# Innovation 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20期(2025/04/01－2026/03/31) (S100YCOY)
> Page: https://vizora.meequs.com/en/company/innovation-holdings
> Retrieved: 2026-09-30T20:33:30.938Z

## Company

Innovation Holdings, founded in 2007, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 196 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Innovation Holdings CO.,LTD. |
| Ticker | 3484 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3484.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区新宿四丁目1番6号 JR新宿ミライナタワー11階 |
| Representative (per filing) | 代表取締役社長 原 康雄 |
| Founded | Nov 2007 |
| Share capital | ¥308.4M |
| Employees (consolidated) | 196 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.ihd.co.jp (https://www.ihd.co.jp/) |
| Corporate number | 7011101062525 |
| EDINET | E33435 |
| Industries (Vizora) | Real Estate Development & Leasing |

> Profile source: annual securities report (S100YCOY, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 47.1 | 86 |
| Cash conversion | 62.8 | 82 |
| Efficiency | 84.3 | 86 |

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 89% of Innovation Holdings's sales come from Store sublease business, with Real estate trading business making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +20.1% from the prior year, operating profit +50.5%.

## Company structure

- Segment revenue mix: Store sublease business 89.0%、Real estate trading business 11.0%
- Revenue → net income: ¥20012419000 → ¥1371300000
- Net income → operating cash flow: ¥1371300000 → ¥2023670000（difference ¥652370000）
- Main uses of operating cash flow: CapEx ¥657732000 / dividends ¥469664000 / buybacks ¥1000
- Change in cash: ¥1506995000
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 | ¥20B |  |
| Operating income | ¥2.04B | Margin 10.2% |
| Net income | ¥1.36B | Margin 6.8% |
| Free cash flow | ¥1.37B |  |
| Largest business | Store sublease business | of segment revenue 89.0% |
| Employees (consolidated) | 196 |  |
| EPS | ¥19.9 |  |
| Book value per share | ¥201.4 |  |
| Equity ratio | 26.5% |  |
| Shares outstanding | 17,674,400 |  |
| Treasury shares | 863,800 |  |
| Shareholders | 12,788 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 31.0% | Cash ÷ revenue 28.9% |
| Vs. industry median margin | -0.3 pp | Real Estate Development & Leasing |
| ROE | 30.3% | Derived from disclosed figures |
| ROA | 7.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 76% of positive segment profit
- FY2026, cash is 31% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10342680000 | ¥20012419000 | — |
| Operating income | ¥731819000 | ¥2041322000 | — |
| Operating margin | 7.1% | 10.2% | +3.1 pp |
| Employees | 74 people | 196 people | — |
| Cash and equivalents | ¥2908850000 | ¥5790921000 | — |

### 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 |
| --- | ---: |
| 店舗転貸借事業 → 店舗転貸借事業 | 89.0% |
| 店舗転貸借事業 → 事業再編・廃止 | 3.6% |
| 不動産売買事業 → 不動産売買事業 | 7.5% |
| 新設・再編 → 不動産売買事業 | 3.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,012 | 100.0% | S100YCOY |
| Cost of revenue | 15,352 | 76.7% | S100YCOY |
| Gross profit | 4,661 | 23.3% | S100YCOY |
| SG&A | 2,620 | 13.1% | S100YCOY |
| Operating income | 2,041 | 10.2% | S100YCOY |
| Ordinary income | 2,264 | 11.3% | S100YCOY |
| Pretax income | 2,262 | 11.3% | S100YCOY |
| Income tax | 891 | 4.5% | S100YCOY |
| Net income | 1,371 | 6.9% | S100YCOY |
| Net income attributable to owners | 1,356 | 6.8% | S100YCOY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 13 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 23.3% → Operating margin 10.2% → Net margin 6.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.1%; Core profit growth: +50.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.51×
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 | 16,659 | 20,012 | 3,353 | +20.1% |
| Gross profit | 3,238 | 4,661 | 1,423 | +44.0% |
| Operating income | 1,356 | 2,041 | 685 | +50.5% |
| Net income attributable to owners | 1,029 | 1,356 | 327 | +31.7% |
| Operating cash flow | 1,020 | 2,024 | 1,004 | +98.5% |
| Free cash flow | 1,006 | 1,366 | 360 | +35.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,985 | 785 | 7.9% | 564 | 923 | 867 | S100LJIB |
| FY ending Mar 2021 | 10,343 | 732 | 7.1% | 576 | 666 | 536 | S100O9A8 |
| FY ending Mar 2022 | 11,415 | 910 | 8.0% | 662 | 1,124 | 864 | S100O9A8 |
| FY ending Mar 2023 | 13,070 | 1,212 | 9.3% | 886 | 1,074 | 1,062 | S100TNEF |
| FY ending Mar 2024 | 14,264 | 974 | 6.8% | 666 | 455 | 382 | S100VZMQ |
| FY ending Mar 2025 | 16,659 | 1,356 | 8.1% | 1,029 | 1,020 | 1,006 | S100YCOY |
| FY ending Mar 2026 | 20,012 | 2,041 | 10.2% | 1,356 | 2,024 | 1,366 | S100YCOY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥102.1M |
| Operating income per employee (consolidated) | ¥10.4M |
| Net income per employee (consolidated) | ¥6.9M |

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) | 83 | 84 | 113 | 144 | 196 |
| Average salary (parent company) | ¥6.2M | ¥7.2M | ¥6.7M | ¥6M | ¥6.6M |
| Average age (parent company) | 38.3 years | 38.4 years | 37.6 years | 39.1 years | 38.1 years |
| Average tenure (parent company) | 5.3 years | 5.3 years | 4.3 years | 5.4 years | 5.2 years |

Year over year: Employees (consolidated) +36.1% · Revenue (consolidated) +20.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Store sublease business | 17,803 | 89.0% | 1,548 | 8.7% |
| Real estate trading business | 2,209 | 11.0% | 493 | 22.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Store sublease business | 89.0% | 75.9% | -13.1 | 8.7% |
| Real estate trading business | 11.0% | 24.1% | 13.1 | 22.3% |

Segment → industry: Real estate trading business → Real Estate Development & Leasing / Store sublease business → Real Estate Development & Leasing

## 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 | 2,024 | 10.1% | S100YCOY |
| Capital expenditure | 658 | 3.3% | S100YCOY |
| Free cash flow | 1,366 | 6.8% | 算出 |
| Investing cash flow | -537 | -2.7% | S100YCOY |
| Financing cash flow | 20 | 0.1% | S100YCOY |
| Dividends paid | 470 | 2.3% | S100YCOY |
| Share buyback | 0 | 0.0% | S100YCOY |
| Change in cash | 1,507 | 7.5% | S100YCOY |
| Cash and equivalents | 5,791 | 28.9% | S100YCOY |

## 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 | 3,468 | 3,501 | 3,331 | 4,284 | 5,791 | S100O9A8, S100VZMQ, S100YCOY |
| Total assets | 11,898 | 12,882 | 13,697 | 15,652 | 18,664 | S100O9A8, S100TNEF, S100VZMQ, S100YCOY |
| Net assets | 3,328 | 3,195 | 3,324 | 4,017 | 4,963 | S100O9A8, S100VZMQ, S100YCOY |
| Share capital | 308 | 308 | 308 | 308 | 308 | S100O9A8, S100TNEF, S100VZMQ, S100YCOY |
| Property, plant and equipment | 697 | 667 | 677 | 412 | 1,027 | S100O9A8, S100TNEF, S100VZMQ, S100YCOY |
| Intangible assets excluding goodwill | 31 | 42 | 31 | 36 | 33 | S100O9A8, S100TNEF, S100VZMQ, S100YCOY |
| Current assets | 4,859 | 5,128 | 5,480 | 7,042 | 8,633 | S100O9A8, S100TNEF, S100VZMQ, S100YCOY |
| Current liabilities | 1,923 | 2,313 | 2,392 | 3,042 | 3,990 | S100O9A8, S100TNEF, S100VZMQ, S100YCOY |
| Long-term borrowings | — | — | — | 103 | 529 | S100YCOY |
| Total liabilities | 8,570 | 9,687 | 10,373 | 11,636 | 13,701 | S100O9A8, S100TNEF, S100VZMQ, S100YCOY |
| Non-controlling interests | — | — | 5 | 4 | 19 | S100VZMQ, S100YCOY |
| Equity attributable to owners of parent | 3,328 | 3,195 | 3,317 | 4,010 | 4,942 | S100O9A8, S100TNEF, S100VZMQ, S100YCOY |
| Retained earnings | 2,480 | 3,154 | 3,547 | 4,241 | 5,127 | S100O9A8, S100TNEF, S100VZMQ, S100YCOY |
| Treasury stock | -0 | -807 | -1,079 | -1,079 | -1,035 | S100O9A8, S100TNEF, S100VZMQ, S100YCOY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YCOY |
| Property, plant and equipment | 6% | S100YCOY |
| Intangibles and goodwill | 0% | S100YCOY |
| Other assets | 63% | S100YCOY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 73% | S100YCOY |
| Equity | 27% | S100YCOY |

### 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 | 11,898 | 12,882 | 13,697 | 15,652 | 18,664 |
| Equity | 3,328 | 3,195 | 3,324 | 4,017 | 4,963 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,468 | 3,501 | 3,331 | 4,284 | 5,791 |

## 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) | 5.1% | S100YCOY |
| Fixed assets ÷ total assets | 5.5% | S100YCOY |
| Goodwill ÷ parent equity | — | —, S100YCOY |

### 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) | 31.0% |
| Cash ÷ revenue | 28.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 99.1% |
| Cash vs. profit gap | 668 JPY mn (of net income 49.3%) |
| Shareholder returns / net income | 34.6% |
| Shareholder returns / FCF | 34.4% |
| Shareholder payments — dividends / net income | 34.6% |
| Shareholder payments — dividends / FCF | 34.4% |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 26.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 5.8% | 0.96× | 5.6% | 3.58× | 19.9% | S100O9A8 |
| 2023 | 6.8% | 1.01× | 6.9% | 4.03× | 27.7% | S100TNEF |
| 2024 | 4.7% | 1.07× | 5.0% | 4.08× | 20.5% | S100VZMQ |
| 2025 | 6.2% | 1.14× | 7.0% | 4.01× | 28.1% | S100YCOY |
| 2026 | 6.8% | 1.17× | 7.9% | 3.83× | 30.3% | S100YCOY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社クロップス | Major shareholder | 59.7% | 2026-03-31 |
| UNION BANCAIRE PRIVEE （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 4.7% | 2026-03-31 |
| 志村 洋平 | Major shareholder | 1.5% | 2026-03-31 |
| 原 康雄 | Major shareholder | 0.6% | 2026-03-31 |
| イノベーションホールディングス従業員持株会 | Major shareholder | 0.5% | 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 | 0.3% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG （FE-AC） （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.2% | 2026-03-31 |
| 守山 雄順 | Major shareholder | 0.2% | 2026-03-31 |
| 間宮 健太郎 | Major shareholder | 0.2% | 2026-03-31 |
| 近藤 裕二 | Major shareholder | 0.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/04/01－2026/03/31) | S100YCOY | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCOY,, |
| 有価証券報告書－第19期(2024/04/01－2025/03/31) | S100VZMQ | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZMQ,, |
| 有価証券報告書－第18期(2023/04/01－2024/03/31) | S100TNEF | 2024-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNEF,, |
| 有価証券報告書－第17期(2022/04/01－2023/03/31) | S100QY33 | 2023-06-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QY33,, |
| 有価証券報告書－第16期(令和3年4月1日－令和4年3月31日) | S100O9A8 | 2022-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9A8,, |
| 有価証券報告書－第15期(令和2年4月1日－令和3年3月31日) | S100LJIB | 2021-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJIB,, |

## 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).