# Star Mica Holdings Co.,Ltd.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第28期(2024/12/01－2025/11/30) (S100XM43)
> Page: https://vizora.meequs.com/en/company/starmica-holdings
> Retrieved: 2026-09-30T19:14:23.135Z

## Company

Star Mica Holdings, founded in 1998, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 230 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Star Mica Holdings Co.,Ltd. |
| Ticker | 2975 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2975.T) |
| Listing | TSE Prime |
| Head office | 東京都港区虎ノ門四丁目3番1号 |
| Representative (per filing) | 代表取締役社長 水永 政志 |
| Founded | Jul 1998 |
| Share capital | ¥831.9M |
| Employees (consolidated) | 230 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | November |
| Website | www.starmica-holdings.co.jp (https://www.starmica-holdings.co.jp/) |
| Corporate number | 4010401060489 |
| EDINET | E34707 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100XM43, filed 2026-02-19). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 51.3 | 75 |
| Profitability | 51.7 | 86 |
| Cash conversion | 21.3 | 82 |
| Efficiency | 50.6 | 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 95% of Star Mica Holdings's sales come from Renovation Condominium business, with Investment business and Advisory business making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +23.8% from the prior year, operating profit +32.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥69.2B |  |
| Operating income | ¥7.31B | Margin 10.6% |
| Net income | ¥4.18B | Margin 6.1% |
| Free cash flow | -¥5.23B |  |
| Largest business | Renovation Condominium business | of segment revenue 95.5% |
| Employees (consolidated) | 230 |  |
| EPS | ¥49.62 |  |
| Diluted EPS | ¥49.21 |  |
| Book value per share | ¥586.63 |  |
| Equity ratio | 25.6% |  |
| Shares outstanding | 34,755,900 |  |
| Treasury shares | 821,500 |  |
| Shareholders | 8,186 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 2.9% | Cash ÷ revenue 4.9% |
| Vs. industry median margin | 0 pp | Real Estate Development & Leasing |
| ROE | 15.3% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 85% of positive segment profit
- FY2025, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39568009000 | ¥69158274000 | +74.8% |
| Operating income | ¥3281435000 | ¥7314015000 | +122.9% |
| Operating margin | 8.3% | 10.6% | +2.3 pp |
| Employees | 158 people | 230 people | +45.6% |
| Cash and equivalents | ¥7405186000 | ¥3400884000 | -54.1% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| リノベマンション事業 → リノベマンション事業 | 95.5% |
| リノベマンション事業 → 事業再編・廃止 | 2.8% |
| アドバイザリー事業 → アドバイザリー事業 | 1.4% |
| アドバイザリー事業 → 事業再編・廃止 | 0.4% |
| 新設・再編 → インベストメント事業 | 3.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Renovation Condominium business | 5 years | +11.2% | ¥66012693000 | 10.3% | 2 |
| Investment business | 4 years | +222.7% | ¥2168683000 | 10.4% | 2 |
| Advisory business | 5 years | +6.6% | ¥976897000 | 104.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 69,158 | 100.0% | S100XM43 |
| Cost of revenue | 56,883 | 82.3% | S100XM43 |
| Gross profit | 12,275 | 17.7% | S100XM43 |
| SG&A | 4,961 | 7.2% | S100XM43 |
| Operating income | 7,314 | 10.6% | S100XM43 |
| Ordinary income | 6,157 | 8.9% | S100XM43 |
| Pretax income | 6,157 | 8.9% | S100XM43 |
| Income tax | 1,972 | 2.9% | S100XM43 |
| Net income | 4,185 | 6.1% | S100XM43 |
| Net income attributable to owners | 4,185 | 6.1% | S100XM43 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 7 |
| Operating income | 11 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 17.7% → Operating margin 10.6% → Net margin 6.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +23.8%; Core profit growth: +32.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.36×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 55,850 | 69,158 | 13,308 | +23.8% |
| Gross profit | 9,817 | 12,275 | 2,459 | +25.0% |
| Operating income | 5,525 | 7,314 | 1,789 | +32.4% |
| Net income attributable to owners | 3,107 | 4,185 | 1,078 | +34.7% |
| Operating cash flow | -5,269 | -5,122 | 147 | — |
| Free cash flow | -5,301 | -5,231 | 70 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 32,164 | 3,627 | 11.3% | 2,023 | -10,270 | -10,339 | S100KVFG |
| FY ending Nov 2020 | 39,568 | 3,281 | 8.3% | 1,729 | 4,766 | 4,498 | S100NKI3 |
| FY ending Nov 2021 | 36,897 | 4,287 | 11.6% | 2,402 | -4,915 | -5,010 | S100QAMZ |
| FY ending Nov 2022 | 48,212 | 6,098 | 12.6% | 3,709 | -4,593 | -4,683 | S100SXUQ |
| FY ending Nov 2023 | 48,878 | 4,846 | 9.9% | 2,664 | -1,761 | -1,802 | S100VAF8 |
| FY ending Nov 2024 | 55,850 | 5,525 | 9.9% | 3,107 | -5,269 | -5,301 | S100XM43 |
| FY ending Nov 2025 | 69,158 | 7,314 | 10.6% | 4,185 | -5,122 | -5,231 | S100XM43 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥300.7M |
| Operating income per employee (consolidated) | ¥31.8M |
| Net income per employee (consolidated) | ¥18.2M |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 152 | 156 | 179 | 201 | 230 |
| Average salary (parent company) | ¥6.5M | ¥6.7M | ¥6.5M | ¥7M | ¥6.8M |
| Average age (parent company) | 35.9 years | 36.3 years | 35.9 years | 36.6 years | 35.5 years |
| Average tenure (parent company) | 4.5 years | 5.0 years | 5.6 years | 5.5 years | 5.3 years |

Year over year: Employees (consolidated) +14.4% · Revenue (consolidated) +23.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Renovation Condominium business | 66,013 | 95.5% | 6,824 | 10.3% |
| Investment business | 2,169 | 3.1% | 225 | 10.4% |
| Advisory business | 977 | 1.4% | 1,022 | 104.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Renovation Condominium business | 95.5% | 84.6% | -10.9 | 10.3% |
| Investment business | 3.1% | 2.8% | -0.3 | 10.4% |
| Advisory business | 1.4% | 12.7% | 11.2 | 104.6% |

Segment → industry: Investment business → Real Estate Development & Leasing / Renovation Condominium business → Real Estate Development & Leasing / Advisory business → Real Estate Brokerage & Management

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -5,122 | -7.4% | S100XM43 |
| Capital expenditure | 109 | 0.2% | S100XM43 |
| Free cash flow | -5,231 | -7.6% | 算出 |
| Investing cash flow | -378 | -0.5% | S100XM43 |
| Financing cash flow | 6,996 | 10.1% | S100XM43 |
| Dividends paid | 926 | 1.3% | S100XM43 |
| Share buyback | 206 | 0.3% | S100XM43 |
| Change in cash | 1,496 | 2.2% | S100XM43 |
| Cash and equivalents | 3,401 | 4.9% | S100XM43 |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,112 | 3,110 | 4,200 | 1,905 | 3,401 | S100SXUQ, S100VAF8, S100XM43 |
| Total assets | 80,844 | 90,378 | 94,983 | 102,761 | 115,462 | S100QAMZ, S100SXUQ, S100VAF8, S100XM43 |
| Net assets | 21,261 | 21,274 | 23,231 | 25,500 | 29,700 | S100SXUQ, S100VAF8, S100XM43 |
| Share capital | 373 | 482 | 482 | 482 | 832 | S100QAMZ, S100SXUQ, S100VAF8, S100XM43 |
| Property, plant and equipment | 39 | 61 | 49 | 44 | 126 | S100QAMZ, S100SXUQ, S100VAF8, S100XM43 |
| Intangible assets excluding goodwill | 133 | 151 | 147 | 119 | 103 | S100QAMZ, S100SXUQ, S100VAF8, S100XM43 |
| Investment securities | 366 | 794 | 1,089 | 1,365 | 1,871 | S100QAMZ, S100SXUQ, S100VAF8, S100XM43 |
| Current assets | 79,281 | 88,112 | 92,465 | 99,533 | 110,863 | S100QAMZ, S100SXUQ, S100VAF8, S100XM43 |
| Current liabilities | 10,591 | 12,251 | 12,868 | 16,066 | 12,212 | S100QAMZ, S100SXUQ, S100VAF8, S100XM43 |
| Short-term borrowings | 699 | 900 | 52 | 1,886 | 127 | S100QAMZ, S100SXUQ, S100VAF8, S100XM43 |
| Long-term borrowings | 48,743 | 56,754 | 58,823 | 61,175 | 73,550 | S100QAMZ, S100SXUQ, S100VAF8, S100XM43 |
| Bonds | 240 | 100 | 60 | 20 | — | S100QAMZ, S100SXUQ, S100VAF8, S100XM43 |
| Interest-bearing debt | 49,683 | 57,754 | 58,935 | 63,081 | — | 算出 |
| Total liabilities | 59,583 | 69,104 | 71,751 | 77,261 | 85,763 | S100QAMZ, S100SXUQ, S100VAF8, S100XM43 |
| Equity attributable to owners of parent | 21,208 | 21,190 | 23,163 | 25,363 | 29,366 | S100QAMZ, S100SXUQ, S100VAF8, S100XM43 |
| Retained earnings | 14,428 | 17,373 | 19,332 | 21,687 | 24,946 | S100QAMZ, S100SXUQ, S100VAF8, S100XM43 |
| Treasury stock | -720 | -428 | -415 | -569 | -589 | S100QAMZ, S100SXUQ, S100VAF8, S100XM43 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100XM43 |
| Property, plant and equipment | 0% | S100XM43 |
| Intangibles and goodwill | 0% | S100XM43 |
| Investment securities | 2% | S100XM43 |
| Other assets | 95% | S100XM43 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 74% | S100XM43 |
| Equity | 26% | S100XM43 |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 80,844 | 90,378 | 94,983 | 102,761 | 115,462 |
| Equity | 21,261 | 21,274 | 23,231 | 25,500 | 29,700 |
| Interest-bearing debt | 49,683 | 57,754 | 58,935 | 63,081 | — |
| Cash | 3,112 | 3,110 | 4,200 | 1,905 | 3,401 |

## 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) | 0.2% | S100XM43 |
| Fixed assets ÷ total assets | 0.1% | S100XM43 |
| Goodwill ÷ parent equity | — | —, S100XM43 |

### 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) | 2.9% |
| Cash ÷ revenue | 4.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -70.0% |
| Cash vs. profit gap | -9,307 JPY mn (of net income -222.4%) |
| Shareholder returns / net income | 27.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 22.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| 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 | 6.5% | 0.46× | 3.0% | 3.81× | 11.3% | S100QAMZ |
| 2022 | 7.7% | 0.56× | 4.3% | 4.04× | 17.5% | S100SXUQ |
| 2023 | 5.5% | 0.53× | 2.9% | 4.18× | 12.0% | S100VAF8 |
| 2024 | 5.6% | 0.56× | 3.1% | 4.07× | 12.8% | S100XM43 |
| 2025 | 6.1% | 0.63× | 3.8% | 3.99× | 15.3% | S100XM43 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 水永 政志 | Major shareholder | 35.6% | 2025-11-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 12.2% | 2025-11-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.5% | 2025-11-30 |
| GOVERNMENT OF NORWAY （常任代理人:シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.3% | 2025-11-30 |
| 野村證券株式会社 | Major shareholder | 2.3% | 2025-11-30 |
| 株式会社日本政策投資銀行 | Major shareholder | 2.2% | 2025-11-30 |
| RE FUND 107-CLIENT AC （常任代理人:シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.1% | 2025-11-30 |
| NORTHERN TRUST CO.（AVFC） RE UK PENSION FUNDS EXEMPT LENDING ACCOUNT （常任代理人:香港上海銀行東京支店） | Major shareholder | 2.0% | 2025-11-30 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.4% | 2025-11-30 |
| MORGAN STANLEY & CO. LLC （常任代理人:モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 1.1% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2024/12/01－2025/11/30) | S100XM43 | 2026-02-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XM43,, |
| 有価証券報告書－第27期(2023/12/01－2024/11/30) | S100VAF8 | 2025-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VAF8,, |
| 有価証券報告書－第26期(2022/12/01－2023/11/30) | S100SXUQ | 2024-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SXUQ,, |
| 有価証券報告書－第25期(2021/12/01－2022/11/30) | S100QAMZ | 2023-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QAMZ,, |
| 有価証券報告書－第24期(令和2年12月1日－令和3年11月30日) | S100NKI3 | 2022-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NKI3,, |
| 有価証券報告書－第23期(令和1年12月1日－令和2年11月30日) | S100KVFG | 2021-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KVFG,, |

## 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).