# PROPERST CO.,LTD.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第40期(2025/06/01－2026/05/31) (S100YZF9)
> Page: https://vizora.meequs.com/en/company/properst
> Retrieved: 2026-09-30T18:37:49.269Z

## Company

Properst, founded in 1987, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 167 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PROPERST CO.,LTD. |
| Ticker | 3236 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3236.T) |
| Listing | TSE Standard |
| Head office | 東京都港区麻布十番一丁目10番10号 |
| Representative (per filing) | 代表取締役社長 津江 真行 |
| Founded | Dec 1987 |
| Share capital | ¥1.75B |
| Employees (consolidated) | 167 |
| Average salary (parent only) | ¥14.8M |
| Fiscal year end | May |
| Website | www.properst.co.jp (https://www.properst.co.jp/) |
| Corporate number | 8010401095795 |
| EDINET | E04064 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors, Condominium Developers |

> Profile source: annual securities report (S100YZF9, filed 2026-08-28). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 56.4 | 86 |
| Cash conversion | 86 | 82 |
| Efficiency | 47.1 | 86 |

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 67% of Properst's sales come from leasing property development business, with construction business and revitalization business making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +5.8% from the prior year, operating profit -2.6%.

## Company structure

- Segment revenue mix: leasing property development business 67.1%、construction business 26.5%、revitalization business 6.4%、Other 0.0%
- Revenue → net income: ¥29465000000 → ¥2119000000
- Net income → operating cash flow: ¥2119000000 → ¥6172000000（difference ¥4053000000）
- Main uses of operating cash flow: CapEx ¥31000000 / dividends ¥199000000 / buybacks ¥100000000
- Change in cash: ¥4980000000
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 | ¥29.5B |  |
| Operating income | ¥3.25B | Margin 11.0% |
| Net income | ¥1.88B | Margin 6.4% |
| Free cash flow | ¥6.14B |  |
| Largest business | leasing property development business | of segment revenue 67.1% |
| Employees (consolidated) | 167 |  |
| EPS | ¥52.17 |  |
| Diluted EPS | ¥51.59 |  |
| Book value per share | ¥409.34 |  |
| Equity ratio | 29.3% |  |
| Shares outstanding | 35,147,915 |  |
| Treasury shares | 2,052,700 |  |
| Shareholders | 11,267 |  |
| Average salary (parent only) | ¥14.8M | Filing company only |
| Cash ratio | 24.7% | Cash ÷ revenue 39.2% |
| Vs. industry median margin | +0.5 pp | Real Estate Development & Leasing |
| ROE | 13.7% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.3× net income
- FY2026, one segment accounts for 79% of positive segment profit

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18886000000 | ¥29465000000 | — |
| Operating income | ¥1714000000 | ¥3247000000 | — |
| Operating margin | 9.1% | 11.0% | +1.9 pp |
| Employees | 45 people | 167 people | — |
| Cash and equivalents | ¥3665000000 | ¥11548000000 | — |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 分譲開発事業 → 事業再編・廃止 | 4.9% |
| 賃貸開発事業 → 事業再編・廃止 | 72.8% |
| バリューアップ事業 → 事業再編・廃止 | 22.3% |
| 新設・再編 → 賃貸開発事業 | 67.1% |
| 新設・再編 → バリューアップ事業 | 6.4% |
| 新設・再編 → 建築請負事業 | 26.5% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| leasing property development business | — | — | ¥19779000000 | 18.8% | 2 |
| construction business | — | — | ¥7801000000 | 9.9% | 2 |
| revitalization business | — | — | ¥1872000000 | 11.5% | 2 |
| Other | — | — | ¥12000000 | 100.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,465 | 100.0% | S100YZF9 |
| Cost of revenue | 24,340 | 82.6% | S100YZF9 |
| Gross profit | 5,125 | 17.4% | S100YZF9 |
| SG&A | 1,878 | 6.4% | S100YZF9 |
| Operating income | 3,247 | 11.0% | S100YZF9 |
| Ordinary income | 3,056 | 10.4% | S100YZF9 |
| Pretax income | 3,056 | 10.4% | S100YZF9 |
| Income tax | 937 | 3.2% | S100YZF9 |
| Net income | 2,119 | 7.2% | S100YZF9 |
| Net income attributable to owners | 1,879 | 6.4% | S100YZF9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 6 |
| Operating income | 11 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 17.4% → Operating margin 11.0% → Net margin 6.4%
Derived from reported figures (DERIVED).

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 27,839 | 29,465 | 1,626 | +5.8% |
| Gross profit | 5,085 | 5,125 | 40 | +0.8% |
| Operating income | 3,334 | 3,247 | -87 | -2.6% |
| Operating cash flow | 7,641 | 6,172 | -1,469 | -19.2% |
| Free cash flow | 7,612 | 6,141 | -1,471 | -19.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 23,674 | 1,535 | 6.5% | 890 | 2,007 | 1,991 | S100MEGE |
| FY ending May 2021 | 18,886 | 1,714 | 9.1% | 920 | 383 | 379 | S100P3D3 |
| FY ending May 2022 | 17,689 | 2,127 | 12.0% | 1,135 | -2,718 | -2,721 | S100RS5L |
| FY ending May 2023 | 20,015 | 2,557 | 12.8% | 1,562 | 174 | 164 | S100UAJL |
| FY ending May 2024 | 23,301 | 3,056 | 13.1% | 1,820 | -1,882 | -1,889 | S100WLW2 |
| FY ending May 2025 | 27,839 | 3,334 | 12.0% | 1,957 | 7,641 | 7,612 | S100WLW2 |
| FY ending May 2026 | 29,465 | 3,247 | 11.0% | 1,879 | 6,172 | 6,141 | S100YZF9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥176.4M |
| Operating income per employee (consolidated) | ¥19.4M |
| Net income per employee (consolidated) | ¥11.3M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 44 | 44 | 42 | 41 | 167 |
| Average salary (parent company) | ¥10.6M | ¥10.1M | ¥12M | ¥11.9M | ¥14.8M |
| Average age (parent company) | 39.3 years | 39.9 years | 40.4 years | 40.4 years | 41.3 years |
| Average tenure (parent company) | 7.5 years | 7.8 years | 8.0 years | 8.6 years | 8.7 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| leasing property development business | 19,779 | 67.1% | 3,709 | 18.8% |
| revitalization business | 1,872 | 6.4% | 216 | 11.5% |
| construction business | 7,801 | 26.5% | 772 | 9.9% |
| condominium development business | — | 0.0% | -139 | — |
| Other | 12 | 0.0% | 12 | 100.0% |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| leasing property development business | 78.8% | 18.8% |
| revitalization business | 4.6% | 11.5% |
| construction business | 16.4% | 9.9% |
| condominium development business | — | — |
| Other | 0.3% | 100.0% |

Loss-making segment (excluded from profit shares): condominium development business -139 JPY mn

Segment → industry: revitalization business → Real Estate Development & Leasing / leasing property development business → Real Estate Development & Leasing / construction business → General Contractors / condominium development business → Condominium Developers

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 6,172 | 20.9% | S100YZF9 |
| Capital expenditure | 31 | 0.1% | S100YZF9 |
| Free cash flow | 6,141 | 20.8% | 算出 |
| Investing cash flow | 73 | 0.2% | S100YZF9 |
| Financing cash flow | -1,266 | -4.3% | S100YZF9 |
| Dividends paid | 199 | 0.7% | S100YZF9 |
| Share buyback | 100 | 0.3% | S100YZF9 |
| Change in cash | 4,980 | 16.9% | S100YZF9 |
| Cash and equivalents | 11,548 | 39.2% | S100YZF9 |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,432 | 5,229 | 2,946 | 6,568 | 11,548 | S100UAJL, S100WLW2, S100YZF9 |
| Total assets | 28,714 | 30,950 | 31,888 | 30,182 | 46,809 | S100RS5L, S100UAJL, S100WLW2, S100YZF9 |
| Net assets | 7,292 | 8,766 | 10,447 | 12,175 | 17,117 | S100UAJL, S100WLW2, S100YZF9 |
| Share capital | 1,750 | 1,750 | 1,750 | 1,750 | 1,750 | S100RS5L, S100UAJL, S100WLW2, S100YZF9 |
| Property, plant and equipment | 11 | 19 | 43 | 25 | 72 | S100RS5L, S100UAJL, S100WLW2, S100YZF9 |
| Intangible assets excluding goodwill | 3 | 2 | 1 | 5 | 781 | S100RS5L, S100UAJL, S100WLW2, S100YZF9 |
| Goodwill | — | — | — | — | 743 | S100YZF9 |
| Investment securities | 251 | 251 | 251 | 246 | 271 | S100RS5L, S100UAJL, S100WLW2, S100YZF9 |
| Current assets | 28,299 | 30,319 | 31,209 | 29,422 | 44,996 | S100RS5L, S100UAJL, S100WLW2, S100YZF9 |
| Current liabilities | 13,207 | 14,476 | 11,936 | 11,769 | 19,989 | S100RS5L, S100UAJL, S100WLW2, S100YZF9 |
| Short-term borrowings | 4,064 | 2,915 | 4,420 | 3,149 | 5,445 | S100RS5L, S100UAJL, S100WLW2, S100YZF9 |
| Long-term borrowings | 8,143 | 7,629 | 9,425 | 6,157 | 9,647 | S100RS5L, S100UAJL, S100WLW2, S100YZF9 |
| Total liabilities | 21,421 | 22,183 | 21,440 | 18,007 | 29,692 | S100RS5L, S100UAJL, S100WLW2, S100YZF9 |
| Non-controlling interests | — | — | — | — | 3,352 | S100YZF9 |
| Equity attributable to owners of parent | 7,201 | 8,680 | 10,375 | 12,103 | 13,694 | S100RS5L, S100UAJL, S100WLW2, S100YZF9 |
| Retained earnings | 4,800 | 6,293 | 8,044 | 9,866 | 11,545 | S100RS5L, S100UAJL, S100WLW2, S100YZF9 |
| Treasury stock | -121 | -135 | -191 | -286 | -379 | S100RS5L, S100UAJL, S100WLW2, S100YZF9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YZF9 |
| Property, plant and equipment | 0% | S100YZF9 |
| Intangibles and goodwill | 3% | S100YZF9 |
| Investment securities | 1% | S100YZF9 |
| Other assets | 71% | S100YZF9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 63% | S100YZF9 |
| Equity | 37% | S100YZF9 |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 28,714 | 30,950 | 31,888 | 30,182 | 46,809 |
| Equity | 7,292 | 8,766 | 10,447 | 12,175 | 17,117 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,432 | 5,229 | 2,946 | 6,568 | 11,548 |

## 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) | 0.2% | S100YZF9 |
| Fixed assets ÷ total assets | 0.2% | S100YZF9 |
| Goodwill ÷ parent equity | 5.4% | S100YZF9 |

### 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 | 39.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 190.1% |
| Cash vs. profit gap | 4,293 JPY mn (of net income 228.5%) |
| Shareholder returns / net income | 15.9% |
| Shareholder returns / FCF | 4.9% |
| Shareholder payments — dividends / net income | 10.6% |
| Shareholder payments — dividends / FCF | 3.2% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 1.2% |

## 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 | 6.4% | 0.62× | 4.0% | 3.99× | 15.8% | S100RS5L |
| 2023 | 7.8% | 0.67× | 5.2% | 3.76× | 19.7% | S100UAJL |
| 2024 | 7.8% | 0.74× | 5.8% | 3.30× | 19.1% | S100WLW2 |
| 2025 | 7.0% | 0.90× | 6.3% | 2.76× | 17.4% | S100WLW2 |
| 2026 | 6.4% | 0.63× | 4.0% | 3.42× | 13.7% | S100YZF9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社シノケングループ | Major shareholder | 37.3% | 2026-05-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ 505044（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.7% | 2026-05-31 |
| 大和証券株式会社 | Major shareholder | 2.6% | 2026-05-31 |
| 上田八木短資株式会社 | Major shareholder | 2.2% | 2026-05-31 |
| ＴＨＥ ＮＯＭＵＲＡ ＴＲＵＳＴ ＡＮＤ ＢＡＮＫＩＮＧ ＣＯ．,ＬＴＤ． ＡＳ ＴＨＥ ＴＲＵＳＴＥＥ ＯＦ ＲＥＰＵＲＣＨＡＳＥ ＡＧＲＥＥＭＥＮＴ ＭＯＴＨＥＲ ＦＵＮＤ （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.9% | 2026-05-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.4% | 2026-05-31 |
| 松井証券株式会社 | Major shareholder | 1.4% | 2026-05-31 |
| 株式会社ジュポンインターナショナル | Major shareholder | 1.3% | 2026-05-31 |
| 株式会社九州リースサービス | Major shareholder | 1.1% | 2026-05-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.9% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第40期(2025/06/01－2026/05/31) | S100YZF9 | 2026-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YZF9,, |
| 有価証券報告書－第39期(2024/06/01－2025/05/31) | S100WLW2 | 2025-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLW2,, |
| 有価証券報告書－第38期(2023/06/01－2024/05/31) | S100UAJL | 2024-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UAJL,, |
| 有価証券報告書－第37期(2022/06/01－2023/05/31) | S100RS5L | 2023-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RS5L,, |
| 有価証券報告書－第36期(令和3年6月1日－令和4年5月31日) | S100P3D3 | 2022-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3D3,, |
| 訂正有価証券報告書－第35期(令和2年6月1日－令和3年5月31日) | S100MEGE | 2021-09-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MEGE,, |

## 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).