# Hoosiers Holdings 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13期(2025/04/01－2026/03/31) (S100YB28)
> Page: https://vizora.meequs.com/en/company/hoosiers-holdings
> Retrieved: 2026-09-30T19:14:06.862Z

## Company

Hoosiers Holdings, founded in 1994, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 924 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hoosiers Holdings Co., Ltd. |
| Ticker | 3284 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3284.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内二丁目2番3号 |
| Representative (per filing) | 代表取締役社長執行役員 小川栄一 |
| Founded | Dec 1994 |
| Share capital | ¥7.9B |
| Employees (consolidated) | 924 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | hoosiers.co.jp (https://hoosiers.co.jp/) |
| Corporate number | 7010001152568 |
| EDINET | E27281 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management, Condominium Developers |

> Profile source: annual securities report (S100YB28, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Condominium Developers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 73.8 | 21 |
| Profitability | 62 | 25 |
| Cash conversion | 82 | 25 |
| Efficiency | 58 | 25 |
| Financial strength | 82.1 | 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 46% of Hoosiers Holdings's sales come from Condominium apartments for families and singles, with Asset management and Continuing Care Retirement Community making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +50.4% from the prior year, operating profit +49.6%.

## Company structure

- Segment revenue mix: Condominium apartments for families and singles 45.7%、Asset management 38.0%、Continuing Care Retirement Community 10.3%、Property management and related services 6.1%
- Revenue → net income: ¥138579000000 → ¥7293000000
- Net income → operating cash flow: ¥7293000000 → ¥10628000000（difference ¥3335000000）
- Main uses of operating cash flow: CapEx ¥1356000000 / dividends ¥2720000000 / buybacks —
- Change in cash: ¥9957000000
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 | ¥138.6B |  |
| Operating income | ¥13.8B | Margin 10.0% |
| Net income | ¥7.13B | Margin 5.1% |
| Free cash flow | ¥9.27B |  |
| Largest business | Condominium apartments for families and singles | of segment revenue 45.7% |
| Employees (consolidated) | 924 |  |
| EPS | ¥126.3 |  |
| Book value per share | ¥781.65 |  |
| Equity ratio | 28.0% |  |
| Shares outstanding | 41,766,775 |  |
| Treasury shares | 366,900 |  |
| Shareholders | 20,214 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 19.9% | Net cash -¥47.9B · Cash ÷ revenue 27.2% |
| Vs. industry median margin | +1.9 pp | Condominium Developers |
| ROE | 15.7% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 71% of positive segment profit
- FY2026, segment profit share differs by 33 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥80222000000 | ¥138579000000 | +72.7% |
| Operating income | ¥5435000000 | ¥13800000000 | +153.9% |
| Operating margin | 6.8% | 10.0% | +3.2 pp |
| Employees | 832 people | 924 people | +11.1% |
| Cash and equivalents | ¥23923000000 | ¥37697000000 | +57.6% |

### 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 |
| --- | ---: |
| 不動産開発事業 → 事業再編・廃止 | 69.0% |
| ＣＣＲＣ事業 → 事業再編・廃止 | 14.3% |
| 不動産投資事業 → 事業再編・廃止 | 9.2% |
| 不動産関連サービス事業 → 事業再編・廃止 | 7.4% |
| 新設・再編 → 不動産開発事業 | 45.7% |
| 新設・再編 → ＣＣＲＣ事業 | 10.3% |
| 新設・再編 → 不動産投資事業 | 38.0% |
| 新設・再編 → 不動産関連サービス事業 | 6.1% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Condominium apartments for families and singles | 4 years | +14.8% | ¥63303000000 | 4.3% | 2 |
| Asset management | 4 years | +34.4% | ¥52639000000 | 18.1% | 2 |
| Continuing Care Retirement Community | 4 years | -8.8% | ¥14235000000 | 5.0% | 2 |
| Property management and related services | 4 years | +7.2% | ¥8399000000 | 6.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 138,579 | 100.0% | S100YB28 |
| Cost of revenue | 108,102 | 78.0% | S100YB28 |
| Gross profit | 30,476 | 22.0% | S100YB28 |
| SG&A | 16,676 | 12.0% | S100YB28 |
| Operating income | 13,800 | 10.0% | S100YB28 |
| Ordinary income | 11,820 | 8.5% | S100YB28 |
| Pretax income | 11,417 | 8.2% | S100YB28 |
| Income tax | 4,123 | 3.0% | S100YB28 |
| Net income | 7,293 | 5.3% | S100YB28 |
| Net income attributable to owners | 7,129 | 5.1% | S100YB28 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 12 |
| Operating income | 10 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 22.0% → Operating margin 10.0% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +50.4%; Core profit growth: +49.6%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.98×
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 | 92,153 | 138,579 | 46,426 | +50.4% |
| Gross profit | 21,794 | 30,476 | 8,682 | +39.8% |
| Operating income | 9,227 | 13,800 | 4,573 | +49.6% |
| Net income attributable to owners | 5,462 | 7,129 | 1,667 | +30.5% |
| Operating cash flow | -14,122 | 10,628 | 24,750 | — |
| Free cash flow | -15,015 | 9,272 | 24,287 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 85,231 | 6,692 | 7.9% | 276 | 16,110 | 14,358 | S100LQHZ |
| FY ending Mar 2021 | 80,222 | 5,435 | 6.8% | 2,878 | 10,722 | 7,444 | S100OG6G |
| FY ending Mar 2022 | 79,542 | 6,694 | 8.4% | 3,068 | 20,259 | 18,162 | S100R2SM |
| FY ending Mar 2023 | 79,286 | 8,425 | 10.6% | 4,557 | -7,532 | -8,103 | S100TMSA |
| FY ending Mar 2024 | 86,418 | 8,943 | 10.3% | 4,806 | 186 | -2,383 | S100WDZ3 |
| FY ending Mar 2025 | 92,153 | 9,227 | 10.0% | 5,462 | -14,122 | -15,015 | S100YB28 |
| FY ending Mar 2026 | 138,579 | 13,800 | 10.0% | 7,129 | 10,628 | 9,272 | S100YB28 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥150M |
| Operating income per employee (consolidated) | ¥14.9M |
| Net income per employee (consolidated) | ¥7.7M |

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) | 783 | 842 | 902 | 918 | 924 |
| Average salary (parent company) | ¥6.7M | ¥6.1M | ¥6.7M | ¥7.1M | ¥7.1M |
| Average age (parent company) | 36.0 years | 38.0 years | 38.0 years | 41.0 years | 42.0 years |
| Average tenure (parent company) | 3.0 years | 4.0 years | 4.0 years | 4.0 years | 4.0 years |

Year over year: Employees (consolidated) +0.7% · Revenue (consolidated) +50.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Condominium apartments for families and singles | 63,303 | 45.7% | 2,695 | 4.3% |
| Continuing Care Retirement Community | 14,235 | 10.3% | 706 | 5.0% |
| Asset management | 52,639 | 38.0% | 9,505 | 18.1% |
| Property management and related services | 8,399 | 6.1% | 541 | 6.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Condominium apartments for families and singles | 45.7% | 20.0% | -25.6 | 4.3% |
| Continuing Care Retirement Community | 10.3% | 5.3% | -5.0 | 5.0% |
| Asset management | 38.0% | 70.7% | 32.7 | 18.1% |
| Property management and related services | 6.1% | 4.0% | -2.0 | 6.4% |

Segment → industry: Asset management → Real Estate Development & Leasing / Property management and related services → Real Estate Brokerage & Management / Continuing Care Retirement Community → Condominium Developers / Condominium apartments for families and singles → Condominium Developers

## 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 | 10,628 | 7.7% | S100YB28 |
| Capital expenditure | 1,356 | 1.0% | S100YB28 |
| Free cash flow | 9,272 | 6.7% | 算出 |
| Investing cash flow | 273 | 0.2% | S100YB28 |
| Financing cash flow | -1,165 | -0.8% | S100YB28 |
| Dividends paid | 2,720 | 2.0% | S100YB28 |
| Change in cash | 9,957 | 7.2% | S100YB28 |
| Cash and equivalents | 37,697 | 27.2% | S100YB28 |

## 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 | 30,143 | 28,623 | 29,001 | 27,739 | 37,697 | S100TMSA, S100WDZ3, S100YB28 |
| Total assets | 127,905 | 147,504 | 164,399 | 179,858 | 189,192 | S100R2SM, S100TMSA, S100WDZ3, S100YB28 |
| Net assets | 38,960 | 42,663 | 46,858 | 47,894 | 55,321 | S100TMSA, S100WDZ3, S100YB28 |
| Share capital | 5,000 | 5,000 | 5,000 | 5,000 | 7,901 | S100R2SM, S100TMSA, S100WDZ3, S100YB28 |
| Property, plant and equipment | 23,835 | 23,391 | 23,691 | 19,159 | 11,906 | S100R2SM, S100TMSA, S100WDZ3, S100YB28 |
| Intangible assets excluding goodwill | 466 | 582 | 822 | 768 | 687 | S100R2SM, S100TMSA, S100WDZ3, S100YB28 |
| Goodwill | 164 | 219 | 191 | 162 | 106 | S100R2SM, S100TMSA, S100WDZ3, S100YB28 |
| Investment securities | 3,114 | 2,504 | 3,122 | 2,175 | 2,221 | S100R2SM, S100TMSA, S100WDZ3, S100YB28 |
| Current assets | 96,672 | 117,527 | 132,643 | 153,907 | 170,027 | S100R2SM, S100TMSA, S100WDZ3, S100YB28 |
| Current liabilities | 35,722 | 33,884 | 48,342 | 58,930 | 55,410 | S100R2SM, S100TMSA, S100WDZ3, S100YB28 |
| Trade payables | 1,184 | 2,392 | 3,294 | 3,161 | 5,919 | S100R2SM, S100TMSA, S100WDZ3, S100YB28 |
| Short-term borrowings | 7,166 | 5,239 | 9,857 | 13,123 | 11,009 | S100R2SM, S100TMSA, S100WDZ3, S100YB28 |
| Long-term borrowings | 41,295 | 58,401 | 59,384 | 67,298 | 71,873 | S100R2SM, S100TMSA, S100WDZ3, S100YB28 |
| Bonds | 7,487 | 7,938 | 5,365 | 2,118 | 2,744 | S100R2SM, S100TMSA, S100WDZ3, S100YB28 |
| Interest-bearing debt | 55,948 | 71,578 | 74,606 | 82,539 | 85,626 | 算出 |
| Total liabilities | 88,945 | 104,840 | 117,541 | 131,964 | 133,870 | S100R2SM, S100TMSA, S100WDZ3, S100YB28 |
| Non-controlling interests | 7,696 | 7,869 | 8,063 | 5,750 | 2,280 | S100R2SM, S100TMSA, S100WDZ3, S100YB28 |
| Equity attributable to owners of parent | 30,749 | 33,783 | 36,693 | 40,101 | 50,910 | S100R2SM, S100TMSA, S100WDZ3, S100YB28 |
| Retained earnings | 15,858 | 18,907 | 21,743 | 25,150 | 29,558 | S100R2SM, S100TMSA, S100WDZ3, S100YB28 |
| Treasury stock | -990 | -1,002 | -893 | -893 | -551 | S100R2SM, S100TMSA, S100WDZ3, S100YB28 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YB28 |
| Property, plant and equipment | 6% | S100YB28 |
| Intangibles and goodwill | 1% | S100YB28 |
| Investment securities | 1% | S100YB28 |
| Other assets | 72% | S100YB28 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YB28 |
| Interest-bearing debt | 45% | 算出 |
| Other liabilities | 23% | S100YB28 |
| Equity | 29% | S100YB28 |
| Other liabilities | 0% | S100YB28 |

### 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 | 127,905 | 147,504 | 164,399 | 179,858 | 189,192 |
| Equity | 38,960 | 42,663 | 46,858 | 47,894 | 55,321 |
| Interest-bearing debt | 55,948 | 71,578 | 74,606 | 82,539 | 85,626 |
| Cash | 30,143 | 28,623 | 29,001 | 27,739 | 37,697 |

## 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) | 8.6% | S100YB28 |
| Fixed assets ÷ total assets | 6.3% | S100YB28 |
| Goodwill ÷ parent equity | 0.2% | S100YB28 |

Goodwill over 4 years: 164 → 106 JPY; total investing cash flow: -6,210 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) | 19.9% |
| Cash ÷ revenue | 27.2% |
| Net cash (cash − interest-bearing debt) | -¥47.9B |
| Net debt ÷ operating cash flow | 4.51× |
| Cash conversion (operating CF ÷ operating income) | 77.0% |
| Cash vs. profit gap | 3,499 JPY mn (of net income 49.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 38.2% |
| Shareholder payments — dividends / FCF | 29.3% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 2.6% |

## 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 | 3.9% | 0.62× | 2.4% | 4.16× | 10.0% | S100R2SM |
| 2023 | 5.7% | 0.58× | 3.3% | 4.27× | 14.1% | S100TMSA |
| 2024 | 5.6% | 0.55× | 3.1% | 4.43× | 13.6% | S100WDZ3 |
| 2025 | 5.9% | 0.54× | 3.2% | 4.48× | 14.2% | S100YB28 |
| 2026 | 5.1% | 0.75× | 3.9% | 4.06× | 15.7% | S100YB28 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 廣岡 哲也 | Major shareholder | 12.3% | 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 | 9.7% | 2026-03-31 |
| DAIWA CM SINGAPORE LTD-NOMINEE HIROOKA TETSUYA(常任代理人 大和証券株式会社) | Major shareholder | 9.4% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社日本カストディ銀行(金銭信託課税口) | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社ティ・エイチ・ワン | Major shareholder | 1.6% | 2026-03-31 |
| 小林 吉宗 | Major shareholder | 1.2% | 2026-03-31 |
| 安藤 天利代 | Major shareholder | 0.9% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行) | Major shareholder | 0.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行) | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2025/04/01－2026/03/31) | S100YB28 | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YB28,, |
| 訂正有価証券報告書－第12期(2024/04/01－2025/03/31) | S100WDZ3 | 2025-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WDZ3,, |
| 有価証券報告書－第11期(2023/04/01－2024/03/31) | S100TMSA | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMSA,, |
| 有価証券報告書－第10期(2022/04/01－2023/03/31) | S100R2SM | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2SM,, |
| 有価証券報告書－第9期(令和3年4月1日－令和4年3月31日) | S100OG6G | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG6G,, |
| 有価証券報告書－第8期(令和2年4月1日－令和3年3月31日) | S100LQHZ | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQHZ,, |

## 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).