# R.C.CORE 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41期(2025/04/01－2026/03/31) (S100YDAM)
> Page: https://vizora.meequs.com/en/company/r-c-core
> Retrieved: 2026-09-30T22:13:48.703Z

## Company

R.c.core, founded in 1985, is a company in Homebuilders listed on TSE Standard. It has 229 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | R.C.CORE CO.,LTD. |
| Ticker | 7837 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7837.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区猿楽町10番1号 |
| Representative (per filing) | 代表取締役社長 壽松木 康晴 |
| Founded | Aug 1985 |
| Share capital | ¥671.9M |
| Employees (consolidated) | 229 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | www.rccore.co.jp (https://www.rccore.co.jp/) |
| Corporate number | 8013201007128 |
| EDINET | E02980 |
| Industries (Vizora) | Homebuilders, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YDAM, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Homebuilders (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.2 | 23 |
| Profitability | 1.9 | 26 |
| Efficiency | 90.4 | 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)

- About 40% of R.c.core's sales come from BP Company, with Direct Sales Division and Distributor Division making up much of the rest.
- It lost about ¥6 for every ¥100 of sales at the operating level.
- Revenue changed -4.0% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥10.5B |  |
| Operating income | -¥594.4M | Margin -5.6% |
| Net income | -¥816.5M | Margin -7.7% |
| Free cash flow | -¥433.1M |  |
| Largest business | BP Company | of segment revenue 39.7% |
| Employees (consolidated) | 229 |  |
| EPS | ¥-188.42 |  |
| Book value per share | ¥429.98 |  |
| Equity ratio | 28.3% |  |
| Shares outstanding | 4,536,400 |  |
| Treasury shares | 232 |  |
| Shareholders | 3,695 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 45.6% | Cash ÷ revenue 24.4% |
| Vs. industry median margin | -11.1 pp | Homebuilders |
| ROA | -13.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 70% of positive segment profit
- FY2026, segment profit share differs by 34 points
- FY2026, cash is 46% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15790444000 | ¥10547594000 | -33.2% |
| Operating income | ¥-252907000 | ¥-594371000 | — |
| Operating margin | -1.6% | -5.6% | -4 pp |
| Employees | 293 people | 229 people | -21.8% |
| Cash and equivalents | ¥5174877000 | ¥2569635000 | -50.3% |

### 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 |
| --- | ---: |
| 直販部門 → 直販部門 | 31.5% |
| 販社部門 → 販社部門 | 24.6% |
| 販社部門 → 事業再編・廃止 | 8.8% |
| ＢＰ社 → ＢＰ社 | 35.2% |
| 新設・再編 → 直販部門 | 4.3% |
| 新設・再編 → ＢＰ社 | 4.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| BP Company | 5 years | -5.5% | ¥4182495000 | -4.5% | 2 |
| Direct Sales Division | 5 years | -5.4% | ¥3770855000 | 8.5% | 2 |
| Distributor Division | 5 years | -13.2% | ¥2594243000 | 5.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,548 | 100.0% | S100YDAM |
| Cost of revenue | 7,553 | 71.6% | S100YDAM |
| Gross profit | 2,995 | 28.4% | S100YDAM |
| SG&A | 3,589 | 34.0% | S100YDAM |
| Operating income | -594 | -5.6% | S100YDAM |
| Ordinary income | -516 | -4.9% | S100YDAM |
| Pretax income | -799 | -7.6% | S100YDAM |
| Income tax | 18 | 0.2% | S100YDAM |
| Net income | -817 | -7.7% | S100YDAM |
| Net income attributable to owners | -817 | -7.7% | S100YDAM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 34 |
| Operating income | -6 |
| (Ref.) Net income | -8 |

### Margin funnel

Gross margin 28.4% → Operating margin -5.6% → Net margin -7.7%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,990 | 10,548 | -443 | -4.0% |
| Gross profit | 3,075 | 2,995 | -80 | -2.6% |
| Operating income | -491 | -594 | -103 | — |
| Net income attributable to owners | -531 | -817 | -286 | — |
| Operating cash flow | -870 | -265 | 605 | — |
| Free cash flow | -992 | -433 | 558 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 17,615 | 71 | 0.4% | 24 | 509 | 204 | S100LJQX |
| FY ending Mar 2021 | 15,790 | -253 | -1.6% | -535 | 422 | -127 | S100OEJJ |
| FY ending Mar 2022 | 16,341 | -336 | -2.1% | -437 | -568 | -898 | S100R29V |
| FY ending Mar 2023 | 13,940 | -882 | -6.3% | -1,339 | -540 | -699 | S100TOF9 |
| FY ending Mar 2024 | 12,143 | -496 | -4.1% | 2,122 | -269 | -440 | S100WJAW |
| FY ending Mar 2025 | 10,990 | -491 | -4.5% | -531 | -870 | -992 | S100YDAM |
| FY ending Mar 2026 | 10,548 | -594 | -5.6% | -817 | -265 | -433 | S100YDAM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.1M |
| Operating income per employee (consolidated) | -¥2.6M |
| Net income per employee (consolidated) | -¥3.6M |

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) | 292 | 243 | 215 | 217 | 229 |
| Average salary (parent company) | ¥6.7M | ¥6.5M | ¥7.7M | ¥7.7M | ¥8M |
| Average age (parent company) | 40.3 years | 38.3 years | 38.3 years | 39.9 years | 40.9 years |
| Average tenure (parent company) | 9.2 years | 8.9 years | 9.8 years | 9.6 years | 9.8 years |

Year over year: Employees (consolidated) +5.5% · Revenue (consolidated) -4.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Direct Sales Division | 3,771 | 35.8% | 320 | 8.5% |
| Distributor Division | 2,594 | 24.6% | 136 | 5.2% |
| BP Company | 4,182 | 39.7% | -188 | -4.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Direct Sales Division | 35.8% | 70.2% | 34.4 | 8.5% |
| Distributor Division | 24.6% | 29.8% | 5.2 | 5.2% |
| BP Company | 39.7% | — | — | -4.5% |

Loss-making segment (excluded from profit shares): BP Company -188 JPY mn

Segment → industry: BP Company → Homebuilders / Distributor Division → Homebuilders / Direct Sales Division → Homebuilders / Distributor Division → Housing Equipment & Building Materials

## 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 | -265 | -2.5% | S100YDAM |
| Capital expenditure | 168 | 1.6% | S100YDAM |
| Free cash flow | -433 | -4.1% | 算出 |
| Investing cash flow | -173 | -1.6% | S100YDAM |
| Financing cash flow | -132 | -1.2% | S100YDAM |
| Dividends paid | 0 | 0.0% | S100YDAM |
| Change in cash | -538 | -5.1% | S100YDAM |
| Cash and equivalents | 2,570 | 24.4% | S100YDAM |

## 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 | 3,129 | 3,199 | 4,086 | 3,108 | 2,570 | S100TOF9, S100WJAW, S100YDAM |
| Total assets | 12,022 | 11,195 | 7,884 | 6,485 | 5,631 | S100R29V, S100TOF9, S100WJAW, S100YDAM |
| Net assets | 2,193 | 882 | 2,969 | 2,397 | 1,592 | S100TOF9, S100WJAW, S100YDAM |
| Share capital | 672 | 672 | 672 | 672 | 672 | S100R29V, S100TOF9, S100WJAW, S100YDAM |
| Property, plant and equipment | 4,653 | 4,067 | 1,122 | 973 | 835 | S100R29V, S100TOF9, S100WJAW, S100YDAM |
| Intangible assets excluding goodwill | 178 | 20 | 4 | 7 | 0 | S100R29V, S100TOF9, S100WJAW, S100YDAM |
| Current assets | 6,226 | 5,638 | 5,688 | 4,949 | 4,333 | S100R29V, S100TOF9, S100WJAW, S100YDAM |
| Current liabilities | 6,315 | 8,433 | 3,172 | 2,648 | 2,714 | S100R29V, S100TOF9, S100WJAW, S100YDAM |
| Short-term borrowings | 1,800 | 2,894 | — | — | — | S100R29V, S100TOF9 |
| Long-term borrowings | 2,305 | 764 | 637 | 551 | 482 | S100R29V, S100TOF9, S100WJAW, S100YDAM |
| Total liabilities | 9,829 | 10,314 | 4,915 | 4,088 | 4,039 | S100R29V, S100TOF9, S100WJAW, S100YDAM |
| Equity attributable to owners of parent | 2,174 | 862 | 2,922 | 2,397 | 1,592 | S100R29V, S100TOF9, S100WJAW, S100YDAM |
| Retained earnings | 1,120 | -219 | 1,903 | 1,372 | 556 | S100R29V, S100TOF9, S100WJAW, S100YDAM |
| Treasury stock | -348 | -321 | -384 | -348 | -329 | S100R29V, S100TOF9, S100WJAW, S100YDAM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 46% | S100YDAM |
| Property, plant and equipment | 15% | S100YDAM |
| Other assets | 39% | S100YDAM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 72% | S100YDAM |
| Equity | 28% | S100YDAM |

### 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 | 12,022 | 11,195 | 7,884 | 6,485 | 5,631 |
| Equity | 2,193 | 882 | 2,969 | 2,397 | 1,592 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,129 | 3,199 | 4,086 | 3,108 | 2,570 |

## 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) | 7.9% | S100YDAM |
| Fixed assets ÷ total assets | 14.8% | S100YDAM |
| Goodwill ÷ parent equity | — | —, S100YDAM |

### 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) | 45.6% |
| Cash ÷ revenue | 24.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 551 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -3.6% | —× | — | S100R29V |
| 2023 | — | —× | -11.5% | —× | — | S100TOF9 |
| 2024 | 17.5% | 1.27× | 22.2% | 5.04× | 112.1% | S100WJAW |
| 2025 | — | —× | -7.4% | —× | — | S100YDAM |
| 2026 | — | —× | -13.5% | —× | — | S100YDAM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 旭化成ホームズ株式会社 | Major shareholder | 14.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託E口） | Major shareholder | 6.2% | 2026-03-31 |
| アールシーコア社員持株会 | Major shareholder | 5.3% | 2026-03-31 |
| 谷 秋子 | Major shareholder | 5.2% | 2026-03-31 |
| あおむし持株会 | Major shareholder | 4.2% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 2.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（役員報酬BIP信託口・76096口） | Major shareholder | 2.6% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.2% | 2026-03-31 |
| 石井 陽子 | Major shareholder | 2.2% | 2026-03-31 |
| 安田 秀子 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第41期(2025/04/01－2026/03/31) | S100YDAM | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDAM,, |
| 訂正有価証券報告書－第40期(2024/04/01－2025/03/31) | S100WJAW | 2025-08-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WJAW,, |
| 有価証券報告書－第39期(2023/04/01－2024/03/31) | S100TOF9 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOF9,, |
| 有価証券報告書－第38期(2022/04/01－2023/03/31) | S100R29V | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R29V,, |
| 有価証券報告書－第37期(令和3年4月1日－令和4年3月31日) | S100OEJJ | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEJJ,, |
| 有価証券報告書－第36期(令和2年4月1日－令和3年3月31日) | S100LJQX | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJQX,, |

## 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).