# Open House Group Co., Ltd: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第29期(2024/10/01－2025/09/30) (S100XF7K)
> Page: https://vizora.meequs.com/en/company/open-house-group
> Retrieved: 2026-09-30T21:03:15.909Z

## Company

Open House Group, founded in 2010, is a company in Homebuilders listed on TSE Prime. It has 6,620 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Open House Group Co., Ltd. |
| Ticker | 3288 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3288.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内二丁目7番2号 |
| Representative (per filing) | 代表取締役社長 福岡 良介 |
| Founded | Sep 2010 |
| Share capital | ¥20.2B |
| Employees (consolidated) | 6,620 |
| Average salary (parent only) | ¥9.1M |
| Fiscal year end | September |
| Website | openhouse-group.co.jp (https://openhouse-group.co.jp/) |
| Corporate number | 5011001028165 |
| EDINET | E27842 |
| Industries (Vizora) | Homebuilders, Real Estate Development & Leasing, Condominium Developers |

> Profile source: annual securities report (S100XF7K, filed 2026-01-15). As of filing

## Five-axis industry profile

Primary industry: Homebuilders (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 89.1 | 23 |
| Profitability | 90.4 | 26 |
| Cash conversion | 47.9 | 24 |
| Efficiency | 36.5 | 26 |
| Financial strength | 63.3 | 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)

- About 50% of Open House Group's sales come from Single-family homes related business, with Pressance Corporation Co.,Ltd. and Property resales making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +3.1% from the prior year, operating profit +22.5%.

## Company structure

- Segment revenue mix: Single-family homes related business 50.2%、Pressance Corporation Co.,Ltd. 17.0%、Property resales 16.3%、Others 11.3%、Condominiums 5.1%
- Revenue → net income: ¥1336468000000 → ¥104303000000
- Net income → operating cash flow: ¥104303000000 → ¥29530000000（difference ¥-74773000000）
- Main uses of operating cash flow: CapEx ¥3644000000 / dividends ¥19346000000 / buybacks ¥24999000000
- Change in cash: ¥16565000000
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 | ¥1.34T |  |
| Operating income | ¥145.9B | Margin 10.9% |
| Net income | ¥100.7B | Margin 7.5% |
| Free cash flow | ¥25.9B |  |
| Largest business | Single-family homes related business | of segment revenue 50.2% |
| Employees (consolidated) | 6,620 |  |
| EPS | ¥692.62 |  |
| Diluted EPS | ¥691.3 |  |
| Book value per share | ¥2055.32 |  |
| Equity ratio | 38.1% |  |
| Shares outstanding | 120,709,700 |  |
| Treasury shares | 8,174,800 |  |
| Shareholders | 4,874 |  |
| Average salary (parent only) | ¥9.1M | Filing company only |
| Cash ratio | 28.9% | Net cash -¥242B · Cash ÷ revenue 30.5% |
| Vs. industry median margin | +5.5 pp | Homebuilders |
| ROE | 20.6% | Derived from disclosed figures |
| ROA | 7.5% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.3× dividends
- FY2025, parent-company salary changed +42% over five years
- FY2025, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥575951000000 | ¥1336468000000 | +132.0% |
| Operating income | ¥62129000000 | ¥145933000000 | +134.9% |
| Operating margin | 10.8% | 10.9% | +0.1 pp |
| Employees | 2,876 people | 6,620 people | +130.2% |
| Cash and equivalents | ¥219218000000 | ¥407682000000 | +86.0% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 戸建関連事業 → 事業再編・廃止 | 65.9% |
| マンション事業 → 事業再編・廃止 | 10.1% |
| 収益不動産事業 → 事業再編・廃止 | 19.5% |
| その他 → 事業再編・廃止 | 4.5% |
| 新設・再編 → 戸建関連事業 | 50.2% |
| 新設・再編 → マンション事業 | 5.1% |
| 新設・再編 → 収益不動産事業 | 16.3% |
| 新設・再編 → その他 | 11.3% |
| 新設・再編 → プレサンスコーポレーション | 17.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Single-family homes related business | 4 years | +10.7% | ¥671339000000 | 10.4% | 2 |
| Pressance Corporation Co.,Ltd. | 4 years | +11.0% | ¥226755000000 | 12.7% | 2 |
| Property resales | 4 years | +15.5% | ¥218420000000 | 10.6% | 2 |
| Others | 4 years | +35.5% | ¥151111000000 | 10.4% | 2 |
| Condominiums | 4 years | +10.2% | ¥68810000000 | 11.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,336,468 | 100.0% | S100XF7K |
| Cost of revenue | 1,093,301 | 81.8% | S100XF7K |
| Gross profit | 243,167 | 18.2% | S100XF7K |
| SG&A | 97,233 | 7.3% | S100XF7K |
| Operating income | 145,933 | 10.9% | S100XF7K |
| Ordinary income | 139,491 | 10.4% | S100XF7K |
| Pretax income | 144,796 | 10.8% | S100XF7K |
| Income tax | 40,493 | 3.0% | S100XF7K |
| Net income | 104,303 | 7.8% | S100XF7K |
| Net income attributable to owners | 100,670 | 7.5% | S100XF7K |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 7 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 18.2% → Operating margin 10.9% → Net margin 7.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.1%; Core profit growth: +22.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.19×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,295,862 | 1,336,468 | 40,606 | +3.1% |
| Gross profit | 206,917 | 243,167 | 36,250 | +17.5% |
| Operating income | 119,088 | 145,933 | 26,845 | +22.5% |
| Net income attributable to owners | 92,921 | 100,670 | 7,749 | +8.3% |
| Operating cash flow | 104,764 | 29,530 | -75,234 | -71.8% |
| Free cash flow | 99,419 | 25,886 | -73,533 | -74.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 540,376 | 57,781 | 10.7% | 39,407 | 14,344 | 13,176 | S100KFCH |
| FY ending Sep 2020 | 575,951 | 62,129 | 10.8% | 59,491 | 48,793 | 48,038 | S100N395 |
| FY ending Sep 2021 | 810,540 | 101,103 | 12.5% | 69,582 | 50,123 | 47,956 | S100PUM9 |
| FY ending Sep 2022 | 952,686 | 119,358 | 12.5% | 77,884 | -16,353 | -19,979 | S100SI90 |
| FY ending Sep 2023 | 1,148,484 | 142,330 | 12.4% | 92,050 | 17,393 | 10,672 | S100UZQ5 |
| FY ending Sep 2024 | 1,295,862 | 119,088 | 9.2% | 92,921 | 104,764 | 99,419 | S100XF7K |
| FY ending Sep 2025 | 1,336,468 | 145,933 | 10.9% | 100,670 | 29,530 | 25,886 | S100XF7K |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥201.9M |
| Operating income per employee (consolidated) | ¥22M |
| Net income per employee (consolidated) | ¥15.2M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 4,087 | 4,493 | 4,904 | 6,107 | 6,620 |
| Average salary (parent company) | ¥6.4M | ¥7M | ¥7.3M | ¥9.3M | ¥9.1M |
| Average age (parent company) | 29.3 years | 33.3 years | 33.5 years | 34.3 years | 34.7 years |
| Average tenure (parent company) | 3.2 years | 3.7 years | 3.9 years | 4.2 years | 4.5 years |

Year over year: Employees (consolidated) +8.4% · Revenue (consolidated) +3.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Single-family homes related business | 671,339 | 50.2% | 69,507 | 10.4% |
| Condominiums | 68,810 | 5.1% | 8,047 | 11.7% |
| Property resales | 218,420 | 16.3% | 23,196 | 10.6% |
| Others | 151,111 | 11.3% | 15,743 | 10.4% |
| Pressance Corporation Co.,Ltd. | 226,755 | 17.0% | 28,720 | 12.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Single-family homes related business | 50.2% | 47.9% | -2.4 | 10.4% |
| Condominiums | 5.1% | 5.5% | 0.4 | 11.7% |
| Property resales | 16.3% | 16.0% | -0.4 | 10.6% |
| Others | 11.3% | 10.8% | -0.5 | 10.4% |
| Pressance Corporation Co.,Ltd. | 17.0% | 19.8% | 2.8 | 12.7% |

Segment → industry: Single-family homes related business → Homebuilders / Property resales → Real Estate Development & Leasing / Pressance Corporation Co.,Ltd. → Condominium Developers / Condominiums → Condominium Developers

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 29,530 | 2.2% | S100XF7K |
| Capital expenditure | 3,644 | 0.3% | S100XF7K |
| Free cash flow | 25,886 | 1.9% | 算出 |
| Investing cash flow | -11,107 | -0.8% | S100XF7K |
| Financing cash flow | -2,959 | -0.2% | S100XF7K |
| Dividends paid | 19,346 | 1.4% | S100XF7K |
| Share buyback | 24,999 | 1.9% | S100XF7K |
| Change in cash | 16,565 | 1.2% | S100XF7K |
| Cash and equivalents | 407,682 | 30.5% | S100XF7K |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 334,506 | 346,080 | 378,643 | 390,924 | 407,682 | S100SI90, S100UZQ5, S100XF7K |
| Total assets | 879,913 | 1,031,174 | 1,198,668 | 1,282,090 | 1,412,001 | S100PUM9, S100SI90, S100UZQ5, S100XF7K |
| Net assets | 347,143 | 395,702 | 480,416 | 535,919 | 538,834 | S100SI90, S100UZQ5, S100XF7K |
| Share capital | 19,939 | 20,070 | 20,110 | 20,149 | 20,235 | S100PUM9, S100SI90, S100UZQ5, S100XF7K |
| Property, plant and equipment | 21,297 | 21,123 | 28,456 | 31,221 | 30,617 | S100PUM9, S100SI90, S100UZQ5, S100XF7K |
| Intangible assets excluding goodwill | 3,031 | 2,925 | 2,690 | 2,493 | 2,277 | S100PUM9, S100SI90, S100UZQ5, S100XF7K |
| Investment securities | 13,171 | 13,271 | 20,955 | 33,371 | 47,296 | S100PUM9, S100SI90, S100UZQ5, S100XF7K |
| Current assets | 830,727 | 981,656 | 1,130,769 | 1,198,602 | 1,312,814 | S100PUM9, S100SI90, S100UZQ5, S100XF7K |
| Current liabilities | 256,237 | 309,495 | 373,526 | 348,758 | 412,916 | S100PUM9, S100SI90, S100UZQ5, S100XF7K |
| Short-term borrowings | 104,684 | 144,309 | 182,734 | 171,610 | 191,226 | S100PUM9, S100SI90, S100UZQ5, S100XF7K |
| Long-term borrowings | 264,502 | 314,784 | 343,582 | 380,461 | 443,748 | S100PUM9, S100SI90, S100UZQ5, S100XF7K |
| Bonds | 10,605 | 10,363 | 121 | 14,789 | 14,685 | S100PUM9, S100SI90, S100UZQ5, S100XF7K |
| Interest-bearing debt | 379,791 | 469,456 | 526,437 | 566,860 | 649,659 | 算出 |
| Total liabilities | 532,769 | 635,472 | 718,251 | 746,171 | 873,167 | S100PUM9, S100SI90, S100UZQ5, S100XF7K |
| Non-controlling interests | 52,782 | 57,606 | 63,808 | 71,198 | 209 | S100PUM9, S100SI90, S100UZQ5, S100XF7K |
| Equity attributable to owners of parent | 293,256 | 326,221 | 401,443 | 453,243 | 523,033 | S100PUM9, S100SI90, S100UZQ5, S100XF7K |
| Retained earnings | 244,248 | 286,286 | 361,583 | 433,547 | 514,871 | S100PUM9, S100SI90, S100UZQ5, S100XF7K |
| Treasury stock | 0 | -18 | -18 | -19,896 | -44,895 | S100PUM9, S100SI90, S100UZQ5, S100XF7K |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100XF7K |
| Property, plant and equipment | 2% | S100XF7K |
| Intangibles and goodwill | 0% | S100XF7K |
| Investment securities | 3% | S100XF7K |
| Other assets | 66% | S100XF7K |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 46% | 算出 |
| Other liabilities | 16% | S100XF7K |
| Equity | 38% | S100XF7K |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 879,913 | 1,031,174 | 1,198,668 | 1,282,090 | 1,412,001 |
| Equity | 347,143 | 395,702 | 480,416 | 535,919 | 538,834 |
| Interest-bearing debt | 379,791 | 469,456 | 526,437 | 566,860 | 649,659 |
| Cash | 334,506 | 346,080 | 378,643 | 390,924 | 407,682 |

## 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) | 2.3% | S100XF7K |
| Fixed assets ÷ total assets | 2.2% | S100XF7K |
| Goodwill ÷ parent equity | — | —, S100XF7K |

### 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) | 28.9% |
| Cash ÷ revenue | 30.5% |
| Net cash (cash − interest-bearing debt) | -¥242B |
| Net debt ÷ operating cash flow | 8.19× |
| Cash conversion (operating CF ÷ operating income) | 20.2% |
| Cash vs. profit gap | -71,140 JPY mn (of net income -70.7%) |
| Shareholder returns / net income | 44.0% |
| Shareholder returns / FCF | 171.3% |
| Shareholder payments — dividends / net income | 19.2% |
| Shareholder payments — dividends / FCF | 74.7% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 37.6% |

## 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 | 8.6% | 0.92× | 7.9% | 3.00× | 23.7% | S100PUM9 |
| 2022 | 8.2% | 1.00× | 8.2% | 3.09× | 25.1% | S100SI90 |
| 2023 | 8.0% | 1.03× | 8.3% | 3.06× | 25.3% | S100UZQ5 |
| 2024 | 7.2% | 1.04× | 7.5% | 2.90× | 21.7% | S100XF7K |
| 2025 | 7.5% | 0.99× | 7.5% | 2.76× | 20.6% | S100XF7K |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 荒井 正昭 | Major shareholder | 34.0% | 2025-09-30 |
| いちごトラスト・ピーティーイー・リミテッド(常任代理人香港上海銀行東京支店) | Major shareholder | 13.5% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 8.8% | 2025-09-30 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.9% | 2025-09-30 |
| JP MORGAN CHASE BANK 385864(常任代理人株式会社みずほ銀行） | Major shareholder | 2.6% | 2025-09-30 |
| 特定有価証券信託受託者株式会社ＳＭＢＣ信託銀行 | Major shareholder | 1.9% | 2025-09-30 |
| JP MORGAN CHASE BANK 385632(常任代理人株式会社みずほ銀行） | Major shareholder | 1.9% | 2025-09-30 |
| 今村 仁司 | Major shareholder | 1.5% | 2025-09-30 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人株式会社みずほ銀行） | Major shareholder | 1.2% | 2025-09-30 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 1.1% | 2025-09-30 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Sep 2025 was ¥1.34T, up +3.1% from ¥1.3T.
- Margins widened: gross profit rose +17.5% to ¥243.2B and operating income rose +22.5% to ¥145.9B.
- Net income attributable to owners grew +8.3% to ¥100.7B.
- Operating cash flow, however, fell -71.8% from ¥104.8B to ¥29.5B.

### Drivers

- In single-family homes, demand recovered in the company's areas and last year's inventory turnover paid off, improving gross margin
- Strong demand from companies and wealthy investors lifted margins in the property resale business, even as its sales dipped
- Sales of US real estate went well, helped by wealthy Japanese investors spreading assets out of yen
- Operating cash flow dropped mainly because inventory of land and homes for sale increased

### Risks

- The company relies heavily on bank loans, so rate changes or tighter funding could hurt results
- Projects take a long time from land purchase to sale, and higher material costs, labor shortages or shifts in demand could delay them
- If the value of unsold property falls, discounts or write-downs could cut profit

Cited: Annual securities report (FY ending Sep 2025) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (FY ending Sep 2025) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第29期(2024/10/01－2025/09/30) | S100XF7K | 2026-01-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XF7K,, |
| 有価証券報告書－第28期(2023/10/01－2024/09/30) | S100UZQ5 | 2024-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZQ5,, |
| 有価証券報告書－第27期(2022/10/01－2023/09/30) | S100SI90 | 2023-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SI90,, |
| 有価証券報告書－第26期(令和3年10月1日－令和4年9月30日) | S100PUM9 | 2022-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUM9,, |
| 有価証券報告書－第25期(令和2年10月1日－令和3年9月30日) | S100N395 | 2021-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N395,, |
| 有価証券報告書－第24期(令和1年10月1日－令和2年9月30日) | S100KFCH | 2020-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFCH,, |

## 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).