# Landix Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2025/04/01－2026/03/31) (S100YHQX)
> Page: https://vizora.meequs.com/en/company/landix
> Retrieved: 2026-09-30T17:49:39.713Z

## Company

Landix, founded in 2002, is a company in Real Estate Development & Leasing listed on TSE Growth. It has 104 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Landix Inc. |
| Ticker | 2981 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2981.T) |
| Listing | TSE Growth |
| Head office | 東京都世田谷区新町三丁目22番2号 |
| Representative (per filing) | 代表取締役社長 岡田 和也 |
| Founded | Sep 2002 |
| Share capital | ¥499.8M |
| Employees (consolidated) | 104 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | landix.jp (https://landix.jp/) |
| Corporate number | 3010901014739 |
| EDINET | E35303 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100YHQX, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 76.7 | 75 |
| Profitability | 62.2 | 86 |
| Cash conversion | 34.8 | 82 |
| Efficiency | 75 | 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 100% of Landix's sales come from Sumuzu, with Lease and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +16.1% from the prior year, operating profit +32.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥23.5B |  |
| Operating income | ¥3B | Margin 12.8% |
| Net income | ¥1.85B | Margin 7.9% |
| Free cash flow | -¥373.9M |  |
| Largest business | Sumuzu | of segment revenue 99.5% |
| Employees (consolidated) | 104 |  |
| EPS | ¥42.95 |  |
| Diluted EPS | ¥42.61 |  |
| Book value per share | ¥655.61 |  |
| Equity ratio | 39.1% |  |
| Shares outstanding | 5,695,586 |  |
| Treasury shares | 700 |  |
| Shareholders | 1,611 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 22.6% | Cash ÷ revenue 24.3% |
| Vs. industry median margin | +2.2 pp | Real Estate Development & Leasing |
| ROE | 20.3% | Derived from disclosed figures |
| ROA | 7.9% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.1× its level five years ago
- FY2026, one segment accounts for 99% of positive segment profit
- FY2026, employees -7% while operating income rose 33%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8207378000 | ¥23528097000 | +186.7% |
| Operating income | ¥672336000 | ¥3001628000 | +346.4% |
| Operating margin | 8.2% | 12.8% | +4.6 pp |
| Employees | 56 people | 104 people | +85.7% |
| Cash and equivalents | ¥3643533000 | ¥5715427000 | +56.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| sumuzu → sumuzu | 99.3% |
| 賃貸 → 賃貸 | 0.5% |
| 賃貸 → 事業再編・廃止 | 0.2% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → sumuzu | 0.2% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Sumuzu | 5 years | +23.5% | ¥23413171000 | 14.6% | 2 |
| Lease | 5 years | +15.9% | ¥114031000 | 41.4% | 2 |
| Other | 5 years | -8.9% | ¥895000 | 100.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,528 | 100.0% | S100YHQX |
| Cost of revenue | 18,086 | 76.9% | S100YHQX |
| Gross profit | 5,442 | 23.1% | S100YHQX |
| SG&A | 2,440 | 10.4% | S100YHQX |
| Operating income | 3,002 | 12.8% | S100YHQX |
| Ordinary income | 2,780 | 11.8% | S100YHQX |
| Pretax income | 2,785 | 11.8% | S100YHQX |
| Income tax | 935 | 4.0% | S100YHQX |
| Net income | 1,850 | 7.9% | S100YHQX |
| Net income attributable to owners | 1,850 | 7.9% | S100YHQX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 10 |
| Operating income | 13 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 23.1% → Operating margin 12.8% → Net margin 7.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.1%; Core profit growth: +32.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.04×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 20,268 | 23,528 | 3,260 | +16.1% |
| Gross profit | 4,378 | 5,442 | 1,064 | +24.3% |
| Operating income | 2,259 | 3,002 | 743 | +32.9% |
| Net income attributable to owners | 1,405 | 1,850 | 446 | +31.7% |
| Operating cash flow | -3,408 | -366 | 3,042 | — |
| Free cash flow | -3,557 | -374 | 3,183 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 8,086 | 1,003 | 12.4% | 675 | 1,292 | 465 | S100LOIL |
| FY ending Mar 2021 | 8,207 | 672 | 8.2% | 429 | -699 | -756 | S100OF5Q |
| FY ending Mar 2022 | 11,129 | 1,472 | 13.2% | 937 | -332 | -1,214 | S100R8K6 |
| FY ending Mar 2023 | 15,017 | 1,683 | 11.2% | 1,050 | 566 | 541 | S100TXIZ |
| FY ending Mar 2024 | 17,041 | 1,280 | 7.5% | 790 | -776 | -1,081 | S100WKCZ |
| FY ending Mar 2025 | 20,268 | 2,259 | 11.1% | 1,405 | -3,408 | -3,557 | S100YHQX |
| FY ending Mar 2026 | 23,528 | 3,002 | 12.8% | 1,850 | -366 | -374 | S100YHQX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥226.2M |
| Operating income per employee (consolidated) | ¥28.9M |
| Net income per employee (consolidated) | ¥17.8M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 73 | 89 | 102 | 112 | 104 |
| Average salary (parent company) | ¥5.5M | ¥6M | ¥5.8M | ¥6.3M | ¥6.8M |
| Average age (parent company) | 32.5 years | 32.2 years | 31.8 years | 32.1 years | 32.6 years |
| Average tenure (parent company) | 3.1 years | 2.9 years | 2.9 years | 3.4 years | 3.8 years |

Year over year: Employees (consolidated) -7.1% · Revenue (consolidated) +16.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Sumuzu | 23,413 | 99.5% | 3,428 | 14.6% |
| Lease | 114 | 0.5% | 47 | 41.4% |
| Other | 1 | 0.0% | 1 | 100.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Sumuzu | 99.5% | 98.6% | -0.9 | 14.6% |
| Lease | 0.5% | 1.4% | 0.9 | 41.4% |
| Other | 0.0% | 0.0% | 0.0 | 100.0% |

Segment → industry: Lease → Real Estate Development & Leasing / Sumuzu → Real Estate Development & Leasing / Sumuzu → Real Estate Brokerage & Management

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -366 | -1.6% | S100YHQX |
| Capital expenditure | 7 | 0.0% | S100YHQX |
| Free cash flow | -374 | -1.6% | 算出 |
| Investing cash flow | -258 | -1.1% | S100YHQX |
| Financing cash flow | 1,380 | 5.9% | S100YHQX |
| Dividends paid | 340 | 1.4% | S100YHQX |
| Change in cash | 756 | 3.2% | S100YHQX |
| Cash and equivalents | 5,715 | 24.3% | S100YHQX |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,506 | 4,403 | 4,376 | 4,960 | 5,715 | S100TXIZ, S100WKCZ, S100YHQX |
| Total assets | 12,769 | 13,897 | 15,286 | 21,794 | 25,253 | S100R8K6, S100TXIZ, S100WKCZ, S100YHQX |
| Net assets | 5,648 | 6,543 | 7,146 | 8,346 | 9,871 | S100TXIZ, S100WKCZ, S100YHQX |
| Share capital | 489 | 489 | 491 | 492 | 500 | S100R8K6, S100TXIZ, S100WKCZ, S100YHQX |
| Inventories | 5,030 | 5,438 | 6,848 | 12,198 | 14,685 | S100R8K6, S100TXIZ, S100WKCZ, S100YHQX |
| Property, plant and equipment | 2,785 | 2,771 | 2,734 | 2,792 | 2,749 | S100R8K6, S100TXIZ, S100WKCZ, S100YHQX |
| Intangible assets excluding goodwill | 2 | 1 | 1 | 15 | 8 | S100R8K6, S100TXIZ, S100WKCZ, S100YHQX |
| Goodwill | — | — | — | 13 | 7 | S100YHQX |
| Current assets | 9,771 | 10,947 | 12,356 | 18,738 | 22,092 | S100R8K6, S100TXIZ, S100WKCZ, S100YHQX |
| Current liabilities | 5,310 | 5,497 | 4,765 | 10,487 | 11,600 | S100R8K6, S100TXIZ, S100WKCZ, S100YHQX |
| Short-term borrowings | 4,005 | 4,161 | 3,912 | 6,756 | 8,807 | S100R8K6, S100TXIZ, S100WKCZ, S100YHQX |
| Long-term borrowings | 1,773 | 1,818 | 3,323 | 2,900 | 3,718 | S100R8K6, S100TXIZ, S100WKCZ, S100YHQX |
| Total liabilities | 7,121 | 7,354 | 8,139 | 13,448 | 15,382 | S100R8K6, S100TXIZ, S100WKCZ, S100YHQX |
| Equity attributable to owners of parent | 5,648 | 6,543 | 7,146 | 8,346 | 9,871 | S100R8K6, S100TXIZ, S100WKCZ, S100YHQX |
| Retained earnings | 4,459 | 5,353 | 5,951 | 7,149 | 8,659 | S100R8K6, S100TXIZ, S100WKCZ, S100YHQX |
| Treasury stock | -0 | -0 | -1 | -1 | -1 | S100R8K6, S100TXIZ, S100WKCZ, S100YHQX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YHQX |
| Inventories | 58% | S100YHQX |
| Property, plant and equipment | 11% | S100YHQX |
| Intangibles and goodwill | 0% | S100YHQX |
| Other assets | 8% | S100YHQX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 61% | S100YHQX |
| Equity | 39% | S100YHQX |
| Other liabilities | 0% | S100YHQX |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 12,769 | 13,897 | 15,286 | 21,794 | 25,253 |
| Equity | 5,648 | 6,543 | 7,146 | 8,346 | 9,871 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,506 | 4,403 | 4,376 | 4,960 | 5,715 |

## 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) | 11.7% | S100YHQX |
| Fixed assets ÷ total assets | 10.9% | S100YHQX |
| Goodwill ÷ parent equity | 0.1% | S100YHQX |

### 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) | 22.6% |
| Cash ÷ revenue | 24.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -12.2% |
| Cash vs. profit gap | -2,217 JPY mn (of net income -119.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 18.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| 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 | 8.4% | 0.87× | 7.3% | 2.26× | 16.6% | S100R8K6 |
| 2023 | 7.0% | 1.13× | 7.9% | 2.19× | 17.2% | S100TXIZ |
| 2024 | 4.6% | 1.17× | 5.4% | 2.13× | 11.5% | S100WKCZ |
| 2025 | 6.9% | 1.09× | 7.6% | 2.39× | 18.1% | S100YHQX |
| 2026 | 7.9% | 1.00× | 7.9% | 2.58× | 20.3% | S100YHQX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 岡田 和也 | Major shareholder | 40.8% | 2026-03-31 |
| エムジェイ・アール合同会社 | Major shareholder | 17.8% | 2026-03-31 |
| 岡田 英利子 | Major shareholder | 4.2% | 2026-03-31 |
| 岡田 光盛 | Major shareholder | 3.3% | 2026-03-31 |
| 蔭山 恭一 | Major shareholder | 3.0% | 2026-03-31 |
| 槇田 重夫 | Major shareholder | 2.2% | 2026-03-31 |
| 柴田 健一 | Major shareholder | 1.3% | 2026-03-31 |
| 渡邉 光章 | Major shareholder | 1.2% | 2026-03-31 |
| 宇野 康秀 | Major shareholder | 1.1% | 2026-03-31 |
| エムエスアイピークライアントセキユリテイーズ（常任代理人 モルガン・スタンレーMUFG証券(株)） | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/04/01－2026/03/31) | S100YHQX | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHQX,, |
| 訂正有価証券報告書－第25期(2024/04/01－2025/03/31) | S100WKCZ | 2025-08-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WKCZ,, |
| 有価証券報告書－第24期(2023/04/01－2024/03/31) | S100TXIZ | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXIZ,, |
| 有価証券報告書－第23期(2022/04/01－2023/03/31) | S100R8K6 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8K6,, |
| 有価証券報告書－第22期(令和3年4月1日－令和4年3月31日) | S100OF5Q | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF5Q,, |
| 有価証券報告書－第21期(令和2年4月1日－令和3年3月31日) | S100LOIL | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOIL,, |

## 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).