# Sun Frontier Fudousan 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27期(2025/04/01－2026/03/31) (S100YGKR)
> Page: https://vizora.meequs.com/en/company/sun-frontier-fudousan
> Retrieved: 2026-09-30T22:22:59.120Z

## Company

Sun Frontier Fudousan, founded in 1999, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 1,076 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sun Frontier Fudousan Co., Ltd. |
| Ticker | 8934 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8934.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区有楽町一丁目2番2号 |
| Representative (per filing) | 代表取締役社長 齋藤清一 |
| Founded | Apr 1999 |
| Share capital | ¥14.4B |
| Employees (consolidated) | 1,076 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.sunfrt.co.jp (https://www.sunfrt.co.jp/) |
| Corporate number | 9010001063953 |
| EDINET | E04031 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management, Hotels & Inns |

> Profile source: annual securities report (S100YGKR, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58 | 75 |
| Profitability | 86.6 | 86 |
| Cash conversion | 18.9 | 82 |
| Efficiency | 37.8 | 86 |
| Financial strength | 74.3 | 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 66% of Sun Frontier Fudousan's sales come from Real estate reproduction, with Hotel business and tourism business and Real estate service making up much of the rest.
- Out of every ¥100 of sales, about ¥22 is left as operating profit.
- Revenue changed +12.5% from the prior year, operating profit +19.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥116.1B |  |
| Operating income | ¥25.4B | Margin 21.8% |
| Net income | ¥16B | Margin 13.8% |
| Free cash flow | -¥24.9B |  |
| Largest business | Real estate reproduction | of segment revenue 65.8% |
| Employees (consolidated) | 1,076 |  |
| EPS | ¥252.79 |  |
| Diluted EPS | ¥224.16 |  |
| Book value per share | ¥2064.75 |  |
| Equity ratio | 45.3% |  |
| Shares outstanding | 51,907,314 |  |
| Treasury shares | 94,300 |  |
| Shareholders | 13,275 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 14.6% | Net cash -¥70.5B · Cash ÷ revenue 33.2% |
| Vs. industry median margin | +11.3 pp | Real Estate Development & Leasing |
| ROE | 14.6% | Derived from disclosed figures |
| ROA | 6.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥59632000000 | ¥116083000000 | +94.7% |
| Operating income | ¥7912000000 | ¥25356000000 | +220.5% |
| Operating margin | 13.3% | 21.8% | +8.6 pp |
| Employees | 641 people | 1,076 people | +67.9% |
| Cash and equivalents | ¥21319000000 | ¥38502000000 | +80.6% |

### 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 |
| --- | ---: |
| 不動産再生 → 不動産再生 | 57.8% |
| 不動産サービス → 不動産サービス | 9.1% |
| ホテル・観光 → ホテル・観光 | 16.2% |
| ホテル・観光 → 事業再編・廃止 | 5.2% |
| オペレーション → 事業再編・廃止 | 4.9% |
| その他 → その他 | 4.9% |
| その他 → 事業再編・廃止 | 1.8% |
| 新設・再編 → 不動産再生 | 8.0% |
| 新設・再編 → 不動産サービス | 3.9% |

Segment revenue source references: 9 (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 reproduction | 5 years | +16.1% | ¥76434000000 | 29.0% | 2 |
| Hotel business and tourism business | 5 years | +7.0% | ¥18857000000 | 20.2% | 2 |
| Real estate service | 5 years | +21.4% | ¥15123000000 | 57.5% | 2 |
| Other | 5 years | +6.1% | ¥5668000000 | 20.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 116,083 | 100.0% | S100YGKR |
| Cost of revenue | 77,968 | 67.2% | S100YGKR |
| Gross profit | 38,114 | 32.8% | S100YGKR |
| SG&A | 12,758 | 11.0% | S100YGKR |
| Operating income | 25,356 | 21.8% | S100YGKR |
| Ordinary income | 23,298 | 20.1% | S100YGKR |
| Pretax income | 23,153 | 19.9% | S100YGKR |
| Income tax | 6,926 | 6.0% | S100YGKR |
| Net income | 16,226 | 14.0% | S100YGKR |
| Net income attributable to owners | 15,986 | 13.8% | S100YGKR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 11 |
| Operating income | 22 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 32.8% → Operating margin 21.8% → Net margin 13.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.5%; Core profit growth: +19.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.53×
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 | 103,174 | 116,083 | 12,909 | +12.5% |
| Gross profit | 32,225 | 38,114 | 5,889 | +18.3% |
| Operating income | 21,279 | 25,356 | 4,077 | +19.2% |
| Net income attributable to owners | 14,163 | 15,986 | 1,823 | +12.9% |
| Operating cash flow | -4,236 | -18,736 | -14,500 | — |
| Free cash flow | -8,508 | -24,858 | -16,350 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 73,218 | 16,571 | 22.6% | 10,666 | -2,697 | -5,602 | S100LN9V |
| FY ending Mar 2021 | 59,632 | 7,912 | 13.3% | 4,274 | 4,733 | 4,389 | S100OCQ3 |
| FY ending Mar 2022 | 71,251 | 12,127 | 17.0% | 7,415 | 17,443 | 8,911 | S100R84O |
| FY ending Mar 2023 | 82,777 | 14,905 | 18.0% | 11,612 | 16,544 | 8,701 | S100TUVQ |
| FY ending Mar 2024 | 79,868 | 17,600 | 22.0% | 11,917 | -11,003 | -13,735 | S100W1T3 |
| FY ending Mar 2025 | 103,174 | 21,279 | 20.6% | 14,163 | -4,236 | -8,508 | S100YGKR |
| FY ending Mar 2026 | 116,083 | 25,356 | 21.8% | 15,986 | -18,736 | -24,858 | S100YGKR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥107.9M |
| Operating income per employee (consolidated) | ¥23.6M |
| 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 696 | 702 | 763 | 895 | 1,076 |
| Average salary (parent company) | ¥7.2M | ¥7.2M | ¥7.4M | ¥7.5M | ¥7.7M |
| Average age (parent company) | 36.2 years | 36.4 years | 36.4 years | 36.0 years | 36.0 years |
| Average tenure (parent company) | 6.5 years | 6.7 years | 6.8 years | 7.0 years | 7.1 years |

Year over year: Employees (consolidated) +20.2% · Revenue (consolidated) +12.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate reproduction | 76,434 | 65.8% | 22,148 | 29.0% |
| Real estate service | 15,123 | 13.0% | 8,703 | 57.5% |
| Hotel business and tourism business | 18,857 | 16.2% | 3,817 | 20.2% |
| Other | 5,668 | 4.9% | 1,177 | 20.8% |

### 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 |
| --- | ---: |
| Real estate reproduction | 65.8% |
| Real estate service | 13.0% |
| Hotel business and tourism business | 16.2% |
| Other | 4.9% |

Segment → industry: Real estate reproduction → Real Estate Development & Leasing / Real estate service → Real Estate Brokerage & Management / Hotel business and tourism business → 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 | -18,736 | -16.1% | S100YGKR |
| Capital expenditure | 6,122 | 5.3% | S100YGKR |
| Free cash flow | -24,858 | -21.4% | 算出 |
| Investing cash flow | -10,226 | -8.8% | S100YGKR |
| Financing cash flow | 22,837 | 19.7% | S100YGKR |
| Dividends paid | 3,455 | 3.0% | S100YGKR |
| Share buyback | 199 | 0.2% | S100YGKR |
| Change in cash | -6,251 | -5.4% | S100YGKR |
| Cash and equivalents | 38,502 | 33.2% | S100YGKR |

## 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 | 29,951 | 41,914 | 47,866 | 44,754 | 38,502 | S100TUVQ, S100W1T3, S100YGKR |
| Total assets | 136,512 | 152,519 | 188,661 | 218,190 | 264,463 | S100R84O, S100TUVQ, S100W1T3, S100YGKR |
| Net assets | 74,452 | 83,965 | 94,416 | 105,892 | 120,384 | S100TUVQ, S100W1T3, S100YGKR |
| Share capital | 11,965 | 11,965 | 11,965 | 11,965 | 14,414 | S100R84O, S100TUVQ, S100W1T3, S100YGKR |
| Property, plant and equipment | 18,796 | 20,410 | 22,323 | 24,290 | 26,246 | S100R84O, S100TUVQ, S100W1T3, S100YGKR |
| Intangible assets excluding goodwill | 572 | 815 | 1,193 | 2,288 | 3,342 | S100R84O, S100TUVQ, S100W1T3, S100YGKR |
| Goodwill | 408 | 343 | 579 | 923 | 1,851 | S100R84O, S100TUVQ, S100W1T3, S100YGKR |
| Current assets | 110,920 | 125,886 | 159,518 | 183,706 | 225,705 | S100R84O, S100TUVQ, S100W1T3, S100YGKR |
| Current liabilities | 16,210 | 16,363 | 24,767 | 26,663 | 30,703 | S100R84O, S100TUVQ, S100W1T3, S100YGKR |
| Trade payables | — | — | — | 3,521 | 5,329 | S100YGKR |
| Short-term borrowings | 30 | 50 | 62 | 100 | 1,310 | S100R84O, S100TUVQ, S100W1T3, S100YGKR |
| Long-term borrowings | 44,169 | 50,170 | 57,272 | 72,219 | 102,556 | S100R84O, S100TUVQ, S100W1T3, S100YGKR |
| Bonds | — | — | 9,999 | 9,999 | 5,102 | S100W1T3, S100YGKR |
| Interest-bearing debt | — | — | 67,333 | 82,318 | 108,968 | 算出 |
| Total liabilities | 62,060 | 68,553 | 94,244 | 112,298 | 144,078 | S100R84O, S100TUVQ, S100W1T3, S100YGKR |
| Non-controlling interests | 3,139 | 3,233 | 3,867 | 3,702 | 620 | S100R84O, S100TUVQ, S100W1T3, S100YGKR |
| Equity attributable to owners of parent | 71,260 | 80,430 | 89,889 | 100,949 | 118,243 | S100R84O, S100TUVQ, S100W1T3, S100YGKR |
| Retained earnings | 52,917 | 62,289 | 71,725 | 82,723 | 95,252 | S100R84O, S100TUVQ, S100W1T3, S100YGKR |
| Treasury stock | -67 | -270 | -233 | -202 | -324 | S100R84O, S100TUVQ, S100W1T3, S100YGKR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YGKR |
| Property, plant and equipment | 10% | S100YGKR |
| Intangibles and goodwill | 2% | S100YGKR |
| Other assets | 73% | S100YGKR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YGKR |
| Interest-bearing debt | 41% | 算出 |
| Other liabilities | 11% | S100YGKR |
| Equity | 46% | S100YGKR |
| Other liabilities | 0% | S100YGKR |

### 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 | 136,512 | 152,519 | 188,661 | 218,190 | 264,463 |
| Equity | 74,452 | 83,965 | 94,416 | 105,892 | 120,384 |
| Interest-bearing debt | — | — | 67,333 | 82,318 | 108,968 |
| Cash | 29,951 | 41,914 | 47,866 | 44,754 | 38,502 |

## 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) | 22.6% | S100YGKR |
| Fixed assets ÷ total assets | 9.9% | S100YGKR |
| Goodwill ÷ parent equity | 1.6% | S100YGKR |

Goodwill over 4 years: 408 → 1,851 JPY; total investing cash flow: -39,356 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) | 14.6% |
| Cash ÷ revenue | 33.2% |
| Net cash (cash − interest-bearing debt) | -¥70.5B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -73.9% |
| Cash vs. profit gap | -34,722 JPY mn (of net income -217.2%) |
| Shareholder returns / net income | 22.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 21.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.3% |
| 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 | 10.4% | 0.52× | 5.4% | 1.92× | 10.4% | S100R84O |
| 2023 | 14.0% | 0.57× | 8.0% | 1.91× | 15.3% | S100TUVQ |
| 2024 | 14.9% | 0.47× | 7.0% | 2.00× | 14.0% | S100W1T3 |
| 2025 | 13.7% | 0.51× | 7.0% | 2.13× | 14.8% | S100YGKR |
| 2026 | 13.8% | 0.48× | 6.6% | 2.20× | 14.6% | S100YGKR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社報恩 | Major shareholder | 40.5% | 2026-03-31 |
| ＡＡＧＳ Ｓ５，Ｌ．Ｐ． | Major shareholder | 6.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.5% | 2026-03-31 |
| JP JPMSE LUX RE CITIGROUP GLOBAL MARKETS L EQ CO（常任代理人 株式会社三菱UFJ銀行決済事業部） | Major shareholder | 1.5% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| NOMURA INTERNATIONAL PLC A/C JAPAN FLOW （常任代理人 野村證券株式会社） | Major shareholder | 1.1% | 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 | 0.9% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/04/01－2026/03/31) | S100YGKR | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGKR,, |
| 有価証券報告書－第26期(2024/04/01－2025/03/31) | S100W1T3 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1T3,, |
| 有価証券報告書－第25期(2023/04/01－2024/03/31) | S100TUVQ | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUVQ,, |
| 有価証券報告書－第24期(2022/04/01－2023/03/31) | S100R84O | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R84O,, |
| 有価証券報告書－第23期(令和3年4月1日－令和4年3月31日) | S100OCQ3 | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCQ3,, |
| 有価証券報告書－第22期(令和2年4月1日－令和3年3月31日) | S100LN9V | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN9V,, |

## 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).