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

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第54期(2025/03/01－2026/02/28) (S100Y78C)
> Page: https://vizora.meequs.com/en/company/espoir
> Retrieved: 2026-09-30T18:31:53.387Z

## Company

Espoir is a company in Real Estate Development & Leasing listed on Nagoya. It has 2 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ESPOIR Co.,Ltd. |
| Ticker | 3260 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3260.T) |
| Listing | Nagoya |
| Head office | 東京都渋谷区南平台町15番1号 |
| Representative (per filing) | 代表取締役社長 鈴木 魁太 |
| Share capital | ¥1.02B |
| Employees (consolidated) | 2 |
| Average salary (parent only) | ¥2.5M |
| Fiscal year end | February |
| Website | www.es-poir.co.jp (https://www.es-poir.co.jp/) |
| Corporate number | 2180001055214 |
| EDINET | E04086 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management, Condominium Developers |

> Profile source: annual securities report (S100Y78C, filed 2026-05-28). As of filing

## Key points (generated from figures)

- About 37% of Espoir's sales come from Development Sales, with Rental and ,manegement and Real Estate Consulting making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +81.6% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥556.7M |  |
| Operating income | ¥10.1M | Margin 1.8% |
| Net income | ¥11.8M | Margin 2.1% |
| Free cash flow | — |  |
| Largest business | Development Sales | of segment revenue 36.6% |
| Employees (consolidated) | 2 |  |
| EPS | ¥3.11 |  |
| Book value per share | ¥3.42 |  |
| Equity ratio | 1.2% |  |
| Shares outstanding | 5,742,000 |  |
| Treasury shares | 108,200 |  |
| Shareholders | 1,261 |  |
| Average salary (parent only) | ¥2.5M | Filing company only |
| Cash ratio | 11.5% | Cash ÷ revenue 35.2% |
| Vs. industry median margin | -8.7 pp | Real Estate Development & Leasing |
| ROA | 0.9% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 0.4× its level five years ago
- FY2026, one segment accounts for 97% of positive segment profit
- FY2026, parent-company salary changed -71% over five years

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1435736000 | ¥556656000 | -61.2% |
| Operating income | ¥93287000 | ¥10105000 | -89.2% |
| Operating margin | 6.5% | 1.8% | -4.7 pp |
| Employees | 5 people | 2 people | -60.0% |
| Cash and equivalents | ¥539571000 | ¥196060000 | -63.7% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 開発・販売事業 → 開発・販売事業 | 13.6% |
| 賃貸・管理事業 → 賃貸・管理事業 | 32.8% |
| 賃貸・管理事業 → 事業再編・廃止 | 52.7% |
| その他 → その他 | 1.0% |
| 新設・再編 → 開発・販売事業 | 23.0% |
| 新設・再編 → 不動産コンサルティング事業 | 27.9% |
| 新設・再編 → その他 | 1.7% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Development Sales | 5 years | +0.9% | ¥203762000 | 2.3% | 2 |
| Rental and ,manegement | 5 years | -31.7% | ¥182373000 | -0.6% | 2 |
| Real Estate Consulting | 2 years | -10.3% | ¥155454000 | 100.0% | 2 |
| Other | 5 years | +1.5% | ¥15066000 | -10.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 557 | 100.0% | S100Y78C |
| Cost of revenue | 374 | 67.3% | S100Y78C |
| Gross profit | 182 | 32.7% | S100Y78C |
| SG&A | 172 | 30.9% | S100Y78C |
| Operating income | 10 | 1.8% | S100Y78C |
| Ordinary income | 15 | 2.8% | S100Y78C |
| Pretax income | 13 | 2.3% | S100Y78C |
| Income tax | 1 | 0.2% | S100Y78C |
| Net income | 12 | 2.1% | S100Y78C |
| Net income attributable to owners | 12 | 2.1% | S100Y78C |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 31 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 32.7% → Operating margin 1.8% → Net margin 2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 306 | 557 | 250 | +81.6% |
| Gross profit | -28 | 182 | 210 | — |
| Operating income | -212 | 10 | 222 | — |
| Net income attributable to owners | -247 | 12 | 259 | — |
| Operating cash flow | -336 | -929 | -592 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 1,397 | 132 | 9.5% | -106 | 310 | 278 | S100LF4S |
| FY ending Feb 2021 | 1,436 | 93 | 6.5% | -56 | 303 | 254 | S100P9TI |
| FY ending Feb 2022 | 1,484 | 43 | 2.9% | -77 | 308 | 186 | S100QU2P |
| FY ending Feb 2023 | 1,395 | 72 | 5.2% | -2,360 | 258 | 223 | S100TX83 |
| FY ending Feb 2024 | 708 | 139 | 19.7% | 1,421 | -358 | -438 | S100W8A8 |
| FY ending Feb 2025 | 306 | -212 | -69.1% | -247 | -336 | -429 | S100Y78C |
| FY ending Feb 2026 | 557 | 10 | 1.8% | 12 | -929 | — | S100Y78C |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥278.3M |
| Operating income per employee (consolidated) | ¥5.1M |
| Net income per employee (consolidated) | ¥5.9M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 5 | 7 | 3 | 5 | 2 |
| Average salary (parent company) | ¥8.6M | ¥2.5M | ¥4.8M | ¥4.6M | ¥2.5M |
| Average age (parent company) | 50.7 years | 50.9 years | 55.8 years | 50.6 years | 58.3 years |
| Average tenure (parent company) | 13.7 years | 0.6 years | 1.3 years | 1.3 years | 1.7 years |

Year over year: Employees (consolidated) -60.0% · Revenue (consolidated) +81.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Development Sales | 204 | 36.6% | 5 | 2.3% |
| Rental and ,manegement | 182 | 32.8% | -1 | -0.6% |
| Real Estate Consulting | 155 | 27.9% | 155 | 100.0% |
| Other | 15 | 2.7% | -2 | -10.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Development Sales | 36.6% | 3.0% | -33.6 | 2.3% |
| Rental and ,manegement | 32.8% | — | — | -0.6% |
| Real Estate Consulting | 27.9% | 97.0% | 69.1 | 100.0% |
| Other | 2.7% | — | — | -10.5% |

Loss-making segment (excluded from profit shares): Rental and ,manegement -1 JPY mn

Loss-making segment (excluded from profit shares): Other -2 JPY mn

Segment → industry: Rental and ,manegement → Real Estate Development & Leasing / Development Sales → Real Estate Development & Leasing / Real Estate Consulting → Real Estate Brokerage & Management / Development Sales → Condominium Developers

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -929 | -166.8% | S100Y78C |
| Investing cash flow | -69 | -12.3% | S100Y78C |
| Financing cash flow | 867 | 155.7% | S100Y78C |
| Change in cash | -130 | -23.4% | S100Y78C |
| Cash and equivalents | 196 | 35.2% | S100Y78C |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 377 | 395 | 630 | 327 | 196 | S100TX83, S100W8A8, S100Y78C |
| Total assets | 8,760 | 6,274 | 1,141 | 792 | 1,712 | S100QU2P, S100TX83, S100W8A8, S100Y78C |
| Net assets | 863 | -1,361 | 60 | -40 | 21 | S100TX83, S100W8A8, S100Y78C |
| Share capital | 852 | 919 | 919 | 993 | 1,018 | S100QU2P, S100TX83, S100W8A8, S100Y78C |
| Property, plant and equipment | 8,071 | 5,535 | 195 | 243 | 226 | S100QU2P, S100TX83, S100W8A8, S100Y78C |
| Intangible assets excluding goodwill | 1 | 1 | 1 | 1 | 1 | S100QU2P, S100TX83, S100W8A8, S100Y78C |
| Current assets | 659 | 704 | 937 | 543 | 1,481 | S100QU2P, S100TX83, S100W8A8, S100Y78C |
| Current liabilities | 421 | 6,857 | 298 | 71 | 951 | S100QU2P, S100TX83, S100W8A8, S100Y78C |
| Short-term borrowings | — | — | — | — | 830 | S100Y78C |
| Long-term borrowings | 4,870 | 234 | 3 | 3 | — | S100QU2P, S100TX83, S100W8A8, S100Y78C |
| Total liabilities | 7,897 | 7,635 | 1,081 | 832 | 1,691 | S100QU2P, S100TX83, S100W8A8, S100Y78C |
| Equity attributable to owners of parent | 863 | -1,362 | 59 | -40 | 21 | S100QU2P, S100TX83, S100W8A8, S100Y78C |
| Retained earnings | 23 | -2,337 | -916 | -1,163 | -1,151 | S100QU2P, S100TX83, S100W8A8, S100Y78C |
| Treasury stock | -17 | -17 | -17 | -17 | -17 | S100QU2P, S100TX83, S100W8A8, S100Y78C |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100Y78C |
| Property, plant and equipment | 13% | S100Y78C |
| Intangibles and goodwill | 0% | S100Y78C |
| Other assets | 75% | S100Y78C |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 99% | S100Y78C |
| Equity | 1% | S100Y78C |
| Other liabilities | 0% | S100Y78C |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,760 | 6,274 | 1,141 | 792 | 1,712 |
| Equity | 863 | -1,361 | 60 | -40 | 21 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 377 | 395 | 630 | 327 | 196 |

## 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) | 40.5% | S100Y78C |
| Fixed assets ÷ total assets | 13.2% | S100Y78C |
| Goodwill ÷ parent equity | — | —, S100Y78C |

### 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) | 11.5% |
| Cash ÷ revenue | 35.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -9188.7% |
| Cash vs. profit gap | -940 JPY mn (of net income -7952.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| 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 | — | —× | -0.9% | —× | — | S100QU2P |
| 2023 | — | —× | -31.4% | —× | — | S100TX83 |
| 2024 | — | —× | 38.3% | —× | — | S100W8A8 |
| 2025 | — | —× | -25.6% | —× | — | S100Y78C |
| 2026 | — | —× | 0.9% | —× | — | S100Y78C |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ストーク株式会社 | Major shareholder | 26.1% | 2026-02-28 |
| アークホールディングス株式会社 | Major shareholder | 16.0% | 2026-02-28 |
| 矢作 和幸 | Major shareholder | 13.3% | 2026-02-28 |
| 松井証券株式会社 | Major shareholder | 4.8% | 2026-02-28 |
| サムライカーボンズ株式会社 | Major shareholder | 4.1% | 2026-02-28 |
| ＪＰＩＷ合同会社 | Major shareholder | 3.8% | 2026-02-28 |
| 楠木 哲也 | Major shareholder | 3.6% | 2026-02-28 |
| 星山 崇行 | Major shareholder | 1.9% | 2026-02-28 |
| 水嶋 亨 | Major shareholder | 0.5% | 2026-02-28 |
| 木本 忠将 | Major shareholder | 0.5% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/03/01－2026/02/28) | S100Y78C | 2026-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y78C,, |
| 訂正有価証券報告書－第53期(2024/03/01－2025/02/28) | S100W8A8 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8A8,, |
| 訂正有価証券報告書－第52期(2023/03/01－2024/02/29) | S100TX83 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX83,, |
| 有価証券報告書－第51期(2022/03/01－2023/02/28) | S100QU2P | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QU2P,, |
| 訂正有価証券報告書－第50期(令和3年3月1日－令和4年2月28日) | S100P9TI | 2022-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P9TI,, |
| 有価証券報告書－第49期(令和2年3月1日－令和3年2月28日) | S100LF4S | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF4S,, |

## 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).