# Sumitomo Realty & Development Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第93期(2025/04/01－2026/03/31) (S100YI5D)
> Page: https://vizora.meequs.com/en/company/sumitomo-realty-and-development
> Retrieved: 2026-09-30T20:26:13.127Z

## Company

Sumitomo Realty & Development, founded in 1949, is a company in Homebuilders listed on TSE Prime. It has 14,116 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sumitomo Realty & Development Co., Ltd. |
| Ticker | 8830 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8830.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西新宿二丁目4番1号 |
| Representative (per filing) | 代表取締役社長 仁島浩順 |
| Founded | Dec 1949 |
| Share capital | ¥122.8B |
| Employees (consolidated) | 14,116 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | www.sumitomo-rd.co.jp (https://www.sumitomo-rd.co.jp/) |
| Corporate number | 8011101010739 |
| EDINET | E03907 |
| Industries (Vizora) | Homebuilders, Real Estate Development & Leasing, Real Estate Brokerage & Management, Condominium Developers |

> Profile source: annual securities report (S100YI5D, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15.3 | 75 |
| Profitability | 95.9 | 86 |
| Cash conversion | 49.4 | 82 |
| Efficiency | 5.2 | 86 |
| Financial strength | 20.3 | 37 |

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 44% of Sumitomo Realty & Development's sales come from Real estate leasing, with Real estate selling and Housing making up much of the rest.
- Out of every ¥100 of sales, about ¥28 is left as operating profit.
- Revenue changed +4.3% from the prior year, operating profit +10.2%.

## Company structure

- Segment revenue mix: Real estate leasing 43.9%、Real estate selling 30.9%、Housing 18.1%、Step 7.1%
- Revenue → net income: ¥1057765000000 → ¥212535000000
- Net income → operating cash flow: ¥212535000000 → ¥127287000000（difference ¥-85248000000）
- Main uses of operating cash flow: CapEx ¥145640000000 / dividends ¥36104000000 / buybacks —
- Change in cash: ¥-39976000000
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 | ¥1.06T |  |
| Operating income | ¥299.2B | Margin 28.3% |
| Net income | ¥212.5B | Margin 20.1% |
| Free cash flow | -¥18.4B |  |
| Largest business | Real estate leasing | of segment revenue 43.9% |
| Employees (consolidated) | 14,116 |  |
| EPS | ¥187.83 |  |
| Book value per share | ¥2485.84 |  |
| Equity ratio | 34.4% |  |
| Shares outstanding | 936,000,000 |  |
| Treasury shares | 8,320,400 |  |
| Shareholders | 14,461 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 0.8% | Net cash -¥3.17T · Cash ÷ revenue 5.5% |
| Vs. industry median margin | +17.7 pp | Real Estate Development & Leasing |
| ROE | 10.8% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 65% of positive segment profit
- FY2026, operating income keeps 28 per ¥100 of revenue
- FY2026, parent-company salary changed +23% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥917472000000 | ¥1057765000000 | +15.3% |
| Operating income | ¥219244000000 | ¥299155000000 | +36.4% |
| Operating margin | 23.9% | 28.3% | +4.4 pp |
| Employees | 13,530 people | 14,116 people | +4.3% |
| Cash and equivalents | ¥187281000000 | ¥58286000000 | -68.9% |

### 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 |
| --- | ---: |
| 不動産賃貸 → 不動産賃貸 | 43.4% |
| 不動産販売 → 不動産販売 | 28.9% |
| 完成工事 → 事業再編・廃止 | 20.6% |
| 不動産流通 → 事業再編・廃止 | 7.0% |
| 新設・再編 → 不動産賃貸 | 0.4% |
| 新設・再編 → 不動産販売 | 2.0% |
| 新設・再編 → ハウジング | 18.1% |
| 新設・再編 → ステップ | 7.1% |

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 leasing | 5 years | +3.0% | ¥458075000000 | 45.9% | 2 |
| Real estate selling | 5 years | +4.2% | ¥323174000000 | 23.6% | 2 |
| Housing | — | — | ¥188702000000 | 7.1% | 2 |
| Step | — | — | ¥74607000000 | 31.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,057,765 | 100.0% | S100YI5D |
| Cost of revenue | 673,667 | 63.7% | 算出 |
| Gross profit | 384,098 | 36.3% | S100YI5D |
| SG&A | 84,943 | 8.0% | S100YI5D |
| Operating income | 299,155 | 28.3% | S100YI5D |
| Ordinary income | 289,233 | 27.3% | S100YI5D |
| Pretax income | 303,566 | 28.7% | S100YI5D |
| Income tax | 91,031 | 8.6% | S100YI5D |
| Net income | 212,535 | 20.1% | S100YI5D |
| Net income attributable to owners | 212,535 | 20.1% | S100YI5D |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 8 |
| Operating income | 28 |
| (Ref.) Net income | 20 |

### Margin funnel

Gross margin 36.3% → Operating margin 28.3% → Net margin 20.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.3%; Core profit growth: +10.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.37×
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 | 1,014,239 | 1,057,765 | 43,526 | +4.3% |
| Gross profit | 351,278 | 384,098 | 32,820 | +9.3% |
| Operating income | 271,516 | 299,155 | 27,639 | +10.2% |
| Net income attributable to owners | 191,681 | 212,535 | 20,854 | +10.9% |
| Operating cash flow | 253,171 | 127,287 | -125,884 | -49.7% |
| Free cash flow | 87,655 | -18,353 | -106,008 | -120.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,013,512 | 234,332 | 23.1% | 140,997 | 230,458 | -39,889 | S100LUUL |
| FY ending Mar 2021 | 917,472 | 219,244 | 23.9% | 141,389 | 225,947 | -129,484 | S100P4PT |
| FY ending Mar 2022 | 939,430 | 233,882 | 24.9% | 150,452 | 192,967 | 13,414 | S100R7LP |
| FY ending Mar 2023 | 939,904 | 241,274 | 25.7% | 161,925 | 165,112 | -284,233 | S100U0HW |
| FY ending Mar 2024 | 967,692 | 254,666 | 26.3% | 177,171 | 232,033 | 43,636 | S100W6AG |
| FY ending Mar 2025 | 1,014,239 | 271,516 | 26.8% | 191,681 | 253,171 | 87,655 | S100YI5D |
| FY ending Mar 2026 | 1,057,765 | 299,155 | 28.3% | 212,535 | 127,287 | -18,353 | S100YI5D |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥74.9M |
| Operating income per employee (consolidated) | ¥21.2M |
| Net income per employee (consolidated) | ¥15.1M |

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) | 13,040 | 12,957 | 12,898 | 13,844 | 14,116 |
| Average salary (parent company) | ¥6.7M | ¥7.1M | ¥7.3M | ¥7.5M | ¥8.2M |
| Average age (parent company) | 43.2 years | 42.9 years | 42.8 years | 42.6 years | 42.6 years |
| Average tenure (parent company) | 8.4 years | 8.4 years | 8.6 years | 8.8 years | 10.3 years |

Year over year: Employees (consolidated) +2.0% · Revenue (consolidated) +4.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate leasing | 458,075 | 43.9% | 210,181 | 45.9% |
| Real estate selling | 323,174 | 30.9% | 76,223 | 23.6% |
| Housing | 188,702 | 18.1% | 13,420 | 7.1% |
| Step | 74,607 | 7.1% | 23,601 | 31.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Real estate leasing | 43.9% | 65.0% | 21.1 | 45.9% |
| Real estate selling | 30.9% | 23.6% | -7.4 | 23.6% |
| Housing | 18.1% | 4.1% | -13.9 | 7.1% |
| Step | 7.1% | 7.3% | 0.2 | 31.6% |

Segment → industry: Housing → Homebuilders / Real estate leasing → Real Estate Development & Leasing / Step → Real Estate Brokerage & Management / Real estate selling → Condominium Developers

## 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 | 127,287 | 12.0% | S100YI5D |
| Capital expenditure | 145,640 | 13.8% | S100YI5D |
| Free cash flow | -18,353 | -1.7% | 算出 |
| Investing cash flow | -154,387 | -14.6% | S100YI5D |
| Financing cash flow | -12,756 | -1.2% | S100YI5D |
| Dividends paid | 36,104 | 3.4% | S100YI5D |
| Change in cash | -39,976 | -3.8% | S100YI5D |
| Cash and equivalents | 58,286 | 5.5% | S100YI5D |

## 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 | 150,309 | 184,052 | 103,125 | 98,234 | 58,286 | S100U0HW, S100W6AG, S100YI5D |
| Total assets | 5,806,040 | 6,365,436 | 6,678,390 | 6,722,422 | 7,185,691 | S100R7LP, S100U0HW, S100W6AG, S100YI5D |
| Net assets | 1,634,049 | 1,799,372 | 2,050,582 | 2,168,107 | 2,470,712 | S100U0HW, S100W6AG, S100YI5D |
| Share capital | 122,805 | 122,805 | 122,805 | 122,805 | 122,805 | S100R7LP, S100U0HW, S100W6AG, S100YI5D |
| Inventories | 1,163 | 1,070 | 870 | 1,251 | 1,128 | S100R7LP, S100U0HW, S100W6AG, S100YI5D |
| Property, plant and equipment | 4,114,316 | 4,464,465 | 4,526,450 | 4,551,453 | 4,581,795 | S100R7LP, S100U0HW, S100W6AG, S100YI5D |
| Intangible assets excluding goodwill | 63,994 | 63,292 | 68,826 | 72,254 | 72,857 | S100R7LP, S100U0HW, S100W6AG, S100YI5D |
| Investment securities | 573,503 | 628,396 | 885,526 | 842,125 | 1,119,615 | S100R7LP, S100U0HW, S100W6AG, S100YI5D |
| Current assets | 941,534 | 1,086,872 | 1,070,877 | 1,117,715 | 1,227,086 | S100R7LP, S100U0HW, S100W6AG, S100YI5D |
| Current liabilities | 640,029 | 841,527 | 848,563 | 790,067 | 934,237 | S100R7LP, S100U0HW, S100W6AG, S100YI5D |
| Short-term borrowings | 28,610 | 28,610 | 24,665 | 27,615 | 22,767 | S100R7LP, S100U0HW, S100W6AG, S100YI5D |
| Long-term borrowings | 2,667,324 | 2,898,052 | 2,887,237 | 2,970,582 | 2,998,320 | S100R7LP, S100U0HW, S100W6AG, S100YI5D |
| Bonds | 290,000 | 250,000 | 270,000 | 230,000 | 210,000 | S100R7LP, S100U0HW, S100W6AG, S100YI5D |
| Interest-bearing debt | 2,985,934 | 3,176,662 | 3,181,902 | 3,228,197 | 3,231,087 | 算出 |
| Total liabilities | 4,171,990 | 4,566,064 | 4,627,807 | 4,554,314 | 4,714,979 | S100R7LP, S100U0HW, S100W6AG, S100YI5D |
| Equity attributable to owners of parent | 1,479,226 | 1,618,875 | 1,769,030 | 1,913,052 | 2,029,449 | S100R7LP, S100U0HW, S100W6AG, S100YI5D |
| Retained earnings | 1,256,742 | 1,396,392 | 1,546,549 | 1,706,318 | 1,848,307 | S100R7LP, S100U0HW, S100W6AG, S100YI5D |
| Treasury stock | -4,475 | -4,476 | -4,478 | -20,225 | -45,807 | S100R7LP, S100U0HW, S100W6AG, S100YI5D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 1% | S100YI5D |
| Inventories | 0% | S100YI5D |
| Property, plant and equipment | 64% | S100YI5D |
| Intangibles and goodwill | 1% | S100YI5D |
| Investment securities | 15% | S100YI5D |
| Other assets | 19% | S100YI5D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 45% | 算出 |
| Other liabilities | 21% | S100YI5D |
| Equity | 34% | S100YI5D |

### 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 | 5,806,040 | 6,365,436 | 6,678,390 | 6,722,422 | 7,185,691 |
| Equity | 1,634,049 | 1,799,372 | 2,050,582 | 2,168,107 | 2,470,712 |
| Interest-bearing debt | 2,985,934 | 3,176,662 | 3,181,902 | 3,228,197 | 3,231,087 |
| Cash | 150,309 | 184,052 | 103,125 | 98,234 | 58,286 |

## 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) | 433.2% | S100YI5D |
| Fixed assets ÷ total assets | 63.8% | S100YI5D |
| Goodwill ÷ parent equity | — | —, S100YI5D |

### 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) | 0.8% |
| Cash ÷ revenue | 5.5% |
| Net cash (cash − interest-bearing debt) | -¥3.17T |
| Net debt ÷ operating cash flow | 24.93× |
| Cash conversion (operating CF ÷ operating income) | 42.5% |
| Cash vs. profit gap | -85,248 JPY mn (of net income -40.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 17.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 13.8% |
| Investing CF relative to operating CF | 121.3% |

## 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 | 16.0% | 0.16× | 2.6% | 3.93× | 10.2% | S100R7LP |
| 2023 | 17.2% | 0.15× | 2.7% | 3.93× | 10.5% | S100U0HW |
| 2024 | 18.3% | 0.15× | 2.7% | 3.85× | 10.5% | S100W6AG |
| 2025 | 18.9% | 0.15× | 2.9% | 3.64× | 10.4% | S100YI5D |
| 2026 | 20.1% | 0.15× | 3.1% | 3.53× | 10.8% | S100YI5D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 13.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.8% | 2026-03-31 |
| ダイキン工業株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社竹中工務店 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社住友倉庫 | Major shareholder | 1.3% | 2026-03-31 |
| 大成建設株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 西武鉄道株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社大林組 | Major shareholder | 1.2% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- In FY ending Mar 2026, revenue grew +4.3% to ¥1.06T and operating income grew +10.2% to ¥299.2B.
- Net income attributable to owners rose +10.9% to ¥212.5B, so profit grew faster than sales.
- Cash was a different story: operating cash flow dropped -49.7% to ¥127.3B, and free cash flow turned negative at -¥18.4B.

### Drivers

- In leasing, occupancy at existing buildings improved and rent increases took hold, helped by a full year of income from buildings finished the year before.
- Condo prices kept rising as supply stayed tight, so property sales grew in both revenue and profit even with fewer units handed over.
- The housing business saw orders fall sharply in the first half after a building-code change, and spin-off costs added to a steep profit decline.
- Operating cash flow fell because inventory such as property for sale increased and tax payments went up.

### Risks

- Land and construction are paid for well before any income comes in, so the business relies on borrowing and a sharp rise in interest rates would raise costs.
- Climate rules stricter than expected, or sudden shifts in the business environment, could push up building and operating costs.
- A major disaster could bring repair costs for its buildings and disrupt operations.

Cited: Annual Securities Report (93rd term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (93rd term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第93期(2025/04/01－2026/03/31) | S100YI5D | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI5D,, |
| 有価証券報告書－第92期(2024/04/01－2025/03/31) | S100W6AG | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6AG,, |
| 訂正有価証券報告書－第91期(2023/04/01－2024/03/31) | S100U0HW | 2024-07-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U0HW,, |
| 有価証券報告書－第90期(2022/04/01－2023/03/31) | S100R7LP | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7LP,, |
| 訂正有価証券報告書－第89期(令和3年4月1日－令和4年3月31日) | S100P4PT | 2022-09-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P4PT,, |
| 有価証券報告書－第88期(令和2年4月1日－令和3年3月31日) | S100LUUL | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUUL,, |

## 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).