# GOLDCREST Co.,Ltd.: 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35期(2025/04/01－2026/03/31) (S100YCU8)
> Page: https://vizora.meequs.com/en/company/goldcrest
> Retrieved: 2026-09-30T17:49:14.042Z

## Company

Goldcrest, founded in 1992, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 199 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GOLDCREST Co.,Ltd. |
| Ticker | 8871 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8871.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区大手町二丁目1番1号 |
| Representative (per filing) | 代表取締役社長 安川秀俊 |
| Founded | Jan 1992 |
| Share capital | ¥12.5B |
| Employees (consolidated) | 199 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.goldcrest.co.jp (https://www.goldcrest.co.jp/) |
| Corporate number | 7010001076791 |
| EDINET | E03971 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management, Hotels & Inns, Condominium Developers |

> Profile source: annual securities report (S100YCU8, filed 2026-06-17). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21.4 | 21 |
| Profitability | 98 | 25 |
| Cash conversion | 34 | 25 |
| Efficiency | 2 | 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 68% of Goldcrest's sales come from Detached real estate, with Management and Hotel Business making up much of the rest.
- Out of every ¥100 of sales, about ¥29 is left as operating profit.
- Revenue changed +3.9% from the prior year, operating profit +18.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥30.4B |  |
| Operating income | ¥8.91B | Margin 29.3% |
| Net income | ¥5.86B | Margin 19.3% |
| Free cash flow | -¥108.1B |  |
| Largest business | Detached real estate | of segment revenue 67.6% |
| Employees (consolidated) | 199 |  |
| EPS | ¥163.24 |  |
| Book value per share | ¥3900.06 |  |
| Equity ratio | 42.1% |  |
| Shares outstanding | 35,784,000 |  |
| Treasury shares | 2,548,900 |  |
| Shareholders | 2,238 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 18.1% | Cash ÷ revenue 191.9% |
| Vs. industry median margin | +21.2 pp | Condominium Developers |
| ROE | 4.3% | Derived from disclosed figures |
| ROA | 2.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 72% of positive segment profit
- FY2026, operating income keeps 29 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥28890000000 | ¥30445000000 | +5.4% |
| Operating income | ¥6795000000 | ¥8909000000 | +31.1% |
| Operating margin | 23.5% | 29.3% | +5.7 pp |
| Employees | 199 people | 199 people | 0.0% |
| Cash and equivalents | ¥69004000000 | ¥58418000000 | -15.3% |

### 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 |
| --- | ---: |
| 不動産分譲事業 → 不動産分譲事業 | 67.6% |
| 不動産分譲事業 → 事業再編・廃止 | 8.3% |
| 不動産賃貸事業 → 不動産賃貸事業 | 8.8% |
| 不動産賃貸事業 → 事業再編・廃止 | 0.6% |
| その他 → その他 | 0.9% |
| その他 → 事業再編・廃止 | 13.8% |
| 新設・再編 → 不動産管理事業 | 12.0% |
| 新設・再編 → ホテル事業 | 10.7% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Detached real estate | 5 years | -1.3% | ¥20576000000 | 31.2% | 2 |
| Management | 4 years | +8.2% | ¥3643000000 | 5.7% | 2 |
| Hotel Business | 3 years | +30.0% | ¥3253000000 | 15.3% | 2 |
| Leasing | 5 years | -0.2% | ¥2692000000 | 49.3% | 2 |
| Other | 5 years | -41.9% | ¥281000000 | 168.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 30,445 | 100.0% | S100YCU8 |
| Cost of revenue | 14,584 | 47.9% | S100YCU8 |
| Gross profit | 15,861 | 52.1% | S100YCU8 |
| SG&A | 6,951 | 22.8% | S100YCU8 |
| Operating income | 8,909 | 29.3% | S100YCU8 |
| Ordinary income | 8,559 | 28.1% | S100YCU8 |
| Pretax income | 8,559 | 28.1% | S100YCU8 |
| Income tax | 2,696 | 8.9% | S100YCU8 |
| Net income | 5,862 | 19.3% | S100YCU8 |
| Net income attributable to owners | 5,862 | 19.3% | S100YCU8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 48 |
| SG&A | 23 |
| Operating income | 29 |
| (Ref.) Net income | 19 |

### Margin funnel

Gross margin 52.1% → Operating margin 29.3% → Net margin 19.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.9%; Core profit growth: +18.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.71×
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 | 29,294 | 30,445 | 1,151 | +3.9% |
| Gross profit | 14,325 | 15,861 | 1,536 | +10.7% |
| Operating income | 7,518 | 8,909 | 1,391 | +18.5% |
| Net income attributable to owners | 5,014 | 5,862 | 848 | +16.9% |
| Operating cash flow | -8,455 | -5,024 | 3,431 | — |
| Free cash flow | -8,820 | -108,145 | -99,325 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 34,791 | 11,508 | 33.1% | 7,589 | 5,967 | 2,754 | S100LSCQ |
| FY ending Mar 2021 | 28,890 | 6,795 | 23.5% | 4,304 | 10,736 | 9,837 | S100OFDB |
| FY ending Mar 2022 | 34,245 | 11,585 | 33.8% | 7,597 | 18,346 | 18,238 | S100R7QN |
| FY ending Mar 2023 | 27,453 | 10,553 | 38.4% | 7,031 | -4,112 | -4,205 | S100TU3J |
| FY ending Mar 2024 | 24,845 | 5,735 | 23.1% | 3,753 | 5,092 | 4,889 | S100WEQH |
| FY ending Mar 2025 | 29,294 | 7,518 | 25.7% | 5,014 | -8,455 | -8,820 | S100YCU8 |
| FY ending Mar 2026 | 30,445 | 8,909 | 29.3% | 5,862 | -5,024 | -108,145 | S100YCU8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥153M |
| Operating income per employee (consolidated) | ¥44.8M |
| Net income per employee (consolidated) | ¥29.5M |

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) | 184 | 175 | 184 | 195 | 199 |
| Average salary (parent company) | ¥6.6M | ¥6.9M | ¥6.2M | ¥7M | ¥7.6M |
| Average age (parent company) | 31.5 years | 30.4 years | 30.7 years | 30.9 years | 31.9 years |
| Average tenure (parent company) | 7.9 years | 7.3 years | 7.5 years | 7.3 years | 8.3 years |

Year over year: Employees (consolidated) +2.1% · Revenue (consolidated) +3.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Detached real estate | 20,576 | 67.6% | 6,410 | 31.2% |
| Leasing | 2,692 | 8.8% | 1,328 | 49.3% |
| Management | 3,643 | 12.0% | 208 | 5.7% |
| Hotel Business | 3,253 | 10.7% | 498 | 15.3% |
| Other | 281 | 0.9% | 472 | 168.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Detached real estate | 67.6% | 71.9% | 4.3 | 31.2% |
| Leasing | 8.8% | 14.9% | 6.1 | 49.3% |
| Management | 12.0% | 2.3% | -9.6 | 5.7% |
| Hotel Business | 10.7% | 5.6% | -5.1 | 15.3% |
| Other | 0.9% | 5.3% | 4.4 | 168.0% |

Segment → industry: Leasing → Real Estate Development & Leasing / Management → Real Estate Brokerage & Management / Hotel Business → Hotels & Inns / Detached real estate → 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 | -5,024 | -16.5% | S100YCU8 |
| Capital expenditure | 103,121 | 338.7% | S100YCU8 |
| Free cash flow | -108,145 | -355.2% | 算出 |
| Investing cash flow | -102,935 | -338.1% | S100YCU8 |
| Financing cash flow | 88,745 | 291.5% | S100YCU8 |
| Dividends paid | 3,654 | 12.0% | S100YCU8 |
| Share buyback | 0 | 0.0% | S100YCU8 |
| Change in cash | -19,214 | -63.1% | S100YCU8 |
| Cash and equivalents | 58,418 | 191.9% | S100YCU8 |

## 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 | 80,487 | 74,709 | 78,194 | 77,632 | 58,418 | S100TU3J, S100WEQH, S100YCU8 |
| Total assets | 200,475 | 189,235 | 203,808 | 222,689 | 323,030 | S100R7QN, S100TU3J, S100WEQH, S100YCU8 |
| Net assets | 127,151 | 130,435 | 131,413 | 133,771 | 135,982 | S100TU3J, S100WEQH, S100YCU8 |
| Share capital | 12,499 | 12,499 | 12,499 | 12,499 | 12,499 | S100R7QN, S100TU3J, S100WEQH, S100YCU8 |
| Property, plant and equipment | 33,893 | 29,033 | 30,453 | 31,127 | 134,011 | S100R7QN, S100TU3J, S100WEQH, S100YCU8 |
| Intangible assets excluding goodwill | 499 | 285 | 71 | 57 | 47 | S100R7QN, S100TU3J, S100WEQH, S100YCU8 |
| Goodwill | 477 | 265 | 53 | — | — | S100R7QN, S100TU3J, S100WEQH |
| Investment securities | 24 | 18 | 23 | 15,078 | 14,909 | S100R7QN, S100TU3J, S100WEQH, S100YCU8 |
| Current assets | 163,539 | 157,459 | 170,708 | 173,595 | 168,776 | S100R7QN, S100TU3J, S100WEQH, S100YCU8 |
| Current liabilities | 18,772 | 14,107 | 42,392 | 17,405 | 10,205 | S100R7QN, S100TU3J, S100WEQH, S100YCU8 |
| Trade payables | 11,642 | 824 | 8,884 | 2,336 | 4,386 | S100R7QN, S100TU3J, S100WEQH, S100YCU8 |
| Long-term borrowings | 19,550 | 19,800 | 16,700 | 64,725 | 168,425 | S100R7QN, S100TU3J, S100WEQH, S100YCU8 |
| Bonds | 28,500 | 18,500 | 6,500 | — | — | S100R7QN, S100TU3J, S100WEQH |
| Total liabilities | 73,323 | 58,800 | 72,394 | 88,918 | 187,048 | S100R7QN, S100TU3J, S100WEQH, S100YCU8 |
| Equity attributable to owners of parent | 127,159 | 130,446 | 131,421 | 133,777 | 135,984 | S100R7QN, S100TU3J, S100WEQH, S100YCU8 |
| Retained earnings | 105,824 | 110,002 | 111,094 | 113,450 | 115,657 | S100R7QN, S100TU3J, S100WEQH, S100YCU8 |
| Treasury stock | -3,535 | -4,426 | -4,543 | -4,543 | -4,543 | S100R7QN, S100TU3J, S100WEQH, S100YCU8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YCU8 |
| Property, plant and equipment | 41% | S100YCU8 |
| Intangibles and goodwill | 0% | S100YCU8 |
| Investment securities | 5% | S100YCU8 |
| Other assets | 36% | S100YCU8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YCU8 |
| Other liabilities | 57% | S100YCU8 |
| Equity | 42% | S100YCU8 |

### 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 | 200,475 | 189,235 | 203,808 | 222,689 | 323,030 |
| Equity | 127,151 | 130,435 | 131,413 | 133,771 | 135,982 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 80,487 | 74,709 | 78,194 | 77,632 | 58,418 |

## 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) | 440.2% | S100YCU8 |
| Fixed assets ÷ total assets | 41.5% | S100YCU8 |
| Goodwill ÷ parent equity | — | —, S100YCU8 |

### 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) | 18.1% |
| Cash ÷ revenue | 191.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -56.4% |
| Cash vs. profit gap | -10,886 JPY mn (of net income -185.7%) |
| Shareholder returns / net income | 62.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 62.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 338.7% |
| 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 | 22.2% | 0.17× | 3.8% | 1.58× | 6.0% | S100R7QN |
| 2023 | 25.6% | 0.14× | 3.6% | 1.51× | 5.5% | S100TU3J |
| 2024 | 15.1% | 0.13× | 1.9% | 1.50× | 2.9% | S100WEQH |
| 2025 | 17.1% | 0.14× | 2.4% | 1.61× | 3.8% | S100YCU8 |
| 2026 | 19.3% | 0.11× | 2.1% | 2.02× | 4.3% | S100YCU8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ミューアセット | Major shareholder | 48.4% | 2026-03-31 |
| INTERTRUST TRUSTEES (CAYMAN)LIMITED SOLEL Y IN ITS CAPACITY AS TRUSTEE OF JAPAN-UP(常任代理人 みずほ銀行) | Major shareholder | 16.3% | 2026-03-31 |
| 株式会社エスディサポート | Major shareholder | 8.1% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS(常任代理人 香港上海銀行) | Major shareholder | 4.1% | 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 | 3.7% | 2026-03-31 |
| 安川 秀俊 | Major shareholder | 3.1% | 2026-03-31 |
| BNP PARIBAS SINGAPORE/2S/JASDEC/TD SECURITIES (USA) LLC/BOOK-ENTRY JGBS+CORPORATE BONDS/TAXABLE(常任代理人 香港上海銀行) | Major shareholder | 1.1% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 0.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 みずほ銀行) | Major shareholder | 0.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103(常任代理人 みずほ銀行) | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2025/04/01－2026/03/31) | S100YCU8 | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCU8,, |
| 訂正有価証券報告書－第34期(2024/04/01－2025/03/31) | S100WEQH | 2025-07-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WEQH,, |
| 有価証券報告書－第33期(2023/04/01－2024/03/31) | S100TU3J | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU3J,, |
| 有価証券報告書－第32期(2022/04/01－2023/03/31) | S100R7QN | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7QN,, |
| 有価証券報告書－第31期(令和3年4月1日－令和4年3月31日) | S100OFDB | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFDB,, |
| 有価証券報告書－第30期(令和2年4月1日－令和3年3月31日) | S100LSCQ | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSCQ,, |

## 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).