# Elitz Holdings Co.,Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2024/10/01－2025/09/30) (S100XCQ3)
> Page: https://vizora.meequs.com/en/company/elitz-holdings
> Retrieved: 2026-09-30T21:05:33.264Z

## Company

Elitz Holdings, founded in 2012, is a company in Real Estate Brokerage & Management listed on TSE Standard. It has 405 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Elitz Holdings Co., Ltd. |
| Ticker | 5533 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5533.T) |
| Listing | TSE Standard |
| Head office | 京都市中京区堀川通姉小路上る三坊堀川町55番地1 エリッツ御池ビル |
| Representative (per filing) | 代表取締役社長 槙野 常美 |
| Founded | Mar 2012 |
| Share capital | ¥323.1M |
| Employees (consolidated) | 405 |
| Average salary (parent only) | ¥3.9M |
| Fiscal year end | September |
| Website | www.elitz-holdings.co.jp (https://www.elitz-holdings.co.jp/) |
| Corporate number | 2130001048932 |
| EDINET | E38634 |
| Industries (Vizora) | Real Estate Brokerage & Management, Home & Lifestyle Services |

> Profile source: annual securities report (S100XCQ3, filed 2025-12-24). As of filing

## Five-axis industry profile

Primary industry: Real Estate Brokerage & Management (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 66 | 25 |
| Profitability | 78.8 | 26 |
| Cash conversion | 48.1 | 26 |
| Efficiency | 17.3 | 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 52% of Elitz Holdings's sales come from Real estate intermediary, with Real estate management and Resident support making up much of the rest.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +9.4% from the prior year, operating profit +5.5%.

## Company structure

- Segment revenue mix: Real estate intermediary 51.9%、Real estate management 36.1%、Resident support 12.0%
- Revenue → net income: ¥6385724000 → ¥699290000
- Net income → operating cash flow: ¥699290000 → ¥869044000（difference ¥169754000）
- Main uses of operating cash flow: CapEx ¥173315000 / dividends ¥199172000 / buybacks —
- Change in cash: ¥367743000
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 | ¥6.39B |  |
| Operating income | ¥1.02B | Margin 16.0% |
| Net income | ¥699.3M | Margin 11.0% |
| Free cash flow | ¥695.7M |  |
| Largest business | Real estate intermediary | of segment revenue 51.9% |
| Employees (consolidated) | 405 |  |
| EPS | ¥141.77 |  |
| Diluted EPS | ¥140 |  |
| Book value per share | ¥1083.67 |  |
| Equity ratio | 55.6% |  |
| Shares outstanding | 3,475,000 |  |
| Shareholders | 585 |  |
| Average salary (parent only) | ¥3.9M | Filing company only |
| Cash ratio | 47.3% | Cash ÷ revenue 70.7% |
| Vs. industry median margin | +7 pp | Real Estate Brokerage & Management |
| ROE | 13.9% | Derived from disclosed figures |
| ROA | 7.5% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 47% of total assets

## What changed in 3 years

| Metric | FY ending Sep 2022 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4864786000 | ¥6385724000 | +31.3% |
| Operating income | ¥612494000 | ¥1021983000 | +66.9% |
| Operating margin | 12.6% | 16.0% | +3.4 pp |
| Employees | 380 people | 405 people | +6.6% |
| Cash and equivalents | ¥3319156000 | ¥4516925000 | +36.1% |

### Change in segment revenue mix

Span: FY ending Sep 2022 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 不動産仲介事業 → 不動産仲介事業 | 49.6% |
| 不動産管理事業 → 不動産管理事業 | 36.1% |
| 不動産管理事業 → 事業再編・廃止 | 1.2% |
| 居住者サポート事業 → 居住者サポート事業 | 12.0% |
| 居住者サポート事業 → 事業再編・廃止 | 1.0% |
| 新設・再編 → 不動産仲介事業 | 2.2% |

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 intermediary | 3 years | +11.1% | ¥3311110000 | 17.7% | 2 |
| Real estate management | 3 years | +8.3% | ¥2307238000 | 17.6% | 2 |
| Resident support | 3 years | +6.5% | ¥767375000 | 58.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,386 | 100.0% | S100XCQ3 |
| Cost of revenue | 1,514 | 23.7% | S100XCQ3 |
| Gross profit | 4,871 | 76.3% | S100XCQ3 |
| SG&A | 3,849 | 60.3% | S100XCQ3 |
| Operating income | 1,022 | 16.0% | S100XCQ3 |
| Ordinary income | 1,021 | 16.0% | S100XCQ3 |
| Pretax income | 1,025 | 16.0% | S100XCQ3 |
| Income tax | 325 | 5.1% | S100XCQ3 |
| Net income | 699 | 11.0% | S100XCQ3 |
| Net income attributable to owners | 699 | 11.0% | S100XCQ3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 24 |
| SG&A | 60 |
| Operating income | 16 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 76.3% → Operating margin 16.0% → Net margin 11.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.4%; Core profit growth: +5.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.59×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,836 | 6,386 | 550 | +9.4% |
| Gross profit | 4,515 | 4,871 | 356 | +7.9% |
| Operating income | 968 | 1,022 | 54 | +5.5% |
| Net income attributable to owners | 642 | 699 | 58 | +9.0% |
| Operating cash flow | 721 | 869 | 148 | +20.6% |
| Free cash flow | 332 | 696 | 363 | +109.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2022 | 4,865 | 612 | 12.6% | 433 | 287 | -210 | S100SJQ6 |
| FY ending Sep 2023 | 5,563 | 1,013 | 18.2% | 655 | 891 | 789 | S100V0ZG |
| FY ending Sep 2024 | 5,836 | 968 | 16.6% | 642 | 721 | 332 | S100XCQ3 |
| FY ending Sep 2025 | 6,386 | 1,022 | 16.0% | 699 | 869 | 696 | S100XCQ3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.8M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥1.7M |

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

| History | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 380 | 373 | 392 | 405 |
| Average salary (parent company) | — | ¥3.5M | ¥3.5M | ¥3.9M |
| Average age (parent company) | — | 39.7 years | 37.5 years | 38.5 years |
| Average tenure (parent company) | — | 9.9 years | 9.0 years | 10.2 years |

Year over year: Employees (consolidated) +3.3% · Revenue (consolidated) +9.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate intermediary | 3,311 | 51.9% | 585 | 17.7% |
| Real estate management | 2,307 | 36.1% | 407 | 17.6% |
| Resident support | 767 | 12.0% | 449 | 58.5% |

### 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 intermediary | 51.9% | 40.6% | -11.2 | 17.7% |
| Real estate management | 36.1% | 28.2% | -7.9 | 17.6% |
| Resident support | 12.0% | 31.2% | 19.2 | 58.5% |

Segment → industry: Resident support → Real Estate Brokerage & Management / Real estate management → Real Estate Brokerage & Management / Real estate intermediary → Real Estate Brokerage & Management / Resident support → Home & Lifestyle Services

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 869 | 13.6% | S100XCQ3 |
| Capital expenditure | 173 | 2.7% | S100XCQ3 |
| Free cash flow | 696 | 10.9% | 算出 |
| Investing cash flow | -213 | -3.3% | S100XCQ3 |
| Financing cash flow | -288 | -4.5% | S100XCQ3 |
| Dividends paid | 199 | 3.1% | S100XCQ3 |
| Change in cash | 368 | 5.8% | S100XCQ3 |
| Cash and equivalents | 4,517 | 70.7% | S100XCQ3 |

## 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 Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,319 | 4,013 | 4,149 | 4,517 | S100V0ZG, S100XCQ3 |
| Total assets | 7,794 | 8,460 | 9,080 | 9,552 | S100SJQ6, S100V0ZG, S100XCQ3 |
| Net assets | 3,431 | 4,244 | 4,745 | 5,311 | S100V0ZG, S100XCQ3 |
| Share capital | 100 | 245 | 291 | 323 | S100SJQ6, S100V0ZG, S100XCQ3 |
| Property, plant and equipment | 2,840 | 2,709 | 2,991 | 3,032 | S100SJQ6, S100V0ZG, S100XCQ3 |
| Intangible assets excluding goodwill | 19 | 17 | 14 | 24 | S100SJQ6, S100V0ZG, S100XCQ3 |
| Investment securities | 100 | 83 | 110 | 106 | S100SJQ6, S100V0ZG, S100XCQ3 |
| Current assets | 4,312 | 5,100 | 5,355 | 5,724 | S100SJQ6, S100V0ZG, S100XCQ3 |
| Current liabilities | 2,162 | 2,263 | 2,337 | 2,028 | S100SJQ6, S100V0ZG, S100XCQ3 |
| Long-term borrowings | 2,014 | 1,774 | 1,807 | 1,659 | S100SJQ6, S100V0ZG, S100XCQ3 |
| Total liabilities | 4,363 | 4,216 | 4,335 | 4,241 | S100SJQ6, S100V0ZG, S100XCQ3 |
| Equity attributable to owners of parent | 3,431 | 4,238 | 4,734 | 5,298 | S100SJQ6, S100V0ZG, S100XCQ3 |
| Retained earnings | 2,514 | 3,031 | 3,435 | 3,935 | S100SJQ6, S100V0ZG, S100XCQ3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100XCQ3 |
| Property, plant and equipment | 32% | S100XCQ3 |
| Intangibles and goodwill | 0% | S100XCQ3 |
| Investment securities | 1% | S100XCQ3 |
| Other assets | 20% | S100XCQ3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 44% | S100XCQ3 |
| Equity | 56% | S100XCQ3 |

### Balance sheet history

| Metric | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 7,794 | 8,460 | 9,080 | 9,552 |
| Equity | 3,431 | 4,244 | 4,745 | 5,311 |
| Interest-bearing debt | — | — | — | — |
| Cash | 3,319 | 4,013 | 4,149 | 4,517 |

## 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) | 47.5% | S100XCQ3 |
| Fixed assets ÷ total assets | 31.7% | S100XCQ3 |
| Goodwill ÷ parent equity | — | —, S100XCQ3 |

### 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) | 47.3% |
| Cash ÷ revenue | 70.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 85.0% |
| Cash vs. profit gap | 170 JPY mn (of net income 24.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.5% |
| Shareholder payments — dividends / FCF | 28.6% |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | 24.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 8.9% | 0.62× | 5.6% | 2.27× | 12.6% | S100SJQ6 |
| 2023 | 11.8% | 0.68× | 8.1% | 2.12× | 17.1% | S100V0ZG |
| 2024 | 11.0% | 0.67× | 7.3% | 1.95× | 14.3% | S100XCQ3 |
| 2025 | 11.0% | 0.69× | 7.5% | 1.86× | 13.9% | S100XCQ3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 槙野常美 | Major shareholder | 43.0% | 2025-09-30 |
| 黒田富久子 | Major shareholder | 8.4% | 2025-09-30 |
| 佐々木茂喜 | Major shareholder | 7.8% | 2025-09-30 |
| 龍池法子 | Major shareholder | 6.0% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.5% | 2025-09-30 |
| 平山 浩 | Major shareholder | 4.5% | 2025-09-30 |
| 龍池 亮 | Major shareholder | 3.2% | 2025-09-30 |
| エリッツホールディングスグループ従業員持株会 | Major shareholder | 3.1% | 2025-09-30 |
| 龍池美沙 | Major shareholder | 2.9% | 2025-09-30 |
| 株式会社ハウズ | Major shareholder | 2.8% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2024/10/01－2025/09/30) | S100XCQ3 | 2025-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCQ3,, |
| 有価証券報告書－第13期(2023/10/01－2024/09/30) | S100V0ZG | 2024-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0ZG,, |
| 有価証券報告書－第12期(2022/10/01－2023/09/30) | S100SJQ6 | 2023-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJQ6,, |

## 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).