# Tokyo Tatemono Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第208期(2025/01/01－2025/12/31) (S100XSKF)
> Page: https://vizora.meequs.com/en/company/tokyo-tatemono
> Retrieved: 2026-09-30T19:52:17.562Z

## Company

Tokyo Tatemono, founded in 1896, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 5,035 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tokyo Tatemono Co., Ltd. |
| Ticker | 8804 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8804.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区八重洲一丁目9番9号 (上記は登記上の本店所在地であり、実際の業務は「最寄りの連絡場所」で 行っております。) |
| Representative (per filing) | 代表取締役 社長執行役員 小澤克人 |
| Founded | Oct 1896 |
| Share capital | ¥92.5B |
| Employees (consolidated) | 5,035 |
| Average salary (parent only) | ¥11.9M |
| Fiscal year end | December |
| Website | tatemono.com (https://tatemono.com/) |
| Corporate number | 6010001034998 |
| EDINET | E03859 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management, Condominium Developers |

> Profile source: annual securities report (S100XSKF, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 35.3 | 75 |
| Profitability | 84.3 | 86 |
| Cash conversion | 44.5 | 82 |
| Efficiency | 14.5 | 86 |
| Financial strength | 6.8 | 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 46% of Tokyo Tatemono's sales come from Commercial properties, with Residential and Asset service making up much of the rest.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +2.3% from the prior year, operating profit +20.2%.

## Company structure

- Segment revenue mix: Commercial properties 46.4%、Residential 34.8%、Asset service 13.4%、Other 5.4%
- Revenue → net income: ¥474586000000 → ¥59713000000
- Net income → operating cash flow: ¥59713000000 → ¥32106000000（difference ¥-27607000000）
- Main uses of operating cash flow: CapEx ¥58668000000 / dividends ¥22107000000 / buybacks ¥3004000000
- Change in cash: ¥41152000000
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 | ¥474.6B |  |
| Operating income | ¥95.8B | Margin 20.2% |
| Net income | ¥58.9B | Margin 12.4% |
| Free cash flow | -¥26.6B |  |
| Largest business | Commercial properties | of segment revenue 46.4% |
| Employees (consolidated) | 5,035 |  |
| EPS | ¥257 |  |
| Book value per share | ¥2548.21 |  |
| Equity ratio | 26.0% |  |
| Shares outstanding | 207,978,574 |  |
| Treasury shares | 41,500 |  |
| Shareholders | 18,057 |  |
| Average salary (parent only) | ¥11.9M | Filing company only |
| Cash ratio | 6.7% | Net cash -¥1.18T · Cash ÷ revenue 32.1% |
| Vs. industry median margin | +9.6 pp | Real Estate Development & Leasing |
| ROE | 13.2% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 62% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥334980000000 | ¥474586000000 | +41.7% |
| Operating income | ¥49631000000 | ¥95763000000 | +92.9% |
| Operating margin | 14.8% | 20.2% | +5.4 pp |
| Employees | 5,344 people | 5,035 people | -5.8% |
| Cash and equivalents | ¥54645000000 | ¥152292000000 | +178.7% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ビル → ビル | 39.7% |
| 住宅 → 住宅 | 27.2% |
| アセットサービス → アセットサービス | 12.8% |
| その他 → その他 | 5.4% |
| その他 → 事業再編・廃止 | 6.8% |
| クオリティライフ → 事業再編・廃止 | 8.0% |
| 海外 → 事業再編・廃止 | 0.0% |
| 新設・再編 → ビル | 6.7% |
| 新設・再編 → 住宅 | 7.6% |
| 新設・再編 → アセットサービス | 0.6% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Commercial properties | 5 years | +8.8% | ¥220177000000 | 30.5% | 2 |
| Residential | 5 years | +10.7% | ¥165139000000 | 15.5% | 2 |
| Asset service | 5 years | +6.3% | ¥63454000000 | 18.1% | 2 |
| Other | 5 years | -10.3% | ¥25814000000 | 16.2% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 474,586 | 100.0% | S100XSKF |
| SG&A | 46,568 | 9.8% | S100XSKF |
| Operating income | 95,763 | 20.2% | S100XSKF |
| Ordinary income | 78,187 | 16.5% | S100XSKF |
| Pretax income | 88,406 | 18.6% | S100XSKF |
| Income tax | 28,693 | 6.0% | S100XSKF |
| Net income | 59,713 | 12.6% | S100XSKF |
| Net income attributable to owners | 58,879 | 12.4% | S100XSKF |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Operating expenses | 80 |
| Operating income | 20 |
| (Ref.) Net income | 12 |

### Margin funnel

Operating margin 20.2% → Net margin 12.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.3%; Core profit growth: +20.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 8.62×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 463,724 | 474,586 | 10,862 | +2.3% |
| Operating income | 79,670 | 95,763 | 16,093 | +20.2% |
| Net income attributable to owners | 65,882 | 58,879 | -7,003 | -10.6% |
| Operating cash flow | 18,894 | 32,106 | 13,212 | +69.9% |
| Free cash flow | -106,258 | -26,562 | 79,696 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 323,036 | 52,410 | 16.2% | 29,796 | 24,096 | -40,630 | S100L0MS |
| FY ending Dec 2020 | 334,980 | 49,631 | 14.8% | 31,795 | 43,524 | -14,660 | S100NRHB |
| FY ending Dec 2021 | 340,477 | 58,784 | 17.3% | 34,965 | 65,889 | 46,503 | S100QGZE |
| FY ending Dec 2022 | 349,940 | 64,478 | 18.4% | 43,062 | -3,332 | -25,827 | S100T4LA |
| FY ending Dec 2023 | 375,946 | 70,508 | 18.8% | 45,084 | 20,588 | -24,208 | S100VH0G |
| FY ending Dec 2024 | 463,724 | 79,670 | 17.2% | 65,882 | 18,894 | -106,258 | S100XSKF |
| FY ending Dec 2025 | 474,586 | 95,763 | 20.2% | 58,879 | 32,106 | -26,562 | S100XSKF |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥94.3M |
| Operating income per employee (consolidated) | ¥19M |
| Net income per employee (consolidated) | ¥11.7M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 5,648 | 5,878 | 4,661 | 4,925 | 5,035 |
| Average salary (parent company) | ¥10.1M | ¥10.1M | ¥10.2M | ¥11.1M | ¥11.9M |
| Average age (parent company) | 42.0 years | 42.0 years | 41.0 years | 41.0 years | 41.0 years |
| Average tenure (parent company) | 11.0 years | 11.0 years | 11.0 years | 11.0 years | 11.0 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) +2.3%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Commercial properties | 220,177 | 46.4% | 67,059 | 30.5% |
| Residential | 165,139 | 34.8% | 25,569 | 15.5% |
| Asset service | 63,454 | 13.4% | 11,482 | 18.1% |
| Other | 25,814 | 5.4% | 4,172 | 16.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Commercial properties | 46.4% | 61.9% | 15.5 | 30.5% |
| Residential | 34.8% | 23.6% | -11.2 | 15.5% |
| Asset service | 13.4% | 10.6% | -2.8 | 18.1% |
| Other | 5.4% | 3.9% | -1.6 | 16.2% |

Segment → industry: Commercial properties → Real Estate Development & Leasing / Asset service → Real Estate Brokerage & Management / Residential → Condominium Developers

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 32,106 | 6.8% | S100XSKF |
| Capital expenditure | 58,668 | 12.4% | S100XSKF |
| Free cash flow | -26,562 | -5.6% | 算出 |
| Investing cash flow | -97,408 | -20.5% | S100XSKF |
| Financing cash flow | 104,166 | 21.9% | S100XSKF |
| Dividends paid | 22,107 | 4.7% | S100XSKF |
| Share buyback | 3,004 | 0.6% | S100XSKF |
| Change in cash | 41,152 | 8.7% | S100XSKF |
| Cash and equivalents | 152,292 | 32.1% | S100XSKF |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 87,008 | 82,439 | 127,303 | 111,139 | 152,292 | S100T4LA, S100VH0G, S100XSKF |
| Total assets | 1,650,770 | 1,720,134 | 1,905,309 | 2,081,226 | 2,272,720 | S100QGZE, S100T4LA, S100VH0G, S100XSKF |
| Net assets | 427,661 | 456,838 | 508,035 | 547,524 | 603,137 | S100T4LA, S100VH0G, S100XSKF |
| Share capital | 92,451 | 92,451 | 92,451 | 92,451 | 92,451 | S100QGZE, S100T4LA, S100VH0G, S100XSKF |
| Property, plant and equipment | 813,251 | 814,963 | 843,565 | 974,614 | 1,005,129 | S100QGZE, S100T4LA, S100VH0G, S100XSKF |
| Intangible assets excluding goodwill | 130,880 | 132,646 | 131,624 | 137,273 | 136,541 | S100QGZE, S100T4LA, S100VH0G, S100XSKF |
| Goodwill | 1,162 | 1,716 | 1,486 | 11,391 | 10,655 | S100QGZE, S100T4LA, S100VH0G, S100XSKF |
| Investment securities | 128,586 | 128,701 | 153,814 | 139,265 | 197,720 | S100QGZE, S100T4LA, S100VH0G, S100XSKF |
| Current assets | 481,217 | 552,531 | 692,464 | 730,727 | 826,865 | S100QGZE, S100T4LA, S100VH0G, S100XSKF |
| Current liabilities | 212,502 | 199,461 | 240,057 | 297,789 | 195,915 | S100QGZE, S100T4LA, S100VH0G, S100XSKF |
| Short-term borrowings | 83,726 | 52,047 | 56,754 | 80,949 | 65,508 | S100QGZE, S100T4LA, S100VH0G, S100XSKF |
| Long-term borrowings | 575,676 | 630,520 | 715,223 | 798,570 | 973,366 | S100QGZE, S100T4LA, S100VH0G, S100XSKF |
| Bonds | 255,000 | 245,000 | 255,000 | 245,000 | 295,000 | S100QGZE, S100T4LA, S100VH0G, S100XSKF |
| Interest-bearing debt | 914,402 | 927,567 | 1,026,977 | 1,124,519 | 1,333,874 | 算出 |
| Total liabilities | 1,223,109 | 1,263,296 | 1,397,274 | 1,533,702 | 1,669,582 | S100QGZE, S100T4LA, S100VH0G, S100XSKF |
| Non-controlling interests | 10,605 | 10,843 | 11,135 | 11,458 | 12,113 | S100QGZE, S100T4LA, S100VH0G, S100XSKF |
| Equity attributable to owners of parent | 324,955 | 348,048 | 377,821 | 427,902 | 461,082 | S100QGZE, S100T4LA, S100VH0G, S100XSKF |
| Retained earnings | 166,356 | 189,501 | 219,528 | 269,936 | 303,315 | S100QGZE, S100T4LA, S100VH0G, S100XSKF |
| Treasury stock | -439 | -443 | -421 | -747 | -752 | S100QGZE, S100T4LA, S100VH0G, S100XSKF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100XSKF |
| Property, plant and equipment | 44% | S100XSKF |
| Intangibles and goodwill | 6% | S100XSKF |
| Investment securities | 9% | S100XSKF |
| Other assets | 34% | S100XSKF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 59% | 算出 |
| Other liabilities | 15% | S100XSKF |
| Equity | 26% | S100XSKF |
| Other liabilities | 0% | S100XSKF |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,650,770 | 1,720,134 | 1,905,309 | 2,081,226 | 2,272,720 |
| Equity | 427,661 | 456,838 | 508,035 | 547,524 | 603,137 |
| Interest-bearing debt | 914,402 | 927,567 | 1,026,977 | 1,124,519 | 1,333,874 |
| Cash | 87,008 | 82,439 | 127,303 | 111,139 | 152,292 |

## 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) | 211.8% | S100XSKF |
| Fixed assets ÷ total assets | 44.2% | S100XSKF |
| Goodwill ÷ parent equity | 2.3% | S100XSKF |

Goodwill over 4 years: 1,162 → 10,655 JPY; total investing cash flow: -316,412 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) | 6.7% |
| Cash ÷ revenue | 32.1% |
| Net cash (cash − interest-bearing debt) | -¥1.18T |
| Net debt ÷ operating cash flow | 36.80× |
| Cash conversion (operating CF ÷ operating income) | 33.5% |
| Cash vs. profit gap | -26,773 JPY mn (of net income -45.5%) |
| Shareholder returns / net income | 42.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 37.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 12.4% |
| Investing CF relative to operating CF | 303.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 10.3% | 0.21× | 2.1% | 5.08× | 10.8% | S100QGZE |
| 2022 | 12.3% | 0.21× | 2.6% | 5.01× | 12.8% | S100T4LA |
| 2023 | 12.0% | 0.21× | 2.5% | 4.99× | 12.4% | S100VH0G |
| 2024 | 14.2% | 0.23× | 3.3% | 4.95× | 16.4% | S100XSKF |
| 2025 | 12.4% | 0.22× | 2.7% | 4.90× | 13.2% | S100XSKF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 18.5% | 2025-12-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 11.6% | 2025-12-31 |
| 日本証券金融㈱ | Major shareholder | 2.3% | 2025-12-31 |
| 損害保険ジャパン㈱ （常任代理人 ㈱日本カストディ銀行） | Major shareholder | 2.3% | 2025-12-31 |
| 明治安田生命保険(相) （常任代理人 ㈱日本カストディ銀行） | Major shareholder | 2.3% | 2025-12-31 |
| 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） | Major shareholder | 2.3% | 2025-12-31 |
| ステート ストリート バンク アンド トラスト カンパニー 505103 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 2.1% | 2025-12-31 |
| シービーロンドンスティッチングペンショエンフォンズゾーグエンウェルジジン （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.9% | 2025-12-31 |
| ジェーピー モルガン チェースバンク 380055 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.6% | 2025-12-31 |
| エムエスアイピ－クライアントセキユリテイ－ズ （常任代理人 モルガン・スタンレーＭＵＦＧ証券㈱） | Major shareholder | 1.5% | 2025-12-31 |

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

- Revenue for the FY ending Dec 2025 was ¥474.6B, up +2.3% from ¥463.7B.
- Operating income grew much faster, rising +20.2% from ¥79.7B to ¥95.8B.
- Net income attributable to owners, however, dropped -10.6% to ¥58.9B.
- Operating cash flow improved to ¥32.1B, but capital spending was larger, so free cash flow stayed negative at -¥26.6B.

### Drivers

- The commercial properties business booked sales of buildings to investors, such as Grand Front Osaka, while office leasing and facility operations held up well
- Residential revenue and profit fell because a large condominium project had been booked in the prior year
- Net income declined partly because the prior year included gains from selling cross-held shares

### Risks

- Higher interest rates could weigh on profits and on the value of the properties it owns
- A sharp rise in construction and other costs that cannot be passed on through rents or sale prices could cut margins
- A sudden downturn in the economy or property market could reduce office demand, condo buying, and investor appetite

Cited: Annual securities report (FY ending Dec 2025) (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 (FY ending Dec 2025) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第208期(2025/01/01－2025/12/31) | S100XSKF | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSKF,, |
| 有価証券報告書－第207期(2024/01/01－2024/12/31) | S100VH0G | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VH0G,, |
| 有価証券報告書－第206期(2023/01/01－2023/12/31) | S100T4LA | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4LA,, |
| 有価証券報告書－第205期(2022/01/01－2022/12/31) | S100QGZE | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGZE,, |
| 有価証券報告書－第204期(令和3年1月1日－令和3年12月31日) | S100NRHB | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRHB,, |
| 有価証券報告書－第203期(令和2年1月1日－令和2年12月31日) | S100L0MS | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0MS,, |

## 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).