# FORLIFE Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2025/04/01－2026/03/31) (S100YKFC)
> Page: https://vizora.meequs.com/en/company/forlife
> Retrieved: 2026-09-30T20:20:49.518Z

## Company

Forlife, founded in 1996, is a company in Homebuilders listed on TSE Growth. It has 115 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FORLIFE Co., Ltd. |
| Ticker | 3477 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3477.T) |
| Listing | TSE Growth |
| Head office | 神奈川県横浜市港北区大倉山一丁目14番11号 |
| Representative (per filing) | 代表取締役社長 奥本 健二 |
| Founded | Jul 1996 |
| Share capital | ¥154.9M |
| Employees (consolidated) | 115 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | March |
| Website | www.forlifeand.com (https://www.forlifeand.com/) |
| Corporate number | 8020001036389 |
| EDINET | E32793 |
| Industries (Vizora) | Homebuilders |

> Profile source: annual securities report (S100YKFC, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Homebuilders (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63 | 23 |
| Profitability | 48.1 | 26 |
| Cash conversion | 43.8 | 24 |
| Efficiency | 86.5 | 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 85% of Forlife's sales come from Sales of spec homes, with Order-built homes and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +18.3% from the prior year, operating profit +48.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥17.5B |  |
| Operating income | ¥880.6M | Margin 5.0% |
| Net income | ¥544.3M | Margin 3.1% |
| Free cash flow | -¥269.5M |  |
| Largest business | Sales of spec homes | of segment revenue 85.3% |
| Employees (consolidated) | 115 |  |
| EPS | ¥136.11 |  |
| Book value per share | ¥1089.77 |  |
| Equity ratio | 41.4% |  |
| Shares outstanding | 4,000,000 |  |
| Treasury shares | 700 |  |
| Shareholders | 2,651 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 29.9% | Cash ÷ revenue 18.0% |
| Vs. industry median margin | -0.4 pp | Homebuilders |
| ROE | 13.1% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 90% of positive segment profit
- FY2026, cash is 30% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10765263000 | ¥17476174000 | +62.3% |
| Operating income | ¥612908000 | ¥880648000 | +43.7% |
| Operating margin | 5.7% | 5.0% | -0.7 pp |
| Employees | 77 people | 115 people | +49.4% |
| Cash and equivalents | ¥2061923000 | ¥3145343000 | +52.5% |

### 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 |
| --- | ---: |
| 分譲住宅事業 → 分譲住宅事業 | 77.9% |
| 注文住宅事業 → 注文住宅事業 | 14.5% |
| 注文住宅事業 → 事業再編・廃止 | 4.4% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 3.0% |
| 新設・再編 → 分譲住宅事業 | 7.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Sales of spec homes | 5 years | +12.2% | ¥14905426000 | 9.0% | 2 |
| Order-built homes | 5 years | +4.5% | ¥2529756000 | 5.8% | 2 |
| Other | 5 years | -34.9% | ¥40991000 | -68.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,476 | 100.0% | S100YKFC |
| Cost of revenue | 15,295 | 87.5% | S100YKFC |
| Gross profit | 2,181 | 12.5% | S100YKFC |
| SG&A | 1,300 | 7.4% | S100YKFC |
| Operating income | 881 | 5.0% | S100YKFC |
| Ordinary income | 787 | 4.5% | S100YKFC |
| Pretax income | 787 | 4.5% | S100YKFC |
| Income tax | 243 | 1.4% | S100YKFC |
| Net income | 544 | 3.1% | S100YKFC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 7 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 12.5% → Operating margin 5.0% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +18.3%; Core profit growth: +48.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.67×
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 | 14,771 | 17,476 | 2,705 | +18.3% |
| Gross profit | 1,779 | 2,181 | 402 | +22.6% |
| Operating income | 591 | 881 | 289 | +48.9% |
| Operating cash flow | -737 | -248 | 489 | — |
| Free cash flow | -744 | -269 | 474 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,630 | 331 | 3.4% | 210 | -181 | -190 | S100LS28 |
| FY ending Mar 2021 | 10,765 | 613 | 5.7% | 380 | -34 | -46 | S100O6SO |
| FY ending Mar 2022 | 12,359 | 749 | 6.1% | 480 | -521 | -538 | S100R3RJ |
| FY ending Mar 2023 | 14,114 | 388 | 2.8% | 236 | 47 | -152 | S100TN6J |
| FY ending Mar 2024 | 13,988 | 261 | 1.9% | 151 | 791 | 391 | S100VYTR |
| FY ending Mar 2025 | 14,771 | 591 | 4.0% | 551 | -737 | -744 | S100YKFC |
| FY ending Mar 2026 | 17,476 | 881 | 5.0% | 544 | -248 | -269 | S100YKFC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥152M |
| Operating income per employee (consolidated) | ¥7.7M |
| Net income per employee (consolidated) | ¥4.7M |

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) | 86 | 98 | 102 | 102 | 115 |
| Average salary (parent company) | ¥7.5M | ¥7.7M | ¥8M | ¥8.3M | ¥8.6M |
| Average age (parent company) | 38.9 years | 38.8 years | 39.9 years | 40.1 years | 38.9 years |
| Average tenure (parent company) | 3.9 years | 4.2 years | 4.5 years | 5.1 years | 4.9 years |

Year over year: Employees (consolidated) +12.7% · Revenue (consolidated) +18.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Sales of spec homes | 14,905 | 85.3% | 1,342 | 9.0% |
| Order-built homes | 2,530 | 14.5% | 146 | 5.8% |
| Other | 41 | 0.2% | -28 | -68.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Sales of spec homes | 85.3% | 90.2% | 4.9 | 9.0% |
| Order-built homes | 14.5% | 9.8% | -4.7 | 5.8% |
| Other | 0.2% | — | — | -68.8% |

Loss-making segment (excluded from profit shares): Other -28 JPY mn

Segment → industry: Other → Homebuilders / Order-built homes → Homebuilders / Sales of spec homes → Homebuilders

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -248 | -1.4% | S100YKFC |
| Capital expenditure | 22 | 0.1% | S100YKFC |
| Free cash flow | -269 | -1.5% | 算出 |
| Investing cash flow | -129 | -0.7% | S100YKFC |
| Financing cash flow | 399 | 2.3% | S100YKFC |
| Dividends paid | 160 | 0.9% | S100YKFC |
| Change in cash | 23 | 0.1% | S100YKFC |
| Cash and equivalents | 3,145 | 18.0% | S100YKFC |

## 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 | 1,929 | 2,559 | 2,346 | 3,123 | 3,145 | S100TN6J, S100VYTR, S100YKFC |
| Total assets | 7,577 | 8,472 | 7,885 | 9,619 | 10,521 | S100R3RJ, S100TN6J, S100VYTR, S100YKFC |
| Net assets | 3,222 | 3,362 | 3,473 | 3,974 | 4,358 | S100TN6J, S100VYTR, S100YKFC |
| Share capital | 155 | 155 | 155 | 155 | 155 | S100R3RJ, S100TN6J, S100VYTR, S100YKFC |
| Property, plant and equipment | 231 | 396 | 779 | 225 | 226 | S100R3RJ, S100TN6J, S100VYTR, S100YKFC |
| Intangible assets excluding goodwill | 9 | 7 | 4 | 8 | 11 | S100R3RJ, S100TN6J, S100VYTR, S100YKFC |
| Current assets | 7,245 | 7,976 | 7,003 | 9,279 | 10,175 | S100R3RJ, S100TN6J, S100VYTR, S100YKFC |
| Current liabilities | 3,923 | 4,706 | 3,845 | 5,533 | 6,123 | S100R3RJ, S100TN6J, S100VYTR, S100YKFC |
| Short-term borrowings | 2,692 | 3,462 | 2,843 | 4,171 | 4,808 | S100R3RJ, S100TN6J, S100VYTR, S100YKFC |
| Long-term borrowings | 393 | 398 | 565 | 105 | 34 | S100R3RJ, S100TN6J, S100VYTR, S100YKFC |
| Bonds | 30 | — | — | — | — | S100R3RJ |
| Interest-bearing debt | 3,115 | — | — | — | — | 算出 |
| Total liabilities | 4,355 | 5,110 | 4,412 | 5,645 | 6,163 | S100R3RJ, S100TN6J, S100VYTR, S100YKFC |
| Equity attributable to owners of parent | 3,222 | 3,362 | 3,473 | 3,974 | 4,358 | S100R3RJ, S100TN6J, S100VYTR, S100YKFC |
| Retained earnings | 2,963 | 3,103 | 3,214 | 3,715 | 4,099 | S100R3RJ, S100TN6J, S100VYTR, S100YKFC |
| Treasury stock | -1 | -1 | -1 | -1 | -1 | S100R3RJ, S100TN6J, S100VYTR, S100YKFC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100YKFC |
| Property, plant and equipment | 2% | S100YKFC |
| Intangibles and goodwill | 0% | S100YKFC |
| Other assets | 68% | S100YKFC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 59% | S100YKFC |
| Equity | 41% | S100YKFC |
| Other liabilities | 0% | S100YKFC |

### 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 | 7,577 | 8,472 | 7,885 | 9,619 | 10,521 |
| Equity | 3,222 | 3,362 | 3,473 | 3,974 | 4,358 |
| Interest-bearing debt | 3,115 | — | — | — | — |
| Cash | 1,929 | 2,559 | 2,346 | 3,123 | 3,145 |

## 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) | 1.3% | S100YKFC |
| Fixed assets ÷ total assets | 2.2% | S100YKFC |
| Goodwill ÷ parent equity | — | —, S100YKFC |

### 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) | 29.9% |
| Cash ÷ revenue | 18.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -28.1% |
| Cash vs. profit gap | -792 JPY mn (of net income -145.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | — |

## 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 | 3.9% | 1.63× | 6.3% | 2.35× | 14.9% | S100R3RJ |
| 2023 | 1.7% | 1.76× | 2.9% | 2.44× | 7.2% | S100TN6J |
| 2024 | 1.1% | 1.71× | 1.8% | 2.39× | 4.4% | S100VYTR |
| 2025 | 3.7% | 1.69× | 6.3% | 2.35× | 14.8% | S100YKFC |
| 2026 | 3.1% | 1.74× | 5.4% | 2.42× | 13.1% | S100YKFC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 奥本 健二 | Major shareholder | 66.0% | 2026-03-31 |
| フォーライフ従業員持株会 | Major shareholder | 4.7% | 2026-03-31 |
| 若杉 精三郎 | Major shareholder | 1.5% | 2026-03-31 |
| 髙橋 効志 | Major shareholder | 1.1% | 2026-03-31 |
| 中村 仁 | Major shareholder | 1.1% | 2026-03-31 |
| 嶋田 文吾 | Major shareholder | 0.8% | 2026-03-31 |
| 山本 守之 | Major shareholder | 0.7% | 2026-03-31 |
| 花光 雅丸 | Major shareholder | 0.6% | 2026-03-31 |
| 花井 栄治 | Major shareholder | 0.6% | 2026-03-31 |
| 細谷 光弘 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/04/01－2026/03/31) | S100YKFC | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKFC,, |
| 有価証券報告書－第26期(2024/04/01－2025/03/31) | S100VYTR | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYTR,, |
| 有価証券報告書－第25期(2023/04/01－2024/03/31) | S100TN6J | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TN6J,, |
| 有価証券報告書－第24期(2022/04/01－2023/03/31) | S100R3RJ | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3RJ,, |
| 有価証券報告書－第23期(令和3年4月1日－令和4年3月31日) | S100O6SO | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O6SO,, |
| 有価証券報告書－第22期(令和2年4月1日－令和3年3月31日) | S100LS28 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS28,, |

## 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).