# LA Holdings 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6期(2025/01/01－2025/12/31) (S100XUF0)
> Page: https://vizora.meequs.com/en/company/la-holdings
> Retrieved: 2026-09-30T20:28:27.602Z

## Company

LA Holdings, founded in 2020, is a company in Real Estate Development & Leasing listed on TSE Growth. It has 118 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | LA Holdings Co.,Ltd. |
| Ticker | 2986 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2986.T) |
| Listing | TSE Growth |
| Head office | 東京都港区海岸一丁目9番18号 |
| Representative (per filing) | 代表取締役社長 脇田 栄一 |
| Founded | Jul 2020 |
| Share capital | ¥4.91B |
| Employees (consolidated) | 118 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | December |
| Website | lahd.co.jp (https://lahd.co.jp/) |
| Corporate number | 1010401153766 |
| EDINET | E35631 |
| Industries (Vizora) | Real Estate Development & Leasing, Condominium Developers |

> Profile source: annual securities report (S100XUF0, filed 2026-03-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.3 | 75 |
| Profitability | 85.5 | 86 |
| Cash conversion | 12.8 | 82 |
| Efficiency | 41.3 | 86 |
| Financial strength | 68.9 | 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)

- About 43% of LA Holdings's sales come from DX New Real Estate Business, with DX Revitalized Real Estate Business and DX Real Estate Value up business making up much of the rest.
- Out of every ¥100 of sales, about ¥22 is left as operating profit.
- Revenue changed +4.1% from the prior year, operating profit +30.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥46.5B |  |
| Operating income | ¥10B | Margin 21.5% |
| Net income | ¥6.14B | Margin 13.2% |
| Free cash flow | -¥13.9B |  |
| Largest business | DX New Real Estate Business | of segment revenue 43.5% |
| Employees (consolidated) | 118 |  |
| EPS | ¥141.31 |  |
| Diluted EPS | ¥139.64 |  |
| Book value per share | ¥1607.01 |  |
| Equity ratio | 29.3% |  |
| Shares outstanding | 7,630,075 |  |
| Treasury shares | 300 |  |
| Shareholders | 7,035 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 22.5% | Net cash -¥30B · Cash ÷ revenue 49.3% |
| Vs. industry median margin | +11 pp | Real Estate Development & Leasing |
| ROE | 25.7% | Derived from disclosed figures |
| ROA | 7.1% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 3.2× its level five years ago

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13757440000 | ¥46544340000 | +238.3% |
| Operating income | ¥1124368000 | ¥10024607000 | +791.6% |
| Operating margin | 8.2% | 21.5% | +13.4 pp |
| Employees | 45 people | 118 people | +162.2% |
| Cash and equivalents | ¥2594560000 | ¥22939544000 | +784.1% |

### 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 |
| --- | ---: |
| 新築不動産販売部門 → 事業再編・廃止 | 73.6% |
| 再生不動産販売部門 → 事業再編・廃止 | 20.9% |
| 不動産賃貸事業部門 → 事業再編・廃止 | 5.0% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.5% |
| 新設・再編 → ＤＸ新築不動産事業 | 43.5% |
| 新設・再編 → ＤＸ再生不動産事業 | 28.4% |
| 新設・再編 → ＤＸ不動産価値向上事業 | 25.6% |
| 新設・再編 → 不動産賃貸事業 | 2.4% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| DX New Real Estate Business | — | — | ¥20226516000 | 37.9% | 2 |
| DX Revitalized Real Estate Business | — | — | ¥13240403000 | 10.1% | 2 |
| DX Real Estate Value up business | — | — | ¥11931204000 | 16.4% | 2 |
| Real Estate Leasing business | — | — | ¥1118218000 | 44.2% | 2 |
| Other | 5 years | -18.3% | ¥27997000 | 1515.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 46,544 | 100.0% | S100XUF0 |
| Cost of revenue | 33,171 | 71.3% | S100XUF0 |
| Gross profit | 13,373 | 28.7% | S100XUF0 |
| SG&A | 3,348 | 7.2% | S100XUF0 |
| Operating income | 10,025 | 21.5% | S100XUF0 |
| Ordinary income | 8,956 | 19.2% | S100XUF0 |
| Pretax income | 8,897 | 19.1% | S100XUF0 |
| Income tax | 2,761 | 5.9% | S100XUF0 |
| Net income | 6,135 | 13.2% | S100XUF0 |
| Net income attributable to owners | 6,135 | 13.2% | S100XUF0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 7 |
| Operating income | 22 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 28.7% → Operating margin 21.5% → Net margin 13.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.1%; Core profit growth: +30.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.34×
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 | 44,707 | 46,544 | 1,837 | +4.1% |
| Gross profit | 11,391 | 13,373 | 1,982 | +17.4% |
| Operating income | 7,701 | 10,025 | 2,324 | +30.2% |
| Net income attributable to owners | 4,713 | 6,135 | 1,422 | +30.2% |
| Operating cash flow | -1,756 | -11,393 | -9,637 | — |
| Free cash flow | -2,364 | -13,855 | -11,490 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 13,757 | 1,124 | 8.2% | 650 | 1,734 | 856 | S100NWIE |
| FY ending Dec 2021 | 14,677 | 3,217 | 21.9% | 1,959 | -5,358 | -6,746 | S100QI7N |
| FY ending Dec 2022 | 18,253 | 4,227 | 23.2% | 3,381 | -3,062 | -4,762 | S100T5T1 |
| FY ending Dec 2023 | 31,499 | 5,552 | 17.6% | 3,294 | -3,203 | -4,267 | S100VIJE |
| FY ending Dec 2024 | 44,707 | 7,701 | 17.2% | 4,713 | -1,756 | -2,364 | S100XUF0 |
| FY ending Dec 2025 | 46,544 | 10,025 | 21.5% | 6,135 | -11,393 | -13,855 | S100XUF0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥394.4M |
| Operating income per employee (consolidated) | ¥85M |
| Net income per employee (consolidated) | ¥52M |

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) | 46 | 80 | 90 | 102 | 118 |
| Average salary (parent company) | ¥8.6M | ¥9M | ¥10M | ¥16M | ¥7.9M |
| Average age (parent company) | 45.5 years | 50.4 years | 53.0 years | 49.3 years | 42.9 years |
| Average tenure (parent company) | 5.1 years | 5.0 years | 4.0 years | 4.6 years | 4.0 years |

Year over year: Employees (consolidated) +15.7% · Revenue (consolidated) +4.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| DX New Real Estate Business | 20,227 | 43.5% | 7,662 | 37.9% |
| DX Revitalized Real Estate Business | 13,240 | 28.4% | 1,339 | 10.1% |
| DX Real Estate Value up business | 11,931 | 25.6% | 1,959 | 16.4% |
| Real Estate Leasing business | 1,118 | 2.4% | 494 | 44.2% |
| Other | 28 | 0.1% | 424 | 1515.3% |

### 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 |
| --- | ---: |
| DX New Real Estate Business | 43.5% |
| DX Revitalized Real Estate Business | 28.4% |
| DX Real Estate Value up business | 25.6% |
| Real Estate Leasing business | 2.4% |
| Other | 0.1% |

Segment → industry: Real Estate Leasing business → Real Estate Development & Leasing / DX Real Estate Value up business → Real Estate Development & Leasing / DX Revitalized Real Estate Business → Real Estate Development & Leasing / DX New Real Estate Business → Real Estate Development & Leasing / DX New Real Estate Business → Condominium Developers

## 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 | -11,393 | -24.5% | S100XUF0 |
| Capital expenditure | 2,462 | 5.3% | S100XUF0 |
| Free cash flow | -13,855 | -29.8% | 算出 |
| Investing cash flow | -2,263 | -4.9% | S100XUF0 |
| Financing cash flow | 23,169 | 49.8% | S100XUF0 |
| Dividends paid | 3,054 | 6.6% | S100XUF0 |
| Share buyback | 1 | 0.0% | S100XUF0 |
| Change in cash | 9,513 | 20.4% | S100XUF0 |
| Cash and equivalents | 22,940 | 49.3% | S100XUF0 |

## 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 | 6,562 | 9,483 | 12,690 | 13,426 | 22,940 | S100T5T1, S100VIJE, S100XUF0 |
| Total assets | 36,333 | 50,669 | 61,210 | 71,248 | 101,950 | S100QI7N, S100T5T1, S100VIJE, S100XUF0 |
| Net assets | 7,343 | 11,418 | 15,213 | 18,132 | 29,949 | S100T5T1, S100VIJE, S100XUF0 |
| Share capital | 288 | 614 | 1,423 | 1,506 | 4,914 | S100QI7N, S100T5T1, S100VIJE, S100XUF0 |
| Property, plant and equipment | 9,667 | 10,369 | 10,191 | 6,737 | 8,920 | S100QI7N, S100T5T1, S100VIJE, S100XUF0 |
| Intangible assets excluding goodwill | 108 | 40 | 39 | 42 | 40 | S100QI7N, S100T5T1, S100VIJE, S100XUF0 |
| Investment securities | 159 | 331 | 642 | 656 | 667 | S100QI7N, S100T5T1, S100VIJE, S100XUF0 |
| Current assets | 25,994 | 39,317 | 49,881 | 63,141 | 90,811 | S100QI7N, S100T5T1, S100VIJE, S100XUF0 |
| Current liabilities | 8,225 | 16,069 | 19,859 | 24,786 | 35,183 | S100QI7N, S100T5T1, S100VIJE, S100XUF0 |
| Short-term borrowings | 2,950 | 4,198 | 7,650 | 11,489 | 17,029 | S100QI7N, S100T5T1, S100VIJE, S100XUF0 |
| Long-term borrowings | 19,019 | 21,322 | 25,209 | 26,903 | 35,098 | S100QI7N, S100T5T1, S100VIJE, S100XUF0 |
| Bonds | 830 | 920 | 230 | 620 | 850 | S100QI7N, S100T5T1, S100VIJE, S100XUF0 |
| Interest-bearing debt | 22,799 | 26,440 | 33,089 | 39,013 | 52,978 | 算出 |
| Total liabilities | 28,990 | 39,252 | 45,997 | 53,116 | 72,001 | S100QI7N, S100T5T1, S100VIJE, S100XUF0 |
| Equity attributable to owners of parent | 7,308 | 11,302 | 15,054 | 17,963 | 29,800 | S100QI7N, S100T5T1, S100VIJE, S100XUF0 |
| Retained earnings | 5,662 | 9,043 | 11,949 | 15,344 | 20,724 | S100QI7N, S100T5T1, S100VIJE, S100XUF0 |
| Treasury stock | -0 | — | -1 | -653 | -2 | S100QI7N, S100VIJE, S100XUF0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100XUF0 |
| Property, plant and equipment | 9% | S100XUF0 |
| Intangibles and goodwill | 0% | S100XUF0 |
| Investment securities | 1% | S100XUF0 |
| Other assets | 68% | S100XUF0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 52% | 算出 |
| Other liabilities | 19% | S100XUF0 |
| Equity | 29% | S100XUF0 |
| Other liabilities | 0% | S100XUF0 |

### 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 | 36,333 | 50,669 | 61,210 | 71,248 | 101,950 |
| Equity | 7,343 | 11,418 | 15,213 | 18,132 | 29,949 |
| Interest-bearing debt | 22,799 | 26,440 | 33,089 | 39,013 | 52,978 |
| Cash | 6,562 | 9,483 | 12,690 | 13,426 | 22,940 |

## 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) | 19.2% | S100XUF0 |
| Fixed assets ÷ total assets | 8.7% | S100XUF0 |
| Goodwill ÷ parent equity | — | —, S100XUF0 |

### 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) | 22.5% |
| Cash ÷ revenue | 49.3% |
| Net cash (cash − interest-bearing debt) | -¥30B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -113.6% |
| Cash vs. profit gap | -17,528 JPY mn (of net income -285.7%) |
| Shareholder returns / net income | 49.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 49.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.3% |
| 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 | 13.3% | 0.40× | 5.4% | 4.97× | 26.8% | S100QI7N |
| 2022 | 18.5% | 0.42× | 7.8% | 4.67× | 36.3% | S100T5T1 |
| 2023 | 10.5% | 0.56× | 5.9% | 4.24× | 25.0% | S100VIJE |
| 2024 | 10.5% | 0.68× | 7.1% | 4.01× | 28.5% | S100XUF0 |
| 2025 | 13.2% | 0.54× | 7.1% | 3.63× | 25.7% | S100XUF0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三井住友信託銀行株式会社（信託口甲17号） | Major shareholder | 8.8% | 2025-12-31 |
| アジア・パシフィック・マックスランド・ジャパン有限会社 | Major shareholder | 5.1% | 2025-12-31 |
| 合同会社城山21世紀投資 | Major shareholder | 4.5% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 3.1% | 2025-12-31 |
| ヨシダ トモヒロ | Major shareholder | 3.0% | 2025-12-31 |
| 三菱ＵＦＪモルガン・スタンレー証券株式会社 | Major shareholder | 2.7% | 2025-12-31 |
| 築地株式会社 | Major shareholder | 2.4% | 2025-12-31 |
| 高橋 新 | Major shareholder | 2.3% | 2025-12-31 |
| 岡三証券株式会社 | Major shareholder | 2.0% | 2025-12-31 |
| 昭栄電気工具株式会社 | Major shareholder | 2.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第6期(2025/01/01－2025/12/31) | S100XUF0 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUF0,, |
| 有価証券報告書－第5期(2024/01/01－2024/12/31) | S100VIJE | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIJE,, |
| 有価証券報告書－第4期(2023/01/01－2023/12/31) | S100T5T1 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5T1,, |
| 有価証券報告書－第3期(2022/01/01－2022/12/31) | S100QI7N | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QI7N,, |
| 訂正有価証券報告書－第2期(令和3年1月1日－令和3年12月31日) | S100NWIE | 2022-04-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NWIE,, |
| 有価証券報告書－第1期(令和2年1月1日－令和2年12月31日) | S100L35A | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L35A,, |

## 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).