# Home Position Co., Ltd.: business model and financials

> Latest period: FY ending Aug 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第36期(2024/09/01－2025/08/31) (S100X6G1)
> Page: https://vizora.meequs.com/en/company/homeposition
> Retrieved: 2026-09-30T21:38:00.162Z

## Company

Home Position, founded in 1989, is a company in Homebuilders listed on TSE Standard. It has 104 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Home Position Co., Ltd. |
| Ticker | 2999 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2999.T) |
| Listing | TSE Standard |
| Head office | 静岡県静岡市清水区吉川260番地 |
| Representative (per filing) | 代表取締役社長 伴野 博之 |
| Founded | Dec 1989 |
| Share capital | ¥1.4B |
| Employees (consolidated) | 104 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | August |
| Website | www.homeposition.co.jp (https://www.homeposition.co.jp/) |
| Corporate number | 5080001004715 |
| EDINET | E35234 |
| Industries (Vizora) | Homebuilders |

> Profile source: annual securities report (S100X6G1, filed 2025-11-25). As of filing

## Five-axis industry profile

Primary industry: Homebuilders (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 23 |
| Profitability | 32.7 | 26 |
| Cash conversion | 6.3 | 24 |
| Efficiency | 67.3 | 26 |
| Financial strength | 16.7 | 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)

- Home Position brought in ¥17.4B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -12.0% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥17.4B |  |
| Operating income | ¥563.7M | Margin 3.2% |
| Net income | ¥387.7M | Margin 2.2% |
| Free cash flow | -¥2.07B |  |
| Employees (consolidated) | 104 |  |
| EPS | ¥42.93 |  |
| Diluted EPS | ¥42.85 |  |
| Book value per share | ¥616.36 |  |
| Equity ratio | 39.9% |  |
| Shares outstanding | 9,360,198 |  |
| Shareholders | 2,726 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 16.2% | Net cash -¥4.5B · Cash ÷ revenue 13.5% |
| Vs. industry median margin | -2.2 pp | Homebuilders |
| ROE | 8.4% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## What changed in 4 years

| Metric | FY ending Aug 2021 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13425012000 | ¥17364543000 | +29.3% |
| Operating income | ¥725587000 | ¥563740000 | -22.3% |
| Operating margin | 5.4% | 3.2% | -2.2 pp |
| Employees | 83 people | 104 people | +25.3% |
| Cash and equivalents | ¥854236000 | ¥2345979000 | +174.6% |

### Change in segment revenue mix

Span: FY ending Aug 2021 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,365 | 100.0% | S100X6G1 |
| Cost of revenue | 15,045 | 86.6% | S100X6G1 |
| Gross profit | 2,320 | 13.4% | S100X6G1 |
| SG&A | 1,756 | 10.1% | S100X6G1 |
| Operating income | 564 | 3.2% | S100X6G1 |
| Ordinary income | 405 | 2.3% | S100X6G1 |
| Pretax income | 358 | 2.1% | S100X6G1 |
| Income tax | -30 | -0.2% | S100X6G1 |
| Net income | 388 | 2.2% | S100X6G1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 10 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 13.4% → Operating margin 3.2% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 19,730 | 17,365 | -2,366 | -12.0% |
| Gross profit | 1,227 | 2,320 | 1,093 | +89.1% |
| Operating income | -570 | 564 | 1,134 | — |
| Operating cash flow | 2,898 | -1,915 | -4,813 | -166.1% |
| Free cash flow | 2,779 | -2,071 | -4,850 | -174.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2021 | 13,425 | 726 | 5.4% | 419 | -2,404 | -2,439 | S100Q07Y |
| FY ending Aug 2022 | 18,441 | 884 | 4.8% | 476 | 469 | 449 | S100SCXB |
| FY ending Aug 2023 | 19,849 | 377 | 1.9% | 121 | -1,360 | -1,389 | S100UUFG |
| FY ending Aug 2024 | 19,730 | -570 | -2.9% | -691 | 2,898 | 2,779 | S100X6G1 |
| FY ending Aug 2025 | 17,365 | 564 | 3.2% | 388 | -1,915 | -2,071 | S100X6G1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥167M |
| Operating income per employee (consolidated) | ¥5.4M |
| Net income per employee (consolidated) | ¥3.7M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 83 | 91 | 100 | 95 | 104 |
| Average salary (parent company) | — | ¥6.3M | ¥6.4M | ¥6.6M | ¥7.1M |
| Average age (parent company) | — | 42.5 years | 42.1 years | 42.5 years | 43.6 years |
| Average tenure (parent company) | — | 3.7 years | 3.9 years | 4.1 years | 4.0 years |

Year over year: Employees (consolidated) +9.5% · Revenue (consolidated) -12.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,915 | -11.0% | S100X6G1 |
| Capital expenditure | 157 | 0.9% | S100X6G1 |
| Free cash flow | -2,071 | -11.9% | 算出 |
| Investing cash flow | -666 | -3.8% | S100X6G1 |
| Financing cash flow | 2,264 | 13.0% | S100X6G1 |
| Dividends paid | 60 | 0.3% | S100X6G1 |
| Change in cash | -317 | -1.8% | S100X6G1 |
| Cash and equivalents | 2,346 | 13.5% | S100X6G1 |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 854 | 2,204 | 2,350 | 2,663 | 2,346 | S100SCXB, S100UUFG, S100X6G1 |
| Total assets | 12,019 | 13,278 | 15,075 | 11,632 | 14,473 | S100Q07Y, S100SCXB, S100UUFG, S100X6G1 |
| Net assets | 3,124 | 4,180 | 4,151 | 3,442 | 5,769 | S100SCXB, S100UUFG, S100X6G1 |
| Share capital | 100 | 390 | 390 | 396 | 1,396 | S100Q07Y, S100SCXB, S100UUFG, S100X6G1 |
| Property, plant and equipment | 223 | 212 | 214 | 296 | 382 | S100Q07Y, S100SCXB, S100UUFG, S100X6G1 |
| Intangible assets excluding goodwill | 20 | 19 | 14 | 18 | 11 | S100Q07Y, S100SCXB, S100UUFG, S100X6G1 |
| Current assets | 11,666 | 12,949 | 14,745 | 11,152 | 13,809 | S100Q07Y, S100SCXB, S100UUFG, S100X6G1 |
| Current liabilities | 7,550 | 7,464 | 8,790 | 6,316 | 7,354 | S100Q07Y, S100SCXB, S100UUFG, S100X6G1 |
| Short-term borrowings | 6,132 | 5,926 | 6,938 | 4,645 | 5,511 | S100Q07Y, S100SCXB, S100UUFG, S100X6G1 |
| Long-term borrowings | 1,064 | 964 | 1,291 | 1,189 | 872 | S100Q07Y, S100SCXB, S100UUFG, S100X6G1 |
| Bonds | 270 | 659 | 830 | 671 | 463 | S100Q07Y, S100SCXB, S100UUFG, S100X6G1 |
| Interest-bearing debt | 7,466 | 7,549 | 9,059 | 6,505 | 6,846 | 算出 |
| Total liabilities | 8,895 | 9,099 | 10,924 | 8,191 | 8,704 | S100Q07Y, S100SCXB, S100UUFG, S100X6G1 |
| Equity attributable to owners of parent | 3,124 | 4,180 | 4,151 | 3,442 | 5,769 | S100Q07Y, S100SCXB, S100UUFG, S100X6G1 |
| Retained earnings | 3,024 | 3,500 | 3,471 | 2,750 | 3,078 | S100Q07Y, S100SCXB, S100UUFG, S100X6G1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100X6G1 |
| Property, plant and equipment | 3% | S100X6G1 |
| Intangibles and goodwill | 0% | S100X6G1 |
| Other assets | 81% | S100X6G1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 47% | 算出 |
| Other liabilities | 13% | S100X6G1 |
| Equity | 40% | S100X6G1 |
| Other liabilities | 0% | S100X6G1 |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 12,019 | 13,278 | 15,075 | 11,632 | 14,473 |
| Equity | 3,124 | 4,180 | 4,151 | 3,442 | 5,769 |
| Interest-bearing debt | 7,466 | 7,549 | 9,059 | 6,505 | 6,846 |
| Cash | 854 | 2,204 | 2,350 | 2,663 | 2,346 |

## 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) | 2.2% | S100X6G1 |
| Fixed assets ÷ total assets | 2.6% | S100X6G1 |
| Goodwill ÷ parent equity | — | —, S100X6G1 |

### 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) | 16.2% |
| Cash ÷ revenue | 13.5% |
| Net cash (cash − interest-bearing debt) | -¥4.5B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -339.6% |
| Cash vs. profit gap | -2,302 JPY mn (of net income -593.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 15.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| 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 | 3.1% | 1.12× | 3.5% | 3.85× | 13.4% | S100Q07Y |
| 2022 | 2.6% | 1.46× | 3.8% | 3.46× | 13.0% | S100SCXB |
| 2023 | 0.6% | 1.40× | 0.9% | 3.40× | 2.9% | S100UUFG |
| 2024 | — | —× | -5.2% | —× | — | S100X6G1 |
| 2025 | 2.2% | 1.33× | 3.0% | 2.83× | 8.4% | S100X6G1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ケイアイスター不動産株式会社 | Major shareholder | 35.6% | 2025-08-31 |
| 伴野 博之 | Major shareholder | 31.6% | 2025-08-31 |
| 伴野アセットマネジメント株式会社 | Major shareholder | 5.3% | 2025-08-31 |
| 野村證券株式会社 | Major shareholder | 3.8% | 2025-08-31 |
| ホームポジション従業員持株会 | Major shareholder | 1.0% | 2025-08-31 |
| むさし証券株式会社 | Major shareholder | 0.6% | 2025-08-31 |
| 海野 純子 | Major shareholder | 0.4% | 2025-08-31 |
| ML INTL EQUITY DERIVATIVES （常任代理人 ＢｏｆＡ証券株式会社） | Major shareholder | 0.2% | 2025-08-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.1% | 2025-08-31 |
| BARCLAYS CAPITAL SECURITIES LIMITED （常任代理人 バークレイズ証券株式会社） | Major shareholder | 0.1% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2024/09/01－2025/08/31) | S100X6G1 | 2025-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6G1,, |
| 有価証券報告書－第35期(2023/09/01－2024/08/31) | S100UUFG | 2024-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UUFG,, |
| 有価証券報告書－第34期(2022/09/01－2023/08/31) | S100SCXB | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SCXB,, |
| 訂正有価証券報告書－第33期(2021/09/01－2022/08/31) | S100Q07Y | 2023-01-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q07Y,, |

## 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).