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

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第30期(2025/03/01－2026/02/28) (S100Y721)
> Page: https://vizora.meequs.com/en/company/land
> Retrieved: 2026-09-30T20:24:33.043Z

## Company

Land, founded in 1996, is a company in Electric Power & Gas listed on TSE Standard. It has 11 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | LAND Co., Ltd. |
| Ticker | 8918 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8918.T) |
| Listing | TSE Standard |
| Head office | 神奈川県横浜市西区北幸二丁目8番29号 |
| Representative (per filing) | 代表取締役社長 松谷昌樹 |
| Founded | Dec 1996 |
| Share capital | ¥50M |
| Employees (consolidated) | 11 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | February |
| Website | www.land.jp (https://www.land.jp/) |
| Corporate number | 7020001031746 |
| EDINET | E04015 |
| Industries (Vizora) | Electric Power & Gas, Real Estate Development & Leasing |

> Profile source: annual securities report (S100Y721, filed 2026-05-28). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 71.3 | 75 |
| Profitability | 65.7 | 86 |
| Cash conversion | 5.5 | 82 |
| Efficiency | 23.8 | 86 |

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 87% of Land's sales come from Real Estate Business, with Renewable energy related business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed -40.9% from the prior year, operating profit -56.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.01B |  |
| Operating income | ¥425.7M | Margin 14.2% |
| Net income | ¥444.5M | Margin 14.8% |
| Free cash flow | — |  |
| Largest business | Real Estate Business | of segment revenue 87.0% |
| Employees (consolidated) | 11 |  |
| EPS | ¥0.13 |  |
| Diluted EPS | ¥0.13 |  |
| Book value per share | ¥4.16 |  |
| Equity ratio | 88.7% |  |
| Shares outstanding | 1,545,140,000 |  |
| Treasury shares | 7,257,100 |  |
| Shareholders | 48,345 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 28.1% | Cash ÷ revenue 96.8% |
| Vs. industry median margin | +3.6 pp | Real Estate Development & Leasing |
| ROE | 4.9% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 81% of positive segment profit
- FY2026, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1141705000 | ¥3007169000 | +163.4% |
| Operating income | ¥-2822314000 | ¥425685000 | — |
| Operating margin | -247.2% | 14.2% | +261.4 pp |
| Employees | 9 people | 11 people | +22.2% |
| Cash and equivalents | ¥1323890000 | ¥2910636000 | +119.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 不動産投資 → 事業再編・廃止 | 3.0% |
| 再生可能エネルギー関連投資 → 再生可能エネルギー関連投資 | 11.0% |
| 再生可能エネルギー関連投資 → 事業再編・廃止 | 38.1% |
| その他 → その他 | 0.5% |
| リノベーション → 事業再編・廃止 | 47.3% |
| 新設・再編 → 不動産事業 | 87.0% |
| 新設・再編 → その他 | 1.4% |

Segment revenue source references: 7 (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 Business | 4 years | +25.7% | ¥2617240000 | 23.0% | 2 |
| Renewable energy related business | 5 years | -10.0% | ¥331509000 | 32.6% | 2 |
| Other | 5 years | +56.7% | ¥58418000 | 61.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,007 | 100.0% | S100Y721 |
| Cost of revenue | 1,906 | 63.4% | S100Y721 |
| Gross profit | 1,101 | 36.6% | S100Y721 |
| SG&A | 676 | 22.5% | S100Y721 |
| Operating income | 426 | 14.2% | S100Y721 |
| Ordinary income | 479 | 15.9% | S100Y721 |
| Pretax income | 480 | 16.0% | S100Y721 |
| Income tax | 35 | 1.2% | S100Y721 |
| Net income | 444 | 14.8% | S100Y721 |
| Net income attributable to owners | 444 | 14.8% | S100Y721 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 23 |
| Operating income | 14 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 36.6% → Operating margin 14.2% → Net margin 14.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -40.9%; Core profit growth: -56.4%
Operating leverage (core profit growth ÷ revenue growth): 1.38×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,092 | 3,007 | -2,085 | -40.9% |
| Gross profit | 1,742 | 1,101 | -641 | -36.8% |
| Operating income | 977 | 426 | -551 | -56.4% |
| Net income attributable to owners | 874 | 444 | -430 | -49.2% |
| Operating cash flow | 2,103 | -950 | -3,053 | -145.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 2,878 | 1,533 | 53.3% | 1,319 | 799 | — | S100LEY8 |
| FY ending Feb 2021 | 1,142 | -2,822 | -247.2% | -2,789 | 131 | — | S100O4P2 |
| FY ending Feb 2022 | 3,026 | 1,445 | 47.7% | 1,670 | 911 | — | S100QTX4 |
| FY ending Feb 2023 | 4,102 | 1,294 | 31.5% | 1,276 | 1,120 | — | S100THN6 |
| FY ending Feb 2024 | 2,102 | 230 | 11.0% | 240 | -1,392 | — | S100VT33 |
| FY ending Feb 2025 | 5,092 | 977 | 19.2% | 874 | 2,103 | — | S100Y721 |
| FY ending Feb 2026 | 3,007 | 426 | 14.2% | 444 | -950 | — | S100Y721 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥273.4M |
| Operating income per employee (consolidated) | ¥38.7M |
| Net income per employee (consolidated) | ¥40.4M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 9 | 11 | 13 | 14 | 11 |
| Average salary (parent company) | ¥7.8M | ¥6.3M | ¥6.7M | ¥6.9M | ¥7.8M |
| Average age (parent company) | 46.8 years | 38.8 years | 39.1 years | 39.4 years | 41.2 years |
| Average tenure (parent company) | 8.3 years | 4.6 years | 4.8 years | 5.4 years | 6.6 years |

Year over year: Employees (consolidated) -21.4% · Revenue (consolidated) -40.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real Estate Business | 2,617 | 87.0% | 602 | 23.0% |
| Renewable energy related business | 332 | 11.0% | 108 | 32.6% |
| Other | 58 | 1.9% | 36 | 61.3% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Real Estate Business | 87.0% | 80.7% | -6.3 | 23.0% |
| Renewable energy related business | 11.0% | 14.5% | 3.5 | 32.6% |
| Other | 1.9% | 4.8% | 2.9 | 61.3% |

Segment → industry: Renewable energy related business → Electric Power & Gas / Real Estate Business → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -950 | -31.6% | S100Y721 |
| Investing cash flow | -13 | -0.4% | S100Y721 |
| Financing cash flow | -105 | -3.5% | S100Y721 |
| Dividends paid | 154 | 5.1% | S100Y721 |
| Change in cash | -1,068 | -35.5% | S100Y721 |
| Cash and equivalents | 2,911 | 96.8% | S100Y721 |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,782 | 1,333 | 2,415 | 3,978 | 2,911 | S100THN6, S100VT33, S100Y721 |
| Total assets | 7,170 | 8,598 | 9,847 | 10,017 | 10,357 | S100QTX4, S100THN6, S100VT33, S100Y721 |
| Net assets | 6,186 | 7,319 | 7,574 | 8,903 | 9,194 | S100THN6, S100VT33, S100Y721 |
| Share capital | 50 | 50 | 10 | 50 | 50 | S100QTX4, S100THN6, S100VT33, S100Y721 |
| Property, plant and equipment | 3 | 19 | 13 | 12 | 10 | S100QTX4, S100THN6, S100VT33, S100Y721 |
| Intangible assets excluding goodwill | 3 | 2 | 1 | 1 | 1 | S100QTX4, S100THN6, S100VT33, S100Y721 |
| Investment securities | 25 | 45 | 45 | 45 | 45 | S100QTX4, S100THN6, S100VT33, S100Y721 |
| Current assets | 7,118 | 8,505 | 9,760 | 9,932 | 10,280 | S100QTX4, S100THN6, S100VT33, S100Y721 |
| Current liabilities | 762 | 1,093 | 1,527 | 1,009 | 1,085 | S100QTX4, S100THN6, S100VT33, S100Y721 |
| Short-term borrowings | 146 | 353 | 145 | 152 | 240 | S100QTX4, S100THN6, S100VT33, S100Y721 |
| Long-term borrowings | 223 | 187 | 146 | 105 | 78 | S100QTX4, S100THN6, S100VT33, S100Y721 |
| Total liabilities | 985 | 1,280 | 2,273 | 1,114 | 1,163 | S100QTX4, S100THN6, S100VT33, S100Y721 |
| Equity attributable to owners of parent | 6,185 | 7,318 | 7,564 | 8,893 | 9,184 | S100QTX4, S100THN6, S100VT33, S100Y721 |
| Retained earnings | 3,861 | 4,994 | 5,091 | 5,820 | 6,110 | S100QTX4, S100THN6, S100VT33, S100Y721 |
| Treasury stock | -524 | -524 | -524 | -524 | -524 | S100QTX4, S100THN6, S100VT33, S100Y721 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100Y721 |
| Property, plant and equipment | 0% | S100Y721 |
| Intangibles and goodwill | 0% | S100Y721 |
| Investment securities | 1% | S100Y721 |
| Other assets | 71% | S100Y721 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 11% | S100Y721 |
| Equity | 89% | S100Y721 |
| Other liabilities | 0% | S100Y721 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,170 | 8,598 | 9,847 | 10,017 | 10,357 |
| Equity | 6,186 | 7,319 | 7,574 | 8,903 | 9,194 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,782 | 1,333 | 2,415 | 3,978 | 2,911 |

## 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) | 0.3% | S100Y721 |
| Fixed assets ÷ total assets | 0.1% | S100Y721 |
| Goodwill ÷ parent equity | — | —, S100Y721 |

### 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) | 28.1% |
| Cash ÷ revenue | 96.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -223.1% |
| Cash vs. profit gap | -1,394 JPY mn (of net income -313.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 34.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| 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 | 55.2% | 0.42× | 23.3% | 1.16× | 27.0% | S100QTX4 |
| 2023 | 31.1% | 0.52× | 16.2% | 1.17× | 18.9% | S100THN6 |
| 2024 | 11.4% | 0.23× | 2.6% | 1.24× | 3.2% | S100VT33 |
| 2025 | 17.2% | 0.51× | 8.8% | 1.21× | 10.6% | S100Y721 |
| 2026 | 14.8% | 0.30× | 4.4% | 1.13× | 4.9% | S100Y721 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 松谷 昌樹 | Major shareholder | 20.8% | 2026-02-28 |
| 株式会社ランドコーポレーション | Major shareholder | 10.4% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社 （信託口） | Major shareholder | 6.3% | 2026-02-28 |
| BNYM AS AGT/CLTS NON TREATY JASDEC （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.5% | 2026-02-28 |
| 高畑 一貴 | Major shareholder | 1.3% | 2026-02-28 |
| ABN AMRO Clearing Bank N.V.，Singapore Branch （常任代理人 エービーエヌ・アムロ・クリアリング証券株式会社） | Major shareholder | 1.2% | 2026-02-28 |
| BNP Paribas Financial Markets （常任代理人 BNPパリバ証券株式会社） | Major shareholder | 1.1% | 2026-02-28 |
| 御所野 侃 | Major shareholder | 1.1% | 2026-02-28 |
| 日本証券金融株式会社 | Major shareholder | 1.1% | 2026-02-28 |
| 野村證券株式会社 | Major shareholder | 0.8% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第30期(2025/03/01－2026/02/28) | S100Y721 | 2026-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y721,, |
| 有価証券報告書－第29期(2024/03/01－2025/02/28) | S100VT33 | 2025-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VT33,, |
| 有価証券報告書－第28期(2023/03/01－2024/02/29) | S100THN6 | 2024-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THN6,, |
| 有価証券報告書－第27期(2022/03/01－2023/02/28) | S100QTX4 | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTX4,, |
| 有価証券報告書－第26期(令和3年3月1日－令和4年2月28日) | S100O4P2 | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4P2,, |
| 有価証券報告書－第25期(令和2年3月1日－令和3年2月28日) | S100LEY8 | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEY8,, |

## 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).