# Hulic Co.,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96期(2025/01/01－2025/12/31) (S100XR5L)
> Page: https://vizora.meequs.com/en/company/hulic
> Retrieved: 2026-09-30T21:33:38.337Z

## Company

Hulic, founded in 1957, is a company in Non-life Insurance listed on TSE Prime. It has 3,495 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hulic Co.,Ltd. |
| Ticker | 3003 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3003.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋大伝馬町7番3号 |
| Representative (per filing) | 代表取締役社長 前田 隆也 |
| Founded | Mar 1957 |
| Share capital | ¥111.6B |
| Employees (consolidated) | 3,495 |
| Average salary (parent only) | ¥23M |
| Fiscal year end | December |
| Website | www.hulic.co.jp (https://www.hulic.co.jp/) |
| Corporate number | 9010001008702 |
| EDINET | E00523 |
| Industries (Vizora) | Non-life Insurance, Real Estate Development & Leasing, Hotels & Inns |

> Profile source: annual securities report (S100XR5L, filed 2026-03-17). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 66 | 75 |
| Profitability | 91.3 | 86 |
| Cash conversion | 76.2 | 82 |
| Efficiency | 16.9 | 86 |
| Financial strength | 9.5 | 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 86% of Hulic's sales come from Real estate business, with Hotel,ryokan business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥26 is left as operating profit.
- Revenue changed +23.0% from the prior year, operating profit +14.4%.

## Company structure

- Segment revenue mix: Real estate business 86.3%、Hotel,ryokan business 7.4%、Other 5.7%、Insurance agency business 0.5%
- Revenue → net income: ¥727447000000 → ¥115261000000
- Net income → operating cash flow: ¥115261000000 → ¥269239000000（difference ¥153978000000）
- Main uses of operating cash flow: CapEx ¥446064000000 / dividends ¥43316000000 / buybacks ¥3121000000
- Change in cash: ¥-2872000000
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 | ¥727.4B |  |
| Operating income | ¥186.8B | Margin 25.7% |
| Net income | ¥114.3B | Margin 15.7% |
| Free cash flow | -¥176.8B |  |
| Largest business | Real estate business | of segment revenue 86.3% |
| Employees (consolidated) | 3,495 |  |
| EPS | ¥141.24 |  |
| Diluted EPS | ¥150.5 |  |
| Book value per share | ¥1173.46 |  |
| Equity ratio | 26.0% |  |
| Shares outstanding | 767,907,735 |  |
| Treasury shares | 3,249,200 |  |
| Shareholders | 277,933 |  |
| Average salary (parent only) | ¥23M | Filing company only |
| Cash ratio | 3.7% | Net cash -¥1.69T · Cash ÷ revenue 18.0% |
| Vs. industry median margin | +15.2 pp | Real Estate Development & Leasing |
| ROE | 14.3% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.4× net income
- FY2025, one segment accounts for 98% of positive segment profit
- FY2025, parent-company salary changed +27% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥339645000000 | ¥727447000000 | +114.2% |
| Operating income | ¥100596000000 | ¥186826000000 | +85.7% |
| Operating margin | 29.6% | 25.7% | -3.9 pp |
| Employees | 1,934 people | 3,495 people | +80.7% |
| Cash and equivalents | ¥94704000000 | ¥130655000000 | +38.0% |

### 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 |
| --- | ---: |
| 不動産事業 → 不動産事業 | 86.3% |
| 不動産事業 → 事業再編・廃止 | 5.4% |
| 保険事業 → 保険事業 | 0.5% |
| 保険事業 → 事業再編・廃止 | 0.3% |
| ホテル・旅館事業 → ホテル・旅館事業 | 5.2% |
| その他 → その他 | 2.2% |
| 新設・再編 → ホテル・旅館事業 | 2.2% |
| 新設・再編 → その他 | 3.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Real estate business | 5 years | +15.0% | ¥628049000000 | 31.5% | 2 |
| Hotel,ryokan business | 5 years | +25.0% | ¥53854000000 | 3.1% | 2 |
| Other | 5 years | +41.5% | ¥41612000000 | 5.1% | 2 |
| Insurance agency business | 5 years | +5.8% | ¥3929000000 | 27.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 727,447 | 100.0% | S100XR5L |
| SG&A | 89,976 | 12.4% | S100XR5L |
| Operating income | 186,826 | 25.7% | S100XR5L |
| Ordinary income | 172,927 | 23.8% | S100XR5L |
| Pretax income | 171,343 | 23.6% | S100XR5L |
| Income tax | 56,081 | 7.7% | S100XR5L |
| Net income | 115,261 | 15.8% | S100XR5L |
| Net income attributable to owners | 114,334 | 15.7% | S100XR5L |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 74 |
| Operating income | 26 |
| (Ref.) Net income | 16 |

### Margin funnel

Operating margin 25.7% → Net margin 15.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +23.0%; Core profit growth: +14.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.63×
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 | 591,615 | 727,447 | 135,832 | +23.0% |
| Operating income | 163,360 | 186,826 | 23,466 | +14.4% |
| Net income attributable to owners | 102,341 | 114,334 | 11,993 | +11.7% |
| Operating cash flow | 353,388 | 269,239 | -84,149 | -23.8% |
| Free cash flow | -21,379 | -176,825 | -155,446 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 357,272 | 88,353 | 24.7% | 58,805 | 231,180 | -123,087 | S100KYN9 |
| FY ending Dec 2020 | 339,645 | 100,596 | 29.6% | 63,619 | 202,304 | -119,189 | S100NNWR |
| FY ending Dec 2021 | 447,077 | 114,507 | 25.6% | 69,564 | 291,736 | 78,057 | S100QDD5 |
| FY ending Dec 2022 | 523,424 | 126,147 | 24.1% | 79,150 | 266,108 | -27,125 | S100TDMQ |
| FY ending Dec 2023 | 446,383 | 146,178 | 32.7% | 94,625 | 270,819 | 6,185 | S100VEQB |
| FY ending Dec 2024 | 591,615 | 163,360 | 27.6% | 102,341 | 353,388 | -21,379 | S100XR5L |
| FY ending Dec 2025 | 727,447 | 186,826 | 25.7% | 114,334 | 269,239 | -176,825 | S100XR5L |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥208.1M |
| Operating income per employee (consolidated) | ¥53.5M |
| Net income per employee (consolidated) | ¥32.7M |

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) | 1,496 | 1,347 | 1,357 | 2,828 | 3,495 |
| Average salary (parent company) | ¥18M | ¥19M | ¥19.1M | ¥20.4M | ¥23M |
| Average age (parent company) | 39.0 years | 39.0 years | 38.0 years | 38.0 years | 39.0 years |
| Average tenure (parent company) | 6.0 years | 6.0 years | 6.0 years | 6.0 years | 7.0 years |

Year over year: Employees (consolidated) +23.6% · Revenue (consolidated) +23.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate business | 628,049 | 86.3% | 198,111 | 31.5% |
| Insurance agency business | 3,929 | 0.5% | 1,090 | 27.7% |
| Hotel,ryokan business | 53,854 | 7.4% | 1,670 | 3.1% |
| Other | 41,612 | 5.7% | 2,137 | 5.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Real estate business | 86.3% | 97.6% | 11.3 | 31.5% |
| Insurance agency business | 0.5% | 0.5% | -0.0 | 27.7% |
| Hotel,ryokan business | 7.4% | 0.8% | -6.6 | 3.1% |
| Other | 5.7% | 1.1% | -4.7 | 5.1% |

Segment → industry: Insurance agency business → Non-life Insurance / Real estate business → Real Estate Development & Leasing / Hotel,ryokan business → Hotels & Inns

## 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 | 269,239 | 37.0% | S100XR5L |
| Capital expenditure | 446,064 | 61.3% | S100XR5L |
| Free cash flow | -176,825 | -24.3% | 算出 |
| Investing cash flow | -544,500 | -74.9% | S100XR5L |
| Financing cash flow | 272,264 | 37.4% | S100XR5L |
| Dividends paid | 43,316 | 6.0% | S100XR5L |
| Share buyback | 3,121 | 0.4% | S100XR5L |
| Change in cash | -2,872 | -0.4% | S100XR5L |
| Cash and equivalents | 130,655 | 18.0% | S100XR5L |

## 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 | 206,086 | 138,300 | 82,763 | 134,326 | 130,655 | S100TDMQ, S100VEQB, S100XR5L |
| Total assets | 2,207,325 | 2,320,337 | 2,480,472 | 3,048,935 | 3,506,068 | S100QDD5, S100TDMQ, S100VEQB, S100XR5L |
| Net assets | 638,332 | 687,153 | 769,300 | 856,344 | 939,180 | S100TDMQ, S100VEQB, S100XR5L |
| Share capital | 111,609 | 111,609 | 111,609 | 111,609 | 111,609 | S100QDD5, S100TDMQ, S100VEQB, S100XR5L |
| Property, plant and equipment | 1,527,466 | 1,644,449 | 1,617,405 | 1,723,825 | 1,927,374 | S100QDD5, S100TDMQ, S100VEQB, S100XR5L |
| Intangible assets excluding goodwill | 84,691 | 88,228 | 77,938 | 216,886 | 258,822 | S100QDD5, S100TDMQ, S100VEQB, S100XR5L |
| Goodwill | 3,711 | 4,795 | 4,164 | 117,160 | 126,209 | S100QDD5, S100TDMQ, S100VEQB, S100XR5L |
| Investment securities | 225,547 | 284,706 | 328,463 | 420,487 | 499,499 | S100QDD5, S100TDMQ, S100VEQB, S100XR5L |
| Current assets | 328,931 | 250,901 | 372,973 | 583,864 | 686,528 | S100QDD5, S100TDMQ, S100VEQB, S100XR5L |
| Current liabilities | 107,052 | 245,757 | 185,306 | 462,754 | 490,711 | S100QDD5, S100TDMQ, S100VEQB, S100XR5L |
| Short-term borrowings | 660 | 660 | 1,774 | 166,957 | 3,295 | S100QDD5, S100TDMQ, S100VEQB, S100XR5L |
| Long-term borrowings | 977,326 | 857,748 | 929,145 | 1,037,369 | 1,398,092 | S100QDD5, S100TDMQ, S100VEQB, S100XR5L |
| Bonds | 345,000 | 371,000 | 381,000 | 444,000 | 424,070 | S100QDD5, S100TDMQ, S100VEQB, S100XR5L |
| Interest-bearing debt | 1,322,986 | 1,229,408 | 1,311,919 | 1,648,326 | 1,825,457 | 算出 |
| Total liabilities | 1,568,993 | 1,633,183 | 1,711,172 | 2,192,591 | 2,566,887 | S100QDD5, S100TDMQ, S100VEQB, S100XR5L |
| Non-controlling interests | 533 | 424 | 3,643 | 23,278 | 25,825 | S100QDD5, S100TDMQ, S100VEQB, S100XR5L |
| Equity attributable to owners of parent | 599,256 | 646,469 | 706,794 | 769,176 | 829,364 | S100QDD5, S100TDMQ, S100VEQB, S100XR5L |
| Retained earnings | 352,351 | 401,090 | 461,214 | 522,922 | 593,937 | S100QDD5, S100TDMQ, S100VEQB, S100XR5L |
| Treasury stock | -2,464 | -3,971 | -3,760 | -3,094 | -6,215 | S100QDD5, S100TDMQ, S100VEQB, S100XR5L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100XR5L |
| Property, plant and equipment | 55% | S100XR5L |
| Intangibles and goodwill | 11% | S100XR5L |
| Investment securities | 14% | S100XR5L |
| Other assets | 16% | S100XR5L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 52% | 算出 |
| Other liabilities | 21% | S100XR5L |
| Equity | 27% | S100XR5L |
| Other liabilities | 0% | S100XR5L |

### 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 | 2,207,325 | 2,320,337 | 2,480,472 | 3,048,935 | 3,506,068 |
| Equity | 638,332 | 687,153 | 769,300 | 856,344 | 939,180 |
| Interest-bearing debt | 1,322,986 | 1,229,408 | 1,311,919 | 1,648,326 | 1,825,457 |
| Cash | 206,086 | 138,300 | 82,763 | 134,326 | 130,655 |

## 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) | 265.0% | S100XR5L |
| Fixed assets ÷ total assets | 55.0% | S100XR5L |
| Goodwill ÷ parent equity | 15.2% | S100XR5L |

Goodwill over 4 years: 3,711 → 126,209 JPY; total investing cash flow: -2,077,128 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) | 3.7% |
| Cash ÷ revenue | 18.0% |
| Net cash (cash − interest-bearing debt) | -¥1.69T |
| Net debt ÷ operating cash flow | 6.29× |
| Cash conversion (operating CF ÷ operating income) | 144.1% |
| Cash vs. profit gap | 154,905 JPY mn (of net income 135.5%) |
| Shareholder returns / net income | 40.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 37.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 61.3% |
| Investing CF relative to operating CF | 202.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 15.6% | 0.20× | 3.2% | 3.68× | 11.6% | S100QDD5 |
| 2022 | 15.1% | 0.23× | 3.5% | 3.63× | 12.7% | S100TDMQ |
| 2023 | 21.2% | 0.19× | 3.9% | 3.55× | 14.0% | S100VEQB |
| 2024 | 17.3% | 0.21× | 3.7% | 3.75× | 13.9% | S100XR5L |
| 2025 | 15.7% | 0.22× | 3.5% | 4.10× | 14.3% | S100XR5L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 10.8% | 2025-12-31 |
| 明治安田生命保険(相) | Major shareholder | 6.2% | 2025-12-31 |
| 芙蓉総合リース㈱ | Major shareholder | 5.3% | 2025-12-31 |
| 安田不動産㈱ | Major shareholder | 4.0% | 2025-12-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 3.7% | 2025-12-31 |
| 安田倉庫㈱ | Major shareholder | 3.7% | 2025-12-31 |
| 沖電気工業㈱ | Major shareholder | 3.3% | 2025-12-31 |
| みずほキャピタル㈱ | Major shareholder | 3.3% | 2025-12-31 |
| 東京建物㈱ | Major shareholder | 2.6% | 2025-12-31 |
| 帝国繊維㈱ | Major shareholder | 2.2% | 2025-12-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Dec 2025 was ¥727.4B, up +23.0% from ¥591.6B.
- Operating income grew +14.4% to ¥186.8B, and net income attributable to owners rose +11.7% to ¥114.3B.
- Operating cash flow dropped -23.8% to ¥269.2B, and heavy property investment left free cash flow at -¥176.8B.

### Drivers

- Buildings completed or bought over the past two years kept office rent coming in steadily
- Sales of properties held for sale went well and produced larger gains
- Higher interest payments on growing debt meant ordinary profit grew more slowly than operating income

### Risks

- A weaker economy could lead tenants to leave or push for lower rents
- Much of its investment is funded by borrowing, so a sharp rise in interest rates would raise funding costs
- Most properties are in the Tokyo area, so a major earthquake there could damage its assets

Cited: Annual securities report, FY ending Dec 2025 (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report, FY ending Dec 2025 (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第96期(2025/01/01－2025/12/31) | S100XR5L | 2026-03-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XR5L,, |
| 有価証券報告書－第95期(2024/01/01－2024/12/31) | S100VEQB | 2025-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VEQB,, |
| 訂正有価証券報告書－第94期(2023/01/01－2023/12/31) | S100TDMQ | 2024-05-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TDMQ,, |
| 有価証券報告書－第93期(2022/01/01－2022/12/31) | S100QDD5 | 2023-03-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QDD5,, |
| 有価証券報告書－第92期(令和3年1月1日－令和3年12月31日) | S100NNWR | 2022-03-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NNWR,, |
| 有価証券報告書－第91期(令和2年1月1日－令和2年12月31日) | S100KYN9 | 2021-03-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KYN9,, |

## 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).