# ES-CON JAPAN Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第31期(2025/04/01－2026/03/31) (S100YGKW)
> Page: https://vizora.meequs.com/en/company/es-con-japan
> Retrieved: 2026-09-30T19:51:27.213Z

## Company

Es-Con Japan, founded in 1995, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 487 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ES-CON JAPAN Ltd. |
| Ticker | 8892 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8892.T) |
| Listing | TSE Prime |
| Head office | 東京都港区虎ノ門2丁目10番4号 |
| Representative (per filing) | 代表取締役社長 伊藤 貴俊 |
| Founded | Apr 1995 |
| Share capital | ¥16.5B |
| Employees (consolidated) | 487 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | www.es-conjapan.co.jp (https://www.es-conjapan.co.jp/) |
| Corporate number | 8010001067609 |
| EDINET | E03992 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management, Condominium Developers |

> Profile source: annual securities report (S100YGKW, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Condominium Developers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 94 | 25 |
| Cash conversion | 74 | 25 |
| Efficiency | 10 | 25 |
| Financial strength | 17.9 | 14 |

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 46% of Es-Con Japan's sales come from Condominium business, with Real estate development business and Leasing and property management business making up much of the rest.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed +20.6% from the prior year, operating profit +22.5%.

## Company structure

- Segment revenue mix: Condominium business 46.4%、Real estate development business 38.0%、Leasing and property management business 12.6%、Asset management business 1.6%、Other 1.4%
- Revenue → net income: ¥137029000000 → ¥12001000000
- Net income → operating cash flow: ¥12001000000 → ¥10362000000（difference ¥-1639000000）
- Main uses of operating cash flow: CapEx ¥1380000000 / dividends ¥4658000000 / buybacks —
- Change in cash: ¥16003000000
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 | ¥137B |  |
| Operating income | ¥26.1B | Margin 19.0% |
| Net income | ¥12.2B | Margin 8.9% |
| Free cash flow | ¥8.98B |  |
| Largest business | Condominium business | of segment revenue 46.4% |
| Employees (consolidated) | 487 |  |
| EPS | ¥61.66 |  |
| Diluted EPS | ¥61.62 |  |
| Book value per share | ¥793.95 |  |
| Equity ratio | 17.0% |  |
| Shares outstanding | 98,580,887 |  |
| Treasury shares | 1,277,400 |  |
| Shareholders | 28,106 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 12.2% | Net cash -¥259B · Cash ÷ revenue 45.3% |
| Vs. industry median margin | +10.9 pp | Condominium Developers |
| ROE | 14.7% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## What changed in 4 years

| Metric | FY ending Dec 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥99431000000 | ¥137029000000 | +37.8% |
| Operating income | ¥15492000000 | ¥26101000000 | +68.5% |
| Operating margin | 15.6% | 19.0% | +3.5 pp |
| Employees | 398 people | 487 people | +22.4% |
| Cash and equivalents | ¥35604000000 | ¥62053000000 | +74.3% |

### Change in segment revenue mix

Span: FY ending Dec 2022 → FY ending Mar 2026. 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 → 事業再編・廃止 | 87.0% |
| 不動産賃貸事業 → 不動産賃貸事業 | 11.9% |
| 不動産企画仲介コンサル事業 → 事業再編・廃止 | 1.1% |
| 新設・再編 → 住宅分譲事業 | 46.4% |
| 新設・再編 → 不動産開発事業 | 38.0% |
| 新設・再編 → 不動産賃貸事業 | 0.7% |
| 新設・再編 → 資産管理事業 | 1.6% |
| 新設・再編 → その他 | 1.4% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Condominium business | — | — | ¥63630000000 | 18.1% | 2 |
| Real estate development business | — | — | ¥52019000000 | 28.7% | 2 |
| Leasing and property management business | 4 years | +9.9% | ¥17262000000 | 46.5% | 2 |
| Asset management business | — | — | ¥2207000000 | 58.5% | 2 |
| Other | — | — | ¥1909000000 | 34.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 137,029 | 100.0% | S100YGKW |
| Cost of revenue | 96,021 | 70.1% | S100YGKW |
| Gross profit | 41,008 | 29.9% | S100YGKW |
| SG&A | 14,906 | 10.9% | S100YGKW |
| Operating income | 26,101 | 19.0% | S100YGKW |
| Ordinary income | 17,190 | 12.5% | S100YGKW |
| Pretax income | 17,735 | 12.9% | S100YGKW |
| Income tax | 5,733 | 4.2% | S100YGKW |
| Net income | 12,001 | 8.8% | S100YGKW |
| Net income attributable to owners | 12,191 | 8.9% | S100YGKW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 11 |
| Operating income | 19 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 29.9% → Operating margin 19.0% → Net margin 8.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.6%; Core profit growth: +22.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.09×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 113,603 | 137,029 | 23,426 | +20.6% |
| Gross profit | 36,469 | 41,008 | 4,539 | +12.4% |
| Operating income | 21,311 | 26,101 | 4,790 | +22.5% |
| Net income attributable to owners | 11,193 | 12,191 | 998 | +8.9% |
| Operating cash flow | -24,765 | 10,362 | 35,127 | — |
| Free cash flow | -29,570 | 8,982 | 38,552 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2022 | 99,431 | 15,492 | 15.6% | 7,250 | 1,501 | -532 | S100TS73 |
| FY ending Mar 2025 | 113,603 | 21,311 | 18.8% | 11,193 | -24,765 | -29,570 | S100YGKW |
| FY ending Mar 2026 | 137,029 | 26,101 | 19.0% | 12,191 | 10,362 | 8,982 | S100YGKW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥281.4M |
| Operating income per employee (consolidated) | ¥53.6M |
| Net income per employee (consolidated) | ¥25M |

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

| History | FY ending Dec 2022 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 398 | 475 | 487 |
| Average salary (parent company) | — | ¥7.2M | ¥7.9M |
| Average age (parent company) | — | 40.0 years | 40.0 years |
| Average tenure (parent company) | — | 5.0 years | 5.0 years |

Year over year: Employees (consolidated) +2.5% · Revenue (consolidated) +20.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Condominium business | 63,630 | 46.4% | 11,493 | 18.1% |
| Real estate development business | 52,019 | 38.0% | 14,913 | 28.7% |
| Leasing and property management business | 17,262 | 12.6% | 8,033 | 46.5% |
| Asset management business | 2,207 | 1.6% | 1,291 | 58.5% |
| Other | 1,909 | 1.4% | 653 | 34.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Condominium business | 46.4% | 31.6% | -14.8 | 18.1% |
| Real estate development business | 38.0% | 41.0% | 3.0 | 28.7% |
| Leasing and property management business | 12.6% | 22.1% | 9.5 | 46.5% |
| Asset management business | 1.6% | 3.5% | 1.9 | 58.5% |
| Other | 1.4% | 1.8% | 0.4 | 34.2% |

Segment → industry: Leasing and property management business → Real Estate Development & Leasing / Real estate development business → Real Estate Development & Leasing / Asset management business → Real Estate Brokerage & Management / Condominium business → Condominium Developers

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 10,362 | 7.6% | S100YGKW |
| Capital expenditure | 1,380 | 1.0% | S100YGKW |
| Free cash flow | 8,982 | 6.6% | 算出 |
| Investing cash flow | -12,164 | -8.9% | S100YGKW |
| Financing cash flow | 17,750 | 13.0% | S100YGKW |
| Dividends paid | 4,658 | 3.4% | S100YGKW |
| Change in cash | 16,003 | 11.7% | S100YGKW |
| Cash and equivalents | 62,053 | 45.3% | S100YGKW |

## 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 Dec 2022 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 35,604 | 46,050 | 62,053 | S100W2BR, S100YGKW |
| Total assets | 263,729 | 459,847 | 509,773 | S100TS73, S100YGKW |
| Net assets | 64,144 | 78,681 | 86,122 | S100W2BR, S100YGKW |
| Share capital | 16,519 | 16,519 | 16,519 | S100TS73, S100YGKW |
| Property, plant and equipment | 52,139 | 83,719 | 95,508 | S100TS73, S100YGKW |
| Intangible assets excluding goodwill | 7,774 | 15,277 | 14,464 | S100TS73, S100YGKW |
| Goodwill | 7,696 | 15,188 | 14,357 | S100TS73, S100YGKW |
| Investment securities | 6,279 | 19,546 | 20,126 | S100TS73, S100YGKW |
| Current assets | 191,357 | 335,103 | 372,134 | S100TS73, S100YGKW |
| Current liabilities | 55,690 | 95,654 | 91,890 | S100TS73, S100YGKW |
| Short-term borrowings | 10,061 | 4,735 | 12,002 | S100TS73, S100YGKW |
| Long-term borrowings | 132,810 | 257,872 | 291,606 | S100TS73, S100YGKW |
| Bonds | — | 7,400 | 17,400 | S100YGKW |
| Interest-bearing debt | — | 270,007 | 321,008 | 算出 |
| Total liabilities | 199,585 | 381,166 | 423,651 | S100TS73, S100YGKW |
| Non-controlling interests | -1,761 | -459 | -612 | S100TS73, S100YGKW |
| Equity attributable to owners of parent | 65,813 | 78,946 | 86,600 | S100TS73, S100YGKW |
| Retained earnings | 38,326 | 51,247 | 58,777 | S100TS73, S100YGKW |
| Treasury stock | -1,457 | -1,344 | -1,262 | S100TS73, S100YGKW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YGKW |
| Property, plant and equipment | 19% | S100YGKW |
| Intangibles and goodwill | 6% | S100YGKW |
| Investment securities | 4% | S100YGKW |
| Other assets | 59% | S100YGKW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 63% | 算出 |
| Other liabilities | 20% | S100YGKW |
| Equity | 17% | S100YGKW |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 263,729 | 459,847 | 509,773 |
| Equity | 64,144 | 78,681 | 86,122 |
| Interest-bearing debt | — | 270,007 | 321,008 |
| Cash | 35,604 | 46,050 | 62,053 |

## 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) | 69.7% | S100YGKW |
| Fixed assets ÷ total assets | 18.7% | S100YGKW |
| Goodwill ÷ parent equity | 16.6% | S100YGKW |

### 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) | 12.2% |
| Cash ÷ revenue | 45.3% |
| Net cash (cash − interest-bearing debt) | -¥259B |
| Net debt ÷ operating cash flow | 24.99× |
| Cash conversion (operating CF ÷ operating income) | 39.7% |
| Cash vs. profit gap | -1,829 JPY mn (of net income -15.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 38.2% |
| Shareholder payments — dividends / FCF | 51.9% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 117.4% |

## 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 | 7.3% | 0.38× | 2.7% | 4.01× | 11.0% | S100TS73 |
| 2025 | 9.9% | 0.25× | 2.4% | 5.82× | 14.2% | S100YGKW |
| 2026 | 8.9% | 0.28× | 2.5% | 5.86× | 14.7% | S100YGKW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中部電力株式会社 | Major shareholder | 51.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行 株式会社（信託口） | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社天満正龍 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社正龍コーポレーション | Major shareholder | 2.2% | 2026-03-31 |
| 伊藤 貴俊 | Major shareholder | 1.3% | 2026-03-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 0.7% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 0.6% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.6% | 2026-03-31 |
| 明石 啓子 | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第31期(2025/04/01－2026/03/31) | S100YGKW | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGKW,, |
| 有価証券報告書－第30期(2024/04/01－2025/03/31) | S100W2BR | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2BR,, |
| 有価証券報告書－第29期(2023/01/01－2024/03/31) | S100TS73 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS73,, |

## 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).