# Ichigo Inc.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2025/03/01－2026/02/28) (S100Y50H)
> Page: https://vizora.meequs.com/en/company/ichigo
> Retrieved: 2026-09-30T18:28:23.537Z

## Company

Ichigo, founded in 2000, is a company in Electric Power & Gas listed on TSE Prime. It has 729 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Ichigo Inc. |
| Ticker | 2337 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2337.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内二丁目6番1号 |
| Representative (per filing) | 代表執行役社長 長谷川 拓磨 |
| Founded | Mar 2000 |
| Share capital | ¥27B |
| Employees (consolidated) | 729 |
| Average salary (parent only) | ¥11.7M |
| Fiscal year end | February |
| Website | www.ichigo.gr.jp (https://www.ichigo.gr.jp/) |
| Corporate number | 1010001068118 |
| EDINET | E05314 |
| Industries (Vizora) | Electric Power & Gas, Real Estate Development & Leasing, Hotels & Inns |

> Profile source: annual securities report (S100Y50H, filed 2026-05-20). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.3 | 75 |
| Profitability | 87.8 | 86 |
| Cash conversion | 14 | 82 |
| Efficiency | 15.7 | 86 |
| Financial strength | 28.4 | 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 43% of Ichigo's sales come from Ichigo Owners, with Value-Add and Hotels making up much of the rest.
- Out of every ¥100 of sales, about ¥22 is left as operating profit.
- Revenue changed +10.9% from the prior year, operating profit +25.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥92.7B |  |
| Operating income | ¥20.4B | Margin 22.1% |
| Net income | ¥16.6B | Margin 17.9% |
| Free cash flow | -¥32.1B |  |
| Largest business | Ichigo Owners | of segment revenue 42.9% |
| Employees (consolidated) | 729 |  |
| EPS | ¥11.7 |  |
| Diluted EPS | ¥11.67 |  |
| Book value per share | ¥145.3 |  |
| Equity ratio | 26.6% |  |
| Shares outstanding | 415,993,612 |  |
| Treasury shares | 13,943,700 |  |
| Shareholders | 23,899 |  |
| Average salary (parent only) | ¥11.7M | Filing company only |
| Cash ratio | 9.6% | Net cash -¥185.8B · Cash ÷ revenue 45.3% |
| Vs. industry median margin | +11.5 pp | Real Estate Development & Leasing |
| ROE | 14.8% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.2× dividends
- FY2026, parent-company salary changed +27% over five years
- FY2026, segment profit share differs by -24 points

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥61368000000 | ¥92705000000 | +51.1% |
| Operating income | ¥9668000000 | ¥20449000000 | +111.5% |
| Operating margin | 15.8% | 22.1% | +6.3 pp |
| Employees | 389 people | 729 people | +87.4% |
| Cash and equivalents | ¥50590000000 | ¥42019000000 | -16.9% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| アセットマネジメント → アセットマネジメント | 3.2% |
| 心築 → 心築 | 29.7% |
| 心築 → 事業再編・廃止 | 59.6% |
| クリーンエネルギー → クリーンエネルギー | 6.7% |
| クリーンエネルギー → 事業再編・廃止 | 0.9% |
| 新設・再編 → アセットマネジメント | 1.2% |
| 新設・再編 → ホテル | 16.4% |
| 新設・再編 → いちごオーナーズ | 42.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Ichigo Owners | 2 years | -12.9% | ¥39735000000 | 9.5% | 2 |
| Value-Add | 5 years | -12.9% | ¥27497000000 | 29.6% | 2 |
| Hotels | 2 years | +24.9% | ¥15238000000 | 30.1% | 2 |
| Clean Energy | 5 years | +5.9% | ¥6192000000 | 26.6% | 2 |
| Asset Management | 5 years | +15.9% | ¥4041000000 | 56.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 92,705 | 100.0% | S100Y50H |
| Cost of revenue | 62,586 | 67.5% | S100Y50H |
| Gross profit | 30,119 | 32.5% | S100Y50H |
| SG&A | 9,670 | 10.4% | S100Y50H |
| Operating income | 20,449 | 22.1% | S100Y50H |
| Ordinary income | 17,095 | 18.4% | S100Y50H |
| Pretax income | 24,499 | 26.4% | S100Y50H |
| Income tax | 7,655 | 8.3% | S100Y50H |
| Net income | 16,843 | 18.2% | S100Y50H |
| Net income attributable to owners | 16,628 | 17.9% | S100Y50H |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 10 |
| Operating income | 22 |
| (Ref.) Net income | 18 |

### Margin funnel

Gross margin 32.5% → Operating margin 22.1% → Net margin 17.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.9%; Core profit growth: +25.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.32×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 83,576 | 92,705 | 9,129 | +10.9% |
| Gross profit | 25,524 | 30,119 | 4,595 | +18.0% |
| Operating income | 16,309 | 20,449 | 4,140 | +25.4% |
| Net income attributable to owners | 15,187 | 16,628 | 1,441 | +9.5% |
| Operating cash flow | -28,449 | -21,859 | 6,590 | — |
| Free cash flow | -33,578 | -32,124 | 1,454 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 87,360 | 27,721 | 31.7% | 8,201 | 11,892 | 86 | S100LDQL |
| FY ending Feb 2021 | 61,368 | 9,668 | 15.8% | 5,027 | 15,463 | -2,452 | S100O570 |
| FY ending Feb 2022 | 56,934 | 10,018 | 17.6% | 6,473 | 7,939 | 1,946 | S100QUEY |
| FY ending Feb 2023 | 68,093 | 12,492 | 18.3% | 9,409 | 254 | -10,286 | S100THVY |
| FY ending Feb 2024 | 82,747 | 12,960 | 15.7% | 12,108 | -8,577 | -16,894 | S100WOQT |
| FY ending Feb 2025 | 83,576 | 16,309 | 19.5% | 15,187 | -28,449 | -33,578 | S100Y50H |
| FY ending Feb 2026 | 92,705 | 20,449 | 22.1% | 16,628 | -21,859 | -32,124 | S100Y50H |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥127.2M |
| Operating income per employee (consolidated) | ¥28.1M |
| Net income per employee (consolidated) | ¥22.8M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 384 | 462 | 552 | 671 | 729 |
| Average salary (parent company) | ¥9.2M | ¥10.1M | ¥11.3M | ¥11.5M | ¥11.7M |
| Average age (parent company) | 42.8 years | 43.8 years | 43.3 years | 43.0 years | 43.6 years |
| Average tenure (parent company) | 7.0 years | 7.2 years | 7.3 years | 6.6 years | 7.0 years |

Year over year: Employees (consolidated) +8.6% · Revenue (consolidated) +10.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Asset Management | 4,041 | 4.4% | 2,282 | 56.5% |
| Value-Add | 27,497 | 29.7% | 8,135 | 29.6% |
| Hotels | 15,238 | 16.4% | 4,585 | 30.1% |
| Ichigo Owners | 39,735 | 42.9% | 3,765 | 9.5% |
| Clean Energy | 6,192 | 6.7% | 1,648 | 26.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Asset Management | 4.4% | 11.2% | 6.8 | 56.5% |
| Value-Add | 29.7% | 39.8% | 10.2 | 29.6% |
| Hotels | 16.4% | 22.5% | 6.0 | 30.1% |
| Ichigo Owners | 42.9% | 18.4% | -24.4 | 9.5% |
| Clean Energy | 6.7% | 8.1% | 1.4 | 26.6% |

Segment → industry: Clean Energy → Electric Power & Gas / Ichigo Owners → Real Estate Development & Leasing / Value-Add → Real Estate Development & Leasing / Asset Management → Real Estate Development & Leasing / Hotels → Hotels & Inns

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -21,859 | -23.6% | S100Y50H |
| Capital expenditure | 10,265 | 11.1% | S100Y50H |
| Free cash flow | -32,124 | -34.7% | 算出 |
| Investing cash flow | 14,726 | 15.9% | S100Y50H |
| Financing cash flow | 9,708 | 10.5% | S100Y50H |
| Dividends paid | 4,392 | 4.7% | S100Y50H |
| Share buyback | 9,836 | 10.6% | S100Y50H |
| Change in cash | 2,577 | 2.8% | S100Y50H |
| Cash and equivalents | 42,019 | 45.3% | S100Y50H |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 46,214 | 40,313 | 46,101 | 42,576 | 42,019 | S100THVY, S100WOQT, S100Y50H |
| Total assets | 337,887 | 338,619 | 367,015 | 406,715 | 435,820 | S100QUEY, S100THVY, S100WOQT, S100Y50H |
| Net assets | 112,191 | 114,393 | 116,281 | 122,706 | 116,754 | S100THVY, S100WOQT, S100Y50H |
| Share capital | 26,888 | 26,888 | 26,892 | 26,946 | 27,012 | S100QUEY, S100THVY, S100WOQT, S100Y50H |
| Trade receivables | 1,819 | — | — | — | — | S100O570 |
| Property, plant and equipment | 204,038 | 199,323 | 185,232 | 174,511 | 166,035 | S100QUEY, S100THVY, S100WOQT, S100Y50H |
| Intangible assets excluding goodwill | 3,551 | 2,398 | 2,498 | 2,348 | 1,371 | S100QUEY, S100THVY, S100WOQT, S100Y50H |
| Goodwill | 1,580 | 717 | 989 | 857 | 460 | S100QUEY, S100THVY, S100WOQT, S100Y50H |
| Investment securities | 3,463 | 4,455 | 17,086 | 24,300 | 22,149 | S100QUEY, S100THVY, S100WOQT, S100Y50H |
| Current assets | 122,798 | 128,057 | 157,746 | 195,998 | 235,792 | S100QUEY, S100THVY, S100WOQT, S100Y50H |
| Current liabilities | 20,861 | 19,200 | 56,162 | 29,143 | 62,848 | S100QUEY, S100THVY, S100WOQT, S100Y50H |
| Short-term borrowings | 2,382 | 962 | 16,726 | 6,520 | 6,421 | S100QUEY, S100THVY, S100WOQT, S100Y50H |
| Long-term borrowings | 150,389 | 152,624 | 146,043 | 195,477 | 213,596 | S100QUEY, S100THVY, S100WOQT, S100Y50H |
| Bonds | 5,603 | 5,239 | 4,306 | 7,074 | 7,812 | S100QUEY, S100THVY, S100WOQT, S100Y50H |
| Interest-bearing debt | 158,374 | 158,825 | 167,075 | 209,071 | 227,829 | 算出 |
| Total liabilities | 225,695 | 224,226 | 250,734 | 284,009 | 319,066 | S100QUEY, S100THVY, S100WOQT, S100Y50H |
| Non-controlling interests | 10,415 | 10,552 | 10,772 | 10,992 | 97 | S100QUEY, S100THVY, S100WOQT, S100Y50H |
| Equity attributable to owners of parent | 101,043 | 102,678 | 105,727 | 111,493 | 113,884 | S100QUEY, S100THVY, S100WOQT, S100Y50H |
| Retained earnings | 76,310 | 82,438 | 90,967 | 81,396 | 81,909 | S100QUEY, S100THVY, S100WOQT, S100Y50H |
| Treasury stock | -13,423 | -17,914 | -22,446 | -7,212 | -5,467 | S100QUEY, S100THVY, S100WOQT, S100Y50H |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100Y50H |
| Property, plant and equipment | 38% | S100Y50H |
| Intangibles and goodwill | 0% | S100Y50H |
| Investment securities | 5% | S100Y50H |
| Other assets | 47% | S100Y50H |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 52% | 算出 |
| Other liabilities | 21% | S100Y50H |
| Equity | 27% | S100Y50H |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 337,887 | 338,619 | 367,015 | 406,715 | 435,820 |
| Equity | 112,191 | 114,393 | 116,281 | 122,706 | 116,754 |
| Interest-bearing debt | 158,374 | 158,825 | 167,075 | 209,071 | 227,829 |
| Cash | 46,214 | 40,313 | 46,101 | 42,576 | 42,019 |

## 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) | 179.1% | S100Y50H |
| Fixed assets ÷ total assets | 38.1% | S100Y50H |
| Goodwill ÷ parent equity | 0.4% | S100Y50H |

Goodwill over 4 years: 1,580 → 460 JPY; total investing cash flow: 26,697 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) | 9.6% |
| Cash ÷ revenue | 45.3% |
| Net cash (cash − interest-bearing debt) | -¥185.8B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -106.9% |
| Cash vs. profit gap | -38,487 JPY mn (of net income -231.5%) |
| Shareholder returns / net income | 85.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 26.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 11.1% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 11.4% | 0.17× | 1.9% | 3.34× | 6.4% | S100QUEY |
| 2023 | 13.8% | 0.20× | 2.8% | 3.32× | 9.2% | S100THVY |
| 2024 | 14.6% | 0.23× | 3.4% | 3.39× | 11.6% | S100WOQT |
| 2025 | 18.2% | 0.22× | 3.9% | 3.56× | 14.0% | S100Y50H |
| 2026 | 17.9% | 0.22× | 3.9% | 3.74× | 14.8% | S100Y50H |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| いちごトラスト・ピーティーイー・リミテッド （常任代理人 香港上海銀行東京支店セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 56.0% | 2026-02-28 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 4.6% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.5% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.5% | 2026-02-28 |
| JP JPMSE LUX RE MACQUARIE BANK LTD LONDON EQ CO （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 4.4% | 2026-02-28 |
| 上田八木短資株式会社 | Major shareholder | 1.5% | 2026-02-28 |
| THE NOMURA TRUST AND BANKING CO., LTD. AS THE TRUSTEE OF REPURCHASE AGREEMENT MOTHER FUND （常任代理人 シティバンク、エヌ・エイ東京支店カストディ業務部） | Major shareholder | 1.3% | 2026-02-28 |
| HSBC BANK PLC A/C M AND G(ACS) VALUE PARTNERS CHINA EQUITY FUND （常任代理人 香港上海銀行東京支店セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 1.2% | 2026-02-28 |
| STATE STREET BANK AND TRUST COMPANY 505038 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.1% | 2026-02-28 |
| HOST-PLUS PTY LTD-HOSTPLUS POOLED SUPERANNUATION TRUST-PARADICE GLOBAL SMALL CAPS （常任代理人 シティバンク、エヌ・エイ東京支店カストディ業務部） | Major shareholder | 1.1% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/03/01－2026/02/28) | S100Y50H | 2026-05-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y50H,, |
| 訂正有価証券報告書－第25期(2024/03/01－2025/02/28) | S100WOQT | 2025-09-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WOQT,, |
| 有価証券報告書－第24期(2023/03/01－2024/02/29) | S100THVY | 2024-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THVY,, |
| 有価証券報告書－第23期(2022/03/01－2023/02/28) | S100QUEY | 2023-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUEY,, |
| 有価証券報告書－第22期(令和3年3月1日－令和4年2月28日) | S100O570 | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O570,, |
| 有価証券報告書－第21期(令和2年3月1日－令和3年2月28日) | S100LDQL | 2021-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LDQL,, |

## 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).