# INTRANCE 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 (S100YGR8)
> Page: https://vizora.meequs.com/en/company/intrance
> Retrieved: 2026-09-30T20:25:24.830Z

## Company

Intrance, founded in 1998, is a company in Real Estate Development & Leasing listed on TSE Growth. It has 48 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | INTRANCE CO.,LTD. |
| Ticker | 3237 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3237.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区道玄坂一丁目16番5号 |
| Representative (per filing) | 代表取締役社長 何 同璽 |
| Founded | May 1998 |
| Share capital | ¥1.44B |
| Employees (consolidated) | 48 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.intrance.jp (https://www.intrance.jp/) |
| Corporate number | 5011001030534 |
| EDINET | E05651 |
| Industries (Vizora) | Real Estate Development & Leasing, Hotels & Inns |

> Profile source: annual securities report (S100YGR8, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Hotels & Inns (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 2.9 | 17 |
| Efficiency | 44.1 | 17 |

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 65% of Intrance's sales come from Hotel operating business, with Real estate business and Other making up much of the rest.
- It lost about ¥39 for every ¥100 of sales at the operating level.
- Revenue changed +30.1% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.07B |  |
| Operating income | -¥417.1M | Margin -38.8% |
| Net income | -¥501.4M | Margin -46.7% |
| Free cash flow | — |  |
| Largest business | Hotel operating business | of segment revenue 64.7% |
| Employees (consolidated) | 48 |  |
| EPS | ¥-10.85 |  |
| Book value per share | ¥4.12 |  |
| Equity ratio | 9.4% |  |
| Shares outstanding | 46,552,784 |  |
| Treasury shares | 60,400 |  |
| Shareholders | 19,125 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 70.1% | Cash ÷ revenue 140.2% |
| Vs. industry median margin | -49.5 pp | Hotels & Inns |
| ROA | -31.3% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 0.5× its level five years ago
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 65 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1175952000 | ¥1073740000 | -8.7% |
| Operating income | ¥-775819000 | ¥-417123000 | — |
| Operating margin | -66.0% | -38.8% | +27.1 pp |
| Employees | 37 people | 48 people | +29.7% |
| Cash and equivalents | ¥871079000 | ¥1504881000 | +72.8% |

### 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 |
| --- | ---: |
| プリンシパルインベストメント事業 → 事業再編・廃止 | 52.5% |
| ソリューション事業 → 事業再編・廃止 | 32.1% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 15.4% |
| 新設・再編 → 不動産事業 | 35.3% |
| 新設・再編 → ホテル運営事業 | 64.7% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Hotel operating business | 4 years | +106.6% | ¥694732000 | -8.9% | 2 |
| Real estate business | 4 years | -34.9% | ¥378773000 | 10.2% | 2 |
| Other | 5 years | -73.6% | ¥234000 | -10062.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,074 | 100.0% | S100YGR8 |
| Cost of revenue | 315 | 29.4% | S100YGR8 |
| Gross profit | 758 | 70.6% | S100YGR8 |
| SG&A | 1,176 | 109.5% | S100YGR8 |
| Operating income | -417 | -38.8% | S100YGR8 |
| Ordinary income | -499 | -46.5% | S100YGR8 |
| Pretax income | -499 | -46.5% | S100YGR8 |
| Income tax | 2 | 0.2% | S100YGR8 |
| Net income | -501 | -46.7% | S100YGR8 |
| Net income attributable to owners | -501 | -46.7% | S100YGR8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 29 |
| SG&A | 110 |
| Operating income | -39 |
| (Ref.) Net income | -47 |

### Margin funnel

Gross margin 70.6% → Operating margin -38.8% → Net margin -46.7%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 825 | 1,074 | 249 | +30.1% |
| Gross profit | 637 | 758 | 121 | +19.0% |
| Operating income | -353 | -417 | -65 | — |
| Net income attributable to owners | -432 | -501 | -69 | — |
| Operating cash flow | -392 | -502 | -111 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,174 | -932 | -79.3% | -1,014 | -1,280 | -1,283 | S100LNMP |
| FY ending Mar 2021 | 1,176 | -776 | -66.0% | -993 | 485 | 449 | S100OC1M |
| FY ending Mar 2022 | 2,352 | 195 | 8.3% | 156 | 1,456 | 1,446 | S100R2SD |
| FY ending Mar 2023 | 598 | -416 | -69.6% | -493 | -587 | -644 | S100TOOV |
| FY ending Mar 2024 | 1,292 | -154 | -11.9% | -140 | 281 | 266 | S100W08J |
| FY ending Mar 2025 | 825 | -353 | -42.7% | -432 | -392 | -396 | S100YGR8 |
| FY ending Mar 2026 | 1,074 | -417 | -38.8% | -501 | -502 | — | S100YGR8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.4M |
| Operating income per employee (consolidated) | -¥8.7M |
| Net income per employee (consolidated) | -¥10.4M |

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) | 33 | 42 | 46 | 47 | 48 |
| Average salary (parent company) | ¥5.6M | ¥6M | ¥5.7M | ¥6.1M | ¥6.7M |
| Average age (parent company) | 40.2 years | 40.8 years | 40.8 years | 41.8 years | 45.7 years |
| Average tenure (parent company) | 5.0 years | 5.5 years | 5.6 years | 6.6 years | 6.2 years |

Year over year: Employees (consolidated) +2.1% · Revenue (consolidated) +30.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate business | 379 | 35.3% | 38 | 10.2% |
| Hotel operating business | 695 | 64.7% | -62 | -8.9% |
| Other | 0 | 0.0% | -24 | -10062.8% |

### 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 | 35.3% | 100.0% | 64.7 | 10.2% |
| Hotel operating business | 64.7% | — | — | -8.9% |
| Other | 0.0% | — | — | -10062.8% |

Loss-making segment (excluded from profit shares): Hotel operating business -62 JPY mn

Loss-making segment (excluded from profit shares): Other -24 JPY mn

Segment → industry: Real estate business → Real Estate Development & Leasing / Other → Hotels & Inns / Hotel operating business → Hotels & Inns

## 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 | -502 | -46.8% | S100YGR8 |
| Investing cash flow | -69 | -6.4% | S100YGR8 |
| Financing cash flow | 1,540 | 143.4% | S100YGR8 |
| Change in cash | 969 | 90.3% | S100YGR8 |
| Cash and equivalents | 1,505 | 140.2% | S100YGR8 |

## 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 | 1,234 | 452 | 890 | 536 | 1,505 | S100TOOV, S100W08J, S100YGR8 |
| Total assets | 1,863 | 1,181 | 1,158 | 1,059 | 2,147 | S100R2SD, S100TOOV, S100W08J, S100YGR8 |
| Net assets | 1,182 | 693 | 860 | 736 | 239 | S100TOOV, S100W08J, S100YGR8 |
| Share capital | 1,133 | 1,133 | 1,283 | 1,444 | 1,444 | S100R2SD, S100TOOV, S100W08J, S100YGR8 |
| Inventories | 13 | 14 | 2 | 1 | 1 | S100R2SD, S100TOOV, S100W08J, S100YGR8 |
| Property, plant and equipment | 41 | 76 | 6 | 6 | 5 | S100R2SD, S100TOOV, S100W08J, S100YGR8 |
| Intangible assets excluding goodwill | 4 | 12 | 11 | 9 | 6 | S100R2SD, S100TOOV, S100W08J, S100YGR8 |
| Current assets | 1,737 | 1,010 | 1,040 | 715 | 1,773 | S100R2SD, S100TOOV, S100W08J, S100YGR8 |
| Current liabilities | 330 | 179 | 287 | 246 | 481 | S100R2SD, S100TOOV, S100W08J, S100YGR8 |
| Long-term borrowings | 311 | 272 | 9 | 1 | — | S100R2SD, S100TOOV, S100W08J, S100YGR8 |
| Total liabilities | 681 | 488 | 298 | 324 | 1,908 | S100R2SD, S100TOOV, S100W08J, S100YGR8 |
| Equity attributable to owners of parent | 1,161 | 667 | 827 | 717 | 216 | S100R2SD, S100TOOV, S100W08J, S100YGR8 |
| Retained earnings | -873 | -1,367 | -1,507 | -1,939 | -2,440 | S100R2SD, S100TOOV, S100W08J, S100YGR8 |
| Treasury stock | -2 | -2 | -2 | -2 | -2 | S100R2SD, S100TOOV, S100W08J, S100YGR8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 70% | S100YGR8 |
| Inventories | 0% | S100YGR8 |
| Property, plant and equipment | 0% | S100YGR8 |
| Intangibles and goodwill | 0% | S100YGR8 |
| Other assets | 30% | S100YGR8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 89% | S100YGR8 |
| Equity | 11% | S100YGR8 |
| Other liabilities | 0% | S100YGR8 |

### 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 | 1,863 | 1,181 | 1,158 | 1,059 | 2,147 |
| Equity | 1,182 | 693 | 860 | 736 | 239 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,234 | 452 | 890 | 536 | 1,505 |

## 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) | 0.5% | S100YGR8 |
| Fixed assets ÷ total assets | 0.2% | S100YGR8 |
| Goodwill ÷ parent equity | — | —, S100YGR8 |

### 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) | 70.1% |
| Cash ÷ revenue | 140.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -1 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| 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 | 6.6% | 1.26× | 8.4% | 1.60× | 13.4% | S100R2SD |
| 2023 | — | —× | -32.4% | —× | — | S100TOOV |
| 2024 | — | —× | -12.0% | —× | — | S100W08J |
| 2025 | — | —× | -39.0% | —× | — | S100YGR8 |
| 2026 | — | —× | -31.3% | —× | — | S100YGR8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ディライトワークス株式会社 | Major shareholder | 14.3% | 2026-03-31 |
| SCBHK A/C GF SEC CLIENT A/C 1（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 8.3% | 2026-03-31 |
| BNP Paribas London Branch for Prime Brokerage Clearance ACC for third party（常任代理人 香港上海銀行東京支店） | Major shareholder | 3.9% | 2026-03-31 |
| WORLDTEX INVESTMENT LIMITED（常任代理人 みずほ証券株式会社） | Major shareholder | 3.4% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| INTERACTIVE BROKERS LLC（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社ファインドスターグループ | Major shareholder | 1.4% | 2026-03-31 |
| 前田 喜美子 | Major shareholder | 1.1% | 2026-03-31 |
| 祢津 聖一 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書 | S100YGR8 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGR8,, |
| 有価証券報告書－第27期(2024/04/01－2025/03/31) | S100W08J | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W08J,, |
| 有価証券報告書－第26期(2023/04/01－2024/03/31) | S100TOOV | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOOV,, |
| 有価証券報告書－第25期(2022/04/01－2023/03/31) | S100R2SD | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2SD,, |
| 有価証券報告書－第24期(令和3年4月1日－令和4年3月31日) | S100OC1M | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OC1M,, |
| 有価証券報告書－第23期(令和2年4月1日－令和3年3月31日) | S100LNMP | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNMP,, |

## 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).