# STrust Co.,Ltd.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第28期(2025/03/01－2026/02/28) (S100YI6D)
> Page: https://vizora.meequs.com/en/company/strust
> Retrieved: 2026-09-30T19:48:31.592Z

## Company

STrust, founded in 1999, is a company in Homebuilders listed on TSE Standard. It has 95 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | STrust Co.,Ltd. |
| Ticker | 3280 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3280.T) |
| Listing | TSE Standard |
| Head office | 山口県下関市竹崎町四丁目1番22号 |
| Representative (per filing) | 代表取締役社長 藤田 尚久 |
| Founded | Jan 1999 |
| Share capital | ¥736M |
| Employees (consolidated) | 95 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | February |
| Website | www.strust.co.jp (https://www.strust.co.jp/) |
| Corporate number | 4250001005176 |
| EDINET | E26966 |
| Industries (Vizora) | Homebuilders, Real Estate Development & Leasing, Real Estate Brokerage & Management, Condominium Developers |

> Profile source: annual securities report (S100YI6D, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Condominium Developers (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 45.2 | 21 |
| Profitability | 58 | 25 |
| Cash conversion | 6 | 25 |
| Efficiency | 34 | 25 |
| Financial strength | 46.4 | 14 |

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 84% of STrust's sales come from Real estate sale in lots business, with Other and Real estate management business making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +16.1% from the prior year, operating profit +4.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥22.3B |  |
| Operating income | ¥2.1B | Margin 9.4% |
| Net income | ¥1.42B | Margin 6.4% |
| Free cash flow | -¥5.76B |  |
| Largest business | Real estate sale in lots business | of segment revenue 83.7% |
| Employees (consolidated) | 95 |  |
| EPS | ¥221.77 |  |
| Book value per share | ¥1573.67 |  |
| Equity ratio | 28.7% |  |
| Shares outstanding | 6,167,000 |  |
| Treasury shares | 106,900 |  |
| Shareholders | 4,511 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 20.9% | Net cash -¥16.2B · Cash ÷ revenue 35.3% |
| Vs. industry median margin | +4 pp | Homebuilders |
| ROE | 14.0% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 76% of positive segment profit

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16498000000 | ¥22313000000 | +35.2% |
| Operating income | ¥979000000 | ¥2095000000 | +114.0% |
| Operating margin | 5.9% | 9.4% | +3.5 pp |
| Employees | 67 people | 95 people | +41.8% |
| Cash and equivalents | ¥6318000000 | ¥7870000000 | +24.6% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 不動産分譲事業 → 不動産分譲事業 | 83.7% |
| 不動産分譲事業 → 事業再編・廃止 | 10.6% |
| 不動産管理事業 → 不動産管理事業 | 3.2% |
| 不動産賃貸事業 → 不動産賃貸事業 | 1.3% |
| その他 → その他 | 1.2% |
| 新設・再編 → 不動産管理事業 | 0.3% |
| 新設・再編 → 不動産賃貸事業 | 0.9% |
| 新設・再編 → その他 | 9.4% |

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 sale in lots business | 5 years | +3.7% | ¥18681000000 | 11.5% | 2 |
| Other | 5 years | +65.4% | ¥2361000000 | 18.5% | 2 |
| Real estate management business | 5 years | +8.1% | ¥776000000 | 10.7% | 2 |
| Real estate lease business | 5 years | +18.1% | ¥494000000 | 35.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 22,313 | 100.0% | S100YI6D |
| Cost of revenue | 17,705 | 79.3% | S100YI6D |
| Gross profit | 4,607 | 20.6% | S100YI6D |
| SG&A | 2,512 | 11.3% | S100YI6D |
| Operating income | 2,095 | 9.4% | S100YI6D |
| Ordinary income | 1,962 | 8.8% | S100YI6D |
| Pretax income | 2,049 | 9.2% | S100YI6D |
| Income tax | 628 | 2.8% | S100YI6D |
| Net income | 1,420 | 6.4% | S100YI6D |
| Net income attributable to owners | 1,420 | 6.4% | S100YI6D |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 11 |
| Operating income | 10 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 20.6% → Operating margin 9.4% → Net margin 6.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.1%; Core profit growth: +4.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.30×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 19,218 | 22,313 | 3,095 | +16.1% |
| Gross profit | 4,173 | 4,607 | 434 | +10.4% |
| Operating income | 1,998 | 2,095 | 97 | +4.9% |
| Net income attributable to owners | 1,339 | 1,420 | 81 | +6.0% |
| Operating cash flow | 3,501 | -5,639 | -9,140 | -261.1% |
| Free cash flow | 2,987 | -5,760 | -8,747 | -292.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 15,233 | 720 | 4.7% | 385 | -2,514 | -2,546 | S100LES2 |
| FY ending Feb 2021 | 16,498 | 979 | 5.9% | 548 | -4,920 | -4,923 | S100O54G |
| FY ending Feb 2022 | 16,035 | 781 | 4.9% | 441 | 1,020 | 973 | S100QU6Y |
| FY ending Feb 2023 | 15,619 | 1,358 | 8.7% | 838 | -1,821 | -2,640 | S100THFI |
| FY ending Feb 2024 | 18,044 | 1,140 | 6.3% | 729 | 1,697 | 774 | S100VSDV |
| FY ending Feb 2025 | 19,218 | 1,998 | 10.4% | 1,339 | 3,501 | 2,987 | S100YI6D |
| FY ending Feb 2026 | 22,313 | 2,095 | 9.4% | 1,420 | -5,639 | -5,760 | S100YI6D |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥234.9M |
| Operating income per employee (consolidated) | ¥22.1M |
| Net income per employee (consolidated) | ¥14.9M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 65 | 73 | 87 | 92 | 95 |
| Average salary (parent company) | ¥4.6M | ¥4.8M | ¥4.8M | ¥5.2M | ¥5.3M |
| Average age (parent company) | 37.7 years | 37.9 years | 39.6 years | 39.0 years | 41.1 years |
| Average tenure (parent company) | 6.5 years | 6.0 years | 7.5 years | 6.4 years | 7.3 years |

Year over year: Employees (consolidated) +3.3% · Revenue (consolidated) +16.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate sale in lots business | 18,681 | 83.7% | 2,142 | 11.5% |
| Real estate management business | 776 | 3.5% | 83 | 10.7% |
| Real estate lease business | 494 | 2.2% | 175 | 35.4% |
| Other | 2,361 | 10.6% | 436 | 18.5% |

### 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 sale in lots business | 83.7% | 75.5% | -8.2 | 11.5% |
| Real estate management business | 3.5% | 2.9% | -0.6 | 10.7% |
| Real estate lease business | 2.2% | 6.2% | 4.0 | 35.4% |
| Other | 10.6% | 15.4% | 4.8 | 18.5% |

Segment → industry: Real estate sale in lots business → Homebuilders / Real estate lease business → Real Estate Development & Leasing / Other → Real Estate Brokerage & Management / Real estate management business → Real Estate Brokerage & Management / Real estate sale in lots business → Condominium Developers

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -5,639 | -25.3% | S100YI6D |
| Capital expenditure | 121 | 0.5% | S100YI6D |
| Free cash flow | -5,760 | -25.8% | 算出 |
| Investing cash flow | 356 | 1.6% | S100YI6D |
| Financing cash flow | 2,891 | 13.0% | S100YI6D |
| Dividends paid | 169 | 0.8% | S100YI6D |
| Change in cash | -2,391 | -10.7% | S100YI6D |
| Cash and equivalents | 7,870 | 35.3% | S100YI6D |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,444 | 6,210 | 7,690 | 10,261 | 7,870 | S100THFI, S100VSDV, S100YI6D |
| Total assets | 25,538 | 30,848 | 35,644 | 43,917 | 37,663 | S100QU6Y, S100THFI, S100VSDV, S100YI6D |
| Net assets | 6,942 | 7,691 | 8,313 | 9,536 | 10,820 | S100THFI, S100VSDV, S100YI6D |
| Share capital | 736 | 736 | 736 | 736 | 736 | S100QU6Y, S100THFI, S100VSDV, S100YI6D |
| Trade receivables | 62 | 90 | — | — | — | S100QU6Y |
| Property, plant and equipment | 2,294 | 3,583 | 6,729 | 7,118 | 7,882 | S100QU6Y, S100THFI, S100VSDV, S100YI6D |
| Intangible assets excluding goodwill | 4 | 2 | 2 | 1 | 0 | S100QU6Y, S100THFI, S100VSDV, S100YI6D |
| Investment securities | 17 | 19 | 60 | 62 | 75 | S100QU6Y, S100THFI, S100VSDV, S100YI6D |
| Current assets | 23,005 | 26,973 | 28,593 | 36,400 | 29,448 | S100QU6Y, S100THFI, S100VSDV, S100YI6D |
| Current liabilities | 10,953 | 14,511 | 19,505 | 27,578 | 20,242 | S100QU6Y, S100THFI, S100VSDV, S100YI6D |
| Trade payables | 408 | 938 | 3,713 | 4,099 | 497 | S100QU6Y, S100THFI, S100VSDV, S100YI6D |
| Short-term borrowings | 9,079 | 11,636 | 13,648 | 14,045 | 17,891 | S100QU6Y, S100THFI, S100VSDV, S100YI6D |
| Long-term borrowings | 6,090 | 7,204 | 6,400 | 5,883 | 4,695 | S100QU6Y, S100THFI, S100VSDV, S100YI6D |
| Bonds | 1,280 | 1,140 | 1,050 | 500 | 1,500 | S100QU6Y, S100THFI, S100VSDV, S100YI6D |
| Interest-bearing debt | 16,449 | 19,980 | 21,098 | 20,428 | 24,086 | 算出 |
| Total liabilities | 18,596 | 23,157 | 27,331 | 34,381 | 26,843 | S100QU6Y, S100THFI, S100VSDV, S100YI6D |
| Equity attributable to owners of parent | 6,941 | 7,689 | 8,303 | 9,524 | 10,804 | S100QU6Y, S100THFI, S100VSDV, S100YI6D |
| Retained earnings | 5,766 | 6,491 | 7,085 | 8,286 | 9,537 | S100QU6Y, S100THFI, S100VSDV, S100YI6D |
| Treasury stock | -167 | -144 | -124 | -103 | -81 | S100QU6Y, S100THFI, S100VSDV, S100YI6D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YI6D |
| Property, plant and equipment | 21% | S100YI6D |
| Investment securities | 0% | S100YI6D |
| Other assets | 58% | S100YI6D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YI6D |
| Interest-bearing debt | 64% | 算出 |
| Other liabilities | 6% | S100YI6D |
| Equity | 29% | S100YI6D |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 25,538 | 30,848 | 35,644 | 43,917 | 37,663 |
| Equity | 6,942 | 7,691 | 8,313 | 9,536 | 10,820 |
| Interest-bearing debt | 16,449 | 19,980 | 21,098 | 20,428 | 24,086 |
| Cash | 5,444 | 6,210 | 7,690 | 10,261 | 7,870 |

## 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) | 35.3% | S100YI6D |
| Fixed assets ÷ total assets | 20.9% | S100YI6D |
| Goodwill ÷ parent equity | — | —, S100YI6D |

### 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) | 20.9% |
| Cash ÷ revenue | 35.3% |
| Net cash (cash − interest-bearing debt) | -¥16.2B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -269.2% |
| Cash vs. profit gap | -7,059 JPY mn (of net income -497.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 11.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.8% | 0.63× | 1.7% | 3.68× | 6.4% | S100QU6Y |
| 2023 | 5.4% | 0.55× | 3.0% | 3.85× | 11.5% | S100THFI |
| 2024 | 4.0% | 0.54× | 2.2% | 4.16× | 9.1% | S100VSDV |
| 2025 | 7.0% | 0.48× | 3.4% | 4.46× | 15.0% | S100YI6D |
| 2026 | 6.4% | 0.55× | 3.5% | 4.01× | 14.0% | S100YI6D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 西部ガスホールディングス株式会社 | Major shareholder | 51.9% | 2026-02-28 |
| 岡部産業株式会社 | Major shareholder | 4.4% | 2026-02-28 |
| 笹原 友也 | Major shareholder | 3.3% | 2026-02-28 |
| 大溝 延子 | Major shareholder | 3.0% | 2026-02-28 |
| 野村證券株式会社 | Major shareholder | 2.6% | 2026-02-28 |
| 大溝 一晴 | Major shareholder | 2.0% | 2026-02-28 |
| 株式会社山口銀行 | Major shareholder | 1.5% | 2026-02-28 |
| 岩男 登記子 | Major shareholder | 1.5% | 2026-02-28 |
| 株式会社ＳＴプロパティ | Major shareholder | 1.4% | 2026-02-28 |
| 株式会社福岡銀行 | Major shareholder | 1.4% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第28期(2025/03/01－2026/02/28) | S100YI6D | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI6D,, |
| 有価証券報告書－第27期(2024/03/01－2025/02/28) | S100VSDV | 2025-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VSDV,, |
| 有価証券報告書－第26期(2023/03/01－2024/02/29) | S100THFI | 2024-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THFI,, |
| 有価証券報告書－第25期(2022/03/01－2023/02/28) | S100QU6Y | 2023-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QU6Y,, |
| 有価証券報告書－第24期(令和3年3月1日－令和4年2月28日) | S100O54G | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O54G,, |
| 有価証券報告書－第23期(令和2年3月1日－令和3年2月28日) | S100LES2 | 2021-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LES2,, |

## 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).