# HousefreedomCo.,Ltd.: 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31期(2025/01/01－2025/12/31) (S100XS94)
> Page: https://vizora.meequs.com/en/company/housefreedomco
> Retrieved: 2026-09-30T22:15:52.580Z

## Company

HousefreedomCo., founded in 1995, is a company in Non-life Insurance listed on TSE Standard. It has 243 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HouseFreedom Co.,Ltd. |
| Ticker | 8996 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8996.T) |
| Listing | TSE Standard |
| Head office | 大阪府松原市上田二丁目13番10号 |
| Representative (per filing) | 代表取締役社長 小島 賢二 |
| Founded | Mar 1995 |
| Share capital | ¥328.8M |
| Employees (consolidated) | 243 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | December |
| Website | www.housefreedom.co.jp (https://www.housefreedom.co.jp/) |
| Corporate number | 6120101025572 |
| EDINET | E04048 |
| Industries (Vizora) | Non-life Insurance, Homebuilders, Real Estate Development & Leasing, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100XS94, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Homebuilders (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 54.3 | 23 |
| Profitability | 59.6 | 26 |
| Cash conversion | 64.6 | 24 |
| Efficiency | 44.2 | 26 |
| Financial strength | 23.3 | 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 54% of HousefreedomCo.'s sales come from Revenue from detached housing, with Rent income of real estate and Revenue real estate brokerage making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +16.8% from the prior year, operating profit +26.2%.

## Company structure

- Segment revenue mix: Revenue from detached housing 54.5%、Rent income of real estate 23.9%、Revenue real estate brokerage 13.5%、Revenue from construction 7.8%、Insuarance agency commission 0.3%
- Revenue → net income: ¥16928018000 → ¥658806000
- Net income → operating cash flow: ¥658806000 → ¥640302000（difference ¥-18504000）
- Main uses of operating cash flow: CapEx ¥136881000 / dividends ¥172353000 / buybacks —
- Change in cash: ¥845910000
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 | ¥16.9B |  |
| Operating income | ¥1.11B | Margin 6.6% |
| Net income | ¥658.8M | Margin 3.9% |
| Free cash flow | ¥503.4M |  |
| Largest business | Revenue from detached housing | of segment revenue 54.5% |
| Employees (consolidated) | 243 |  |
| EPS | ¥165.52 |  |
| Book value per share | ¥1044.26 |  |
| Equity ratio | 22.7% |  |
| Shares outstanding | 4,110,000 |  |
| Treasury shares | 276,800 |  |
| Shareholders | 2,548 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 28.1% | Net cash -¥5B · Cash ÷ revenue 28.2% |
| Vs. industry median margin | +1.2 pp | Homebuilders |
| ROE | 18.4% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2025, segment profit share differs by -31 points
- FY2025, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12163281000 | ¥16928018000 | +39.2% |
| Operating income | ¥969510000 | ¥1114107000 | +14.9% |
| Operating margin | 8.0% | 6.6% | -1.4 pp |
| Employees | 214 people | 243 people | +13.6% |
| Cash and equivalents | ¥3882611000 | ¥4780910000 | +23.1% |

### 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 |
| --- | ---: |
| 不動産仲介事業 → 不動産仲介事業 | 13.5% |
| 不動産仲介事業 → 事業再編・廃止 | 1.3% |
| 新築戸建分譲事業 → 新築戸建分譲事業 | 54.5% |
| 新築戸建分譲事業 → 事業再編・廃止 | 18.3% |
| 建設請負事業 → 建設請負事業 | 7.8% |
| 建設請負事業 → 事業再編・廃止 | 1.4% |
| 損害保険代理事業 → 損害保険代理事業 | 0.3% |
| 損害保険代理事業 → 事業再編・廃止 | 0.4% |
| 不動産賃貸事業 → 不動産賃貸事業 | 1.6% |
| 介護事業 → 事業再編・廃止 | 0.4% |
| その他 → 事業再編・廃止 | 0.4% |
| 新設・再編 → 不動産賃貸事業 | 22.3% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Revenue from detached housing | 5 years | +0.7% | ¥9219626000 | 4.1% | 2 |
| Rent income of real estate | 5 years | +82.4% | ¥4052089000 | 21.9% | 2 |
| Revenue real estate brokerage | 5 years | +4.8% | ¥2285993000 | 11.5% | 2 |
| Revenue from construction | 5 years | +3.2% | ¥1323642000 | 7.8% | 2 |
| Insuarance agency commission | 5 years | -11.7% | ¥46666000 | 24.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,928 | 100.0% | S100XS94 |
| Cost of revenue | 11,890 | 70.2% | S100XS94 |
| Gross profit | 5,038 | 29.8% | S100XS94 |
| SG&A | 3,924 | 23.2% | S100XS94 |
| Operating income | 1,114 | 6.6% | S100XS94 |
| Ordinary income | 968 | 5.7% | S100XS94 |
| Pretax income | 967 | 5.7% | S100XS94 |
| Income tax | 309 | 1.8% | S100XS94 |
| Net income | 659 | 3.9% | S100XS94 |
| Net income attributable to owners | 659 | 3.9% | S100XS94 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 23 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 29.8% → Operating margin 6.6% → Net margin 3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.8%; Core profit growth: +26.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.55×
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 | 14,488 | 16,928 | 2,440 | +16.8% |
| Gross profit | 4,362 | 5,038 | 675 | +15.5% |
| Operating income | 883 | 1,114 | 231 | +26.2% |
| Net income attributable to owners | 485 | 659 | 174 | +35.9% |
| Operating cash flow | 1,717 | 640 | -1,077 | -62.7% |
| Free cash flow | 1,535 | 503 | -1,032 | -67.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 10,409 | 506 | 4.9% | 272 | -354 | -461 | S100KZEM |
| FY ending Dec 2020 | 12,163 | 970 | 8.0% | 559 | 1,505 | 1,133 | S100NPXY |
| FY ending Dec 2021 | 11,796 | 493 | 4.2% | 282 | -1,801 | -3,315 | S100QFMM |
| FY ending Dec 2022 | 12,967 | 662 | 5.1% | 420 | -453 | -1,008 | S100T39Y |
| FY ending Dec 2023 | 11,788 | 686 | 5.8% | 343 | 181 | -1,047 | S100VERR |
| FY ending Dec 2024 | 14,488 | 883 | 6.1% | 485 | 1,717 | 1,535 | S100XS94 |
| FY ending Dec 2025 | 16,928 | 1,114 | 6.6% | 659 | 640 | 503 | S100XS94 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥69.7M |
| Operating income per employee (consolidated) | ¥4.6M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 229 | 219 | 234 | 237 | 243 |
| Average salary (parent company) | ¥6.5M | ¥6.2M | ¥6M | ¥6.6M | ¥7.4M |
| Average age (parent company) | 40.9 years | 40.4 years | 40.9 years | 40.7 years | 40.9 years |
| Average tenure (parent company) | 6.0 years | 6.4 years | 6.6 years | 7.2 years | 7.5 years |

Year over year: Employees (consolidated) +2.5% · Revenue (consolidated) +16.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Revenue real estate brokerage | 2,286 | 13.5% | 263 | 11.5% |
| Revenue from detached housing | 9,220 | 54.5% | 378 | 4.1% |
| Revenue from construction | 1,324 | 7.8% | 103 | 7.8% |
| Insuarance agency commission | 47 | 0.3% | 11 | 24.6% |
| Rent income of real estate | 4,052 | 23.9% | 887 | 21.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Revenue real estate brokerage | 13.5% | 16.0% | 2.5 | 11.5% |
| Revenue from detached housing | 54.5% | 23.0% | -31.4 | 4.1% |
| Revenue from construction | 7.8% | 6.2% | -1.6 | 7.8% |
| Insuarance agency commission | 0.3% | 0.7% | 0.4 | 24.6% |
| Rent income of real estate | 23.9% | 54.0% | 30.1 | 21.9% |

Segment → industry: Insuarance agency commission → Non-life Insurance / Revenue from construction → Homebuilders / Revenue from detached housing → Homebuilders / Rent income of real estate → Real Estate Development & Leasing / Revenue real estate brokerage → Real Estate Brokerage & Management

## 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 | 640 | 3.8% | S100XS94 |
| Capital expenditure | 137 | 0.8% | S100XS94 |
| Free cash flow | 503 | 3.0% | 算出 |
| Investing cash flow | -138 | -0.8% | S100XS94 |
| Financing cash flow | 343 | 2.0% | S100XS94 |
| Dividends paid | 172 | 1.0% | S100XS94 |
| Change in cash | 846 | 5.0% | S100XS94 |
| Cash and equivalents | 4,781 | 28.2% | S100XS94 |

## 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 | 3,785 | 3,623 | 3,639 | 3,935 | 4,781 | S100T39Y, S100VERR, S100XS94 |
| Total assets | 13,889 | 15,104 | 16,548 | 16,110 | 17,007 | S100QFMM, S100T39Y, S100VERR, S100XS94 |
| Net assets | 2,776 | 3,035 | 3,204 | 3,371 | 3,859 | S100T39Y, S100VERR, S100XS94 |
| Share capital | 329 | 329 | 329 | 329 | 329 | S100QFMM, S100T39Y, S100VERR, S100XS94 |
| Trade receivables | 17 | — | — | — | — | S100QFMM |
| Property, plant and equipment | 2,875 | 1,436 | 4,857 | 3,788 | 3,823 | S100QFMM, S100T39Y, S100VERR, S100XS94 |
| Intangible assets excluding goodwill | 113 | 65 | 40 | 16 | 4 | S100QFMM, S100T39Y, S100VERR, S100XS94 |
| Goodwill | 105 | 60 | 37 | 15 | — | S100QFMM, S100T39Y, S100VERR, S100XS94 |
| Investment securities | 45 | 45 | 50 | 48 | 51 | S100QFMM, S100T39Y, S100VERR, S100XS94 |
| Current assets | 10,673 | 13,309 | 11,376 | 11,975 | 12,916 | S100QFMM, S100T39Y, S100VERR, S100XS94 |
| Current liabilities | 5,948 | 5,778 | 7,322 | 5,721 | 6,648 | S100QFMM, S100T39Y, S100VERR, S100XS94 |
| Short-term borrowings | 3,452 | 3,560 | 4,048 | 2,927 | 3,338 | S100QFMM, S100T39Y, S100VERR, S100XS94 |
| Long-term borrowings | 4,437 | 5,658 | 5,686 | 6,713 | 6,362 | S100QFMM, S100T39Y, S100VERR, S100XS94 |
| Bonds | 612 | 585 | 300 | 240 | 79 | S100QFMM, S100T39Y, S100VERR, S100XS94 |
| Interest-bearing debt | 8,501 | 9,803 | 10,034 | 9,881 | 9,779 | 算出 |
| Total liabilities | 11,113 | 12,069 | 13,344 | 12,739 | 13,147 | S100QFMM, S100T39Y, S100VERR, S100XS94 |
| Equity attributable to owners of parent | 2,746 | 3,004 | 3,170 | 3,338 | 3,825 | S100QFMM, S100T39Y, S100VERR, S100XS94 |
| Retained earnings | 2,275 | 2,534 | 2,700 | 3,023 | 3,510 | S100QFMM, S100T39Y, S100VERR, S100XS94 |
| Treasury stock | -32 | -32 | -32 | -188 | -188 | S100QFMM, S100T39Y, S100VERR, S100XS94 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100XS94 |
| Property, plant and equipment | 23% | S100XS94 |
| Intangibles and goodwill | 0% | S100XS94 |
| Investment securities | 0% | S100XS94 |
| Other assets | 49% | S100XS94 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 57% | 算出 |
| Other liabilities | 20% | S100XS94 |
| Equity | 23% | S100XS94 |
| Other liabilities | 0% | S100XS94 |

### 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 | 13,889 | 15,104 | 16,548 | 16,110 | 17,007 |
| Equity | 2,776 | 3,035 | 3,204 | 3,371 | 3,859 |
| Interest-bearing debt | 8,501 | 9,803 | 10,034 | 9,881 | 9,779 |
| Cash | 3,785 | 3,623 | 3,639 | 3,935 | 4,781 |

## 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) | 22.6% | S100XS94 |
| Fixed assets ÷ total assets | 22.5% | S100XS94 |
| Goodwill ÷ parent equity | — | —, S100XS94 |

### 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) | 28.1% |
| Cash ÷ revenue | 28.2% |
| Net cash (cash − interest-bearing debt) | -¥5B |
| Net debt ÷ operating cash flow | 7.81× |
| Cash conversion (operating CF ÷ operating income) | 57.5% |
| Cash vs. profit gap | -19 JPY mn (of net income -2.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 26.2% |
| Shareholder payments — dividends / FCF | 34.2% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 21.5% |

## 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 | 2.4% | 0.85× | 2.0% | 5.06× | 10.3% | S100QFMM |
| 2022 | 3.2% | 0.89× | 2.9% | 5.04× | 14.6% | S100T39Y |
| 2023 | 2.9% | 0.74× | 2.2% | 5.13× | 11.1% | S100VERR |
| 2024 | 3.3% | 0.89× | 3.0% | 5.02× | 14.9% | S100XS94 |
| 2025 | 3.9% | 1.02× | 4.0% | 4.62× | 18.4% | S100XS94 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社オーエフコーポレーション | Major shareholder | 22.9% | 2025-12-31 |
| ＶＴホールディングス株式会社 | Major shareholder | 14.5% | 2025-12-31 |
| 山西 みき子 | Major shareholder | 7.9% | 2025-12-31 |
| 森光 哲也 | Major shareholder | 5.2% | 2025-12-31 |
| ハウスフリーダム従業員持株会 | Major shareholder | 4.4% | 2025-12-31 |
| 増田 直樹 | Major shareholder | 3.1% | 2025-12-31 |
| 小島 賢二 | Major shareholder | 3.0% | 2025-12-31 |
| 若杉 精三郎 | Major shareholder | 1.9% | 2025-12-31 |
| ハウスフリーダム役員持株会 | Major shareholder | 1.6% | 2025-12-31 |
| 軽本 勝 | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第31期(2025/01/01－2025/12/31) | S100XS94 | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS94,, |
| 有価証券報告書－第30期(2024/01/01－2024/12/31) | S100VERR | 2025-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VERR,, |
| 有価証券報告書－第29期(2023/01/01－2023/12/31) | S100T39Y | 2024-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T39Y,, |
| 有価証券報告書－第28期(2022/01/01－2022/12/31) | S100QFMM | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFMM,, |
| 有価証券報告書－第27期(令和3年1月1日－令和3年12月31日) | S100NPXY | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPXY,, |
| 有価証券報告書－第26期(令和2年1月1日－令和2年12月31日) | S100KZEM | 2021-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZEM,, |

## 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).