# First Brothers Co., Ltd.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第22期(2024/12/01－2025/11/30) (S100XMR5)
> Page: https://vizora.meequs.com/en/company/first-brothers
> Retrieved: 2026-09-30T18:33:08.278Z

## Company

First Brothers, founded in 2004, is a company in Investment Funds listed on TSE Standard. It has 174 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | First Brothers Co.,Ltd. |
| Ticker | 3454 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3454.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区丸の内二丁目4番1号 |
| Representative (per filing) | 代表取締役社長 吉原 知紀 |
| Founded | Feb 2004 |
| Share capital | ¥100M |
| Employees (consolidated) | 174 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | November |
| Website | www.firstbrothers.com (https://www.firstbrothers.com/) |
| Corporate number | 1010001086441 |
| EDINET | E05607 |
| Industries (Vizora) | Investment Funds, Real Estate Development & Leasing, Hotels & Inns |

> Profile source: annual securities report (S100XMR5, filed 2026-02-25). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 18 | 75 |
| Profitability | 93.6 | 86 |
| Cash conversion | 72.6 | 82 |
| Efficiency | 12.2 | 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 90% of First Brothers's sales come from Investment banking business, with Facility management and Investment management business making up much of the rest.
- 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%.

## Company structure

- Segment revenue mix: Investment banking business 90.4%、Facility management 9.4%、Investment management business 0.2%
- Revenue → net income: ¥19063701000 → ¥1751759000
- Net income → operating cash flow: ¥1751759000 → ¥7420065000（difference ¥5668306000）
- Main uses of operating cash flow: CapEx ¥3586084000 / dividends ¥476767000 / buybacks —
- Change in cash: ¥2012109000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥19.1B |  |
| Operating income | ¥5.3B | Margin 27.8% |
| Net income | ¥1.75B | Margin 9.2% |
| Free cash flow | ¥3.83B |  |
| Largest business | Investment banking business | of segment revenue 90.4% |
| Employees (consolidated) | 174 |  |
| EPS | ¥130.79 |  |
| Book value per share | ¥1601.7 |  |
| Equity ratio | 29.1% |  |
| Shares outstanding | 14,445,000 |  |
| Treasury shares | 420,700 |  |
| Shareholders | 4,645 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 7.6% | Cash ÷ revenue 35.7% |
| Vs. industry median margin | +18 pp | Investment Funds |
| ROE | 6.9% | Derived from disclosed figures |
| ROA | 2.0% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 4.2× net income
- FY2025, one segment accounts for 98% of positive segment profit
- FY2025, operating income keeps 28 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15642498000 | ¥19063701000 | +21.9% |
| Operating income | ¥2541036000 | ¥5295138000 | +108.4% |
| Operating margin | 16.2% | 27.8% | +11.5 pp |
| Employees | 107 people | 174 people | +62.6% |
| Cash and equivalents | ¥6202070000 | ¥6804565000 | +9.7% |

### Change in segment revenue mix

Span: FY ending Nov 2020 → FY ending Nov 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 投資運用事業 → 事業再編・廃止 | 3.5% |
| 投資銀行事業 → 事業再編・廃止 | 95.5% |
| その他 → 事業再編・廃止 | 0.9% |
| 新設・再編 → 投資運用事業 | 0.2% |
| 新設・再編 → 投資銀行事業 | 90.4% |
| 新設・再編 → 施設運営事業 | 9.4% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Investment banking business | 2 years | -8.4% | ¥17193388000 | 36.6% | 2 |
| Facility management | 2 years | +6.1% | ¥1794015000 | -3.7% | 2 |
| Investment management business | 2 years | -50.6% | ¥39372000 | 244.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 19,064 | 100.0% | S100XMR5 |
| Cost of revenue | 11,230 | 58.9% | S100XMR5 |
| Gross profit | 7,833 | 41.1% | S100XMR5 |
| SG&A | 2,538 | 13.3% | S100XMR5 |
| Operating income | 5,295 | 27.8% | S100XMR5 |
| Ordinary income | 4,434 | 23.3% | S100XMR5 |
| Pretax income | 3,282 | 17.2% | S100XMR5 |
| Income tax | 1,530 | 8.0% | S100XMR5 |
| Net income | 1,752 | 9.2% | S100XMR5 |
| Net income attributable to owners | 1,750 | 9.2% | S100XMR5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 13 |
| Operating income | 28 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 41.1% → Operating margin 27.8% → Net margin 9.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.0%; Core profit growth: +86.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.64×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Nov 2024 → FY ending Nov 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 16,866 | 19,064 | 2,198 | +13.0% |
| Gross profit | 5,105 | 7,833 | 2,728 | +53.4% |
| Operating income | 2,838 | 5,295 | 2,457 | +86.6% |
| Net income attributable to owners | 1,417 | 1,750 | 333 | +23.5% |
| Operating cash flow | 3,501 | 7,420 | 3,919 | +112.0% |
| Free cash flow | -1,306 | 3,834 | 5,140 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 19,838 | 3,463 | 17.5% | 2,183 | -5,436 | -5,492 | S100KV1E |
| FY ending Nov 2020 | 15,642 | 2,541 | 16.2% | 2,313 | -4,883 | -4,888 | S100NKHH |
| FY ending Nov 2021 | 26,685 | 4,940 | 18.5% | 2,795 | 301 | 292 | S100QA8Q |
| FY ending Nov 2022 | 14,284 | 1,816 | 12.7% | 1,180 | -4,574 | -7,133 | S100SYIG |
| FY ending Nov 2023 | 22,269 | 4,462 | 20.0% | 3,187 | 3,211 | 1,236 | S100V9VB |
| FY ending Nov 2024 | 16,866 | 2,838 | 16.8% | 1,417 | 3,501 | -1,306 | S100XMR5 |
| FY ending Nov 2025 | 19,064 | 5,295 | 27.8% | 1,750 | 7,420 | 3,834 | S100XMR5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥109.6M |
| Operating income per employee (consolidated) | ¥30.4M |
| Net income per employee (consolidated) | ¥10.1M |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 134 | 223 | 172 | 160 | 174 |
| Average salary (parent company) | ¥7.9M | ¥6M | ¥9M | ¥8.4M | ¥8.3M |
| Average age (parent company) | 40.9 years | 44.9 years | 41.3 years | 41.8 years | 41.9 years |
| Average tenure (parent company) | 5.5 years | 3.5 years | 4.2 years | 5.1 years | 5.2 years |

Year over year: Employees (consolidated) +8.7% · Revenue (consolidated) +13.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Investment management business | 39 | 0.2% | 96 | 244.1% |
| Investment banking business | 17,193 | 90.4% | 6,290 | 36.6% |
| Facility management | 1,794 | 9.4% | -66 | -3.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Investment management business | 0.2% | 1.5% | 1.3 | 244.1% |
| Investment banking business | 90.4% | 98.5% | 8.1 | 36.6% |
| Facility management | 9.4% | — | — | -3.7% |

Loss-making segment (excluded from profit shares): Facility management -66 JPY mn

Segment → industry: Investment banking business → Investment Funds / Investment banking business → Real Estate Development & Leasing / Investment management business → Real Estate Development & Leasing / Facility management → Hotels & Inns

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 7,420 | 38.9% | S100XMR5 |
| Capital expenditure | 3,586 | 18.8% | S100XMR5 |
| Free cash flow | 3,834 | 20.1% | 算出 |
| Investing cash flow | -3,077 | -16.1% | S100XMR5 |
| Financing cash flow | -2,331 | -12.2% | S100XMR5 |
| Dividends paid | 477 | 2.5% | S100XMR5 |
| Change in cash | 2,012 | 10.6% | S100XMR5 |
| Cash and equivalents | 6,805 | 35.7% | S100XMR5 |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 10,768 | 7,282 | 7,507 | 4,793 | 6,805 | S100SYIG, S100V9VB, S100XMR5 |
| Total assets | 82,552 | 87,644 | 89,941 | 89,142 | 89,833 | S100QA8Q, S100SYIG, S100V9VB, S100XMR5 |
| Net assets | 20,810 | 21,646 | 24,428 | 24,907 | 26,253 | S100SYIG, S100V9VB, S100XMR5 |
| Share capital | 1,590 | 100 | 100 | 100 | 100 | S100QA8Q, S100SYIG, S100V9VB, S100XMR5 |
| Property, plant and equipment | 18,111 | 23,394 | 23,090 | 27,253 | 27,818 | S100QA8Q, S100SYIG, S100V9VB, S100XMR5 |
| Intangible assets excluding goodwill | 381 | 1,148 | 1,442 | 1,328 | 708 | S100QA8Q, S100SYIG, S100V9VB, S100XMR5 |
| Goodwill | 367 | 1,117 | 1,001 | 885 | 247 | S100QA8Q, S100SYIG, S100V9VB, S100XMR5 |
| Investment securities | 69 | 83 | 85 | 99 | 111 | S100QA8Q, S100SYIG, S100V9VB, S100XMR5 |
| Current assets | 62,655 | 61,666 | 63,622 | 58,651 | 59,329 | S100QA8Q, S100SYIG, S100V9VB, S100XMR5 |
| Current liabilities | 8,870 | 5,585 | 8,437 | 5,747 | 6,189 | S100QA8Q, S100SYIG, S100V9VB, S100XMR5 |
| Short-term borrowings | 3,454 | 1,157 | 91 | 71 | 343 | S100QA8Q, S100SYIG, S100V9VB, S100XMR5 |
| Long-term borrowings | 44,385 | 50,678 | 50,253 | 53,155 | 53,604 | S100QA8Q, S100SYIG, S100V9VB, S100XMR5 |
| Total liabilities | 61,742 | 65,997 | 65,513 | 64,234 | 63,580 | S100QA8Q, S100SYIG, S100V9VB, S100XMR5 |
| Non-controlling interests | 102 | 103 | 105 | 107 | 109 | S100QA8Q, S100SYIG, S100V9VB, S100XMR5 |
| Equity attributable to owners of parent | 20,670 | 21,470 | 24,235 | 24,741 | 26,014 | S100QA8Q, S100SYIG, S100V9VB, S100XMR5 |
| Retained earnings | 17,441 | 18,241 | 21,007 | 21,511 | 22,784 | S100QA8Q, S100SYIG, S100V9VB, S100XMR5 |
| Treasury stock | -278 | -278 | -278 | -277 | -277 | S100QA8Q, S100SYIG, S100V9VB, S100XMR5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100XMR5 |
| Property, plant and equipment | 31% | S100XMR5 |
| Intangibles and goodwill | 1% | S100XMR5 |
| Investment securities | 0% | S100XMR5 |
| Other assets | 60% | S100XMR5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 71% | S100XMR5 |
| Equity | 29% | S100XMR5 |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 82,552 | 87,644 | 89,941 | 89,142 | 89,833 |
| Equity | 20,810 | 21,646 | 24,428 | 24,907 | 26,253 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,768 | 7,282 | 7,507 | 4,793 | 6,805 |

## 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) | 145.9% | S100XMR5 |
| Fixed assets ÷ total assets | 31.0% | S100XMR5 |
| Goodwill ÷ parent equity | 1.0% | S100XMR5 |

Goodwill over 4 years: 367 → 247 JPY; total investing cash flow: -12,455 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) | 7.6% |
| Cash ÷ revenue | 35.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 140.1% |
| Cash vs. profit gap | 5,670 JPY mn (of net income 324.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 27.2% |
| Shareholder payments — dividends / FCF | 12.4% |
| CapEx intensity (capex ÷ revenue) | 18.8% |
| Investing CF relative to operating CF | 41.5% |

## 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 | 10.5% | 0.32× | 3.4% | 3.99× | 13.5% | S100QA8Q |
| 2022 | 8.3% | 0.17× | 1.4% | 4.04× | 5.6% | S100SYIG |
| 2023 | 14.3% | 0.25× | 3.6% | 3.89× | 13.9% | S100V9VB |
| 2024 | 8.4% | 0.19× | 1.6% | 3.66× | 5.8% | S100XMR5 |
| 2025 | 9.2% | 0.21× | 2.0% | 3.53× | 6.9% | S100XMR5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 吉原 知紀 | Major shareholder | 52.2% | 2025-11-30 |
| ＧＯＬＤＭＡＮ ＳＡＣＨＳ ＩＮＴＥＲＮＡＴＩＯＮＡＬ(常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 7.9% | 2025-11-30 |
| 有限会社エーシーアイ | Major shareholder | 5.6% | 2025-11-30 |
| ＰＨＩＬＬＩＰ ＳＥＣＵＲＩＴＩＥＳ ＣＬＩＥＮＴＳ(ＲＥＴＡＩＬ)(常任代理人 フィリップ証券株式会社) | Major shareholder | 4.8% | 2025-11-30 |
| 堀田 佳延 | Major shareholder | 3.0% | 2025-11-30 |
| 内藤 征吾 | Major shareholder | 1.4% | 2025-11-30 |
| 辻野 和孝 | Major shareholder | 1.0% | 2025-11-30 |
| 鈴木 智博 | Major shareholder | 0.7% | 2025-11-30 |
| 嶋崎 弘之 | Major shareholder | 0.4% | 2025-11-30 |
| 清原 達郎 | Major shareholder | 0.3% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2024/12/01－2025/11/30) | S100XMR5 | 2026-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XMR5,, |
| 有価証券報告書－第21期(2023/12/01－2024/11/30) | S100V9VB | 2025-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V9VB,, |
| 有価証券報告書－第20期(2022/12/01－2023/11/30) | S100SYIG | 2024-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SYIG,, |
| 有価証券報告書－第19期(2021/12/01－2022/11/30) | S100QA8Q | 2023-02-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QA8Q,, |
| 有価証券報告書－第18期(令和2年12月1日－令和3年11月30日) | S100NKHH | 2022-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NKHH,, |
| 有価証券報告書－第17期(令和1年12月1日－令和2年11月30日) | S100KV1E | 2021-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KV1E,, |

## 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).