# RISE Inc.: 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80期(2025/04/01－2026/03/31) (S100YIFC)
> Page: https://vizora.meequs.com/en/company/rise
> Retrieved: 2026-09-30T20:59:20.676Z

## Company

Rise is a company in Real Estate Development & Leasing listed on TSE Standard. It has 11 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RISE Inc. |
| Ticker | 8836 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8836.T) |
| Listing | TSE Standard |
| Head office | 東京都港区虎ノ門一丁目14番1号郵政福祉琴平ビル8階(令和8年4月18日付で、東京都港区西新橋三丁目16番11号愛宕イーストビル3階より本店移転しております。) |
| Representative (per filing) | 代表取締役社長 芝辻 直基 |
| Share capital | ¥100M |
| Employees (consolidated) | 11 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | www.rise-i.co.jp (https://www.rise-i.co.jp/) |
| Corporate number | 8010001128641 |
| EDINET | E00165 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100YIFC, filed 2026-06-25). As of filing

## Key points (generated from figures)

- About 60% of Rise's sales come from Real estate management, with Real estate leasing making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +13.1% from the prior year, operating profit +38.2%.

## Company structure

- Segment revenue mix: Real estate management 59.7%、Real estate leasing 40.3%
- Revenue → net income: ¥433000000 → ¥50000000
- Net income → operating cash flow: ¥50000000 → ¥54000000（difference ¥4000000）
- Main uses of operating cash flow: CapEx ¥0 / dividends — / buybacks ¥0
- Change in cash: ¥3000000
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 | ¥433M |  |
| Operating income | ¥47M | Margin 10.9% |
| Net income | ¥50M | Margin 11.5% |
| Free cash flow | ¥54M |  |
| Largest business | Real estate management | of segment revenue 59.7% |
| Employees (consolidated) | 11 |  |
| EPS | ¥-2.27 |  |
| Book value per share | ¥-27 |  |
| Equity ratio | 91.6% |  |
| Shares outstanding | 102,257,584 |  |
| Shareholders | 10,992 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 25.1% | Cash ÷ revenue 107.6% |
| Vs. industry median margin | +1.9 pp | Real Estate Brokerage & Management |
| ROE | 3.0% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, employees -15% while operating income rose 38%
- FY2026, segment profit share differs by 40 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥360000000 | ¥433000000 | +20.3% |
| Operating income | ¥-14000000 | ¥47000000 | — |
| Operating margin | -3.9% | 10.9% | +14.7 pp |
| Employees | 12 people | 11 people | -8.3% |
| Cash and equivalents | ¥780000000 | ¥466000000 | -40.3% |

### 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 |
| --- | ---: |
| 新設・再編 → 不動産賃貸事業 | 40.3% |
| 新設・再編 → 不動産管理事業 | 59.7% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 433 | 100.0% | S100YIFC |
| Cost of revenue | 61 | 14.1% | S100YIFC |
| Gross profit | 371 | 85.7% | S100YIFC |
| SG&A | 324 | 74.8% | S100YIFC |
| Operating income | 47 | 10.9% | S100YIFC |
| Ordinary income | 48 | 11.1% | S100YIFC |
| Pretax income | 95 | 21.9% | S100YIFC |
| Income tax | 44 | 10.2% | S100YIFC |
| Net income | 50 | 11.5% | S100YIFC |
| Net income attributable to owners | 50 | 11.5% | S100YIFC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 14 |
| SG&A | 75 |
| Operating income | 11 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 85.7% → Operating margin 10.9% → Net margin 11.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.1%; Core profit growth: +38.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.93×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 383 | 433 | 50 | +13.1% |
| Gross profit | 321 | 371 | 50 | +15.6% |
| Operating income | 34 | 47 | 13 | +38.2% |
| Net income attributable to owners | 9 | 50 | 41 | +455.6% |
| Operating cash flow | 58 | 54 | -4 | -6.9% |
| Free cash flow | 56 | 54 | -2 | -3.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 294 | -50 | -17.0% | 107 | 206 | 204 | S100LREX |
| FY ending Mar 2021 | 360 | -14 | -3.9% | -52 | 81 | — | S100OH5O |
| FY ending Mar 2022 | 362 | -6 | -1.7% | -53 | -30 | — | S100R6G3 |
| FY ending Mar 2023 | 339 | 3 | 0.9% | 24 | 12 | 11 | S100TU8Z |
| FY ending Mar 2024 | 349 | 15 | 4.3% | -11 | -18 | -20 | S100W40G |
| FY ending Mar 2025 | 383 | 34 | 8.9% | 9 | 58 | 56 | S100YIFC |
| FY ending Mar 2026 | 433 | 47 | 10.9% | 50 | 54 | 54 | S100YIFC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.4M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥4.5M |

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) | 12 | 12 | 12 | 13 | 11 |
| Average salary (parent company) | ¥5.5M | ¥5.9M | ¥6.6M | ¥5.3M | ¥5.2M |
| Average age (parent company) | 59.0 years | 60.0 years | 61.0 years | 62.0 years | 63.0 years |
| Average tenure (parent company) | 12.9 years | 13.9 years | 14.9 years | 15.9 years | 16.9 years |

Year over year: Employees (consolidated) -15.4% · Revenue (consolidated) +13.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate leasing | 174 | 40.3% | -17 | -9.8% |
| Real estate management | 258 | 59.7% | 109 | 42.2% |

### 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 | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate leasing | 40.3% | — | — | -9.8% |
| Real estate management | 59.7% | 100.0% | 40.3 | 42.2% |

Loss-making segment (excluded from profit shares): Real estate leasing -17 JPY mn

Segment → industry: Real estate leasing → Real Estate Development & Leasing / Real estate management → Real Estate Brokerage & Management

## 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 | 54 | 12.5% | S100YIFC |
| Capital expenditure | 0 | 0.0% | S100YIFC |
| Free cash flow | 54 | 12.5% | 算出 |
| Investing cash flow | -18 | -4.2% | S100YIFC |
| Financing cash flow | -32 | -7.4% | S100YIFC |
| Share buyback | 0 | 0.0% | S100YIFC |
| Change in cash | 3 | 0.7% | S100YIFC |
| Cash and equivalents | 466 | 107.6% | S100YIFC |

## 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 | 752 | 879 | 886 | 462 | 466 | S100TU8Z, S100W40G, S100YIFC |
| Total assets | 2,400 | 2,390 | 2,300 | 1,826 | 1,854 | S100R6G3, S100TU8Z, S100W40G, S100YIFC |
| Net assets | 2,036 | 2,061 | 2,049 | 1,648 | 1,699 | S100TU8Z, S100W40G, S100YIFC |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100R6G3, S100TU8Z, S100W40G, S100YIFC |
| Inventories | 0 | 0 | 0 | 0 | 0 | S100R6G3, S100TU8Z, S100W40G, S100YIFC |
| Property, plant and equipment | 1,587 | 1,459 | 1,363 | 1,308 | 1,262 | S100R6G3, S100TU8Z, S100W40G, S100YIFC |
| Intangible assets excluding goodwill | 1 | 0 | 0 | 0 | 0 | S100R6G3, S100TU8Z, S100W40G, S100YIFC |
| Investment securities | 6 | 6 | 6 | 6 | 6 | S100R6G3, S100TU8Z, S100W40G, S100YIFC |
| Current assets | 779 | 906 | 915 | 496 | 518 | S100R6G3, S100TU8Z, S100W40G, S100YIFC |
| Current liabilities | 117 | 124 | 88 | 97 | 87 | S100R6G3, S100TU8Z, S100W40G, S100YIFC |
| Trade payables | 1 | 0 | 1 | 0 | 1 | S100R6G3, S100TU8Z, S100W40G, S100YIFC |
| Long-term borrowings | 108 | 75 | 43 | 10 | — | S100R6G3, S100TU8Z, S100W40G, S100YIFC |
| Total liabilities | 364 | 329 | 250 | 177 | 155 | S100R6G3, S100TU8Z, S100W40G, S100YIFC |
| Equity attributable to owners of parent | 2,036 | 2,061 | 2,049 | 1,648 | 1,699 | S100R6G3, S100TU8Z, S100W40G, S100YIFC |
| Retained earnings | -136 | -111 | -123 | -65 | -14 | S100R6G3, S100TU8Z, S100W40G, S100YIFC |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100R6G3, S100TU8Z, S100W40G, S100YIFC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YIFC |
| Property, plant and equipment | 68% | S100YIFC |
| Investment securities | 0% | S100YIFC |
| Other assets | 7% | S100YIFC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100YIFC |
| Other liabilities | 8% | S100YIFC |
| Equity | 92% | S100YIFC |

### 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 | 2,400 | 2,390 | 2,300 | 1,826 | 1,854 |
| Equity | 2,036 | 2,061 | 2,049 | 1,648 | 1,699 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 752 | 879 | 886 | 462 | 466 |

## 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) | 291.5% | S100YIFC |
| Fixed assets ÷ total assets | 68.1% | S100YIFC |
| Goodwill ÷ parent equity | — | —, S100YIFC |

### 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) | 25.1% |
| Cash ÷ revenue | 107.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 114.9% |
| Cash vs. profit gap | 4 JPY mn (of net income 8.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 33.3% |

## 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 | — | —× | -2.2% | —× | — | S100R6G3 |
| 2023 | 7.1% | 0.14× | 1.0% | 1.17× | 1.2% | S100TU8Z |
| 2024 | — | —× | -0.5% | —× | — | S100W40G |
| 2025 | 2.3% | 0.19× | 0.4% | 1.12× | 0.5% | S100YIFC |
| 2026 | 11.5% | 0.24× | 2.7% | 1.10× | 3.0% | S100YIFC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ヨウテイホールディングス合同会社 | Major shareholder | 54.0% | 2026-03-31 |
| 小松 稔 | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社チンタイバンク | Major shareholder | 4.0% | 2026-03-31 |
| 山田 祥美 | Major shareholder | 1.3% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.0% | 2026-03-31 |
| 中野 慎二 | Major shareholder | 1.0% | 2026-03-31 |
| RBC CAPITAL MARKETS, LLC-2(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 0.9% | 2026-03-31 |
| マネックス証券株式会社 | Major shareholder | 0.8% | 2026-03-31 |
| 藤原 正樹 | Major shareholder | 0.7% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YIFC | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIFC,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100W40G | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W40G,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TU8Z | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU8Z,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100R6G3 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6G3,, |
| 有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100OH5O | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH5O,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LREX | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LREX,, |

## 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).