# Japan PropTech Co.,Ltd.: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第31期(2024/07/01－2025/06/30) (S100WQPM)
> Page: https://vizora.meequs.com/en/company/japan-proptech
> Retrieved: 2026-09-30T21:01:52.128Z

## Company

Japan PropTech, founded in 1994, is a company in Software & SaaS listed on TSE Growth. It has 306 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Japan PropTech Co.,Ltd. |
| Ticker | 4054 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4054.T) |
| Listing | TSE Growth |
| Head office | 宮崎県都城市上町13街区18号 |
| Representative (per filing) | 代表取締役社長 辻村 都雄 |
| Founded | Aug 1994 |
| Share capital | ¥730.1M |
| Employees (consolidated) | 306 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | June |
| Corporate number | 8350001008198 |
| EDINET | E35821 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100WQPM, filed 2025-09-24). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 72.8 | 145 |
| Cash conversion | 27.7 | 128 |
| Efficiency | 52.1 | 145 |

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)

- Japan PropTech brought in ¥5.08B in revenue.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +14.4% from the prior year, operating profit +41.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥5075325000 → ¥628088000
- Net income → operating cash flow: ¥628088000 → ¥811131000（difference ¥183043000）
- Main uses of operating cash flow: CapEx ¥801132000 / dividends ¥70656000 / buybacks ¥121955000
- Change in cash: ¥-208605000
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 | ¥5.08B |  |
| Operating income | ¥1B | Margin 19.8% |
| Net income | ¥628.1M | Margin 12.4% |
| Free cash flow | ¥10M |  |
| Employees (consolidated) | 306 |  |
| EPS | ¥47.02 |  |
| Diluted EPS | ¥46.54 |  |
| Book value per share | ¥280.46 |  |
| Equity ratio | 68.2% |  |
| Shares outstanding | 14,360,440 |  |
| Treasury shares | 448,500 |  |
| Shareholders | 3,316 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 10.1% | Cash ÷ revenue 11.4% |
| Vs. industry median margin | +7.3 pp | Software & SaaS |
| ROE | 17.1% | Derived from disclosed figures |
| ROA | 11.1% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.7× dividends
- FY2025, employees -2% while operating income rose 42%

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2375552000 | ¥5075325000 | — |
| Operating income | ¥524801000 | ¥1004019000 | — |
| Operating margin | 22.1% | 19.8% | -2.3 pp |
| Employees | 216 people | 306 people | — |
| Cash and equivalents | ¥1234608000 | ¥578840000 | — |

### Change in segment revenue mix

Span: FY ending Jun 2020 → FY ending Jun 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Jun 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,075 | 100.0% | S100WQPM |
| Cost of revenue | 1,548 | 30.5% | S100WQPM |
| Gross profit | 3,527 | 69.5% | S100WQPM |
| SG&A | 2,523 | 49.7% | S100WQPM |
| Operating income | 1,004 | 19.8% | S100WQPM |
| Ordinary income | 1,003 | 19.8% | S100WQPM |
| Pretax income | 997 | 19.7% | S100WQPM |
| Income tax | 369 | 7.3% | S100WQPM |
| Net income | 628 | 12.4% | S100WQPM |
| Net income attributable to owners | 628 | 12.4% | S100WQPM |

## Per ¥100 of revenue（FY ending Jun 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 30 |
| SG&A | 50 |
| Operating income | 20 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 69.5% → Operating margin 19.8% → Net margin 12.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.4%; Core profit growth: +41.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.88×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2024 → FY ending Jun 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,437 | 5,075 | 638 | +14.4% |
| Gross profit | 2,907 | 3,527 | 620 | +21.3% |
| Operating income | 710 | 1,004 | 295 | +41.5% |
| Net income attributable to owners | 429 | 628 | 199 | +46.4% |
| Operating cash flow | 641 | 811 | 170 | +26.6% |
| Free cash flow | 131 | 10 | -121 | -92.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 2,148 | 310 | 14.4% | 234 | 427 | 395 | S100JRLF |
| FY ending Jun 2020 | 2,376 | 525 | 22.1% | 368 | 489 | 414 | S100MI4T |
| FY ending Jun 2021 | 2,618 | 586 | 22.4% | 415 | 556 | 311 | S100MI4T |
| FY ending Jun 2022 | 3,054 | 501 | 16.4% | 283 | 342 | 29 | S100RWWD |
| FY ending Jun 2023 | 3,770 | 330 | 8.7% | 185 | 279 | -33 | S100UH5C |
| FY ending Jun 2024 | 4,437 | 710 | 16.0% | 429 | 641 | 131 | S100WQPM |
| FY ending Jun 2025 | 5,075 | 1,004 | 19.8% | 628 | 811 | 10 | S100WQPM |

## People and productivity（FY ending Jun 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.6M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥2.1M |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 242 | 306 | 307 | 313 | 306 |
| Average salary (parent company) | ¥4.6M | ¥4.8M | ¥4.8M | ¥5.1M | ¥5.3M |
| Average age (parent company) | 36.1 years | 34.6 years | 35.1 years | 36.3 years | 35.5 years |
| Average tenure (parent company) | 6.6 years | 5.9 years | 6.7 years | 7.2 years | 6.4 years |

Year over year: Employees (consolidated) -2.2% · Revenue (consolidated) +14.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 811 | 16.0% | S100WQPM |
| Capital expenditure | 801 | 15.8% | S100WQPM |
| Free cash flow | 10 | 0.2% | 算出 |
| Investing cash flow | -960 | -18.9% | S100WQPM |
| Financing cash flow | -60 | -1.2% | S100WQPM |
| Dividends paid | 71 | 1.4% | S100WQPM |
| Share buyback | 122 | 2.4% | S100WQPM |
| Change in cash | -209 | -4.1% | S100WQPM |
| Cash and equivalents | 579 | 11.4% | S100WQPM |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,817 | 1,190 | 955 | 787 | 579 | S100MI4T, S100UH5C, S100WQPM |
| Total assets | 4,324 | 5,364 | 5,110 | 5,570 | 5,721 | S100MI4T, S100RWWD, S100UH5C, S100WQPM |
| Net assets | 2,983 | 3,140 | 3,122 | 3,466 | 3,902 | S100MI4T, S100UH5C, S100WQPM |
| Share capital | 719 | 723 | 728 | 730 | 730 | S100MI4T, S100RWWD, S100UH5C, S100WQPM |
| Property, plant and equipment | 421 | 461 | 489 | 508 | 518 | S100MI4T, S100RWWD, S100UH5C, S100WQPM |
| Intangible assets excluding goodwill | 257 | 2,392 | 2,337 | 2,397 | 2,835 | S100MI4T, S100RWWD, S100UH5C, S100WQPM |
| Goodwill | — | 805 | 724 | 644 | 543 | S100RWWD, S100UH5C, S100WQPM |
| Investment securities | 34 | 19 | 16 | 16 | 25 | S100MI4T, S100RWWD, S100UH5C, S100WQPM |
| Current assets | 3,414 | 1,964 | 1,828 | 2,100 | 1,733 | S100MI4T, S100RWWD, S100UH5C, S100WQPM |
| Current liabilities | 1,334 | 1,565 | 1,634 | 1,767 | 1,544 | S100MI4T, S100RWWD, S100UH5C, S100WQPM |
| Long-term borrowings | — | 218 | 30 | — | — | S100RWWD, S100UH5C |
| Total liabilities | 1,340 | 2,224 | 1,988 | 2,103 | 1,819 | S100MI4T, S100RWWD, S100UH5C, S100WQPM |
| Equity attributable to owners of parent | 2,983 | 3,140 | 3,122 | 3,465 | 3,901 | S100MI4T, S100RWWD, S100UH5C, S100WQPM |
| Retained earnings | 1,574 | 1,787 | 1,901 | 2,259 | 2,817 | S100MI4T, S100RWWD, S100UH5C, S100WQPM |
| Treasury stock | -0 | -63 | -208 | -226 | -348 | S100MI4T, S100RWWD, S100UH5C, S100WQPM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100WQPM |
| Property, plant and equipment | 9% | S100WQPM |
| Intangibles and goodwill | 59% | S100WQPM |
| Investment securities | 1% | S100WQPM |
| Other assets | 21% | S100WQPM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100WQPM |
| Equity | 68% | S100WQPM |
| Other liabilities | 0% | S100WQPM |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,324 | 5,364 | 5,110 | 5,570 | 5,721 |
| Equity | 2,983 | 3,140 | 3,122 | 3,466 | 3,902 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,817 | 1,190 | 955 | 787 | 579 |

## 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) | 10.2% | S100WQPM |
| Fixed assets ÷ total assets | 9.1% | S100WQPM |
| Goodwill ÷ parent equity | 13.9% | S100WQPM |

### 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) | 10.1% |
| Cash ÷ revenue | 11.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 80.8% |
| Cash vs. profit gap | 183 JPY mn (of net income 29.1%) |
| Shareholder returns / net income | 30.7% |
| Shareholder returns / FCF | 1926.3% |
| Shareholder payments — dividends / net income | 11.2% |
| Shareholder payments — dividends / FCF | 706.6% |
| CapEx intensity (capex ÷ revenue) | 15.8% |
| Investing CF relative to operating CF | 118.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 15.9% | 0.61× | 9.6% | 1.45× | 13.9% | S100MI4T |
| 2022 | 9.3% | 0.57× | 5.3% | 1.71× | 9.0% | S100RWWD |
| 2023 | 4.9% | 0.72× | 3.5% | 1.67× | 5.9% | S100UH5C |
| 2024 | 9.7% | 0.83× | 8.0% | 1.62× | 13.0% | S100WQPM |
| 2025 | 12.4% | 0.90× | 11.1% | 1.53× | 17.1% | S100WQPM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＮＪＣ | Major shareholder | 41.0% | 2025-06-30 |
| 米津 健一 | Major shareholder | 30.0% | 2025-06-30 |
| 後藤 吉行 | Major shareholder | 2.0% | 2025-06-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.3% | 2025-06-30 |
| 日本情報クリエイト従業員持株会 | Major shareholder | 1.0% | 2025-06-30 |
| 松浦 一夫 | Major shareholder | 0.7% | 2025-06-30 |
| ＪＰ ＪＰＭＳＥ ＬＵＸ ＲＥ ＵＢＳ ＡＧ ＬＯＮＤＯＮ ＢＲＡＮＣＨ ＥＱ ＣＯ（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.6% | 2025-06-30 |
| ＪＰＬＬＣ ＣＬＩＥＮＴ ＡＳＳＥＴＳ－ＳＫ Ｊ（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.4% | 2025-06-30 |
| 楽天証券株式会社 | Major shareholder | 0.4% | 2025-06-30 |
| 重藤 誠 | Major shareholder | 0.4% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第31期(2024/07/01－2025/06/30) | S100WQPM | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQPM,, |
| 訂正有価証券報告書－第30期(2023/07/01－2024/06/30) | S100UH5C | 2024-10-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UH5C,, |
| 有価証券報告書－第29期(2022/07/01－2023/06/30) | S100RWWD | 2023-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWWD,, |
| 有価証券報告書－第28期(令和3年7月1日－令和4年6月30日) | S100P9MJ | 2022-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P9MJ,, |
| 有価証券報告書－第27期(令和2年7月1日－令和3年6月30日) | S100MI4T | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MI4T,, |
| 有価証券報告書－第26期(令和1年7月1日－令和2年6月30日) | S100JRLF | 2020-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JRLF,, |

## 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).