# REALGATE 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17期(2024/10/01－2025/09/30) (S100X9V9)
> Page: https://vizora.meequs.com/en/company/realgate
> Retrieved: 2026-09-30T18:07:26.845Z

## Company

Realgate, founded in 2009, is a company in Real Estate Development & Leasing listed on TSE Growth. It has 93 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | REALGATE INC. |
| Ticker | 5532 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5532.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区千駄ヶ谷三丁目51番10号 PORTAL POINT HARAJUKU |
| Representative (per filing) | 代表取締役 岩本 裕 |
| Founded | Aug 2009 |
| Share capital | ¥705.3M |
| Employees (consolidated) | 93 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | September |
| Website | realgate.jp (https://realgate.jp/) |
| Corporate number | 2010401098366 |
| EDINET | E38667 |
| Industries (Vizora) | Real Estate Development & Leasing |

> Profile source: annual securities report (S100X9V9, filed 2025-12-11). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.7 | 75 |
| Profitability | 52.9 | 86 |
| Cash conversion | 93.3 | 82 |
| Efficiency | 39 | 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)

- Realgate brought in ¥9.79B in revenue.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +23.2% from the prior year, operating profit +36.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥9791998000 → ¥559220000
- Net income → operating cash flow: ¥559220000 → ¥3560622000（difference ¥3001402000）
- Main uses of operating cash flow: CapEx ¥7766772000 / dividends — / buybacks —
- Change in cash: ¥-183205000
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 | ¥9.79B |  |
| Operating income | ¥1.04B | Margin 10.7% |
| Net income | ¥559.2M | Margin 5.7% |
| Free cash flow | -¥4.21B |  |
| Employees (consolidated) | 93 |  |
| EPS | ¥98.16 |  |
| Diluted EPS | ¥96.16 |  |
| Book value per share | ¥574.72 |  |
| Equity ratio | 15.5% |  |
| Shares outstanding | 5,746,900 |  |
| Treasury shares | 4,800 |  |
| Shareholders | 2,261 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 4.5% | Cash ÷ revenue 9.7% |
| Vs. industry median margin | +0.1 pp | Real Estate Development & Leasing |
| ROE | 18.7% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 6.4× net income
- FY2025, cash is 4% of total assets

## What changed in 3 years

| Metric | FY ending Sep 2022 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5843209000 | ¥9791998000 | +67.6% |
| Operating income | ¥429306000 | ¥1043179000 | +143.0% |
| Operating margin | 7.3% | 10.7% | +3.3 pp |
| Employees | 85 people | 93 people | +9.4% |
| Cash and equivalents | ¥642939000 | ¥947147000 | +47.3% |

### Change in segment revenue mix

Span: FY ending Sep 2022 → 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 | 9,792 | 100.0% | S100X9V9 |
| Cost of revenue | 8,115 | 82.9% | S100X9V9 |
| Gross profit | 1,677 | 17.1% | S100X9V9 |
| SG&A | 634 | 6.5% | S100X9V9 |
| Operating income | 1,043 | 10.7% | S100X9V9 |
| Ordinary income | 827 | 8.4% | S100X9V9 |
| Pretax income | 797 | 8.1% | S100X9V9 |
| Income tax | 238 | 2.4% | S100X9V9 |
| Net income | 559 | 5.7% | S100X9V9 |

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

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

### Margin funnel

Gross margin 17.1% → Operating margin 10.7% → Net margin 5.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +23.2%; Core profit growth: +36.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.55×
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 | 7,948 | 9,792 | 1,844 | +23.2% |
| Gross profit | 1,292 | 1,677 | 385 | +29.8% |
| Operating income | 767 | 1,043 | 276 | +36.0% |
| Operating cash flow | -1,333 | 3,561 | 4,893 | — |
| Free cash flow | -4,538 | -4,206 | 332 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2022 | 5,843 | 429 | 7.3% | 36 | 411 | -1,904 | S100SF3Z |
| FY ending Sep 2023 | 6,972 | 549 | 7.9% | 279 | 1,506 | -1,423 | S100UXKQ |
| FY ending Sep 2024 | 7,948 | 767 | 9.6% | 380 | -1,333 | -4,538 | S100X9V9 |
| FY ending Sep 2025 | 9,792 | 1,043 | 10.7% | 559 | 3,561 | -4,206 | S100X9V9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥105.3M |
| Operating income per employee (consolidated) | ¥11.2M |
| Net income per employee (consolidated) | ¥6M |

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

| History | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 85 | 87 | 88 | 93 |
| Average salary (parent company) | — | ¥6M | ¥6.6M | ¥7M |
| Average age (parent company) | — | 32.3 years | 33.0 years | 33.8 years |
| Average tenure (parent company) | — | 3.1 years | 3.5 years | 3.4 years |

Year over year: Employees (consolidated) +5.7% · Revenue (consolidated) +23.2%

## 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 | 3,561 | 36.4% | S100X9V9 |
| Capital expenditure | 7,767 | 79.3% | S100X9V9 |
| Free cash flow | -4,206 | -43.0% | 算出 |
| Investing cash flow | -7,926 | -80.9% | S100X9V9 |
| Financing cash flow | 4,182 | 42.7% | S100X9V9 |
| Change in cash | -183 | -1.9% | S100X9V9 |
| Cash and equivalents | 947 | 9.7% | S100X9V9 |

## 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 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 643 | 1,963 | 1,130 | 947 | S100UXKQ, S100X9V9 |
| Total assets | 7,760 | 11,407 | 15,895 | 21,265 | S100SF3Z, S100UXKQ, S100X9V9 |
| Net assets | 737 | 2,282 | 2,712 | 3,352 | S100UXKQ, S100X9V9 |
| Share capital | 30 | 666 | 681 | 705 | S100SF3Z, S100UXKQ, S100X9V9 |
| Property, plant and equipment | 3,800 | 5,393 | 8,153 | 14,441 | S100SF3Z, S100UXKQ, S100X9V9 |
| Intangible assets excluding goodwill | 75 | 71 | 59 | 61 | S100SF3Z, S100UXKQ, S100X9V9 |
| Current assets | 2,043 | 4,007 | 5,527 | 4,472 | S100SF3Z, S100UXKQ, S100X9V9 |
| Current liabilities | 1,974 | 4,327 | 5,838 | 3,901 | S100SF3Z, S100UXKQ, S100X9V9 |
| Short-term borrowings | — | 1,842 | — | — | S100UXKQ |
| Long-term borrowings | 3,564 | 3,137 | 5,580 | 12,291 | S100SF3Z, S100UXKQ, S100X9V9 |
| Total liabilities | 7,023 | 9,125 | 13,183 | 17,913 | S100SF3Z, S100UXKQ, S100X9V9 |
| Equity attributable to owners of parent | 732 | 2,282 | 2,692 | 3,300 | S100SF3Z, S100UXKQ, S100X9V9 |
| Retained earnings | 702 | 980 | 1,361 | 1,920 | S100SF3Z, S100UXKQ, S100X9V9 |
| Treasury stock | — | — | -0 | -0 | S100X9V9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100X9V9 |
| Property, plant and equipment | 68% | S100X9V9 |
| Intangibles and goodwill | 0% | S100X9V9 |
| Other assets | 27% | S100X9V9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 84% | S100X9V9 |
| Equity | 16% | S100X9V9 |
| Other liabilities | 0% | S100X9V9 |

### Balance sheet history

| Metric | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 7,760 | 11,407 | 15,895 | 21,265 |
| Equity | 737 | 2,282 | 2,712 | 3,352 |
| Interest-bearing debt | — | — | — | — |
| Cash | 643 | 1,963 | 1,130 | 947 |

## 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) | 147.5% | S100X9V9 |
| Fixed assets ÷ total assets | 67.9% | S100X9V9 |
| Goodwill ÷ parent equity | — | —, S100X9V9 |

### 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) | 4.5% |
| Cash ÷ revenue | 9.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 341.3% |
| Cash vs. profit gap | 3,001 JPY mn (of net income 536.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 79.3% |
| Investing CF relative to operating CF | 222.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 0.6% | 0.75× | 0.5% | 10.61× | 4.9% | S100SF3Z |
| 2023 | 4.0% | 0.73× | 2.9% | 6.36× | 18.5% | S100UXKQ |
| 2024 | 4.8% | 0.58× | 2.8% | 5.49× | 15.3% | S100X9V9 |
| 2025 | 5.7% | 0.53× | 3.0% | 6.20× | 18.7% | S100X9V9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社サイバーエージェント | Major shareholder | 63.7% | 2025-09-30 |
| 岩本 裕 | Major shareholder | 6.0% | 2025-09-30 |
| 田端 信太郎 | Major shareholder | 2.1% | 2025-09-30 |
| 山内 一志 | Major shareholder | 1.7% | 2025-09-30 |
| サッポロ不動産開発株式会社 | Major shareholder | 1.4% | 2025-09-30 |
| 鷲田 真一 | Major shareholder | 1.4% | 2025-09-30 |
| 片山 善博 | Major shareholder | 1.2% | 2025-09-30 |
| ＢＮＹＭ ＳＡ/ＮＶ ＦＯＲ ＢＮＹＭ ＦＯＲ ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣОＵＮＴＳ Ｍ ＬＳＣＢ ＲＤ（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.9% | 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 | 0.8% | 2025-09-30 |
| 楽天証券株式会社共有口 | Major shareholder | 0.8% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2024/10/01－2025/09/30) | S100X9V9 | 2025-12-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X9V9,, |
| 有価証券報告書－第16期(2023/10/01－2024/09/30) | S100UXKQ | 2024-12-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UXKQ,, |
| 有価証券報告書－第15期(2022/10/01－2023/09/30) | S100SF3Z | 2023-12-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SF3Z,, |

## 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).