# JINUSHI Co.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2025/01/01－2025/12/31) (S100XS0T)
> Page: https://vizora.meequs.com/en/company/jinushi
> Retrieved: 2026-09-30T21:01:02.555Z

## Company

Jinushi, founded in 2000, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 116 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JINUSHI Co., Ltd. |
| Ticker | 3252 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3252.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内一丁目5番1号 |
| Representative (per filing) | 代表取締役社長 西羅 弘文 |
| Founded | Apr 2000 |
| Share capital | ¥6.46B |
| Employees (consolidated) | 116 |
| Average salary (parent only) | ¥17.5M |
| Fiscal year end | December |
| Website | www.jinushi-jp.com (https://www.jinushi-jp.com/) |
| Corporate number | 6120001095071 |
| EDINET | E05692 |
| Industries (Vizora) | Real Estate Development & Leasing |

> Profile source: annual securities report (S100XS0T, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 57.6 | 86 |
| Cash conversion | 28.7 | 82 |
| Efficiency | 43.6 | 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 97% of Jinushi's sales come from investment real estate, with Real estate leasing and Asset management making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +33.7% from the prior year, operating profit -0.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥76.3B |  |
| Operating income | ¥8.6B | Margin 11.3% |
| Net income | ¥7.37B | Margin 9.7% |
| Free cash flow | -¥27.7B |  |
| Largest business | investment real estate | of segment revenue 96.6% |
| Employees (consolidated) | 116 |  |
| EPS | ¥573.77 |  |
| Book value per share | ¥2268.38 |  |
| Equity ratio | 34.1% |  |
| Shares outstanding | 21,569,700 |  |
| Treasury shares | 889,100 |  |
| Shareholders | 15,810 |  |
| Average salary (parent only) | ¥17.5M | Filing company only |
| Cash ratio | 18.7% | Cash ÷ revenue 35.8% |
| Vs. industry median margin | +0.7 pp | Real Estate Development & Leasing |
| ROE | 15.7% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 90% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥29886000000 | ¥76327000000 | +155.4% |
| Operating income | ¥2420000000 | ¥8603000000 | +255.5% |
| Operating margin | 8.1% | 11.3% | +3.2 pp |
| Employees | 74 people | 116 people | +56.8% |
| Cash and equivalents | ¥20897000000 | ¥27302000000 | +30.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 不動産投資事業 → 不動産投資事業 | 96.6% |
| 不動産投資事業 → 事業再編・廃止 | 1.9% |
| サブリース・賃貸借・ファンドフィー・個人投資家向け事業 → 事業再編・廃止 | 1.4% |
| 企画・仲介事業 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 不動産賃貸事業 | 1.8% |
| 新設・再編 → 資産運用事業 | 1.6% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| investment real estate | 5 years | +20.1% | ¥73749000000 | 15.8% | 2 |
| Real estate leasing | 2 years | +33.8% | ¥1378000000 | 54.1% | 2 |
| Asset management | 2 years | +17.3% | ¥1195000000 | 44.1% | 2 |
| Other | 2 years | -36.8% | ¥4000000 | 100.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 76,327 | 100.0% | S100XS0T |
| Cost of revenue | 62,289 | 81.6% | S100XS0T |
| Gross profit | 14,038 | 18.4% | S100XS0T |
| SG&A | 5,434 | 7.1% | S100XS0T |
| Operating income | 8,603 | 11.3% | S100XS0T |
| Ordinary income | 7,191 | 9.4% | S100XS0T |
| Pretax income | 10,279 | 13.5% | S100XS0T |
| Income tax | 2,828 | 3.7% | S100XS0T |
| Net income | 7,450 | 9.8% | S100XS0T |
| Net income attributable to owners | 7,369 | 9.7% | S100XS0T |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 7 |
| Operating income | 11 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 18.4% → Operating margin 11.3% → Net margin 9.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +33.7%; Core profit growth: -0.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.03×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 57,068 | 76,327 | 19,259 | +33.7% |
| Gross profit | 13,394 | 14,038 | 644 | +4.8% |
| Operating income | 8,677 | 8,603 | -74 | -0.9% |
| Net income attributable to owners | 6,087 | 7,369 | 1,282 | +21.1% |
| Operating cash flow | -4,329 | -3,328 | 1,001 | — |
| Free cash flow | -4,737 | -27,690 | -22,953 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 74,187 | 5,245 | 7.1% | 3,177 | 29,681 | 29,537 | S100KZNJ |
| FY ending Dec 2020 | 29,886 | 2,420 | 8.1% | 1,644 | 3,569 | 3,514 | S100NOZF |
| FY ending Dec 2021 | 56,177 | 5,475 | 9.7% | 3,124 | 11,373 | -2,000 | S100QF01 |
| FY ending Dec 2022 | 49,887 | 6,411 | 12.9% | 3,641 | 19,993 | 19,614 | S100T3E1 |
| FY ending Dec 2023 | 31,597 | 6,154 | 19.5% | 4,709 | -25,212 | -25,876 | S100VHON |
| FY ending Dec 2024 | 57,068 | 8,677 | 15.2% | 6,087 | -4,329 | -4,737 | S100XS0T |
| FY ending Dec 2025 | 76,327 | 8,603 | 11.3% | 7,369 | -3,328 | -27,690 | S100XS0T |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥658M |
| Operating income per employee (consolidated) | ¥74.2M |
| Net income per employee (consolidated) | ¥63.5M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 74 | 90 | 95 | 111 | 116 |
| Average salary (parent company) | ¥16.9M | ¥17M | ¥17.2M | ¥19.2M | ¥17.5M |
| Average age (parent company) | 39.6 years | 38.9 years | 38.8 years | 38.4 years | 38.7 years |
| Average tenure (parent company) | 5.0 years | 3.5 years | 3.5 years | 3.7 years | 4.4 years |

Year over year: Employees (consolidated) +4.5% · Revenue (consolidated) +33.7%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| investment real estate | 73,749 | 96.6% | 11,635 | 15.8% |
| Real estate leasing | 1,378 | 1.8% | 746 | 54.1% |
| Asset management | 1,195 | 1.6% | 527 | 44.1% |
| Other | 4 | 0.0% | 4 | 100.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| investment real estate | 96.6% | 90.1% | -6.5 | 15.8% |
| Real estate leasing | 1.8% | 5.8% | 4.0 | 54.1% |
| Asset management | 1.6% | 4.1% | 2.5 | 44.1% |
| Other | 0.0% | 0.0% | 0.0 | 100.0% |

Segment → industry: Asset management → Real Estate Development & Leasing / Real estate leasing → Real Estate Development & Leasing / investment real estate → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -3,328 | -4.4% | S100XS0T |
| Capital expenditure | 24,362 | 31.9% | S100XS0T |
| Free cash flow | -27,690 | -36.3% | 算出 |
| Investing cash flow | -15,366 | -20.1% | S100XS0T |
| Financing cash flow | 22,512 | 29.5% | S100XS0T |
| Dividends paid | 1,905 | 2.5% | S100XS0T |
| Change in cash | 3,809 | 5.0% | S100XS0T |
| Cash and equivalents | 27,302 | 35.8% | S100XS0T |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 17,178 | 23,140 | 22,747 | 23,492 | 27,302 | S100T3E1, S100VHON, S100XS0T |
| Total assets | 86,337 | 72,153 | 101,482 | 115,417 | 146,354 | S100QF01, S100T3E1, S100VHON, S100XS0T |
| Net assets | 27,781 | 30,960 | 31,501 | 44,800 | 51,906 | S100T3E1, S100VHON, S100XS0T |
| Share capital | 3,048 | 3,048 | 3,048 | 6,461 | 6,461 | S100QF01, S100T3E1, S100VHON, S100XS0T |
| Property, plant and equipment | 17,488 | 16,803 | 14,859 | 15,133 | 31,571 | S100QF01, S100T3E1, S100VHON, S100XS0T |
| Intangible assets excluding goodwill | 225 | 116 | 49 | 41 | 46 | S100QF01, S100T3E1, S100VHON, S100XS0T |
| Goodwill | 169 | — | — | — | — | S100QF01 |
| Investment securities | 581 | 319 | 343 | 3,199 | 3,534 | S100QF01, S100T3E1, S100VHON, S100XS0T |
| Current assets | 60,002 | 52,850 | 84,019 | 95,431 | 109,124 | S100QF01, S100T3E1, S100VHON, S100XS0T |
| Current liabilities | 13,999 | 4,583 | 7,483 | 7,790 | 8,614 | S100QF01, S100T3E1, S100VHON, S100XS0T |
| Short-term borrowings | 1,126 | — | 1,440 | 1,500 | 1,500 | S100QF01, S100VHON, S100XS0T |
| Long-term borrowings | 42,700 | 35,222 | 60,339 | 60,234 | 74,236 | S100QF01, S100T3E1, S100VHON, S100XS0T |
| Total liabilities | 58,555 | 41,193 | 69,980 | 70,617 | 94,448 | S100QF01, S100T3E1, S100VHON, S100XS0T |
| Non-controlling interests | — | 54 | 136 | 233 | 1,992 | S100T3E1, S100VHON, S100XS0T |
| Equity attributable to owners of parent | 28,009 | 30,736 | 30,940 | 43,960 | 49,731 | S100QF01, S100T3E1, S100VHON, S100XS0T |
| Retained earnings | 20,302 | 23,030 | 26,733 | 31,213 | 36,676 | S100QF01, S100T3E1, S100VHON, S100XS0T |
| Treasury stock | 0 | 0 | -3,499 | -1,957 | -1,680 | S100QF01, S100T3E1, S100VHON, S100XS0T |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100XS0T |
| Property, plant and equipment | 22% | S100XS0T |
| Intangibles and goodwill | 0% | S100XS0T |
| Investment securities | 2% | S100XS0T |
| Other assets | 57% | S100XS0T |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 65% | S100XS0T |
| Equity | 35% | S100XS0T |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 86,337 | 72,153 | 101,482 | 115,417 | 146,354 |
| Equity | 27,781 | 30,960 | 31,501 | 44,800 | 51,906 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 17,178 | 23,140 | 22,747 | 23,492 | 27,302 |

## 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) | 41.4% | S100XS0T |
| Fixed assets ÷ total assets | 21.6% | S100XS0T |
| Goodwill ÷ parent equity | — | —, S100XS0T |

### 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) | 18.7% |
| Cash ÷ revenue | 35.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -38.7% |
| Cash vs. profit gap | -10,697 JPY mn (of net income -145.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 25.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 31.9% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 5.6% | 0.65× | 3.6% | 3.08× | 11.2% | S100QF01 |
| 2022 | 7.3% | 0.63× | 4.6% | 2.70× | 12.4% | S100T3E1 |
| 2023 | 14.9% | 0.36× | 5.4% | 2.82× | 15.3% | S100VHON |
| 2024 | 10.7% | 0.53× | 5.6% | 2.90× | 16.3% | S100XS0T |
| 2025 | 9.7% | 0.58× | 5.6% | 2.79× | 15.7% | S100XS0T |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 松岡 哲也 | Major shareholder | 14.0% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社 （その他信託口） | Major shareholder | 6.6% | 2025-12-31 |
| 株式会社日本カストディ銀行 （投資信託口） | Major shareholder | 4.9% | 2025-12-31 |
| 合同会社松岡 | Major shareholder | 4.4% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社 （投資信託口） | Major shareholder | 4.2% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 2.8% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 2.5% | 2025-12-31 |
| 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 | 2.3% | 2025-12-31 |
| 西羅 弘文 | Major shareholder | 1.9% | 2025-12-31 |
| 入江 賢治 | Major shareholder | 1.1% | 2025-12-31 |
| BBH BOSTON FOR NOMURA JAPAN SMALLER CAPITALIZATION FUND 620065 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/01/01－2025/12/31) | S100XS0T | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS0T,, |
| 有価証券報告書－第25期(2024/01/01－2024/12/31) | S100VHON | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHON,, |
| 有価証券報告書－第24期(2023/01/01－2023/12/31) | S100T3E1 | 2024-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3E1,, |
| 有価証券報告書－第23期(2022/01/01－2022/12/31) | S100QF01 | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QF01,, |
| 有価証券報告書－第22期(令和3年1月1日－令和3年12月31日) | S100NOZF | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NOZF,, |
| 有価証券報告書－第21期(令和2年4月1日－令和2年12月31日) | S100KZNJ | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZNJ,, |

## 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).