# Striders Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第62期(2025/04/01－2026/03/31) (S100Z0JB)
> Page: https://vizora.meequs.com/en/company/striders
> Retrieved: 2026-09-30T18:04:24.441Z

## Company

Striders, founded in 1965, is a company in Investment Funds listed on TSE Standard. It has 115 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Striders Corporation |
| Ticker | 9816 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9816.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋室町四丁目6番2号 |
| Representative (per filing) | 代表取締役社長 早川 良太郎 |
| Founded | Feb 1965 |
| Share capital | ¥1.68B |
| Employees (consolidated) | 115 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Website | www.striders.co.jp (https://www.striders.co.jp/) |
| Corporate number | 5010401094750 |
| EDINET | E02738 |
| Industries (Vizora) | Investment Funds, Real Estate Development & Leasing, Real Estate Brokerage & Management, Hotels & Inns |

> Profile source: annual securities report (S100Z0JB, filed 2026-09-04). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2 | 75 |
| Profitability | 11 | 86 |
| Cash conversion | 77.4 | 82 |
| Efficiency | 91.3 | 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 83% of Striders's sales come from Real Estate Business Segment, with Hotel Business Segment and Investment making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +5.5% from the prior year, operating profit +314.7%.

## Company structure

- Segment revenue mix: Real Estate Business Segment 83.3%、Hotel Business Segment 16.0%、Investment 0.7%、Other 0.0%
- Revenue → net income: ¥8213634000 → ¥205584000
- Net income → operating cash flow: ¥205584000 → ¥286378000（difference ¥80794000）
- Main uses of operating cash flow: CapEx ¥85437000 / dividends ¥40798000 / buybacks ¥1367000
- Change in cash: ¥-131247000
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 | ¥8.21B |  |
| Operating income | ¥197.5M | Margin 2.4% |
| Net income | ¥205.4M | Margin 2.5% |
| Free cash flow | ¥200.9M |  |
| Largest business | Real Estate Business Segment | of segment revenue 83.3% |
| Employees (consolidated) | 115 |  |
| EPS | ¥4.37 |  |
| Book value per share | ¥308.37 |  |
| Equity ratio | 50.9% |  |
| Shares outstanding | 9,712,089 |  |
| Treasury shares | 813,500 |  |
| Shareholders | 3,024 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 35.9% | Cash ÷ revenue 24.1% |
| Vs. industry median margin | -8.1 pp | Real Estate Development & Leasing |
| ROE | 7.9% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 71% of positive segment profit
- FY2026, cash is 36% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10482350000 | ¥8213634000 | -21.6% |
| Operating income | ¥114404000 | ¥197507000 | +72.6% |
| Operating margin | 1.1% | 2.4% | +1.3 pp |
| Employees | 205 people | 115 people | -43.9% |
| Cash and equivalents | ¥2682893000 | ¥1980660000 | -26.2% |

### 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 |
| --- | ---: |
| 不動産事業 → 不動産事業 | 83.1% |
| ホテル事業 → ホテル事業 | 9.1% |
| 海外事業 → 事業再編・廃止 | 4.2% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 3.7% |
| 新設・再編 → 不動産事業 | 0.2% |
| 新設・再編 → ホテル事業 | 6.9% |
| 新設・再編 → 投資事業 | 0.7% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Real Estate Business Segment | 5 years | -4.7% | ¥6839229000 | 4.6% | 2 |
| Hotel Business Segment | 5 years | +6.5% | ¥1310756000 | 7.5% | 2 |
| Investment | 3 years | +110.0% | ¥61248000 | 44.5% | 2 |
| Other | 5 years | -63.8% | ¥2400000 | 100.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,214 | 100.0% | S100Z0JB |
| Cost of revenue | 5,902 | 71.9% | S100Z0JB |
| Gross profit | 2,312 | 28.1% | S100Z0JB |
| SG&A | 2,114 | 25.7% | S100Z0JB |
| Operating income | 198 | 2.4% | S100Z0JB |
| Ordinary income | 247 | 3.0% | S100Z0JB |
| Pretax income | 202 | 2.5% | S100Z0JB |
| Income tax | -4 | -0.0% | S100Z0JB |
| Net income | 206 | 2.5% | S100Z0JB |
| Net income attributable to owners | 205 | 2.5% | S100Z0JB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 26 |
| Operating income | 2 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 28.1% → Operating margin 2.4% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.5%; Core profit growth: +314.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 57.70×
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 | 7,789 | 8,214 | 425 | +5.5% |
| Gross profit | 2,021 | 2,312 | 291 | +14.4% |
| Operating income | 48 | 198 | 150 | +314.7% |
| Net income attributable to owners | 44 | 205 | 162 | +372.2% |
| Operating cash flow | 259 | 286 | 27 | +10.6% |
| Free cash flow | 120 | 201 | 81 | +67.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 13,276 | 256 | 1.9% | 151 | 312 | 217 | S100LK4X |
| FY ending Mar 2021 | 10,482 | 114 | 1.1% | 114 | 297 | 282 | S100ODIS |
| FY ending Mar 2022 | 7,506 | -34 | -0.5% | 169 | 32 | 12 | S100R2AV |
| FY ending Mar 2023 | 7,372 | 144 | 2.0% | 118 | 261 | 249 | S100TP9W |
| FY ending Mar 2024 | 7,681 | 50 | 0.6% | 83 | 164 | -263 | S100W17P |
| FY ending Mar 2025 | 7,789 | 48 | 0.6% | 44 | 259 | 120 | S100Z0JB |
| FY ending Mar 2026 | 8,214 | 198 | 2.4% | 205 | 286 | 201 | S100Z0JB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥71.4M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 141 | 135 | 128 | 115 | 115 |
| Average salary (parent company) | ¥4.5M | ¥6.2M | ¥6.4M | ¥6.3M | ¥5.4M |
| Average age (parent company) | 36.9 years | 36.7 years | 35.8 years | 38.1 years | 34.9 years |
| Average tenure (parent company) | 3.9 years | 4.2 years | 4.8 years | 5.5 years | 4.2 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +5.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real Estate Business Segment | 6,839 | 83.3% | 313 | 4.6% |
| Hotel Business Segment | 1,311 | 16.0% | 98 | 7.5% |
| Investment | 61 | 0.7% | 27 | 44.5% |
| Other | 2 | 0.0% | 2 | 100.0% |

### 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 Business Segment | 83.3% | 71.0% | -12.3 | 4.6% |
| Hotel Business Segment | 16.0% | 22.3% | 6.3 | 7.5% |
| Investment | 0.7% | 6.2% | 5.4 | 44.5% |
| Other | 0.0% | 0.5% | 0.5 | 100.0% |

Segment → industry: Investment → Investment Funds / Real Estate Business Segment → Real Estate Development & Leasing / Real Estate Business Segment → Real Estate Brokerage & Management / Hotel Business Segment → Hotels & Inns

## 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 | 286 | 3.5% | S100Z0JB |
| Capital expenditure | 85 | 1.0% | S100Z0JB |
| Free cash flow | 201 | 2.4% | 算出 |
| Investing cash flow | -263 | -3.2% | S100Z0JB |
| Financing cash flow | -171 | -2.1% | S100Z0JB |
| Dividends paid | 41 | 0.5% | S100Z0JB |
| Share buyback | 1 | 0.0% | S100Z0JB |
| Change in cash | -131 | -1.6% | S100Z0JB |
| Cash and equivalents | 1,981 | 24.1% | S100Z0JB |

## 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 | 2,400 | 2,402 | 1,928 | 2,112 | 1,981 | S100TP9W, S100W17P, S100Z0JB |
| Total assets | 4,790 | 4,651 | 4,630 | 5,499 | 5,517 | S100R2AV, S100TP9W, S100W17P, S100Z0JB |
| Net assets | 2,451 | 2,518 | 2,541 | 2,464 | 2,814 | S100TP9W, S100W17P, S100Z0JB |
| Share capital | 1,586 | 1,586 | 1,586 | 1,586 | 1,678 | S100R2AV, S100TP9W, S100W17P, S100Z0JB |
| Inventories | 158 | 141 | 26 | 68 | 25 | S100R2AV, S100TP9W, S100W17P, S100Z0JB |
| Property, plant and equipment | 1,223 | 1,137 | 1,468 | 1,495 | 1,488 | S100R2AV, S100TP9W, S100W17P, S100Z0JB |
| Intangible assets excluding goodwill | 116 | 102 | 91 | 88 | 91 | S100R2AV, S100TP9W, S100W17P, S100Z0JB |
| Goodwill | 99 | 91 | 83 | 75 | 67 | S100R2AV, S100TP9W, S100W17P, S100Z0JB |
| Investment securities | 257 | 155 | 10 | 10 | 10 | S100R2AV, S100TP9W, S100W17P, S100Z0JB |
| Current assets | 3,046 | 3,065 | 2,709 | 3,497 | 3,562 | S100R2AV, S100TP9W, S100W17P, S100Z0JB |
| Current liabilities | 898 | 1,044 | 1,102 | 1,044 | 1,085 | S100R2AV, S100TP9W, S100W17P, S100Z0JB |
| Short-term borrowings | 10 | 10 | 3 | — | 46 | S100R2AV, S100TP9W, S100W17P, S100Z0JB |
| Long-term borrowings | 901 | 735 | 660 | 1,685 | 1,377 | S100R2AV, S100TP9W, S100W17P, S100Z0JB |
| Bonds | 200 | 40 | — | — | — | S100R2AV, S100TP9W |
| Interest-bearing debt | 1,111 | 785 | — | — | — | 算出 |
| Total liabilities | 2,339 | 2,134 | 2,089 | 3,035 | 2,703 | S100R2AV, S100TP9W, S100W17P, S100Z0JB |
| Non-controlling interests | 23 | 25 | 25 | 0 | 0 | S100R2AV, S100TP9W, S100W17P, S100Z0JB |
| Equity attributable to owners of parent | 2,427 | 2,487 | 2,496 | 2,437 | 2,785 | S100R2AV, S100TP9W, S100W17P, S100Z0JB |
| Retained earnings | 880 | 956 | 996 | 968 | 1,133 | S100R2AV, S100TP9W, S100W17P, S100Z0JB |
| Treasury stock | -149 | -164 | -196 | -227 | -228 | S100R2AV, S100TP9W, S100W17P, S100Z0JB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100Z0JB |
| Inventories | 0% | S100Z0JB |
| Property, plant and equipment | 27% | S100Z0JB |
| Intangibles and goodwill | 3% | S100Z0JB |
| Investment securities | 0% | S100Z0JB |
| Other assets | 34% | S100Z0JB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 49% | S100Z0JB |
| Equity | 51% | S100Z0JB |

### 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 | 4,790 | 4,651 | 4,630 | 5,499 | 5,517 |
| Equity | 2,451 | 2,518 | 2,541 | 2,464 | 2,814 |
| Interest-bearing debt | 1,111 | 785 | — | — | — |
| Cash | 2,400 | 2,402 | 1,928 | 2,112 | 1,981 |

## 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) | 18.1% | S100Z0JB |
| Fixed assets ÷ total assets | 27.0% | S100Z0JB |
| Goodwill ÷ parent equity | 2.4% | S100Z0JB |

Goodwill over 4 years: 99 → 67 JPY; total investing cash flow: -1,709 JPY. This does not imply causation.

### 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) | 35.9% |
| Cash ÷ revenue | 24.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 145.0% |
| Cash vs. profit gap | 81 JPY mn (of net income 39.4%) |
| Shareholder returns / net income | 20.5% |
| Shareholder returns / FCF | 21.0% |
| Shareholder payments — dividends / net income | 19.9% |
| Shareholder payments — dividends / FCF | 20.3% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 92.0% |

## 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 | 2.3% | 1.57× | 3.5% | 1.97× | 7.0% | S100R2AV |
| 2023 | 1.6% | 1.56× | 2.5% | 1.92× | 4.8% | S100TP9W |
| 2024 | 1.1% | 1.66× | 1.8% | 1.86× | 3.3% | S100W17P |
| 2025 | 0.6% | 1.54× | 0.9% | 2.05× | 1.8% | S100Z0JB |
| 2026 | 2.5% | 1.49× | 3.7% | 2.11× | 7.9% | S100Z0JB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社ＨＡＹＡＫＡＷＡ | Major shareholder | 16.8% | 2026-03-31 |
| マイルストーンキャピタルマネジメント株式会社 | Major shareholder | 7.5% | 2026-03-31 |
| 早川 良一 | Major shareholder | 5.4% | 2026-03-31 |
| 東海東京証券株式会社 | Major shareholder | 5.1% | 2026-03-31 |
| KGI ASIA LIMITED-CLIENT ACCOUNT(常任代理人 香港上海銀行東京支店) | Major shareholder | 3.9% | 2026-03-31 |
| 福光 一七 | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社ジャパンシルバーフリース | Major shareholder | 3.5% | 2026-03-31 |
| 江川 源 | Major shareholder | 2.7% | 2026-03-31 |
| 成成株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 村瀬 晶久 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第62期(2025/04/01－2026/03/31) | S100Z0JB | 2026-09-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z0JB,, |
| 有価証券報告書－第61期(2024/04/01－2025/03/31) | S100W17P | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W17P,, |
| 有価証券報告書－第60期(2023/04/01－2024/03/31) | S100TP9W | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP9W,, |
| 有価証券報告書－第59期(2022/04/01－2023/03/31) | S100R2AV | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2AV,, |
| 有価証券報告書－第58期(令和3年4月1日－令和4年3月31日) | S100ODIS | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODIS,, |
| 有価証券報告書－第57期(令和2年4月1日－令和3年3月31日) | S100LK4X | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LK4X,, |

## 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).