# KOSE R.E. Co.,Ltd.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第36期(2025/02/01－2026/01/31) (S100XXPI)
> Page: https://vizora.meequs.com/en/company/kose-r-e
> Retrieved: 2026-09-30T22:08:11.537Z

## Company

Kose R.E., founded in 1990, is a company in Real Estate Brokerage & Management listed on TSE Standard. It has 81 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOSE R.E. Co.,Ltd. |
| Ticker | 3246 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3246.T) |
| Listing | TSE Standard |
| Head office | 福岡市中央区赤坂一丁目15番30号 |
| Representative (per filing) | 代表取締役社長 諸藤 敏一 |
| Founded | Dec 1990 |
| Share capital | ¥1.56B |
| Employees (consolidated) | 81 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | January |
| Website | www.kose-re.jp (https://www.kose-re.jp/) |
| Corporate number | 9290001007429 |
| EDINET | E04075 |
| Industries (Vizora) | Real Estate Brokerage & Management, Condominium Developers |

> Profile source: annual securities report (S100XXPI, filed 2026-04-09). As of filing

## Five-axis industry profile

Primary industry: Condominium Developers (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31 | 21 |
| Profitability | 46 | 25 |
| Cash conversion | 26 | 25 |
| Efficiency | 30 | 25 |

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 63% of Kose R.E.'s sales come from Condominiums Business for residence, with Condominiums Business for Asset management and Building maintenance business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +31.3% from the prior year, operating profit +138.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥10B |  |
| Operating income | ¥768.8M | Margin 7.7% |
| Net income | ¥695.7M | Margin 6.9% |
| Free cash flow | -¥2.29B |  |
| Largest business | Condominiums Business for residence | of segment revenue 62.6% |
| Employees (consolidated) | 81 |  |
| EPS | ¥81.56 |  |
| Book value per share | ¥1027.01 |  |
| Equity ratio | 53.9% |  |
| Shares outstanding | 10,368,000 |  |
| Treasury shares | 211,200 |  |
| Shareholders | 13,980 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 23.6% | Cash ÷ revenue 46.5% |
| Vs. industry median margin | -0.4 pp | Condominium Developers |
| ROE | 6.7% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 63% of positive segment profit

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9375168000 | ¥10045621000 | +7.2% |
| Operating income | ¥754281000 | ¥768792000 | +1.9% |
| Operating margin | 8.0% | 7.7% | -0.4 pp |
| Employees | 86 people | 81 people | -5.8% |
| Cash and equivalents | ¥3352355000 | ¥4672693000 | +39.4% |

### Change in segment revenue mix

Span: FY ending Jan 2021 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ファミリーマンション販売事業 → ファミリーマンション販売事業 | 44.3% |
| 資産運用型マンション販売事業 → 資産運用型マンション販売事業 | 30.1% |
| 資産運用型マンション販売事業 → 事業再編・廃止 | 16.1% |
| 不動産賃貸管理事業 → 不動産賃貸管理事業 | 3.1% |
| 不動産賃貸管理事業 → 事業再編・廃止 | 1.3% |
| ビルメンテナンス事業 → ビルメンテナンス事業 | 2.4% |
| その他 → その他 | 0.7% |
| その他 → 事業再編・廃止 | 2.0% |
| 新設・再編 → ファミリーマンション販売事業 | 18.3% |
| 新設・再編 → ビルメンテナンス事業 | 1.2% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Condominiums Business for residence | 5 years | +8.6% | ¥6287001000 | 11.3% | 2 |
| Condominiums Business for Asset management | 5 years | -7.0% | ¥3018792000 | 7.9% | 2 |
| Building maintenance business | 5 years | +9.9% | ¥354700000 | 18.1% | 2 |
| Real estate rental and management business | 5 years | -5.5% | ¥316001000 | 20.0% | 2 |
| Other | 5 years | -23.0% | ¥69125000 | 68.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,046 | 100.0% | S100XXPI |
| Cost of revenue | 7,726 | 76.9% | S100XXPI |
| Gross profit | 2,319 | 23.1% | S100XXPI |
| SG&A | 1,550 | 15.4% | S100XXPI |
| Operating income | 769 | 7.7% | S100XXPI |
| Ordinary income | 982 | 9.8% | S100XXPI |
| Pretax income | 982 | 9.8% | S100XXPI |
| Income tax | 279 | 2.8% | S100XXPI |
| Net income | 703 | 7.0% | S100XXPI |
| Net income attributable to owners | 696 | 6.9% | S100XXPI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 15 |
| Operating income | 8 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 23.1% → Operating margin 7.7% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +31.3%; Core profit growth: +138.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.43×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,649 | 10,046 | 2,397 | +31.3% |
| Gross profit | 1,912 | 2,319 | 407 | +21.3% |
| Operating income | 322 | 769 | 447 | +138.9% |
| Net income attributable to owners | 341 | 696 | 355 | +104.0% |
| Operating cash flow | -1,137 | -1,265 | -128 | — |
| Free cash flow | -1,995 | -2,287 | -292 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 9,055 | 624 | 6.9% | 426 | -1,756 | -1,764 | S100L88O |
| FY ending Jan 2021 | 9,375 | 754 | 8.0% | 581 | -2,050 | -2,059 | S100NYBZ |
| FY ending Jan 2022 | 11,289 | 1,142 | 10.1% | 880 | 6,230 | 6,216 | S100QNGS |
| FY ending Jan 2023 | 10,996 | 1,631 | 14.8% | 1,260 | 2,946 | 2,941 | S100TBUT |
| FY ending Jan 2024 | 10,163 | 1,618 | 15.9% | 1,263 | 1,218 | 1,129 | S100VNO4 |
| FY ending Jan 2025 | 7,649 | 322 | 4.2% | 341 | -1,137 | -1,995 | S100XXPI |
| FY ending Jan 2026 | 10,046 | 769 | 7.7% | 696 | -1,265 | -2,287 | S100XXPI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥124M |
| Operating income per employee (consolidated) | ¥9.5M |
| Net income per employee (consolidated) | ¥8.6M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 83 | 81 | 82 | 80 | 81 |
| Average salary (parent company) | ¥5.9M | ¥5.9M | ¥5.4M | ¥5.4M | ¥6.2M |
| Average age (parent company) | 38.4 years | 38.6 years | 39.8 years | 40.8 years | 41.5 years |
| Average tenure (parent company) | 7.4 years | 7.5 years | 7.5 years | 8.3 years | 8.8 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) +31.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Condominiums Business for residence | 6,287 | 62.6% | 712 | 11.3% |
| Condominiums Business for Asset management | 3,019 | 30.1% | 239 | 7.9% |
| Real estate rental and management business | 316 | 3.1% | 63 | 20.0% |
| Building maintenance business | 355 | 3.5% | 64 | 18.1% |
| Other | 69 | 0.7% | 47 | 68.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Condominiums Business for residence | 62.6% | 63.2% | 0.7 | 11.3% |
| Condominiums Business for Asset management | 30.1% | 21.2% | -8.8 | 7.9% |
| Real estate rental and management business | 3.1% | 5.6% | 2.5 | 20.0% |
| Building maintenance business | 3.5% | 5.7% | 2.2 | 18.1% |
| Other | 0.7% | 4.2% | 3.5 | 68.5% |

Segment → industry: Building maintenance business → Real Estate Brokerage & Management / Real estate rental and management business → Real Estate Brokerage & Management / Condominiums Business for Asset management → Condominium Developers / Condominiums Business for residence → Condominium Developers

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jan 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,265 | -12.6% | S100XXPI |
| Capital expenditure | 1,022 | 10.2% | S100XXPI |
| Free cash flow | -2,287 | -22.8% | 算出 |
| Investing cash flow | -114 | -1.1% | S100XXPI |
| Financing cash flow | 1,812 | 18.0% | S100XXPI |
| Dividends paid | 244 | 2.4% | S100XXPI |
| Change in cash | 433 | 4.3% | S100XXPI |
| Cash and equivalents | 4,673 | 46.5% | S100XXPI |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,871 | 4,039 | 4,500 | 4,239 | 4,673 | S100TBUT, S100VNO4, S100XXPI |
| Total assets | 17,417 | 15,476 | 14,676 | 17,022 | 19,774 | S100QNGS, S100TBUT, S100VNO4, S100XXPI |
| Net assets | 8,387 | 9,393 | 10,289 | 10,266 | 10,660 | S100TBUT, S100VNO4, S100XXPI |
| Share capital | 1,562 | 1,562 | 1,562 | 1,562 | 1,562 | S100QNGS, S100TBUT, S100VNO4, S100XXPI |
| Property, plant and equipment | 484 | 472 | 563 | 1,384 | 2,375 | S100QNGS, S100TBUT, S100VNO4, S100XXPI |
| Intangible assets excluding goodwill | 11 | 8 | 6 | 26 | 18 | S100QNGS, S100TBUT, S100VNO4, S100XXPI |
| Current assets | 16,851 | 14,910 | 13,988 | 15,515 | 17,284 | S100QNGS, S100TBUT, S100VNO4, S100XXPI |
| Current liabilities | 5,411 | 4,411 | 2,715 | 2,490 | 3,643 | S100QNGS, S100TBUT, S100VNO4, S100XXPI |
| Trade payables | 38 | 39 | 67 | 69 | 40 | S100QNGS, S100TBUT, S100VNO4, S100XXPI |
| Short-term borrowings | 3,335 | 2,356 | 1,315 | 423 | 1,347 | S100QNGS, S100TBUT, S100VNO4, S100XXPI |
| Long-term borrowings | 3,425 | 1,502 | 1,510 | 4,109 | 5,308 | S100QNGS, S100TBUT, S100VNO4, S100XXPI |
| Total liabilities | 9,030 | 6,083 | 4,387 | 6,756 | 9,114 | S100QNGS, S100TBUT, S100VNO4, S100XXPI |
| Non-controlling interests | 57 | 57 | 57 | 58 | — | S100QNGS, S100TBUT, S100VNO4, S100XXPI |
| Equity attributable to owners of parent | 8,330 | 9,336 | 10,233 | 10,208 | 10,660 | S100QNGS, S100TBUT, S100VNO4, S100XXPI |
| Retained earnings | 5,338 | 6,344 | 7,241 | 7,217 | 7,669 | S100QNGS, S100TBUT, S100VNO4, S100XXPI |
| Treasury stock | -15 | -15 | -15 | -15 | -15 | S100QNGS, S100TBUT, S100VNO4, S100XXPI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100XXPI |
| Property, plant and equipment | 12% | S100XXPI |
| Intangibles and goodwill | 0% | S100XXPI |
| Other assets | 64% | S100XXPI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100XXPI |
| Other liabilities | 46% | S100XXPI |
| Equity | 54% | S100XXPI |
| Other liabilities | 0% | S100XXPI |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 17,417 | 15,476 | 14,676 | 17,022 | 19,774 |
| Equity | 8,387 | 9,393 | 10,289 | 10,266 | 10,660 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,871 | 4,039 | 4,500 | 4,239 | 4,673 |

## 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) | 23.6% | S100XXPI |
| Fixed assets ÷ total assets | 12.0% | S100XXPI |
| Goodwill ÷ parent equity | — | —, S100XXPI |

### 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) | 23.6% |
| Cash ÷ revenue | 46.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -164.5% |
| Cash vs. profit gap | -1,960 JPY mn (of net income -281.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 35.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 10.2% |
| 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 | 7.8% | 0.65× | 5.1% | 2.09× | 10.6% | S100QNGS |
| 2023 | 11.5% | 0.67× | 7.7% | 1.86× | 14.3% | S100TBUT |
| 2024 | 12.4% | 0.67× | 8.4% | 1.54× | 12.9% | S100VNO4 |
| 2025 | 4.5% | 0.48× | 2.2% | 1.55× | 3.3% | S100XXPI |
| 2026 | 6.9% | 0.55× | 3.8% | 1.76× | 6.7% | S100XXPI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 諸藤 敏一 | Major shareholder | 24.6% | 2026-01-31 |
| 株式会社ＴＭＩトラスト | Major shareholder | 20.7% | 2026-01-31 |
| グランフォーレ会 | Major shareholder | 2.8% | 2026-01-31 |
| 株式会社合人社計画研究所 | Major shareholder | 1.2% | 2026-01-31 |
| 株式会社旭工務店 | Major shareholder | 0.9% | 2026-01-31 |
| コーセーアールイー役員持株会 | Major shareholder | 0.9% | 2026-01-31 |
| 九州建設株式会社 | Major shareholder | 0.8% | 2026-01-31 |
| 株式会社三広 | Major shareholder | 0.6% | 2026-01-31 |
| 株式会社ウェルホールディングス | Major shareholder | 0.6% | 2026-01-31 |
| 株式会社曙設備工業所 | Major shareholder | 0.4% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2025/02/01－2026/01/31) | S100XXPI | 2026-04-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XXPI,, |
| 有価証券報告書－第35期(2024/02/01－2025/01/31) | S100VNO4 | 2025-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VNO4,, |
| 有価証券報告書－第34期(2023/02/01－2024/01/31) | S100TBUT | 2024-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TBUT,, |
| 有価証券報告書－第33期(2022/02/01－2023/01/31) | S100QNGS | 2023-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QNGS,, |
| 有価証券報告書－第32期(令和3年2月1日－令和4年1月31日) | S100NYBZ | 2022-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NYBZ,, |
| 有価証券報告書－第31期(令和2年2月1日－令和3年1月31日) | S100L88O | 2021-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L88O,, |

## 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).