# Dualtap Co., Ltd.: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2024/07/01－2025/06/30) (S100WRQP)
> Page: https://vizora.meequs.com/en/company/dualtap
> Retrieved: 2026-09-30T20:24:26.756Z

## Company

Dualtap, founded in 2006, is a company in Real Estate Brokerage & Management listed on TSE Standard. It has 219 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Dualtap Co., Ltd. |
| Ticker | 3469 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3469.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋久松町4番7号 |
| Representative (per filing) | 代表取締役社長 臼井 貴弘 |
| Founded | Aug 2006 |
| Share capital | ¥468M |
| Employees (consolidated) | 219 |
| Average salary (parent only) | ¥9.2M |
| Fiscal year end | June |
| Website | www.dualtap.co.jp (https://www.dualtap.co.jp/) |
| Corporate number | 2010701017604 |
| EDINET | E32468 |
| Industries (Vizora) | Real Estate Brokerage & Management, Condominium Developers |

> Profile source: annual securities report (S100WRQP, filed 2025-09-26). As of filing

## Five-axis industry profile

Primary industry: Condominium Developers (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.5 | 21 |
| Profitability | 2 | 25 |
| Cash conversion | 90 | 25 |
| Efficiency | 94 | 25 |

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 82% of Dualtap's sales come from Real estate sales, with Real estate management and Overseas real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +61.8% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Real estate sales 82.5%、Real estate management 13.4%、Overseas real estate 4.1%
- Revenue → net income: ¥8367950000 → ¥118346000
- Net income → operating cash flow: ¥118346000 → ¥1027762000（difference ¥909416000）
- Main uses of operating cash flow: CapEx ¥1395000 / dividends ¥42765000 / buybacks ¥41000
- Change in cash: ¥271802000
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 | ¥8.37B |  |
| Operating income | ¥166M | Margin 2.0% |
| Net income | ¥117.4M | Margin 1.4% |
| Free cash flow | ¥1.03B |  |
| Largest business | Real estate sales | of segment revenue 82.5% |
| Employees (consolidated) | 219 |  |
| EPS | ¥33 |  |
| Diluted EPS | ¥32.05 |  |
| Book value per share | ¥576.8 |  |
| Equity ratio | 42.7% |  |
| Shares outstanding | 4,008,800 |  |
| Treasury shares | 500 |  |
| Shareholders | 19,118 |  |
| Average salary (parent only) | ¥9.2M | Filing company only |
| Cash ratio | 23.5% | Cash ÷ revenue 15.4% |
| Vs. industry median margin | -6.1 pp | Condominium Developers |
| ROE | 5.7% | Derived from disclosed figures |
| ROA | 2.0% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 8.8× net income
- FY2025, parent-company salary changed +97% over five years
- FY2025, one segment accounts for 61% of positive segment profit

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7254108000 | ¥8367950000 | +15.4% |
| Operating income | ¥426252000 | ¥166021000 | -61.1% |
| Operating margin | 5.9% | 2.0% | -3.9 pp |
| Employees | 137 people | 219 people | +59.9% |
| Cash and equivalents | ¥1541711000 | ¥1287648000 | -16.5% |

### Change in segment revenue mix

Span: FY ending Jun 2020 → FY ending Jun 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 不動産販売事業 → 不動産販売事業 | 79.1% |
| 不動産管理事業 → 不動産管理事業 | 13.4% |
| 不動産管理事業 → 事業再編・廃止 | 4.1% |
| 海外不動産事業 → 海外不動産事業 | 3.3% |
| 新設・再編 → 不動産販売事業 | 3.4% |
| 新設・再編 → 海外不動産事業 | 0.8% |

Segment revenue source references: 6 (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 sales | 5 years | +3.8% | ¥6901122000 | 1.5% | 2 |
| Real estate management | 5 years | -2.5% | ¥1124335000 | 5.9% | 2 |
| Overseas real estate | 5 years | +7.3% | ¥342491000 | -3.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,368 | 100.0% | S100WRQP |
| Cost of revenue | 7,254 | 86.7% | S100WRQP |
| Gross profit | 1,114 | 13.3% | S100WRQP |
| SG&A | 948 | 11.3% | S100WRQP |
| Operating income | 166 | 2.0% | S100WRQP |
| Ordinary income | 96 | 1.1% | S100WRQP |
| Pretax income | 160 | 1.9% | S100WRQP |
| Income tax | 42 | 0.5% | S100WRQP |
| Net income | 118 | 1.4% | S100WRQP |
| Net income attributable to owners | 117 | 1.4% | S100WRQP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 11 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 13.3% → Operating margin 2.0% → Net margin 1.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,173 | 8,368 | 3,195 | +61.8% |
| Gross profit | 843 | 1,114 | 271 | +32.2% |
| Operating income | -256 | 166 | 422 | — |
| Net income attributable to owners | -387 | 117 | 504 | — |
| Operating cash flow | -825 | 1,028 | 1,853 | — |
| Free cash flow | -2,091 | 1,026 | 3,118 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 9,543 | 431 | 4.5% | 189 | 1,163 | 1,153 | S100JSPW |
| FY ending Jun 2020 | 7,254 | 426 | 5.9% | 251 | 1,631 | 1,626 | S100MIUT |
| FY ending Jun 2021 | 6,148 | 173 | 2.8% | 12 | -4,249 | -4,257 | S100P9Y7 |
| FY ending Jun 2022 | 10,756 | 50 | 0.5% | 58 | 2,786 | 2,786 | S100RXLX |
| FY ending Jun 2023 | 8,627 | 307 | 3.6% | 193 | 1,191 | — | S100UFP4 |
| FY ending Jun 2024 | 5,173 | -256 | -4.9% | -387 | -825 | -2,091 | S100WRQP |
| FY ending Jun 2025 | 8,368 | 166 | 2.0% | 117 | 1,028 | 1,026 | S100WRQP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.2M |
| Operating income per employee (consolidated) | ¥758.1K |
| Net income per employee (consolidated) | ¥536.1K |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 149 | 150 | 219 | 215 | 219 |
| Average salary (parent company) | ¥4.6M | ¥5.2M | ¥4.7M | ¥6.7M | ¥9.2M |
| Average age (parent company) | 32.4 years | 33.5 years | 39.0 years | 45.4 years | 45.3 years |
| Average tenure (parent company) | 4.3 years | 4.1 years | 6.1 years | 7.3 years | 6.9 years |

Year over year: Employees (consolidated) +1.9% · Revenue (consolidated) +61.8%

## Segments（FY ending Jun 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate sales | 6,901 | 82.5% | 103 | 1.5% |
| Real estate management | 1,124 | 13.4% | 66 | 5.9% |
| Overseas real estate | 342 | 4.1% | -13 | -3.7% |

### 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 | 82.5% | 61.1% | -21.4 | 1.5% |
| Real estate management | 13.4% | 38.9% | 25.5 | 5.9% |
| Overseas real estate | 4.1% | — | — | -3.7% |

Loss-making segment (excluded from profit shares): Overseas real estate -13 JPY mn

Segment → industry: Overseas real estate → Real Estate Brokerage & Management / Real estate management → Real Estate Brokerage & Management / Real estate sales → Condominium Developers

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,028 | 12.3% | S100WRQP |
| Capital expenditure | 1 | 0.0% | S100WRQP |
| Free cash flow | 1,026 | 12.3% | 算出 |
| Investing cash flow | -39 | -0.5% | S100WRQP |
| Financing cash flow | -717 | -8.6% | S100WRQP |
| Dividends paid | 43 | 0.5% | S100WRQP |
| Share buyback | 0 | 0.0% | S100WRQP |
| Change in cash | 272 | 3.2% | S100WRQP |
| Cash and equivalents | 1,288 | 15.4% | S100WRQP |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 524 | 855 | 1,992 | 1,016 | 1,288 | S100RXLX, S100UFP4, S100WRQP |
| Total assets | 7,387 | 5,034 | 5,277 | 5,996 | 5,481 | S100P9Y7, S100RXLX, S100UFP4, S100WRQP |
| Net assets | 2,035 | 2,047 | 2,202 | 1,788 | 2,348 | S100RXLX, S100UFP4, S100WRQP |
| Share capital | 217 | 217 | 217 | 224 | 468 | S100P9Y7, S100RXLX, S100UFP4, S100WRQP |
| Property, plant and equipment | 216 | 124 | 125 | 1,280 | 1,267 | S100P9Y7, S100RXLX, S100UFP4, S100WRQP |
| Intangible assets excluding goodwill | 97 | 81 | 93 | 75 | 55 | S100P9Y7, S100RXLX, S100UFP4, S100WRQP |
| Goodwill | 91 | 78 | 88 | 71 | 52 | S100P9Y7, S100RXLX, S100UFP4, S100WRQP |
| Investment securities | 33 | 32 | 35 | 24 | 24 | S100P9Y7, S100RXLX, S100UFP4, S100WRQP |
| Current assets | 6,868 | 4,635 | 4,830 | 4,487 | 4,018 | S100P9Y7, S100RXLX, S100UFP4, S100WRQP |
| Current liabilities | 3,155 | 1,993 | 440 | 2,235 | 1,576 | S100P9Y7, S100RXLX, S100UFP4, S100WRQP |
| Short-term borrowings | 56 | 189 | 2 | 1,076 | 1,000 | S100P9Y7, S100RXLX, S100UFP4, S100WRQP |
| Long-term borrowings | 1,985 | 857 | 2,526 | 1,863 | 1,454 | S100P9Y7, S100RXLX, S100UFP4, S100WRQP |
| Bonds | 50 | 30 | 10 | — | — | S100P9Y7, S100RXLX, S100UFP4 |
| Interest-bearing debt | 2,091 | 1,076 | 2,538 | — | — | 算出 |
| Total liabilities | 5,352 | 2,987 | 3,076 | 4,208 | 3,133 | S100P9Y7, S100RXLX, S100UFP4, S100WRQP |
| Non-controlling interests | — | — | 1 | 4 | 5 | S100UFP4, S100WRQP |
| Equity attributable to owners of parent | 2,031 | 2,049 | 2,202 | 1,784 | 2,347 | S100P9Y7, S100RXLX, S100UFP4, S100WRQP |
| Retained earnings | 1,663 | 1,681 | 1,833 | 1,404 | 1,478 | S100P9Y7, S100RXLX, S100UFP4, S100WRQP |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100P9Y7, S100RXLX, S100UFP4, S100WRQP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100WRQP |
| Property, plant and equipment | 23% | S100WRQP |
| Intangibles and goodwill | 2% | S100WRQP |
| Investment securities | 0% | S100WRQP |
| Other assets | 51% | S100WRQP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100WRQP |
| Equity | 43% | S100WRQP |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,387 | 5,034 | 5,277 | 5,996 | 5,481 |
| Equity | 2,035 | 2,047 | 2,202 | 1,788 | 2,348 |
| Interest-bearing debt | 2,091 | 1,076 | 2,538 | — | — |
| Cash | 524 | 855 | 1,992 | 1,016 | 1,288 |

## 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) | 15.1% | S100WRQP |
| Fixed assets ÷ total assets | 23.1% | S100WRQP |
| Goodwill ÷ parent equity | 2.2% | S100WRQP |

Goodwill over 4 years: 91 → 52 JPY; total investing cash flow: -1,327 JPY. This does not imply causation.

### 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) | 23.5% |
| Cash ÷ revenue | 15.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 619.1% |
| Cash vs. profit gap | 910 JPY mn (of net income 775.5%) |
| Shareholder returns / net income | 36.5% |
| Shareholder returns / FCF | 4.2% |
| Shareholder payments — dividends / net income | 36.4% |
| Shareholder payments — dividends / FCF | 4.2% |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 3.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 0.2% | 0.83× | 0.2% | 3.64× | 0.6% | S100P9Y7 |
| 2022 | 0.5% | 1.73× | 0.9% | 3.04× | 2.8% | S100RXLX |
| 2023 | 2.2% | 1.67× | 3.7% | 2.43× | 9.1% | S100UFP4 |
| 2024 | — | —× | -6.9% | —× | — | S100WRQP |
| 2025 | 1.4% | 1.46× | 2.0% | 2.78× | 5.7% | S100WRQP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Ｄｉｍｅｎｓｉｏｎ | Major shareholder | 30.8% | 2025-06-30 |
| 臼井 貴弘 | Major shareholder | 4.5% | 2025-06-30 |
| 三菱UFJeスマート証券株式会社 | Major shareholder | 2.8% | 2025-06-30 |
| 野村證券株式会社 | Major shareholder | 1.1% | 2025-06-30 |
| 株式会社アセットリード | Major shareholder | 0.8% | 2025-06-30 |
| 臼井 英美 | Major shareholder | 0.8% | 2025-06-30 |
| ライト工業株式会社 | Major shareholder | 0.8% | 2025-06-30 |
| 株式会社クラフトコーポレーション | Major shareholder | 0.8% | 2025-06-30 |
| 藤村 由美 | Major shareholder | 0.5% | 2025-06-30 |
| 飛鳥居 淳 | Major shareholder | 0.4% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2024/07/01－2025/06/30) | S100WRQP | 2025-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WRQP,, |
| 有価証券報告書－第18期(2023/07/01－2024/06/30) | S100UFP4 | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFP4,, |
| 有価証券報告書－第17期(2022/07/01－2023/06/30) | S100RXLX | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXLX,, |
| 有価証券報告書－第16期(令和3年7月1日－令和4年6月30日) | S100P9Y7 | 2022-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P9Y7,, |
| 有価証券報告書－第15期(令和2年7月1日－令和3年6月30日) | S100MIUT | 2021-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MIUT,, |
| 有価証券報告書－第14期(令和1年7月1日－令和2年6月30日) | S100JSPW | 2020-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JSPW,, |

## 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).