# EARLY AGE CO., Ltd.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第39期(2024/11/01－2025/10/31) (S100XH8O)
> Page: https://vizora.meequs.com/en/company/early-age
> Retrieved: 2026-09-30T21:00:59.468Z

## Company

Early AGE, founded in 1986, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 17 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | EARLY AGE CO., Ltd. |
| Ticker | 3248 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3248.T) |
| Listing | TSE Standard |
| Head office | 東京都港区赤坂二丁目11番7号 ATT EAST5F |
| Representative (per filing) | 代表取締役 向井山 達也 |
| Founded | Nov 1986 |
| Share capital | ¥167.2M |
| Employees (consolidated) | 17 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | October |
| Website | www.early-age.co.jp (https://www.early-age.co.jp/) |
| Corporate number | 6010401059587 |
| EDINET | E04077 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100XH8O, filed 2026-01-23). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6 | 75 |
| Profitability | 70.3 | 86 |
| Cash conversion | 60.4 | 82 |
| Efficiency | 18 | 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 88% of Early AGE's sales come from Real estate management and operation, with Real estate development and sales making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed -30.4% from the prior year, operating profit -43.1%.

## Company structure

- Segment revenue mix: Real estate management and operation 87.6%、Real estate development and sales 12.4%
- Revenue → net income: ¥3289922000 → ¥280133000
- Net income → operating cash flow: ¥280133000 → ¥449147000（difference ¥169014000）
- Main uses of operating cash flow: CapEx ¥1698441000 / dividends ¥114388000 / buybacks ¥0
- Change in cash: ¥-461987000
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 | ¥3.29B |  |
| Operating income | ¥506.5M | Margin 15.4% |
| Net income | ¥280.1M | Margin 8.5% |
| Free cash flow | -¥1.25B |  |
| Largest business | Real estate management and operation | of segment revenue 87.6% |
| Employees (consolidated) | 17 |  |
| EPS | ¥87.92 |  |
| Book value per share | ¥1473.08 |  |
| Equity ratio | 31.1% |  |
| Shares outstanding | 3,181,000 |  |
| Treasury shares | 100 |  |
| Shareholders | 3,554 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 8.6% | Cash ÷ revenue 39.9% |
| Vs. industry median margin | +4.9 pp | Real Estate Development & Leasing |
| ROE | 6.0% | Derived from disclosed figures |
| ROA | 1.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 86% of positive segment profit
- FY2025, parent-company salary changed +25% over five years

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3566162000 | ¥3289922000 | -7.7% |
| Operating income | ¥521721000 | ¥506538000 | -2.9% |
| Operating margin | 14.6% | 15.4% | +0.8 pp |
| Employees | 24 people | 17 people | -29.2% |
| Cash and equivalents | ¥1254628000 | ¥1313321000 | +4.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 運営管理事業 → 運営管理事業 | 81.2% |
| 開発販売事業 → 開発販売事業 | 12.4% |
| 開発販売事業 → 事業再編・廃止 | 6.4% |
| 新設・再編 → 運営管理事業 | 6.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,290 | 100.0% | S100XH8O |
| Cost of revenue | 2,252 | 68.4% | S100XH8O |
| Gross profit | 1,038 | 31.6% | S100XH8O |
| SG&A | 532 | 16.2% | S100XH8O |
| Operating income | 507 | 15.4% | S100XH8O |
| Ordinary income | 404 | 12.3% | S100XH8O |
| Pretax income | 404 | 12.3% | S100XH8O |
| Income tax | 124 | 3.8% | S100XH8O |
| Net income | 280 | 8.5% | S100XH8O |
| Net income attributable to owners | 280 | 8.5% | S100XH8O |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 16 |
| Operating income | 15 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 31.6% → Operating margin 15.4% → Net margin 8.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -30.4%; Core profit growth: -43.1%
Operating leverage (core profit growth ÷ revenue growth): 1.42×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,726 | 3,290 | -1,436 | -30.4% |
| Gross profit | 1,471 | 1,038 | -432 | -29.4% |
| Operating income | 891 | 507 | -384 | -43.1% |
| Net income attributable to owners | 530 | 280 | -250 | -47.1% |
| Operating cash flow | 2,087 | 449 | -1,638 | -78.5% |
| Free cash flow | 842 | -1,249 | -2,091 | -248.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 3,498 | 563 | 16.1% | 336 | -106 | -778 | S100KKUT |
| FY ending Oct 2020 | 3,566 | 522 | 14.6% | 303 | 795 | -597 | S100NA0Y |
| FY ending Oct 2021 | 3,342 | 451 | 13.5% | 259 | 375 | -940 | S100Q09L |
| FY ending Oct 2022 | 3,700 | 629 | 17.0% | 376 | 1,167 | 719 | S100SNVK |
| FY ending Oct 2023 | 3,441 | 548 | 15.9% | 327 | 840 | -126 | S100V4SM |
| FY ending Oct 2024 | 4,726 | 891 | 18.8% | 530 | 2,087 | 842 | S100XH8O |
| FY ending Oct 2025 | 3,290 | 507 | 15.4% | 280 | 449 | -1,249 | S100XH8O |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥193.5M |
| Operating income per employee (consolidated) | ¥29.8M |
| Net income per employee (consolidated) | ¥16.5M |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 22 | 21 | 17 | 15 | 17 |
| Average salary (parent company) | ¥4.4M | ¥4.4M | ¥4.7M | ¥4.9M | ¥5.4M |
| Average age (parent company) | 33.3 years | 35.9 years | 37.0 years | 38.7 years | 38.4 years |
| Average tenure (parent company) | 6.7 years | 7.7 years | 8.5 years | 10.2 years | 9.9 years |

Year over year: Employees (consolidated) +13.3% · Revenue (consolidated) -30.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate management and operation | 2,880 | 87.6% | 589 | 20.4% |
| Real estate development and sales | 409 | 12.4% | 95 | 23.3% |

### 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 management and operation | 87.6% | 86.1% | -1.5 | 20.4% |
| Real estate development and sales | 12.4% | 13.9% | 1.5 | 23.3% |

Segment → industry: Real estate development and sales → Real Estate Development & Leasing / Real estate management and operation → Real Estate Development & Leasing / Real estate management and operation → Real Estate Brokerage & Management

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 449 | 13.7% | S100XH8O |
| Capital expenditure | 1,698 | 51.6% | S100XH8O |
| Free cash flow | -1,249 | -38.0% | 算出 |
| Investing cash flow | -1,696 | -51.5% | S100XH8O |
| Financing cash flow | 785 | 23.8% | S100XH8O |
| Dividends paid | 114 | 3.5% | S100XH8O |
| Share buyback | 0 | 0.0% | S100XH8O |
| Change in cash | -462 | -14.0% | S100XH8O |
| Cash and equivalents | 1,313 | 39.9% | S100XH8O |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,028 | 964 | 921 | 1,775 | 1,313 | S100SNVK, S100V4SM, S100XH8O |
| Total assets | 13,424 | 13,155 | 13,488 | 14,398 | 15,186 | S100Q09L, S100SNVK, S100V4SM, S100XH8O |
| Net assets | 3,735 | 3,908 | 4,136 | 4,561 | 4,728 | S100SNVK, S100V4SM, S100XH8O |
| Share capital | 167 | 167 | 167 | 167 | 167 | S100Q09L, S100SNVK, S100V4SM, S100XH8O |
| Inventories | 4,117 | 2,971 | 2,558 | 1,472 | 561 | S100Q09L, S100SNVK, S100V4SM, S100XH8O |
| Property, plant and equipment | 7,815 | 8,700 | 9,432 | 10,421 | 12,622 | S100Q09L, S100SNVK, S100V4SM, S100XH8O |
| Intangible assets excluding goodwill | 13 | 12 | 78 | 85 | 83 | S100Q09L, S100SNVK, S100V4SM, S100XH8O |
| Investment securities | 10 | 8 | 8 | 8 | 10 | S100Q09L, S100SNVK, S100V4SM, S100XH8O |
| Current assets | 5,201 | 3,997 | 3,546 | 3,371 | 2,018 | S100Q09L, S100SNVK, S100V4SM, S100XH8O |
| Current liabilities | 877 | 1,473 | 1,746 | 1,410 | 1,557 | S100Q09L, S100SNVK, S100V4SM, S100XH8O |
| Short-term borrowings | 150 | — | — | — | — | S100Q09L |
| Long-term borrowings | 8,431 | 7,369 | 7,204 | 8,034 | 8,508 | S100Q09L, S100SNVK, S100V4SM, S100XH8O |
| Total liabilities | 9,689 | 9,247 | 9,352 | 9,837 | 10,459 | S100Q09L, S100SNVK, S100V4SM, S100XH8O |
| Equity attributable to owners of parent | 3,731 | 3,905 | 4,134 | 4,558 | 4,724 | S100Q09L, S100SNVK, S100V4SM, S100XH8O |
| Retained earnings | 3,498 | 3,672 | 3,900 | 4,325 | 4,491 | S100Q09L, S100SNVK, S100V4SM, S100XH8O |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100Q09L, S100SNVK, S100V4SM, S100XH8O |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100XH8O |
| Inventories | 4% | S100XH8O |
| Property, plant and equipment | 83% | S100XH8O |
| Intangibles and goodwill | 0% | S100XH8O |
| Investment securities | 0% | S100XH8O |
| Other assets | 4% | S100XH8O |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 69% | S100XH8O |
| Equity | 31% | S100XH8O |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 13,424 | 13,155 | 13,488 | 14,398 | 15,186 |
| Equity | 3,735 | 3,908 | 4,136 | 4,561 | 4,728 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,028 | 964 | 921 | 1,775 | 1,313 |

## 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) | 383.7% | S100XH8O |
| Fixed assets ÷ total assets | 83.1% | S100XH8O |
| Goodwill ÷ parent equity | — | —, S100XH8O |

### 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) | 8.6% |
| Cash ÷ revenue | 39.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 88.7% |
| Cash vs. profit gap | 169 JPY mn (of net income 60.3%) |
| Shareholder returns / net income | 40.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 40.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 51.6% |
| Investing CF relative to operating CF | 377.5% |

## 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 | 7.7% | 0.25× | 1.9% | 3.60× | 6.9% | S100Q09L |
| 2022 | 10.2% | 0.28× | 2.8% | 3.48× | 9.8% | S100SNVK |
| 2023 | 9.5% | 0.26× | 2.5% | 3.31× | 8.1% | S100V4SM |
| 2024 | 11.2% | 0.34× | 3.8% | 3.21× | 12.2% | S100XH8O |
| 2025 | 8.5% | 0.22× | 1.9% | 3.19× | 6.0% | S100XH8O |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社BHAGコーポレーション | Major shareholder | 50.0% | 2025-10-31 |
| 向井山 達也 | Major shareholder | 3.9% | 2025-10-31 |
| 大川 真美 | Major shareholder | 3.8% | 2025-10-31 |
| 内藤 征吾 | Major shareholder | 3.0% | 2025-10-31 |
| 若杉 精三郎 | Major shareholder | 2.9% | 2025-10-31 |
| 笠原 賢一 | Major shareholder | 2.0% | 2025-10-31 |
| 金室 貴久 | Major shareholder | 1.7% | 2025-10-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.5% | 2025-10-31 |
| 小西 宏明 | Major shareholder | 1.5% | 2025-10-31 |
| 肥田 亘 | Major shareholder | 1.3% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2024/11/01－2025/10/31) | S100XH8O | 2026-01-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XH8O,, |
| 有価証券報告書－第38期(2023/11/01－2024/10/31) | S100V4SM | 2025-01-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V4SM,, |
| 有価証券報告書－第37期(2022/11/01－2023/10/31) | S100SNVK | 2024-01-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SNVK,, |
| 有価証券報告書－第36期(2021/11/01－2022/10/31) | S100Q09L | 2023-01-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q09L,, |
| 有価証券報告書－第35期(令和2年11月1日－令和3年10月31日) | S100NA0Y | 2022-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NA0Y,, |
| 有価証券報告書－第34期(令和1年11月1日－令和2年10月31日) | S100KKUT | 2021-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KKUT,, |

## 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).