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

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第40期(2024/11/01－2025/10/31) (S100XI3C)
> Page: https://vizora.meequs.com/en/company/revolution
> Retrieved: 2026-09-30T20:59:59.472Z

## Company

Revolution, founded in 1986, is a company in Investment Funds listed on TSE Standard. It has 64 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | REVOLUTION CO.,LTD. |
| Ticker | 8894 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8894.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区紀尾井町4番1号ニューオータニガーデンコート12階 |
| Representative (per filing) | 代表取締役社長 砂川 優太郎 |
| Founded | Mar 1986 |
| Share capital | ¥100M |
| Employees (consolidated) | 64 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | October |
| Website | www.revolution.co.jp (https://www.revolution.co.jp/) |
| Corporate number | 8250001006187 |
| EDINET | E03993 |
| Industries (Vizora) | Investment Funds, Real Estate Development & Leasing, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100XI3C, filed 2026-01-29). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 99.3 | 75 |
| Profitability | 2.9 | 86 |
| Efficiency | 56.4 | 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 90% of Revolution's sales come from Crowdfunding, with Real estate and Real estate credit business making up much of the rest.
- It lost about ¥12 for every ¥100 of sales at the operating level.
- Revenue changed +521.1% from the prior year, operating profit -1345.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥34.6B |  |
| Operating income | -¥4.15B | Margin -12.0% |
| Net income | -¥17.2B | Margin -49.8% |
| Free cash flow | -¥34M |  |
| Largest business | Crowdfunding | of segment revenue 90.4% |
| Employees (consolidated) | 64 |  |
| EPS | ¥-147.15 |  |
| Book value per share | ¥10.04 |  |
| Equity ratio | 2.5% |  |
| Shares outstanding | 116,678,357 |  |
| Treasury shares | 29,669 |  |
| Shareholders | 16,225 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 5.9% | Cash ÷ revenue 8.0% |
| Vs. industry median margin | -22.5 pp | Real Estate Development & Leasing |
| ROA | -35.0% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 31.7× its level five years ago
- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, operating loss is 12 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥763453000 | ¥34570459000 | +4428.2% |
| Operating income | ¥-32777000 | ¥-4150834000 | — |
| Operating margin | -4.3% | -12.0% | -7.7 pp |
| Employees | 35 people | 64 people | +82.9% |
| Cash and equivalents | ¥480412000 | ¥2754559000 | +473.4% |

### Change in segment revenue mix

Span: FY ending Oct 2020 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 不動産事業 → 不動産事業 | 9.6% |
| 不動産事業 → 事業再編・廃止 | 88.5% |
| 投資事業 → 事業再編・廃止 | 1.9% |
| 新設・再編 → 不動産クレジット事業 | 0.0% |
| 新設・再編 → クラウドファンディング事業 | 90.4% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Crowdfunding | — | — | ¥31239462000 | -10.8% | 2 |
| Real estate | 5 years | +34.8% | ¥3329159000 | 8.9% | 2 |
| Real estate credit business | 2 years | +8.9% | ¥1837000 | -83.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 34,570 | 100.0% | S100XI3C |
| Cost of revenue | 33,710 | 97.5% | S100XI3C |
| Gross profit | 860 | 2.5% | S100XI3C |
| SG&A | 5,011 | 14.5% | S100XI3C |
| Operating income | -4,151 | -12.0% | S100XI3C |
| Ordinary income | -3,434 | -9.9% | S100XI3C |
| Pretax income | -17,451 | -50.5% | S100XI3C |
| Income tax | -21 | -0.1% | S100XI3C |
| Net income | -17,430 | -50.4% | S100XI3C |
| Net income attributable to owners | -17,232 | -49.8% | S100XI3C |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 98 |
| SG&A | 14 |
| Operating income | -12 |
| (Ref.) Net income | -50 |

### Margin funnel

Gross margin 2.5% → Operating margin -12.0% → Net margin -49.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,566 | 34,570 | 29,004 | +521.1% |
| Gross profit | 1,017 | 860 | -157 | -15.4% |
| Operating income | 333 | -4,151 | -4,484 | -1345.3% |
| Net income attributable to owners | 296 | -17,232 | -17,528 | -5921.4% |
| Operating cash flow | 1,051 | 198 | -853 | -81.2% |
| Free cash flow | 1,033 | -34 | -1,067 | -103.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2020 | 763 | -33 | -4.3% | -188 | 142 | 130 | S100O54M |
| FY ending Oct 2021 | 1,091 | 207 | 18.9% | 254 | 149 | 134 | S100QDXA |
| FY ending Oct 2022 | 2,026 | -69 | -3.4% | 3 | -712 | -724 | S100SP0P |
| FY ending Oct 2023 | 2,403 | -415 | -17.3% | -373 | 610 | 581 | S100V5VC |
| FY ending Oct 2024 | 5,566 | 333 | 6.0% | 296 | 1,051 | 1,033 | S100XI3C |
| FY ending Oct 2025 | 34,570 | -4,151 | -12.0% | -17,232 | 198 | -34 | S100XI3C |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥540.2M |
| Operating income per employee (consolidated) | -¥64.9M |
| Net income per employee (consolidated) | -¥269.3M |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 36 | 32 | 17 | 56 | 64 |
| Average salary (parent company) | ¥4.9M | ¥4.4M | ¥5.7M | ¥4.4M | ¥5.2M |
| Average age (parent company) | 38.9 years | 37.5 years | 40.8 years | 35.6 years | 36.6 years |
| Average tenure (parent company) | 6.1 years | 6.9 years | 6.7 years | 4.0 years | 3.5 years |

Year over year: Employees (consolidated) +14.3% · Revenue (consolidated) +521.1%

## Segments（FY ending Oct 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate | 3,329 | 9.6% | 298 | 8.9% |
| Real estate credit business | 2 | 0.0% | -2 | -83.9% |
| Crowdfunding | 31,239 | 90.4% | -3,389 | -10.8% |
| Investment | — | 0.0% | -2 | — |

### 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 |
| --- | ---: | ---: |
| Real estate | 100.0% | 8.9% |
| Real estate credit business | — | -83.9% |
| Crowdfunding | — | -10.8% |
| Investment | — | — |

Loss-making segment (excluded from profit shares): Real estate credit business -2 JPY mn

Loss-making segment (excluded from profit shares): Crowdfunding -3,389 JPY mn

Loss-making segment (excluded from profit shares): Investment -2 JPY mn

Segment → industry: Investment → Investment Funds / Crowdfunding → Real Estate Development & Leasing / Real estate credit business → Real Estate Development & Leasing / Real estate → Real Estate Development & Leasing / Real estate → Real Estate Brokerage & Management

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 198 | 0.6% | S100XI3C |
| Capital expenditure | 232 | 0.7% | S100XI3C |
| Free cash flow | -34 | -0.1% | 算出 |
| Investing cash flow | -8,748 | -25.3% | S100XI3C |
| Financing cash flow | 8,015 | 23.2% | S100XI3C |
| Share buyback | 10 | 0.0% | S100XI3C |
| Change in cash | -535 | -1.5% | S100XI3C |
| Cash and equivalents | 2,755 | 8.0% | S100XI3C |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 729 | 1,187 | 818 | 3,290 | 2,755 | S100SP0P, S100V5VC, S100XI3C |
| Total assets | 2,200 | 3,598 | 1,952 | 51,629 | 46,802 | S100QDXA, S100SP0P, S100V5VC, S100XI3C |
| Net assets | 1,659 | 1,677 | 1,292 | 19,055 | 1,512 | S100SP0P, S100V5VC, S100XI3C |
| Share capital | 100 | 100 | 100 | 299 | 100 | S100QDXA, S100SP0P, S100V5VC, S100XI3C |
| Inventories | — | — | 659 | 25,153 | 24,491 | S100V5VC, S100XI3C |
| Property, plant and equipment | 1,150 | 22 | — | 158 | 9,929 | S100QDXA, S100SP0P, S100XI3C |
| Intangible assets excluding goodwill | 11 | 9 | — | 16,351 | 165 | S100QDXA, S100SP0P, S100XI3C |
| Goodwill | — | — | — | 16,142 | — | S100XI3C |
| Investment securities | 8 | 7 | 8 | 786 | 615 | S100QDXA, S100SP0P, S100V5VC, S100XI3C |
| Current assets | 985 | 3,485 | 1,894 | 33,834 | 35,632 | S100QDXA, S100SP0P, S100V5VC, S100XI3C |
| Current liabilities | 286 | 1,449 | 574 | 32,238 | 34,453 | S100QDXA, S100SP0P, S100V5VC, S100XI3C |
| Short-term borrowings | — | 1,000 | 335 | 3,426 | 2,980 | S100SP0P, S100V5VC, S100XI3C |
| Long-term borrowings | 177 | 400 | — | 112 | 9 | S100QDXA, S100SP0P, S100XI3C |
| Total liabilities | 541 | 1,921 | 661 | 32,574 | 45,291 | S100QDXA, S100SP0P, S100V5VC, S100XI3C |
| Non-controlling interests | — | — | — | 589 | 340 | S100XI3C |
| Equity attributable to owners of parent | 1,654 | 1,657 | 1,284 | 18,031 | 907 | S100QDXA, S100SP0P, S100V5VC, S100XI3C |
| Retained earnings | 45 | 48 | -325 | -29 | -17,261 | S100QDXA, S100SP0P, S100V5VC, S100XI3C |
| Treasury stock | -2 | -2 | -2 | -5 | -14 | S100QDXA, S100SP0P, S100V5VC, S100XI3C |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100XI3C |
| Inventories | 52% | S100XI3C |
| Property, plant and equipment | 21% | S100XI3C |
| Intangibles and goodwill | 1% | S100XI3C |
| Investment securities | 1% | S100XI3C |
| Other assets | 19% | S100XI3C |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 97% | S100XI3C |
| Equity | 3% | S100XI3C |
| Other liabilities | 0% | S100XI3C |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,200 | 3,598 | 1,952 | 51,629 | 46,802 |
| Equity | 1,659 | 1,677 | 1,292 | 19,055 | 1,512 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 729 | 1,187 | 818 | 3,290 | 2,755 |

## 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) | 28.7% | S100XI3C |
| Fixed assets ÷ total assets | 21.2% | S100XI3C |
| Goodwill ÷ parent equity | — | —, S100XI3C |

### 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) | 5.9% |
| Cash ÷ revenue | 8.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 17,430 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 4425.7% |

## 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 | 23.3% | 0.50× | 11.6% | 1.33× | 15.4% | S100QDXA |
| 2022 | 0.1% | 0.70× | 0.1% | 1.75× | 0.2% | S100SP0P |
| 2023 | — | —× | -13.4% | —× | — | S100V5VC |
| 2024 | 5.3% | 0.21× | 1.1% | 2.77× | 3.1% | S100XI3C |
| 2025 | — | —× | -35.0% | —× | — | S100XI3C |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社ＦＯ１ | Major shareholder | 36.0% | 2025-10-31 |
| 合同会社ルビーインベストメント | Major shareholder | 4.5% | 2025-10-31 |
| 楽天証券株式会社 | Major shareholder | 1.8% | 2025-10-31 |
| ＴＳＭ総合ファーム株式会社 | Major shareholder | 1.5% | 2025-10-31 |
| 橋口 遼 | Major shareholder | 1.4% | 2025-10-31 |
| 合同会社マラガ | Major shareholder | 1.1% | 2025-10-31 |
| 芝 清隆 | Major shareholder | 1.0% | 2025-10-31 |
| 松田 悠介 | Major shareholder | 1.0% | 2025-10-31 |
| 竹岡 裕介 | Major shareholder | 1.0% | 2025-10-31 |
| 吉田 雅己 | Major shareholder | 0.9% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第40期(2024/11/01－2025/10/31) | S100XI3C | 2026-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XI3C,, |
| 有価証券報告書－第39期(2023/11/01－2024/10/31) | S100V5VC | 2025-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5VC,, |
| 有価証券報告書－第38期(2022/11/01－2023/10/31) | S100SP0P | 2024-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SP0P,, |
| 訂正有価証券報告書－第37期(2021/11/01－2022/10/31) | S100QDXA | 2023-03-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QDXA,, |
| 訂正有価証券報告書－第36期(令和2年11月1日－令和3年10月31日) | S100O54M | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O54M,, |
| 有価証券報告書－第35期(令和1年11月1日－令和2年10月31日) | S100KLUB | 2021-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KLUB,, |

## 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).