# Iida Group Holdings Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第13期(2025/04/01－2026/03/31) (S100YID4)
> Page: https://vizora.meequs.com/en/company/iida-group-holdings
> Retrieved: 2026-09-30T21:18:34.412Z

## Company

Iida Group Holdings, founded in 2013, is a company in Homebuilders listed on TSE Prime. It has 14,217 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Iida Group Holdings Co.,Ltd. |
| Ticker | 3291 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3291.T) |
| Listing | TSE Prime |
| Head office | 東京都武蔵野市西久保一丁目2番11号 |
| Representative (per filing) | 代表取締役社長 西野 弘 |
| Founded | Nov 2013 |
| Share capital | ¥10B |
| Employees (consolidated) | 14,217 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Corporate number | 2012701012287 |
| EDINET | E27759 |
| Industries (Vizora) | Homebuilders |

> Profile source: annual securities report (S100YID4, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Homebuilders (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 23.9 | 23 |
| Profitability | 55.8 | 26 |
| Cash conversion | 14.6 | 24 |
| Efficiency | 25 | 26 |

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 26% of Iida Group Holdings's sales come from HAJIME CONSTRUCTION, with Iida Sangyo CONSTRUCTION and ARNEST ONE CORPORATION making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit +17.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.51T |  |
| Operating income | ¥94.4B | Margin 6.3% |
| Net income | ¥63.3B | Margin 4.2% |
| Free cash flow | — |  |
| Largest business | HAJIME CONSTRUCTION | of segment revenue 26.0% |
| Employees (consolidated) | 14,217 |  |
| EPS | ¥229.13 |  |
| Book value per share | ¥2392.71 |  |
| Equity ratio | 50.8% | Derived from disclosed figures |
| Shares outstanding | 280,379,000 |  |
| Treasury shares | 4,048,800 |  |
| Shareholders | 26,413 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 19.5% | Cash ÷ revenue 25.9% |
| Vs. industry median margin | +0.8 pp | Homebuilders |
| ROE | 6.3% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1456199000000 | ¥1508864000000 | +3.6% |
| Operating income | ¥121263000000 | ¥94444000000 | -22.1% |
| Operating margin | 8.3% | 6.3% | -2.1 pp |
| Employees | 10,134 people | 14,217 people | +40.3% |
| Cash and equivalents | ¥548664000000 | ¥390743000000 | -28.8% |

### 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 |
| --- | ---: |
| 一建設グループ → 一建設グループ | 26.0% |
| 一建設グループ → 事業再編・廃止 | 2.8% |
| 飯田産業グループ → 飯田産業グループ | 18.3% |
| 東栄住宅グループ → 東栄住宅グループ | 12.1% |
| タクトホームグループ → タクトホームグループ | 10.3% |
| アーネストワングループ → アーネストワングループ | 19.4% |
| アーネストワングループ → 事業再編・廃止 | 3.0% |
| アイディホームグループ → アイディホームグループ | 4.2% |
| アイディホームグループ → 事業再編・廃止 | 3.1% |
| その他 → その他 | 0.7% |
| 新設・再編 → 飯田産業グループ | 1.1% |
| 新設・再編 → 東栄住宅グループ | 2.0% |
| 新設・再編 → タクトホームグループ | 4.3% |
| 新設・再編 → その他 | 1.5% |

Segment revenue source references: 14 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| HAJIME CONSTRUCTION | 5 years | -1.3% | ¥392324000000 | 7.6% | 2 |
| Iida Sangyo CONSTRUCTION | 5 years | +1.9% | ¥293962000000 | 8.1% | 2 |
| ARNEST ONE CORPORATION | 5 years | -2.2% | ¥292298000000 | 6.7% | 2 |
| TACT HOME CO | 5 years | +8.0% | ¥220741000000 | 7.4% | 2 |
| TOUEI HOME CORPORATION | 5 years | +3.8% | ¥212121000000 | 8.5% | 2 |
| ID HOME CO | 5 years | -9.8% | ¥63675000000 | 4.2% | 2 |
| Other | 5 years | +26.2% | ¥33741000000 | -27.5% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,508,864 | 100.0% | S100YID4 |
| Cost of revenue | 1,240,311 | 82.2% | S100YID4 |
| Gross profit | 268,552 | 17.8% | S100YID4 |
| SG&A | 173,002 | 11.5% | S100YID4 |
| Operating income | 94,444 | 6.3% | S100YID4 |
| Pretax income | 89,943 | 6.0% | S100YID4 |
| Income tax | 28,322 | 1.9% | S100YID4 |
| Net income | 61,621 | 4.1% | S100YID4 |
| Net income attributable to owners | 63,315 | 4.2% | S100YID4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 12 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 17.8% → Operating margin 6.3% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.4%; Core profit growth: +17.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.16×
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 | 1,459,639 | 1,508,864 | 49,225 | +3.4% |
| Gross profit | 232,377 | 268,552 | 36,175 | +15.6% |
| Operating income | 80,452 | 94,444 | 13,992 | +17.4% |
| Net income attributable to owners | 50,697 | 63,315 | 12,618 | +24.9% |
| Operating cash flow | 92,252 | -97,485 | -189,737 | -205.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 1,232,476 | — | — | 76,741 | -29,616 | — | S100M6Z3 |
| FY ending Mar 2018 | 1,335,386 | — | — | 69,542 | 17,599 | — | S100OKIV |
| FY ending Mar 2019 | 1,344,987 | — | — | 65,469 | 46,578 | — | S100R65V |
| FY ending Mar 2020 | 1,402,019 | 83,513 | 6.0% | 53,752 | 17,392 | -2,946 | S100M6Z3 |
| FY ending Mar 2021 | 1,456,199 | 121,263 | 8.3% | 83,316 | 322,982 | 316,047 | S100OKIV |
| FY ending Mar 2022 | 1,386,991 | 153,306 | 11.1% | 103,381 | 3,115 | -11,982 | S100R65V |
| FY ending Mar 2023 | 1,439,765 | 102,332 | 7.1% | 75,596 | -56,997 | -93,607 | S100TT36 |
| FY ending Mar 2024 | 1,439,180 | 59,174 | 4.1% | 37,204 | -16,449 | — | S100W7EN |
| FY ending Mar 2025 | 1,459,639 | 80,452 | 5.5% | 50,697 | 92,252 | — | S100YID4 |
| FY ending Mar 2026 | 1,508,864 | 94,444 | 6.3% | 63,315 | -97,485 | — | S100YID4 |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥106.1M |
| Operating income per employee (consolidated) | ¥6.6M |
| Net income per employee (consolidated) | ¥4.5M |

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) | 12,815 | 13,036 | 13,366 | 13,748 | 14,217 |
| Average salary (parent company) | ¥7.8M | ¥8M | ¥7.7M | ¥7.6M | ¥7.7M |
| Average age (parent company) | 42.6 years | 44.6 years | 45.0 years | 44.6 years | 44.2 years |
| Average tenure (parent company) | 3.2 years | 3.7 years | 4.1 years | 4.5 years | 4.9 years |

Year over year: Employees (consolidated) +3.4% · Revenue (consolidated) +3.4%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| HAJIME CONSTRUCTION | 392,324 | 26.0% | 29,731 | 7.6% |
| Iida Sangyo CONSTRUCTION | 293,962 | 19.5% | 23,830 | 8.1% |
| TOUEI HOME CORPORATION | 212,121 | 14.1% | 18,016 | 8.5% |
| TACT HOME CO | 220,741 | 14.6% | 16,261 | 7.4% |
| ARNEST ONE CORPORATION | 292,298 | 19.4% | 19,576 | 6.7% |
| ID HOME CO | 63,675 | 4.2% | 2,697 | 4.2% |
| Other | 33,741 | 2.2% | -9,281 | -27.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| HAJIME CONSTRUCTION | 26.0% | 27.0% | 1.0 | 7.6% |
| Iida Sangyo CONSTRUCTION | 19.5% | 21.6% | 2.2 | 8.1% |
| TOUEI HOME CORPORATION | 14.1% | 16.4% | 2.3 | 8.5% |
| TACT HOME CO | 14.6% | 14.8% | 0.1 | 7.4% |
| ARNEST ONE CORPORATION | 19.4% | 17.8% | -1.6 | 6.7% |
| ID HOME CO | 4.2% | 2.4% | -1.8 | 4.2% |
| Other | 2.2% | — | — | -27.5% |

Loss-making segment (excluded from profit shares): Other -9,281 JPY mn

Segment → industry: ID HOME CO → Homebuilders / ARNEST ONE CORPORATION → Homebuilders / TACT HOME CO → Homebuilders / TOUEI HOME CORPORATION → Homebuilders / Iida Sangyo CONSTRUCTION → Homebuilders / HAJIME CONSTRUCTION → Homebuilders

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -97,485 | -6.5% | S100YID4 |
| Investing cash flow | -59,780 | -4.0% | S100YID4 |
| Financing cash flow | 72,388 | 4.8% | S100YID4 |
| Dividends paid | 27,632 | 1.8% | S100YID4 |
| Share buyback | 0 | 0.0% | S100YID4 |
| Change in cash | -84,932 | -5.6% | S100YID4 |
| Cash and equivalents | 390,743 | 25.9% | S100YID4 |

## 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 | 559,461 | 439,889 | 433,097 | 475,675 | 390,743 | S100TT36, S100W7EN, S100YID4 |
| Total assets | 1,708,668 | 1,765,618 | 1,811,179 | 1,853,830 | 2,008,739 | S100R65V, S100TT36, S100W7EN, S100YID4 |
| Net assets | 935,831 | 967,732 | 972,279 | 981,986 | 1,021,560 | S100TT36, S100W7EN, S100YID4 |
| Share capital | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | S100R65V, S100TT36, S100W7EN, S100YID4 |
| Property, plant and equipment | 141,627 | 127,861 | 126,067 | 130,598 | 136,513 | S100R65V, S100TT36, S100W7EN, S100YID4 |
| Goodwill | 210,840 | 214,295 | 214,832 | 215,952 | 225,159 | S100R65V, S100TT36, S100W7EN, S100YID4 |
| Current assets | 1,262,662 | 1,270,870 | 1,298,552 | 1,342,622 | 1,463,311 | S100R65V, S100TT36, S100W7EN, S100YID4 |
| Total liabilities | 772,837 | 797,886 | 838,899 | 871,844 | 987,179 | S100R65V, S100TT36, S100W7EN, S100YID4 |
| Equity attributable to owners of parent | 932,525 | 967,318 | 971,818 | 981,488 | 1,020,964 | S100R65V, S100TT36, S100W7EN, S100YID4 |
| Retained earnings | 523,545 | 572,897 | 585,230 | 605,464 | 641,017 | S100R65V, S100TT36, S100W7EN, S100YID4 |
| Treasury stock | -13,207 | -13,506 | -1 | -9,182 | -9,182 | S100R65V, S100TT36, S100W7EN, S100YID4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YID4 |
| Property, plant and equipment | 7% | S100YID4 |
| Intangibles and goodwill | 11% | — |
| Other assets | 63% | S100YID4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 49% | S100YID4 |
| Equity | 51% | S100YID4 |

### 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 | 1,708,668 | 1,765,618 | 1,811,179 | 1,853,830 | 2,008,739 |
| Equity | 935,831 | 967,732 | 972,279 | 981,986 | 1,021,560 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 559,461 | 439,889 | 433,097 | 475,675 | 390,743 |

## 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) | 9.0% | S100YID4 |
| Fixed assets ÷ total assets | 6.8% | S100YID4 |
| Goodwill ÷ parent equity | 22.1% | S100YID4 |

Goodwill over 4 years: 210,840 → 225,159 JPY; total investing cash flow: -180,160 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) | 19.5% |
| Cash ÷ revenue | 25.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -103.2% |
| Cash vs. profit gap | -160,800 JPY mn (of net income -254.0%) |
| Shareholder returns / net income | 43.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 43.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| 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 | 7.5% | 0.81× | 6.1% | 1.83× | 11.1% | S100R65V |
| 2023 | 5.3% | 0.83× | 4.4% | 1.83× | 8.0% | S100TT36 |
| 2024 | 2.6% | 0.80× | 2.1% | 1.84× | 3.8% | S100W7EN |
| 2025 | 3.5% | 0.80× | 2.8% | 1.88× | 5.2% | S100YID4 |
| 2026 | 4.2% | 0.78× | 3.3% | 1.93× | 6.3% | S100YID4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 飯田興産株式会社 | Major shareholder | 19.2% | 2026-03-31 |
| 西河洋一 | Major shareholder | 10.1% | 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 | 9.0% | 2026-03-31 |
| 森和彦 | Major shareholder | 6.7% | 2026-03-31 |
| 有限会社Ｋ．フォレスト | Major shareholder | 4.2% | 2026-03-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ． （ＡＶＦＣ） ＲＥ ＳＩＬＣＨＥＳＴＥＲ ＩＮＴＥＲＮＡＴＩＯＮＡＬ ＩＮＶＥＳＴＯＲＳ ＩＮＴＥＲＮＡＴＩＯＮＡＬ ＶＡＬＵＥ ＥＱＵＩＴＹ ＴＲＵＳＴ （常任代理人 香港上海銀行東京支店） | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.3% | 2026-03-31 |
| 飯田和美 | Major shareholder | 3.0% | 2026-03-31 |
| 山本商事株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ Ｕ．Ｓ． ＴＡＸ ＥＸＥＭＰＴＥＤ ＰＥＮＳＩＯＮ ＦＵＮＤＳ （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.3% | 2026-03-31 |

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

- Revenue in the FY ending Mar 2026 was ¥1.51T, up +3.4% from ¥1.46T.
- Profit grew much faster than sales: gross profit rose +15.6% to ¥268.6B and operating income rose +17.4% to ¥94.4B.
- Net income attributable to owners increased +24.9% to ¥63.3B.
- Operating cash flow swung from ¥92.3B to -¥97.5B.

### Drivers

- Fewer new homes on the market kept supply and demand tight, which made it easier to protect prices and lifted the gross margin
- The company chose profit over volume and started the year with slightly thin inventory, so it sold fewer detached homes than the year before
- More high-margin renovation work, plus growth in its U.S. housing business and investment property including rental houses, also added to sales and profit
- The negative operating cash flow mainly reflects a build-up of land and homes held for sale

### Risks

- Rising mortgage rates and high home prices could weaken buyers' willingness to purchase
- Higher costs for materials, labor and logistics could squeeze profit if they cannot be passed on to prices
- A sharp drop in the property market could force write-downs on its large inventory

Cited: Annual Securities Report (13th term) (Management's discussion and analysis); Annual Securities Report (13th term) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2025/04/01－2026/03/31) | S100YID4 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YID4,, |
| 有価証券報告書－第12期(2024/04/01－2025/03/31) | S100W7EN | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7EN,, |
| 有価証券報告書－第11期(2023/04/01－2024/03/31) | S100TT36 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT36,, |
| 有価証券報告書－第10期(2022/04/01－2023/03/31) | S100R65V | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R65V,, |
| 訂正有価証券報告書－第9期(令和3年4月1日－令和4年3月31日) | S100OKIV | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKIV,, |
| 訂正有価証券報告書－第8期(令和2年4月1日－令和3年3月31日) | S100M6Z3 | 2021-08-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M6Z3,, |

## 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).