# Nippon Grande Co.,Ltd.: 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23期(2025/04/01－2026/03/31) (S100YIXO)
> Page: https://vizora.meequs.com/en/company/nippon-grande
> Retrieved: 2026-09-30T22:12:10.853Z

## Company

Nippon Grande, founded in 2003, is a company in Homebuilders listed on Sapporo. It has 60 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon Grande Co.,Ltd. |
| Ticker | 2976 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2976.T) |
| Listing | Sapporo |
| Head office | 札幌市中央区大通西五丁目1番地1 |
| Representative (per filing) | 代表取締役 平野 雅博 |
| Founded | Apr 2003 |
| Share capital | ¥182.7M |
| Employees (consolidated) | 60 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | March |
| Corporate number | 6430001028578 |
| EDINET | E34938 |
| Industries (Vizora) | Homebuilders, Real Estate Development & Leasing, Real Estate Brokerage & Management, Condominium Developers |

> Profile source: annual securities report (S100YIXO, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 7.1 | 21 |
| Profitability | 18 | 25 |
| Cash conversion | 94 | 25 |
| Efficiency | 50 | 25 |
| Financial strength | 96.4 | 14 |

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 78% of Nippon Grande's sales come from Real estate lot, with Real estate leasing business and Real estate related making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +35.9% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Real estate lot 78.3%、Real estate leasing business 16.8%、Real estate related 4.9%
- Revenue → net income: ¥3655302000 → ¥87353000
- Net income → operating cash flow: ¥87353000 → ¥1103754000（difference ¥1016401000）
- Main uses of operating cash flow: CapEx ¥216000 / dividends — / buybacks —
- Change in cash: ¥587263000
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 | ¥3.66B |  |
| Operating income | ¥139.1M | Margin 3.8% |
| Net income | ¥87.4M | Margin 2.4% |
| Free cash flow | ¥1.1B |  |
| Largest business | Real estate lot | of segment revenue 78.3% |
| Employees (consolidated) | 60 |  |
| EPS | ¥43.58 |  |
| Book value per share | ¥1277.52 |  |
| Equity ratio | 41.6% |  |
| Shares outstanding | 1,343,600 |  |
| Shareholders | 1,122 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 24.7% | Net cash -¥1.03B · Cash ÷ revenue 32.6% |
| Vs. industry median margin | -1.6 pp | Homebuilders |
| ROE | 4.5% | Derived from disclosed figures |
| ROA | 1.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 12.6× net income
- FY2026, one segment accounts for 62% of positive segment profit
- FY2026, segment profit share differs by -49 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4314391000 | ¥3655302000 | -15.3% |
| Operating income | ¥68750000 | ¥139135000 | +102.4% |
| Operating margin | 1.6% | 3.8% | +2.2 pp |
| Employees | 60 people | 60 people | 0.0% |
| Cash and equivalents | ¥3065361000 | ¥1191566000 | -61.1% |

### 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 |
| --- | ---: |
| 不動産分譲事業 → 不動産分譲事業 | 78.3% |
| 不動産分譲事業 → 事業再編・廃止 | 7.1% |
| 不動産賃貸事業 → 不動産賃貸事業 | 11.3% |
| 不動産関連事業 → 不動産関連事業 | 3.4% |
| 新設・再編 → 不動産賃貸事業 | 5.5% |
| 新設・再編 → 不動産関連事業 | 1.5% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Real estate lot | 5 years | -4.9% | ¥2861011000 | 3.4% | 2 |
| Real estate leasing business | 5 years | +4.8% | ¥614599000 | 32.5% | 2 |
| Real estate related | 5 years | +4.2% | ¥179691000 | 16.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,655 | 100.0% | S100YIXO |
| Cost of revenue | 3,074 | 84.1% | S100YIXO |
| Gross profit | 581 | 15.9% | S100YIXO |
| SG&A | 442 | 12.1% | S100YIXO |
| Operating income | 139 | 3.8% | S100YIXO |
| Ordinary income | 112 | 3.1% | S100YIXO |
| Pretax income | 112 | 3.1% | S100YIXO |
| Income tax | 24 | 0.7% | S100YIXO |
| Net income | 87 | 2.4% | S100YIXO |
| Net income attributable to owners | 87 | 2.4% | S100YIXO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 12 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 15.9% → Operating margin 3.8% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 2,690 | 3,655 | 965 | +35.9% |
| Gross profit | 449 | 581 | 132 | +29.5% |
| Operating income | -89 | 139 | 228 | — |
| Net income attributable to owners | -66 | 87 | 154 | — |
| Operating cash flow | -312 | 1,104 | 1,416 | — |
| Free cash flow | -312 | 1,104 | 1,416 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,518 | 328 | 7.3% | 237 | 1,798 | 1,043 | S100LQ5O |
| FY ending Mar 2021 | 4,314 | 69 | 1.6% | 124 | 534 | 226 | S100OCXZ |
| FY ending Mar 2022 | 4,666 | 150 | 3.2% | 124 | -456 | -456 | S100R2D8 |
| FY ending Mar 2023 | 4,564 | 200 | 4.4% | 157 | -468 | -485 | S100TUVS |
| FY ending Mar 2024 | 3,891 | 106 | 2.7% | 48 | -583 | -590 | S100W60G |
| FY ending Mar 2025 | 2,690 | -89 | -3.3% | -66 | -312 | -312 | S100YIXO |
| FY ending Mar 2026 | 3,655 | 139 | 3.8% | 87 | 1,104 | 1,104 | S100YIXO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥60.9M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 61 | 64 | 60 | 56 | 60 |
| Average salary (parent company) | ¥4.8M | ¥4.9M | ¥4.6M | ¥4.8M | ¥4.8M |
| Average age (parent company) | 44.8 years | 44.4 years | 44.8 years | 49.3 years | 45.9 years |
| Average tenure (parent company) | 6.4 years | 6.3 years | 7.8 years | 9.4 years | 8.4 years |

Year over year: Employees (consolidated) +7.1% · Revenue (consolidated) +35.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate lot | 2,861 | 78.3% | 96 | 3.4% |
| Real estate leasing business | 615 | 16.8% | 200 | 32.5% |
| Real estate related | 180 | 4.9% | 29 | 16.0% |

### 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 lot | 78.3% | 29.6% | -48.7 | 3.4% |
| Real estate leasing business | 16.8% | 61.6% | 44.7 | 32.5% |
| Real estate related | 4.9% | 8.9% | 3.9 | 16.0% |

Segment → industry: Real estate lot → Homebuilders / Real estate leasing business → Real Estate Development & Leasing / Real estate related → Real Estate Brokerage & Management / Real estate lot → 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 | 1,104 | 30.2% | S100YIXO |
| Capital expenditure | 0 | 0.0% | S100YIXO |
| Free cash flow | 1,104 | 30.2% | 算出 |
| Investing cash flow | -0 | -0.0% | S100YIXO |
| Financing cash flow | -516 | -14.1% | S100YIXO |
| Change in cash | 587 | 16.1% | S100YIXO |
| Cash and equivalents | 1,192 | 32.6% | S100YIXO |

## 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 | 3,071 | 2,562 | 1,485 | 604 | 1,192 | S100TUVS, S100W60G, S100YIXO |
| Total assets | 8,264 | 8,466 | 6,747 | 5,690 | 4,824 | S100R2D8, S100TUVS, S100W60G, S100YIXO |
| Net assets | 1,813 | 1,971 | 2,005 | 1,920 | 2,008 | S100TUVS, S100W60G, S100YIXO |
| Share capital | 176 | 183 | 183 | 183 | 183 | S100R2D8, S100TUVS, S100W60G, S100YIXO |
| Property, plant and equipment | 3,195 | 3,117 | 3,027 | 2,906 | 2,904 | S100R2D8, S100TUVS, S100W60G, S100YIXO |
| Intangible assets excluding goodwill | 4 | 3 | 7 | 5 | 3 | S100R2D8, S100TUVS, S100W60G, S100YIXO |
| Investment securities | 1 | 16 | 20 | 19 | 21 | S100R2D8, S100TUVS, S100W60G, S100YIXO |
| Current assets | 5,026 | 5,294 | 3,667 | 2,728 | 1,869 | S100R2D8, S100TUVS, S100W60G, S100YIXO |
| Current liabilities | 3,724 | 3,976 | 2,433 | 1,508 | 809 | S100R2D8, S100TUVS, S100W60G, S100YIXO |
| Short-term borrowings | 1,193 | 1,481 | 1,199 | 572 | 318 | S100R2D8, S100TUVS, S100W60G, S100YIXO |
| Long-term borrowings | 2,620 | 2,421 | 2,205 | 1,994 | 1,783 | S100R2D8, S100TUVS, S100W60G, S100YIXO |
| Bonds | — | — | — | 175 | 125 | S100YIXO |
| Interest-bearing debt | — | — | — | 2,741 | 2,226 | 算出 |
| Total liabilities | 6,450 | 6,495 | 4,742 | 3,770 | 2,815 | S100R2D8, S100TUVS, S100W60G, S100YIXO |
| Equity attributable to owners of parent | 1,814 | 1,971 | 2,002 | 1,918 | 2,006 | S100R2D8, S100TUVS, S100W60G, S100YIXO |
| Retained earnings | 1,562 | 1,706 | 1,737 | 1,653 | 1,740 | S100R2D8, S100TUVS, S100W60G, S100YIXO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YIXO |
| Property, plant and equipment | 60% | S100YIXO |
| Intangibles and goodwill | 0% | S100YIXO |
| Investment securities | 0% | S100YIXO |
| Other assets | 15% | S100YIXO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 46% | 算出 |
| Other liabilities | 12% | S100YIXO |
| Equity | 42% | S100YIXO |

### 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 | 8,264 | 8,466 | 6,747 | 5,690 | 4,824 |
| Equity | 1,813 | 1,971 | 2,005 | 1,920 | 2,008 |
| Interest-bearing debt | — | — | — | 2,741 | 2,226 |
| Cash | 3,071 | 2,562 | 1,485 | 604 | 1,192 |

## 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) | 79.4% | S100YIXO |
| Fixed assets ÷ total assets | 60.2% | S100YIXO |
| Goodwill ÷ parent equity | — | —, S100YIXO |

### 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) | 24.7% |
| Cash ÷ revenue | 32.6% |
| Net cash (cash − interest-bearing debt) | -¥1.03B |
| Net debt ÷ operating cash flow | 0.94× |
| Cash conversion (operating CF ÷ operating income) | 793.3% |
| Cash vs. profit gap | 1,016 JPY mn (of net income 1163.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 0.0% |

## 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 | 2.7% | 0.56× | 1.5% | 4.56× | 6.8% | S100R2D8 |
| 2023 | 3.4% | 0.55× | 1.9% | 4.42× | 8.3% | S100TUVS |
| 2024 | 1.2% | 0.51× | 0.6% | 3.83× | 2.4% | S100W60G |
| 2025 | — | —× | -1.1% | —× | — | S100YIXO |
| 2026 | 2.4% | 0.70× | 1.7% | 2.68× | 4.5% | S100YIXO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 雅リアルエステート株式会社 | Major shareholder | 26.0% | 2026-03-31 |
| 平山恒産株式会社 | Major shareholder | 25.6% | 2026-03-31 |
| 平野 雅博 | Major shareholder | 13.4% | 2026-03-31 |
| 矢代 俊二 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社クレックス | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社土屋ホールディングス | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社アート不動産 | Major shareholder | 1.3% | 2026-03-31 |
| 米盛 公和 | Major shareholder | 1.0% | 2026-03-31 |
| 青山 泰長 | Major shareholder | 0.9% | 2026-03-31 |
| 田畠 勉 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/04/01－2026/03/31) | S100YIXO | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIXO,, |
| 有価証券報告書－第22期(2024/04/01－2025/03/31) | S100W60G | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W60G,, |
| 有価証券報告書－第21期(2023/04/01－2024/03/31) | S100TUVS | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUVS,, |
| 有価証券報告書－第20期(2022/04/01－2023/03/31) | S100R2D8 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2D8,, |
| 有価証券報告書－第19期(令和3年4月1日－令和4年3月31日) | S100OCXZ | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCXZ,, |
| 有価証券報告書－第18期(令和2年4月1日－令和3年3月31日) | S100LQ5O | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ5O,, |

## 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).