# TOKEN CORPORATION: business model and financials

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第50期(2025/05/01－2026/04/30) (S100YS6C)
> Page: https://vizora.meequs.com/en/company/token
> Retrieved: 2026-09-30T20:23:14.730Z

## Company

Token, founded in 1976, is a company in Real Estate Brokerage & Management listed on TSE Prime. It has 6,231 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKEN CORPORATION |
| Ticker | 1766 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1766.T) |
| Listing | TSE Prime |
| Head office | 名古屋市中区丸の内二丁目1番33号 |
| Representative (per filing) | 代表取締役社長兼CEO 左右田 善猛 |
| Founded | Jul 1976 |
| Share capital | ¥4.8B |
| Employees (consolidated) | 6,231 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | April |
| Corporate number | 1180001054828 |
| EDINET | E00281 |
| Industries (Vizora) | Real Estate Brokerage & Management, General Contractors |

> Profile source: annual securities report (S100YS6C, filed 2026-07-24). As of filing

## Five-axis industry profile

Primary industry: Real Estate Brokerage & Management (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30 | 25 |
| Profitability | 32.7 | 26 |
| Cash conversion | 51.9 | 26 |
| Efficiency | 75 | 26 |

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 57% of Token's sales come from Leasing, with Construction and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +5.4% from the prior year, operating profit +0.5%.

## Company structure

- Segment revenue mix: Leasing 57.0%、Construction 42.5%、Other 0.6%
- Revenue → net income: ¥386537000000 → ¥16161000000
- Net income → operating cash flow: ¥16161000000 → ¥19567000000（difference ¥3406000000）
- Main uses of operating cash flow: CapEx ¥4171000000 / dividends ¥4158000000 / buybacks ¥29581000000
- Change in cash: ¥-18104000000
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 | ¥386.5B |  |
| Operating income | ¥22.4B | Margin 5.8% |
| Net income | ¥16.2B | Margin 4.2% |
| Free cash flow | ¥15.4B |  |
| Largest business | Leasing | of segment revenue 57.0% |
| Employees (consolidated) | 6,231 |  |
| EPS | ¥1029.68 |  |
| Book value per share | ¥6656.9 |  |
| Equity ratio | 54.0% |  |
| Shares outstanding | 13,472,000 |  |
| Treasury shares | 2,371,000 |  |
| Shareholders | 5,836 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 54.2% | Cash ÷ revenue 30.2% |
| Vs. industry median margin | -3.2 pp | Real Estate Brokerage & Management |
| ROE | 13.0% | Derived from disclosed figures |
| ROA | 7.3% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 7.1× dividends
- FY2026, cash is 54% of total assets

## What changed in 5 years

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥309809000000 | ¥386537000000 | +24.8% |
| Operating income | ¥15562000000 | ¥22373000000 | +43.8% |
| Operating margin | 5.0% | 5.8% | +0.8 pp |
| Employees | 5,283 people | 6,231 people | +17.9% |
| Cash and equivalents | ¥104493000000 | ¥116840000000 | +11.8% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 建設事業 → 建設事業 | 38.6% |
| 不動産賃貸事業 → 不動産賃貸事業 | 57.0% |
| 不動産賃貸事業 → 事業再編・廃止 | 3.7% |
| その他 → その他 | 0.6% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 建設事業 | 3.9% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Leasing | 5 years | +3.2% | ¥220237000000 | 6.5% | 2 |
| Construction | 5 years | +6.6% | ¥164106000000 | 10.5% | 2 |
| Other | 5 years | -1.4% | ¥2194000000 | 2.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 386,537 | 100.0% | S100YS6C |
| Cost of revenue | 319,839 | 82.7% | S100YS6C |
| Gross profit | 66,697 | 17.3% | S100YS6C |
| SG&A | 44,323 | 11.5% | S100YS6C |
| Operating income | 22,373 | 5.8% | S100YS6C |
| Ordinary income | 23,432 | 6.1% | S100YS6C |
| Pretax income | 22,932 | 5.9% | S100YS6C |
| Income tax | 6,771 | 1.8% | S100YS6C |
| Net income | 16,161 | 4.2% | S100YS6C |
| Net income attributable to owners | 16,161 | 4.2% | S100YS6C |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 11 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 17.3% → Operating margin 5.8% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.4%; Core profit growth: +0.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.10×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 366,640 | 386,537 | 19,897 | +5.4% |
| Gross profit | 63,515 | 66,697 | 3,182 | +5.0% |
| Operating income | 22,258 | 22,373 | 115 | +0.5% |
| Net income attributable to owners | 15,778 | 16,161 | 383 | +2.4% |
| Operating cash flow | 22,714 | 19,567 | -3,147 | -13.9% |
| Free cash flow | 19,892 | 15,396 | -4,496 | -22.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2020 | 323,386 | 12,819 | 4.0% | 8,606 | 1,839 | -1,750 | S100N1ZM |
| FY ending Apr 2021 | 309,809 | 15,562 | 5.0% | 10,080 | 12,328 | 10,704 | S100OT9L |
| FY ending Apr 2022 | 311,586 | 15,039 | 4.8% | 10,275 | 2,938 | 1,478 | S100RH95 |
| FY ending Apr 2023 | 316,849 | 9,738 | 3.1% | 5,239 | 8,950 | 7,490 | S100VJAD |
| FY ending Apr 2024 | 340,835 | 13,037 | 3.8% | 8,943 | 18,185 | 16,636 | S100WEQY |
| FY ending Apr 2025 | 366,640 | 22,258 | 6.1% | 15,778 | 22,714 | 19,892 | S100YS6C |
| FY ending Apr 2026 | 386,537 | 22,373 | 5.8% | 16,161 | 19,567 | 15,396 | S100YS6C |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥62M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥2.6M |

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

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 5,183 | 5,341 | 5,442 | 5,877 | 6,231 |
| Average salary (parent company) | ¥6.1M | ¥6.1M | ¥6.2M | ¥6.3M | ¥6.2M |
| Average age (parent company) | 41.4 years | 42.1 years | 41.0 years | 40.3 years | 39.7 years |
| Average tenure (parent company) | 8.5 years | 8.1 years | 7.9 years | 7.3 years | 6.8 years |

Year over year: Employees (consolidated) +6.0% · Revenue (consolidated) +5.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction | 164,106 | 42.5% | 17,219 | 10.5% |
| Leasing | 220,237 | 57.0% | 14,242 | 6.5% |
| Other | 2,194 | 0.6% | 45 | 2.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction | 42.5% | 54.7% | 12.2 | 10.5% |
| Leasing | 57.0% | 45.2% | -11.8 | 6.5% |
| Other | 0.6% | 0.1% | -0.4 | 2.1% |

Segment → industry: Leasing → Real Estate Brokerage & Management / Construction → General Contractors

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 19,567 | 5.1% | S100YS6C |
| Capital expenditure | 4,171 | 1.1% | S100YS6C |
| Free cash flow | 15,396 | 4.0% | 算出 |
| Investing cash flow | -3,924 | -1.0% | S100YS6C |
| Financing cash flow | -33,746 | -8.7% | S100YS6C |
| Dividends paid | 4,158 | 1.1% | S100YS6C |
| Share buyback | 29,581 | 7.7% | S100YS6C |
| Change in cash | -18,104 | -4.7% | S100YS6C |
| Cash and equivalents | 116,840 | 30.2% | S100YS6C |

## 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 103,173 | 108,479 | 119,323 | 134,944 | 116,840 | S100VJAD, S100WEQY, S100YS6C |
| Total assets | 194,153 | 198,449 | 210,001 | 228,663 | 215,656 | S100RH95, S100VJAD, S100WEQY, S100YS6C |
| Net assets | 113,424 | 115,290 | 121,611 | 133,751 | 116,350 | S100VJAD, S100WEQY, S100YS6C |
| Share capital | 4,800 | 4,800 | 4,800 | 4,800 | 4,800 | S100RH95, S100VJAD, S100WEQY, S100YS6C |
| Property, plant and equipment | 44,559 | 42,460 | 41,932 | 41,847 | 41,585 | S100RH95, S100VJAD, S100WEQY, S100YS6C |
| Intangible assets excluding goodwill | 2,607 | 2,411 | 2,330 | 2,808 | 2,693 | S100RH95, S100VJAD, S100WEQY, S100YS6C |
| Current assets | 135,251 | 132,092 | 134,116 | 150,464 | 136,486 | S100RH95, S100VJAD, S100WEQY, S100YS6C |
| Current liabilities | 52,511 | 54,582 | 60,676 | 66,559 | 72,204 | S100RH95, S100VJAD, S100WEQY, S100YS6C |
| Total liabilities | 80,728 | 83,158 | 88,389 | 94,911 | 99,305 | S100RH95, S100VJAD, S100WEQY, S100YS6C |
| Equity attributable to owners of parent | 113,258 | 115,132 | 120,712 | 133,127 | 115,270 | S100RH95, S100VJAD, S100WEQY, S100YS6C |
| Retained earnings | 108,641 | 110,519 | 116,101 | 128,519 | 140,243 | S100RH95, S100VJAD, S100WEQY, S100YS6C |
| Treasury stock | -203 | -208 | -209 | -211 | -29,793 | S100RH95, S100VJAD, S100WEQY, S100YS6C |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 54% | S100YS6C |
| Property, plant and equipment | 19% | S100YS6C |
| Intangibles and goodwill | 1% | S100YS6C |
| Other assets | 26% | S100YS6C |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100YS6C |
| Equity | 54% | S100YS6C |
| Other liabilities | 0% | S100YS6C |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 194,153 | 198,449 | 210,001 | 228,663 | 215,656 |
| Equity | 113,424 | 115,290 | 121,611 | 133,751 | 116,350 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 103,173 | 108,479 | 119,323 | 134,944 | 116,840 |

## 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) | 10.8% | S100YS6C |
| Fixed assets ÷ total assets | 19.3% | S100YS6C |
| Goodwill ÷ parent equity | — | —, S100YS6C |

### 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) | 54.2% |
| Cash ÷ revenue | 30.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 87.5% |
| Cash vs. profit gap | 3,406 JPY mn (of net income 21.1%) |
| Shareholder returns / net income | 208.8% |
| Shareholder returns / FCF | 219.1% |
| Shareholder payments — dividends / net income | 25.7% |
| Shareholder payments — dividends / FCF | 27.0% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 20.1% |

## 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 | 3.3% | 1.60× | 5.3% | 1.71× | 9.1% | S100RH95 |
| 2023 | 1.7% | 1.61× | 2.7% | 1.72× | 4.6% | S100VJAD |
| 2024 | 2.6% | 1.67× | 4.4% | 1.73× | 7.6% | S100WEQY |
| 2025 | 4.3% | 1.67× | 7.2% | 1.73× | 12.4% | S100YS6C |
| 2026 | 4.2% | 1.74× | 7.3% | 1.79× | 13.0% | S100YS6C |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱東名商事 | Major shareholder | 20.3% | 2026-04-30 |
| 左右田 稔 | Major shareholder | 9.4% | 2026-04-30 |
| ＵＨ Ｐａｒｔｎｅｒｓ ２投資事業有限責任組合 | Major shareholder | 9.0% | 2026-04-30 |
| ＵＨ Ｐａｒｔｎｅｒｓ ３投資事業有限責任組合 | Major shareholder | 8.4% | 2026-04-30 |
| 光通信ＫＫ 投資事業有限責任組合 | Major shareholder | 7.7% | 2026-04-30 |
| 日本マスタートラスト信託銀行㈱(信託口) | Major shareholder | 4.5% | 2026-04-30 |
| 左右田 善猛 | Major shareholder | 3.6% | 2026-04-30 |
| 光通信㈱ | Major shareholder | 1.6% | 2026-04-30 |
| ステート ストリート バンクアンド トラスト カンパニー５０５００１（常任代理人） ㈱みずほ銀行決済営業部 部長 日置 貴史 | Major shareholder | 1.0% | 2026-04-30 |
| FIRST INTERNATIONAL BANK OF ISRAEL CLIENTS - GLOBAL （常任代理人）シティバンク、エヌ・エイ東京支店 カストディ業務部長石川 潤 | Major shareholder | 0.9% | 2026-04-30 |

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

- Revenue for the FY ending Apr 2026 rose +5.4%, from ¥366.6B to ¥386.5B.
- Gross profit grew +5.0% to ¥66.7B, but operating income edged up only +0.5% to ¥22.4B; net income rose +2.4% to ¥16.2B.
- Cash generation weakened: operating cash flow fell -13.9% to ¥19.6B and free cash flow fell -22.6% to ¥15.4B.

### Drivers

- Orders won in the prior year turned into completed construction, lifting construction sales
- More properties under its master-lease program brought in more rent and management fees
- Spending on hiring sales staff and on advertising raised SG&A, eating up most of the gain in gross profit

### Risks

- If higher material and labor costs cannot be passed on to clients, construction profits may shrink
- Changes in jobs, land prices, interest rates or housing tax rules could hurt new orders
- Shifts in bank lending or interest rates could lead clients to cancel orders before construction starts

Cited: 有価証券報告書－第50期(2025/05/01－2026/04/30) (Management's analysis of financial position, operating results and cash flows); 有価証券報告書－第50期(2025/05/01－2026/04/30) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第50期(2025/05/01－2026/04/30) | S100YS6C | 2026-07-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YS6C,, |
| 有価証券報告書－第49期(2024/05/01－2025/04/30) | S100WEQY | 2025-07-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WEQY,, |
| 訂正有価証券報告書－第48期(2023/05/01－2024/04/30) | S100VJAD | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJAD,, |
| 有価証券報告書－第47期(2022/05/01－2023/04/30) | S100RH95 | 2023-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RH95,, |
| 有価証券報告書－第46期(令和3年5月1日－令和4年4月30日) | S100OT9L | 2022-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OT9L,, |
| 訂正有価証券報告書－第45期(令和2年5月1日－令和3年4月30日) | S100N1ZM | 2021-12-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N1ZM,, |

## 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).