# KI-STAR REAL ESTATE 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－第36期(2025/04/01－2026/03/31) (S100YIZP)
> Page: https://vizora.meequs.com/en/company/ki-star-real-estate
> Retrieved: 2026-09-30T21:12:10.585Z

## Company

Ki-Star Real Estate, founded in 1990, is a company in Homebuilders listed on TSE Prime. It has 2,897 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KI-STAR REAL ESTATE CO.,LTD |
| Ticker | 3465 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3465.T) |
| Listing | TSE Prime |
| Head office | 埼玉県本庄市西富田762番地1 |
| Representative (per filing) | 代表取締役社長 塙 圭二 |
| Founded | Nov 1990 |
| Share capital | ¥4.83B |
| Employees (consolidated) | 2,897 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | March |
| Corporate number | 3030001060211 |
| EDINET | E31979 |
| Industries (Vizora) | Homebuilders |

> Profile source: annual securities report (S100YIZP, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Homebuilders (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.5 | 23 |
| Profitability | 63.5 | 26 |
| Cash conversion | 18.8 | 24 |
| Efficiency | 59.6 | 26 |
| Financial strength | 10 | 15 |

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 93% of Ki-Star Real Estate's sales come from Houses for Sale, with Other and Order house business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +15.0% from the prior year, operating profit +56.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥393.9B |  |
| Operating income | ¥27B | Margin 6.9% |
| Net income | ¥15.4B | Margin 3.9% |
| Free cash flow | -¥27.9B |  |
| Largest business | Houses for Sale | of segment revenue 92.9% |
| Employees (consolidated) | 2,897 |  |
| EPS | ¥392.75 |  |
| Diluted EPS | ¥392.73 |  |
| Book value per share | ¥1759.01 |  |
| Equity ratio | 20.6% |  |
| Shares outstanding | 15,868,600 |  |
| Treasury shares | 142,600 |  |
| Shareholders | 13,073 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 20.0% | Net cash -¥122.2B · Cash ÷ revenue 18.0% |
| Vs. industry median margin | +1.4 pp | Homebuilders |
| ROE | 23.0% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.1× its level five years ago
- FY2026, one segment accounts for 87% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥155753311000 | ¥393905000000 | +152.9% |
| Operating income | ¥12561699000 | ¥26995000000 | +114.9% |
| Operating margin | 8.1% | 6.9% | -1.2 pp |
| Employees | 1,665 people | 2,897 people | +74.0% |
| Cash and equivalents | ¥29999578000 | ¥71079000000 | +136.9% |

### 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 |
| --- | ---: |
| 分譲住宅事業 → 分譲住宅事業 | 64.3% |
| 注文住宅事業 → 注文住宅事業 | 0.8% |
| その他 → その他 | 2.3% |
| 中古住宅事業 → 事業再編・廃止 | 1.2% |
| よかタウン事業 → 事業再編・廃止 | 12.8% |
| 旭ハウジング事業 → 事業再編・廃止 | 5.4% |
| フレスコ事業 → 事業再編・廃止 | 4.6% |
| 建新事業 → 事業再編・廃止 | 7.2% |
| 東京ビッグハウス事業 → 事業再編・廃止 | 1.3% |
| ケイアイプレスト事業 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 分譲住宅事業 | 28.5% |
| 新設・再編 → 注文住宅事業 | 0.8% |
| 新設・再編 → その他 | 3.2% |

Segment revenue source references: 13 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Houses for Sale | 5 years | +29.3% | ¥365776000000 | 7.5% | 2 |
| Other | 5 years | +43.4% | ¥21753000000 | 18.9% | 2 |
| Order house business | 5 years | +38.6% | ¥6376000000 | 1.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 393,905 | 100.0% | S100YIZP |
| Cost of revenue | 337,785 | 85.8% | S100YIZP |
| Gross profit | 56,120 | 14.2% | S100YIZP |
| SG&A | 29,125 | 7.4% | S100YIZP |
| Operating income | 26,995 | 6.9% | S100YIZP |
| Ordinary income | 24,963 | 6.3% | S100YIZP |
| Pretax income | 24,900 | 6.3% | S100YIZP |
| Income tax | 8,009 | 2.0% | S100YIZP |
| Net income | 16,891 | 4.3% | S100YIZP |
| Net income attributable to owners | 15,355 | 3.9% | S100YIZP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 7 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 14.2% → Operating margin 6.9% → Net margin 3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.0%; Core profit growth: +56.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.77×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 342,553 | 393,905 | 51,352 | +15.0% |
| Gross profit | 41,988 | 56,120 | 14,132 | +33.7% |
| Operating income | 17,255 | 26,995 | 9,740 | +56.4% |
| Net income attributable to owners | 8,862 | 15,355 | 6,493 | +73.3% |
| Operating cash flow | -626 | -27,480 | -26,854 | — |
| Free cash flow | -1,076 | -27,923 | -26,847 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 120,711 | 6,426 | 5.3% | 3,585 | -2,412 | -2,978 | S100LQQY |
| FY ending Mar 2021 | 155,753 | 12,562 | 8.1% | 7,616 | 12,009 | 11,520 | S100OHUH |
| FY ending Mar 2022 | 184,388 | 23,659 | 12.8% | 14,746 | -20,706 | -21,505 | S100R4IV |
| FY ending Mar 2023 | 241,879 | 19,189 | 7.9% | 11,846 | -16,395 | -17,010 | S100TQRE |
| FY ending Mar 2024 | 283,084 | 11,362 | 4.0% | 6,743 | -15,281 | -16,091 | S100W0R8 |
| FY ending Mar 2025 | 342,553 | 17,255 | 5.0% | 8,862 | -626 | -1,076 | S100YIZP |
| FY ending Mar 2026 | 393,905 | 26,995 | 6.9% | 15,355 | -27,480 | -27,923 | S100YIZP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥136M |
| Operating income per employee (consolidated) | ¥9.3M |
| 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,769 | 2,067 | 2,516 | 2,664 | 2,897 |
| Average salary (parent company) | ¥4.9M | ¥4.6M | ¥4.2M | ¥5.2M | ¥5.1M |
| Average age (parent company) | 32.1 years | 31.9 years | 32.6 years | 32.3 years | 32.8 years |
| Average tenure (parent company) | 3.1 years | 3.9 years | 3.8 years | 3.9 years | 4.1 years |

Year over year: Employees (consolidated) +8.7% · Revenue (consolidated) +15.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Houses for Sale | 365,776 | 92.9% | 27,559 | 7.5% |
| Order house business | 6,376 | 1.6% | 105 | 1.6% |
| Other | 21,753 | 5.5% | 4,103 | 18.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Houses for Sale | 92.9% | 86.8% | -6.1 | 7.5% |
| Order house business | 1.6% | 0.3% | -1.3 | 1.6% |
| Other | 5.5% | 12.9% | 7.4 | 18.9% |

Segment → industry: Order house business → Homebuilders / Houses for Sale → Homebuilders

## 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 | -27,480 | -7.0% | S100YIZP |
| Capital expenditure | 443 | 0.1% | S100YIZP |
| Free cash flow | -27,923 | -7.1% | 算出 |
| Investing cash flow | -4,046 | -1.0% | S100YIZP |
| Financing cash flow | 35,312 | 9.0% | S100YIZP |
| Dividends paid | 2,924 | 0.7% | S100YIZP |
| Share buyback | 0 | 0.0% | S100YIZP |
| Change in cash | 3,874 | 1.0% | S100YIZP |
| Cash and equivalents | 71,079 | 18.0% | S100YIZP |

## 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 | 42,740 | 46,258 | 53,156 | 67,204 | 71,079 | S100TQRE, S100W0R8, S100YIZP |
| Total assets | 163,241 | 199,461 | 245,938 | 294,552 | 355,621 | S100R4IV, S100TQRE, S100W0R8, S100YIZP |
| Net assets | 49,038 | 56,528 | 61,024 | 68,801 | 82,983 | S100TQRE, S100W0R8, S100YIZP |
| Share capital | 4,810 | 4,816 | 4,816 | 4,818 | 4,828 | S100R4IV, S100TQRE, S100W0R8, S100YIZP |
| Property, plant and equipment | 3,988 | 4,197 | 4,500 | 5,192 | 5,074 | S100R4IV, S100TQRE, S100W0R8, S100YIZP |
| Intangible assets excluding goodwill | 1,158 | 950 | 703 | 478 | 312 | S100R4IV, S100TQRE, S100W0R8, S100YIZP |
| Goodwill | 637 | 511 | 398 | 260 | 151 | S100R4IV, S100TQRE, S100W0R8, S100YIZP |
| Investment securities | 627 | 648 | 563 | 2,704 | 2,910 | S100R4IV, S100TQRE, S100W0R8, S100YIZP |
| Current assets | 155,686 | 191,516 | 235,041 | 276,435 | 337,832 | S100R4IV, S100TQRE, S100W0R8, S100YIZP |
| Current liabilities | 91,653 | 118,643 | 139,801 | 156,309 | 194,761 | S100R4IV, S100TQRE, S100W0R8, S100YIZP |
| Short-term borrowings | 56,864 | 79,160 | 96,586 | 98,376 | 116,809 | S100R4IV, S100TQRE, S100W0R8, S100YIZP |
| Long-term borrowings | 19,659 | 20,605 | 38,171 | 65,252 | 70,892 | S100R4IV, S100TQRE, S100W0R8, S100YIZP |
| Bonds | 2,603 | 3,388 | 6,392 | 3,136 | 5,613 | S100R4IV, S100TQRE, S100W0R8, S100YIZP |
| Interest-bearing debt | 79,126 | 103,152 | 141,149 | 166,764 | 193,314 | 算出 |
| Total liabilities | 114,203 | 142,933 | 184,913 | 225,750 | 272,638 | S100R4IV, S100TQRE, S100W0R8, S100YIZP |
| Non-controlling interests | 4,999 | 5,539 | 6,629 | 8,658 | 9,653 | S100R4IV, S100TQRE, S100W0R8, S100YIZP |
| Equity attributable to owners of parent | 44,062 | 51,020 | 54,495 | 60,365 | 72,971 | S100R4IV, S100TQRE, S100W0R8, S100YIZP |
| Retained earnings | 33,632 | 40,879 | 44,323 | 51,189 | 63,621 | S100R4IV, S100TQRE, S100W0R8, S100YIZP |
| Treasury stock | -78 | -378 | -349 | -1,422 | -1,293 | S100R4IV, S100TQRE, S100W0R8, S100YIZP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YIZP |
| Property, plant and equipment | 1% | S100YIZP |
| Intangibles and goodwill | 0% | S100YIZP |
| Investment securities | 1% | S100YIZP |
| Other assets | 78% | S100YIZP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 55% | 算出 |
| Other liabilities | 22% | S100YIZP |
| Equity | 23% | S100YIZP |

### 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 | 163,241 | 199,461 | 245,938 | 294,552 | 355,621 |
| Equity | 49,038 | 56,528 | 61,024 | 68,801 | 82,983 |
| Interest-bearing debt | 79,126 | 103,152 | 141,149 | 166,764 | 193,314 |
| Cash | 42,740 | 46,258 | 53,156 | 67,204 | 71,079 |

## 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) | 1.3% | S100YIZP |
| Fixed assets ÷ total assets | 1.4% | S100YIZP |
| Goodwill ÷ parent equity | 0.2% | S100YIZP |

Goodwill over 4 years: 637 → 151 JPY; total investing cash flow: -22,062 JPY. This does not imply causation.

### 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) | 20.0% |
| Cash ÷ revenue | 18.0% |
| Net cash (cash − interest-bearing debt) | -¥122.2B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -101.8% |
| Cash vs. profit gap | -42,835 JPY mn (of net income -279.0%) |
| Shareholder returns / net income | 19.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| 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 | 8.0% | 1.13× | 9.0% | 3.70× | 33.5% | S100R4IV |
| 2023 | 4.9% | 1.33× | 6.5% | 3.81× | 24.9% | S100TQRE |
| 2024 | 2.4% | 1.27× | 3.0% | 4.22× | 12.8% | S100W0R8 |
| 2025 | 2.6% | 1.27× | 3.3% | 4.71× | 15.4% | S100YIZP |
| 2026 | 3.9% | 1.21× | 4.7% | 4.88× | 23.0% | S100YIZP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社フラワーリング | Major shareholder | 34.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.7% | 2026-03-31 |
| KH合同会社 | Major shareholder | 4.5% | 2026-03-31 |
| 塙 圭二 | Major shareholder | 3.2% | 2026-03-31 |
| 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 | 2.1% | 2026-03-31 |
| 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 | 1.7% | 2026-03-31 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.3% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社足利銀行 | Major shareholder | 1.3% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥393.9B, up +15.0% from ¥342.6B a year earlier.
- Profits grew faster than sales: operating income rose +56.4% to ¥27B and net income rose +73.3% to ¥15.4B.
- Operating cash flow went the other way, falling to -¥27.5B from -¥626M the year before.

### Drivers

- In homes for sale, the company won more share in big cities where demand held up, and reorganized its suburban business alongside its used-home renovation arm.
- Labor costs went up, but better productivity and a cleaner market inventory let gross margins keep recovering.
- The negative operating cash flow came mainly from a large build-up of land and houses held for sale.

### Risks

- Land purchases are funded mostly by bank loans, so tighter lending could delay or shrink the money it can raise.
- Changes in the economy, interest rates, land prices or building costs could leave homes unsold for longer or force lower prices.
- Tension in the Middle East could push up prices for building materials and home equipment, or disrupt supply.

Cited: Annual Securities Report (36th fiscal year) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (36th fiscal year) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2025/04/01－2026/03/31) | S100YIZP | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIZP,, |
| 有価証券報告書－第35期(2024/04/01－2025/03/31) | S100W0R8 | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0R8,, |
| 有価証券報告書－第34期(2023/04/01－2024/03/31) | S100TQRE | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQRE,, |
| 有価証券報告書－第33期(2022/04/01－2023/03/31) | S100R4IV | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4IV,, |
| 有価証券報告書－第32期(令和3年4月1日－令和4年3月31日) | S100OHUH | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHUH,, |
| 有価証券報告書－第31期(令和2年4月1日－令和3年3月31日) | S100LQQY | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQQY,, |

## 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).