# Good Com Asset Co., Ltd.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2024/11/01－2025/10/31) (S100XHS4)
> Page: https://vizora.meequs.com/en/company/good-com-asset
> Retrieved: 2026-09-30T21:34:38.262Z

## Company

Good Com Asset, founded in 2005, is a company in Real Estate Brokerage & Management listed on TSE Prime. It has 245 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Good Com Asset Co., Ltd. |
| Ticker | 3475 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3475.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西新宿七丁目20番1号 住友不動産西新宿ビル |
| Representative (per filing) | 代表取締役社長 長嶋 義和 |
| Founded | Nov 2005 |
| Share capital | ¥1.6B |
| Employees (consolidated) | 245 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | October |
| Website | www.goodcomasset.co.jp (https://www.goodcomasset.co.jp/) |
| Corporate number | 5011101047222 |
| EDINET | E30726 |
| Industries (Vizora) | Real Estate Brokerage & Management, Condominium Developers |

> Profile source: annual securities report (S100XHS4, filed 2026-01-28). As of filing

## Five-axis industry profile

Primary industry: Condominium Developers (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92.9 | 21 |
| Profitability | 34 | 25 |
| Cash conversion | 46 | 25 |
| Efficiency | 86 | 25 |
| Financial strength | 67.9 | 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 72% of Good Com Asset's sales come from wholesale, with retail sales and Livenup Group making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -8.7% from the prior year, operating profit -46.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥54.6B |  |
| Operating income | ¥2.94B | Margin 5.4% |
| Net income | ¥1.52B | Margin 2.8% |
| Free cash flow | -¥1.15B |  |
| Largest business | wholesale | of segment revenue 72.2% |
| Employees (consolidated) | 245 |  |
| EPS | ¥58.08 |  |
| Diluted EPS | ¥58.06 |  |
| Book value per share | ¥500.52 |  |
| Equity ratio | 30.7% |  |
| Shares outstanding | 30,543,200 |  |
| Treasury shares | 1,887,500 |  |
| Shareholders | 15,750 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 20.6% | Net cash -¥14.5B · Cash ÷ revenue 17.4% |
| Vs. industry median margin | -2.7 pp | Condominium Developers |
| ROE | 10.8% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 82% of positive segment profit
- FY2025, parent-company salary changed +48% over five years

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥26323011000 | ¥54581745000 | +107.4% |
| Operating income | ¥2829209000 | ¥2935408000 | +3.8% |
| Operating margin | 10.7% | 5.4% | -5.4 pp |
| Employees | 131 people | 245 people | +87.0% |
| Cash and equivalents | ¥6578325000 | ¥9516827000 | +44.7% |

### Change in segment revenue mix

Span: FY ending Oct 2020 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ホールセール → ホールセール | 32.7% |
| 自社販売 → 事業再編・廃止 | 15.0% |
| リテールセールス → リテールセールス | 15.0% |
| 業者販売 → 事業再編・廃止 | 32.7% |
| リアルエステートマネジメント → リアルエステートマネジメント | 2.2% |
| 不動産管理等 → 事業再編・廃止 | 2.2% |
| Good Com Fund → 事業再編・廃止 | 0.1% |
| 海外販売 → 事業再編・廃止 | 0.1% |
| 新設・再編 → ホールセール | 39.5% |
| 新設・再編 → リテールセールス | 2.9% |
| 新設・再編 → リアルエステートマネジメント | 2.0% |
| 新設・再編 → その他 | 0.1% |
| 新設・再編 → Livenup Group | 5.6% |

Segment revenue source references: 13 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| wholesale | 5 years | +18.0% | ¥39422544000 | 9.4% | 2 |
| retail sales | 5 years | +4.3% | ¥9758066000 | -12.7% | 2 |
| Livenup Group | — | — | ¥3054401000 | -10.4% | 2 |
| Real estate management | 5 years | +14.6% | ¥2303597000 | 35.8% | 2 |
| Others | 3 years | +8.1% | ¥43135000 | -219.0% | 2 |

## Income statement（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 54,582 | 100.0% | S100XHS4 |
| Cost of revenue | 46,703 | 85.6% | S100XHS4 |
| Gross profit | 7,879 | 14.4% | S100XHS4 |
| SG&A | 4,943 | 9.1% | S100XHS4 |
| Operating income | 2,935 | 5.4% | S100XHS4 |
| Ordinary income | 2,586 | 4.7% | S100XHS4 |
| Pretax income | 2,634 | 4.8% | S100XHS4 |
| Income tax | 1,114 | 2.0% | S100XHS4 |
| Net income | 1,520 | 2.8% | S100XHS4 |
| Net income attributable to owners | 1,521 | 2.8% | S100XHS4 |

## Per ¥100 of revenue（FY ending Oct 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 9 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 14.4% → Operating margin 5.4% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -8.7%; Core profit growth: -46.2%
Operating leverage (core profit growth ÷ revenue growth): 5.33×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Oct 2024 → FY ending Oct 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 59,754 | 54,582 | -5,172 | -8.7% |
| Gross profit | 8,894 | 7,879 | -1,015 | -11.4% |
| Operating income | 5,452 | 2,935 | -2,516 | -46.2% |
| Net income attributable to owners | 3,320 | 1,521 | -1,799 | -54.2% |
| Operating cash flow | 25,862 | -1,103 | -26,965 | -104.3% |
| Free cash flow | 25,844 | -1,148 | -26,992 | -104.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 23,377 | 1,756 | 7.5% | 1,127 | -2,643 | -2,683 | S100KL88 |
| FY ending Oct 2020 | 26,323 | 2,829 | 10.7% | 1,826 | -6,112 | -6,146 | S100NAB5 |
| FY ending Oct 2021 | 34,217 | 3,437 | 10.0% | 1,962 | 9,700 | 9,660 | S100Q0LG |
| FY ending Oct 2022 | 40,049 | 4,612 | 11.5% | 2,858 | 3,483 | 3,479 | S100SOP9 |
| FY ending Oct 2023 | 22,190 | 2,141 | 9.6% | 1,030 | -33,171 | -33,203 | S100V5LG |
| FY ending Oct 2024 | 59,754 | 5,452 | 9.1% | 3,320 | 25,862 | 25,844 | S100XHS4 |
| FY ending Oct 2025 | 54,582 | 2,935 | 5.4% | 1,521 | -1,103 | -1,148 | S100XHS4 |

## People and productivity（FY ending Oct 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥222.8M |
| Operating income per employee (consolidated) | ¥12M |
| Net income per employee (consolidated) | ¥6.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 149 | 167 | 186 | 186 | 245 |
| Average salary (parent company) | ¥5.2M | ¥5.4M | ¥6.1M | ¥6.8M | ¥7.7M |
| Average age (parent company) | 29.7 years | 30.2 years | 30.1 years | 29.7 years | 31.0 years |
| Average tenure (parent company) | 3.4 years | 3.6 years | 3.7 years | 4.0 years | 4.6 years |

Year over year: Employees (consolidated) +31.7% · Revenue (consolidated) -8.7%

## Segments（FY ending Oct 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| wholesale | 39,423 | 72.2% | 3,693 | 9.4% |
| retail sales | 9,758 | 17.9% | -1,236 | -12.7% |
| Real estate management | 2,304 | 4.2% | 824 | 35.8% |
| Others | 43 | 0.1% | -94 | -219.0% |
| Livenup Group | 3,054 | 5.6% | -318 | -10.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| wholesale | 72.2% | 81.8% | 9.5 | 9.4% |
| retail sales | 17.9% | — | — | -12.7% |
| Real estate management | 4.2% | 18.2% | 14.0 | 35.8% |
| Others | 0.1% | — | — | -219.0% |
| Livenup Group | 5.6% | — | — | -10.4% |

Loss-making segment (excluded from profit shares): retail sales -1,236 JPY mn

Loss-making segment (excluded from profit shares): Others -94 JPY mn

Loss-making segment (excluded from profit shares): Livenup Group -318 JPY mn

Segment → industry: Real estate management → Real Estate Brokerage & Management / retail sales → Condominium Developers / wholesale → Condominium Developers

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,103 | -2.0% | S100XHS4 |
| Capital expenditure | 45 | 0.1% | S100XHS4 |
| Free cash flow | -1,148 | -2.1% | 算出 |
| Investing cash flow | -2,554 | -4.7% | S100XHS4 |
| Financing cash flow | 1,532 | 2.8% | S100XHS4 |
| Dividends paid | 1,181 | 2.2% | S100XHS4 |
| Share buyback | 765 | 1.4% | S100XHS4 |
| Change in cash | -2,125 | -3.9% | S100XHS4 |
| Cash and equivalents | 9,517 | 17.4% | S100XHS4 |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,954 | 11,657 | 8,041 | 11,642 | 9,517 | S100SOP9, S100V5LG, S100XHS4 |
| Total assets | 20,446 | 24,452 | 53,497 | 39,460 | 46,289 | S100Q0LG, S100SOP9, S100V5LG, S100XHS4 |
| Net assets | 9,209 | 11,472 | 11,608 | 13,937 | 14,546 | S100SOP9, S100V5LG, S100XHS4 |
| Share capital | 1,595 | 1,596 | 1,596 | 1,596 | 1,597 | S100Q0LG, S100SOP9, S100V5LG, S100XHS4 |
| Property, plant and equipment | 81 | 71 | 70 | 70 | 83 | S100Q0LG, S100SOP9, S100V5LG, S100XHS4 |
| Intangible assets excluding goodwill | 281 | 117 | 7 | 1 | 247 | S100Q0LG, S100SOP9, S100V5LG, S100XHS4 |
| Goodwill | 250 | 106 | — | — | 200 | S100Q0LG, S100SOP9, S100XHS4 |
| Investment securities | 21 | 25 | 5 | 682 | 2,537 | S100Q0LG, S100SOP9, S100V5LG, S100XHS4 |
| Current assets | 19,653 | 23,634 | 53,002 | 38,286 | 42,580 | S100Q0LG, S100SOP9, S100V5LG, S100XHS4 |
| Current liabilities | 7,236 | 8,045 | 30,564 | 13,345 | 13,601 | S100Q0LG, S100SOP9, S100V5LG, S100XHS4 |
| Short-term borrowings | 1,936 | 2,048 | 14,686 | 4,066 | 6,370 | S100Q0LG, S100SOP9, S100V5LG, S100XHS4 |
| Long-term borrowings | 3,625 | 4,649 | 11,062 | 12,001 | 17,617 | S100Q0LG, S100SOP9, S100V5LG, S100XHS4 |
| Bonds | 335 | 253 | 171 | 89 | 27 | S100Q0LG, S100SOP9, S100V5LG, S100XHS4 |
| Interest-bearing debt | 5,896 | 6,949 | 25,919 | 16,156 | 24,014 | 算出 |
| Total liabilities | 11,237 | 12,980 | 41,889 | 25,523 | 31,743 | S100Q0LG, S100SOP9, S100V5LG, S100XHS4 |
| Non-controlling interests | — | — | — | — | 344 | S100XHS4 |
| Equity attributable to owners of parent | 9,207 | 11,467 | 11,610 | 13,937 | 14,181 | S100Q0LG, S100SOP9, S100V5LG, S100XHS4 |
| Retained earnings | 7,094 | 9,336 | 9,463 | 11,776 | 12,116 | S100Q0LG, S100SOP9, S100V5LG, S100XHS4 |
| Treasury stock | -987 | -969 | -958 | -948 | -1,306 | S100Q0LG, S100SOP9, S100V5LG, S100XHS4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100XHS4 |
| Property, plant and equipment | 0% | S100XHS4 |
| Intangibles and goodwill | 1% | S100XHS4 |
| Investment securities | 5% | S100XHS4 |
| Other assets | 73% | S100XHS4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 52% | 算出 |
| Other liabilities | 17% | S100XHS4 |
| Equity | 31% | S100XHS4 |
| Other liabilities | 0% | S100XHS4 |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 20,446 | 24,452 | 53,497 | 39,460 | 46,289 |
| Equity | 9,209 | 11,472 | 11,608 | 13,937 | 14,546 |
| Interest-bearing debt | 5,896 | 6,949 | 25,919 | 16,156 | 24,014 |
| Cash | 7,954 | 11,657 | 8,041 | 11,642 | 9,517 |

## 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) | 0.2% | S100XHS4 |
| Fixed assets ÷ total assets | 0.2% | S100XHS4 |
| Goodwill ÷ parent equity | 1.4% | S100XHS4 |

Goodwill over 4 years: 250 → 200 JPY; total investing cash flow: -3,655 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) | 20.6% |
| Cash ÷ revenue | 17.4% |
| Net cash (cash − interest-bearing debt) | -¥14.5B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -37.6% |
| Cash vs. profit gap | -2,624 JPY mn (of net income -172.5%) |
| Shareholder returns / net income | 127.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 77.6% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 5.7% | 1.67× | 9.6% | 2.22× | 21.3% | S100Q0LG |
| 2022 | 7.1% | 1.78× | 12.7% | 2.17× | 27.7% | S100SOP9 |
| 2023 | 4.6% | 0.57× | 2.6% | 3.38× | 8.9% | S100V5LG |
| 2024 | 5.6% | 1.29× | 7.1% | 3.64× | 26.0% | S100XHS4 |
| 2025 | 2.8% | 1.27× | 3.5% | 3.05× | 10.8% | S100XHS4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 長嶋 義和 | Major shareholder | 17.3% | 2025-10-31 |
| 株式会社long-island | Major shareholder | 15.1% | 2025-10-31 |
| 長嶋 弘子 | Major shareholder | 11.8% | 2025-10-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.8% | 2025-10-31 |
| 上遠野 俊一 | Major shareholder | 2.1% | 2025-10-31 |
| 株式会社グリットパートナーズ | Major shareholder | 2.0% | 2025-10-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.2% | 2025-10-31 |
| 川満 隆詞 | Major shareholder | 0.9% | 2025-10-31 |
| THE BANK OF NEW YORK MELLON 140044 （常任代理人 株式会社みずほ銀行） | Major shareholder | 0.6% | 2025-10-31 |
| 染谷 恭子 | Major shareholder | 0.6% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2024/11/01－2025/10/31) | S100XHS4 | 2026-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHS4,, |
| 有価証券報告書－第19期(2023/11/01－2024/10/31) | S100V5LG | 2025-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5LG,, |
| 有価証券報告書－第18期(2022/11/01－2023/10/31) | S100SOP9 | 2024-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOP9,, |
| 有価証券報告書－第17期(2021/11/01－2022/10/31) | S100Q0LG | 2023-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q0LG,, |
| 有価証券報告書－第16期(令和2年11月1日－令和3年10月31日) | S100NAB5 | 2022-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NAB5,, |
| 有価証券報告書－第15期(令和1年11月1日－令和2年10月31日) | S100KL88 | 2021-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KL88,, |

## 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).