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Tokyu Fudosan HoldingsTokyu Fudosan Holdings Corporation3289東証プライム不動産業FY ending Mar 2026, consolidated, J-GAAP

Tokyu Fudosan Holdings revenue and profit

Out of every ¥100 of sales, about ¥13 is left as operating profit. Revenue changed +8.3% from the prior year, operating profit +18.6%.

Five-year trend

Revenue¥1.25T
FY ending Mar 2022: ¥989B¥989BFY ending Mar 2023: ¥1.01T¥1.01TFY ending Mar 2024: ¥1.1T¥1.1TFY ending Mar 2025: ¥1.15T¥1.15TFY ending Mar 2026: ¥1.25T¥1.25TFY22FY23FY24FY25FY26
Operating income¥166.9B
FY ending Mar 2022: ¥83.8B¥83.8BFY ending Mar 2023: ¥110.4B¥110.4BFY ending Mar 2024: ¥120.2B¥120.2BFY ending Mar 2025: ¥140.8B¥140.8BFY ending Mar 2026: ¥166.9B¥166.9BFY22FY23FY24FY25FY26
Operating margin13.4%
FY ending Mar 2022: 8.5%8.5%FY ending Mar 2023: 11.0%11.0%FY ending Mar 2024: 10.9%10.9%FY ending Mar 2025: 12.2%12.2%FY ending Mar 2026: 13.4%13.4%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin7.8%
Asset turnover0.37×
ROA2.9%
ROA2.9%
Financial leverage4.39×
ROE12.7%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin7.8%
2022: 3.6%3.6%2023: 4.8%4.8%2024: 6.2%6.2%2025: 6.7%6.7%2026: 7.8%7.8%2223242526
Asset turnover0.37×
2022: 0.38×0.38×2023: 0.37×0.37×2024: 0.38×0.38×2025: 0.37×0.37×2026: 0.37×0.37×2223242526
ROA2.9%
2022: 1.3%1.3%2023: 1.8%1.8%2024: 2.4%2.4%2025: 2.5%2.5%2026: 2.9%2.9%2223242526
Financial leverage4.39×
2022: 4.38×4.38×2023: 4.37×4.37×2024: 4.41×4.41×2025: 4.46×4.46×2026: 4.39×4.39×2223242526
ROE12.7%
2022: 5.8%5.8%2023: 7.8%7.8%2024: 10.5%10.5%2025: 11.0%11.0%2026: 12.7%12.7%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20223.6%0.38×1.3%4.38×5.8%
20234.8%0.37×1.8%4.37×7.8%
20246.2%0.38×2.4%4.41×10.5%
20256.7%0.37×2.5%4.46×11.0%
20267.8%0.37×2.9%4.39×12.7%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue100.0%
2021: 130.1%130.1%2022: 110.6%110.6%2023: 106.0%106.0%2024: 99.2%99.2%2025: 106.5%106.5%2026: 100.0%100.0%212223242526
PPE ÷ total assets36.4%
2021: 44.5%44.5%2022: 41.5%41.5%2023: 38.9%38.9%2024: 36.1%36.1%2025: 37.7%37.7%2026: 36.4%36.4%212223242526
Goodwill ÷ parent equity6.2%
2021: 11.5%11.5%2022: 10.1%10.1%2023: 8.5%8.5%2024: 6.4%6.4%2025: 7.3%7.3%2026: 6.2%6.2%212223242526
Goodwill balance¥49.3B
2021: ¥66.4B¥66.4B2022: ¥60.7B¥60.7B2023: ¥53.4B¥53.4B2024: ¥43.5B¥43.5B2025: ¥53.4B¥53.4B2026: ¥49.3B¥49.3B212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

Receivable days—
2021: 17d17d212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue989,0491,005,8361,103,0471,150,3011,246,048
Cost of revenue—————
Gross profit—————
SG&A110,08586,74095,795104,553118,609
Operating income83,817110,410120,238140,763166,882
Pretax income55,87470,151102,987122,330147,134
Income tax19,89221,83533,48043,93848,711
Net income attributable to owners35,13348,22768,54577,56296,697
Operating margin8.5%11.0%10.9%12.2%13.4%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

5%
Property, plant and equipment 37%
4%
Investment securities 12%
Other assets 42%

Funding

2%
Interest-bearing debt 53%
Other liabilities 18%
Equity 27%
0%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥153.9B¥170.6B¥246.2B¥157.5B¥180.5B
Total assets¥2.63T¥2.74T¥3.03T¥3.25T¥3.42T
Net assets¥643.3B¥700.7B¥771.9B¥842.1B¥916.6B
Share capital¥77.6B¥77.6B¥77.6B¥77.6B¥77.6B
Property, plant and equipment¥1.09T¥1.07T¥1.09T¥1.23T¥1.25T
Intangible assets excluding goodwill¥108.2B¥105.9B¥83.5B¥101.7B¥98.7B
Goodwill¥60.7B¥53.4B¥43.5B¥53.4B¥49.3B
Investment securities¥246.4B¥295.5B¥333B¥354.7B¥398.5B
Current assets¥1.04T¥1.12T¥1.36T¥1.37T¥1.48T
Current liabilities¥438.8B¥406.1B¥508.1B¥621.3B¥525.5B
Trade payables¥43.9B¥41.8B¥69.6B¥52.9B¥56.4B
Short-term borrowings¥158.5B¥156.4B¥147.3B¥234.2B¥206.1B
Long-term borrowings¥983.2B¥1.05T¥1.15T¥1.2T¥1.28T
Bonds¥260B¥270B¥270B¥241.5B¥331.1B
Interest-bearing debt¥1.4Tderived¥1.47Tderived¥1.57Tderived¥1.68Tderived¥1.82Tderived
Total liabilities¥1.99T¥2.04T¥2.26T¥2.41T¥2.5T
Non-controlling interests¥11.5B¥16.1B¥21.8B¥19.5B¥18.5B
Equity attributable to owners of parent¥600.8B¥629.2B¥679B¥731.4B¥788.4B
Retained earnings¥357B¥392.5B¥440.5B¥493.6B¥560.4B
Treasury stock-¥341M-¥6.5B-¥4.76B-¥3.04B-¥8.43B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第13期(2025/04/01－2026/03/31)

    ID S100YHXW2026-06-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第12期(2024/04/01－2025/03/31)

    ID S100W5WX2025-06-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第11期(2023/04/01－2024/03/31)

    ID S100TSX72024-06-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第10期(2022/04/01－2023/03/31)

    ID S100R64J2023-06-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第9期(令和3年4月1日－令和4年3月31日)

    ID S100OHZR2022-06-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第8期(令和2年4月1日－令和3年3月31日)

    ID S100LQPV2021-06-25Open

Extracted from XBRL: 51 / Derived from other figures: 2

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