY22FY23FY24FY25
Operating income¥7.73B
FY ending Sep 2021: ¥4.02B¥4.02BFY ending Sep 2022: ¥5.74B¥5.74BFY ending Sep 2023: ¥6.09B¥6.09BFY ending Sep 2024: ¥4.62B¥4.62BFY ending Sep 2025: ¥7.73B¥7.73BFY21FY22FY23FY24FY25
Operating margin9.8%
FY ending Sep 2021: 15.2%15.2%FY ending Sep 2022: 11.1%11.1%FY ending Sep 2023: 14.0%14.0%FY ending Sep 2024: 9.9%9.9%FY ending Sep 2025: 9.8%9.8%FY21FY22FY23FY24FY25

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin6.8%
Asset turnover1.66×
ROA11.3%
ROA11.3%
Financial leverage1.79×
ROE20.2%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin6.8%
2021: 10.2%10.2%2022: 8.1%8.1%2023: 9.9%9.9%2024: 6.8%6.8%2025: 6.8%6.8%2122232425
Asset turnover1.66×
2021: 0.95×0.95×2022: 1.62×1.62×2023: 1.11×1.11×2024: 1.06×1.06×2025: 1.66×1.66×2122232425
ROA11.3%
2021: 9.7%9.7%2022: 13.1%13.1%2023: 11.0%11.0%2024: 7.1%7.1%2025: 11.3%11.3%2122232425
Financial leverage1.79×
2021: 1.82×1.82×2022: 1.78×1.78×2023: 1.75×1.75×2024: 1.83×1.83×2025: 1.79×1.79×2122232425
ROE20.2%
2021: 17.7%17.7%2022: 23.3%23.3%2023: 19.3%19.3%2024: 13.1%13.1%2025: 20.2%20.2%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
202110.2%0.95×9.7%1.82×17.7%
20228.1%1.62×13.1%1.78×23.3%
20239.9%1.11×11.0%1.75×19.3%
20246.8%1.06×7.1%1.83×13.1%
20256.8%1.66×11.3%1.79×20.2%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue0.2%
2020: 0.1%0.1%2021: 0.3%0.3%2022: 0.4%0.4%2023: 0.4%0.4%2024: 0.4%0.4%2025: 0.2%0.2%202122232425
PPE ÷ total assets0.3%
2020: 0.1%0.1%2021: 0.3%0.3%2022: 0.6%0.6%2023: 0.4%0.4%2024: 0.4%0.4%2025: 0.3%0.3%202122232425
Goodwill ÷ parent equity0.6%
2021: 4.1%4.1%2022: 2.5%2.5%2023: 1.7%1.7%2024: 1.2%1.2%2025: 0.6%0.6%202122232425
Goodwill balance¥164M
2021: ¥617M¥617M2022: ¥512M¥512M2023: ¥407M¥407M2024: ¥302M¥302M2025: ¥164M¥164M202122232425

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

Payable days2d
2020: 13d13d2021: 2d2d2022: 2d2d2023: 6d6d2024: 3d3d2025: 2d2d202122232425

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Sep 2021FY ending Sep 2022FY ending Sep 2023FY ending Sep 2024FY ending Sep 2025
Revenue26,36751,90543,50346,88078,505
Cost of revenue21,00643,18634,94339,78567,716
Gross profit5,3608,7188,5597,09510,788
SG&A1,3442,9822,4722,4753,062
Operating income4,0165,7366,0874,6197,726
Pretax income4,0156,0126,1604,6537,772
Income tax1,3411,8221,8641,4822,439
Net income attributable to owners2,6864,1994,3043,1705,320
Operating margin15.2%11.1%14.0%9.9%9.8%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 58%
0%
1%
2%
Other assets 39%

Funding

1%
Interest-bearing debt 27%
Other liabilities 12%
Equity 60%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Sep 2021FY ending Sep 2022FY ending Sep 2023FY ending Sep 2024FY ending Sep 2025
Cash and equivalents¥14.7B¥19.7B¥21.9B¥18.7B¥27.2B
Total assets¥27.7B¥36.5B¥41.7B¥47.1B¥47.4B
Net assets¥15.6B¥21.3B¥24.2B¥25.1B¥28.5B
Share capital¥3.13B¥3.91B¥4.13B¥4.13B¥4.13B
Property, plant and equipment¥78M¥226M¥185M¥195M¥157M
Intangible assets excluding goodwill¥620M¥516M¥413M¥312M¥171M
Goodwill¥617M¥512M¥407M¥302M¥164M
Investment securities¥908M¥892M¥923M¥1.06B¥1.09B
Current assets¥25.7B¥34.1B¥39.5B¥44.9B¥45.4B
Current liabilities¥3.94B¥4.43B¥5B¥6.46B¥6.18B
Trade payables¥124M¥202M¥606M¥357M¥317M
Short-term borrowings¥220M¥100M¥500M¥1.06B¥300M
Long-term borrowings¥6.5B¥8.8B¥10.2B¥14B¥11.7B
Bonds¥1.6B¥1.77B¥2.13B¥1.21B¥860M
Interest-bearing debt¥8.32Bderived¥10.7Bderived¥12.9Bderived¥16.3Bderived¥12.8Bderived
Total liabilities¥12.1B¥15.2B¥17.6B¥22B¥18.9B
Non-controlling interests¥400M¥391M¥382M¥383M¥395M
Equity attributable to owners of parent¥15.2B¥20.9B¥23.8B¥24.6B¥28B
Retained earnings¥9.64B¥12.7B¥15.1B¥16.5B¥19.8B
Treasury stock-¥1.34B-¥429M-¥375M-¥923M-¥854M

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第21期(2024/10/01－2025/09/30)

    ID S100XAUW2025-12-16Open

  • EDINET (FSA Japan)

    有価証券報告書－第20期(2023/10/01－2024/09/30)

    ID S100UYX42024-12-19Open

  • EDINET (FSA Japan)

    有価証券報告書－第19期(2022/10/01－2023/09/30)

    ID S100SIHY2023-12-21Open

  • EDINET (FSA Japan)

    有価証券報告書－第18期(令和3年10月1日－令和4年9月30日)

    ID S100PUSR2022-12-22Open

  • EDINET (FSA Japan)

    有価証券報告書－第17期(令和2年10月1日－令和3年9月30日)

    ID S100N4X22021-12-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第16期(令和1年10月1日－令和2年9月30日)

    ID S100KFEJ2020-12-24Open

Extracted from XBRL: 53 / Derived from other figures: 2

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