# Fantasista 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80期(2024/10/01－2025/09/30) (S100XC79)
> Page: https://vizora.meequs.com/en/company/fantasista
> Retrieved: 2026-09-30T19:07:48.455Z

## Company

Fantasista, founded in 1950, is a company in Electric Power & Gas listed on TSE Standard. It has 28 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Fantasista Co., Ltd. |
| Ticker | 1783 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1783.T) |
| Listing | TSE Standard |
| Head office | 東京都港区赤坂五丁目3番1号 |
| Representative (per filing) | 代表取締役社長 田野 大地 |
| Founded | Aug 1950 |
| Share capital | ¥6.63B |
| Employees (consolidated) | 28 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | September |
| Website | fantasista-tokyo.jp (https://fantasista-tokyo.jp/) |
| Corporate number | 7010401066847 |
| EDINET | E00263 |
| Industries (Vizora) | Electric Power & Gas, Processed Foods, Real Estate Development & Leasing |

> Profile source: annual securities report (S100XC79, filed 2025-12-22). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 82 | 75 |
| Profitability | 8.7 | 86 |
| Cash conversion | 99.4 | 82 |
| Efficiency | 63.4 | 86 |

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 96% of Fantasista's sales come from Real estate, with CleanEnagy business and Health care making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +7.0% from the prior year, operating profit -69.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥9.42B |  |
| Operating income | ¥211.7M | Margin 2.2% |
| Net income | -¥239.6M | Margin -2.5% |
| Free cash flow | ¥1.96B |  |
| Largest business | Real estate | of segment revenue 96.0% |
| Employees (consolidated) | 28 |  |
| EPS | ¥-2.64 |  |
| Book value per share | ¥38.51 |  |
| Equity ratio | 69.0% |  |
| Shares outstanding | 170,042,851 |  |
| Treasury shares | 200 |  |
| Shareholders | 2,465 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 15.8% | Cash ÷ revenue 15.5% |
| Vs. industry median margin | -8.3 pp | Real Estate Development & Leasing |
| ROA | -2.0% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 91% of positive segment profit

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2474885000 | ¥9422342000 | +280.7% |
| Operating income | ¥-929445000 | ¥211690000 | — |
| Operating margin | -37.6% | 2.2% | +39.8 pp |
| Employees | 174 people | 28 people | -83.9% |
| Cash and equivalents | ¥468356000 | ¥1463949000 | +212.6% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → 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 |
| --- | ---: |
| リアルエステート事業 → リアルエステート事業 | 17.5% |
| ゴルフ・リゾート事業 → 事業再編・廃止 | 43.2% |
| 建設事業 → 事業再編・廃止 | 33.6% |
| 不動産コンサルティング事業 → 事業再編・廃止 | 5.7% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → リアルエステート事業 | 78.6% |
| 新設・再編 → ヘルスケア事業 | 1.5% |
| 新設・再編 → クリーンエネルギー事業 | 2.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Real estate | 5 years | +83.7% | ¥9048994000 | 7.8% | 2 |
| CleanEnagy business | — | — | ¥235538000 | 30.2% | 2 |
| Health care | 3 years | -28.0% | ¥137809000 | -0.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,422 | 100.0% | S100XC79 |
| Cost of revenue | 7,832 | 83.1% | S100XC79 |
| Gross profit | 1,590 | 16.9% | S100XC79 |
| SG&A | 1,379 | 14.6% | S100XC79 |
| Operating income | 212 | 2.2% | S100XC79 |
| Ordinary income | -8 | -0.1% | S100XC79 |
| Pretax income | -175 | -1.9% | S100XC79 |
| Income tax | 65 | 0.7% | S100XC79 |
| Net income | -240 | -2.5% | S100XC79 |
| Net income attributable to owners | -240 | -2.5% | S100XC79 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 15 |
| Operating income | 2 |
| (Ref.) Net income | -3 |

### Margin funnel

Gross margin 16.9% → Operating margin 2.2% → Net margin -2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +7.0%; Core profit growth: -69.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -9.98×
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 | 8,806 | 9,422 | 616 | +7.0% |
| Gross profit | 2,250 | 1,590 | -660 | -29.3% |
| Operating income | 702 | 212 | -490 | -69.8% |
| Net income attributable to owners | 291 | -240 | -530 | -182.5% |
| Operating cash flow | -3,976 | 2,463 | 6,439 | — |
| Free cash flow | -4,834 | 1,964 | 6,798 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 3,301 | -135 | -4.1% | -37 | -3,036 | -3,085 | S100KF3Y |
| FY ending Sep 2020 | 2,475 | -929 | -37.6% | -3,724 | -290 | -469 | S100N5F8 |
| FY ending Sep 2021 | 6,895 | 335 | 4.9% | -977 | 4,300 | 4,233 | S100PWBX |
| FY ending Sep 2022 | 5,027 | 76 | 1.5% | -804 | -2,044 | -2,061 | S100SJVK |
| FY ending Sep 2023 | 10,586 | 1,504 | 14.2% | 1,053 | 1,733 | 1,665 | S100V0KT |
| FY ending Sep 2024 | 8,806 | 702 | 8.0% | 291 | -3,976 | -4,834 | S100XC79 |
| FY ending Sep 2025 | 9,422 | 212 | 2.2% | -240 | 2,463 | 1,964 | S100XC79 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥336.5M |
| Operating income per employee (consolidated) | ¥7.6M |
| Net income per employee (consolidated) | -¥8.6M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 35 | 27 | 21 | 29 | 28 |
| Average salary (parent company) | ¥7.1M | ¥8.4M | ¥6.9M | ¥6.8M | ¥6.9M |
| Average age (parent company) | 46.9 years | 50.0 years | 45.2 years | 46.0 years | 44.9 years |
| Average tenure (parent company) | 2.7 years | 1.6 years | 1.0 years | 1.5 years | 1.8 years |

Year over year: Employees (consolidated) -3.4% · Revenue (consolidated) +7.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate | 9,049 | 96.0% | 710 | 7.8% |
| Health care | 138 | 1.5% | -1 | -0.8% |
| CleanEnagy business | 236 | 2.5% | 71 | 30.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Real estate | 96.0% | 90.9% | -5.1 | 7.8% |
| Health care | 1.5% | — | — | -0.8% |
| CleanEnagy business | 2.5% | 9.1% | 6.6 | 30.2% |

Loss-making segment (excluded from profit shares): Health care -1 JPY mn

Segment → industry: CleanEnagy business → Electric Power & Gas / Health care → Processed Foods / Real estate → Real Estate Development & Leasing

## 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 | 2,463 | 26.1% | S100XC79 |
| Capital expenditure | 499 | 5.3% | S100XC79 |
| Free cash flow | 1,964 | 20.8% | 算出 |
| Investing cash flow | -1,026 | -10.9% | S100XC79 |
| Financing cash flow | -2,649 | -28.1% | S100XC79 |
| Change in cash | -1,212 | -12.9% | S100XC79 |
| Cash and equivalents | 1,464 | 15.5% | S100XC79 |

## 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 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,086 | 1,740 | 2,586 | 2,676 | 1,464 | S100SJVK, S100V0KT, S100XC79 |
| Total assets | 5,292 | 7,472 | 7,546 | 14,215 | 9,237 | S100PWBX, S100SJVK, S100V0KT, S100XC79 |
| Net assets | 3,377 | 5,228 | 6,402 | 6,616 | 6,377 | S100SJVK, S100V0KT, S100XC79 |
| Share capital | 4,214 | 6,571 | 6,634 | 6,634 | 6,634 | S100PWBX, S100SJVK, S100V0KT, S100XC79 |
| Property, plant and equipment | 408 | 23 | 37 | 790 | 1,068 | S100PWBX, S100SJVK, S100V0KT, S100XC79 |
| Intangible assets excluding goodwill | 265 | 1,311 | 1,029 | 775 | 333 | S100PWBX, S100SJVK, S100V0KT, S100XC79 |
| Goodwill | 258 | 1,311 | 984 | 655 | 328 | S100PWBX, S100SJVK, S100V0KT, S100XC79 |
| Investment securities | 1,727 | — | — | — | — | S100PWBX |
| Current assets | 2,656 | 5,811 | 6,072 | 12,415 | 7,512 | S100PWBX, S100SJVK, S100V0KT, S100XC79 |
| Current liabilities | 1,284 | 2,064 | 1,053 | 6,781 | 2,065 | S100PWBX, S100SJVK, S100V0KT, S100XC79 |
| Short-term borrowings | 30 | 460 | — | 3,349 | 51 | S100PWBX, S100SJVK, S100XC79 |
| Long-term borrowings | 537 | 13 | 4 | 723 | 729 | S100PWBX, S100SJVK, S100V0KT, S100XC79 |
| Total liabilities | 1,915 | 2,244 | 1,144 | 7,599 | 2,860 | S100PWBX, S100SJVK, S100V0KT, S100XC79 |
| Non-controlling interests | 10 | — | — | — | — | S100PWBX |
| Equity attributable to owners of parent | 3,825 | 5,145 | 6,323 | 6,614 | 6,374 | S100PWBX, S100SJVK, S100V0KT, S100XC79 |
| Retained earnings | -5,211 | -6,016 | -4,963 | -4,672 | -4,912 | S100PWBX, S100SJVK, S100V0KT, S100XC79 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100PWBX, S100SJVK, S100V0KT, S100XC79 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100XC79 |
| Property, plant and equipment | 12% | S100XC79 |
| Intangibles and goodwill | 7% | S100XC79 |
| Other assets | 65% | S100XC79 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100XC79 |
| Equity | 69% | S100XC79 |
| Other liabilities | 0% | S100XC79 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,292 | 7,472 | 7,546 | 14,215 | 9,237 |
| Equity | 3,377 | 5,228 | 6,402 | 6,616 | 6,377 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,086 | 1,740 | 2,586 | 2,676 | 1,464 |

## 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) | 11.3% | S100XC79 |
| Fixed assets ÷ total assets | 11.6% | S100XC79 |
| Goodwill ÷ parent equity | 5.1% | S100XC79 |

Goodwill over 4 years: 258 → 328 JPY; total investing cash flow: -2,327 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) | 15.8% |
| Cash ÷ revenue | 15.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 1163.3% |
| Cash vs. profit gap | 2,702 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.3% |
| Investing CF relative to operating CF | 41.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -18.5% | —× | — | S100PWBX |
| 2022 | — | —× | -12.6% | —× | — | S100SJVK |
| 2023 | 9.9% | 1.41× | 14.0% | 1.31× | 18.4% | S100V0KT |
| 2024 | 3.3% | 0.81× | 2.7% | 1.68× | 4.5% | S100XC79 |
| 2025 | — | —× | -2.0% | —× | — | S100XC79 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| アクセスアジア株式会社 | Major shareholder | 20.0% | 2025-09-30 |
| 黄 俊利 | Major shareholder | 2.1% | 2025-09-30 |
| 江川 源 | Major shareholder | 1.9% | 2025-09-30 |
| 浅野 利広 | Major shareholder | 1.7% | 2025-09-30 |
| 河田 敏秀 | Major shareholder | 1.5% | 2025-09-30 |
| 中原証券株式会社 | Major shareholder | 1.3% | 2025-09-30 |
| 鶴田 亮司 | Major shareholder | 1.3% | 2025-09-30 |
| 寺岡 聖剛 | Major shareholder | 1.2% | 2025-09-30 |
| 張 明 | Major shareholder | 1.2% | 2025-09-30 |
| 江川 麗子 | Major shareholder | 1.2% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2024/10/01－2025/09/30) | S100XC79 | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XC79,, |
| 有価証券報告書－第79期(2023/10/01－2024/09/30) | S100V0KT | 2024-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0KT,, |
| 有価証券報告書－第78期(2022/10/01－2023/09/30) | S100SJVK | 2023-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJVK,, |
| 有価証券報告書－第77期(令和3年10月1日－令和4年9月30日) | S100PWBX | 2022-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PWBX,, |
| 有価証券報告書－第76期(令和2年10月1日－令和3年9月30日) | S100N5F8 | 2021-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N5F8,, |
| 有価証券報告書－第75期(令和1年10月1日－令和2年9月30日) | S100KF3Y | 2020-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KF3Y,, |

## 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).