# HEIWA REAL ESTATE 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106期(2025/04/01－2026/03/31) (S100YJ5I)
> Page: https://vizora.meequs.com/en/company/heiwa-real-estate
> Retrieved: 2026-09-30T19:55:22.328Z

## Company

Heiwa Real Estate, founded in 1947, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 265 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HEIWA REAL ESTATE CO.,LTD. |
| Ticker | 8803 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8803.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋兜町1番10号 |
| Representative (per filing) | 代表執行役社長 土本 清幸 |
| Founded | Jul 1947 |
| Share capital | ¥21.5B |
| Employees (consolidated) | 265 |
| Average salary (parent only) | ¥12.3M |
| Fiscal year end | March |
| Website | www.heiwa-net.co.jp (https://www.heiwa-net.co.jp/) |
| Corporate number | 1010001034920 |
| EDINET | E03858 |
| Industries (Vizora) | Real Estate Development & Leasing |

> Profile source: annual securities report (S100YJ5I, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.7 | 75 |
| Profitability | 98.3 | 86 |
| Cash conversion | 61.6 | 82 |
| Efficiency | 1.7 | 86 |
| Financial strength | 17.6 | 37 |

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 91% of Heiwa Real Estate's sales come from Building Business, with Asset Management Business making up much of the rest.
- Out of every ¥100 of sales, about ¥30 is left as operating profit.
- Revenue changed +20.9% from the prior year, operating profit +14.5%.

## Company structure

- Segment revenue mix: Building Business 90.9%、Asset Management Business 9.1%
- Revenue → net income: ¥50855000000 → ¥11032000000
- Net income → operating cash flow: ¥11032000000 → ¥14852000000（difference ¥3820000000）
- Main uses of operating cash flow: CapEx ¥20842000000 / dividends ¥6050000000 / buybacks ¥1756000000
- Change in cash: ¥-815000000
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 | ¥50.9B |  |
| Operating income | ¥15.1B | Margin 29.7% |
| Net income | ¥11B | Margin 21.7% |
| Free cash flow | -¥5.99B |  |
| Largest business | Building Business | of segment revenue 90.9% |
| Employees (consolidated) | 265 |  |
| EPS | ¥159.71 |  |
| Book value per share | ¥1819.93 |  |
| Equity ratio | 28.1% |  |
| Shares outstanding | 71,019,992 |  |
| Treasury shares | 4,317,300 |  |
| Shareholders | 26,092 |  |
| Average salary (parent only) | ¥12.3M | Filing company only |
| Cash ratio | 5.4% | Net cash -¥205.9B · Cash ÷ revenue 48.0% |
| Vs. industry median margin | +19.2 pp | Real Estate Development & Leasing |
| ROE | 12.5% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 84% of positive segment profit
- FY2026, operating income keeps 30 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥35048000000 | ¥50855000000 | +45.1% |
| Operating income | ¥11228000000 | ¥15109000000 | +34.6% |
| Operating margin | 32.0% | 29.7% | -2.3 pp |
| Employees | 240 people | 265 people | +10.4% |
| Cash and equivalents | ¥29585000000 | ¥24425000000 | -17.4% |

### 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 |
| --- | ---: |
| ビルディング事業 → ビルディング事業 | 88.7% |
| アセットマネジメント事業 → アセットマネジメント事業 | 7.5% |
| その他 → 事業再編・廃止 | 3.7% |
| 新設・再編 → ビルディング事業 | 2.2% |
| 新設・再編 → アセットマネジメント事業 | 1.6% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 50,855 | 100.0% | S100YJ5I |
| Cost of revenue | 29,536 | 58.1% | S100YJ5I |
| Gross profit | 21,319 | 41.9% | S100YJ5I |
| SG&A | 6,209 | 12.2% | S100YJ5I |
| Operating income | 15,109 | 29.7% | S100YJ5I |
| Ordinary income | 12,980 | 25.5% | S100YJ5I |
| Pretax income | 15,898 | 31.3% | S100YJ5I |
| Income tax | 4,865 | 9.6% | S100YJ5I |
| Net income | 11,032 | 21.7% | S100YJ5I |
| Net income attributable to owners | 11,032 | 21.7% | S100YJ5I |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 12 |
| Operating income | 30 |
| (Ref.) Net income | 22 |

### Margin funnel

Gross margin 41.9% → Operating margin 29.7% → Net margin 21.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.9%; Core profit growth: +14.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.69×
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 | 42,075 | 50,855 | 8,780 | +20.9% |
| Gross profit | 19,046 | 21,319 | 2,273 | +11.9% |
| Operating income | 13,196 | 15,109 | 1,913 | +14.5% |
| Net income attributable to owners | 9,565 | 11,032 | 1,467 | +15.3% |
| Operating cash flow | 16,048 | 14,852 | -1,196 | -7.5% |
| Free cash flow | -8,569 | -5,990 | 2,579 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 46,639 | 10,903 | 23.4% | 7,046 | 28,680 | 16,875 | S100LN4C |
| FY ending Mar 2021 | 35,048 | 11,228 | 32.0% | 7,118 | 8,292 | -22,833 | S100ODQW |
| FY ending Mar 2022 | 57,818 | 12,615 | 21.8% | 8,705 | 34,189 | 13,815 | S100R1M9 |
| FY ending Mar 2023 | 44,522 | 10,784 | 24.2% | 9,137 | 23,952 | -16,661 | S100TQIZ |
| FY ending Mar 2024 | 44,433 | 13,022 | 29.3% | 8,450 | 19,584 | 1,320 | S100W279 |
| FY ending Mar 2025 | 42,075 | 13,196 | 31.4% | 9,565 | 16,048 | -8,569 | S100YJ5I |
| FY ending Mar 2026 | 50,855 | 15,109 | 29.7% | 11,032 | 14,852 | -5,990 | S100YJ5I |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥191.9M |
| Operating income per employee (consolidated) | ¥57M |
| Net income per employee (consolidated) | ¥41.6M |

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) | 240 | 253 | 255 | 259 | 265 |
| Average salary (parent company) | ¥10.7M | ¥10.9M | ¥11.2M | ¥11M | ¥12.3M |
| Average age (parent company) | 43.2 years | 42.7 years | 43.1 years | 42.5 years | 42.1 years |
| Average tenure (parent company) | 15.9 years | 14.9 years | 15.1 years | 14.6 years | 14.7 years |

Year over year: Employees (consolidated) +2.3% · Revenue (consolidated) +20.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Building Business | 46,236 | 90.9% | 14,657 | 31.7% |
| Asset Management Business | 4,619 | 9.1% | 2,737 | 59.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Building Business | 90.9% | 84.3% | -6.7 | 31.7% |
| Asset Management Business | 9.1% | 15.7% | 6.7 | 59.3% |

Segment → industry: Asset Management Business → Real Estate Development & Leasing / Building Business → Real Estate Development & Leasing

## 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 | 14,852 | 29.2% | S100YJ5I |
| Capital expenditure | 20,842 | 41.0% | S100YJ5I |
| Free cash flow | -5,990 | -11.8% | 算出 |
| Investing cash flow | -26,470 | -52.0% | S100YJ5I |
| Financing cash flow | 10,802 | 21.2% | S100YJ5I |
| Dividends paid | 6,050 | 11.9% | S100YJ5I |
| Share buyback | 1,756 | 3.5% | S100YJ5I |
| Change in cash | -815 | -1.6% | S100YJ5I |
| Cash and equivalents | 24,425 | 48.0% | S100YJ5I |

## 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 | 28,111 | 25,807 | 26,316 | 25,241 | 24,425 | S100TQIZ, S100W279, S100YJ5I |
| Total assets | 376,210 | 398,333 | 405,979 | 419,541 | 451,838 | S100R1M9, S100TQIZ, S100W279, S100YJ5I |
| Net assets | 119,278 | 119,324 | 125,645 | 117,999 | 126,763 | S100TQIZ, S100W279, S100YJ5I |
| Share capital | 21,492 | 21,492 | 21,492 | 21,492 | 21,492 | S100R1M9, S100TQIZ, S100W279, S100YJ5I |
| Property, plant and equipment | 249,379 | 279,526 | 275,522 | 282,350 | 272,043 | S100R1M9, S100TQIZ, S100W279, S100YJ5I |
| Intangible assets excluding goodwill | 28,811 | 30,658 | 31,320 | 31,164 | 31,113 | S100R1M9, S100TQIZ, S100W279, S100YJ5I |
| Goodwill | — | — | 645 | 602 | 560 | S100W279, S100YJ5I |
| Investment securities | 39,066 | 34,632 | 38,072 | 37,027 | 45,641 | S100R1M9, S100TQIZ, S100W279, S100YJ5I |
| Current assets | 53,548 | 46,630 | 53,257 | 60,036 | 93,373 | S100R1M9, S100TQIZ, S100W279, S100YJ5I |
| Current liabilities | 30,710 | 34,543 | 29,052 | 32,407 | 41,972 | S100R1M9, S100TQIZ, S100W279, S100YJ5I |
| Short-term borrowings | 3,800 | 3,800 | 800 | 800 | 800 | S100R1M9, S100TQIZ, S100W279, S100YJ5I |
| Long-term borrowings | 157,143 | 170,880 | 173,703 | 198,320 | 206,665 | S100R1M9, S100TQIZ, S100W279, S100YJ5I |
| Bonds | 23,889 | 27,989 | 27,864 | 23,605 | 22,890 | S100R1M9, S100TQIZ, S100W279, S100YJ5I |
| Interest-bearing debt | 184,832 | 202,669 | 202,367 | 222,725 | 230,355 | 算出 |
| Total liabilities | 256,931 | 279,009 | 280,334 | 301,541 | 325,075 | S100R1M9, S100TQIZ, S100W279, S100YJ5I |
| Equity attributable to owners of parent | 84,165 | 87,513 | 92,235 | 86,749 | 89,916 | S100R1M9, S100TQIZ, S100W279, S100YJ5I |
| Retained earnings | 50,258 | 56,298 | 61,012 | 64,580 | 57,720 | S100R1M9, S100TQIZ, S100W279, S100YJ5I |
| Treasury stock | -7,306 | -9,997 | -9,989 | -19,043 | -9,016 | S100R1M9, S100TQIZ, S100W279, S100YJ5I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YJ5I |
| Property, plant and equipment | 60% | S100YJ5I |
| Intangibles and goodwill | 7% | S100YJ5I |
| Investment securities | 10% | S100YJ5I |
| Other assets | 17% | S100YJ5I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 51% | 算出 |
| Other liabilities | 21% | S100YJ5I |
| Equity | 28% | S100YJ5I |

### 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 | 376,210 | 398,333 | 405,979 | 419,541 | 451,838 |
| Equity | 119,278 | 119,324 | 125,645 | 117,999 | 126,763 |
| Interest-bearing debt | 184,832 | 202,669 | 202,367 | 222,725 | 230,355 |
| Cash | 28,111 | 25,807 | 26,316 | 25,241 | 24,425 |

## 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) | 534.9% | S100YJ5I |
| Fixed assets ÷ total assets | 60.2% | S100YJ5I |
| Goodwill ÷ parent equity | 0.6% | S100YJ5I |

### 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) | 5.4% |
| Cash ÷ revenue | 48.0% |
| Net cash (cash − interest-bearing debt) | -¥205.9B |
| Net debt ÷ operating cash flow | 13.87× |
| Cash conversion (operating CF ÷ operating income) | 98.3% |
| Cash vs. profit gap | 3,820 JPY mn (of net income 34.6%) |
| Shareholder returns / net income | 70.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 54.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 41.0% |
| Investing CF relative to operating CF | 178.2% |

## 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 | 15.1% | 0.15× | 2.3% | 4.47× | 10.3% | S100R1M9 |
| 2023 | 20.5% | 0.11× | 2.4% | 4.51× | 10.6% | S100TQIZ |
| 2024 | 19.0% | 0.11× | 2.1% | 4.47× | 9.4% | S100W279 |
| 2025 | 22.7% | 0.10× | 2.3% | 4.61× | 10.7% | S100YJ5I |
| 2026 | 21.7% | 0.12× | 2.5% | 4.93× | 12.5% | S100YJ5I |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大成建設株式会社 | Major shareholder | 20.2% | 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 | 8.1% | 2026-03-31 |
| 三菱地所株式会社 | Major shareholder | 5.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.2% | 2026-03-31 |
| 野村 絢 | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社レノ | Major shareholder | 3.6% | 2026-03-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 1.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 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106期(2025/04/01－2026/03/31) | S100YJ5I | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ5I,, |
| 有価証券報告書－第105期(2024/04/01－2025/03/31) | S100W279 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W279,, |
| 有価証券報告書－第104期(2023/04/01－2024/03/31) | S100TQIZ | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQIZ,, |
| 有価証券報告書－第103期(2022/04/01－2023/03/31) | S100R1M9 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1M9,, |
| 有価証券報告書－第102期(令和3年4月1日－令和4年3月31日) | S100ODQW | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODQW,, |
| 有価証券報告書－第101期(令和2年4月1日－令和3年3月31日) | S100LN4C | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN4C,, |

## 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).