# property technologies Inc.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第6期(2024/12/01－2025/11/30) (S100XN0E)
> Page: https://vizora.meequs.com/en/company/property-technologies
> Retrieved: 2026-09-30T20:58:41.522Z

## Company

property technologies, founded in 2020, is a company in Homebuilders listed on TSE Growth. It has 340 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | property technologies Inc. |
| Ticker | 5527 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5527.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区本町三丁目12番1号 |
| Representative (per filing) | 代表取締役社長 濱中 雄大 |
| Founded | Nov 2020 |
| Share capital | ¥307.9M |
| Employees (consolidated) | 340 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | November |
| Website | pptc.co.jp (https://pptc.co.jp/) |
| Corporate number | 5011001137024 |
| EDINET | E38129 |
| Industries (Vizora) | Homebuilders |

> Profile source: annual securities report (S100XN0E, filed 2026-02-25). As of filing

## Five-axis industry profile

Primary industry: Homebuilders (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 80.4 | 23 |
| Profitability | 44.2 | 26 |
| Cash conversion | 31.3 | 24 |
| Efficiency | 55.8 | 26 |
| Financial strength | 3.3 | 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)

- property technologies brought in ¥50.9B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +22.3% from the prior year, operating profit +49.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥50.9B |  |
| Operating income | ¥2.04B | Margin 4.0% |
| Net income | ¥1.08B | Margin 2.1% |
| Free cash flow | -¥981M |  |
| Employees (consolidated) | 340 |  |
| EPS | ¥17.25 |  |
| Diluted EPS | ¥17.17 |  |
| Book value per share | ¥321.66 |  |
| Equity ratio | 19.3% |  |
| Shares outstanding | 12,409,353 |  |
| Shareholders | 5,256 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 9.8% | Net cash -¥24.4B · Cash ÷ revenue 8.4% |
| Vs. industry median margin | -1.4 pp | Homebuilders |
| ROE | 13.6% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -2% while operating income rose 50%

## What changed in 4 years

| Metric | FY ending Nov 2021 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥29543914000 | ¥50909668000 | +72.3% |
| Operating income | ¥1688317000 | ¥2041740000 | +20.9% |
| Operating margin | 5.7% | 4.0% | -1.7 pp |
| Employees | 280 people | 340 people | +21.4% |
| Cash and equivalents | ¥4918023000 | ¥4259793000 | -13.4% |

### Change in segment revenue mix

Span: FY ending Nov 2021 → FY ending Nov 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 50,910 | 100.0% | S100XN0E |
| Cost of revenue | 43,271 | 85.0% | S100XN0E |
| Gross profit | 7,638 | 15.0% | S100XN0E |
| SG&A | 5,596 | 11.0% | S100XN0E |
| Operating income | 2,042 | 4.0% | S100XN0E |
| Ordinary income | 1,685 | 3.3% | S100XN0E |
| Pretax income | 1,683 | 3.3% | S100XN0E |
| Income tax | 600 | 1.2% | S100XN0E |
| Net income | 1,082 | 2.1% | S100XN0E |
| Net income attributable to owners | 1,082 | 2.1% | S100XN0E |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 11 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 15.0% → Operating margin 4.0% → Net margin 2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +22.3%; Core profit growth: +49.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.23×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 41,613 | 50,910 | 9,297 | +22.3% |
| Gross profit | 6,641 | 7,638 | 998 | +15.0% |
| Operating income | 1,362 | 2,042 | 680 | +49.9% |
| Net income attributable to owners | 636 | 1,082 | 447 | +70.3% |
| Operating cash flow | -2,953 | -909 | 2,045 | — |
| Free cash flow | -3,001 | -981 | 2,020 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2021 | 29,544 | 1,688 | 5.7% | 1,035 | -2,770 | -3,034 | S100QAYD |
| FY ending Nov 2022 | 38,796 | 2,359 | 6.1% | 1,393 | -2,553 | -2,889 | S100SYLH |
| FY ending Nov 2023 | 36,965 | 1,325 | 3.6% | 662 | -6,956 | -7,474 | S100VM4Q |
| FY ending Nov 2024 | 41,613 | 1,362 | 3.3% | 636 | -2,953 | -3,001 | S100XN0E |
| FY ending Nov 2025 | 50,910 | 2,042 | 4.0% | 1,082 | -909 | -981 | S100XN0E |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥149.7M |
| Operating income per employee (consolidated) | ¥6M |
| Net income per employee (consolidated) | ¥3.2M |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 280 | 340 | 383 | 348 | 340 |
| Average salary (parent company) | — | ¥8.3M | ¥6.4M | ¥6.1M | ¥6.2M |
| Average age (parent company) | — | 41.3 years | 37.3 years | 36.1 years | 36.1 years |
| Average tenure (parent company) | — | 0.8 years | 1.2 years | 1.5 years | 2.5 years |

Year over year: Employees (consolidated) -2.3% · Revenue (consolidated) +22.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -909 | -1.8% | S100XN0E |
| Capital expenditure | 72 | 0.1% | S100XN0E |
| Free cash flow | -981 | -1.9% | 算出 |
| Investing cash flow | -197 | -0.4% | S100XN0E |
| Financing cash flow | 1,050 | 2.1% | S100XN0E |
| Dividends paid | 184 | 0.4% | S100XN0E |
| Change in cash | -55 | -0.1% | S100XN0E |
| Cash and equivalents | 4,260 | 8.4% | S100XN0E |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,918 | 5,736 | 5,125 | 4,315 | 4,260 | S100SYLH, S100VM4Q, S100XN0E |
| Total assets | 25,917 | 30,926 | 38,075 | 40,792 | 43,570 | S100QAYD, S100SYLH, S100VM4Q, S100XN0E |
| Net assets | 4,373 | 5,266 | 7,120 | 7,477 | 8,391 | S100SYLH, S100VM4Q, S100XN0E |
| Share capital | 100 | 100 | 696 | 300 | 308 | S100QAYD, S100SYLH, S100VM4Q, S100XN0E |
| Property, plant and equipment | 1,014 | 1,221 | 1,335 | 1,264 | 1,242 | S100QAYD, S100SYLH, S100VM4Q, S100XN0E |
| Intangible assets excluding goodwill | 1,613 | 1,430 | 1,235 | 1,037 | 932 | S100QAYD, S100SYLH, S100VM4Q, S100XN0E |
| Goodwill | 1,543 | 1,367 | 1,191 | 1,015 | 911 | S100QAYD, S100SYLH, S100VM4Q, S100XN0E |
| Investment securities | 51 | 51 | 53 | 53 | 183 | S100QAYD, S100SYLH, S100VM4Q, S100XN0E |
| Current assets | 22,813 | 27,764 | 34,948 | 37,892 | 40,470 | S100QAYD, S100SYLH, S100VM4Q, S100XN0E |
| Current liabilities | 16,277 | 21,150 | 24,833 | 27,853 | 32,246 | S100QAYD, S100SYLH, S100VM4Q, S100XN0E |
| Short-term borrowings | 10,347 | 15,354 | 18,964 | 22,541 | 25,980 | S100QAYD, S100SYLH, S100VM4Q, S100XN0E |
| Long-term borrowings | 4,179 | 3,406 | 4,968 | 4,136 | 1,740 | S100QAYD, S100SYLH, S100VM4Q, S100XN0E |
| Bonds | 826 | 838 | 980 | 1,148 | 965 | S100QAYD, S100SYLH, S100VM4Q, S100XN0E |
| Interest-bearing debt | 15,352 | 19,598 | 24,912 | 27,826 | 28,685 | 算出 |
| Total liabilities | 21,543 | 25,659 | 30,955 | 33,315 | 35,179 | S100QAYD, S100SYLH, S100VM4Q, S100XN0E |
| Equity attributable to owners of parent | 4,371 | 5,264 | 7,117 | 7,474 | 8,388 | S100QAYD, S100SYLH, S100VM4Q, S100XN0E |
| Retained earnings | 3,246 | 4,639 | 5,301 | 5,936 | 6,835 | S100QAYD, S100SYLH, S100VM4Q, S100XN0E |
| Treasury stock | — | — | — | -68 | — | S100XN0E |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100XN0E |
| Property, plant and equipment | 3% | S100XN0E |
| Intangibles and goodwill | 4% | S100XN0E |
| Investment securities | 0% | S100XN0E |
| Other assets | 83% | S100XN0E |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 66% | 算出 |
| Other liabilities | 15% | S100XN0E |
| Equity | 19% | S100XN0E |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 25,917 | 30,926 | 38,075 | 40,792 | 43,570 |
| Equity | 4,373 | 5,266 | 7,120 | 7,477 | 8,391 |
| Interest-bearing debt | 15,352 | 19,598 | 24,912 | 27,826 | 28,685 |
| Cash | 4,918 | 5,736 | 5,125 | 4,315 | 4,260 |

## 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) | 2.4% | S100XN0E |
| Fixed assets ÷ total assets | 2.9% | S100XN0E |
| Goodwill ÷ parent equity | 10.9% | S100XN0E |

Goodwill over 4 years: 1,543 → 911 JPY; total investing cash flow: -1,712 JPY. This does not imply causation.

### 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) | 9.8% |
| Cash ÷ revenue | 8.4% |
| Net cash (cash − interest-bearing debt) | -¥24.4B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -44.5% |
| Cash vs. profit gap | -1,991 JPY mn (of net income -183.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 17.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| 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 | 3.5% | 1.14× | 4.0% | 5.93× | 23.7% | S100QAYD |
| 2022 | 3.6% | 1.37× | 4.9% | 5.90× | 28.9% | S100SYLH |
| 2023 | 1.8% | 1.07× | 1.9% | 5.57× | 10.7% | S100VM4Q |
| 2024 | 1.5% | 1.06× | 1.6% | 5.40× | 8.7% | S100XN0E |
| 2025 | 2.1% | 1.21× | 2.6% | 5.32× | 13.6% | S100XN0E |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社グランドールキャピタル | Major shareholder | 36.3% | 2025-11-30 |
| 濱中 雄大 | Major shareholder | 31.8% | 2025-11-30 |
| 由岐 洋輔 | Major shareholder | 0.9% | 2025-11-30 |
| 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 | 0.8% | 2025-11-30 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 0.8% | 2025-11-30 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.8% | 2025-11-30 |
| 大和証券株式会社 | Major shareholder | 0.7% | 2025-11-30 |
| 山田 隆弘 | Major shareholder | 0.7% | 2025-11-30 |
| property technologies従業員持株会 | Major shareholder | 0.6% | 2025-11-30 |
| 杉浦 潤一 | Major shareholder | 0.5% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第6期(2024/12/01－2025/11/30) | S100XN0E | 2026-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XN0E,, |
| 訂正有価証券報告書－第5期(2023/12/01－2024/11/30) | S100VM4Q | 2025-04-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VM4Q,, |
| 有価証券報告書－第4期(2022/12/01－2023/11/30) | S100SYLH | 2024-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SYLH,, |
| 有価証券報告書－第3期(2021/12/01－2022/11/30) | S100QAYD | 2023-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QAYD,, |

## 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).