# Loadstar Capital K.K.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2025/01/01－2025/12/31) (S100XUBZ)
> Page: https://vizora.meequs.com/en/company/loadstar-capital
> Retrieved: 2026-09-30T21:34:55.075Z

## Company

Loadstar Capital, founded in 2012, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 85 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Loadstar Capital K.K. |
| Ticker | 3482 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3482.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区銀座一丁目9番13号 |
| Representative (per filing) | 代表取締役社長 岩野 達志 |
| Founded | Mar 2012 |
| Share capital | ¥1.4B |
| Employees (consolidated) | 85 |
| Average salary (parent only) | ¥12.4M |
| Fiscal year end | December |
| Website | www.loadstarcapital.com (https://www.loadstarcapital.com/) |
| Corporate number | 9011001072894 |
| EDINET | E32779 |
| Industries (Vizora) | Real Estate Development & Leasing |

> Profile source: annual securities report (S100XUBZ, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70 | 75 |
| Profitability | 99.4 | 86 |
| Cash conversion | 32.3 | 82 |
| Efficiency | 35.5 | 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)

- Loadstar Capital brought in ¥44.6B in revenue.
- Out of every ¥100 of sales, about ¥30 is left as operating profit.
- Revenue changed +29.7% from the prior year, operating profit +17.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥44.6B |  |
| Operating income | ¥13.4B | Margin 30.1% |
| Net income | ¥7.98B | Margin 17.9% |
| Free cash flow | -¥2.8B |  |
| Employees (consolidated) | 85 |  |
| EPS | ¥463.78 |  |
| Diluted EPS | ¥455.2 |  |
| Book value per share | ¥1812.27 |  |
| Equity ratio | 26.1% |  |
| Shares outstanding | 21,444,000 |  |
| Treasury shares | 4,603,100 |  |
| Shareholders | 5,567 |  |
| Average salary (parent only) | ¥12.4M | Filing company only |
| Cash ratio | 11.8% | Cash ÷ revenue 32.7% |
| Vs. industry median margin | +19.5 pp | Real Estate Development & Leasing |
| ROE | 27.7% | Derived from disclosed figures |
| ROA | 6.9% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.5× its level five years ago
- FY2025, operating income keeps 30 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16979000000 | ¥44633000000 | +162.9% |
| Operating income | ¥4484000000 | ¥13415000000 | +199.2% |
| Operating margin | 26.4% | 30.1% | +3.6 pp |
| Employees | 59 people | 85 people | +44.1% |
| Cash and equivalents | ¥7331000000 | ¥14589000000 | +99.0% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 44,633 | 100.0% | S100XUBZ |
| Cost of revenue | 29,185 | 65.4% | S100XUBZ |
| Gross profit | 15,448 | 34.6% | S100XUBZ |
| SG&A | 2,033 | 4.6% | S100XUBZ |
| Operating income | 13,415 | 30.1% | S100XUBZ |
| Ordinary income | 12,239 | 27.4% | S100XUBZ |
| Pretax income | 11,673 | 26.2% | S100XUBZ |
| Income tax | 3,695 | 8.3% | S100XUBZ |
| Net income | 7,977 | 17.9% | S100XUBZ |
| Net income attributable to owners | 7,976 | 17.9% | S100XUBZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 65 |
| SG&A | 5 |
| Operating income | 30 |
| (Ref.) Net income | 18 |

### Margin funnel

Gross margin 34.6% → Operating margin 30.1% → Net margin 17.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +29.7%; Core profit growth: +17.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.58×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 34,421 | 44,633 | 10,212 | +29.7% |
| Gross profit | 13,350 | 15,448 | 2,098 | +15.7% |
| Operating income | 11,447 | 13,415 | 1,968 | +17.2% |
| Net income attributable to owners | 6,871 | 7,976 | 1,105 | +16.1% |
| Operating cash flow | -18,656 | -2,632 | 16,024 | — |
| Free cash flow | -18,707 | -2,804 | 15,903 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 15,116 | 3,653 | 24.2% | 2,077 | -3,986 | -3,994 | S100L120 |
| FY ending Dec 2020 | 16,979 | 4,484 | 26.4% | 2,700 | -4,118 | — | S100NT02 |
| FY ending Dec 2021 | 17,920 | 5,618 | 31.4% | 3,465 | -450 | -450 | S100QG0G |
| FY ending Dec 2022 | 23,637 | 7,545 | 31.9% | 4,843 | -1,517 | -1,673 | S100T3TQ |
| FY ending Dec 2023 | 28,726 | 8,249 | 28.7% | 4,883 | -789 | -790 | S100VIGL |
| FY ending Dec 2024 | 34,421 | 11,447 | 33.3% | 6,871 | -18,656 | -18,707 | S100XUBZ |
| FY ending Dec 2025 | 44,633 | 13,415 | 30.1% | 7,976 | -2,632 | -2,804 | S100XUBZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥525.1M |
| Operating income per employee (consolidated) | ¥157.8M |
| Net income per employee (consolidated) | ¥93.8M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 52 | 64 | 61 | 62 | 85 |
| Average salary (parent company) | ¥11.2M | ¥11.7M | ¥11.8M | ¥12.6M | ¥12.4M |
| Average age (parent company) | 43.2 years | 41.3 years | 41.9 years | 41.7 years | 42.3 years |
| Average tenure (parent company) | 3.4 years | 3.3 years | 4.1 years | 4.4 years | 4.6 years |

Year over year: Employees (consolidated) +37.1% · Revenue (consolidated) +29.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -2,632 | -5.9% | S100XUBZ |
| Capital expenditure | 172 | 0.4% | S100XUBZ |
| Free cash flow | -2,804 | -6.3% | 算出 |
| Investing cash flow | -1,057 | -2.4% | S100XUBZ |
| Financing cash flow | 5,626 | 12.6% | S100XUBZ |
| Dividends paid | 1,159 | 2.6% | S100XUBZ |
| Change in cash | 1,936 | 4.3% | S100XUBZ |
| Cash and equivalents | 14,589 | 32.7% | S100XUBZ |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,926 | 9,403 | 11,927 | 12,653 | 14,589 | S100T3TQ, S100VIGL, S100XUBZ |
| Total assets | 56,983 | 65,704 | 75,473 | 107,403 | 124,068 | S100QG0G, S100T3TQ, S100VIGL, S100XUBZ |
| Net assets | 10,847 | 14,769 | 19,293 | 25,642 | 32,943 | S100T3TQ, S100VIGL, S100XUBZ |
| Share capital | 1,402 | 1,402 | 1,402 | 1,402 | 1,402 | S100QG0G, S100T3TQ, S100VIGL, S100XUBZ |
| Property, plant and equipment | 41 | 152 | 127 | 112 | 248 | S100QG0G, S100T3TQ, S100VIGL, S100XUBZ |
| Intangible assets excluding goodwill | 4 | 2 | 1 | 41 | 1,105 | S100QG0G, S100T3TQ, S100VIGL, S100XUBZ |
| Goodwill | — | — | — | — | 1,055 | S100XUBZ |
| Investment securities | 31 | 31 | 31 | 266 | 197 | S100QG0G, S100T3TQ, S100VIGL, S100XUBZ |
| Current assets | 56,744 | 65,172 | 74,759 | 105,933 | 120,934 | S100QG0G, S100T3TQ, S100VIGL, S100XUBZ |
| Current liabilities | 5,953 | 5,691 | 9,866 | 16,485 | 19,410 | S100QG0G, S100T3TQ, S100VIGL, S100XUBZ |
| Short-term borrowings | 216 | 459 | 382 | 1,735 | 533 | S100QG0G, S100T3TQ, S100VIGL, S100XUBZ |
| Long-term borrowings | 31,584 | 35,564 | 36,583 | 52,459 | 58,537 | S100QG0G, S100T3TQ, S100VIGL, S100XUBZ |
| Total liabilities | 46,136 | 50,935 | 56,180 | 81,761 | 91,125 | S100QG0G, S100T3TQ, S100VIGL, S100XUBZ |
| Non-controlling interests | — | — | — | 0 | 16 | S100XUBZ |
| Equity attributable to owners of parent | 10,784 | 14,564 | 18,961 | 25,131 | 32,513 | S100QG0G, S100T3TQ, S100VIGL, S100XUBZ |
| Retained earnings | 10,477 | 14,794 | 18,874 | 24,882 | 31,699 | S100QG0G, S100T3TQ, S100VIGL, S100XUBZ |
| Treasury stock | -2,488 | -3,105 | -2,885 | -2,824 | -2,651 | S100QG0G, S100T3TQ, S100VIGL, S100XUBZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100XUBZ |
| Property, plant and equipment | 0% | S100XUBZ |
| Intangibles and goodwill | 2% | S100XUBZ |
| Investment securities | 0% | S100XUBZ |
| Other assets | 86% | S100XUBZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 73% | S100XUBZ |
| Equity | 27% | S100XUBZ |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 56,983 | 65,704 | 75,473 | 107,403 | 124,068 |
| Equity | 10,847 | 14,769 | 19,293 | 25,642 | 32,943 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,926 | 9,403 | 11,927 | 12,653 | 14,589 |

## 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) | 0.6% | S100XUBZ |
| Fixed assets ÷ total assets | 0.2% | S100XUBZ |
| Goodwill ÷ parent equity | 3.2% | S100XUBZ |

### 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) | 11.8% |
| Cash ÷ revenue | 32.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -19.6% |
| Cash vs. profit gap | -10,608 JPY mn (of net income -133.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 14.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| 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 | 19.3% | 0.31× | 6.1% | 5.28× | 32.1% | S100QG0G |
| 2022 | 20.5% | 0.39× | 7.9% | 4.84× | 38.2% | S100T3TQ |
| 2023 | 17.0% | 0.41× | 6.9% | 4.21× | 29.1% | S100VIGL |
| 2024 | 20.0% | 0.38× | 7.5% | 4.15× | 31.2% | S100XUBZ |
| 2025 | 17.9% | 0.39× | 6.9% | 4.02× | 27.7% | S100XUBZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 岩野 達志 | Major shareholder | 20.4% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 8.0% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 5.8% | 2025-12-31 |
| キャピタルジェネレーション株式会社 | Major shareholder | 5.0% | 2025-12-31 |
| Renren Lianhe Holdings (常任代理人 みずほ証券株式会社) | Major shareholder | 3.4% | 2025-12-31 |
| 久保 直之 | Major shareholder | 2.1% | 2025-12-31 |
| 野村信託銀行株式会社(投信口) | Major shareholder | 2.0% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.8% | 2025-12-31 |
| 成田 洋 | Major shareholder | 1.7% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505019 (常任代理人 みずほ証券株式会社) | Major shareholder | 1.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2025/01/01－2025/12/31) | S100XUBZ | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUBZ,, |
| 有価証券報告書－第13期(2024/01/01－2024/12/31) | S100VIGL | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIGL,, |
| 有価証券報告書－第12期(2023/01/01－2023/12/31) | S100T3TQ | 2024-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3TQ,, |
| 有価証券報告書－第11期(2022/01/01－2022/12/31) | S100QG0G | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG0G,, |
| 有価証券報告書－第10期(令和3年1月1日－令和3年12月31日) | S100NT02 | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NT02,, |
| 有価証券報告書－第9期(令和2年1月1日－令和2年12月31日) | S100L120 | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L120,, |

## 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).