# LOGOS HOLDINGS INC.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第6期(2025/06/01－2026/05/31) (S100YYTC)
> Page: https://vizora.meequs.com/en/company/logos-holdings
> Retrieved: 2026-09-30T20:28:01.437Z

## Company

Logos Holdings, founded in 2020, is a company in Homebuilders listed on TSE Growth. It has 725 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | LOGOS HOLDINGS INC. |
| Ticker | 205A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/205A.T) |
| Listing | TSE Growth |
| Head office | 北海道帯広市東三条南十三丁目2番地1 (同所は登記上の本店所在地であり、実際の本社業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 池田 雄一 |
| Founded | Jul 2020 |
| Share capital | ¥107.3M |
| Employees (consolidated) | 725 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | May |
| Website | logos-holdings.jp (https://logos-holdings.jp/) |
| Corporate number | 4430001081892 |
| EDINET | E39671 |
| Industries (Vizora) | Homebuilders |

> Profile source: annual securities report (S100YYTC, filed 2026-08-26). As of filing

## Five-axis industry profile

Primary industry: Homebuilders (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.8 | 23 |
| Profitability | 28.8 | 26 |
| Cash conversion | 89.6 | 24 |
| Efficiency | 98.1 | 26 |
| Financial strength | 96.7 | 15 |

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)

- Logos Holdings brought in ¥49.5B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +36.5% from the prior year, operating profit +197.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥49502925000 → ¥799580000
- Net income → operating cash flow: ¥799580000 → ¥2152943000（difference ¥1353363000）
- Main uses of operating cash flow: CapEx ¥1004724000 / dividends ¥176897000 / buybacks —
- Change in cash: ¥2267960000
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 | ¥49.5B |  |
| Operating income | ¥1.45B | Margin 2.9% |
| Net income | ¥799.6M | Margin 1.6% |
| Free cash flow | ¥1.15B |  |
| Employees (consolidated) | 725 |  |
| EPS | ¥42.47 |  |
| Book value per share | ¥695.61 |  |
| Equity ratio | 17.4% |  |
| Shares outstanding | 3,923,885 |  |
| Shareholders | 2,314 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 39.2% | Net cash ¥1.47B · Cash ÷ revenue 18.4% |
| Vs. industry median margin | -2.5 pp | Homebuilders |
| ROE | 21.5% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.7× net income
- FY2026, cash is 39% of total assets

## What changed in 3 years

| Metric | FY ending May 2023 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥28025793000 | ¥49502925000 | +76.6% |
| Operating income | ¥-118517000 | ¥1449416000 | — |
| Operating margin | -0.4% | 2.9% | +3.4 pp |
| Employees | 473 people | 725 people | +53.3% |
| Cash and equivalents | ¥4945383000 | ¥9113390000 | +84.3% |

### Change in segment revenue mix

Span: FY ending May 2023 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 49,503 | 100.0% | S100YYTC |
| Cost of revenue | 40,644 | 82.1% | S100YYTC |
| Gross profit | 8,859 | 17.9% | S100YYTC |
| SG&A | 7,410 | 15.0% | S100YYTC |
| Operating income | 1,449 | 2.9% | S100YYTC |
| Ordinary income | 1,326 | 2.7% | S100YYTC |
| Pretax income | 1,284 | 2.6% | S100YYTC |
| Income tax | 484 | 1.0% | S100YYTC |
| Net income | 800 | 1.6% | S100YYTC |
| Net income attributable to owners | 800 | 1.6% | S100YYTC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 15 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 17.9% → Operating margin 2.9% → Net margin 1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +36.5%; Core profit growth: +197.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.41×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 36,269 | 49,503 | 13,234 | +36.5% |
| Gross profit | 6,308 | 8,859 | 2,552 | +40.5% |
| Operating income | 487 | 1,449 | 962 | +197.5% |
| Net income attributable to owners | 200 | 800 | 600 | +300.1% |
| Operating cash flow | 1,995 | 2,153 | 158 | +7.9% |
| Free cash flow | 1,499 | 1,148 | -351 | -23.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2023 | 28,026 | -119 | -0.4% | -81 | -1,523 | -2,277 | S100UAOV |
| FY ending May 2024 | 31,715 | 1,391 | 4.4% | 890 | 1,087 | 742 | S100WLM8 |
| FY ending May 2025 | 36,269 | 487 | 1.3% | 200 | 1,995 | 1,499 | S100YYTC |
| FY ending May 2026 | 49,503 | 1,449 | 2.9% | 800 | 2,153 | 1,148 | S100YYTC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥68.3M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.1M |

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

| History | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 473 | 494 | 690 | 725 |
| Average salary (parent company) | — | ¥4.6M | ¥4.8M | ¥4.9M |
| Average age (parent company) | — | 40.9 years | 41.2 years | 40.1 years |
| Average tenure (parent company) | — | 6.0 years | 5.2 years | 5.7 years |

Year over year: Employees (consolidated) +5.1% · Revenue (consolidated) +36.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,153 | 4.3% | S100YYTC |
| Capital expenditure | 1,005 | 2.0% | S100YYTC |
| Free cash flow | 1,148 | 2.3% | 算出 |
| Investing cash flow | -806 | -1.6% | S100YYTC |
| Financing cash flow | 921 | 1.9% | S100YYTC |
| Dividends paid | 177 | 0.4% | S100YYTC |
| Change in cash | 2,268 | 4.6% | S100YYTC |
| Cash and equivalents | 9,113 | 18.4% | S100YYTC |

## 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 May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,945 | 4,484 | 6,845 | 9,113 | S100WLM8, S100YYTC |
| Total assets | 14,693 | 13,391 | 21,123 | 23,225 | S100UAOV, S100WLM8, S100YYTC |
| Net assets | 3,191 | 3,093 | 3,407 | 4,045 | S100WLM8, S100YYTC |
| Share capital | 39 | 39 | 99 | 107 | S100UAOV, S100WLM8, S100YYTC |
| Property, plant and equipment | 2,144 | 2,376 | 3,089 | 3,739 | S100UAOV, S100WLM8, S100YYTC |
| Intangible assets excluding goodwill | 1,217 | 1,171 | 2,983 | 2,693 | S100UAOV, S100WLM8, S100YYTC |
| Goodwill | 1,156 | 1,128 | 2,922 | 2,641 | S100UAOV, S100WLM8, S100YYTC |
| Current assets | 11,046 | 9,518 | 14,352 | 16,195 | S100UAOV, S100WLM8, S100YYTC |
| Current liabilities | 8,779 | 8,015 | 12,802 | 13,540 | S100UAOV, S100WLM8, S100YYTC |
| Short-term borrowings | 1,935 | 2,164 | 1,895 | 2,213 | S100UAOV, S100WLM8, S100YYTC |
| Long-term borrowings | 2,570 | 2,122 | 4,713 | 5,178 | S100UAOV, S100WLM8, S100YYTC |
| Bonds | — | — | — | 250 | S100YYTC |
| Interest-bearing debt | — | — | — | 7,640 | 算出 |
| Total liabilities | 11,502 | 10,298 | 17,716 | 19,180 | S100UAOV, S100WLM8, S100YYTC |
| Equity attributable to owners of parent | 3,185 | 3,075 | 3,396 | 4,034 | S100UAOV, S100WLM8, S100YYTC |
| Retained earnings | 1,680 | 1,674 | 1,874 | 2,496 | S100UAOV, S100WLM8, S100YYTC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 39% | S100YYTC |
| Property, plant and equipment | 16% | S100YYTC |
| Intangibles and goodwill | 23% | S100YYTC |
| Other assets | 22% | S100YYTC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 33% | 算出 |
| Other liabilities | 50% | S100YYTC |
| Equity | 17% | S100YYTC |
| Other liabilities | 0% | S100YYTC |

### Balance sheet history

| Metric | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 14,693 | 13,391 | 21,123 | 23,225 |
| Equity | 3,191 | 3,093 | 3,407 | 4,045 |
| Interest-bearing debt | — | — | — | 7,640 |
| Cash | 4,945 | 4,484 | 6,845 | 9,113 |

## 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) | 7.6% | S100YYTC |
| Fixed assets ÷ total assets | 16.1% | S100YYTC |
| Goodwill ÷ parent equity | 65.5% | S100YYTC |

### 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) | 39.2% |
| Cash ÷ revenue | 18.4% |
| Net cash (cash − interest-bearing debt) | ¥1.47B |
| Net debt ÷ operating cash flow | -0.68× |
| Cash conversion (operating CF ÷ operating income) | 148.5% |
| Cash vs. profit gap | 1,353 JPY mn (of net income 169.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 22.1% |
| Shareholder payments — dividends / FCF | 15.4% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 37.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | — | —× | -0.6% | —× | — | S100UAOV |
| 2024 | 2.8% | 2.26× | 6.3% | 4.49× | 28.4% | S100WLM8 |
| 2025 | 0.6% | 2.10× | 1.2% | 5.33× | 6.2% | S100YYTC |
| 2026 | 1.6% | 2.23× | 3.6% | 5.97× | 21.5% | S100YYTC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| エンデバー・ユナイテッド２号投資限責任組合 (注)３ | Major shareholder | 41.0% | 2026-05-31 |
| 株式会社チキンシープ （注）１,２ | Major shareholder | 10.7% | 2026-05-31 |
| ノースパシフィック株式会社 | Major shareholder | 5.0% | 2026-05-31 |
| 池田 雄一 | Major shareholder | 2.2% | 2026-05-31 |
| 坂井 義栄 | Major shareholder | 1.6% | 2026-05-31 |
| ロゴスホールディングス従業員持株会 | Major shareholder | 1.4% | 2026-05-31 |
| サツベニホールディングス株式会社 | Major shareholder | 1.4% | 2026-05-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB)（常任代理人 野村證券株式会社） | Major shareholder | 1.1% | 2026-05-31 |
| 岩永 武也 | Major shareholder | 1.0% | 2026-05-31 |
| 株式会社BOSS | Major shareholder | 0.9% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第6期(2025/06/01－2026/05/31) | S100YYTC | 2026-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYTC,, |
| 有価証券報告書－第5期(2024/06/01－2025/05/31) | S100WLM8 | 2025-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLM8,, |
| 有価証券報告書－第4期(2023/06/01－2024/05/31) | S100UAOV | 2024-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UAOV,, |

## 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).