# Kasumigaseki Capital Co., Ltd.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第14期(2024/09/01－2025/08/31) (S100XIGX)
> Page: https://vizora.meequs.com/en/company/kasumigaseki-capital
> Retrieved: 2026-09-30T22:26:32.215Z

## Company

Kasumigaseki Capital, founded in 2011, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 727 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kasumigaseki Capital Co.,Ltd. |
| Ticker | 3498 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3498.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区霞が関三丁目2番1号 |
| Representative (per filing) | 代表取締役社長 河本 幸士郎 |
| Founded | Sep 2011 |
| Share capital | ¥9.52B |
| Employees (consolidated) | 727 |
| Average salary (parent only) | ¥16.8M |
| Fiscal year end | August |
| Website | kasumigaseki.co.jp (https://kasumigaseki.co.jp/) |
| Corporate number | 3370103000741 |
| EDINET | E34289 |
| Industries (Vizora) | Real Estate Development & Leasing |

> Profile source: annual securities report (S100XIGX, filed 2026-01-30). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 98 | 75 |
| Profitability | 82 | 86 |
| Cash conversion | 45.7 | 82 |
| Efficiency | 72.7 | 86 |
| Financial strength | 93.2 | 37 |

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)

- Kasumigaseki Capital brought in ¥96.5B in revenue.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +46.9% from the prior year, operating profit +121.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥96501000000 → ¥11359000000
- Net income → operating cash flow: ¥11359000000 → ¥6893000000（difference ¥-4466000000）
- Main uses of operating cash flow: CapEx ¥6648000000 / dividends ¥1671000000 / buybacks —
- Change in cash: ¥12955000000
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 | ¥96.5B |  |
| Operating income | ¥18.9B | Margin 19.6% |
| Net income | ¥10.3B | Margin 10.6% |
| Free cash flow | ¥245M |  |
| Employees (consolidated) | 727 |  |
| EPS | ¥177.27 |  |
| Diluted EPS | ¥174.53 |  |
| Book value per share | ¥1357.56 |  |
| Equity ratio | 29.7% |  |
| Shares outstanding | 9,905,629 |  |
| Treasury shares | 23,700 |  |
| Shareholders | 10,029 |  |
| Average salary (parent only) | ¥16.8M | Filing company only |
| Cash ratio | 19.7% | Net cash -¥6.18B · Cash ÷ revenue 24.9% |
| Vs. industry median margin | +9.1 pp | Real Estate Development & Leasing |
| ROE | 32.4% | Derived from disclosed figures |
| ROA | 10.3% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 6.8× its level five years ago
- FY2025, parent-company salary changed +28% over five years

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8008967000 | ¥96501000000 | +1104.9% |
| Operating income | ¥326583000 | ¥18933000000 | +5697.3% |
| Operating margin | 4.1% | 19.6% | +15.5 pp |
| Employees | 100 people | 727 people | +627.0% |
| Cash and equivalents | ¥2075976000 | ¥24012000000 | +1056.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 不動産コンサルティング事業 → 事業再編・廃止 | 78.8% |
| 自然エネルギー事業 → 事業再編・廃止 | 21.2% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 96,501 | 100.0% | S100XIGX |
| Cost of revenue | 60,065 | 62.2% | S100XIGX |
| Gross profit | 36,436 | 37.8% | S100XIGX |
| SG&A | 17,502 | 18.1% | S100XIGX |
| Operating income | 18,933 | 19.6% | S100XIGX |
| Ordinary income | 17,134 | 17.8% | S100XIGX |
| Pretax income | 17,159 | 17.8% | S100XIGX |
| Income tax | 5,800 | 6.0% | S100XIGX |
| Net income | 11,359 | 11.8% | S100XIGX |
| Net income attributable to owners | 10,250 | 10.6% | S100XIGX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 18 |
| Operating income | 20 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 37.8% → Operating margin 19.6% → Net margin 10.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +46.9%; Core profit growth: +121.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.60×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 65,685 | 96,501 | 30,816 | +46.9% |
| Gross profit | 18,559 | 36,436 | 17,877 | +96.3% |
| Operating income | 8,537 | 18,933 | 10,396 | +121.8% |
| Net income attributable to owners | 5,020 | 10,250 | 5,230 | +104.2% |
| Operating cash flow | -8,446 | 6,893 | 15,339 | — |
| Free cash flow | -10,594 | 245 | 10,839 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 5,353 | 699 | 13.1% | 435 | -2,503 | -2,748 | S100K9EY |
| FY ending Aug 2020 | 8,009 | 327 | 4.1% | 135 | 285 | 166 | S100MXDV |
| FY ending Aug 2021 | 14,296 | 1,329 | 9.3% | 794 | 972 | -700 | S100PP0P |
| FY ending Aug 2022 | 20,781 | 2,142 | 10.3% | 1,018 | -11,689 | -11,897 | S100SDMM |
| FY ending Aug 2023 | 37,283 | 4,443 | 11.9% | 2,051 | -7,734 | -8,214 | S100UV32 |
| FY ending Aug 2024 | 65,685 | 8,537 | 13.0% | 5,020 | -8,446 | -10,594 | S100XIGX |
| FY ending Aug 2025 | 96,501 | 18,933 | 19.6% | 10,250 | 6,893 | 245 | S100XIGX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥132.7M |
| Operating income per employee (consolidated) | ¥26M |
| Net income per employee (consolidated) | ¥14.1M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 108 | 140 | 190 | 436 | 727 |
| Average salary (parent company) | ¥13.1M | ¥13.4M | ¥14.1M | ¥16.8M | ¥16.8M |
| Average age (parent company) | 37.5 years | 37.3 years | 37.6 years | 37.9 years | 37.5 years |
| Average tenure (parent company) | 1.4 years | 2.0 years | 1.9 years | 2.0 years | 2.2 years |

Year over year: Employees (consolidated) +66.7% · Revenue (consolidated) +46.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 6,893 | 7.1% | S100XIGX |
| Capital expenditure | 6,648 | 6.9% | S100XIGX |
| Free cash flow | 245 | 0.3% | 算出 |
| Investing cash flow | -18,557 | -19.2% | S100XIGX |
| Financing cash flow | 24,698 | 25.6% | S100XIGX |
| Dividends paid | 1,671 | 1.7% | S100XIGX |
| Change in cash | 12,955 | 13.4% | S100XIGX |
| Cash and equivalents | 24,012 | 24.9% | S100XIGX |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,604 | 5,390 | 5,893 | 11,056 | 24,012 | S100SDMM, S100UV32, S100XIGX |
| Total assets | 15,040 | 30,437 | 43,780 | 77,549 | 121,688 | S100PP0P, S100SDMM, S100UV32, S100XIGX |
| Net assets | 4,906 | 9,360 | 11,681 | 27,739 | 38,193 | S100SDMM, S100UV32, S100XIGX |
| Share capital | 1,644 | 3,514 | 3,550 | 9,287 | 9,523 | S100PP0P, S100SDMM, S100UV32, S100XIGX |
| Property, plant and equipment | 3,276 | 3,236 | 2,383 | 4,488 | 12,914 | S100PP0P, S100SDMM, S100UV32, S100XIGX |
| Intangible assets excluding goodwill | 77 | 74 | 79 | 778 | 798 | S100PP0P, S100SDMM, S100UV32, S100XIGX |
| Investment securities | 124 | 331 | 1,659 | 2,196 | 10,658 | S100PP0P, S100SDMM, S100UV32, S100XIGX |
| Current assets | 10,705 | 25,760 | 37,350 | 67,066 | 87,339 | S100PP0P, S100SDMM, S100UV32, S100XIGX |
| Current liabilities | 4,140 | 13,890 | 16,167 | 22,130 | 40,005 | S100PP0P, S100SDMM, S100UV32, S100XIGX |
| Short-term borrowings | 1,755 | 3,281 | 6,408 | 10,780 | 13,612 | S100PP0P, S100SDMM, S100UV32, S100XIGX |
| Long-term borrowings | 4,379 | 6,187 | 14,868 | 25,458 | 16,193 | S100PP0P, S100SDMM, S100UV32, S100XIGX |
| Bonds | 262 | 197 | 282 | 136 | 392 | S100PP0P, S100SDMM, S100UV32, S100XIGX |
| Interest-bearing debt | 6,396 | 9,665 | 21,557 | 36,374 | 30,197 | 算出 |
| Total liabilities | 10,134 | 21,077 | 32,099 | 49,809 | 83,494 | S100PP0P, S100SDMM, S100UV32, S100XIGX |
| Non-controlling interests | 28 | 82 | 497 | 708 | 1,580 | S100PP0P, S100SDMM, S100UV32, S100XIGX |
| Equity attributable to owners of parent | 4,833 | 9,218 | 11,107 | 27,125 | 36,210 | S100PP0P, S100SDMM, S100UV32, S100XIGX |
| Retained earnings | 1,644 | 2,530 | 4,146 | 8,673 | 17,251 | S100PP0P, S100SDMM, S100UV32, S100XIGX |
| Treasury stock | -16 | -264 | -42 | -42 | -42 | S100PP0P, S100SDMM, S100UV32, S100XIGX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100XIGX |
| Property, plant and equipment | 10% | S100XIGX |
| Intangibles and goodwill | 1% | S100XIGX |
| Investment securities | 9% | S100XIGX |
| Other assets | 60% | S100XIGX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 25% | 算出 |
| Other liabilities | 44% | S100XIGX |
| Equity | 31% | S100XIGX |
| Other liabilities | 0% | S100XIGX |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 15,040 | 30,437 | 43,780 | 77,549 | 121,688 |
| Equity | 4,906 | 9,360 | 11,681 | 27,739 | 38,193 |
| Interest-bearing debt | 6,396 | 9,665 | 21,557 | 36,374 | 30,197 |
| Cash | 3,604 | 5,390 | 5,893 | 11,056 | 24,012 |

## 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) | 13.4% | S100XIGX |
| Fixed assets ÷ total assets | 10.6% | S100XIGX |
| Goodwill ÷ parent equity | — | —, S100XIGX |

### 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) | 19.7% |
| Cash ÷ revenue | 24.9% |
| Net cash (cash − interest-bearing debt) | -¥6.18B |
| Net debt ÷ operating cash flow | 0.90× |
| Cash conversion (operating CF ÷ operating income) | 36.4% |
| Cash vs. profit gap | -3,357 JPY mn (of net income -32.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.3% |
| Shareholder payments — dividends / FCF | 682.0% |
| CapEx intensity (capex ÷ revenue) | 6.9% |
| Investing CF relative to operating CF | 269.2% |

## 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% | 0.95× | 5.3% | 3.11× | 16.4% | S100PP0P |
| 2022 | 4.9% | 0.91× | 4.5% | 3.24× | 14.5% | S100SDMM |
| 2023 | 5.5% | 1.00× | 5.5% | 3.65× | 20.2% | S100UV32 |
| 2024 | 7.6% | 1.08× | 8.3% | 3.17× | 26.3% | S100XIGX |
| 2025 | 10.6% | 0.97× | 10.3% | 3.15× | 32.4% | S100XIGX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 小川 潤之 | Major shareholder | 23.3% | 2025-08-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.5% | 2025-08-31 |
| 河本 幸士郎 | Major shareholder | 8.3% | 2025-08-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.0% | 2025-08-31 |
| みずほ証券株式会社 | Major shareholder | 1.8% | 2025-08-31 |
| 金森 勉 | Major shareholder | 1.3% | 2025-08-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.2% | 2025-08-31 |
| BNPパリバ証券株式会社 | Major shareholder | 1.1% | 2025-08-31 |
| 株式会社SBI証券 | Major shareholder | 1.1% | 2025-08-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.1% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第14期(2024/09/01－2025/08/31) | S100XIGX | 2026-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XIGX,, |
| 有価証券報告書－第13期(2023/09/01－2024/08/31) | S100UV32 | 2024-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UV32,, |
| 有価証券報告書－第12期(2022/09/01－2023/08/31) | S100SDMM | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDMM,, |
| 有価証券報告書－第11期(令和3年9月1日－令和4年8月31日) | S100PP0P | 2022-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PP0P,, |
| 有価証券報告書－第10期(令和2年9月1日－令和3年8月31日) | S100MXDV | 2021-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MXDV,, |
| 有価証券報告書－第9期(令和1年9月1日－令和2年8月31日) | S100K9EY | 2020-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K9EY,, |

## 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).