# FUJI CORPORATION LIMITED: 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53期(2025/04/01－2026/03/31) (S100YB7Y)
> Page: https://vizora.meequs.com/en/company/fuji-8860
> Retrieved: 2026-09-30T21:04:51.798Z

## Company

Fuji, founded in 1974, is a company in Leasing listed on TSE Prime. It has 931 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUJI CORPORATION LIMITED |
| Ticker | 8860 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8860.T) |
| Listing | TSE Prime |
| Head office | 大阪府岸和田市土生町1丁目4番23号 |
| Representative (per filing) | 代表取締役社長 宮脇 宣綱 |
| Founded | Apr 1974 |
| Share capital | ¥4.87B |
| Employees (consolidated) | 931 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.fuji-jutaku.co.jp (https://www.fuji-jutaku.co.jp/) |
| Corporate number | 1120101037457 |
| EDINET | E03953 |
| Industries (Vizora) | Leasing, Homebuilders, Real Estate Brokerage & Management, Condominium Developers |

> Profile source: annual securities report (S100YB7Y, filed 2026-06-15). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 35.7 | 21 |
| Profitability | 38 | 25 |
| Cash conversion | 86 | 25 |
| Efficiency | 54 | 25 |
| Financial strength | 25 | 14 |

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 27% of Fuji's sales come from Residential Development, with Existing Housing and Leasing and Property Management making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +11.6% from the prior year, operating profit +5.1%.

## Company structure

- Segment revenue mix: Residential Development 26.6%、Existing Housing 25.4%、Leasing and Property Management 24.5%、Real Estate Utilization 22.4%、Business related to the Construction Equipment Rental Division 1.0%
- Revenue → net income: ¥138332189000 → ¥4757288000
- Net income → operating cash flow: ¥4757288000 → ¥8912214000（difference ¥4154926000）
- Main uses of operating cash flow: CapEx ¥12458352000 / dividends ¥1233602000 / buybacks ¥452833000
- Change in cash: ¥-384165000
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 | ¥138.3B |  |
| Operating income | ¥8.29B | Margin 6.0% |
| Net income | ¥4.76B | Margin 3.4% |
| Free cash flow | -¥3.55B |  |
| Largest business | Residential Development | of segment revenue 26.6% |
| Employees (consolidated) | 931 |  |
| EPS | ¥66.87 |  |
| Book value per share | ¥1180.81 |  |
| Equity ratio | 30.2% |  |
| Shares outstanding | 36,849,000 |  |
| Treasury shares | 585,400 |  |
| Shareholders | 9,413 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 11.0% | Net cash -¥92.8B · Cash ÷ revenue 15.3% |
| Vs. industry median margin | +0.6 pp | Homebuilders |
| ROE | 8.5% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥121541518000 | ¥138332189000 | +13.8% |
| Operating income | ¥3986912000 | ¥8294957000 | +108.1% |
| Operating margin | 3.3% | 6.0% | +2.7 pp |
| Employees | 821 people | 931 people | +13.4% |
| Cash and equivalents | ¥20156375000 | ¥21178452000 | +5.1% |

### 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 → 分譲住宅 | 26.6% |
| 分譲住宅 → 事業再編・廃止 | 6.6% |
| 住宅流通 → 住宅流通 | 25.4% |
| 住宅流通 → 事業再編・廃止 | 1.6% |
| 土地有効活用 → 土地有効活用 | 20.1% |
| 賃貸及び管理 → 賃貸及び管理 | 17.9% |
| 建設関連 → 建設関連 | 1.0% |
| 建設関連 → 事業再編・廃止 | 0.9% |
| 新設・再編 → 土地有効活用 | 2.3% |
| 新設・再編 → 賃貸及び管理 | 6.6% |
| 新設・再編 → その他 | 0.2% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Residential Development | 5 years | -1.8% | ¥36737515000 | 4.3% | 2 |
| Existing Housing | 5 years | +1.4% | ¥35122785000 | 3.5% | 2 |
| Leasing and Property Management | 5 years | +9.3% | ¥33864143000 | 13.1% | 2 |
| Real Estate Utilization | 5 years | +4.9% | ¥30969127000 | 10.0% | 2 |
| Business related to the Construction Equipment Rental Division | 5 years | -9.9% | ¥1416713000 | 0.7% | 2 |
| Other | 3 years | +4.2% | ¥221903000 | 73.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 138,332 | 100.0% | S100YB7Y |
| Cost of revenue | 117,314 | 84.8% | S100YB7Y |
| Gross profit | 21,019 | 15.2% | S100YB7Y |
| SG&A | 12,724 | 9.2% | S100YB7Y |
| Operating income | 8,295 | 6.0% | S100YB7Y |
| Ordinary income | 6,996 | 5.1% | S100YB7Y |
| Pretax income | 6,933 | 5.0% | S100YB7Y |
| Income tax | 2,176 | 1.6% | S100YB7Y |
| Net income | 4,757 | 3.4% | S100YB7Y |
| Net income attributable to owners | 4,757 | 3.4% | S100YB7Y |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 9 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 15.2% → Operating margin 6.0% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.6%; Core profit growth: +5.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.44×
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 | 123,927 | 138,332 | 14,405 | +11.6% |
| Gross profit | 19,613 | 21,019 | 1,406 | +7.2% |
| Operating income | 7,894 | 8,295 | 401 | +5.1% |
| Net income attributable to owners | 4,764 | 4,757 | -7 | -0.1% |
| Operating cash flow | 2,739 | 8,912 | 6,173 | +225.4% |
| Free cash flow | -13,539 | -3,546 | 9,993 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 110,444 | 5,002 | 4.5% | 3,089 | -1,650 | -7,906 | S100LLXQ |
| FY ending Mar 2021 | 121,542 | 3,987 | 3.3% | 2,359 | 28,040 | 22,403 | S100OCKT |
| FY ending Mar 2022 | 118,699 | 5,871 | 4.9% | 3,869 | 6,325 | -1,488 | S100QZMB |
| FY ending Mar 2023 | 114,670 | 6,287 | 5.5% | 3,818 | 8,998 | 2,414 | S100VODV |
| FY ending Mar 2024 | 120,389 | 7,265 | 6.0% | 4,559 | 5,991 | -2,223 | S100VXSS |
| FY ending Mar 2025 | 123,927 | 7,894 | 6.4% | 4,764 | 2,739 | -13,539 | S100YB7Y |
| FY ending Mar 2026 | 138,332 | 8,295 | 6.0% | 4,757 | 8,912 | -3,546 | S100YB7Y |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥148.6M |
| Operating income per employee (consolidated) | ¥8.9M |
| Net income per employee (consolidated) | ¥5.1M |

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) | 818 | 811 | 852 | 897 | 931 |
| Average salary (parent company) | ¥5.6M | ¥5.5M | ¥5.7M | ¥5.8M | ¥6.1M |
| Average age (parent company) | 40.9 years | 41.5 years | 41.4 years | 41.5 years | 41.4 years |
| Average tenure (parent company) | 9.6 years | 10.1 years | 10.1 years | 10.5 years | 10.5 years |

Year over year: Employees (consolidated) +3.8% · Revenue (consolidated) +11.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Residential Development | 36,738 | 26.6% | 1,596 | 4.3% |
| Existing Housing | 35,123 | 25.4% | 1,236 | 3.5% |
| Real Estate Utilization | 30,969 | 22.4% | 3,101 | 10.0% |
| Leasing and Property Management | 33,864 | 24.5% | 4,452 | 13.1% |
| Business related to the Construction Equipment Rental Division | 1,417 | 1.0% | 10 | 0.7% |
| Other | 222 | 0.2% | 163 | 73.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Residential Development | 26.6% | 15.1% | -11.4 | 4.3% |
| Existing Housing | 25.4% | 11.7% | -13.7 | 3.5% |
| Real Estate Utilization | 22.4% | 29.4% | 7.0 | 10.0% |
| Leasing and Property Management | 24.5% | 42.2% | 17.7 | 13.1% |
| Business related to the Construction Equipment Rental Division | 1.0% | 0.1% | -0.9 | 0.7% |
| Other | 0.2% | 1.5% | 1.4 | 73.6% |

Segment → industry: Business related to the Construction Equipment Rental Division → Leasing / Real Estate Utilization → Homebuilders / Residential Development → Homebuilders / Leasing and Property Management → Real Estate Brokerage & Management / Existing Housing → Real Estate Brokerage & Management / Residential Development → 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 | 8,912 | 6.4% | S100YB7Y |
| Capital expenditure | 12,458 | 9.0% | S100YB7Y |
| Free cash flow | -3,546 | -2.6% | 算出 |
| Investing cash flow | -13,509 | -9.8% | S100YB7Y |
| Financing cash flow | 4,213 | 3.0% | S100YB7Y |
| Dividends paid | 1,234 | 0.9% | S100YB7Y |
| Share buyback | 453 | 0.3% | S100YB7Y |
| Change in cash | -384 | -0.3% | S100YB7Y |
| Cash and equivalents | 21,178 | 15.3% | S100YB7Y |

## 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 | 19,629 | 20,293 | 23,752 | 21,563 | 21,178 | S100VODV, S100VXSS, S100YB7Y |
| Total assets | 153,512 | 154,608 | 168,213 | 183,210 | 193,040 | S100QZMB, S100VODV, S100VXSS, S100YB7Y |
| Net assets | 44,350 | 47,084 | 51,005 | 54,675 | 58,312 | S100VODV, S100VXSS, S100YB7Y |
| Share capital | 4,872 | 4,872 | 4,872 | 4,872 | 4,872 | S100QZMB, S100VODV, S100VXSS, S100YB7Y |
| Property, plant and equipment | 44,541 | 46,007 | 49,809 | 58,331 | 60,446 | S100QZMB, S100VODV, S100VXSS, S100YB7Y |
| Intangible assets excluding goodwill | 592 | 560 | 611 | 582 | 547 | S100QZMB, S100VODV, S100VXSS, S100YB7Y |
| Goodwill | 138 | 111 | 83 | 55 | 27 | S100QZMB, S100VODV, S100VXSS, S100YB7Y |
| Investment securities | 464 | 523 | 701 | 873 | 1,371 | S100QZMB, S100VODV, S100VXSS, S100YB7Y |
| Current assets | 103,487 | 103,551 | 113,166 | 119,108 | 125,866 | S100QZMB, S100VODV, S100VXSS, S100YB7Y |
| Current liabilities | 48,223 | 39,943 | 44,746 | 55,189 | 58,962 | S100QZMB, S100VODV, S100VXSS, S100YB7Y |
| Short-term borrowings | 28,417 | 21,143 | 23,029 | 35,068 | 38,555 | S100QZMB, S100VODV, S100VXSS, S100YB7Y |
| Long-term borrowings | 58,643 | 65,547 | 70,845 | 72,401 | 75,070 | S100QZMB, S100VODV, S100VXSS, S100YB7Y |
| Bonds | 1,150 | 1,250 | 1,225 | 675 | 325 | S100QZMB, S100VODV, S100VXSS, S100YB7Y |
| Interest-bearing debt | 88,209 | 87,939 | 95,099 | 108,143 | 113,950 | 算出 |
| Total liabilities | 109,162 | 107,524 | 117,208 | 128,536 | 134,728 | S100QZMB, S100VODV, S100VXSS, S100YB7Y |
| Equity attributable to owners of parent | 44,349 | 47,033 | 50,799 | 54,360 | 57,633 | S100QZMB, S100VODV, S100VXSS, S100YB7Y |
| Retained earnings | 34,372 | 37,204 | 40,770 | 44,431 | 47,931 | S100QZMB, S100VODV, S100VXSS, S100YB7Y |
| Treasury stock | -557 | -686 | -487 | -587 | -828 | S100QZMB, S100VODV, S100VXSS, S100YB7Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YB7Y |
| Property, plant and equipment | 31% | S100YB7Y |
| Intangibles and goodwill | 0% | S100YB7Y |
| Investment securities | 1% | S100YB7Y |
| Other assets | 57% | S100YB7Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 59% | 算出 |
| Other liabilities | 11% | S100YB7Y |
| Equity | 30% | S100YB7Y |
| Other liabilities | 0% | S100YB7Y |

### 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 | 153,512 | 154,608 | 168,213 | 183,210 | 193,040 |
| Equity | 44,350 | 47,084 | 51,005 | 54,675 | 58,312 |
| Interest-bearing debt | 88,209 | 87,939 | 95,099 | 108,143 | 113,950 |
| Cash | 19,629 | 20,293 | 23,752 | 21,563 | 21,178 |

## 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) | 43.7% | S100YB7Y |
| Fixed assets ÷ total assets | 31.3% | S100YB7Y |
| Goodwill ÷ parent equity | 0.0% | S100YB7Y |

Goodwill over 4 years: 138 → 27 JPY; total investing cash flow: -50,953 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) | 11.0% |
| Cash ÷ revenue | 15.3% |
| Net cash (cash − interest-bearing debt) | -¥92.8B |
| Net debt ÷ operating cash flow | 10.41× |
| Cash conversion (operating CF ÷ operating income) | 107.4% |
| Cash vs. profit gap | 4,155 JPY mn (of net income 87.3%) |
| Shareholder returns / net income | 35.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 25.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 9.0% |
| Investing CF relative to operating CF | 151.6% |

## 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 | 3.3% | 0.77× | 2.5% | 3.46× | 8.7% | S100QZMB |
| 2023 | 3.3% | 0.74× | 2.5% | 3.37× | 8.4% | S100VODV |
| 2024 | 3.8% | 0.75× | 2.8% | 3.30× | 9.3% | S100VXSS |
| 2025 | 3.8% | 0.71× | 2.7% | 3.34× | 9.1% | S100YB7Y |
| 2026 | 3.4% | 0.74× | 2.5% | 3.36× | 8.5% | S100YB7Y |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 一般社団法人今井光郎文化道徳歴史教育 研究会 | Major shareholder | 16.8% | 2026-03-31 |
| フジ住宅取引先持株会 | Major shareholder | 9.0% | 2026-03-31 |
| 一般社団法人今井光郎幼児教育会 | Major shareholder | 7.4% | 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 | 6.4% | 2026-03-31 |
| フジ住宅従業員持株会 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（退職給付信託口・株式会社紀陽銀行口) | Major shareholder | 2.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 （退職給付信託・株式会社池田泉州銀行口） | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社紀陽銀行 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第53期(2025/04/01－2026/03/31) | S100YB7Y | 2026-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YB7Y,, |
| 有価証券報告書－第52期(2024/04/01－2025/03/31) | S100VXSS | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXSS,, |
| 訂正有価証券報告書－第51期(2023/04/01－2024/03/31) | S100VODV | 2025-05-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VODV,, |
| 有価証券報告書－第50期(2022/04/01－2023/03/31) | S100QZMB | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZMB,, |
| 有価証券報告書－第49期(令和3年4月1日－令和4年3月31日) | S100OCKT | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCKT,, |
| 有価証券報告書－第48期(令和2年4月1日－令和3年3月31日) | S100LLXQ | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLXQ,, |

## 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).