Meiwa EstateMeiwa Estate Company Limited8869東証スタンダード不動産業FY ending Mar 2026, consolidated, J-GAAP

Meiwa Estate revenue and profit

Out of every ¥100 of sales, about ¥8 is left as operating profit. Revenue changed +12.8% from the prior year, operating profit +47.9%.

Five-year trend

Revenue¥90.1B
FY ending Mar 2022: ¥57.2B¥57.2BFY ending Mar 2023: ¥62.3B¥62.3BFY ending Mar 2024: ¥71.3B¥71.3BFY ending Mar 2025: ¥79.9B¥79.9BFY ending Mar 2026: ¥90.1B¥90.1BFY22FY23FY24FY25FY26
Operating income¥7.75B
FY ending Mar 2022: ¥4.17B¥4.17BFY ending Mar 2023: ¥5.94B¥5.94BFY ending Mar 2024: ¥4.97B¥4.97BFY ending Mar 2025: ¥5.24B¥5.24BFY ending Mar 2026: ¥7.75B¥7.75BFY22FY23FY24FY25FY26
Operating margin8.6%
FY ending Mar 2022: 7.3%7.3%FY ending Mar 2023: 9.5%9.5%FY ending Mar 2024: 7.0%7.0%FY ending Mar 2025: 6.6%6.6%FY ending Mar 2026: 8.6%8.6%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin4.2%
Asset turnover0.59×
ROA2.5%
ROA2.5%
Financial leverage4.28×
ROE10.8%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin4.2%
2022: 4.5%4.5%2023: 7.1%7.1%2024: 3.9%3.9%2025: 3.6%3.6%2026: 4.2%4.2%2223242526
Asset turnover0.59×
2022: 0.60×0.60×2023: 0.59×0.59×2024: 0.59×0.59×2025: 0.58×0.58×2026: 0.59×0.59×2223242526
ROA2.5%
2022: 2.7%2.7%2023: 4.2%4.2%2024: 2.3%2.3%2025: 2.1%2.1%2026: 2.5%2.5%2223242526
Financial leverage4.28×
2022: 3.60×3.60×2023: 3.74×3.74×2024: 3.87×3.87×2025: 4.19×4.19×2026: 4.28×4.28×2223242526
ROE10.8%
2022: 9.8%9.8%2023: 15.6%15.6%2024: 8.9%8.9%2025: 8.8%8.8%2026: 10.8%10.8%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20224.5%0.60×2.7%3.60×9.8%
20237.1%0.59×4.2%3.74×15.6%
20243.9%0.59×2.3%3.87×8.9%
20253.6%0.58×2.1%4.19×8.8%
20264.2%0.59×2.5%4.28×10.8%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue8.1%
2021: 15.4%15.4%2022: 13.4%13.4%2023: 12.1%12.1%2024: 9.4%9.4%2025: 12.3%12.3%2026: 8.1%8.1%212223242526
PPE ÷ total assets4.8%
2021: 10.1%10.1%2022: 8.0%8.0%2023: 6.5%6.5%2024: 5.4%5.4%2025: 6.5%6.5%2026: 4.8%4.8%212223242526
Goodwill ÷ parent equity—
2022: 0.1%0.1%2023: 0.0%0.0%2024: 0.0%0.0%2025: 0.0%0.0%212223242526
Goodwill balance—
2022: ¥17M¥17M2023: ¥12M¥12M2024: ¥7M¥7M2025: ¥2M¥2M212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

Receivable days1d
2021: 2d2d2022: 2d2d2023: 1d1d2024: 1d1d2025: 1d1d2026: 1d1d212223242526
Payable days7d
2021: 22d22d2022: 34d34d2023: 36d36d2024: 16d16d2025: 10d10d2026: 7d7d212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue57,20962,31971,25079,90290,108
Cost of revenue44,27646,66355,71763,33370,929
Gross profit12,93215,65615,53216,56919,178
SG&A8,7629,71410,55911,32811,427
Operating income4,1695,9414,9735,2407,751
Pretax income3,1424,8503,8853,9915,885
Income tax5444341,1041,0932,058
Net income attributable to owners2,5974,4152,7812,8973,826
Operating margin7.3%9.5%7.0%6.6%8.6%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 14%
0%
5%
0%
0%
Other assets 81%

Funding

1%
Other liabilities 75%
Equity 24%
0%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥27.5B¥33.8B¥34.6B¥22.1B¥20.6B
Total assets¥95.7B¥116.5B¥124.2B¥152.1B¥151.2B
Net assets¥26.6B¥30B¥32B¥34B¥36.9B
Share capital¥3.54B¥3.54B¥3.54B¥3.54B¥3.54B
Trade receivables¥278M¥195M¥199M¥217M¥170M
Property, plant and equipment¥7.66B¥7.54B¥6.72B¥9.85B¥7.25B
Intangible assets excluding goodwill¥68M¥251M¥239M¥232M¥199M
Goodwill¥17M¥12M¥7M¥2M—
Investment securities¥48M¥1.93B¥104M¥96M¥96M
Current assets¥85.8B¥104.2B¥115.1B¥140.1B¥141.6B
Current liabilities¥36.5B¥44.2B¥52.9B¥67.5B¥55.4B
Trade payables¥4.16B¥4.59B¥2.37B¥1.71B¥1.45B
Short-term borrowings¥8.69B¥8.89B¥10.7B¥15.8B¥17.3B
Long-term borrowings¥31.8B¥41.3B¥38.3B¥49.5B¥57.9B
Total liabilities¥69.1B¥86.5B¥92.2B¥118.1B¥114.3B
Equity attributable to owners of parent¥26.6B¥30.2B¥32B¥33.9B¥36.8B
Retained earnings¥18.6B¥21.2B¥23.1B¥25B¥27.9B
Treasury stock-¥965M————

Sources

Show source documents (6)
  • EDINET (FSA Japan)

    有価証券報告書-第40期(2025/04/01-2026/03/31)

    ID S100YJF12026-06-24Open
  • EDINET (FSA Japan)

    有価証券報告書-第39期(2024/04/01-2025/03/31)

    ID S100W63Z2025-06-25Open
  • EDINET (FSA Japan)

    有価証券報告書-第38期(2023/04/01-2024/03/31)

    ID S100TWA72024-06-27Open
  • EDINET (FSA Japan)

    有価証券報告書-第37期(2022/04/01-2023/03/31)

    ID S100RA092023-06-29Open
  • EDINET (FSA Japan)

    有価証券報告書-第36期(令和3年4月1日-令和4年3月31日)

    ID S100OK5U2022-06-29Open
  • EDINET (FSA Japan)

    有価証券報告書-第35期(令和2年4月1日-令和3年3月31日)

    ID S100LTY12021-06-29Open

Extracted from XBRL: 48 / Derived from other figures: 1

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