# ESLEAD CORPORATION: 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34期(2025/04/01－2026/03/31) (S100YHNU)
> Page: https://vizora.meequs.com/en/company/eslead
> Retrieved: 2026-09-30T19:42:05.819Z

## Company

Eslead, founded in 1992, is a company in Condominium Developers listed on TSE Prime. It has 476 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ESLEAD CORPORATION |
| Ticker | 8877 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8877.T) |
| Listing | TSE Prime |
| Head office | 大阪市福島区福島六丁目25番19号 |
| Representative (per filing) | 代表取締役社長 荒牧 杉夫 |
| Founded | May 1992 |
| Share capital | ¥1.98B |
| Employees (consolidated) | 476 |
| Average salary (parent only) | ¥8.9M |
| Fiscal year end | March |
| Corporate number | 4120001072725 |
| EDINET | E03977 |
| Industries (Vizora) | Condominium Developers |

> Profile source: annual securities report (S100YHNU, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 69 | 21 |
| Profitability | 90 | 25 |
| Cash conversion | 18 | 25 |
| Efficiency | 26 | 25 |
| Financial strength | 32.1 | 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)

- Eslead brought in ¥116.9B in revenue.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +23.4% from the prior year, operating profit +27.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥116.9B |  |
| Operating income | ¥18.5B | Margin 15.8% |
| Net income | ¥11.2B | Margin 9.6% |
| Free cash flow | -¥39.9B |  |
| Largest business | selling of real estate | of segment revenue 100.0% |
| Employees (consolidated) | 476 |  |
| EPS | ¥547.89 |  |
| Book value per share | ¥4239.98 |  |
| Equity ratio | 30.4% |  |
| Shares outstanding | 15,465,600 |  |
| Treasury shares | 36,200 |  |
| Shareholders | 37,945 |  |
| Average salary (parent only) | ¥8.9M | Filing company only |
| Cash ratio | 6.1% | Net cash -¥118.6B · Cash ÷ revenue 14.0% |
| Vs. industry median margin | +7.7 pp | Condominium Developers |
| ROE | 14.5% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥68999416000 | ¥116920792000 | +69.5% |
| Operating income | ¥7018923000 | ¥18502613000 | +163.6% |
| Operating margin | 10.2% | 15.8% | +5.7 pp |
| Employees | 363 people | 476 people | +31.1% |
| Cash and equivalents | ¥31019369000 | ¥16338036000 | -47.3% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → 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 → 不動産販売事業 | 82.8% |
| その他 → 事業再編・廃止 | 17.2% |
| 新設・再編 → 不動産販売事業 | 17.2% |

Segment revenue source references: 3 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 116,921 | 100.0% | S100YHNU |
| Cost of revenue | 87,489 | 74.8% | S100YHNU |
| Gross profit | 29,432 | 25.2% | S100YHNU |
| SG&A | 10,929 | 9.3% | S100YHNU |
| Operating income | 18,503 | 15.8% | S100YHNU |
| Ordinary income | 16,395 | 14.0% | S100YHNU |
| Pretax income | 16,393 | 14.0% | S100YHNU |
| Income tax | 5,221 | 4.5% | S100YHNU |
| Net income | 11,172 | 9.6% | S100YHNU |
| Net income attributable to owners | 11,172 | 9.6% | S100YHNU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 9 |
| Operating income | 16 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 25.2% → Operating margin 15.8% → Net margin 9.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +23.4%; Core profit growth: +27.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.16×
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 | 94,766 | 116,921 | 22,155 | +23.4% |
| Gross profit | 23,810 | 29,432 | 5,622 | +23.6% |
| Operating income | 14,548 | 18,503 | 3,954 | +27.2% |
| Net income attributable to owners | 9,331 | 11,172 | 1,841 | +19.7% |
| Operating cash flow | -35,441 | -39,531 | -4,091 | — |
| Free cash flow | -36,316 | -39,892 | -3,576 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 61,638 | 7,949 | 12.9% | 5,070 | -10,872 | -12,188 | S100LX3V |
| FY ending Mar 2021 | 68,999 | 7,019 | 10.2% | 4,506 | -9 | -798 | S100OLEL |
| FY ending Mar 2022 | 74,598 | 8,660 | 11.6% | 5,429 | -9,371 | -10,361 | S100R7PR |
| FY ending Mar 2023 | 79,914 | 9,481 | 11.9% | 6,147 | -12,861 | -17,866 | S100TXA5 |
| FY ending Mar 2024 | 80,287 | 11,631 | 14.5% | 7,518 | -32,214 | -32,803 | S100W2D0 |
| FY ending Mar 2025 | 94,766 | 14,548 | 15.4% | 9,331 | -35,441 | -36,316 | S100YHNU |
| FY ending Mar 2026 | 116,921 | 18,503 | 15.8% | 11,172 | -39,531 | -39,892 | S100YHNU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥245.6M |
| Operating income per employee (consolidated) | ¥38.9M |
| Net income per employee (consolidated) | ¥23.5M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 380 | 397 | 404 | 419 | 476 |
| Average salary (parent company) | ¥9.1M | ¥8.7M | ¥8.3M | ¥8.7M | ¥8.9M |
| Average age (parent company) | 32.0 years | 33.0 years | 33.0 years | 33.0 years | 32.0 years |
| Average tenure (parent company) | 5.0 years | 6.0 years | 6.0 years | 5.0 years | 5.0 years |

Year over year: Employees (consolidated) +13.6% · Revenue (consolidated) +23.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| selling of real estate | 86,594 | 100.0% | 13,285 | 15.3% |

## 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 | -39,531 | -33.8% | S100YHNU |
| Capital expenditure | 361 | 0.3% | S100YHNU |
| Free cash flow | -39,892 | -34.1% | 算出 |
| Investing cash flow | -1,096 | -0.9% | S100YHNU |
| Financing cash flow | 26,397 | 22.6% | S100YHNU |
| Dividends paid | 3,162 | 2.7% | S100YHNU |
| Share buyback | 0 | 0.0% | S100YHNU |
| Change in cash | -14,230 | -12.2% | S100YHNU |
| Cash and equivalents | 16,338 | 14.0% | S100YHNU |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 26,999 | 26,027 | 15,716 | 30,568 | 16,338 | S100TXA5, S100W2D0, S100YHNU |
| Total assets | 114,316 | 135,867 | 168,954 | 227,030 | 268,502 | S100R7PR, S100TXA5, S100W2D0, S100YHNU |
| Net assets | 55,699 | 60,966 | 66,873 | 73,460 | 81,550 | S100TXA5, S100W2D0, S100YHNU |
| Share capital | 1,983 | 1,983 | 1,983 | 1,983 | 1,983 | S100R7PR, S100TXA5, S100W2D0, S100YHNU |
| Property, plant and equipment | 6,294 | 8,618 | 8,907 | 9,498 | 8,314 | S100R7PR, S100TXA5, S100W2D0, S100YHNU |
| Intangible assets excluding goodwill | 345 | 332 | 312 | 263 | 226 | S100R7PR, S100TXA5, S100W2D0, S100YHNU |
| Goodwill | 263 | 228 | 193 | 158 | 123 | S100R7PR, S100TXA5, S100W2D0, S100YHNU |
| Investment securities | 347 | 422 | 556 | 500 | 622 | S100R7PR, S100TXA5, S100W2D0, S100YHNU |
| Current assets | 105,688 | 123,455 | 156,226 | 213,515 | 254,764 | S100R7PR, S100TXA5, S100W2D0, S100YHNU |
| Current liabilities | 26,818 | 38,974 | 36,921 | 48,255 | 52,622 | S100R7PR, S100TXA5, S100W2D0, S100YHNU |
| Trade payables | 1,822 | 2,727 | 2,147 | 1,265 | 1,286 | S100R7PR, S100TXA5, S100W2D0, S100YHNU |
| Short-term borrowings | 467 | 2,045 | 3,660 | 4,010 | 2,657 | S100R7PR, S100TXA5, S100W2D0, S100YHNU |
| Long-term borrowings | 29,439 | 34,141 | 62,889 | 101,560 | 131,476 | S100R7PR, S100TXA5, S100W2D0, S100YHNU |
| Bonds | 500 | — | 500 | 1,500 | 800 | S100R7PR, S100W2D0, S100YHNU |
| Interest-bearing debt | 30,406 | — | 67,049 | 107,070 | 134,933 | 算出 |
| Total liabilities | 58,617 | 74,902 | 102,081 | 153,569 | 186,952 | S100R7PR, S100TXA5, S100W2D0, S100YHNU |
| Equity attributable to owners of parent | 55,584 | 60,805 | 66,626 | 73,256 | 81,264 | S100R7PR, S100TXA5, S100W2D0, S100YHNU |
| Retained earnings | 50,794 | 56,015 | 61,837 | 68,467 | 76,476 | S100R7PR, S100TXA5, S100W2D0, S100YHNU |
| Treasury stock | -64 | -64 | -65 | -66 | -66 | S100R7PR, S100TXA5, S100W2D0, S100YHNU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YHNU |
| Property, plant and equipment | 3% | S100YHNU |
| Intangibles and goodwill | 0% | S100YHNU |
| Investment securities | 0% | S100YHNU |
| Other assets | 91% | S100YHNU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YHNU |
| Interest-bearing debt | 50% | 算出 |
| Other liabilities | 19% | S100YHNU |
| Equity | 30% | S100YHNU |
| Other liabilities | 0% | S100YHNU |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 114,316 | 135,867 | 168,954 | 227,030 | 268,502 |
| Equity | 55,699 | 60,966 | 66,873 | 73,460 | 81,550 |
| Interest-bearing debt | 30,406 | — | 67,049 | 107,070 | 134,933 |
| Cash | 26,999 | 26,027 | 15,716 | 30,568 | 16,338 |

## 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) | 7.1% | S100YHNU |
| Fixed assets ÷ total assets | 3.1% | S100YHNU |
| Goodwill ÷ parent equity | 0.2% | S100YHNU |

Goodwill over 4 years: 263 → 123 JPY; total investing cash flow: -8,626 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) | 6.1% |
| Cash ÷ revenue | 14.0% |
| Net cash (cash − interest-bearing debt) | -¥118.6B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -213.7% |
| Cash vs. profit gap | -50,703 JPY mn (of net income -453.8%) |
| Shareholder returns / net income | 28.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | — |

## 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% | 0.65× | 4.7% | 2.06× | 9.8% | S100R7PR |
| 2023 | 7.7% | 0.64× | 4.9% | 2.15× | 10.6% | S100TXA5 |
| 2024 | 9.4% | 0.53× | 4.9% | 2.39× | 11.8% | S100W2D0 |
| 2025 | 9.8% | 0.48× | 4.7% | 2.83× | 13.3% | S100YHNU |
| 2026 | 9.6% | 0.47× | 4.5% | 3.21× | 14.5% | S100YHNU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 森トラスト株式会社 | Major shareholder | 53.7% | 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 | 5.2% | 2026-03-31 |
| 荒牧杉夫 | Major shareholder | 2.0% | 2026-03-31 |
| ＳＭＢＣ日興証券株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人：株式会社みずほ銀行 決済営業部) | Major shareholder | 0.4% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642 (常任代理人：株式会社みずほ銀行 決済営業部) | Major shareholder | 0.3% | 2026-03-31 |
| DFA INTL SMALL CAP VALUE PORTFOLIO (常任代理人：シティバンク、エ ヌ・エイ東京支店） | Major shareholder | 0.3% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.3% | 2026-03-31 |
| 増岡英男 | Major shareholder | 0.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第34期(2025/04/01－2026/03/31) | S100YHNU | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHNU,, |
| 有価証券報告書－第33期(2024/04/01－2025/03/31) | S100W2D0 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2D0,, |
| 有価証券報告書－第32期(2023/04/01－2024/03/31) | S100TXA5 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXA5,, |
| 有価証券報告書－第31期(2022/04/01－2023/03/31) | S100R7PR | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7PR,, |
| 有価証券報告書－第30期(令和3年4月1日－令和4年3月31日) | S100OLEL | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLEL,, |
| 訂正有価証券報告書－第29期(令和2年4月1日－令和3年3月31日) | S100LX3V | 2021-07-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LX3V,, |

## 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).