# FaithNetwork Co.,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25期(2025/04/01－2026/03/31) (S100YHL1)
> Page: https://vizora.meequs.com/en/company/faithnetwork
> Retrieved: 2026-09-30T18:30:14.889Z

## Company

FaithNetwork, founded in 2001, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 239 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FaithNetwork Co.,Ltd |
| Ticker | 3489 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3489.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区千駄ヶ谷四丁目23番5号 (2026年1月1日から本店は上記に移転しております。 旧本店の所在の場所 東京都渋谷区千駄ヶ谷三丁目2番1号) |
| Representative (per filing) | 代表取締役社長 蜂谷 二郎 |
| Founded | Oct 2001 |
| Share capital | ¥681.1M |
| Employees (consolidated) | 239 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | faithnetwork.co.jp (https://faithnetwork.co.jp/) |
| Corporate number | 6013201013986 |
| EDINET | E33819 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100YHL1, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 76.2 | 86 |
| Cash conversion | 33.5 | 82 |
| Efficiency | 77.3 | 86 |
| Financial strength | 87.8 | 37 |

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 97% of FaithNetwork's sales come from Real estate investment support business, with Real estate management business making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +10.0% from the prior year, operating profit +24.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥32.9B |  |
| Operating income | ¥5.63B | Margin 17.1% |
| Net income | ¥3.59B | Margin 10.9% |
| Free cash flow | -¥993.8M |  |
| Largest business | Real estate investment support business | of segment revenue 97.2% |
| Employees (consolidated) | 239 |  |
| EPS | ¥123.25 |  |
| Book value per share | ¥425.35 |  |
| Equity ratio | 35.8% |  |
| Shares outstanding | 29,880,000 |  |
| Treasury shares | 237,600 |  |
| Shareholders | 8,085 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 26.4% | Net cash -¥4.28B · Cash ÷ revenue 27.8% |
| Vs. industry median margin | +6.6 pp | Real Estate Development & Leasing |
| ROE | 32.4% | Derived from disclosed figures |
| ROA | 11.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 96% of positive segment profit
- FY2026, cash is 26% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18774727000 | ¥32916875000 | — |
| Operating income | ¥1068934000 | ¥5632372000 | — |
| Operating margin | 5.7% | 17.1% | +11.4 pp |
| Employees | 147 people | 239 people | — |
| Cash and equivalents | ¥3992550000 | ¥9140413000 | — |

### 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 |
| --- | ---: |
| 不動産投資支援事業 → 不動産投資支援事業 | 96.7% |
| 不動産マネジメント事業 → 不動産マネジメント事業 | 2.8% |
| 不動産マネジメント事業 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 不動産投資支援事業 | 0.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 32,917 | 100.0% | S100YHL1 |
| Cost of revenue | 24,062 | 73.1% | S100YHL1 |
| Gross profit | 8,855 | 26.9% | S100YHL1 |
| SG&A | 3,223 | 9.8% | S100YHL1 |
| Operating income | 5,632 | 17.1% | S100YHL1 |
| Ordinary income | 5,165 | 15.7% | S100YHL1 |
| Pretax income | 5,147 | 15.6% | S100YHL1 |
| Income tax | 1,561 | 4.7% | S100YHL1 |
| Net income | 3,586 | 10.9% | S100YHL1 |
| Net income attributable to owners | 3,586 | 10.9% | S100YHL1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 10 |
| Operating income | 17 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 26.9% → Operating margin 17.1% → Net margin 10.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.0%; Core profit growth: +24.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.46×
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 | 29,916 | 32,917 | 3,001 | +10.0% |
| Gross profit | 7,277 | 8,855 | 1,578 | +21.7% |
| Operating income | 4,519 | 5,632 | 1,113 | +24.6% |
| Net income attributable to owners | 2,769 | 3,586 | 817 | +29.5% |
| Operating cash flow | 4,407 | -746 | -5,153 | -116.9% |
| Free cash flow | 3,937 | -994 | -4,931 | -125.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 17,106 | 1,035 | 6.1% | 548 | 1,398 | 1,340 | S100LQ0D |
| FY ending Mar 2021 | 18,775 | 1,069 | 5.7% | 585 | 3,442 | 3,365 | S100OGX0 |
| FY ending Mar 2022 | 17,021 | 1,760 | 10.3% | 1,034 | -1,904 | -1,932 | S100R6WS |
| FY ending Mar 2023 | 20,968 | 2,518 | 12.0% | 1,593 | -1,464 | -1,561 | S100R6WS |
| FY ending Mar 2024 | 22,285 | 2,090 | 9.4% | 943 | -3,996 | -4,030 | S100W2DE |
| FY ending Mar 2025 | 29,916 | 4,519 | 15.1% | 2,769 | 4,407 | 3,937 | S100YHL1 |
| FY ending Mar 2026 | 32,917 | 5,632 | 17.1% | 3,586 | -746 | -994 | S100YHL1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥137.7M |
| Operating income per employee (consolidated) | ¥23.6M |
| Net income per employee (consolidated) | ¥15M |

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) | 157 | 165 | 234 | 238 | 239 |
| Average salary (parent company) | ¥6.4M | ¥6.7M | ¥6.7M | ¥6.3M | ¥7.1M |
| Average age (parent company) | 42.0 years | 41.1 years | 40.7 years | 39.5 years | 40.0 years |
| Average tenure (parent company) | 4.5 years | 4.6 years | 5.1 years | 5.1 years | 5.8 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) +10.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate investment support business | 31,994 | 97.2% | 5,433 | 17.0% |
| Real estate management business | 923 | 2.8% | 199 | 21.6% |

### 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 investment support business | 97.2% | 96.5% | -0.7 | 17.0% |
| Real estate management business | 2.8% | 3.5% | 0.7 | 21.6% |

Segment → industry: Real estate investment support business → Real Estate Development & Leasing / Real estate management business → Real Estate Brokerage & Management

## 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 | -746 | -2.3% | S100YHL1 |
| Capital expenditure | 248 | 0.8% | S100YHL1 |
| Free cash flow | -994 | -3.0% | 算出 |
| Investing cash flow | -56 | -0.2% | S100YHL1 |
| Financing cash flow | 1,104 | 3.4% | S100YHL1 |
| Dividends paid | 971 | 2.9% | S100YHL1 |
| Change in cash | 302 | 0.9% | S100YHL1 |
| Cash and equivalents | 9,140 | 27.8% | S100YHL1 |

## 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 | 5,540 | 4,385 | 5,301 | 8,839 | 9,140 | S100R6WS, S100YHL1 |
| Total assets | 16,826 | 20,598 | 26,609 | 30,036 | 34,587 | S100R6WS, S100W2DE, S100YHL1 |
| Net assets | 5,501 | 6,880 | 7,432 | 9,765 | 12,387 | S100R6WS, S100YHL1 |
| Share capital | 681 | 681 | 681 | 681 | 681 | S100R6WS, S100W2DE, S100YHL1 |
| Property, plant and equipment | 2,085 | 2,062 | 2,024 | 2,439 | 925 | S100R6WS, S100W2DE, S100YHL1 |
| Intangible assets excluding goodwill | 17 | 43 | 765 | 636 | 519 | S100R6WS, S100W2DE, S100YHL1 |
| Goodwill | — | — | 726 | 615 | 503 | S100W2DE, S100YHL1 |
| Investment securities | — | — | 68 | 0 | — | S100W2DE, S100YHL1 |
| Current assets | 14,552 | 18,102 | 23,215 | 26,394 | 32,520 | S100R6WS, S100W2DE, S100YHL1 |
| Current liabilities | 4,012 | 5,285 | 7,869 | 6,796 | 9,402 | S100R6WS, S100W2DE, S100YHL1 |
| Short-term borrowings | 434 | 494 | 559 | 468 | 737 | S100R6WS, S100W2DE, S100YHL1 |
| Long-term borrowings | 7,089 | 8,296 | 11,100 | 13,266 | 12,629 | S100R6WS, S100W2DE, S100YHL1 |
| Bonds | 176 | 102 | 89 | 105 | 50 | S100R6WS, S100W2DE, S100YHL1 |
| Interest-bearing debt | 7,699 | 8,892 | 11,748 | 13,839 | 13,416 | 算出 |
| Total liabilities | 11,325 | 13,718 | 19,178 | 20,271 | 22,200 | S100R6WS, S100W2DE, S100YHL1 |
| Equity attributable to owners of parent | 5,507 | 6,882 | 7,432 | 9,765 | 12,387 | S100R6WS, S100W2DE, S100YHL1 |
| Retained earnings | 4,230 | 5,640 | 6,169 | 8,495 | 11,108 | S100R6WS, S100W2DE, S100YHL1 |
| Treasury stock | -36 | -71 | -60 | -57 | -55 | S100R6WS, S100W2DE, S100YHL1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YHL1 |
| Property, plant and equipment | 3% | S100YHL1 |
| Intangibles and goodwill | 3% | S100YHL1 |
| Other assets | 68% | S100YHL1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 39% | 算出 |
| Other liabilities | 25% | S100YHL1 |
| Equity | 36% | S100YHL1 |

### 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 | 16,826 | 20,598 | 26,609 | 30,036 | 34,587 |
| Equity | 5,501 | 6,880 | 7,432 | 9,765 | 12,387 |
| Interest-bearing debt | 7,699 | 8,892 | 11,748 | 13,839 | 13,416 |
| Cash | 5,540 | 4,385 | 5,301 | 8,839 | 9,140 |

## 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) | 2.8% | S100YHL1 |
| Fixed assets ÷ total assets | 2.7% | S100YHL1 |
| Goodwill ÷ parent equity | 4.1% | S100YHL1 |

### 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) | 26.4% |
| Cash ÷ revenue | 27.8% |
| Net cash (cash − interest-bearing debt) | -¥4.28B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -13.2% |
| Cash vs. profit gap | -4,332 JPY mn (of net income -120.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 27.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| 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 | 6.1% | 1.01× | 6.1% | 3.06× | 18.8% | S100R6WS |
| 2023 | 7.6% | 1.12× | 8.5% | 3.02× | 25.7% | S100R6WS |
| 2024 | 4.2% | 0.84× | 3.5% | 3.58× | 12.7% | S100W2DE |
| 2025 | 9.3% | 1.06× | 9.8% | 3.29× | 32.2% | S100YHL1 |
| 2026 | 10.9% | 1.02× | 11.1% | 2.92× | 32.4% | S100YHL1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社８８ | Major shareholder | 40.5% | 2026-03-31 |
| 蜂谷 二郎 | Major shareholder | 3.1% | 2026-03-31 |
| 小泉 和弘 | Major shareholder | 2.0% | 2026-03-31 |
| 山元 孝行 | Major shareholder | 1.7% | 2026-03-31 |
| 吉田 俊雄 | Major shareholder | 1.5% | 2026-03-31 |
| 石丸 洋介 | Major shareholder | 1.3% | 2026-03-31 |
| 高瀬 宏江 | Major shareholder | 1.2% | 2026-03-31 |
| 樋口 匠 | Major shareholder | 1.1% | 2026-03-31 |
| 谷口 華恵 | Major shareholder | 0.9% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/04/01－2026/03/31) | S100YHL1 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHL1,, |
| 有価証券報告書－第24期(2024/04/01－2025/03/31) | S100W2DE | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2DE,, |
| 有価証券報告書－第23期(2023/04/01－2024/03/31) | S100TT30 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT30,, |
| 有価証券報告書－第22期(2022/04/01－2023/03/31) | S100R6WS | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6WS,, |
| 有価証券報告書－第21期(令和3年4月1日－令和4年3月31日) | S100OGX0 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGX0,, |
| 有価証券報告書－第20期(令和2年4月1日－令和3年3月31日) | S100LQ0D | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ0D,, |

## 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).