# GRANDES,Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2025/01/01－2025/12/31) (S100XTGC)
> Page: https://vizora.meequs.com/en/company/grandes
> Retrieved: 2026-09-30T21:01:43.649Z

## Company

Grandes, founded in 2006, is a company in Homebuilders listed on TSE Growth. It has 60 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GRANDES,Inc. |
| Ticker | 3261 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3261.T) |
| Listing | TSE Growth |
| Head office | 大分県大分市都町二丁目1番10号 |
| Representative (per filing) | 代表取締役社長 亀井 浩 |
| Founded | Nov 2006 |
| Share capital | ¥462.5M |
| Employees (consolidated) | 60 |
| Average salary (parent only) | ¥4.3M |
| Fiscal year end | December |
| Website | www.grandes.jp (https://www.grandes.jp/) |
| Corporate number | 1320001004512 |
| EDINET | E27046 |
| Industries (Vizora) | Homebuilders, Real Estate Development & Leasing |

> Profile source: annual securities report (S100XTGC, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.7 | 75 |
| Profitability | 5.2 | 86 |
| Cash conversion | 0.6 | 82 |
| Efficiency | 52.9 | 86 |

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 60% of Grandes's sales come from Real estate sales business, with Construction contract business making up much of the rest.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed -19.2% from the prior year, operating profit -97.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.42B |  |
| Operating income | ¥12.9M | Margin 0.4% |
| Net income | -¥3.1M | Margin -0.1% |
| Free cash flow | -¥549.6M |  |
| Largest business | Real estate sales business | of segment revenue 59.7% |
| Employees (consolidated) | 60 |  |
| EPS | ¥-35.14 |  |
| Book value per share | ¥661.37 |  |
| Equity ratio | 48.4% |  |
| Shares outstanding | 4,100,874 |  |
| Treasury shares | 800 |  |
| Shareholders | 3,340 |  |
| Average salary (parent only) | ¥4.3M | Filing company only |
| Cash ratio | 17.4% | Cash ÷ revenue 28.3% |
| Vs. industry median margin | -5 pp | Homebuilders |
| ROA | -0.1% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, segment profit share differs by 40 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1769603000 | ¥3416769000 | +93.1% |
| Operating income | ¥137862000 | ¥12889000 | -90.7% |
| Operating margin | 7.8% | 0.4% | -7.4 pp |
| Employees | 33 people | 60 people | +81.8% |
| Cash and equivalents | ¥830690000 | ¥966177000 | +16.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 不動産販売事業 → 不動産販売事業 | 59.7% |
| 不動産販売事業 → 事業再編・廃止 | 34.3% |
| 不動産賃貸管理事業 → 事業再編・廃止 | 6.0% |
| 新設・再編 → 建築請負事業 | 40.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,417 | 100.0% | S100XTGC |
| Cost of revenue | 2,686 | 78.6% | S100XTGC |
| Gross profit | 731 | 21.4% | S100XTGC |
| SG&A | 718 | 21.0% | S100XTGC |
| Operating income | 13 | 0.4% | S100XTGC |
| Ordinary income | 29 | 0.8% | S100XTGC |
| Pretax income | 30 | 0.9% | S100XTGC |
| Income tax | 33 | 1.0% | S100XTGC |
| Net income | -3 | -0.1% | S100XTGC |
| Net income attributable to owners | -3 | -0.1% | S100XTGC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 21 |
| Operating income | 0 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 21.4% → Operating margin 0.4% → Net margin -0.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -19.2%; Core profit growth: -97.3%
Operating leverage (core profit growth ÷ revenue growth): 5.08×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,226 | 3,417 | -810 | -19.2% |
| Gross profit | 1,261 | 731 | -530 | -42.0% |
| Operating income | 482 | 13 | -469 | -97.3% |
| Net income attributable to owners | 251 | -3 | -254 | -101.2% |
| Operating cash flow | 177 | -526 | -702 | -397.6% |
| Free cash flow | 166 | -550 | -715 | -431.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 2,590 | 386 | 14.9% | 252 | -251 | — | S100L13W |
| FY ending Dec 2020 | 1,770 | 138 | 7.8% | 84 | -56 | -62 | S100NQ44 |
| FY ending Dec 2021 | 2,808 | 266 | 9.5% | 183 | 846 | 841 | S100QIAK |
| FY ending Dec 2022 | 2,661 | 227 | 8.5% | 66 | 686 | 686 | S100T5ZQ |
| FY ending Dec 2023 | 4,600 | 126 | 2.7% | 179 | -222 | -230 | S100VHVC |
| FY ending Dec 2024 | 4,226 | 482 | 11.4% | 251 | 177 | 166 | S100XTGC |
| FY ending Dec 2025 | 3,417 | 13 | 0.4% | -3 | -526 | -550 | S100XTGC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥56.9M |
| Operating income per employee (consolidated) | ¥214.8K |
| Net income per employee (consolidated) | -¥51.9K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 34 | 98 | 70 | 70 | 60 |
| Average salary (parent company) | ¥4.2M | ¥4.1M | ¥4.1M | ¥4.3M | ¥4.3M |
| Average age (parent company) | 36.0 years | 36.4 years | 34.9 years | 34.6 years | 33.8 years |
| Average tenure (parent company) | 4.8 years | 5.6 years | 6.0 years | 5.3 years | 4.5 years |

Year over year: Employees (consolidated) -14.3% · Revenue (consolidated) -19.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate sales business | 2,039 | 59.7% | 241 | 11.8% |
| Construction contract business | 1,378 | 40.3% | -33 | -2.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Real estate sales business | 59.7% | 100.0% | 40.3 | 11.8% |
| Construction contract business | 40.3% | — | — | -2.4% |

Loss-making segment (excluded from profit shares): Construction contract business -33 JPY mn

Segment → industry: Construction contract business → Homebuilders / Real estate sales business → Homebuilders / Real estate sales business → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -526 | -15.4% | S100XTGC |
| Capital expenditure | 24 | 0.7% | S100XTGC |
| Free cash flow | -550 | -16.1% | 算出 |
| Investing cash flow | -408 | -11.9% | S100XTGC |
| Financing cash flow | 291 | 8.5% | S100XTGC |
| Dividends paid | 82 | 2.4% | S100XTGC |
| Change in cash | -642 | -18.8% | S100XTGC |
| Cash and equivalents | 966 | 28.3% | S100XTGC |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 703 | 1,644 | 1,170 | 1,609 | 966 | S100T5ZQ, S100VHVC, S100XTGC |
| Total assets | 3,776 | 4,396 | 4,087 | 4,526 | 5,549 | S100QIAK, S100T5ZQ, S100VHVC, S100XTGC |
| Net assets | 1,916 | 1,933 | 2,063 | 2,771 | 2,686 | S100T5ZQ, S100VHVC, S100XTGC |
| Share capital | 269 | 269 | 269 | 462 | 462 | S100QIAK, S100T5ZQ, S100VHVC, S100XTGC |
| Property, plant and equipment | 11 | 8 | 7 | 17 | 88 | S100QIAK, S100T5ZQ, S100VHVC, S100XTGC |
| Intangible assets excluding goodwill | 11 | 6 | 4 | 2 | 80 | S100QIAK, S100T5ZQ, S100VHVC, S100XTGC |
| Goodwill | 4 | — | — | — | 79 | S100QIAK, S100XTGC |
| Current assets | 3,689 | 4,258 | 3,980 | 4,405 | 5,274 | S100QIAK, S100T5ZQ, S100VHVC, S100XTGC |
| Current liabilities | 391 | 976 | 1,003 | 840 | 1,162 | S100QIAK, S100T5ZQ, S100VHVC, S100XTGC |
| Short-term borrowings | — | — | 160 | 150 | 477 | S100VHVC, S100XTGC |
| Long-term borrowings | 1,465 | 1,401 | 950 | 808 | 1,595 | S100QIAK, S100T5ZQ, S100VHVC, S100XTGC |
| Total liabilities | 1,860 | 2,463 | 2,024 | 1,754 | 2,862 | S100QIAK, S100T5ZQ, S100VHVC, S100XTGC |
| Equity attributable to owners of parent | 1,916 | 1,933 | 2,062 | 2,771 | 2,686 | S100QIAK, S100T5ZQ, S100VHVC, S100XTGC |
| Retained earnings | 1,449 | 1,466 | 1,596 | 1,794 | 1,709 | S100QIAK, S100T5ZQ, S100VHVC, S100XTGC |
| Treasury stock | -61 | -61 | -61 | -0 | -0 | S100QIAK, S100T5ZQ, S100VHVC, S100XTGC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100XTGC |
| Property, plant and equipment | 2% | S100XTGC |
| Intangibles and goodwill | 3% | S100XTGC |
| Other assets | 78% | S100XTGC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 52% | S100XTGC |
| Equity | 48% | S100XTGC |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,776 | 4,396 | 4,087 | 4,526 | 5,549 |
| Equity | 1,916 | 1,933 | 2,063 | 2,771 | 2,686 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 703 | 1,644 | 1,170 | 1,609 | 966 |

## 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) | 2.6% | S100XTGC |
| Fixed assets ÷ total assets | 1.6% | S100XTGC |
| Goodwill ÷ parent equity | 2.9% | S100XTGC |

Goodwill over 4 years: 4 → 79 JPY; total investing cash flow: 33 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) | 17.4% |
| Cash ÷ revenue | 28.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -4079.4% |
| Cash vs. profit gap | -523 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 6.5% | 0.74× | 4.8% | 1.97× | 9.5% | S100QIAK |
| 2022 | 2.5% | 0.65× | 1.6% | 2.12× | 3.4% | S100T5ZQ |
| 2023 | 3.9% | 1.08× | 4.2% | 2.12× | 8.9% | S100VHVC |
| 2024 | 5.9% | 0.98× | 5.8% | 1.78× | 10.4% | S100XTGC |
| 2025 | — | —× | -0.1% | —× | — | S100XTGC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 亀井 浩 | Major shareholder | 41.0% | 2025-12-31 |
| 有限会社イージー・コンサルティング | Major shareholder | 9.8% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 0.9% | 2025-12-31 |
| 山口 定男 | Major shareholder | 0.6% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 0.6% | 2025-12-31 |
| 岩尾 崇清 | Major shareholder | 0.5% | 2025-12-31 |
| 廣田商事株式会社 | Major shareholder | 0.5% | 2025-12-31 |
| 鈴木 将大 | Major shareholder | 0.4% | 2025-12-31 |
| 蔵前 達郎 | Major shareholder | 0.4% | 2025-12-31 |
| グランディーズ従業員持株会 | Major shareholder | 0.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/01/01－2025/12/31) | S100XTGC | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTGC,, |
| 有価証券報告書－第19期(2024/01/01－2024/12/31) | S100VHVC | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHVC,, |
| 有価証券報告書－第18期(2023/01/01－2023/12/31) | S100T5ZQ | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5ZQ,, |
| 有価証券報告書－第17期(2022/01/01－2022/12/31) | S100QIAK | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIAK,, |
| 有価証券報告書－第16期(令和3年1月1日－令和3年12月31日) | S100NQ44 | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQ44,, |
| 有価証券報告書－第15期(令和2年1月1日－令和2年12月31日) | S100L13W | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L13W,, |

## 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).