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

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第44期(2024/10/01－2025/09/30) (S100XCMA)
> Page: https://vizora.meequs.com/en/company/koryojyuhan
> Retrieved: 2026-09-30T21:37:50.752Z

## Company

Koryojyuhan, founded in 1981, is a company in Real Estate Brokerage & Management listed on TSE Standard. It has 240 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Koryojyuhan Co., Ltd. |
| Ticker | 3495 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3495.T) |
| Listing | TSE Standard |
| Head office | 茨城県水戸市南町二丁目4番33号 |
| Representative (per filing) | 代表取締役社長 金子 哲広 |
| Founded | Oct 1981 |
| Share capital | ¥393M |
| Employees (consolidated) | 240 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | September |
| Website | www.koryo-j.co.jp (https://www.koryo-j.co.jp/) |
| Corporate number | 2050001000950 |
| EDINET | E34256 |
| Industries (Vizora) | Real Estate Brokerage & Management |

> Profile source: annual securities report (S100XCMA, filed 2025-12-24). As of filing

## Five-axis industry profile

Primary industry: Real Estate Brokerage & Management (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62 | 25 |
| Profitability | 59.6 | 26 |
| Cash conversion | 17.3 | 26 |
| Efficiency | 13.5 | 26 |

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 74% of Koryojyuhan's sales come from Real estate agency business, with Real estate management business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +14.9% from the prior year, operating profit +7.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥11.5B |  |
| Operating income | ¥1.07B | Margin 9.3% |
| Net income | ¥1.02B | Margin 8.8% |
| Free cash flow | -¥717.4M |  |
| Largest business | Real estate agency business | of segment revenue 74.4% |
| Employees (consolidated) | 240 |  |
| EPS | ¥351.68 |  |
| Diluted EPS | ¥344.55 |  |
| Book value per share | ¥2131.68 |  |
| Equity ratio | 34.7% |  |
| Shares outstanding | 2,764,800 |  |
| Shareholders | 1,039 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 7.8% | Cash ÷ revenue 12.1% |
| Vs. industry median margin | +0.3 pp | Real Estate Brokerage & Management |
| ROE | 18.0% | Derived from disclosed figures |
| ROA | 5.9% | Derived from disclosed figures |

## Notable figures

- FY2025, segment profit share differs by -27 points

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7535873000 | ¥11532888000 | +53.0% |
| Operating income | ¥561371000 | ¥1071264000 | +90.8% |
| Operating margin | 7.4% | 9.3% | +1.8 pp |
| Employees | 220 people | 240 people | +9.1% |
| Cash and equivalents | ¥879370000 | ¥1391571000 | +58.2% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 不動産流通事業 → 不動産流通事業 | 69.9% |
| 不動産管理事業 → 不動産管理事業 | 25.6% |
| 不動産管理事業 → 事業再編・廃止 | 4.5% |
| 新設・再編 → 不動産流通事業 | 4.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,533 | 100.0% | S100XCMA |
| Cost of revenue | 7,400 | 64.2% | S100XCMA |
| Gross profit | 4,133 | 35.8% | S100XCMA |
| SG&A | 3,062 | 26.5% | S100XCMA |
| Operating income | 1,071 | 9.3% | S100XCMA |
| Ordinary income | 1,036 | 9.0% | S100XCMA |
| Pretax income | 1,431 | 12.4% | S100XCMA |
| Income tax | 416 | 3.6% | S100XCMA |
| Net income | 1,016 | 8.8% | S100XCMA |
| Net income attributable to owners | 1,016 | 8.8% | S100XCMA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 27 |
| Operating income | 9 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 35.8% → Operating margin 9.3% → Net margin 8.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.9%; Core profit growth: +7.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.47×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,036 | 11,533 | 1,497 | +14.9% |
| Gross profit | 3,900 | 4,133 | 233 | +6.0% |
| Operating income | 1,001 | 1,071 | 70 | +7.0% |
| Net income attributable to owners | 722 | 1,016 | 293 | +40.6% |
| Operating cash flow | -712 | -646 | 66 | — |
| Free cash flow | -1,082 | -717 | 364 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 6,248 | 578 | 9.3% | 371 | 326 | -54 | S100KGB4 |
| FY ending Sep 2020 | 7,536 | 561 | 7.4% | 385 | 2,137 | 900 | S100N4VB |
| FY ending Sep 2021 | 7,799 | 600 | 7.7% | 391 | 609 | 412 | S100PULA |
| FY ending Sep 2022 | 8,713 | 794 | 9.1% | 493 | -320 | -1,292 | S100SJL9 |
| FY ending Sep 2023 | 9,325 | 857 | 9.2% | 653 | -1,420 | -1,720 | S100UZSX |
| FY ending Sep 2024 | 10,036 | 1,001 | 10.0% | 722 | -712 | -1,082 | S100XCMA |
| FY ending Sep 2025 | 11,533 | 1,071 | 9.3% | 1,016 | -646 | -717 | S100XCMA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.1M |
| Operating income per employee (consolidated) | ¥4.5M |
| Net income per employee (consolidated) | ¥4.2M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 223 | 226 | 232 | 236 | 240 |
| Average salary (parent company) | ¥5.6M | ¥5.7M | ¥5.7M | ¥5.9M | ¥6.2M |
| Average age (parent company) | 37.2 years | 36.7 years | 38.4 years | 39.4 years | 40.0 years |
| Average tenure (parent company) | 7.3 years | 6.9 years | 8.3 years | 8.8 years | 9.4 years |

Year over year: Employees (consolidated) +1.7% · Revenue (consolidated) +14.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate agency business | 8,577 | 74.4% | 871 | 10.2% |
| Real estate management business | 2,956 | 25.6% | 971 | 32.8% |

### 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 agency business | 74.4% | 47.3% | -27.1 | 10.2% |
| Real estate management business | 25.6% | 52.7% | 27.1 | 32.8% |

Segment → industry: Real estate management business → Real Estate Brokerage & Management / Real estate agency business → Real Estate Brokerage & Management

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -646 | -5.6% | S100XCMA |
| Capital expenditure | 71 | 0.6% | S100XCMA |
| Free cash flow | -717 | -6.2% | 算出 |
| Investing cash flow | 553 | 4.8% | S100XCMA |
| Financing cash flow | 110 | 1.0% | S100XCMA |
| Dividends paid | 143 | 1.2% | S100XCMA |
| Share buyback | 0 | 0.0% | S100XCMA |
| Change in cash | 16 | 0.1% | S100XCMA |
| Cash and equivalents | 1,392 | 12.1% | S100XCMA |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,222 | 976 | 997 | 1,376 | 1,392 | S100SJL9, S100UZSX, S100XCMA |
| Total assets | 9,564 | 11,511 | 14,129 | 16,414 | 17,837 | S100PULA, S100SJL9, S100UZSX, S100XCMA |
| Net assets | 3,650 | 4,045 | 4,642 | 5,264 | 6,199 | S100SJL9, S100UZSX, S100XCMA |
| Share capital | 363 | 367 | 372 | 386 | 393 | S100PULA, S100SJL9, S100UZSX, S100XCMA |
| Property, plant and equipment | 3,623 | 4,287 | 4,422 | 4,459 | 4,136 | S100PULA, S100SJL9, S100UZSX, S100XCMA |
| Intangible assets excluding goodwill | 179 | 154 | 132 | 106 | 85 | S100PULA, S100SJL9, S100UZSX, S100XCMA |
| Goodwill | 81 | 63 | 45 | 27 | 9 | S100PULA, S100SJL9, S100UZSX, S100XCMA |
| Investment securities | 108 | 136 | 190 | 201 | 278 | S100PULA, S100SJL9, S100UZSX, S100XCMA |
| Current assets | 5,359 | 6,583 | 9,038 | 11,229 | 12,906 | S100PULA, S100SJL9, S100UZSX, S100XCMA |
| Current liabilities | 3,578 | 4,296 | 4,618 | 5,111 | 4,914 | S100PULA, S100SJL9, S100UZSX, S100XCMA |
| Short-term borrowings | 1,389 | 1,880 | 1,272 | 1,204 | 1,190 | S100PULA, S100SJL9, S100UZSX, S100XCMA |
| Long-term borrowings | 1,387 | 2,092 | 3,704 | 4,792 | 5,394 | S100PULA, S100SJL9, S100UZSX, S100XCMA |
| Total liabilities | 5,914 | 7,466 | 9,487 | 11,150 | 11,638 | S100PULA, S100SJL9, S100UZSX, S100XCMA |
| Equity attributable to owners of parent | 3,606 | 4,017 | 4,576 | 5,206 | 6,092 | S100PULA, S100SJL9, S100UZSX, S100XCMA |
| Retained earnings | 2,978 | 3,381 | 3,931 | 4,533 | 5,405 | S100PULA, S100SJL9, S100UZSX, S100XCMA |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100PULA, S100SJL9, S100UZSX, S100XCMA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100XCMA |
| Property, plant and equipment | 23% | S100XCMA |
| Intangibles and goodwill | 0% | S100XCMA |
| Investment securities | 2% | S100XCMA |
| Other assets | 67% | S100XCMA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 65% | S100XCMA |
| Equity | 35% | S100XCMA |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 9,564 | 11,511 | 14,129 | 16,414 | 17,837 |
| Equity | 3,650 | 4,045 | 4,642 | 5,264 | 6,199 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,222 | 976 | 997 | 1,376 | 1,392 |

## 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) | 35.9% | S100XCMA |
| Fixed assets ÷ total assets | 23.2% | S100XCMA |
| Goodwill ÷ parent equity | 0.1% | S100XCMA |

Goodwill over 4 years: 81 → 9 JPY; total investing cash flow: -951 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) | 7.8% |
| Cash ÷ revenue | 12.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -60.3% |
| Cash vs. profit gap | -1,662 JPY mn (of net income -163.7%) |
| Shareholder returns / net income | 14.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 14.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| 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 | 5.0% | 0.82× | 4.1% | 2.65× | 10.9% | S100PULA |
| 2022 | 5.7% | 0.83× | 4.7% | 2.76× | 12.9% | S100SJL9 |
| 2023 | 7.0% | 0.73× | 5.1% | 2.98× | 15.2% | S100UZSX |
| 2024 | 7.2% | 0.66× | 4.7% | 3.12× | 14.8% | S100XCMA |
| 2025 | 8.8% | 0.67× | 5.9% | 3.03× | 18.0% | S100XCMA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 薄井 宗明 | Major shareholder | 33.7% | 2025-09-30 |
| 菅原 敏道 | Major shareholder | 7.7% | 2025-09-30 |
| 株式会社フラクタル・ビジネス | Major shareholder | 5.1% | 2025-09-30 |
| アイエスジー株式会社 | Major shareholder | 3.8% | 2025-09-30 |
| カンプロ株式会社 | Major shareholder | 3.4% | 2025-09-30 |
| 門田 洋 | Major shareholder | 2.8% | 2025-09-30 |
| 水戸信用金庫 | Major shareholder | 2.3% | 2025-09-30 |
| 金子 哲広 | Major shareholder | 2.0% | 2025-09-30 |
| 水戸証券株式会社 | Major shareholder | 1.7% | 2025-09-30 |
| 香陵住販従業員持株会 | Major shareholder | 1.5% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2024/10/01－2025/09/30) | S100XCMA | 2025-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCMA,, |
| 有価証券報告書－第43期(2023/10/01－2024/09/30) | S100UZSX | 2024-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZSX,, |
| 有価証券報告書－第42期(2022/10/01－2023/09/30) | S100SJL9 | 2023-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJL9,, |
| 有価証券報告書－第41期(令和3年10月1日－令和4年9月30日) | S100PULA | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PULA,, |
| 有価証券報告書－第40期(令和2年10月1日－令和3年9月30日) | S100N4VB | 2021-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4VB,, |
| 有価証券報告書－第39期(令和1年10月1日－令和2年9月30日) | S100KGB4 | 2020-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KGB4,, |

## 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).