# FJ NEXT HOLDINGS CO., LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第46期(2025/04/01－2026/03/31) (S100YS0Y)
> Page: https://vizora.meequs.com/en/company/fj-next-holdings
> Retrieved: 2026-09-30T22:18:45.333Z

## Company

FJ Next Holdings, founded in 1980, is a company in Real Estate Brokerage & Management listed on TSE Prime. It has 600 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FJ NEXT HOLDINGS CO., LTD. |
| Ticker | 8935 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8935.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西新宿六丁目5番1号 |
| Representative (per filing) | 代表取締役社長 肥田 恵輔 |
| Founded | Jul 1980 |
| Share capital | ¥2.77B |
| Employees (consolidated) | 600 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.fjnext-hd.co.jp (https://www.fjnext-hd.co.jp/) |
| Corporate number | 1011101003369 |
| EDINET | E04032 |
| Industries (Vizora) | Real Estate Brokerage & Management, Hotels & Inns, General Contractors, Condominium Developers |

> Profile source: annual securities report (S100YS0Y, filed 2026-07-23). As of filing

## Five-axis industry profile

Primary industry: Condominium Developers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 88.1 | 21 |
| Profitability | 66 | 25 |
| Cash conversion | 78 | 25 |
| Efficiency | 90 | 25 |

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 FJ Next Holdings's sales come from Real estate development business, with Construction business and Real estate management business making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +26.6% from the prior year, operating profit +51.8%.

## Company structure

- Segment revenue mix: Real estate development business 89.7%、Construction business 6.3%、Real estate management business 3.0%、Hotel business 0.9%、Other 0.0%
- Revenue → net income: ¥142374000000 → ¥10010000000
- Net income → operating cash flow: ¥10010000000 → ¥7103000000（difference ¥-2907000000）
- Main uses of operating cash flow: CapEx ¥277000000 / dividends ¥1898000000 / buybacks —
- Change in cash: ¥-1727000000
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 | ¥142.4B |  |
| Operating income | ¥14.4B | Margin 10.1% |
| Net income | ¥10B | Margin 7.0% |
| Free cash flow | ¥6.83B |  |
| Largest business | Real estate development business | of segment revenue 89.7% |
| Employees (consolidated) | 600 |  |
| EPS | ¥58.35 |  |
| Book value per share | ¥1679.98 |  |
| Equity ratio | 71.2% |  |
| Shares outstanding | 34,646,500 |  |
| Treasury shares | 1,894,300 |  |
| Shareholders | 12,270 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 19.9% | Cash ÷ revenue 15.9% |
| Vs. industry median margin | +2 pp | Condominium Developers |
| ROE | 13.0% | Derived from disclosed figures |
| ROA | 9.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 86% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥72988000000 | ¥142374000000 | +95.1% |
| Operating income | ¥7351000000 | ¥14402000000 | +95.9% |
| Operating margin | 10.1% | 10.1% | 0 pp |
| Employees | 548 people | 600 people | +9.5% |
| Cash and equivalents | ¥22996000000 | ¥22690000000 | -1.3% |

### 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 |
| --- | ---: |
| 不動産開発事業 → 事業再編・廃止 | 85.7% |
| 不動産管理事業 → 事業再編・廃止 | 4.3% |
| 建設事業 → 事業再編・廃止 | 8.6% |
| 旅館事業 → 事業再編・廃止 | 1.4% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 不動産開発事業 | 89.7% |
| 新設・再編 → 不動産管理事業 | 3.0% |
| 新設・再編 → 建設事業 | 6.3% |
| 新設・再編 → 旅館事業 | 0.9% |

Segment revenue source references: 10 (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 development business | — | — | ¥127725000000 | 9.7% | 2 |
| Construction business | — | — | ¥8988000000 | 9.2% | 2 |
| Real estate management business | — | — | ¥4284000000 | 25.9% | 2 |
| Hotel business | — | — | ¥1333000000 | -0.2% | 2 |
| Other | 5 years | -2.7% | ¥41000000 | 53.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 142,374 | 100.0% | S100YS0Y |
| Cost of revenue | 115,507 | 81.1% | S100YS0Y |
| Gross profit | 26,866 | 18.9% | S100YS0Y |
| SG&A | 12,464 | 8.8% | S100YS0Y |
| Operating income | 14,402 | 10.1% | S100YS0Y |
| Ordinary income | 14,356 | 10.1% | S100YS0Y |
| Pretax income | 14,356 | 10.1% | S100YS0Y |
| Income tax | 4,345 | 3.1% | S100YS0Y |
| Net income | 10,010 | 7.0% | S100YS0Y |
| Net income attributable to owners | 10,010 | 7.0% | S100YS0Y |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 9 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 18.9% → Operating margin 10.1% → Net margin 7.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +26.6%; Core profit growth: +51.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.94×
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 | 112,429 | 142,374 | 29,945 | +26.6% |
| Gross profit | 20,644 | 26,866 | 6,222 | +30.1% |
| Operating income | 9,488 | 14,402 | 4,914 | +51.8% |
| Net income attributable to owners | 6,483 | 10,010 | 3,527 | +54.4% |
| Operating cash flow | -13,880 | 7,103 | 20,983 | — |
| Free cash flow | -13,979 | 6,826 | 20,805 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 84,840 | 10,412 | 12.3% | 6,732 | 980 | 557 | S100MKMH |
| FY ending Mar 2021 | 72,988 | 7,351 | 10.1% | 4,983 | 8,069 | 7,868 | S100PFQ9 |
| FY ending Mar 2022 | 82,258 | 9,095 | 11.1% | 6,338 | 22,215 | 22,119 | S100R33N |
| FY ending Mar 2023 | 84,688 | 8,250 | 9.7% | 5,621 | -4,534 | -4,573 | S100TTLD |
| FY ending Mar 2024 | 100,405 | 9,431 | 9.4% | 6,453 | 4,671 | 4,623 | S100W2SI |
| FY ending Mar 2025 | 112,429 | 9,488 | 8.4% | 6,483 | -13,880 | -13,979 | S100YS0Y |
| FY ending Mar 2026 | 142,374 | 14,402 | 10.1% | 10,010 | 7,103 | 6,826 | S100YS0Y |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥237.3M |
| Operating income per employee (consolidated) | ¥24M |
| Net income per employee (consolidated) | ¥16.7M |

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) | 558 | 564 | 557 | 584 | 600 |
| Average salary (parent company) | ¥7.5M | ¥7.6M | ¥7.3M | ¥7.4M | ¥7.6M |
| Average age (parent company) | 39.7 years | 37.6 years | 37.1 years | 36.2 years | 36.2 years |
| Average tenure (parent company) | 13.9 years | 12.0 years | 12.2 years | 10.8 years | 11.0 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) +26.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate development business | 127,725 | 89.7% | 12,453 | 9.7% |
| Real estate management business | 4,284 | 3.0% | 1,108 | 25.9% |
| Construction business | 8,988 | 6.3% | 829 | 9.2% |
| Hotel business | 1,333 | 0.9% | -2 | -0.2% |
| Other | 41 | 0.0% | 22 | 53.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Real estate development business | 89.7% | 86.4% | -3.3 | 9.7% |
| Real estate management business | 3.0% | 7.7% | 4.7 | 25.9% |
| Construction business | 6.3% | 5.8% | -0.6 | 9.2% |
| Hotel business | 0.9% | — | — | -0.2% |
| Other | 0.0% | 0.2% | 0.1 | 53.7% |

Loss-making segment (excluded from profit shares): Hotel business -2 JPY mn

Segment → industry: Real estate management business → Real Estate Brokerage & Management / Hotel business → Hotels & Inns / Construction business → General Contractors / Real estate development business → Condominium Developers

## 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 | 7,103 | 5.0% | S100YS0Y |
| Capital expenditure | 277 | 0.2% | S100YS0Y |
| Free cash flow | 6,826 | 4.8% | 算出 |
| Investing cash flow | -3,452 | -2.4% | S100YS0Y |
| Financing cash flow | -5,378 | -3.8% | S100YS0Y |
| Dividends paid | 1,898 | 1.3% | S100YS0Y |
| Change in cash | -1,727 | -1.2% | S100YS0Y |
| Cash and equivalents | 22,690 | 15.9% | S100YS0Y |

## 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 | 35,543 | 32,204 | 29,550 | 24,418 | 22,690 | S100TTLD, S100W2SI, S100YS0Y |
| Total assets | 82,659 | 88,938 | 95,281 | 105,477 | 113,869 | S100R33N, S100TTLD, S100W2SI, S100YS0Y |
| Net assets | 58,917 | 63,022 | 68,031 | 72,922 | 81,127 | S100TTLD, S100W2SI, S100YS0Y |
| Share capital | 2,774 | 2,774 | 2,774 | 2,774 | 2,774 | S100R33N, S100TTLD, S100W2SI, S100YS0Y |
| Property, plant and equipment | 10,910 | 11,089 | 10,987 | 10,973 | 13,011 | S100R33N, S100TTLD, S100W2SI, S100YS0Y |
| Intangible assets excluding goodwill | 44 | 41 | 37 | 34 | 30 | S100R33N, S100TTLD, S100W2SI, S100YS0Y |
| Investment securities | 305 | 373 | 405 | 299 | 503 | S100R33N, S100TTLD, S100W2SI, S100YS0Y |
| Current assets | 70,008 | 76,595 | 82,732 | 92,778 | 98,498 | S100R33N, S100TTLD, S100W2SI, S100YS0Y |
| Current liabilities | 10,864 | 13,210 | 15,209 | 15,841 | 16,266 | S100R33N, S100TTLD, S100W2SI, S100YS0Y |
| Trade payables | 1,038 | 1,473 | 2,473 | 2,197 | 3,878 | S100R33N, S100TTLD, S100W2SI, S100YS0Y |
| Long-term borrowings | 9,363 | 7,653 | 7,100 | 11,730 | 11,400 | S100R33N, S100TTLD, S100W2SI, S100YS0Y |
| Total liabilities | 23,742 | 25,915 | 27,249 | 32,555 | 32,742 | S100R33N, S100TTLD, S100W2SI, S100YS0Y |
| Equity attributable to owners of parent | 58,910 | 62,962 | 67,875 | 72,745 | 80,882 | S100R33N, S100TTLD, S100W2SI, S100YS0Y |
| Retained earnings | 54,292 | 58,344 | 63,227 | 68,074 | 76,186 | S100R33N, S100TTLD, S100W2SI, S100YS0Y |
| Treasury stock | -1,211 | -1,211 | -1,193 | -1,182 | -1,169 | S100R33N, S100TTLD, S100W2SI, S100YS0Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YS0Y |
| Property, plant and equipment | 11% | S100YS0Y |
| Intangibles and goodwill | 0% | S100YS0Y |
| Investment securities | 1% | S100YS0Y |
| Other assets | 68% | S100YS0Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YS0Y |
| Other liabilities | 25% | S100YS0Y |
| Equity | 71% | S100YS0Y |

### 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 | 82,659 | 88,938 | 95,281 | 105,477 | 113,869 |
| Equity | 58,917 | 63,022 | 68,031 | 72,922 | 81,127 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 35,543 | 32,204 | 29,550 | 24,418 | 22,690 |

## 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) | 9.1% | S100YS0Y |
| Fixed assets ÷ total assets | 11.4% | S100YS0Y |
| Goodwill ÷ parent equity | — | —, S100YS0Y |

### 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) | 19.9% |
| Cash ÷ revenue | 15.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 49.3% |
| Cash vs. profit gap | -2,907 JPY mn (of net income -29.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.0% |
| Shareholder payments — dividends / FCF | 27.8% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 48.6% |

## 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 | 7.7% | 1.00× | 7.7% | 1.40× | 10.8% | S100R33N |
| 2023 | 6.6% | 0.99× | 6.6% | 1.41× | 9.2% | S100TTLD |
| 2024 | 6.4% | 1.09× | 7.0% | 1.41× | 9.9% | S100W2SI |
| 2025 | 5.8% | 1.12× | 6.5% | 1.43× | 9.2% | S100YS0Y |
| 2026 | 7.0% | 1.30× | 9.1% | 1.43× | 13.0% | S100YS0Y |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エム・エム・ヨーク | Major shareholder | 18.9% | 2026-03-31 |
| 肥田 幸春 | Major shareholder | 15.4% | 2026-03-31 |
| 株式会社松濤投資倶楽部 | Major shareholder | 14.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.5% | 2026-03-31 |
| ＢＢＨ ＦＯＲ ＦＩＤＥＬＩＴＹ ＬＯＷ－ＰＲＩＣＥＤ ＳＴＯＣＫ ＦＵＮＤ（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 3.5% | 2026-03-31 |
| 京田 景子 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.5% | 2026-03-31 |
| ＧＯＬＤＭＡＮ，ＳＡＣＨＳ ＆ ＣＯ．ＲＥＧ （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 1.4% | 2026-03-31 |
| ＤＦＡ ＩＮＴＬ ＳＭＡＬＬ ＣＡＰ ＶＡＬＵＥ ＰＯＲＴＦＯＬＩＯ（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.3% | 2026-03-31 |
| 柳澤 安慶 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第46期(2025/04/01－2026/03/31) | S100YS0Y | 2026-07-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YS0Y,, |
| 有価証券報告書－第45期(2024/04/01－2025/03/31) | S100W2SI | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2SI,, |
| 有価証券報告書－第44期(2023/04/01－2024/03/31) | S100TTLD | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTLD,, |
| 有価証券報告書－第43期(2022/04/01－2023/03/31) | S100R33N | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R33N,, |
| 訂正有価証券報告書－第42期(令和3年4月1日－令和4年3月31日) | S100PFQ9 | 2022-11-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PFQ9,, |
| 訂正有価証券報告書－第41期(令和2年4月1日－令和3年3月31日) | S100MKMH | 2021-10-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MKMH,, |

## 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).