# INTELLEX HOLDINGS Co.,Ltd.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第1期(2025/12/01－2026/05/31) (S100YYT8)
> Page: https://vizora.meequs.com/en/company/intellex-holdings
> Retrieved: 2026-09-30T21:38:26.227Z

## Company

Intellex Holdings, founded in 2025, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 318 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | INTELLEX HOLDINGS Co.,Ltd. |
| Ticker | 463A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/463A.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区桜丘町3番2号 |
| Representative (per filing) | 代表取締役社長 俊成 誠司 |
| Founded | Dec 2025 |
| Share capital | ¥1.05B |
| Employees (consolidated) | 318 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | May |
| Website | www.intellex-hd.co.jp (https://www.intellex-hd.co.jp/) |
| Corporate number | 5011001174216 |
| EDINET | E40879 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management, Condominium Developers |

> Profile source: annual securities report (S100YYT8, filed 2026-08-26). As of filing

## Five-axis industry profile

Primary industry: Condominium Developers (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 30 | 25 |
| Cash conversion | 14 | 25 |
| Efficiency | 70 | 25 |
| Financial strength | 10.7 | 14 |

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 74% of Intellex Holdings's sales come from Renovation business field, with Solution business field making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥58.5B |  |
| Operating income | ¥3.02B | Margin 5.2% |
| Net income | ¥1.68B | Margin 2.9% |
| Free cash flow | -¥9.65B |  |
| Largest business | Renovation business field | of segment revenue 73.9% |
| Employees (consolidated) | 318 |  |
| EPS | ¥196.64 |  |
| Book value per share | ¥1449.45 |  |
| Equity ratio | 25.6% |  |
| Shares outstanding | 10,182,100 |  |
| Treasury shares | 208,600 |  |
| Shareholders | 5,811 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 8.3% | Net cash -¥33.8B · Cash ÷ revenue 9.2% |
| Vs. industry median margin | -3.8 pp | Real Estate Brokerage & Management |
| ROE | 10.2% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -26 points

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 58,471 | 100.0% | S100YYT8 |
| Cost of revenue | 49,154 | 84.1% | S100YYT8 |
| Gross profit | 9,317 | 15.9% | S100YYT8 |
| SG&A | 6,294 | 10.8% | S100YYT8 |
| Operating income | 3,024 | 5.2% | S100YYT8 |
| Ordinary income | 2,346 | 4.0% | S100YYT8 |
| Pretax income | 2,417 | 4.1% | S100YYT8 |
| Income tax | 745 | 1.3% | S100YYT8 |
| Net income | 1,672 | 2.9% | S100YYT8 |
| Net income attributable to owners | 1,676 | 2.9% | S100YYT8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 11 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 15.9% → Operating margin 5.2% → Net margin 2.9%
Derived from reported figures (DERIVED).

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥183.9M |
| Operating income per employee (consolidated) | ¥9.5M |
| Net income per employee (consolidated) | ¥5.3M |

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

| History | FY ending May 2026 |
| --- | ---: |
| Employees (consolidated) | 318 |
| Average salary (parent company) | ¥8M |
| Average age (parent company) | 39.4 years |
| Average tenure (parent company) | 9.2 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Renovation business field | 43,209 | 73.9% | 1,914 | 4.4% |
| Solution business field | 15,263 | 26.1% | 2,098 | 13.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Renovation business field | 73.9% | 47.7% | -26.2 | 4.4% |
| Solution business field | 26.1% | 52.3% | 26.2 | 13.7% |

Segment → industry: Solution business field → Real Estate Development & Leasing / Renovation business field → Real Estate Brokerage & Management / Renovation business field → Condominium Developers

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -6,628 | -11.3% | S100YYT8 |
| Capital expenditure | 3,020 | 5.2% | S100YYT8 |
| Free cash flow | -9,648 | -16.5% | 算出 |
| Investing cash flow | -3,353 | -5.7% | S100YYT8 |
| Financing cash flow | 10,113 | 17.3% | S100YYT8 |
| Dividends paid | 421 | 0.7% | S100YYT8 |
| Change in cash | 132 | 0.2% | S100YYT8 |
| Cash and equivalents | 5,376 | 9.2% | S100YYT8 |

## 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 May 2026 | Source |
| --- | ---: | ---: |
| Cash and equivalents | 5,376 | S100YYT8 |
| Total assets | 64,443 | S100YYT8 |
| Net assets | 16,801 | S100YYT8 |
| Share capital | 1,046 | S100YYT8 |
| Property, plant and equipment | 15,887 | S100YYT8 |
| Intangible assets excluding goodwill | 47 | S100YYT8 |
| Investment securities | 1,651 | S100YYT8 |
| Current assets | 45,731 | S100YYT8 |
| Current liabilities | 28,984 | S100YYT8 |
| Short-term borrowings | 21,073 | S100YYT8 |
| Long-term borrowings | 17,477 | S100YYT8 |
| Bonds | 646 | S100YYT8 |
| Interest-bearing debt | 39,196 | 算出 |
| Total liabilities | 47,641 | S100YYT8 |
| Non-controlling interests | 274 | S100YYT8 |
| Equity attributable to owners of parent | 16,460 | S100YYT8 |
| Retained earnings | 10,330 | S100YYT8 |
| Treasury stock | -194 | S100YYT8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YYT8 |
| Property, plant and equipment | 25% | S100YYT8 |
| Intangibles and goodwill | 0% | S100YYT8 |
| Investment securities | 3% | S100YYT8 |
| Other assets | 64% | S100YYT8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 61% | 算出 |
| Other liabilities | 13% | S100YYT8 |
| Equity | 26% | S100YYT8 |
| Other liabilities | 0% | S100YYT8 |

## 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) | 27.2% | S100YYT8 |
| Fixed assets ÷ total assets | 24.7% | S100YYT8 |
| Goodwill ÷ parent equity | — | —, S100YYT8 |

### 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) | 8.3% |
| Cash ÷ revenue | 9.2% |
| Net cash (cash − interest-bearing debt) | -¥33.8B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -219.2% |
| Cash vs. profit gap | -8,304 JPY mn (of net income -495.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 25.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.2% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2026 | 2.9% | 0.91× | 2.6% | 3.91× | 10.2% | S100YYT8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社イーアライアンス | Major shareholder | 36.9% | 2026-05-31 |
| 全国保証株式会社 | Major shareholder | 20.5% | 2026-05-31 |
| インテリックス従業員持株会 | Major shareholder | 2.1% | 2026-05-31 |
| AGキャピタル株式会社 | Major shareholder | 1.4% | 2026-05-31 |
| 鈴木 智博 | Major shareholder | 1.1% | 2026-05-31 |
| 上田八木短資株式会社 | Major shareholder | 1.0% | 2026-05-31 |
| 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） | Major shareholder | 0.8% | 2026-05-31 |
| 内藤 征吾 | Major shareholder | 0.7% | 2026-05-31 |
| 宇藤 秀樹 | Major shareholder | 0.6% | 2026-05-31 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ ＭＥＬＬＯＮ １４００４２ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.6% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第1期(2025/12/01－2026/05/31) | S100YYT8 | 2026-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYT8,, |

## 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).