# Paraca Inc.: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第29期(2024/10/01－2025/09/30) (S100XB3E)
> Page: https://vizora.meequs.com/en/company/paraca
> Retrieved: 2026-09-30T21:31:17.177Z

## Company

Paraca is a company in Real Estate Brokerage & Management listed on TSE Prime. It has 112 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Paraca Inc. |
| Ticker | 4809 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4809.T) |
| Listing | TSE Prime |
| Head office | 東京都港区愛宕二丁目5番1号 |
| Representative (per filing) | 代表取締役 内藤 宗 |
| Share capital | ¥1.96B |
| Employees (consolidated) | 112 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | September |
| Website | www.paraca.co.jp (https://www.paraca.co.jp/) |
| Corporate number | 8010401043696 |
| EDINET | E05414 |
| Industries (Vizora) | Real Estate Brokerage & Management |

> Profile source: annual securities report (S100XB3E, filed 2025-12-19). As of filing

## Five-axis industry profile

Primary industry: Real Estate Brokerage & Management (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 54 | 25 |
| Profitability | 82.7 | 26 |
| Cash conversion | 63.5 | 26 |
| Efficiency | 1.9 | 26 |

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)

- Paraca brought in ¥17.6B in revenue.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed +7.6% from the prior year, operating profit +8.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥17630000000 → ¥2044000000
- Net income → operating cash flow: ¥2044000000 → ¥3018000000（difference ¥974000000）
- Main uses of operating cash flow: CapEx ¥4693000000 / dividends ¥659000000 / buybacks —
- Change in cash: ¥127000000
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 | ¥17.6B |  |
| Operating income | ¥3.27B | Margin 18.5% |
| Net income | ¥2.04B | Margin 11.6% |
| Free cash flow | -¥1.68B |  |
| Employees (consolidated) | 112 |  |
| EPS | ¥202.35 |  |
| Diluted EPS | ¥201.65 |  |
| Book value per share | ¥2056.43 |  |
| Equity ratio | 42.2% |  |
| Shares outstanding | 10,440,600 |  |
| Treasury shares | 48,400 |  |
| Shareholders | 5,434 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 7.4% | Cash ÷ revenue 20.7% |
| Vs. industry median margin | +9.5 pp | Real Estate Brokerage & Management |
| ROE | 10.2% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12471000000 | ¥17630000000 | +41.4% |
| Operating income | ¥1393000000 | ¥3266000000 | +134.5% |
| Operating margin | 11.2% | 18.5% | +7.4 pp |
| Employees | 85 people | 112 people | +31.8% |
| Cash and equivalents | ¥4470000000 | ¥3641000000 | -18.5% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,630 | 100.0% | S100XB3E |
| Cost of revenue | 12,280 | 69.7% | S100XB3E |
| Gross profit | 5,350 | 30.3% | S100XB3E |
| SG&A | 2,083 | 11.8% | S100XB3E |
| Operating income | 3,266 | 18.5% | S100XB3E |
| Ordinary income | 2,949 | 16.7% | S100XB3E |
| Pretax income | 2,954 | 16.8% | S100XB3E |
| Income tax | 910 | 5.2% | S100XB3E |
| Net income | 2,044 | 11.6% | S100XB3E |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 12 |
| Operating income | 18 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 30.3% → Operating margin 18.5% → Net margin 11.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.6%; Core profit growth: +8.1%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.06×
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 | 16,380 | 17,630 | 1,250 | +7.6% |
| Gross profit | 4,927 | 5,350 | 423 | +8.6% |
| Operating income | 3,021 | 3,266 | 245 | +8.1% |
| Operating cash flow | 2,183 | 3,018 | 835 | +38.3% |
| Free cash flow | -2,180 | -1,675 | 505 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 14,085 | 2,272 | 16.1% | 2,381 | 1,935 | -1,315 | S100KE1E |
| FY ending Sep 2020 | 12,471 | 1,393 | 11.2% | 748 | 644 | -2,512 | S100N2QK |
| FY ending Sep 2021 | 11,761 | 1,786 | 15.2% | 977 | 2,443 | 1,125 | S100PTMW |
| FY ending Sep 2022 | 12,974 | 2,253 | 17.4% | 1,395 | 1,975 | -829 | S100SHVX |
| FY ending Sep 2023 | 14,774 | 2,934 | 19.9% | 1,818 | 2,668 | 122 | S100UZCL |
| FY ending Sep 2024 | 16,380 | 3,021 | 18.4% | 1,817 | 2,183 | -2,180 | S100XB3E |
| FY ending Sep 2025 | 17,630 | 3,266 | 18.5% | 2,044 | 3,018 | -1,675 | S100XB3E |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥157.4M |
| Operating income per employee (consolidated) | ¥29.2M |
| Net income per employee (consolidated) | ¥18.3M |

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) | 79 | 87 | 101 | 100 | 112 |
| Average salary (parent company) | ¥5.6M | ¥5.7M | ¥5.8M | ¥6M | ¥6M |
| Average age (parent company) | 33.6 years | 33.6 years | 33.6 years | 33.1 years | 32.8 years |
| Average tenure (parent company) | 7.5 years | 7.1 years | 6.4 years | 6.3 years | 6.3 years |

Year over year: Employees (consolidated) +12.0% · Revenue (consolidated) +7.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,018 | 17.1% | S100XB3E |
| Capital expenditure | 4,693 | 26.6% | S100XB3E |
| Free cash flow | -1,675 | -9.5% | 算出 |
| Investing cash flow | -4,341 | -24.6% | S100XB3E |
| Financing cash flow | 1,449 | 8.2% | S100XB3E |
| Dividends paid | 659 | 3.7% | S100XB3E |
| Change in cash | 127 | 0.7% | S100XB3E |
| Cash and equivalents | 3,641 | 20.7% | S100XB3E |

## 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 | 4,152 | 3,931 | 3,708 | 3,514 | 3,641 | S100SHVX, S100UZCL, S100XB3E |
| Total assets | 35,778 | 37,671 | 39,824 | 44,456 | 49,440 | S100PTMW, S100SHVX, S100UZCL, S100XB3E |
| Net assets | 15,998 | 16,886 | 18,107 | 19,390 | 20,912 | S100SHVX, S100UZCL, S100XB3E |
| Share capital | 1,839 | 1,847 | 1,854 | 1,903 | 1,962 | S100PTMW, S100SHVX, S100UZCL, S100XB3E |
| Property, plant and equipment | 30,288 | 32,281 | 34,568 | 39,122 | 43,822 | S100PTMW, S100SHVX, S100UZCL, S100XB3E |
| Intangible assets excluding goodwill | 12 | 9 | 51 | 51 | 147 | S100PTMW, S100SHVX, S100UZCL, S100XB3E |
| Investment securities | 36 | 35 | 23 | 24 | 30 | S100PTMW, S100SHVX, S100UZCL, S100XB3E |
| Current assets | 4,832 | 4,721 | 4,558 | 4,548 | 4,732 | S100PTMW, S100SHVX, S100UZCL, S100XB3E |
| Current liabilities | 3,249 | 3,498 | 4,024 | 4,334 | 4,976 | S100PTMW, S100SHVX, S100UZCL, S100XB3E |
| Long-term borrowings | 15,393 | 16,347 | 16,690 | 19,248 | 21,427 | S100PTMW, S100SHVX, S100UZCL, S100XB3E |
| Total liabilities | 19,779 | 20,784 | 21,717 | 25,066 | 28,527 | S100PTMW, S100SHVX, S100UZCL, S100XB3E |
| Equity attributable to owners of parent | 16,029 | 16,882 | 18,080 | 19,348 | 20,849 | S100PTMW, S100SHVX, S100UZCL, S100XB3E |
| Retained earnings | 12,296 | 13,128 | 14,312 | 15,473 | 16,857 | S100PTMW, S100SHVX, S100UZCL, S100XB3E |
| Treasury stock | -379 | -378 | -377 | -375 | -375 | S100PTMW, S100SHVX, S100UZCL, S100XB3E |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100XB3E |
| Property, plant and equipment | 89% | S100XB3E |
| Intangibles and goodwill | 0% | S100XB3E |
| Investment securities | 0% | S100XB3E |
| Other assets | 4% | S100XB3E |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 58% | S100XB3E |
| Equity | 42% | S100XB3E |
| Other liabilities | 0% | S100XB3E |

### 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 | 35,778 | 37,671 | 39,824 | 44,456 | 49,440 |
| Equity | 15,998 | 16,886 | 18,107 | 19,390 | 20,912 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,152 | 3,931 | 3,708 | 3,514 | 3,641 |

## 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) | 248.6% | S100XB3E |
| Fixed assets ÷ total assets | 88.6% | S100XB3E |
| Goodwill ÷ parent equity | — | —, S100XB3E |

### 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) | 7.4% |
| Cash ÷ revenue | 20.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 92.4% |
| Cash vs. profit gap | 974 JPY mn (of net income 47.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 32.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 26.6% |
| Investing CF relative to operating CF | 143.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 8.3% | 0.33× | 2.7% | 2.23× | 6.1% | S100PTMW |
| 2022 | 10.8% | 0.35× | 3.8% | 2.23× | 8.5% | S100SHVX |
| 2023 | 12.3% | 0.38× | 4.7% | 2.22× | 10.4% | S100UZCL |
| 2024 | 11.1% | 0.39× | 4.3% | 2.25× | 9.7% | S100XB3E |
| 2025 | 11.6% | 0.38× | 4.4% | 2.34× | 10.2% | S100XB3E |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊藤忠商事株式会社 | Major shareholder | 22.0% | 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 | 6.9% | 2025-09-30 |
| 有限会社リョウコーポレーション | Major shareholder | 6.5% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.8% | 2025-09-30 |
| ＳＢＩホールディングス株式会社 | Major shareholder | 3.9% | 2025-09-30 |
| 兼平 宏 | Major shareholder | 3.8% | 2025-09-30 |
| 内藤 宗 | Major shareholder | 3.1% | 2025-09-30 |
| 内藤 主 | Major shareholder | 2.9% | 2025-09-30 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 2.6% | 2025-09-30 |
| 内藤 亨 | Major shareholder | 2.4% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2024/10/01－2025/09/30) | S100XB3E | 2025-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XB3E,, |
| 有価証券報告書－第28期(2023/10/01－2024/09/30) | S100UZCL | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZCL,, |
| 有価証券報告書－第27期(2022/10/01－2023/09/30) | S100SHVX | 2023-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SHVX,, |
| 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) | S100PTMW | 2022-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTMW,, |
| 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) | S100N2QK | 2021-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2QK,, |
| 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) | S100KE1E | 2020-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KE1E,, |

## 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).