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

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2024/11/01－2025/10/31) (S100XH4J)
> Page: https://vizora.meequs.com/en/company/first-juken
> Retrieved: 2026-09-30T21:00:32.834Z

## Company

First Juken is a company in Homebuilders listed on TSE Standard. It has 411 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | First Juken Co., Ltd. |
| Ticker | 8917 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8917.T) |
| Listing | TSE Standard |
| Head office | 兵庫県尼崎市東難波町五丁目6番9号 |
| Representative (per filing) | 代表取締役社長 中島 雄司 |
| Share capital | ¥1.58B |
| Employees (consolidated) | 411 |
| Average salary (parent only) | ¥4.5M |
| Fiscal year end | October |
| Website | www.f-juken.co.jp (https://www.f-juken.co.jp/) |
| Corporate number | 8140001052787 |
| EDINET | E04013 |
| Industries (Vizora) | Homebuilders, Condominium Developers |

> Profile source: annual securities report (S100XH4J, filed 2026-01-22). As of filing

## Five-axis industry profile

Primary industry: Homebuilders (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15.2 | 23 |
| Profitability | 51.9 | 26 |
| Cash conversion | 81.3 | 24 |
| Efficiency | 17.3 | 26 |

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 First Juken's sales come from Detached Housing, with Condominium And Other making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +19.2% from the prior year, operating profit +36.2%.

## Company structure

- Segment revenue mix: Detached Housing 95.6%、Condominium And Other 4.4%
- Revenue → net income: ¥42883657000 → ¥1511262000
- Net income → operating cash flow: ¥1511262000 → ¥2919641000（difference ¥1408379000）
- Main uses of operating cash flow: CapEx ¥1177050000 / dividends ¥598079000 / buybacks ¥74000
- Change in cash: ¥1762500000
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 | ¥42.9B |  |
| Operating income | ¥2.49B | Margin 5.8% |
| Net income | ¥1.44B | Margin 3.3% |
| Free cash flow | ¥1.74B |  |
| Largest business | Detached Housing | of segment revenue 95.6% |
| Employees (consolidated) | 411 |  |
| EPS | ¥80.16 |  |
| Diluted EPS | ¥79.73 |  |
| Book value per share | ¥2750.96 |  |
| Equity ratio | 65.8% |  |
| Shares outstanding | 16,901,900 |  |
| Treasury shares | 2,988,300 |  |
| Shareholders | 19,485 |  |
| Average salary (parent only) | ¥4.5M | Filing company only |
| Cash ratio | 33.5% | Cash ÷ revenue 48.2% |
| Vs. industry median margin | +0.4 pp | Homebuilders |
| ROE | 3.6% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.0× net income
- FY2025, employees -7% while operating income rose 36%
- FY2025, cash is 33% of total assets

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥43593545000 | ¥42883657000 | -1.6% |
| Operating income | ¥2644270000 | ¥2490222000 | -5.8% |
| Operating margin | 6.1% | 5.8% | -0.3 pp |
| Employees | 367 people | 411 people | +12.0% |
| Cash and equivalents | ¥17928368000 | ¥20688330000 | +15.4% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 戸建事業 → 戸建事業 | 95.6% |
| 戸建事業 → 事業再編・廃止 | 3.1% |
| その他 → 事業再編・廃止 | 1.3% |
| 新設・再編 → マンション事業等 | 4.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 42,884 | 100.0% | S100XH4J |
| Cost of revenue | 35,860 | 83.6% | S100XH4J |
| Gross profit | 7,023 | 16.4% | S100XH4J |
| SG&A | 4,533 | 10.6% | S100XH4J |
| Operating income | 2,490 | 5.8% | S100XH4J |
| Ordinary income | 2,352 | 5.5% | S100XH4J |
| Pretax income | 2,287 | 5.3% | S100XH4J |
| Income tax | 776 | 1.8% | S100XH4J |
| Net income | 1,511 | 3.5% | S100XH4J |
| Net income attributable to owners | 1,435 | 3.3% | S100XH4J |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 10 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 16.4% → Operating margin 5.8% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.2%; Core profit growth: +36.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.89×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 35,986 | 42,884 | 6,898 | +19.2% |
| Gross profit | 5,273 | 7,023 | 1,750 | +33.2% |
| Operating income | 1,828 | 2,490 | 662 | +36.2% |
| Net income attributable to owners | 2,496 | 1,435 | -1,061 | -42.5% |
| Operating cash flow | 6,035 | 2,920 | -3,116 | -51.6% |
| Free cash flow | 4,504 | 1,743 | -2,761 | -61.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 43,112 | 3,764 | 8.7% | 2,404 | -1,802 | -2,973 | S100KLVQ |
| FY ending Oct 2020 | 43,594 | 2,644 | 6.1% | 1,671 | 11,870 | 11,047 | S100NAD0 |
| FY ending Oct 2021 | 42,632 | 3,543 | 8.3% | 2,286 | 6,825 | 6,033 | S100Q170 |
| FY ending Oct 2022 | 39,965 | 3,220 | 8.1% | 2,051 | -5,373 | -6,129 | S100SOUS |
| FY ending Oct 2023 | 43,373 | 2,723 | 6.3% | 1,752 | 2,547 | 1,202 | S100V59F |
| FY ending Oct 2024 | 35,986 | 1,828 | 5.1% | 2,496 | 6,035 | 4,504 | S100XH4J |
| FY ending Oct 2025 | 42,884 | 2,490 | 5.8% | 1,435 | 2,920 | 1,743 | S100XH4J |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥104.3M |
| Operating income per employee (consolidated) | ¥6.1M |
| Net income per employee (consolidated) | ¥3.5M |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 380 | 388 | 377 | 441 | 411 |
| Average salary (parent company) | ¥4.5M | ¥4.7M | ¥4.7M | ¥4.5M | ¥4.5M |
| Average age (parent company) | 37.6 years | 37.4 years | 38.4 years | 39.5 years | 43.2 years |
| Average tenure (parent company) | 6.4 years | 6.3 years | 6.9 years | 7.2 years | 7.3 years |

Year over year: Employees (consolidated) -6.8% · Revenue (consolidated) +19.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Detached Housing | 40,976 | 95.6% | 3,137 | 7.7% |
| Condominium And Other | 1,899 | 4.4% | 477 | 25.1% |

### 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 |
| --- | ---: |
| Detached Housing | 95.6% |
| Condominium And Other | 4.4% |

Segment → industry: Detached Housing → Homebuilders / Condominium And Other → Condominium Developers

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,920 | 6.8% | S100XH4J |
| Capital expenditure | 1,177 | 2.7% | S100XH4J |
| Free cash flow | 1,743 | 4.1% | 算出 |
| Investing cash flow | -1,163 | -2.7% | S100XH4J |
| Financing cash flow | 5 | 0.0% | S100XH4J |
| Dividends paid | 598 | 1.4% | S100XH4J |
| Share buyback | 0 | 0.0% | S100XH4J |
| Change in cash | 1,763 | 4.1% | S100XH4J |
| Cash and equivalents | 20,688 | 48.2% | S100XH4J |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 23,870 | 17,593 | 17,395 | 18,926 | 20,688 | S100SOUS, S100V59F, S100XH4J |
| Total assets | 50,911 | 53,000 | 52,674 | 61,172 | 61,786 | S100Q170, S100SOUS, S100V59F, S100XH4J |
| Net assets | 36,253 | 37,807 | 39,037 | 41,549 | 42,141 | S100SOUS, S100V59F, S100XH4J |
| Share capital | 1,585 | 1,585 | 1,585 | 1,585 | 1,585 | S100Q170, S100SOUS, S100V59F, S100XH4J |
| Property, plant and equipment | 9,835 | 10,217 | 11,422 | 14,188 | 13,977 | S100Q170, S100SOUS, S100V59F, S100XH4J |
| Intangible assets excluding goodwill | 341 | 318 | 326 | 361 | 345 | S100Q170, S100SOUS, S100V59F, S100XH4J |
| Goodwill | 31 | 10 | — | — | — | S100Q170, S100SOUS |
| Investment securities | 192 | 174 | 192 | 200 | 252 | S100Q170, S100SOUS, S100V59F, S100XH4J |
| Current assets | 40,084 | 41,862 | 40,293 | 45,644 | 46,469 | S100Q170, S100SOUS, S100V59F, S100XH4J |
| Current liabilities | 11,882 | 12,769 | 11,267 | 13,534 | 13,469 | S100Q170, S100SOUS, S100V59F, S100XH4J |
| Short-term borrowings | 5,032 | 5,961 | 5,264 | 3,281 | 4,734 | S100Q170, S100SOUS, S100V59F, S100XH4J |
| Long-term borrowings | 2,398 | 2,039 | 1,930 | 5,500 | 5,639 | S100Q170, S100SOUS, S100V59F, S100XH4J |
| Total liabilities | 14,658 | 15,193 | 13,637 | 19,623 | 19,646 | S100Q170, S100SOUS, S100V59F, S100XH4J |
| Non-controlling interests | 1,042 | 1,139 | 1,196 | 1,796 | 1,384 | S100Q170, S100SOUS, S100V59F, S100XH4J |
| Equity attributable to owners of parent | 35,102 | 36,561 | 37,715 | 39,618 | 40,595 | S100Q170, S100SOUS, S100V59F, S100XH4J |
| Retained earnings | 34,750 | 36,209 | 37,363 | 39,262 | 40,099 | S100Q170, S100SOUS, S100V59F, S100XH4J |
| Treasury stock | -2,577 | -2,577 | -2,577 | -2,573 | -2,561 | S100Q170, S100SOUS, S100V59F, S100XH4J |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100XH4J |
| Property, plant and equipment | 23% | S100XH4J |
| Intangibles and goodwill | 1% | S100XH4J |
| Investment securities | 0% | S100XH4J |
| Other assets | 43% | S100XH4J |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100XH4J |
| Equity | 68% | S100XH4J |
| Other liabilities | 0% | S100XH4J |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 50,911 | 53,000 | 52,674 | 61,172 | 61,786 |
| Equity | 36,253 | 37,807 | 39,037 | 41,549 | 42,141 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 23,870 | 17,593 | 17,395 | 18,926 | 20,688 |

## 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) | 32.6% | S100XH4J |
| Fixed assets ÷ total assets | 22.6% | S100XH4J |
| Goodwill ÷ parent equity | — | —, S100XH4J |

### 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) | 33.5% |
| Cash ÷ revenue | 48.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 117.2% |
| Cash vs. profit gap | 1,484 JPY mn (of net income 103.4%) |
| Shareholder returns / net income | 41.7% |
| Shareholder returns / FCF | 34.3% |
| Shareholder payments — dividends / net income | 41.7% |
| Shareholder payments — dividends / FCF | 34.3% |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | 39.8% |

## 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 | 5.4% | 0.84× | 4.5% | 1.45× | 6.5% | S100Q170 |
| 2022 | 5.1% | 0.77× | 3.9% | 1.45× | 5.7% | S100SOUS |
| 2023 | 4.0% | 0.82× | 3.3% | 1.42× | 4.7% | S100V59F |
| 2024 | 6.9% | 0.63× | 4.4% | 1.47× | 6.5% | S100XH4J |
| 2025 | 3.3% | 0.70× | 2.3% | 1.53× | 3.6% | S100XH4J |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中島興産株式会社 | Major shareholder | 33.9% | 2025-10-31 |
| 伏見管理サービス株式会社 | Major shareholder | 12.9% | 2025-10-31 |
| 内藤 征吾 | Major shareholder | 3.6% | 2025-10-31 |
| 西岡 将基 | Major shareholder | 2.7% | 2025-10-31 |
| 中島 雄司 | Major shareholder | 2.4% | 2025-10-31 |
| 五十嵐 幸造 | Major shareholder | 2.2% | 2025-10-31 |
| 西河 洋一 | Major shareholder | 1.5% | 2025-10-31 |
| ファースト住建取引先持株会 | Major shareholder | 0.9% | 2025-10-31 |
| 齋藤 喜裕 | Major shareholder | 0.8% | 2025-10-31 |
| ＹＫＫＡＰ株式会社 | Major shareholder | 0.8% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2024/11/01－2025/10/31) | S100XH4J | 2026-01-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XH4J,, |
| 有価証券報告書－第26期(2023/11/01－2024/10/31) | S100V59F | 2025-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V59F,, |
| 有価証券報告書－第25期(2022/11/01－2023/10/31) | S100SOUS | 2024-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOUS,, |
| 有価証券報告書－第24期(2021/11/01－2022/10/31) | S100Q170 | 2023-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q170,, |
| 有価証券報告書－第23期(令和2年11月1日－令和3年10月31日) | S100NAD0 | 2022-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NAD0,, |
| 有価証券報告書－第22期(令和1年11月1日－令和2年10月31日) | S100KLVQ | 2021-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KLVQ,, |

## 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).