# Grandy House 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35期(2025/04/01－2026/03/31) (S100YIKY)
> Page: https://vizora.meequs.com/en/company/grandy-house
> Retrieved: 2026-09-30T17:49:15.231Z

## Company

Grandy House, founded in 2004, is a company in Homebuilders listed on TSE Prime. It has 768 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Grandy House Corporation |
| Ticker | 8999 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8999.T) |
| Listing | TSE Prime |
| Head office | 栃木県宇都宮市大通り四丁目3番18号 |
| Representative (per filing) | 代表取締役社長 佐山 靖 |
| Founded | Jan 2004 |
| Share capital | ¥2.08B |
| Employees (consolidated) | 768 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.grandy.co.jp (https://www.grandy.co.jp/) |
| Corporate number | 2060001002178 |
| EDINET | E04044 |
| Industries (Vizora) | Homebuilders, Real Estate Development & Leasing, Housing Equipment & Building Materials, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YIKY, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Homebuilders (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37 | 23 |
| Profitability | 40.4 | 26 |
| Cash conversion | 77.1 | 24 |
| Efficiency | 21.2 | 26 |
| Financial strength | 30 | 15 |

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 94% of Grandy House's sales come from Real estate sales, with Construction material sales and Real estate leasing making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -1.8% from the prior year, operating profit +56.1%.

## Company structure

- Segment revenue mix: Real estate sales 93.9%、Construction material sales 5.3%、Real estate leasing 0.9%
- Revenue → net income: ¥52980933000 → ¥916863000
- Net income → operating cash flow: ¥916863000 → ¥1812368000（difference ¥895505000）
- Main uses of operating cash flow: CapEx ¥1011035000 / dividends ¥933578000 / buybacks ¥2000
- Change in cash: ¥-920530000
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 | ¥53B |  |
| Operating income | ¥1.89B | Margin 3.6% |
| Net income | ¥916.9M | Margin 1.7% |
| Free cash flow | ¥801.3M |  |
| Largest business | Real estate sales | of segment revenue 93.9% |
| Employees (consolidated) | 768 |  |
| EPS | ¥55.05 |  |
| Book value per share | ¥817.53 |  |
| Equity ratio | 36.5% |  |
| Shares outstanding | 30,823,200 |  |
| Treasury shares | 1,571,900 |  |
| Shareholders | 13,769 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 14.4% | Net cash -¥20.2B · Cash ÷ revenue 18.7% |
| Vs. industry median margin | -1.9 pp | Homebuilders |
| ROE | 3.7% | Derived from disclosed figures |
| ROA | 1.3% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -3% while operating income rose 56%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥47154284000 | ¥52980933000 | +12.4% |
| Operating income | ¥2299597000 | ¥1892909000 | -17.7% |
| Operating margin | 4.9% | 3.6% | -1.3 pp |
| Employees | 799 people | 768 people | -3.9% |
| Cash and equivalents | ¥13349007000 | ¥9922635000 | -25.7% |

### 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 |
| --- | ---: |
| 不動産販売 → 不動産販売 | 93.8% |
| 建築材料販売 → 建築材料販売 | 5.3% |
| 建築材料販売 → 事業再編・廃止 | 0.4% |
| 不動産賃貸 → 不動産賃貸 | 0.6% |
| 新設・再編 → 不動産販売 | 0.0% |
| 新設・再編 → 不動産賃貸 | 0.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Real estate sales | 5 years | +2.4% | ¥49735397000 | 2.5% | 2 |
| Construction material sales | 5 years | +1.0% | ¥2783828000 | -0.2% | 2 |
| Real estate leasing | 5 years | +11.6% | ¥461707000 | 53.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 52,981 | 100.0% | S100YIKY |
| Cost of revenue | 45,135 | 85.2% | S100YIKY |
| Gross profit | 7,846 | 14.8% | S100YIKY |
| SG&A | 5,953 | 11.2% | S100YIKY |
| Operating income | 1,893 | 3.6% | S100YIKY |
| Ordinary income | 1,485 | 2.8% | S100YIKY |
| Pretax income | 1,470 | 2.8% | S100YIKY |
| Income tax | 553 | 1.0% | S100YIKY |
| Net income | 917 | 1.7% | S100YIKY |
| Net income attributable to owners | 917 | 1.7% | S100YIKY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 11 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 14.8% → Operating margin 3.6% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.8%; Core profit growth: +56.1%
Operating leverage (core profit growth ÷ revenue growth): -30.93×
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 | 53,960 | 52,981 | -979 | -1.8% |
| Gross profit | 7,342 | 7,846 | 504 | +6.9% |
| Operating income | 1,212 | 1,893 | 680 | +56.1% |
| Net income attributable to owners | 486 | 917 | 431 | +88.6% |
| Operating cash flow | 8,637 | 1,812 | -6,825 | -79.0% |
| Free cash flow | 8,331 | 801 | -7,530 | -90.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 45,542 | 2,142 | 4.7% | 1,413 | -2,547 | -3,150 | S100LUJR |
| FY ending Mar 2021 | 47,154 | 2,300 | 4.9% | 1,725 | 3,481 | 3,083 | S100OJSA |
| FY ending Mar 2022 | 54,885 | 4,023 | 7.3% | 2,584 | -444 | -1,164 | S100R8Y1 |
| FY ending Mar 2023 | 55,205 | 3,329 | 6.0% | 2,169 | -8,846 | -10,537 | S100TWCF |
| FY ending Mar 2024 | 51,522 | 1,175 | 2.3% | 417 | -2,224 | -2,800 | S100W80D |
| FY ending Mar 2025 | 53,960 | 1,212 | 2.2% | 486 | 8,637 | 8,331 | S100YIKY |
| FY ending Mar 2026 | 52,981 | 1,893 | 3.6% | 917 | 1,812 | 801 | S100YIKY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥69M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 821 | 864 | 856 | 795 | 768 |
| Average salary (parent company) | ¥5.5M | ¥5.6M | ¥5.5M | ¥5.5M | ¥5.7M |
| Average age (parent company) | 38.9 years | 39.2 years | 39.8 years | 40.9 years | 41.4 years |
| Average tenure (parent company) | 8.0 years | 8.4 years | 9.1 years | 10.1 years | 10.4 years |

Year over year: Employees (consolidated) -3.4% · Revenue (consolidated) -1.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate sales | 49,735 | 93.9% | 1,232 | 2.5% |
| Construction material sales | 2,784 | 5.3% | -5 | -0.2% |
| Real estate leasing | 462 | 0.9% | 248 | 53.8% |

### 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 |
| --- | ---: |
| Real estate sales | 93.9% |
| Construction material sales | 5.3% |
| Real estate leasing | 0.9% |

Segment → industry: Real estate sales → Homebuilders / Real estate leasing → Real Estate Development & Leasing / Construction material sales → Housing Equipment & Building Materials / Construction material sales → Specialty Trading & Wholesale

## 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 | 1,812 | 3.4% | S100YIKY |
| Capital expenditure | 1,011 | 1.9% | S100YIKY |
| Free cash flow | 801 | 1.5% | 算出 |
| Investing cash flow | -2,042 | -3.9% | S100YIKY |
| Financing cash flow | -691 | -1.3% | S100YIKY |
| Dividends paid | 934 | 1.8% | S100YIKY |
| Share buyback | 0 | 0.0% | S100YIKY |
| Change in cash | -921 | -1.7% | S100YIKY |
| Cash and equivalents | 9,923 | 18.7% | S100YIKY |

## 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 | 11,084 | 10,825 | 10,179 | 10,843 | 9,923 | S100TWCF, S100W80D, S100YIKY |
| Total assets | 60,902 | 72,645 | 74,469 | 68,771 | 68,943 | S100R8Y1, S100TWCF, S100W80D, S100YIKY |
| Net assets | 24,660 | 26,196 | 25,054 | 24,866 | 25,175 | S100TWCF, S100W80D, S100YIKY |
| Share capital | 2,078 | 2,078 | 2,078 | 2,078 | 2,078 | S100R8Y1, S100TWCF, S100W80D, S100YIKY |
| Property, plant and equipment | 10,041 | 11,249 | 11,416 | 11,841 | 11,939 | S100R8Y1, S100TWCF, S100W80D, S100YIKY |
| Intangible assets excluding goodwill | 1,080 | 957 | 813 | 664 | 516 | S100R8Y1, S100TWCF, S100W80D, S100YIKY |
| Goodwill | 1,028 | 891 | 754 | 617 | 480 | S100R8Y1, S100TWCF, S100W80D, S100YIKY |
| Investment securities | 143 | 177 | 271 | 378 | 1,637 | S100R8Y1, S100TWCF, S100W80D, S100YIKY |
| Current assets | 47,755 | 58,325 | 60,057 | 54,009 | 53,049 | S100R8Y1, S100TWCF, S100W80D, S100YIKY |
| Current liabilities | 22,782 | 24,165 | 26,569 | 26,542 | 24,163 | S100R8Y1, S100TWCF, S100W80D, S100YIKY |
| Short-term borrowings | 13,083 | 15,263 | 17,040 | 13,174 | 12,189 | S100R8Y1, S100TWCF, S100W80D, S100YIKY |
| Long-term borrowings | 9,820 | 16,232 | 13,422 | 7,689 | 10,391 | S100R8Y1, S100TWCF, S100W80D, S100YIKY |
| Bonds | 2,300 | 4,600 | 7,800 | 8,000 | 7,500 | S100R8Y1, S100TWCF, S100W80D, S100YIKY |
| Interest-bearing debt | 25,203 | 36,095 | 38,262 | 28,864 | 30,080 | 算出 |
| Total liabilities | 36,242 | 46,449 | 49,415 | 43,904 | 43,769 | S100R8Y1, S100TWCF, S100W80D, S100YIKY |
| Equity attributable to owners of parent | 24,574 | 26,107 | 24,915 | 24,661 | 24,809 | S100R8Y1, S100TWCF, S100W80D, S100YIKY |
| Retained earnings | 20,718 | 21,984 | 21,428 | 20,984 | 20,966 | S100R8Y1, S100TWCF, S100W80D, S100YIKY |
| Treasury stock | -813 | -630 | -1,268 | -1,081 | -918 | S100R8Y1, S100TWCF, S100W80D, S100YIKY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YIKY |
| Property, plant and equipment | 17% | S100YIKY |
| Intangibles and goodwill | 2% | S100YIKY |
| Investment securities | 2% | S100YIKY |
| Other assets | 65% | S100YIKY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 44% | 算出 |
| Other liabilities | 20% | S100YIKY |
| Equity | 36% | S100YIKY |
| Other liabilities | 0% | S100YIKY |

### 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 | 60,902 | 72,645 | 74,469 | 68,771 | 68,943 |
| Equity | 24,660 | 26,196 | 25,054 | 24,866 | 25,175 |
| Interest-bearing debt | 25,203 | 36,095 | 38,262 | 28,864 | 30,080 |
| Cash | 11,084 | 10,825 | 10,179 | 10,843 | 9,923 |

## 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) | 22.5% | S100YIKY |
| Fixed assets ÷ total assets | 17.3% | S100YIKY |
| Goodwill ÷ parent equity | 1.9% | S100YIKY |

Goodwill over 4 years: 1,028 → 480 JPY; total investing cash flow: -4,791 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) | 14.4% |
| Cash ÷ revenue | 18.7% |
| Net cash (cash − interest-bearing debt) | -¥20.2B |
| Net debt ÷ operating cash flow | 11.12× |
| Cash conversion (operating CF ÷ operating income) | 95.7% |
| Cash vs. profit gap | 896 JPY mn (of net income 97.7%) |
| Shareholder returns / net income | 101.8% |
| Shareholder returns / FCF | 116.5% |
| Shareholder payments — dividends / net income | 101.8% |
| Shareholder payments — dividends / FCF | 116.5% |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 112.7% |

## 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 | 4.7% | 0.90× | 4.2% | 2.48× | 10.5% | S100R8Y1 |
| 2023 | 3.9% | 0.83× | 3.2% | 2.64× | 8.6% | S100TWCF |
| 2024 | 0.8% | 0.70× | 0.6% | 2.88× | 1.6% | S100W80D |
| 2025 | 0.9% | 0.75× | 0.7% | 2.89× | 2.0% | S100YIKY |
| 2026 | 1.7% | 0.77× | 1.3% | 2.78× | 3.7% | S100YIKY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 新日本物産株式会社 | Major shareholder | 13.7% | 2026-03-31 |
| 菊地 俊雄 | Major shareholder | 10.3% | 2026-03-31 |
| グランディ・ストックメイト | Major shareholder | 8.4% | 2026-03-31 |
| グランディハウス社員持株会 | 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 | 6.1% | 2026-03-31 |
| 株式会社足利銀行 | Major shareholder | 2.2% | 2026-03-31 |
| 清原 達郎 | Major shareholder | 2.0% | 2026-03-31 |
| 磯 国男 | Major shareholder | 1.3% | 2026-03-31 |
| 駒場 磨美子 | Major shareholder | 1.2% | 2026-03-31 |
| 齋藤 淳夫 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2025/04/01－2026/03/31) | S100YIKY | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIKY,, |
| 有価証券報告書－第34期(2024/04/01－2025/03/31) | S100W80D | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W80D,, |
| 有価証券報告書－第33期(2023/04/01－2024/03/31) | S100TWCF | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWCF,, |
| 有価証券報告書－第32期(2022/04/01－2023/03/31) | S100R8Y1 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8Y1,, |
| 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) | S100OJSA | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJSA,, |
| 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) | S100LUJR | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUJR,, |

## 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).