# Sansei Landic Co.,Ltd: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第50期(2025/01/01－2025/12/31) (S100XSVW)
> Page: https://vizora.meequs.com/en/company/sansei-landic
> Retrieved: 2026-09-30T18:33:09.173Z

## Company

Sansei Landic, founded in 1976, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 190 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sansei Landic Co.,Ltd |
| Ticker | 3277 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3277.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区丸の内二丁目6番1号 |
| Representative (per filing) | 代表取締役社長 松﨑隆司 |
| Founded | Feb 1976 |
| Share capital | ¥860.9M |
| Employees (consolidated) | 190 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | December |
| Website | www.sansei-l.co.jp (https://www.sansei-l.co.jp/) |
| Corporate number | 8010001017712 |
| EDINET | E26086 |
| Industries (Vizora) | Real Estate Development & Leasing |

> Profile source: annual securities report (S100XSVW, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 23.3 | 75 |
| Profitability | 44.8 | 86 |
| Cash conversion | 4.3 | 82 |
| Efficiency | 49.4 | 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)

- Sansei Landic brought in ¥23.3B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed -8.9% from the prior year, operating profit +19.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥23.3B |  |
| Operating income | ¥2.25B | Margin 9.6% |
| Net income | ¥1.29B | Margin 5.5% |
| Free cash flow | -¥6.19B |  |
| Employees (consolidated) | 190 |  |
| EPS | ¥159.77 |  |
| Book value per share | ¥1672.29 |  |
| Equity ratio | 33.3% |  |
| Shares outstanding | 8,584,900 |  |
| Treasury shares | 470,200 |  |
| Shareholders | 10,001 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 9.9% | Cash ÷ revenue 17.2% |
| Vs. industry median margin | -0.9 pp | Real Estate Development & Leasing |
| ROE | 9.8% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -1% while operating income rose 19%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17774555000 | ¥23348884000 | +31.4% |
| Operating income | ¥847320000 | ¥2247812000 | +165.3% |
| Operating margin | 4.8% | 9.6% | +4.9 pp |
| Employees | 182 people | 190 people | +4.4% |
| Cash and equivalents | ¥3707424000 | ¥4026738000 | +8.6% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 不動産販売事業 → 事業再編・廃止 | 90.6% |
| 建築事業 → 事業再編・廃止 | 9.4% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,349 | 100.0% | S100XSVW |
| Cost of revenue | 16,355 | 70.0% | S100XSVW |
| Gross profit | 6,994 | 30.0% | S100XSVW |
| SG&A | 4,746 | 20.3% | S100XSVW |
| Operating income | 2,248 | 9.6% | S100XSVW |
| Ordinary income | 1,852 | 7.9% | S100XSVW |
| Pretax income | 1,852 | 7.9% | S100XSVW |
| Income tax | 558 | 2.4% | S100XSVW |
| Net income | 1,295 | 5.5% | S100XSVW |
| Net income attributable to owners | 1,295 | 5.5% | S100XSVW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 20 |
| Operating income | 10 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 30.0% → Operating margin 9.6% → Net margin 5.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -8.9%; Core profit growth: +19.4%
Operating leverage (core profit growth ÷ revenue growth): -2.19×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 25,620 | 23,349 | -2,272 | -8.9% |
| Gross profit | 6,302 | 6,994 | 692 | +11.0% |
| Operating income | 1,883 | 2,248 | 365 | +19.4% |
| Net income attributable to owners | 1,051 | 1,295 | 244 | +23.2% |
| Operating cash flow | 1,143 | -5,969 | -7,112 | -622.0% |
| Free cash flow | 1,006 | -6,186 | -7,191 | -715.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 18,020 | 1,861 | 10.3% | 1,159 | -420 | -481 | S100L12Y |
| FY ending Dec 2020 | 17,775 | 847 | 4.8% | 358 | -917 | -937 | S100NRGM |
| FY ending Dec 2021 | 16,836 | 1,118 | 6.6% | 609 | 1,705 | 1,664 | S100QGWY |
| FY ending Dec 2022 | 15,533 | 1,469 | 9.5% | 1,060 | -9,268 | -9,296 | S100TEE7 |
| FY ending Dec 2023 | 23,269 | 2,155 | 9.3% | 1,183 | -12 | -316 | S100VHWI |
| FY ending Dec 2024 | 25,620 | 1,883 | 7.3% | 1,051 | 1,143 | 1,006 | S100XSVW |
| FY ending Dec 2025 | 23,349 | 2,248 | 9.6% | 1,295 | -5,969 | -6,186 | S100XSVW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥122.9M |
| Operating income per employee (consolidated) | ¥11.8M |
| Net income per employee (consolidated) | ¥6.8M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 187 | 179 | 187 | 191 | 190 |
| Average salary (parent company) | ¥7.2M | ¥7.6M | ¥7.6M | ¥8M | ¥8.5M |
| Average age (parent company) | 38.3 years | 38.5 years | 38.7 years | 38.8 years | 39.4 years |
| Average tenure (parent company) | 8.3 years | 8.5 years | 8.9 years | 9.3 years | 9.9 years |

Year over year: Employees (consolidated) -0.5% · Revenue (consolidated) -8.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -5,969 | -25.6% | S100XSVW |
| Capital expenditure | 217 | 0.9% | S100XSVW |
| Free cash flow | -6,186 | -26.5% | 算出 |
| Investing cash flow | -464 | -2.0% | S100XSVW |
| Financing cash flow | 6,094 | 26.1% | S100XSVW |
| Dividends paid | 343 | 1.5% | S100XSVW |
| Share buyback | 202 | 0.9% | S100XSVW |
| Change in cash | -339 | -1.5% | S100XSVW |
| Cash and equivalents | 4,027 | 17.2% | S100XSVW |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,753 | 3,189 | 2,714 | 4,366 | 4,027 | S100TEE7, S100VHWI, S100XSVW |
| Total assets | 20,051 | 28,977 | 30,976 | 33,107 | 40,679 | S100QGWY, S100TEE7, S100VHWI, S100XSVW |
| Net assets | 10,302 | 11,056 | 12,077 | 12,759 | 13,551 | S100TEE7, S100VHWI, S100XSVW |
| Share capital | 821 | 834 | 861 | 861 | 861 | S100QGWY, S100TEE7, S100VHWI, S100XSVW |
| Property, plant and equipment | 301 | 300 | 516 | 1,448 | 1,751 | S100QGWY, S100TEE7, S100VHWI, S100XSVW |
| Intangible assets excluding goodwill | 51 | 46 | 48 | 73 | 60 | S100QGWY, S100TEE7, S100VHWI, S100XSVW |
| Investment securities | 0 | 0 | 0 | 100 | 107 | S100QGWY, S100TEE7, S100VHWI, S100XSVW |
| Current assets | 18,968 | 27,929 | 29,522 | 30,633 | 37,832 | S100QGWY, S100TEE7, S100VHWI, S100XSVW |
| Current liabilities | 8,732 | 12,606 | 15,746 | 15,146 | 22,817 | S100QGWY, S100TEE7, S100VHWI, S100XSVW |
| Short-term borrowings | 5,545 | 10,193 | 11,310 | 9,478 | 15,031 | S100QGWY, S100TEE7, S100VHWI, S100XSVW |
| Long-term borrowings | 740 | 5,033 | 2,905 | 4,897 | 4,002 | S100QGWY, S100TEE7, S100VHWI, S100XSVW |
| Total liabilities | 9,749 | 17,921 | 18,899 | 20,349 | 27,127 | S100QGWY, S100TEE7, S100VHWI, S100XSVW |
| Equity attributable to owners of parent | 10,298 | 11,053 | 12,077 | 12,761 | 13,549 | S100QGWY, S100TEE7, S100VHWI, S100XSVW |
| Retained earnings | 8,863 | 9,709 | 10,664 | 11,310 | 12,261 | S100QGWY, S100TEE7, S100VHWI, S100XSVW |
| Treasury stock | -168 | -286 | -272 | -245 | -414 | S100QGWY, S100TEE7, S100VHWI, S100XSVW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100XSVW |
| Property, plant and equipment | 4% | S100XSVW |
| Intangibles and goodwill | 0% | S100XSVW |
| Investment securities | 0% | S100XSVW |
| Other assets | 86% | S100XSVW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 67% | S100XSVW |
| Equity | 33% | S100XSVW |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 20,051 | 28,977 | 30,976 | 33,107 | 40,679 |
| Equity | 10,302 | 11,056 | 12,077 | 12,759 | 13,551 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,753 | 3,189 | 2,714 | 4,366 | 4,027 |

## 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) | 7.5% | S100XSVW |
| Fixed assets ÷ total assets | 4.3% | S100XSVW |
| Goodwill ÷ parent equity | — | —, S100XSVW |

### 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) | 9.9% |
| Cash ÷ revenue | 17.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -265.5% |
| Cash vs. profit gap | -7,264 JPY mn (of net income -560.9%) |
| Shareholder returns / net income | 42.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 26.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| 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 | 3.6% | 0.84× | 3.0% | 1.95× | 5.9% | S100QGWY |
| 2022 | 6.8% | 0.63× | 4.3% | 2.30× | 9.9% | S100TEE7 |
| 2023 | 5.1% | 0.78× | 3.9% | 2.59× | 10.2% | S100VHWI |
| 2024 | 4.1% | 0.80× | 3.3% | 2.58× | 8.5% | S100XSVW |
| 2025 | 5.5% | 0.63× | 3.5% | 2.80× | 9.8% | S100XSVW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 松﨑 隆司 | Major shareholder | 15.9% | 2025-12-31 |
| 松浦 正二 | Major shareholder | 5.6% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.8% | 2025-12-31 |
| 小澤 順子 | Major shareholder | 3.5% | 2025-12-31 |
| サンセイ従業員持株会 | Major shareholder | 3.4% | 2025-12-31 |
| 小澤 勇介 | Major shareholder | 2.0% | 2025-12-31 |
| 菊池 由佳 | Major shareholder | 2.0% | 2025-12-31 |
| 小澤 謙伍 | Major shareholder | 2.0% | 2025-12-31 |
| THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED －HONG KONG PRIVATE BANKING DIVISION CLIENT A/C 8028-394841(常任代理人 香港上海銀行東京支店） | Major shareholder | 1.7% | 2025-12-31 |
| 矢澤 美和 | Major shareholder | 1.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第50期(2025/01/01－2025/12/31) | S100XSVW | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSVW,, |
| 有価証券報告書－第49期(2024/01/01－2024/12/31) | S100VHWI | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHWI,, |
| 訂正有価証券報告書－第48期(2023/01/01－2023/12/31) | S100TEE7 | 2024-05-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TEE7,, |
| 有価証券報告書－第47期(2022/01/01－2022/12/31) | S100QGWY | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGWY,, |
| 有価証券報告書－第46期(令和3年1月1日－令和3年12月31日) | S100NRGM | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRGM,, |
| 有価証券報告書－第45期(令和2年1月1日－令和2年12月31日) | S100L12Y | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L12Y,, |

## 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).