# MUGEN ESTATE Co.,Ltd.: 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36期(2025/01/01－2025/12/31) (S100XT1L)
> Page: https://vizora.meequs.com/en/company/mugen-estate
> Retrieved: 2026-09-30T23:28:26.327Z

## Company

Mugen Estate, founded in 1990, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 501 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MUGEN ESTATE Co.,Ltd. |
| Ticker | 3299 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3299.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区大手町一丁目9番7号 |
| Representative (per filing) | 代表取締役社長 藤田 進一 |
| Founded | May 1990 |
| Share capital | ¥2.55B |
| Employees (consolidated) | 501 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | December |
| Website | www.mugen-estate.co.jp (https://www.mugen-estate.co.jp/) |
| Corporate number | 8010001058665 |
| EDINET | E30649 |
| Industries (Vizora) | Real Estate Development & Leasing |

> Profile source: annual securities report (S100XT1L, filed 2026-03-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.3 | 75 |
| Profitability | 72.7 | 86 |
| Cash conversion | 27.4 | 82 |
| Efficiency | 57.6 | 86 |
| Financial strength | 71.6 | 37 |

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 96% of Mugen Estate's sales come from Real estate buying and selling business, with Other rental business making up much of the rest.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +9.8% from the prior year, operating profit +14.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥68.3B |  |
| Operating income | ¥11B | Margin 16.2% |
| Net income | ¥6.66B | Margin 9.8% |
| Free cash flow | -¥10.6B |  |
| Largest business | Real estate buying and selling business | of segment revenue 95.7% |
| Employees (consolidated) | 501 |  |
| EPS | ¥285.95 |  |
| Diluted EPS | ¥284.23 |  |
| Book value per share | ¥1475.31 |  |
| Equity ratio | 33.5% |  |
| Shares outstanding | 24,361,000 |  |
| Treasury shares | 875,800 |  |
| Shareholders | 25,790 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 18.0% | Net cash -¥31B · Cash ÷ revenue 28.1% |
| Vs. industry median margin | +5.7 pp | Real Estate Development & Leasing |
| ROE | 19.7% | Derived from disclosed figures |
| ROA | 6.9% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.0× its level five years ago
- FY2025, one segment accounts for 95% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥34858000000 | ¥68262000000 | +95.8% |
| Operating income | ¥2465000000 | ¥11049000000 | +348.2% |
| Operating margin | 7.1% | 16.2% | +9.1 pp |
| Employees | 202 people | 501 people | +148.0% |
| Cash and equivalents | ¥14649000000 | ¥19173000000 | +30.9% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 不動産売買事業 → 不動産売買事業 | 91.4% |
| 賃貸その他事業 → 賃貸その他事業 | 4.3% |
| 賃貸その他事業 → 事業再編・廃止 | 4.3% |
| 新設・再編 → 不動産売買事業 | 4.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 68,262 | 100.0% | S100XT1L |
| Cost of revenue | 48,934 | 71.7% | S100XT1L |
| Gross profit | 19,328 | 28.3% | S100XT1L |
| SG&A | 8,278 | 12.1% | S100XT1L |
| Operating income | 11,049 | 16.2% | S100XT1L |
| Ordinary income | 9,951 | 14.6% | S100XT1L |
| Pretax income | 9,947 | 14.6% | S100XT1L |
| Income tax | 3,287 | 4.8% | S100XT1L |
| Net income | 6,659 | 9.8% | S100XT1L |
| Net income attributable to owners | 6,659 | 9.8% | S100XT1L |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 12 |
| Operating income | 16 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 28.3% → Operating margin 16.2% → Net margin 9.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.8%; Core profit growth: +14.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.52×
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 | 62,187 | 68,262 | 6,075 | +9.8% |
| Gross profit | 16,564 | 19,328 | 2,764 | +16.7% |
| Operating income | 9,623 | 11,049 | 1,426 | +14.8% |
| Net income attributable to owners | 6,086 | 6,659 | 573 | +9.4% |
| Operating cash flow | 2,600 | -6,756 | -9,356 | -359.8% |
| Free cash flow | 2,424 | -10,590 | -13,014 | -536.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 39,677 | 3,157 | 8.0% | 1,688 | 3,276 | 2,487 | S100L094 |
| FY ending Dec 2020 | 34,858 | 2,465 | 7.1% | 599 | 10,981 | 9,194 | S100NPX7 |
| FY ending Dec 2021 | 33,956 | 2,342 | 6.9% | 1,276 | 3,307 | 2,135 | S100QGO0 |
| FY ending Dec 2022 | 31,242 | 2,976 | 9.5% | 1,564 | -11,491 | -11,646 | S100T4UO |
| FY ending Dec 2023 | 51,640 | 5,936 | 11.5% | 3,653 | 5,374 | 4,859 | S100VGZR |
| FY ending Dec 2024 | 62,187 | 9,623 | 15.5% | 6,086 | 2,600 | 2,424 | S100XT1L |
| FY ending Dec 2025 | 68,262 | 11,049 | 16.2% | 6,659 | -6,756 | -10,590 | S100XT1L |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥136.3M |
| Operating income per employee (consolidated) | ¥22.1M |
| Net income per employee (consolidated) | ¥13.3M |

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) | 243 | 295 | 363 | 466 | 501 |
| Average salary (parent company) | ¥6.8M | ¥6.9M | ¥7.3M | ¥7.6M | ¥7.5M |
| Average age (parent company) | 38.5 years | 37.9 years | 36.4 years | 35.3 years | 35.4 years |
| Average tenure (parent company) | 5.4 years | 5.0 years | 4.0 years | 3.5 years | 3.4 years |

Year over year: Employees (consolidated) +7.5% · Revenue (consolidated) +9.8%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate buying and selling business | 65,327 | 95.7% | 13,390 | 20.5% |
| Other rental business | 2,935 | 4.3% | 712 | 24.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Real estate buying and selling business | 95.7% | 95.0% | -0.7 | 20.5% |
| Other rental business | 4.3% | 5.0% | 0.7 | 24.3% |

Segment → industry: Other rental business → Real Estate Development & Leasing / Real estate buying and selling business → Real Estate Development & Leasing

## 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 | -6,756 | -9.9% | S100XT1L |
| Capital expenditure | 3,834 | 5.6% | S100XT1L |
| Free cash flow | -10,590 | -15.5% | 算出 |
| Investing cash flow | -4,975 | -7.3% | S100XT1L |
| Financing cash flow | 10,403 | 15.2% | S100XT1L |
| Dividends paid | 3,472 | 5.1% | S100XT1L |
| Share buyback | 0 | 0.0% | S100XT1L |
| Change in cash | -1,327 | -1.9% | S100XT1L |
| Cash and equivalents | 19,173 | 28.1% | S100XT1L |

## 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 | 16,116 | 16,315 | 19,037 | 20,500 | 19,173 | S100T4UO, S100VGZR, S100XT1L |
| Total assets | 62,778 | 77,448 | 80,362 | 87,503 | 106,698 | S100QGO0, S100T4UO, S100VGZR, S100XT1L |
| Net assets | 23,546 | 24,604 | 27,844 | 32,076 | 35,802 | S100T4UO, S100VGZR, S100XT1L |
| Share capital | 2,552 | 2,552 | 2,552 | 2,552 | 2,552 | S100QGO0, S100T4UO, S100VGZR, S100XT1L |
| Property, plant and equipment | 7,614 | 6,430 | 5,156 | 2,773 | 5,929 | S100QGO0, S100T4UO, S100VGZR, S100XT1L |
| Intangible assets excluding goodwill | 85 | 84 | 81 | 79 | 113 | S100QGO0, S100T4UO, S100VGZR, S100XT1L |
| Investment securities | 21 | 21 | 7 | 0 | 1,170 | S100QGO0, S100T4UO, S100VGZR, S100XT1L |
| Current assets | 54,404 | 70,174 | 74,189 | 83,725 | 98,354 | S100QGO0, S100T4UO, S100VGZR, S100XT1L |
| Current liabilities | 12,168 | 18,501 | 19,484 | 22,296 | 29,956 | S100QGO0, S100T4UO, S100VGZR, S100XT1L |
| Short-term borrowings | 4,739 | 6,023 | 9,153 | 7,818 | 10,726 | S100QGO0, S100T4UO, S100VGZR, S100XT1L |
| Long-term borrowings | 23,192 | 29,049 | 25,894 | 28,825 | 35,126 | S100QGO0, S100T4UO, S100VGZR, S100XT1L |
| Bonds | 3,219 | 4,623 | 6,150 | 3,004 | 4,364 | S100QGO0, S100T4UO, S100VGZR, S100XT1L |
| Interest-bearing debt | 31,150 | 39,695 | 41,197 | 39,647 | 50,216 | 算出 |
| Total liabilities | 39,232 | 52,843 | 52,518 | 55,426 | 70,896 | S100QGO0, S100T4UO, S100VGZR, S100XT1L |
| Equity attributable to owners of parent | 23,453 | 24,511 | 27,751 | 32,018 | 35,682 | S100QGO0, S100T4UO, S100VGZR, S100XT1L |
| Retained earnings | 18,827 | 20,027 | 23,207 | 27,809 | 30,997 | S100QGO0, S100T4UO, S100VGZR, S100XT1L |
| Treasury stock | -401 | -543 | -483 | -919 | -747 | S100QGO0, S100T4UO, S100VGZR, S100XT1L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100XT1L |
| Property, plant and equipment | 6% | S100XT1L |
| Intangibles and goodwill | 0% | S100XT1L |
| Investment securities | 1% | S100XT1L |
| Other assets | 75% | S100XT1L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 47% | 算出 |
| Other liabilities | 19% | S100XT1L |
| Equity | 34% | S100XT1L |

### 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 | 62,778 | 77,448 | 80,362 | 87,503 | 106,698 |
| Equity | 23,546 | 24,604 | 27,844 | 32,076 | 35,802 |
| Interest-bearing debt | 31,150 | 39,695 | 41,197 | 39,647 | 50,216 |
| Cash | 16,116 | 16,315 | 19,037 | 20,500 | 19,173 |

## 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) | 8.7% | S100XT1L |
| Fixed assets ÷ total assets | 5.6% | S100XT1L |
| Goodwill ÷ parent equity | — | —, S100XT1L |

### 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) | 18.0% |
| Cash ÷ revenue | 28.1% |
| Net cash (cash − interest-bearing debt) | -¥31B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -61.1% |
| Cash vs. profit gap | -13,415 JPY mn (of net income -201.5%) |
| Shareholder returns / net income | 52.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 52.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.6% |
| 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 | 3.8% | 0.54× | 2.0% | 2.68× | 5.4% | S100QGO0 |
| 2022 | 5.0% | 0.45× | 2.2% | 2.92× | 6.5% | S100T4UO |
| 2023 | 7.1% | 0.65× | 4.6% | 3.02× | 14.0% | S100VGZR |
| 2024 | 9.8% | 0.74× | 7.3% | 2.81× | 20.4% | S100XT1L |
| 2025 | 9.8% | 0.70× | 6.9% | 2.87× | 19.7% | S100XT1L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 藤田 進 | Major shareholder | 17.4% | 2025-12-31 |
| 株式会社ドリームカムトゥルー | Major shareholder | 8.9% | 2025-12-31 |
| 株式会社夢現企画 | Major shareholder | 6.2% | 2025-12-31 |
| 藤田 進一 | Major shareholder | 6.0% | 2025-12-31 |
| 株式会社セラネス | Major shareholder | 5.5% | 2025-12-31 |
| 藤田 由香 | Major shareholder | 3.0% | 2025-12-31 |
| 庄田 桂二 | Major shareholder | 3.0% | 2025-12-31 |
| 庄田 優子 | Major shareholder | 2.8% | 2025-12-31 |
| 合同会社サライ | Major shareholder | 2.1% | 2025-12-31 |
| 大久保 明 | Major shareholder | 1.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2025/01/01－2025/12/31) | S100XT1L | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT1L,, |
| 有価証券報告書－第35期(2024/01/01－2024/12/31) | S100VGZR | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGZR,, |
| 有価証券報告書－第34期(2023/01/01－2023/12/31) | S100T4UO | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4UO,, |
| 有価証券報告書－第33期(2022/01/01－2022/12/31) | S100QGO0 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGO0,, |
| 有価証券報告書－第32期(令和3年1月1日－令和3年12月31日) | S100NPX7 | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPX7,, |
| 有価証券報告書－第31期(令和2年1月1日－令和2年12月31日) | S100L094 | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L094,, |

## 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).