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startsstarts corporation inc.8850東証プライム不動産業FY ending Mar 2026, consolidated, J-GAAP

starts revenue and profit

Out of every ¥100 of sales, about ¥14 is left as operating profit. Revenue changed +8.1% from the prior year, operating profit +11.2%.

Five-year trend

Revenue¥251.9B
FY ending Mar 2022: ¥196.6B¥196.6BFY ending Mar 2023: ¥233.9B¥233.9BFY ending Mar 2024: ¥233.4B¥233.4BFY ending Mar 2025: ¥233B¥233BFY ending Mar 2026: ¥251.9B¥251.9BFY22FY23FY24FY25FY26
Operating income¥36.3B
FY ending Mar 2022: ¥24.2B¥24.2BFY ending Mar 2023: ¥28.1B¥28.1BFY ending Mar 2024: ¥30.5B¥30.5BFY ending Mar 2025: ¥32.6B¥32.6BFY ending Mar 2026: ¥36.3B¥36.3BFY22FY23FY24FY25FY26
Operating margin14.4%
FY ending Mar 2022: 12.3%12.3%FY ending Mar 2023: 12.0%12.0%FY ending Mar 2024: 13.1%13.1%FY ending Mar 2025: 14.0%14.0%FY ending Mar 2026: 14.4%14.4%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin10.0%
Asset turnover0.73×
ROA7.4%
ROA7.4%
Financial leverage1.95×
ROE14.4%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin10.0%
2022: 8.5%8.5%2023: 8.6%8.6%2024: 9.5%9.5%2025: 10.4%10.4%2026: 10.0%10.0%2223242526
Asset turnover0.73×
2022: 0.72×0.72×2023: 0.83×0.83×2024: 0.76×0.76×2025: 0.71×0.71×2026: 0.73×0.73×2223242526
ROA7.4%
2022: 6.1%6.1%2023: 7.1%7.1%2024: 7.2%7.2%2025: 7.4%7.4%2026: 7.4%7.4%2223242526
Financial leverage1.95×
2022: 2.26×2.26×2023: 2.20×2.20×2024: 2.12×2.12×2025: 2.04×2.04×2026: 1.95×1.95×2223242526
ROE14.4%
2022: 13.9%13.9%2023: 15.7%15.7%2024: 15.2%15.2%2025: 15.1%15.1%2026: 14.4%14.4%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20228.5%0.72×6.1%2.26×13.9%
20238.6%0.83×7.1%2.20×15.7%
20249.5%0.76×7.2%2.12×15.2%
202510.4%0.71×7.4%2.04×15.1%
202610.0%0.73×7.4%1.95×14.4%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue58.1%
2021: 57.8%57.8%2022: 65.2%65.2%2023: 57.4%57.4%2024: 59.2%59.2%2025: 59.1%59.1%2026: 58.1%58.1%212223242526
PPE ÷ total assets41.5%
2021: 44.4%44.4%2022: 46.9%46.9%2023: 45.8%45.8%2024: 42.6%42.6%2025: 41.3%41.3%2026: 41.5%41.5%212223242526
Goodwill ÷ parent equity0.1%
2021: 1.1%1.1%2022: 0.8%0.8%2023: 0.7%0.7%2024: 0.4%0.4%2025: 0.2%0.2%2026: 0.1%0.1%212223242526
Goodwill balance¥137M
2021: ¥1.25B¥1.25B2022: ¥1.02B¥1.02B2023: ¥911M¥911M2024: ¥652M¥652M2025: ¥393M¥393M2026: ¥137M¥137M212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

Receivable days—
2021: 22d22d212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue196,578233,871233,408232,978251,911
Cost of revenue136,494165,686159,889155,398168,169
Gross profit60,08468,18473,51877,57983,742
SG&A35,90140,08943,02044,95647,469
Operating income24,18228,09530,49832,62236,272
Pretax income25,61130,22733,28036,03937,880
Income tax8,6869,69810,67011,12912,122
Net income attributable to owners16,77220,21822,09524,27425,311
Operating margin12.3%12.0%13.1%14.0%14.4%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 21%
Property, plant and equipment 42%
2%
5%
Other assets 30%

Funding

Other liabilities 45%
Equity 55%
0%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥67.6B¥78.5B¥86.9B¥88.8B¥74.9B
Total assets¥273.3B¥293.1B¥324.1B¥333.6B¥352.7B
Net assets¥127.7B¥145.1B¥165.3B¥178.2B¥192.6B
Share capital¥11B¥11B¥11B¥11B¥11B
Property, plant and equipment¥128.1B¥134.3B¥138.2B¥137.7B¥146.5B
Intangible assets excluding goodwill¥3.11B¥4.17B¥5.04B¥5.55B¥6.42B
Goodwill¥1.02B¥911M¥652M¥393M¥137M
Investment securities¥12.9B¥13.6B¥15.8B¥13.9B¥18.6B
Current assets¥117.2B¥127.6B¥147.5B¥157.4B¥163B
Current liabilities¥81.8B¥91.8B¥93.6B¥95.5B¥101.6B
Short-term borrowings¥5.47B¥7.97B¥8.38B¥7.19B¥6.9B
Long-term borrowings¥50B¥42.5B¥50.8B¥46.2B¥44.5B
Total liabilities¥145.6B¥148B¥158.8B¥155.4B¥160.2B
Non-controlling interests¥1.61B¥2.57B¥3.16B¥3.49B¥3.82B
Equity attributable to owners of parent¥120.7B¥137B¥154.2B¥168.2B¥183.3B
Retained earnings¥111.6B¥127.7B¥144.8B¥163.7B¥182.7B
Treasury stock-¥8.17B-¥8.17B-¥8.17B-¥13.1B-¥17.1B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第54期(2025/04/01－2026/03/31)

    ID S100YKTS2026-06-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第53期(2024/04/01－2025/03/31)

    ID S100W7F62025-06-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第52期(2023/04/01－2024/03/31)

    ID S100TUOW2024-06-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第51期(2022/04/01－2023/03/31)

    ID S100R9UN2023-06-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第50期(令和3年4月1日－令和4年3月31日)

    ID S100OLC32022-06-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第49期(令和2年4月1日－令和3年3月31日)

    ID S100LUVW2021-06-29Open

Extracted from XBRL: 52 / Derived from other figures: 1

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