# Meiwa Estate Company Limited: 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40期(2025/04/01－2026/03/31) (S100YJF1)
> Page: https://vizora.meequs.com/en/company/meiwa-estate
> Retrieved: 2026-09-30T19:14:04.723Z

## Company

Meiwa Estate, founded in 1986, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 615 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Meiwa Estate Company Limited |
| Ticker | 8869 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8869.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区神泉町9番6号 明和地所渋谷神泉ビル |
| Representative (per filing) | 代表取締役社長 原田 英明 |
| Founded | Apr 1986 |
| Share capital | ¥3.54B |
| Employees (consolidated) | 615 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.meiwajisyo.co.jp (https://www.meiwajisyo.co.jp/) |
| Corporate number | 2011001023094 |
| EDINET | E03967 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management, Condominium Developers |

> Profile source: annual securities report (S100YJF1, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Condominium Developers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.6 | 21 |
| Profitability | 54 | 25 |
| Cash conversion | 62 | 25 |
| Efficiency | 46 | 25 |

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 61% of Meiwa Estate's sales come from Residential Development business, with Real Estate Agency business and Real estate management business making up much of the rest.
- 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%.

## Company structure

- Segment revenue mix: Residential Development business 61.3%、Real Estate Agency business 30.5%、Real estate management business 7.4%、Real estate rental business 0.7%、Other 0.1%
- Revenue → net income: ¥90108000000 → ¥3826000000
- Net income → operating cash flow: ¥3826000000 → ¥625000000（difference ¥-3201000000）
- Main uses of operating cash flow: CapEx ¥640000000 / dividends ¥937000000 / buybacks —
- Change in cash: ¥-1552000000
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 | ¥90.1B |  |
| Operating income | ¥7.75B | Margin 8.6% |
| Net income | ¥3.83B | Margin 4.2% |
| Free cash flow | -¥15M |  |
| Largest business | Residential Development business | of segment revenue 61.3% |
| Employees (consolidated) | 615 |  |
| EPS | ¥154.93 |  |
| Book value per share | ¥1482.9 |  |
| Equity ratio | 24.4% |  |
| Shares outstanding | 23,447,000 |  |
| Shareholders | 12,631 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 13.6% | Cash ÷ revenue 22.8% |
| Vs. industry median margin | +0.5 pp | Condominium Developers |
| ROE | 10.8% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 64% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥50109000000 | ¥90108000000 | +79.8% |
| Operating income | ¥3626000000 | ¥7751000000 | +113.8% |
| Operating margin | 7.2% | 8.6% | +1.4 pp |
| Employees | 478 people | 615 people | +28.7% |
| Cash and equivalents | ¥22311000000 | ¥20570000000 | -7.8% |

### 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 |
| --- | ---: |
| 不動産販売事業 → 事業再編・廃止 | 87.1% |
| 管理事業 → 管理事業 | 7.4% |
| 管理事業 → 事業再編・廃止 | 2.4% |
| 賃貸事業 → 賃貸事業 | 0.7% |
| 賃貸事業 → 事業再編・廃止 | 1.4% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.8% |
| 新設・再編 → 分譲事業 | 61.3% |
| 新設・再編 → 流通事業 | 30.5% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Residential Development business | 3 years | +6.0% | ¥55196000000 | 10.1% | 2 |
| Real Estate Agency business | 3 years | +42.4% | ¥27464000000 | 7.8% | 2 |
| Real estate management business | 5 years | +6.3% | ¥6656000000 | 9.7% | 2 |
| Real estate rental business | 5 years | -9.4% | ¥661000000 | 34.8% | 2 |
| Other | 5 years | -22.0% | ¥130000000 | 51.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 90,108 | 100.0% | S100YJF1 |
| Cost of revenue | 70,929 | 78.7% | S100YJF1 |
| Gross profit | 19,178 | 21.3% | S100YJF1 |
| SG&A | 11,427 | 12.7% | S100YJF1 |
| Operating income | 7,751 | 8.6% | S100YJF1 |
| Ordinary income | 5,891 | 6.5% | S100YJF1 |
| Pretax income | 5,885 | 6.5% | S100YJF1 |
| Income tax | 2,058 | 2.3% | S100YJF1 |
| Net income | 3,826 | 4.2% | S100YJF1 |
| Net income attributable to owners | 3,826 | 4.2% | S100YJF1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 13 |
| Operating income | 8 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 21.3% → Operating margin 8.6% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.8%; Core profit growth: +47.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.75×
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 | 79,902 | 90,108 | 10,206 | +12.8% |
| Gross profit | 16,569 | 19,178 | 2,609 | +15.7% |
| Operating income | 5,240 | 7,751 | 2,511 | +47.9% |
| Net income attributable to owners | 2,897 | 3,826 | 929 | +32.1% |
| Operating cash flow | -33,373 | 625 | 33,998 | — |
| Free cash flow | -33,961 | -15 | 33,946 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 40,531 | 1,638 | 4.0% | 496 | -219 | -274 | S100LTY1 |
| FY ending Mar 2021 | 50,109 | 3,626 | 7.2% | 2,721 | -5,551 | -5,647 | S100OK5U |
| FY ending Mar 2022 | 57,209 | 4,169 | 7.3% | 2,597 | -6,893 | -7,012 | S100RA09 |
| FY ending Mar 2023 | 62,319 | 5,941 | 9.5% | 4,415 | 419 | 215 | S100TWA7 |
| FY ending Mar 2024 | 71,250 | 4,973 | 7.0% | 2,781 | -1,833 | -2,443 | S100W63Z |
| FY ending Mar 2025 | 79,902 | 5,240 | 6.6% | 2,897 | -33,373 | -33,961 | S100YJF1 |
| FY ending Mar 2026 | 90,108 | 7,751 | 8.6% | 3,826 | 625 | -15 | S100YJF1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥146.5M |
| Operating income per employee (consolidated) | ¥12.6M |
| Net income per employee (consolidated) | ¥6.2M |

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) | 523 | 562 | 619 | 612 | 615 |
| Average salary (parent company) | ¥7.4M | ¥7.4M | ¥6.6M | ¥7.1M | ¥7.3M |
| Average age (parent company) | 35.8 years | 36.1 years | 35.0 years | 34.9 years | 35.8 years |
| Average tenure (parent company) | 7.0 years | 6.4 years | 6.6 years | 6.9 years | 7.3 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) +12.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Residential Development business | 55,196 | 61.3% | 5,582 | 10.1% |
| Real Estate Agency business | 27,464 | 30.5% | 2,146 | 7.8% |
| Real estate management business | 6,656 | 7.4% | 644 | 9.7% |
| Real estate rental business | 661 | 0.7% | 230 | 34.8% |
| Other | 130 | 0.1% | 67 | 51.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Residential Development business | 61.3% | 64.4% | 3.1 | 10.1% |
| Real Estate Agency business | 30.5% | 24.8% | -5.7 | 7.8% |
| Real estate management business | 7.4% | 7.4% | 0.0 | 9.7% |
| Real estate rental business | 0.7% | 2.7% | 1.9 | 34.8% |
| Other | 0.1% | 0.8% | 0.6 | 51.5% |

Segment → industry: Real estate rental business → Real Estate Development & Leasing / Real estate management business → Real Estate Brokerage & Management / Real Estate Agency business → Real Estate Brokerage & Management / Residential Development business → Condominium Developers

## 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 | 625 | 0.7% | S100YJF1 |
| Capital expenditure | 640 | 0.7% | S100YJF1 |
| Free cash flow | -15 | -0.0% | 算出 |
| Investing cash flow | -574 | -0.6% | S100YJF1 |
| Financing cash flow | -1,603 | -1.8% | S100YJF1 |
| Dividends paid | 937 | 1.0% | S100YJF1 |
| Change in cash | -1,552 | -1.7% | S100YJF1 |
| Cash and equivalents | 20,570 | 22.8% | S100YJF1 |

## 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 | 27,452 | 33,810 | 34,552 | 22,122 | 20,570 | S100TWA7, S100W63Z, S100YJF1 |
| Total assets | 95,708 | 116,538 | 124,151 | 152,097 | 151,157 | S100RA09, S100TWA7, S100W63Z, S100YJF1 |
| Net assets | 26,568 | 29,998 | 31,973 | 33,979 | 36,894 | S100TWA7, S100W63Z, S100YJF1 |
| Share capital | 3,537 | 3,537 | 3,537 | 3,537 | 3,537 | S100RA09, S100TWA7, S100W63Z, S100YJF1 |
| Trade receivables | 278 | 195 | 199 | 217 | 170 | S100RA09, S100TWA7, S100W63Z, S100YJF1 |
| Property, plant and equipment | 7,662 | 7,544 | 6,724 | 9,847 | 7,255 | S100RA09, S100TWA7, S100W63Z, S100YJF1 |
| Intangible assets excluding goodwill | 68 | 251 | 239 | 232 | 199 | S100RA09, S100TWA7, S100W63Z, S100YJF1 |
| Goodwill | 17 | 12 | 7 | 2 | — | S100RA09, S100TWA7, S100W63Z, S100YJF1 |
| Investment securities | 48 | 1,932 | 104 | 96 | 96 | S100RA09, S100TWA7, S100W63Z, S100YJF1 |
| Current assets | 85,838 | 104,242 | 115,071 | 140,112 | 141,613 | S100RA09, S100TWA7, S100W63Z, S100YJF1 |
| Current liabilities | 36,525 | 44,225 | 52,865 | 67,512 | 55,392 | S100RA09, S100TWA7, S100W63Z, S100YJF1 |
| Trade payables | 4,164 | 4,586 | 2,369 | 1,706 | 1,445 | S100RA09, S100TWA7, S100W63Z, S100YJF1 |
| Short-term borrowings | 8,690 | 8,887 | 10,730 | 15,825 | 17,268 | S100RA09, S100TWA7, S100W63Z, S100YJF1 |
| Long-term borrowings | 31,768 | 41,321 | 38,294 | 49,495 | 57,887 | S100RA09, S100TWA7, S100W63Z, S100YJF1 |
| Total liabilities | 69,139 | 86,539 | 92,178 | 118,118 | 114,262 | S100RA09, S100TWA7, S100W63Z, S100YJF1 |
| Equity attributable to owners of parent | 26,583 | 30,178 | 31,984 | 33,944 | 36,832 | S100RA09, S100TWA7, S100W63Z, S100YJF1 |
| Retained earnings | 18,616 | 21,245 | 23,051 | 25,011 | 27,899 | S100RA09, S100TWA7, S100W63Z, S100YJF1 |
| Treasury stock | -965 | — | — | — | — | S100RA09 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YJF1 |
| Receivables | 0% | S100YJF1 |
| Property, plant and equipment | 5% | S100YJF1 |
| Intangibles and goodwill | 0% | S100YJF1 |
| Investment securities | 0% | S100YJF1 |
| Other assets | 81% | S100YJF1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YJF1 |
| Other liabilities | 75% | S100YJF1 |
| Equity | 24% | S100YJF1 |
| Other liabilities | 0% | S100YJF1 |

### 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 | 95,708 | 116,538 | 124,151 | 152,097 | 151,157 |
| Equity | 26,568 | 29,998 | 31,973 | 33,979 | 36,894 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 27,452 | 33,810 | 34,552 | 22,122 | 20,570 |

## 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) | 8.1% | S100YJF1 |
| Fixed assets ÷ total assets | 4.8% | S100YJF1 |
| Goodwill ÷ parent equity | — | —, S100YJF1 |

### 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) | 13.6% |
| Cash ÷ revenue | 22.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 8.1% |
| Cash vs. profit gap | -3,201 JPY mn (of net income -83.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 91.8% |

## 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 | 4.5% | 0.60× | 2.7% | 3.60× | 9.8% | S100RA09 |
| 2023 | 7.1% | 0.59× | 4.2% | 3.74× | 15.6% | S100TWA7 |
| 2024 | 3.9% | 0.59× | 2.3% | 3.87× | 8.9% | S100W63Z |
| 2025 | 3.6% | 0.58× | 2.1% | 4.19× | 8.8% | S100YJF1 |
| 2026 | 4.2% | 0.59× | 2.5% | 4.28× | 10.8% | S100YJF1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱英興発 | Major shareholder | 37.3% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 5.7% | 2026-03-31 |
| 髙杉 純 | Major shareholder | 3.0% | 2026-03-31 |
| 髙杉 麻美 | Major shareholder | 2.5% | 2026-03-31 |
| ＳＭＢＣ日興証券㈱ | Major shareholder | 1.7% | 2026-03-31 |
| ㈱スペース・Ｐ | Major shareholder | 1.7% | 2026-03-31 |
| ㈱ＧＴ | Major shareholder | 1.5% | 2026-03-31 |
| ㈱ＦＵＫＵ | Major shareholder | 1.5% | 2026-03-31 |
| 原田 耕次 | Major shareholder | 0.9% | 2026-03-31 |
| 野村信託銀行㈱（投信口） | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第40期(2025/04/01－2026/03/31) | S100YJF1 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJF1,, |
| 有価証券報告書－第39期(2024/04/01－2025/03/31) | S100W63Z | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W63Z,, |
| 有価証券報告書－第38期(2023/04/01－2024/03/31) | S100TWA7 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWA7,, |
| 有価証券報告書－第37期(2022/04/01－2023/03/31) | S100RA09 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA09,, |
| 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) | S100OK5U | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK5U,, |
| 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) | S100LTY1 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTY1,, |

## 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).