First BrothersFirst Brothers Co., Ltd.3454東証スタンダード不動産業FY ending Nov 2025, consolidated, J-GAAP
Out of every ¥100 of sales, about ¥28 is left as operating profit. Revenue changed +13.0% from the prior year, operating profit +86.6%.
Net margin × asset turnover = ROA; ROA × financial leverage = ROE
Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.
| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE |
|---|---|---|---|---|---|
| 2021 | 10.5% | 0.32× | 3.4% | 3.99× | 13.5% |
| 2022 | 8.3% | 0.17× | 1.4% | 4.04× | 5.6% |
| 2023 | 14.3% | 0.25× | 3.6% | 3.89× | 13.9% |
| 2024 | 8.4% | 0.19× | 1.6% | 3.66× | 5.8% |
| 2025 | 9.2% | 0.21× | 2.0% | 3.53× | 6.9% |
Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.
Annual trends in tangible-asset ratios and goodwill balance.
Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition
| Item | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
|---|---|---|---|---|---|
| Revenue | 26,685 | 14,284 | 22,269 | 16,866 | 19,064 |
| Cost of revenue | 19,845 | 10,195 | 15,288 | 11,761 | 11,230 |
| Gross profit | 6,841 | 4,090 | 6,981 | 5,105 | 7,833 |
| SG&A | 1,900 | 2,274 | 2,519 | 2,267 | 2,538 |
| Operating income | 4,940 | 1,816 | 4,462 | 2,838 | 5,295 |
| Pretax income | 4,379 | 1,343 | 4,686 | 2,182 | 3,282 |
| Income tax | 1,588 | 167 | 1,503 | 737 | 1,530 |
| Net income attributable to owners | 2,795 | 1,180 | 3,187 | 1,417 | 1,750 |
| Operating margin | 18.5% | 12.7% | 20.0% | 16.8% | 27.8% |
Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.
Each bar totals 100% of assets; other is the residual.
| Item | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
|---|---|---|---|---|---|
| Cash and equivalents | ¥10.8B | ¥7.28B | ¥7.51B | ¥4.79B | ¥6.8B |
| Total assets | ¥82.6B | ¥87.6B | ¥89.9B | ¥89.1B | ¥89.8B |
| Net assets | ¥20.8B | ¥21.6B | ¥24.4B | ¥24.9B | ¥26.3B |
| Share capital | ¥1.59B | ¥100M | ¥100M | ¥100M | ¥100M |
| Property, plant and equipment | ¥18.1B | ¥23.4B | ¥23.1B | ¥27.3B | ¥27.8B |
| Intangible assets excluding goodwill | ¥381.5M | ¥1.15B | ¥1.44B | ¥1.33B | ¥708.4M |
| Goodwill | ¥367.3M | ¥1.12B | ¥1B | ¥885M | ¥247.1M |
| Investment securities | ¥68.5M | ¥83.4M | ¥85.3M | ¥98.8M | ¥111M |
| Current assets | ¥62.7B | ¥61.7B | ¥63.6B | ¥58.7B | ¥59.3B |
| Current liabilities | ¥8.87B | ¥5.59B | ¥8.44B | ¥5.75B | ¥6.19B |
| Short-term borrowings | ¥3.45B | ¥1.16B | ¥91M | ¥71M | ¥343.4M |
| Long-term borrowings | ¥44.4B | ¥50.7B | ¥50.3B | ¥53.2B | ¥53.6B |
| Total liabilities | ¥61.7B | ¥66B | ¥65.5B | ¥64.2B | ¥63.6B |
| Non-controlling interests | ¥101.6M | ¥102.7M | ¥104.8M | ¥107.5M | ¥109.3M |
| Equity attributable to owners of parent | ¥20.7B | ¥21.5B | ¥24.2B | ¥24.7B | ¥26B |
| Retained earnings | ¥17.4B | ¥18.2B | ¥21B | ¥21.5B | ¥22.8B |
| Treasury stock | -¥278.1M | -¥278.1M | -¥278.1M | -¥277.4M | -¥277.4M |
EDINET (FSA Japan)
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Extracted from XBRL: 51 / Derived from other figures: 1
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