# LANDNET Inc.: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2024/08/01－2025/07/31) (S100WWX1)
> Page: https://vizora.meequs.com/en/company/landnet
> Retrieved: 2026-09-30T20:24:45.281Z

## Company

Landnet, founded in 1999, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 807 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | LANDNET Inc. |
| Ticker | 2991 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2991.T) |
| Listing | TSE Standard |
| Head office | 東京都豊島区南池袋一丁目16番15号 |
| Representative (per filing) | 代表取締役社長 榮 章博 |
| Founded | Sep 1999 |
| Share capital | ¥709.5M |
| Employees (consolidated) | 807 |
| Average salary (parent only) | ¥9.3M |
| Fiscal year end | July |
| Website | landnet.co.jp (https://landnet.co.jp/) |
| Corporate number | 9013301017315 |
| EDINET | E35614 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100WWX1, filed 2025-10-24). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 74 | 75 |
| Profitability | 14.5 | 86 |
| Cash conversion | 22.6 | 82 |
| Efficiency | 98.3 | 86 |
| Financial strength | 60.8 | 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 99% of Landnet's sales come from Real estate buying and selling, with Real estate leasing and management making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +23.4% from the prior year, operating profit +34.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥96B |  |
| Operating income | ¥3.74B | Margin 3.9% |
| Net income | ¥2.38B | Margin 2.5% |
| Free cash flow | -¥5.04B |  |
| Largest business | Real estate buying and selling | of segment revenue 98.7% |
| Employees (consolidated) | 807 |  |
| EPS | ¥196.92 |  |
| Diluted EPS | ¥194.67 |  |
| Book value per share | ¥914.94 |  |
| Equity ratio | 31.3% |  |
| Shares outstanding | 11,968,400 |  |
| Treasury shares | 100 |  |
| Shareholders | 906 |  |
| Average salary (parent only) | ¥9.3M | Filing company only |
| Cash ratio | 11.1% | Net cash -¥12.1B · Cash ÷ revenue 4.1% |
| Vs. industry median margin | -6.6 pp | Real Estate Development & Leasing |
| ROE | 23.9% | Derived from disclosed figures |
| ROA | 7.6% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.3× its level five years ago
- FY2025, one segment accounts for 98% of positive segment profit
- FY2025, parent-company salary changed +50% over five years

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥35773981000 | ¥95992728000 | +168.3% |
| Operating income | ¥874971000 | ¥3744080000 | +327.9% |
| Operating margin | 2.4% | 3.9% | +1.5 pp |
| Employees | 337 people | 807 people | +139.5% |
| Cash and equivalents | ¥1660466000 | ¥3921823000 | +136.2% |

### Change in segment revenue mix

Span: FY ending Jul 2020 → FY ending Jul 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 不動産売買事業 → 不動産売買事業 | 98.5% |
| 不動産賃貸管理事業 → 不動産賃貸管理事業 | 1.3% |
| 不動産賃貸管理事業 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 不動産売買事業 | 0.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 95,993 | 100.0% | S100WWX1 |
| Cost of revenue | 80,793 | 84.2% | S100WWX1 |
| Gross profit | 15,200 | 15.8% | S100WWX1 |
| SG&A | 11,456 | 11.9% | S100WWX1 |
| Operating income | 3,744 | 3.9% | S100WWX1 |
| Ordinary income | 3,311 | 3.4% | S100WWX1 |
| Pretax income | 3,565 | 3.7% | S100WWX1 |
| Income tax | 1,181 | 1.2% | S100WWX1 |
| Net income | 2,384 | 2.5% | S100WWX1 |
| Net income attributable to owners | 2,384 | 2.5% | S100WWX1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 12 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 15.8% → Operating margin 3.9% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +23.4%; Core profit growth: +34.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.47×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jul 2024 → FY ending Jul 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 77,791 | 95,993 | 18,202 | +23.4% |
| Gross profit | 11,876 | 15,200 | 3,323 | +28.0% |
| Operating income | 2,786 | 3,744 | 958 | +34.4% |
| Net income attributable to owners | 1,840 | 2,384 | 544 | +29.5% |
| Operating cash flow | -1,838 | -2,601 | -763 | — |
| Free cash flow | -4,201 | -5,036 | -835 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2020 | 35,774 | 875 | 2.4% | 595 | 639 | 183 | S100MOET |
| FY ending Jul 2021 | 41,163 | 1,221 | 3.0% | 746 | 189 | -727 | S100PFK7 |
| FY ending Jul 2022 | 51,871 | 1,505 | 2.9% | 956 | -1,073 | -2,213 | S100S37B |
| FY ending Jul 2023 | 63,648 | 1,521 | 2.4% | 988 | -2,391 | -4,176 | S100ULHX |
| FY ending Jul 2024 | 77,791 | 2,786 | 3.6% | 1,840 | -1,838 | -4,201 | S100WWX1 |
| FY ending Jul 2025 | 95,993 | 3,744 | 3.9% | 2,384 | -2,601 | -5,036 | S100WWX1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥119M |
| Operating income per employee (consolidated) | ¥4.6M |
| Net income per employee (consolidated) | ¥3M |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 385 | 465 | 581 | 677 | 807 |
| Average salary (parent company) | ¥6.2M | ¥7.8M | ¥8.5M | ¥8.7M | ¥9.3M |
| Average age (parent company) | 30.7 years | 30.3 years | 30.1 years | 30.0 years | 30.6 years |
| Average tenure (parent company) | 3.5 years | 3.6 years | 3.5 years | 3.6 years | 3.6 years |

Year over year: Employees (consolidated) +19.2% · Revenue (consolidated) +23.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate buying and selling | 94,714 | 98.7% | 7,661 | 8.1% |
| Real estate leasing and management | 1,279 | 1.3% | 153 | 12.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Real estate buying and selling | 98.7% | 98.0% | -0.6 | 8.1% |
| Real estate leasing and management | 1.3% | 2.0% | 0.6 | 12.0% |

Segment → industry: Real estate buying and selling → Real Estate Development & Leasing / Real estate leasing and management → Real Estate Brokerage & Management

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jul 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -2,601 | -2.7% | S100WWX1 |
| Capital expenditure | 2,435 | 2.5% | S100WWX1 |
| Free cash flow | -5,036 | -5.2% | 算出 |
| Investing cash flow | -1,744 | -1.8% | S100WWX1 |
| Financing cash flow | 4,842 | 5.0% | S100WWX1 |
| Dividends paid | 184 | 0.2% | S100WWX1 |
| Change in cash | 498 | 0.5% | S100WWX1 |
| Cash and equivalents | 3,922 | 4.1% | S100WWX1 |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,297 | 3,102 | 2,493 | 3,424 | 3,922 | S100S37B, S100ULHX, S100WWX1 |
| Total assets | 12,117 | 15,401 | 19,959 | 27,156 | 35,386 | S100PFK7, S100S37B, S100ULHX, S100WWX1 |
| Net assets | 5,334 | 6,224 | 7,132 | 8,878 | 11,085 | S100S37B, S100ULHX, S100WWX1 |
| Share capital | 695 | 697 | 701 | 706 | 710 | S100PFK7, S100S37B, S100ULHX, S100WWX1 |
| Property, plant and equipment | 1,670 | 2,021 | 2,729 | 3,741 | 4,815 | S100PFK7, S100S37B, S100ULHX, S100WWX1 |
| Intangible assets excluding goodwill | 306 | 525 | 647 | 737 | 842 | S100PFK7, S100S37B, S100ULHX, S100WWX1 |
| Current assets | 9,675 | 12,149 | 15,805 | 21,693 | 28,513 | S100PFK7, S100S37B, S100ULHX, S100WWX1 |
| Current liabilities | 4,549 | 6,444 | 9,283 | 14,155 | 16,911 | S100PFK7, S100S37B, S100ULHX, S100WWX1 |
| Short-term borrowings | 1,739 | 3,436 | 5,688 | 8,076 | 9,415 | S100PFK7, S100S37B, S100ULHX, S100WWX1 |
| Long-term borrowings | 1,763 | 2,230 | 2,983 | 3,545 | 6,494 | S100PFK7, S100S37B, S100ULHX, S100WWX1 |
| Bonds | 53 | 30 | 10 | — | 104 | S100PFK7, S100S37B, S100ULHX, S100WWX1 |
| Interest-bearing debt | 3,554 | 5,696 | 8,681 | — | 16,013 | 算出 |
| Total liabilities | 6,783 | 9,176 | 12,827 | 18,278 | 24,301 | S100PFK7, S100S37B, S100ULHX, S100WWX1 |
| Equity attributable to owners of parent | 5,330 | 6,212 | 7,111 | 8,853 | 11,060 | S100PFK7, S100S37B, S100ULHX, S100WWX1 |
| Retained earnings | 4,041 | 4,918 | 5,810 | 7,540 | 9,741 | S100PFK7, S100S37B, S100ULHX, S100WWX1 |
| Treasury stock | — | — | — | -0 | -0 | S100WWX1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100WWX1 |
| Property, plant and equipment | 14% | S100WWX1 |
| Intangibles and goodwill | 2% | S100WWX1 |
| Other assets | 73% | S100WWX1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 45% | 算出 |
| Other liabilities | 24% | S100WWX1 |
| Equity | 31% | S100WWX1 |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 12,117 | 15,401 | 19,959 | 27,156 | 35,386 |
| Equity | 5,334 | 6,224 | 7,132 | 8,878 | 11,085 |
| Interest-bearing debt | 3,554 | 5,696 | 8,681 | — | 16,013 |
| Cash | 3,297 | 3,102 | 2,493 | 3,424 | 3,922 |

## 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) | 5.0% | S100WWX1 |
| Fixed assets ÷ total assets | 13.6% | S100WWX1 |
| Goodwill ÷ parent equity | — | —, S100WWX1 |

### 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) | 11.1% |
| Cash ÷ revenue | 4.1% |
| Net cash (cash − interest-bearing debt) | -¥12.1B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -69.5% |
| Cash vs. profit gap | -4,985 JPY mn (of net income -209.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 7.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| 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 | 1.8% | 3.40× | 6.2% | 2.27× | 14.0% | S100PFK7 |
| 2022 | 1.8% | 3.77× | 6.9% | 2.38× | 16.6% | S100S37B |
| 2023 | 1.6% | 3.60× | 5.6% | 2.65× | 14.8% | S100ULHX |
| 2024 | 2.4% | 3.30× | 7.8% | 2.95× | 23.1% | S100WWX1 |
| 2025 | 2.5% | 3.07× | 7.6% | 3.14× | 23.9% | S100WWX1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ブレインネット | Major shareholder | 37.7% | 2025-07-31 |
| 榮 章 博 | Major shareholder | 33.4% | 2025-07-31 |
| ファ－ストヴィレッジ株式会社 | Major shareholder | 2.7% | 2025-07-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.7% | 2025-07-31 |
| 中 村 剛 | Major shareholder | 2.5% | 2025-07-31 |
| 芥 好 夫 | Major shareholder | 2.3% | 2025-07-31 |
| ランドネット従業員持株会 | Major shareholder | 1.6% | 2025-07-31 |
| 猪 俣 崇 | Major shareholder | 1.4% | 2025-07-31 |
| 有限会社ブランド・クラブ | Major shareholder | 0.9% | 2025-07-31 |
| ＮＯＭＵＲＡ ＰＢ ＮＯＭＩＮＥＥＳＬＩＭＩＴＥＤ ＯＭＮＩＢＵＳ－ＭＡＲＧＩＮ （ＣＡＳＨＰＢ） （常任代理人 野村證券株式会社） | Major shareholder | 0.8% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2024/08/01－2025/07/31) | S100WWX1 | 2025-10-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WWX1,, |
| 有価証券報告書－第25期(2023/08/01－2024/07/31) | S100ULHX | 2024-10-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ULHX,, |
| 有価証券報告書－第24期(2022/08/01－2023/07/31) | S100S37B | 2023-10-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S37B,, |
| 有価証券報告書－第23期(令和3年8月1日－令和4年7月31日) | S100PFK7 | 2022-10-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PFK7,, |
| 有価証券報告書－第22期(令和2年8月1日－令和3年7月31日) | S100MOET | 2021-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MOET,, |

## 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).