# LEOPALACE21CORPORATION: 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53期(2025/04/01－2026/03/31) (S100YEPX)
> Page: https://vizora.meequs.com/en/company/leopalace21corporation
> Retrieved: 2026-09-30T19:10:18.475Z

## Company

Leopalace21corporation, founded in 1973, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 4,150 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | LEOPALACE21 CORPORATION |
| Ticker | 8848 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8848.T) |
| Listing | TSE Prime |
| Head office | 東京都中野区本町二丁目54番11号 |
| Representative (per filing) | 代表取締役社長 宮尾 文也 |
| Founded | Aug 1973 |
| Share capital | ¥100M |
| Employees (consolidated) | 4,150 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.leopalace21.co.jp (https://www.leopalace21.co.jp/) |
| Corporate number | 3011201000900 |
| EDINET | E03943 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management, Nursing Care |

> Profile source: annual securities report (S100YEPX, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 14 | 75 |
| Profitability | 34.3 | 86 |
| Cash conversion | 65.2 | 82 |
| Efficiency | 97.1 | 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 97% of Leopalace21corporation's sales come from Leasing business, with Elderly care business and Other businesses making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +3.0% from the prior year, operating profit +23.0%.

## Company structure

- Segment revenue mix: Leasing business 96.6%、Elderly care business 3.1%、Other businesses 0.3%
- Revenue → net income: ¥444820000000 → ¥15895000000
- Net income → operating cash flow: ¥15895000000 → ¥38467000000（difference ¥22572000000）
- Main uses of operating cash flow: CapEx ¥997000000 / dividends ¥3247000000 / buybacks ¥72212000000
- Change in cash: ¥-31150000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥444.8B |  |
| Operating income | ¥36B | Margin 8.1% |
| Net income | ¥14.9B | Margin 3.4% |
| Free cash flow | ¥37.5B |  |
| Largest business | Leasing business | of segment revenue 96.6% |
| Employees (consolidated) | 4,150 |  |
| EPS | ¥45.68 |  |
| Diluted EPS | ¥42.38 |  |
| Book value per share | ¥134.51 |  |
| Equity ratio | 23.0% |  |
| Shares outstanding | 334,415,000 |  |
| Treasury shares | 7,610,200 |  |
| Shareholders | 30,244 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 31.7% | Cash ÷ revenue 12.6% |
| Vs. industry median margin | -2.4 pp | Real Estate Development & Leasing |
| ROE | 28.2% | Derived from disclosed figures |
| ROA | 7.6% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 22.2× dividends
- FY2026, operating cash flow is 2.6× net income
- FY2026, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥408959000000 | ¥444820000000 | +8.8% |
| Operating income | ¥-29182000000 | ¥35966000000 | — |
| Operating margin | -7.1% | 8.1% | +15.2 pp |
| Employees | 5,082 people | 4,150 people | -18.3% |
| Cash and equivalents | ¥53346000000 | ¥55924000000 | +4.8% |

### 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 |
| --- | ---: |
| 賃貸事業 → 事業再編・廃止 | 95.8% |
| シルバー事業 → 事業再編・廃止 | 3.6% |
| その他事業 → 事業再編・廃止 | 0.6% |
| 新設・再編 → 賃貸事業 | 96.6% |
| 新設・再編 → シルバー事業 | 3.1% |
| 新設・再編 → その他事業 | 0.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Leasing business | 4 years | +2.9% | ¥429623000000 | 10.3% | 2 |
| Elderly care business | 4 years | -1.1% | ¥13652000000 | -7.8% | 2 |
| Other businesses | 4 years | +9.8% | ¥1544000000 | -173.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 444,820 | 100.0% | S100YEPX |
| Cost of revenue | 355,611 | 79.9% | S100YEPX |
| Gross profit | 89,208 | 20.1% | S100YEPX |
| SG&A | 53,242 | 12.0% | S100YEPX |
| Operating income | 35,966 | 8.1% | S100YEPX |
| Ordinary income | 34,842 | 7.8% | S100YEPX |
| Pretax income | 24,924 | 5.6% | S100YEPX |
| Income tax | 9,028 | 2.0% | S100YEPX |
| Net income | 15,895 | 3.6% | S100YEPX |
| Net income attributable to owners | 14,933 | 3.4% | S100YEPX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 12 |
| Operating income | 8 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 20.1% → Operating margin 8.1% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.0%; Core profit growth: +23.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.66×
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 | 431,831 | 444,820 | 12,989 | +3.0% |
| Gross profit | 77,293 | 89,208 | 11,915 | +15.4% |
| Operating income | 29,231 | 35,966 | 6,735 | +23.0% |
| Net income attributable to owners | 17,861 | 14,933 | -2,928 | -16.4% |
| Operating cash flow | 25,899 | 38,467 | 12,568 | +48.5% |
| Free cash flow | 25,410 | 37,470 | 12,060 | +47.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 433,553 | -36,473 | -8.4% | -80,224 | -51,639 | -55,382 | S100LTJD |
| FY ending Mar 2021 | 408,959 | -29,182 | -7.1% | -23,680 | -40,816 | -43,653 | S100OJWZ |
| FY ending Mar 2022 | 398,366 | 1,774 | 0.4% | 11,854 | -4,460 | -5,946 | S100R8B5 |
| FY ending Mar 2023 | 406,449 | 9,879 | 2.4% | 19,810 | 10,545 | 9,935 | S100TVC2 |
| FY ending Mar 2024 | 422,671 | 23,313 | 5.5% | 42,062 | 21,422 | 21,103 | S100W751 |
| FY ending Mar 2025 | 431,831 | 29,231 | 6.8% | 17,861 | 25,899 | 25,410 | S100YEPX |
| FY ending Mar 2026 | 444,820 | 35,966 | 8.1% | 14,933 | 38,467 | 37,470 | S100YEPX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥107.2M |
| Operating income per employee (consolidated) | ¥8.7M |
| Net income per employee (consolidated) | ¥3.6M |

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) | 4,356 | 3,991 | 3,853 | 3,909 | 4,150 |
| Average salary (parent company) | ¥4.5M | ¥4.8M | ¥5.6M | ¥6.2M | ¥6.5M |
| Average age (parent company) | 40.0 years | 40.0 years | 41.0 years | 41.0 years | 41.0 years |
| Average tenure (parent company) | 11.0 years | 13.0 years | 13.0 years | 13.0 years | 13.0 years |

Year over year: Employees (consolidated) +6.2% · Revenue (consolidated) +3.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Leasing business | 429,623 | 96.6% | 44,295 | 10.3% |
| Elderly care business | 13,652 | 3.1% | -1,062 | -7.8% |
| Other businesses | 1,544 | 0.3% | -2,677 | -173.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Leasing business | 96.6% | 100.0% | 3.4 | 10.3% |
| Elderly care business | 3.1% | — | — | -7.8% |
| Other businesses | 0.3% | — | — | -173.4% |

Loss-making segment (excluded from profit shares): Elderly care business -1,062 JPY mn

Loss-making segment (excluded from profit shares): Other businesses -2,677 JPY mn

Segment → industry: Leasing business → Real Estate Development & Leasing / Leasing business → Real Estate Brokerage & Management / Elderly care business → Nursing Care

## 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 | 38,467 | 8.6% | S100YEPX |
| Capital expenditure | 997 | 0.2% | S100YEPX |
| Free cash flow | 37,470 | 8.4% | 算出 |
| Investing cash flow | -815 | -0.2% | S100YEPX |
| Financing cash flow | -68,794 | -15.5% | S100YEPX |
| Dividends paid | 3,247 | 0.7% | S100YEPX |
| Share buyback | 72,212 | 16.2% | S100YEPX |
| Change in cash | -31,150 | -7.0% | S100YEPX |
| Cash and equivalents | 55,924 | 12.6% | S100YEPX |

## 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 | 44,023 | 52,860 | 68,143 | 87,075 | 55,924 | S100TVC2, S100W751, S100YEPX |
| Total assets | 145,430 | 166,548 | 205,000 | 216,625 | 176,574 | S100R8B5, S100TVC2, S100W751, S100YEPX |
| Net assets | 11,034 | 32,922 | 71,679 | 88,268 | 46,393 | S100TVC2, S100W751, S100YEPX |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100R8B5, S100TVC2, S100W751, S100YEPX |
| Property, plant and equipment | 64,652 | 61,364 | 59,137 | 58,974 | 57,531 | S100R8B5, S100TVC2, S100W751, S100YEPX |
| Intangible assets excluding goodwill | 3,136 | 2,612 | 1,358 | 1,002 | 923 | S100R8B5, S100TVC2, S100W751, S100YEPX |
| Goodwill | 6 | — | — | — | — | S100R8B5 |
| Investment securities | 5,180 | 5,384 | 4,827 | 4,616 | 4,152 | S100R8B5, S100TVC2, S100W751, S100YEPX |
| Current assets | 60,161 | 66,752 | 82,428 | 103,215 | 74,674 | S100R8B5, S100TVC2, S100W751, S100YEPX |
| Current liabilities | 59,542 | 61,724 | 67,504 | 95,343 | 67,660 | S100R8B5, S100TVC2, S100W751, S100YEPX |
| Short-term borrowings | — | — | — | 30,000 | — | S100YEPX |
| Long-term borrowings | 30,429 | 30,359 | 29,225 | — | 30,000 | S100R8B5, S100TVC2, S100W751, S100YEPX |
| Total liabilities | 134,396 | 133,625 | 133,320 | 128,356 | 130,180 | S100R8B5, S100TVC2, S100W751, S100YEPX |
| Non-controlling interests | 9,608 | 8,522 | 7,532 | 6,607 | 5,712 | S100R8B5, S100TVC2, S100W751, S100YEPX |
| Equity attributable to owners of parent | 392 | 20,128 | 58,729 | 73,350 | 32,715 | S100R8B5, S100TVC2, S100W751, S100YEPX |
| Retained earnings | -135,749 | -116,006 | 32,867 | 47,490 | 26,349 | S100R8B5, S100TVC2, S100W751, S100YEPX |
| Treasury stock | -302 | -205 | -4,359 | -4,359 | -8,749 | S100R8B5, S100TVC2, S100W751, S100YEPX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100YEPX |
| Property, plant and equipment | 33% | S100YEPX |
| Intangibles and goodwill | 0% | S100YEPX |
| Investment securities | 2% | S100YEPX |
| Other assets | 33% | S100YEPX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 74% | S100YEPX |
| Equity | 26% | S100YEPX |
| Other liabilities | 0% | S100YEPX |

### 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 | 145,430 | 166,548 | 205,000 | 216,625 | 176,574 |
| Equity | 11,034 | 32,922 | 71,679 | 88,268 | 46,393 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 44,023 | 52,860 | 68,143 | 87,075 | 55,924 |

## 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) | 12.9% | S100YEPX |
| Fixed assets ÷ total assets | 32.6% | S100YEPX |
| Goodwill ÷ parent equity | — | —, S100YEPX |

### 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) | 31.7% |
| Cash ÷ revenue | 12.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 107.0% |
| Cash vs. profit gap | 23,534 JPY mn (of net income 157.6%) |
| Shareholder returns / net income | 505.3% |
| Shareholder returns / FCF | 201.4% |
| Shareholder payments — dividends / net income | 21.7% |
| Shareholder payments — dividends / FCF | 8.7% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 2.1% |

## 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 | 3.0% | 2.74× | 8.2% | 370.99× | 3024.0% | S100R8B5 |
| 2023 | 4.9% | 2.61× | 12.7% | 15.20× | 193.1% | S100TVC2 |
| 2024 | 10.0% | 2.28× | 22.6% | 4.71× | 106.7% | S100W751 |
| 2025 | 4.1% | 2.05× | 8.5% | 3.19× | 27.0% | S100YEPX |
| 2026 | 3.4% | 2.26× | 7.6% | 3.71× | 28.2% | S100YEPX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＵＨ Ｐａｒｔｎｅｒｓ ２投資事業有限責任組合（無限責任組合員 株式会社ＵＨ Ｐａｒｔｎｅｒｓ ２) | Major shareholder | 15.5% | 2026-03-31 |
| 千鳥合同会社 | Major shareholder | 15.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 6.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.9% | 2026-03-31 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ(常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社) | Major shareholder | 4.4% | 2026-03-31 |
| ＭＬＩ ＦＯＲ ＣＬＩＥＮＴ ＧＥＮＥＲＡＬ ＯＭＮＩ ＮＯＮ ＣＯＬＬＡＴＥＲＡＬ ＮＯＮ ＴＲＥＡＴＹ－ＰＢ(常任代理人 ＢＯＦＡ証券株式会社) | Major shareholder | 2.8% | 2026-03-31 |
| レオパレス２１オーナー持株会 | Major shareholder | 2.1% | 2026-03-31 |
| ＧＯＬＤＭＡＮ ＳＡＣＨＳ ＩＮＴＥＲＮＡＴＩＯＮＡＬ(常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 1.8% | 2026-03-31 |
| ＵＢＳ ＡＧ ＬＯＮＤＯＮ Ａ／Ｃ ＩＰＢ ＳＥＧＲＥＧＡＴＥＤ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.7% | 2026-03-31 |
| レオパレス２１取引先持株会 | Major shareholder | 1.6% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 was ¥444.8B, up +3.0% from ¥431.8B.
- Operating income grew faster, from ¥29.2B to ¥36B (+23.0%), lifting the operating margin to 8.1%.
- Net income went the other way, down -16.4% to ¥14.9B, because of one-off losses and a higher tax charge below the operating line.
- Operating cash flow jumped +48.5% to ¥38.5B.

### Drivers

- Both occupancy and rent per unit went up in the leasing business, helped by strong corporate contracts, especially for foreign tenants
- Higher revenue and tighter cost control outweighed the rise in SG&A from hiring and better pay
- Net income fell mainly due to a special loss from cancelling the company's own share warrants and a partial write-down of deferred tax assets

### Risks

- Rising material and labor costs, or supply chain disruption, could push up repair and construction costs
- Earthquakes, typhoons or floods could damage managed buildings and head office operations
- Cyberattacks could leak tenant data or halt property management work

Cited: Annual Securities Report (53rd fiscal year) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (53rd fiscal year) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第53期(2025/04/01－2026/03/31) | S100YEPX | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEPX,, |
| 有価証券報告書－第52期(2024/04/01－2025/03/31) | S100W751 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W751,, |
| 有価証券報告書－第51期(2023/04/01－2024/03/31) | S100TVC2 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVC2,, |
| 有価証券報告書－第50期(2022/04/01－2023/03/31) | S100R8B5 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8B5,, |
| 有価証券報告書－第49期(令和3年4月1日－令和4年3月31日) | S100OJWZ | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJWZ,, |
| 有価証券報告書－第48期(令和2年4月1日－令和3年3月31日) | S100LTJD | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTJD,, |

## 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).