# FREESIA MACROSS CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第83期(2025/04/01－2026/03/31) (S100YIIQ)
> Page: https://vizora.meequs.com/en/company/freesia-macross
> Retrieved: 2026-09-30T19:03:16.055Z

## Company

Freesia Macross is a company in Homebuilders listed on TSE Standard. It has 346 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FREESIA MACROSS CORPORATION |
| Ticker | 6343 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6343.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田東松下町17番地 |
| Representative (per filing) | 代表取締役社長 奥山 一寸法師 |
| Share capital | ¥2.08B |
| Employees (consolidated) | 346 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Corporate number | 3010001000012 |
| EDINET | E01620 |
| Industries (Vizora) | Homebuilders, Specialty Trading & Wholesale, Industrial Machinery |

> Profile source: annual securities report (S100YIIQ, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Homebuilders (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 19.6 | 23 |
| Profitability | 98.1 | 26 |
| Cash conversion | 60.4 | 24 |
| Efficiency | 1.9 | 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 71% of Freesia Macross's sales come from Housing related business, with Manufacturing business and Investment retail service business making up much of the rest.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed -1.4% from the prior year, operating profit -4.7%.

## Company structure

- Segment revenue mix: Housing related business 70.6%、Manufacturing business 27.4%、Investment retail service business 2.0%
- Revenue → net income: ¥6873506000 → ¥2339822000
- Net income → operating cash flow: ¥2339822000 → ¥696251000（difference ¥-1643571000）
- Main uses of operating cash flow: CapEx ¥400483000 / dividends ¥26533000 / buybacks ¥100000
- Change in cash: ¥685411000
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 | ¥6.87B |  |
| Operating income | ¥1.28B | Margin 18.7% |
| Net income | ¥1.72B | Margin 25.1% |
| Free cash flow | ¥295.8M |  |
| Largest business | Housing related business | of segment revenue 70.6% |
| Employees (consolidated) | 346 |  |
| EPS | ¥15.87 |  |
| Book value per share | ¥219.83 |  |
| Equity ratio | 43.0% |  |
| Shares outstanding | 45,099,000 |  |
| Treasury shares | 98,200 |  |
| Shareholders | 5,447 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 4.6% | Cash ÷ revenue 26.1% |
| Vs. industry median margin | +13.3 pp | Homebuilders |
| ROE | 15.7% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 89% of positive segment profit
- FY2026, segment profit share differs by -23 points
- FY2026, cash is 5% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6788042000 | ¥6873506000 | +1.3% |
| Operating income | ¥801681000 | ¥1284813000 | +60.3% |
| Operating margin | 11.8% | 18.7% | +6.9 pp |
| Employees | 430 people | 346 people | -19.5% |
| Cash and equivalents | ¥2887665000 | ¥1795425000 | -37.8% |

### 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 |
| --- | ---: |
| 製造供給事業 → 事業再編・廃止 | 26.5% |
| 住宅関連事業 → 事業再編・廃止 | 72.0% |
| 投資・流通サービス事業 → 事業再編・廃止 | 1.5% |
| 新設・再編 → 製造供給事業 | 27.4% |
| 新設・再編 → 住宅関連事業 | 70.6% |
| 新設・再編 → 投資・流通サービス事業 | 2.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Housing related business | 3 years | -1.6% | ¥4855972000 | 23.4% | 2 |
| Manufacturing business | 3 years | +0.7% | ¥1881456000 | 2.9% | 2 |
| Investment retail service business | 3 years | +12.9% | ¥136077000 | 66.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,874 | 100.0% | S100YIIQ |
| Cost of revenue | 3,186 | 46.4% | S100YIIQ |
| Gross profit | 3,687 | 53.6% | S100YIIQ |
| SG&A | 2,402 | 35.0% | S100YIIQ |
| Operating income | 1,285 | 18.7% | S100YIIQ |
| Ordinary income | 2,226 | 32.4% | S100YIIQ |
| Pretax income | 2,748 | 40.0% | S100YIIQ |
| Income tax | 409 | 5.9% | S100YIIQ |
| Net income | 2,340 | 34.0% | S100YIIQ |
| Net income attributable to owners | 1,724 | 25.1% | S100YIIQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 46 |
| SG&A | 35 |
| Operating income | 19 |
| (Ref.) Net income | 25 |

### Margin funnel

Gross margin 53.6% → Operating margin 18.7% → Net margin 25.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.4%; Core profit growth: -4.7%
Operating leverage (core profit growth ÷ revenue growth): 3.36×
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 | 6,972 | 6,874 | -98 | -1.4% |
| Gross profit | 3,667 | 3,687 | 20 | +0.5% |
| Operating income | 1,349 | 1,285 | -64 | -4.7% |
| Net income attributable to owners | 907 | 1,724 | 817 | +90.1% |
| Operating cash flow | 176 | 696 | 520 | +295.1% |
| Free cash flow | -320 | 296 | 616 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,854 | 933 | 11.9% | 306 | 17 | -144 | S100LOJW |
| FY ending Mar 2021 | 6,788 | 802 | 11.8% | -309 | 1,436 | 1,161 | S100OFKJ |
| FY ending Mar 2022 | 7,011 | 1,102 | 15.7% | 410 | 44 | -64 | S100R2UG |
| FY ending Mar 2023 | 7,034 | 976 | 13.9% | 835 | -264 | -408 | S100TSIW |
| FY ending Mar 2024 | 6,721 | 1,032 | 15.4% | 658 | 191 | -1,079 | S100W2YD |
| FY ending Mar 2025 | 6,972 | 1,349 | 19.3% | 907 | 176 | -320 | S100YIIQ |
| FY ending Mar 2026 | 6,874 | 1,285 | 18.7% | 1,724 | 696 | 296 | S100YIIQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.9M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥5M |

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) | 426 | 396 | 376 | 354 | 346 |
| Average salary (parent company) | ¥6.1M | ¥6.1M | ¥6.2M | ¥6.2M | ¥5.5M |
| Average age (parent company) | 49.8 years | 50.0 years | 51.0 years | 52.0 years | 47.9 years |
| Average tenure (parent company) | 19.1 years | 19.2 years | 20.2 years | 21.2 years | 17.4 years |

Year over year: Employees (consolidated) -2.3% · Revenue (consolidated) -1.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Manufacturing business | 1,881 | 27.4% | 54 | 2.9% |
| Housing related business | 4,856 | 70.6% | 1,136 | 23.4% |
| Investment retail service business | 136 | 2.0% | 90 | 66.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Manufacturing business | 27.4% | 4.2% | -23.2 | 2.9% |
| Housing related business | 70.6% | 88.7% | 18.1 | 23.4% |
| Investment retail service business | 2.0% | 7.1% | 5.1 | 66.5% |

Segment → industry: Housing related business → Homebuilders / Investment retail service business → Specialty Trading & Wholesale / Manufacturing business → Industrial Machinery

## 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 | 696 | 10.1% | S100YIIQ |
| Capital expenditure | 400 | 5.8% | S100YIIQ |
| Free cash flow | 296 | 4.3% | 算出 |
| Investing cash flow | -483 | -7.0% | S100YIIQ |
| Financing cash flow | 472 | 6.9% | S100YIIQ |
| Dividends paid | 27 | 0.4% | S100YIIQ |
| Share buyback | 0 | 0.0% | S100YIIQ |
| Change in cash | 685 | 10.0% | S100YIIQ |
| Cash and equivalents | 1,795 | 26.1% | S100YIIQ |

## 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 | 3,249 | 2,066 | 1,502 | 1,110 | 1,795 | S100TSIW, S100W2YD, S100YIIQ |
| Total assets | 27,100 | 27,012 | 30,479 | 33,056 | 39,325 | S100R2UG, S100TSIW, S100W2YD, S100YIIQ |
| Net assets | 13,495 | 14,903 | 17,490 | 19,530 | 24,570 | S100TSIW, S100W2YD, S100YIIQ |
| Share capital | 2,078 | 2,078 | 2,078 | 2,078 | 2,078 | S100R2UG, S100TSIW, S100W2YD, S100YIIQ |
| Inventories | 4,980 | 5,244 | 5,328 | 5,902 | 5,941 | S100R2UG, S100TSIW, S100W2YD, S100YIIQ |
| Property, plant and equipment | 6,625 | 6,624 | 7,751 | 8,105 | 8,443 | S100R2UG, S100TSIW, S100W2YD, S100YIIQ |
| Intangible assets excluding goodwill | 306 | 306 | 305 | 308 | 308 | S100R2UG, S100TSIW, S100W2YD, S100YIIQ |
| Investment securities | 3,243 | 3,787 | 5,407 | 6,383 | 9,913 | S100R2UG, S100TSIW, S100W2YD, S100YIIQ |
| Current assets | 9,618 | 8,438 | 8,301 | 8,769 | 9,588 | S100R2UG, S100TSIW, S100W2YD, S100YIIQ |
| Current liabilities | 5,852 | 3,674 | 3,945 | 3,701 | 3,828 | S100R2UG, S100TSIW, S100W2YD, S100YIIQ |
| Trade payables | 725 | 620 | 615 | 534 | 432 | S100R2UG, S100TSIW, S100W2YD, S100YIIQ |
| Short-term borrowings | 2,267 | 670 | 1,023 | 1,044 | 1,188 | S100R2UG, S100TSIW, S100W2YD, S100YIIQ |
| Long-term borrowings | 6,854 | 7,573 | 7,834 | 8,336 | 8,352 | S100R2UG, S100TSIW, S100W2YD, S100YIIQ |
| Bonds | 50 | 30 | 10 | — | — | S100R2UG, S100TSIW, S100W2YD |
| Interest-bearing debt | 9,172 | 8,273 | 8,867 | — | — | 算出 |
| Total liabilities | 13,605 | 12,109 | 12,989 | 13,526 | 14,755 | S100R2UG, S100TSIW, S100W2YD, S100YIIQ |
| Non-controlling interests | 5,434 | 5,793 | 6,374 | 7,039 | 7,659 | S100R2UG, S100TSIW, S100W2YD, S100YIIQ |
| Equity attributable to owners of parent | 7,512 | 8,516 | 9,151 | 10,036 | 11,951 | S100R2UG, S100TSIW, S100W2YD, S100YIIQ |
| Retained earnings | 4,481 | 5,296 | 5,931 | 6,816 | 8,731 | S100R2UG, S100TSIW, S100W2YD, S100YIIQ |
| Treasury stock | -20 | -20 | -21 | -21 | -21 | S100R2UG, S100TSIW, S100W2YD, S100YIIQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YIIQ |
| Inventories | 15% | S100YIIQ |
| Property, plant and equipment | 21% | S100YIIQ |
| Intangibles and goodwill | 1% | S100YIIQ |
| Investment securities | 25% | S100YIIQ |
| Other assets | 33% | S100YIIQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YIIQ |
| Other liabilities | 36% | S100YIIQ |
| Equity | 63% | S100YIIQ |
| Other liabilities | 0% | S100YIIQ |

### 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 | 27,100 | 27,012 | 30,479 | 33,056 | 39,325 |
| Equity | 13,495 | 14,903 | 17,490 | 19,530 | 24,570 |
| Interest-bearing debt | 9,172 | 8,273 | 8,867 | — | — |
| Cash | 3,249 | 2,066 | 1,502 | 1,110 | 1,795 |

## 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) | 122.8% | S100YIIQ |
| Fixed assets ÷ total assets | 21.5% | S100YIIQ |
| Goodwill ÷ parent equity | — | —, S100YIIQ |

### 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) | 4.6% |
| Cash ÷ revenue | 26.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 54.2% |
| Cash vs. profit gap | -1,027 JPY mn (of net income -59.6%) |
| Shareholder returns / net income | 1.5% |
| Shareholder returns / FCF | 9.0% |
| Shareholder payments — dividends / net income | 1.5% |
| Shareholder payments — dividends / FCF | 9.0% |
| CapEx intensity (capex ÷ revenue) | 5.8% |
| Investing CF relative to operating CF | 69.3% |

## 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 | 5.9% | 0.26× | 1.5% | 3.61× | 5.5% | S100R2UG |
| 2023 | 11.9% | 0.26× | 3.1% | 3.38× | 10.4% | S100TSIW |
| 2024 | 9.8% | 0.23× | 2.3% | 3.25× | 7.4% | S100W2YD |
| 2025 | 13.0% | 0.22× | 2.9% | 3.31× | 9.5% | S100YIIQ |
| 2026 | 25.1% | 0.19× | 4.8% | 3.29× | 15.7% | S100YIIQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| フリージアホールディングス㈱ | Major shareholder | 57.8% | 2026-03-31 |
| マツヤハウジング㈱ | Major shareholder | 2.6% | 2026-03-31 |
| 大和証券㈱ | Major shareholder | 2.4% | 2026-03-31 |
| INTERACTIVE BROKERS LLC (常任代理人 インタラクティブ・ブローカーズ証券㈱) | Major shareholder | 1.7% | 2026-03-31 |
| 刀根 康浩 | Major shareholder | 1.6% | 2026-03-31 |
| フリージア・アロケートコンサルティング㈱ | Major shareholder | 1.1% | 2026-03-31 |
| ダイトーエムイー㈱ | Major shareholder | 0.9% | 2026-03-31 |
| 楽天証券㈱ | Major shareholder | 0.9% | 2026-03-31 |
| 樋口 正道 | Major shareholder | 0.7% | 2026-03-31 |
| ㈱ＳＢＩ証券 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第83期(2025/04/01－2026/03/31) | S100YIIQ | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIIQ,, |
| 有価証券報告書－第82期(2024/04/01－2025/03/31) | S100W2YD | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2YD,, |
| 有価証券報告書－第81期(2023/04/01－2024/03/31) | S100TSIW | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSIW,, |
| 有価証券報告書－第80期(2022/04/01－2023/03/31) | S100R2UG | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2UG,, |
| 有価証券報告書－第79期(令和3年4月1日－令和4年3月31日) | S100OFKJ | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFKJ,, |
| 有価証券報告書－第78期(令和2年4月1日－令和3年3月31日) | S100LOJW | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOJW,, |

## 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).