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ToseiTOSEI CORPORATION8923東証プライム不動産業FY ending Nov 2025, consolidated, IFRS

Tosei revenue and profit

Out of every ¥100 of sales, about ¥23 is left as operating profit. Revenue changed +15.2% from the prior year, operating profit +20.8%.

Five-year trend

Revenue¥94.7B
FY ending Nov 2021: ¥61.7B¥61.7BFY ending Nov 2022: ¥71B¥71BFY ending Nov 2023: ¥79.4B¥79.4BFY ending Nov 2024: ¥82.2B¥82.2BFY ending Nov 2025: ¥94.7B¥94.7BFY21FY22FY23FY24FY25
Operating income¥22.3B
FY ending Nov 2021: ¥11B¥11BFY ending Nov 2022: ¥13.5B¥13.5BFY ending Nov 2023: ¥16.3B¥16.3BFY ending Nov 2024: ¥18.5B¥18.5BFY ending Nov 2025: ¥22.3B¥22.3BFY21FY22FY23FY24FY25
Operating margin23.6%
FY ending Nov 2021: 17.8%17.8%FY ending Nov 2022: 19.0%19.0%FY ending Nov 2023: 20.5%20.5%FY ending Nov 2024: 22.5%22.5%FY ending Nov 2025: 23.6%23.6%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin15.6%
Asset turnover0.32×
ROA5.1%
ROA5.1%
Financial leverage3.02×
ROE15.3%

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

Net margin15.6%
2021: 10.9%10.9%2022: 12.1%12.1%2023: 13.2%13.2%2024: 14.6%14.6%2025: 15.6%15.6%2122232425
Asset turnover0.32×
2021: 0.32×0.32×2022: 0.35×0.35×2023: 0.35×0.35×2024: 0.31×0.31×2025: 0.32×0.32×2122232425
ROA5.1%
2021: 3.4%3.4%2022: 4.2%4.2%2023: 4.6%4.6%2024: 4.6%4.6%2025: 5.1%5.1%2122232425
Financial leverage3.02×
2021: 2.96×2.96×2022: 2.94×2.94×2023: 2.96×2.96×2024: 3.03×3.03×2025: 3.02×3.02×2122232425
ROE15.3%
2021: 10.2%10.2%2022: 12.5%12.5%2023: 13.6%13.6%2024: 13.9%13.9%2025: 15.3%15.3%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
202110.9%0.32×3.4%2.96×10.2%
202212.1%0.35×4.2%2.94×12.5%
202313.2%0.35×4.6%2.96×13.6%
202414.6%0.31×4.6%3.03×13.9%
202515.6%0.32×5.1%3.02×15.3%

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 ÷ revenue34.8%
2020: 36.7%36.7%2021: 38.7%38.7%2022: 32.4%32.4%2023: 41.6%41.6%2024: 39.0%39.0%2025: 34.8%34.8%202122232425
PPE ÷ total assets10.7%
2020: 14.5%14.5%2021: 12.2%12.2%2022: 10.9%10.9%2023: 13.5%13.5%2024: 11.6%11.6%2025: 10.7%10.7%202122232425
Goodwill ÷ parent equity1.4%
2021: 2.1%2.1%2022: 1.9%1.9%2023: 1.7%1.7%2024: 1.5%1.5%2025: 1.4%1.4%202122232425
Goodwill balance¥1.4B
2021: ¥1.4B¥1.4B2022: ¥1.4B¥1.4B2023: ¥1.4B¥1.4B2024: ¥1.4B¥1.4B2025: ¥1.4B¥1.4B202122232425

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

Income statement (JPY millions)

ItemFY ending Nov 2021FY ending Nov 2022FY ending Nov 2023FY ending Nov 2024FY ending Nov 2025
Revenue61,72670,95379,44682,19294,689
Cost of revenue41,02545,68649,16146,99554,793
Gross profit20,70225,26730,28535,19639,896
SG&A9,77912,10714,24716,18217,654
Operating income10,96613,51416,25518,48922,337
Pretax income10,30312,75415,31117,36520,631
Income tax3,5794,1464,8035,3655,835
Net income attributable to owners6,7218,60710,50711,98514,755
Operating margin17.8%19.0%20.5%22.5%23.6%

Balance sheet (reported items)

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

Assets

Cash 13%
Property, plant and equipment 11%
0%
Other assets 76%

Funding

Interest-bearing debt 59%
7%
Equity 34%

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

ItemFY ending Nov 2021FY ending Nov 2022FY ending Nov 2023FY ending Nov 2024FY ending Nov 2025
Cash and equivalents¥33.6B¥31.8B¥39.2B¥34.9B¥39.6B
Total assets¥195B¥211B¥245.3B¥276.8B¥307.4B
Net assets¥66B¥72.3B¥82.3B¥90.9B¥102.8B
Share capital¥6.62B¥6.62B¥6.62B¥6.62B¥6.62B
Property, plant and equipment¥23.9B¥23B¥33B¥32.1B¥33B
Goodwill¥1.4B¥1.4B¥1.4B¥1.4B¥1.4B
Current assets¥123B¥137.1B¥162.8B¥190.3B¥220.3B
Interest-bearing debt¥115B¥124.8B¥146.6B¥165.9B¥182.6B
Total liabilities¥129.1B¥138.7B¥163B¥185.9B¥204.6B
Equity attributable to owners of parent¥66B¥72.3B¥82B¥90.5B¥102.8B
Retained earnings¥53.3B¥60B¥68.1B¥76.9B¥87.9B
Treasury stock-¥911.7M-¥1.53B-¥335.3M-¥243.7M-¥217.7M

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第76期(2024/12/01－2025/11/30)

    ID S100XMC12026-02-25Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第75期(2023/12/01－2024/11/30)

    ID S100VJOX2025-04-07Open

  • EDINET (FSA Japan)

    有価証券報告書－第74期(2022/12/01－2023/11/30)

    ID S100SYHG2024-02-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第73期(2021/12/01－2022/11/30)

    ID S100QA6R2023-02-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第72期(令和2年12月1日－令和3年11月30日)

    ID S100NKFG2022-02-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第71期(令和1年12月1日－令和2年11月30日)

    ID S100KV3S2021-02-26Open

Extracted from XBRL: 44 / Derived from other figures: 1

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