# LAND BUSINESS: 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41期(2024/10/01－2025/09/30) (S100X9MO)
> Page: https://vizora.meequs.com/en/company/land-business
> Retrieved: 2026-09-30T22:42:06.823Z

## Company

Land Business, founded in 1985, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 604 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | LAND BUSINESS CO.,LTD. |
| Ticker | 8944 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8944.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区霞が関三丁目2番5号霞が関ビルディング |
| Representative (per filing) | 代表取締役社長 森作 哲朗 |
| Founded | Feb 1985 |
| Share capital | ¥4.97B |
| Employees (consolidated) | 604 |
| Average salary (parent only) | ¥14M |
| Fiscal year end | September |
| Corporate number | 5010001031955 |
| EDINET | E04038 |
| Industries (Vizora) | Real Estate Development & Leasing, Apparel, Restaurants & Pubs |

> Profile source: annual securities report (S100X9MO, filed 2025-12-19). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 13.4 | 86 |
| Cash conversion | 98.2 | 82 |
| Efficiency | 30.8 | 86 |
| Financial strength | 31.1 | 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 54% of Land Business's sales come from Real estate related business, with Clothing business and Restaurants business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +86.5% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥18.6B |  |
| Operating income | ¥635M | Margin 3.4% |
| Net income | -¥358.4M | Margin -1.9% |
| Free cash flow | ¥528.7M |  |
| Largest business | Real estate related business | of segment revenue 54.4% |
| Employees (consolidated) | 604 |  |
| EPS | ¥-2.71 |  |
| Book value per share | ¥822.74 |  |
| Equity ratio | 28.5% |  |
| Shares outstanding | 23,346,115 |  |
| Treasury shares | 3,500,000 |  |
| Shareholders | 2,919 |  |
| Average salary (parent only) | ¥14M | Filing company only |
| Cash ratio | 13.3% | Net cash -¥23.8B · Cash ÷ revenue 40.4% |
| Vs. industry median margin | -7.1 pp | Real Estate Development & Leasing |
| ROA | -0.7% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, segment profit share differs by 46 points

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4544586000 | ¥18603111000 | — |
| Operating income | ¥818143000 | ¥635012000 | — |
| Operating margin | 18.0% | 3.4% | -14.6 pp |
| Employees | 27 people | 604 people | — |
| Cash and equivalents | ¥10469414000 | ¥7523479000 | — |

### 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 |
| --- | ---: |
| 新設・再編 → 不動産関連事業 | 54.4% |
| 新設・再編 → 外食事業 | 6.6% |
| 新設・再編 → 服飾事業 | 39.0% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Real estate related business | 3 years | +30.4% | ¥10010636000 | 41.4% | 2 |
| Clothing business | 3 years | +414.7% | ¥7169932000 | -12.8% | 2 |
| Restaurants business | 3 years | +145.5% | ¥1218116000 | -84.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,603 | 100.0% | S100X9MO |
| Cost of revenue | 9,802 | 52.7% | S100X9MO |
| Gross profit | 8,801 | 47.3% | S100X9MO |
| SG&A | 8,166 | 43.9% | S100X9MO |
| Operating income | 635 | 3.4% | S100X9MO |
| Ordinary income | 166 | 0.9% | S100X9MO |
| Pretax income | 60 | 0.3% | S100X9MO |
| Income tax | 418 | 2.2% | S100X9MO |
| Net income | -358 | -1.9% | S100X9MO |
| Net income attributable to owners | -358 | -1.9% | S100X9MO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 44 |
| Operating income | 3 |
| (Ref.) Net income | -2 |

### Margin funnel

Gross margin 47.3% → Operating margin 3.4% → Net margin -1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 9,975 | 18,603 | 8,628 | +86.5% |
| Gross profit | 4,403 | 8,801 | 4,398 | +99.9% |
| Operating income | -1,552 | 635 | 2,187 | — |
| Net income attributable to owners | -2,099 | -358 | 1,741 | — |
| Operating cash flow | -2,644 | 3,040 | 5,684 | — |
| Free cash flow | -4,806 | 529 | 5,335 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 4,644 | 1,042 | 22.4% | 407 | 1,693 | 486 | S100KE1D |
| FY ending Sep 2020 | 4,545 | 818 | 18.0% | 417 | 936 | 164 | S100N33W |
| FY ending Sep 2021 | 4,588 | 767 | 16.7% | 316 | 972 | -45 | S100N33W |
| FY ending Sep 2022 | 4,645 | 306 | 6.6% | 267 | 815 | -217 | S100SG8B |
| FY ending Sep 2023 | 4,490 | -42 | -0.9% | 349 | -8 | -1,674 | S100UXTX |
| FY ending Sep 2024 | 9,975 | -1,552 | -15.6% | -2,099 | -2,644 | -4,806 | S100X9MO |
| FY ending Sep 2025 | 18,603 | 635 | 3.4% | -358 | 3,040 | 529 | S100X9MO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.8M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | -¥593.4K |

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) | 24 | 31 | 205 | 537 | 604 |
| Average salary (parent company) | ¥11.6M | ¥9.7M | ¥10.7M | ¥10.6M | ¥14M |
| Average age (parent company) | 47.5 years | 49.8 years | 53.3 years | 53.1 years | 50.2 years |
| Average tenure (parent company) | 6.5 years | 6.5 years | 5.5 years | 6.0 years | 3.1 years |

Year over year: Employees (consolidated) +12.5% · Revenue (consolidated) +86.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate related business | 10,011 | 54.4% | 4,140 | 41.4% |
| Restaurants business | 1,218 | 6.6% | -1,032 | -84.7% |
| Clothing business | 7,170 | 39.0% | -918 | -12.8% |

### 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 related business | 54.4% | 100.0% | 45.6 | 41.4% |
| Restaurants business | 6.6% | — | — | -84.7% |
| Clothing business | 39.0% | — | — | -12.8% |

Loss-making segment (excluded from profit shares): Restaurants business -1,032 JPY mn

Loss-making segment (excluded from profit shares): Clothing business -918 JPY mn

Segment → industry: Real estate related business → Real Estate Development & Leasing / Clothing business → Apparel / Restaurants business → Restaurants & Pubs

## 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 | 3,040 | 16.3% | S100X9MO |
| Capital expenditure | 2,512 | 13.5% | S100X9MO |
| Free cash flow | 529 | 2.8% | 算出 |
| Investing cash flow | -4,980 | -26.8% | S100X9MO |
| Financing cash flow | 3,513 | 18.9% | S100X9MO |
| Dividends paid | 119 | 0.6% | S100X9MO |
| Change in cash | 1,576 | 8.5% | S100X9MO |
| Cash and equivalents | 7,523 | 40.4% | S100X9MO |

## 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 | 9,443 | 10,785 | 10,630 | 5,948 | 7,523 | S100N33W, S100UXTX, S100X9MO |
| Total assets | 53,594 | 54,213 | 53,877 | 52,033 | 56,408 | S100N33W, S100SG8B, S100UXTX, S100X9MO |
| Net assets | 18,249 | 18,463 | 18,719 | 16,499 | 16,071 | S100N33W, S100UXTX, S100X9MO |
| Share capital | 4,969 | 4,969 | 4,969 | 4,969 | 4,969 | S100N33W, S100SG8B, S100UXTX, S100X9MO |
| Property, plant and equipment | 41,538 | 40,879 | 33,165 | 6,971 | 12,601 | S100N33W, S100SG8B, S100UXTX, S100X9MO |
| Intangible assets excluding goodwill | 1,086 | 1,490 | 1,810 | 2,220 | 2,551 | S100N33W, S100SG8B, S100UXTX, S100X9MO |
| Goodwill | 25 | 17 | 324 | 449 | 865 | S100N33W, S100SG8B, S100UXTX, S100X9MO |
| Investment securities | 12 | 12 | 15 | 16 | 22 | S100N33W, S100SG8B, S100UXTX, S100X9MO |
| Current assets | 9,737 | 11,039 | 18,013 | 40,855 | 39,010 | S100N33W, S100SG8B, S100UXTX, S100X9MO |
| Current liabilities | 2,932 | 3,397 | 6,256 | 6,464 | 7,332 | S100N33W, S100SG8B, S100UXTX, S100X9MO |
| Trade payables | — | 6 | 24 | 707 | 558 | S100SG8B, S100UXTX, S100X9MO |
| Short-term borrowings | 600 | 900 | 600 | 1,823 | 2,795 | S100N33W, S100SG8B, S100UXTX, S100X9MO |
| Long-term borrowings | 24,740 | 24,500 | 22,210 | 23,069 | 25,902 | S100N33W, S100SG8B, S100UXTX, S100X9MO |
| Bonds | 5,103 | 4,618 | 3,635 | 2,712 | 2,581 | S100N33W, S100SG8B, S100UXTX, S100X9MO |
| Interest-bearing debt | 30,443 | 30,018 | 26,445 | 27,603 | 31,278 | 算出 |
| Total liabilities | 35,345 | 35,750 | 35,158 | 35,534 | 40,337 | S100N33W, S100SG8B, S100UXTX, S100X9MO |
| Equity attributable to owners of parent | 18,376 | 18,530 | 18,760 | 16,529 | 16,052 | S100N33W, S100SG8B, S100UXTX, S100X9MO |
| Retained earnings | 10,736 | 10,889 | 11,120 | 8,889 | 7,209 | S100N33W, S100SG8B, S100UXTX, S100X9MO |
| Treasury stock | -2,428 | -2,428 | -2,428 | -2,428 | -1,226 | S100N33W, S100SG8B, S100UXTX, S100X9MO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100X9MO |
| Property, plant and equipment | 23% | S100X9MO |
| Intangibles and goodwill | 6% | S100X9MO |
| Investment securities | 0% | S100X9MO |
| Other assets | 58% | S100X9MO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100X9MO |
| Interest-bearing debt | 55% | 算出 |
| Other liabilities | 15% | S100X9MO |
| Equity | 29% | S100X9MO |
| Other liabilities | 0% | S100X9MO |

### 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 | 53,594 | 54,213 | 53,877 | 52,033 | 56,408 |
| Equity | 18,249 | 18,463 | 18,719 | 16,499 | 16,071 |
| Interest-bearing debt | 30,443 | 30,018 | 26,445 | 27,603 | 31,278 |
| Cash | 9,443 | 10,785 | 10,630 | 5,948 | 7,523 |

## 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) | 67.7% | S100X9MO |
| Fixed assets ÷ total assets | 22.3% | S100X9MO |
| Goodwill ÷ parent equity | 5.4% | S100X9MO |

### 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) | 13.3% |
| Cash ÷ revenue | 40.4% |
| Net cash (cash − interest-bearing debt) | -¥23.8B |
| Net debt ÷ operating cash flow | 7.81× |
| Cash conversion (operating CF ÷ operating income) | 478.8% |
| Cash vs. profit gap | 3,399 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 22.5% |
| CapEx intensity (capex ÷ revenue) | 13.5% |
| Investing CF relative to operating CF | 163.8% |

## 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 | 6.9% | 0.09× | 0.6% | 2.92× | 1.7% | S100N33W |
| 2022 | 5.7% | 0.09× | 0.5% | 2.93× | 1.4% | S100SG8B |
| 2023 | 7.8% | 0.08× | 0.6% | 2.90× | 1.9% | S100UXTX |
| 2024 | — | —× | -4.0% | —× | — | S100X9MO |
| 2025 | — | —× | -0.7% | —× | — | S100X9MO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 亀井 正通 | Major shareholder | 38.5% | 2025-09-30 |
| 亀井 綾子 | Major shareholder | 22.1% | 2025-09-30 |
| 永井 詳二 | Major shareholder | 3.5% | 2025-09-30 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 1.7% | 2025-09-30 |
| 森作 哲朗 | Major shareholder | 1.3% | 2025-09-30 |
| 一般社団法人飯田 | Major shareholder | 1.3% | 2025-09-30 |
| 株式会社ＫＳマネジメント | Major shareholder | 1.2% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.1% | 2025-09-30 |
| 東海東京証券株式会社 | Major shareholder | 0.9% | 2025-09-30 |
| 麻生 絹江 | Major shareholder | 0.6% | 2025-09-30 |
| 麻生 國雄 | Major shareholder | 0.6% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第41期(2024/10/01－2025/09/30) | S100X9MO | 2025-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X9MO,, |
| 有価証券報告書－第40期(2023/10/01－2024/09/30) | S100UXTX | 2024-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UXTX,, |
| 有価証券報告書－第39期(2022/10/01－2023/09/30) | S100SG8B | 2023-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SG8B,, |
| 有価証券報告書－第38期(令和3年10月1日－令和4年9月30日) | S100PTUX | 2022-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTUX,, |
| 有価証券報告書－第37期(令和2年10月1日－令和3年9月30日) | S100N33W | 2021-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N33W,, |
| 有価証券報告書－第36期(令和1年10月1日－令和2年9月30日) | S100KE1D | 2020-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KE1D,, |

## 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).