# SYLA Holdings Co.,Ltd.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第48期(2025/06/01－2026/05/31) (S100YZFP)
> Page: https://vizora.meequs.com/en/company/syla-holdings
> Retrieved: 2026-09-30T21:50:31.604Z

## Company

SYLA Holdings, founded in 2026, is a company in Electric Power & Gas listed on TSE Standard. It has 227 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SYLA Holdings Co., Ltd. |
| Ticker | 8887 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8887.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区広尾一丁目1番39号 恵比寿プライムスクエア7階 |
| Representative (per filing) | 代表取締役会長グループ執行役員CEO 杉本宏之 |
| Founded | Jan 2026 |
| Share capital | ¥2.39B |
| Employees (consolidated) | 227 |
| Average salary (parent only) | ¥13M |
| Fiscal year end | May |
| Website | syla-holdings.jp (https://syla-holdings.jp/) |
| Corporate number | 3030001038249 |
| EDINET | E03989 |
| Industries (Vizora) | Electric Power & Gas, Venture Capital, Real Estate Brokerage & Management, General Contractors, Condominium Developers |

> Profile source: annual securities report (S100YZFP, filed 2026-08-28). As of filing

## Five-axis industry profile

Primary industry: Condominium Developers (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 50 | 25 |
| Cash conversion | 38 | 25 |
| Efficiency | 42 | 25 |
| Financial strength | 39.3 | 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 87% of SYLA Holdings's sales come from Real estate, with Asset Management and Sustainable energy making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +625.8% from the prior year, operating profit +1486.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥39.3B |  |
| Operating income | ¥3.19B | Margin 8.1% |
| Net income | ¥6.68B | Margin 17.0% |
| Free cash flow | -¥8.43B |  |
| Largest business | Real estate | of segment revenue 87.4% |
| Employees (consolidated) | 227 |  |
| EPS | ¥9.84 |  |
| Diluted EPS | ¥8.99 |  |
| Book value per share | ¥407.05 |  |
| Equity ratio | 25.5% |  |
| Shares outstanding | 42,068,762 |  |
| Treasury shares | 4,081,000 |  |
| Shareholders | 14,174 |  |
| Average salary (parent only) | ¥13M | Filing company only |
| Cash ratio | 10.3% | Net cash -¥30.4B · Cash ÷ revenue 18.5% |
| Vs. industry median margin | 0 pp | Condominium Developers |
| ROE | 37.2% | Derived from disclosed figures |
| ROA | 9.5% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.0× dividends
- FY2026, one segment accounts for 86% of positive segment profit

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6037163000 | ¥39331000000 | — |
| Operating income | ¥511053000 | ¥3186000000 | — |
| Operating margin | 8.5% | 8.1% | -0.4 pp |
| Employees | 36 people | 227 people | — |
| Cash and equivalents | ¥5971598000 | ¥7272000000 | — |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 開発事業 → 事業再編・廃止 | 17.4% |
| 建築事業 → 事業再編・廃止 | 9.9% |
| 不動産販売事業 → 事業再編・廃止 | 72.7% |
| 新設・再編 → 総合不動産事業 | 87.4% |
| 新設・再編 → 不動産管理事業 | 7.2% |
| 新設・再編 → 建設事業 | 0.6% |
| 新設・再編 → 再生可能エネルギー事業 | 4.3% |
| 新設・再編 → その他 | 0.5% |

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 | — | — | ¥34374000000 | 16.3% | 2 |
| Asset Management | — | — | ¥2839000000 | 31.5% | 2 |
| Sustainable energy | — | — | ¥1697000000 | 2.3% | 2 |
| Construction | — | — | ¥236000000 | -255.5% | 2 |
| Other | — | — | ¥182000000 | 4.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 39,331 | 100.0% | S100YZFP |
| Cost of revenue | 31,570 | 80.3% | S100YZFP |
| Gross profit | 7,761 | 19.7% | S100YZFP |
| SG&A | 4,574 | 11.6% | S100YZFP |
| Operating income | 3,186 | 8.1% | S100YZFP |
| Ordinary income | 2,067 | 5.3% | S100YZFP |
| Pretax income | 7,484 | 19.0% | S100YZFP |
| Income tax | 807 | 2.1% | S100YZFP |
| Net income | 6,677 | 17.0% | S100YZFP |
| Net income attributable to owners | 6,684 | 17.0% | S100YZFP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 12 |
| Operating income | 8 |
| (Ref.) Net income | 17 |

### Margin funnel

Gross margin 19.7% → Operating margin 8.1% → Net margin 17.0%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,419 | 39,331 | 33,912 | +625.8% |
| Gross profit | 924 | 7,761 | 6,837 | +739.8% |
| Operating income | 201 | 3,186 | 2,985 | +1486.0% |
| Operating cash flow | 552 | -1,795 | -2,347 | -425.3% |
| Free cash flow | 518 | -8,426 | -8,944 | -1725.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 4,420 | 599 | 13.5% | 458 | 2,952 | 2,913 | S100MOXV |
| FY ending May 2021 | 6,037 | 511 | 8.5% | 443 | -47 | -346 | S100P37L |
| FY ending May 2022 | 6,065 | 1,117 | 18.4% | 835 | 1,271 | 1,211 | S100RS5V |
| FY ending May 2023 | 7,444 | 1,083 | 14.6% | 765 | 2,380 | 2,222 | S100UB0Z |
| FY ending May 2024 | 4,765 | 295 | 6.2% | 213 | 886 | 874 | S100WM8L |
| FY ending May 2025 | 5,419 | 201 | 3.7% | -658 | 552 | 518 | S100WM8L |
| FY ending May 2026 | 39,331 | 3,186 | 8.1% | 6,684 | -1,795 | -8,426 | S100YZFP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥173.3M |
| Operating income per employee (consolidated) | ¥14M |
| Net income per employee (consolidated) | ¥29.4M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 34 | 34 | 29 | 32 | 227 |
| Average salary (parent company) | ¥6.4M | ¥6.6M | — | ¥7M | ¥13M |
| Average age (parent company) | 49.2 years | 48.0 years | 47.0 years | 42.4 years | 36.3 years |
| Average tenure (parent company) | 13.4 years | 12.5 years | 10.9 years | 7.3 years | 3.5 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate | 34,374 | 87.4% | 5,593 | 16.3% |
| Asset Management | 2,839 | 7.2% | 894 | 31.5% |
| Construction | 236 | 0.6% | -603 | -255.5% |
| Sustainable energy | 1,697 | 4.3% | 39 | 2.3% |
| Other | 182 | 0.5% | 8 | 4.4% |

### 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 | 87.4% | 85.6% | -1.8 | 16.3% |
| Asset Management | 7.2% | 13.7% | 6.5 | 31.5% |
| Construction | 0.6% | — | — | -255.5% |
| Sustainable energy | 4.3% | 0.6% | -3.7 | 2.3% |
| Other | 0.5% | 0.1% | -0.3 | 4.4% |

Loss-making segment (excluded from profit shares): Construction -603 JPY mn

Segment → industry: Sustainable energy → Electric Power & Gas / Other → Venture Capital / Asset Management → Real Estate Brokerage & Management / Construction → General Contractors / Real estate → Condominium Developers

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,795 | -4.6% | S100YZFP |
| Capital expenditure | 6,631 | 16.9% | S100YZFP |
| Free cash flow | -8,426 | -21.4% | 算出 |
| Investing cash flow | -8,266 | -21.0% | S100YZFP |
| Financing cash flow | 8,648 | 22.0% | S100YZFP |
| Dividends paid | 239 | 0.6% | S100YZFP |
| Share buyback | 250 | 0.6% | S100YZFP |
| Change in cash | -1,412 | -3.6% | S100YZFP |
| Cash and equivalents | 7,272 | 18.5% | S100YZFP |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,531 | 7,098 | 4,950 | 6,697 | 7,272 | S100UB0Z, S100WM8L, S100YZFP |
| Total assets | 18,948 | 17,238 | 15,157 | 16,748 | 70,482 | S100RS5V, S100UB0Z, S100WM8L, S100YZFP |
| Net assets | 11,110 | 11,447 | 11,253 | 11,066 | 18,831 | S100UB0Z, S100WM8L, S100YZFP |
| Share capital | 2,001 | 2,001 | 2,001 | 2,301 | 2,391 | S100RS5V, S100UB0Z, S100WM8L, S100YZFP |
| Property, plant and equipment | 2,474 | 1,991 | 1,910 | 1,891 | 18,354 | S100RS5V, S100UB0Z, S100WM8L, S100YZFP |
| Intangible assets excluding goodwill | 4 | 3 | 3 | 3 | 360 | S100RS5V, S100UB0Z, S100WM8L, S100YZFP |
| Goodwill | — | — | — | — | 266 | S100YZFP |
| Investment securities | 287 | 358 | 635 | 688 | 453 | S100RS5V, S100UB0Z, S100WM8L, S100YZFP |
| Current assets | 14,726 | 13,401 | 9,772 | 12,399 | 48,863 | S100RS5V, S100UB0Z, S100WM8L, S100YZFP |
| Current liabilities | 3,970 | 2,415 | 1,304 | 2,404 | 19,352 | S100RS5V, S100UB0Z, S100WM8L, S100YZFP |
| Short-term borrowings | 1,000 | 200 | — | 68 | 7,028 | S100RS5V, S100UB0Z, S100WM8L, S100YZFP |
| Long-term borrowings | 1,392 | 1,371 | 1,042 | 2,022 | 30,493 | S100RS5V, S100UB0Z, S100WM8L, S100YZFP |
| Bonds | 715 | 705 | 375 | 175 | 109 | S100RS5V, S100UB0Z, S100WM8L, S100YZFP |
| Interest-bearing debt | 3,107 | 2,276 | — | 2,265 | 37,630 | 算出 |
| Total liabilities | 7,839 | 5,791 | 3,904 | 5,682 | 51,651 | S100RS5V, S100UB0Z, S100WM8L, S100YZFP |
| Non-controlling interests | — | — | — | — | 57 | S100YZFP |
| Equity attributable to owners of parent | 11,098 | 11,440 | 11,229 | 11,041 | 17,951 | S100RS5V, S100UB0Z, S100WM8L, S100YZFP |
| Retained earnings | 7,287 | 7,629 | 7,418 | 6,468 | 11,668 | S100RS5V, S100UB0Z, S100WM8L, S100YZFP |
| Treasury stock | -162 | -162 | -162 | — | -263 | S100RS5V, S100UB0Z, S100WM8L, S100YZFP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YZFP |
| Property, plant and equipment | 26% | S100YZFP |
| Intangibles and goodwill | 1% | S100YZFP |
| Investment securities | 1% | S100YZFP |
| Other assets | 62% | S100YZFP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 53% | 算出 |
| Other liabilities | 20% | S100YZFP |
| Equity | 27% | S100YZFP |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 18,948 | 17,238 | 15,157 | 16,748 | 70,482 |
| Equity | 11,110 | 11,447 | 11,253 | 11,066 | 18,831 |
| Interest-bearing debt | 3,107 | 2,276 | — | 2,265 | 37,630 |
| Cash | 7,531 | 7,098 | 4,950 | 6,697 | 7,272 |

## 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) | 46.7% | S100YZFP |
| Fixed assets ÷ total assets | 26.0% | S100YZFP |
| Goodwill ÷ parent equity | 1.5% | S100YZFP |

### 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) | 10.3% |
| Cash ÷ revenue | 18.5% |
| Net cash (cash − interest-bearing debt) | -¥30.4B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -56.3% |
| Cash vs. profit gap | -8,479 JPY mn (of net income -126.9%) |
| Shareholder returns / net income | 7.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 3.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 16.9% |
| 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 | 13.8% | 0.32× | 4.4% | 1.71× | 7.5% | S100RS5V |
| 2023 | 10.3% | 0.41× | 4.2% | 1.61× | 6.8% | S100UB0Z |
| 2024 | 4.5% | 0.29× | 1.3% | 1.43× | 1.9% | S100WM8L |
| 2025 | — | —× | -4.1% | —× | — | S100WM8L |
| 2026 | 17.0% | 0.56× | 9.5% | 3.93× | 37.2% | S100YZFP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社杉本 | Major shareholder | 17.7% | 2026-05-31 |
| 株式会社SY | Major shareholder | 15.2% | 2026-05-31 |
| 杉本 宏之 | Major shareholder | 8.2% | 2026-05-31 |
| 湯藤 善行 | Major shareholder | 7.7% | 2026-05-31 |
| 株式会社ベクトル | Major shareholder | 1.8% | 2026-05-31 |
| 伊藤 功一 | Major shareholder | 1.5% | 2026-05-31 |
| 野村信託銀行株式会社 | Major shareholder | 1.3% | 2026-05-31 |
| 島袋 完渓 | Major shareholder | 1.3% | 2026-05-31 |
| 上田八木短資株式会社 | Major shareholder | 0.8% | 2026-05-31 |
| Future design Capital株式会社 | Major shareholder | 0.7% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第48期(2025/06/01－2026/05/31) | S100YZFP | 2026-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YZFP,, |
| 訂正有価証券報告書－第47期(2024/06/01－2025/05/31) | S100WM8L | 2025-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WM8L,, |
| 有価証券報告書－第46期(2023/06/01－2024/05/31) | S100UB0Z | 2024-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UB0Z,, |
| 有価証券報告書－第45期(2022/06/01－2023/05/31) | S100RS5V | 2023-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RS5V,, |
| 有価証券報告書－第44期(令和3年6月1日－令和4年5月31日) | S100P37L | 2022-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P37L,, |
| 訂正有価証券報告書－第43期(令和2年6月1日－令和3年5月31日) | S100MOXV | 2021-11-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MOXV,, |

## 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).