# TOSEI CORPORATION: business model and financials

> Latest period: FY ending Nov 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第76期(2024/12/01－2025/11/30) (S100XMC1)
> Page: https://vizora.meequs.com/en/company/tosei
> Retrieved: 2026-09-30T20:26:08.844Z

## Company

Tosei, founded in 1950, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 875 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOSEI CORPORATION |
| Ticker | 8923 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8923.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝浦四丁目5番4号 |
| Representative (per filing) | 代表取締役社長 山口 誠一郎 |
| Founded | Feb 1950 |
| Share capital | ¥6.62B |
| Employees (consolidated) | 875 |
| Average salary (parent only) | ¥9.4M |
| Fiscal year end | November |
| Website | www.toseicorp.co.jp (https://www.toseicorp.co.jp/) |
| Corporate number | 8010401064940 |
| EDINET | E04021 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management, Hotels & Inns |

> Profile source: annual securities report (S100XMC1, filed 2026-02-25). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 42 | 75 |
| Profitability | 90.1 | 86 |
| Cash conversion | 36 | 82 |
| Efficiency | 27.3 | 86 |
| Financial strength | 14.9 | 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 41% of Tosei's sales come from Revitalization business, with Real estate development business and Real estate leasing business making up much of the rest.
- 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%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥94.7B |  |
| Operating income | ¥22.3B | Margin 23.6% |
| Net income | ¥14.8B | Margin 15.6% |
| Free cash flow | -¥1.93B |  |
| Largest business | Revitalization business | of segment revenue 41.3% |
| Employees (consolidated) | 875 |  |
| EPS | ¥152.18 |  |
| Diluted EPS | ¥151.88 |  |
| Book value per share | ¥952 |  |
| Equity ratio | 33.4% | Derived from disclosed figures |
| Shares outstanding | 48,683,800 |  |
| Treasury shares | 199,000 |  |
| Shareholders | 24,468 |  |
| Average salary (parent only) | ¥9.4M | Filing company only |
| Cash ratio | 12.9% | Net cash -¥143B · Cash ÷ revenue 41.8% |
| Vs. industry median margin | +13.1 pp | Real Estate Development & Leasing |
| ROE | 15.3% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## Notable figures

- FY2025, parent-company salary changed +22% over five years

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥63939781000 | ¥94688969000 | +48.1% |
| Operating income | ¥6427755000 | ¥22336971000 | +247.5% |
| Operating margin | 10.1% | 23.6% | +13.5 pp |
| Employees | 509 people | 875 people | +71.9% |
| Cash and equivalents | ¥37039600000 | ¥39604289000 | +6.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 不動産再生事業 → 不動産再生事業 | 41.3% |
| 不動産再生事業 → 事業再編・廃止 | 7.4% |
| 不動産開発事業 → 不動産開発事業 | 24.4% |
| 不動産開発事業 → 事業再編・廃止 | 0.9% |
| 不動産賃貸事業 → 不動産賃貸事業 | 9.1% |
| 不動産ファンド・コンサルティング事業 → 不動産ファンド・コンサルティング事業 | 8.9% |
| 不動産管理事業 → 不動産管理事業 | 7.3% |
| ホテル事業 → ホテル事業 | 0.7% |
| 新設・再編 → 不動産賃貸事業 | 0.4% |
| 新設・再編 → 不動産ファンド・コンサルティング事業 | 0.6% |
| 新設・再編 → 不動産管理事業 | 0.5% |
| 新設・再編 → ホテル事業 | 6.9% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Revitalization business | 5 years | +4.7% | ¥39150385000 | 16.2% | 2 |
| Real estate development business | 5 years | +7.4% | ¥23068199000 | 24.8% | 2 |
| Real estate leasing business | 5 years | +9.2% | ¥9025256000 | 54.7% | 2 |
| Fund and consulting business | 5 years | +9.5% | ¥8932155000 | 61.3% | 2 |
| Real estate management | 5 years | +9.5% | ¥7375415000 | 15.8% | 2 |
| Hotel | 5 years | +74.8% | ¥7137556000 | 39.4% | 2 |

## Income statement（FY ending Nov 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 94,689 | 100.0% | S100XMC1 |
| Cost of revenue | 54,793 | 57.9% | S100XMC1 |
| Gross profit | 39,896 | 42.1% | S100XMC1 |
| SG&A | 17,654 | 18.6% | S100XMC1 |
| Operating income | 22,337 | 23.6% | S100XMC1 |
| Pretax income | 20,631 | 21.8% | S100XMC1 |
| Income tax | 5,835 | 6.2% | S100XMC1 |
| Net income | 14,796 | 15.6% | S100XMC1 |
| Net income attributable to owners | 14,755 | 15.6% | S100XMC1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 19 |
| Operating income | 23 |
| (Ref.) Net income | 16 |

### Margin funnel

Gross margin 42.1% → Operating margin 23.6% → Net margin 15.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.2%; Core profit growth: +20.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.37×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 82,192 | 94,689 | 12,497 | +15.2% |
| Gross profit | 35,196 | 39,896 | 4,700 | +13.4% |
| Operating income | 18,489 | 22,337 | 3,848 | +20.8% |
| Net income attributable to owners | 11,985 | 14,755 | 2,770 | +23.1% |
| Operating cash flow | -13,046 | -1,736 | 11,309 | — |
| Free cash flow | -13,274 | -1,930 | 11,344 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2016 | 49,818 | — | — | 5,547 | -7,472 | — | S100KV3S |
| FY ending Nov 2017 | 57,754 | — | — | 6,155 | 7,089 | — | S100NKFG |
| FY ending Nov 2018 | 61,543 | — | — | 6,852 | 7,615 | — | S100QA6R |
| FY ending Nov 2019 | 60,728 | 12,691 | 20.9% | 8,447 | -3,800 | -3,892 | S100KV3S |
| FY ending Nov 2020 | 63,940 | 6,428 | 10.1% | 3,602 | 12,510 | 12,191 | S100NKFG |
| FY ending Nov 2021 | 61,726 | 10,966 | 17.8% | 6,721 | 975 | -39 | S100QA6R |
| FY ending Nov 2022 | 70,953 | 13,514 | 19.0% | 8,607 | -197 | -365 | S100SYHG |
| FY ending Nov 2023 | 79,446 | 16,255 | 20.5% | 10,507 | 5,722 | 5,274 | S100VJOX |
| FY ending Nov 2024 | 82,192 | 18,489 | 22.5% | 11,985 | -13,046 | -13,274 | S100XMC1 |
| FY ending Nov 2025 | 94,689 | 22,337 | 23.6% | 14,755 | -1,736 | -1,930 | S100XMC1 |

## People and productivity（FY ending Nov 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥108.2M |
| Operating income per employee (consolidated) | ¥25.5M |
| Net income per employee (consolidated) | ¥16.9M |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 638 | 663 | 727 | 809 | 875 |
| Average salary (parent company) | ¥7.7M | ¥8M | ¥8.5M | ¥9M | ¥9.4M |
| Average age (parent company) | 38.7 years | 36.1 years | 36.6 years | 36.6 years | 35.7 years |
| Average tenure (parent company) | 5.4 years | 5.2 years | 5.6 years | 5.7 years | 5.6 years |

Year over year: Employees (consolidated) +8.2% · Revenue (consolidated) +15.2%

## Segments（FY ending Nov 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Revitalization business | 39,150 | 41.3% | 6,324 | 16.2% |
| Real estate development business | 23,068 | 24.4% | 5,730 | 24.8% |
| Real estate leasing business | 9,025 | 9.5% | 4,938 | 54.7% |
| Fund and consulting business | 8,932 | 9.4% | 5,471 | 61.3% |
| Real estate management | 7,375 | 7.8% | 1,168 | 15.8% |
| Hotel | 7,138 | 7.5% | 2,809 | 39.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Revitalization business | 41.3% | 23.9% | -17.4 | 16.2% |
| Real estate development business | 24.4% | 21.7% | -2.7 | 24.8% |
| Real estate leasing business | 9.5% | 18.7% | 9.1 | 54.7% |
| Fund and consulting business | 9.4% | 20.7% | 11.3 | 61.3% |
| Real estate management | 7.8% | 4.4% | -3.4 | 15.8% |
| Hotel | 7.5% | 10.6% | 3.1 | 39.4% |

Segment → industry: Fund and consulting business → Real Estate Development & Leasing / Real estate leasing business → Real Estate Development & Leasing / Real estate development business → Real Estate Development & Leasing / Revitalization business → Real Estate Development & Leasing / Real estate management → Real Estate Brokerage & Management / Hotel → Hotels & Inns

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Nov 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,736 | -1.8% | S100XMC1 |
| Capital expenditure | 194 | 0.2% | S100XMC1 |
| Free cash flow | -1,930 | -2.0% | 算出 |
| Investing cash flow | -3,494 | -3.7% | S100XMC1 |
| Financing cash flow | 9,946 | 10.5% | S100XMC1 |
| Dividends paid | 3,827 | 4.0% | S100XMC1 |
| Change in cash | 4,730 | 5.0% | S100XMC1 |
| Cash and equivalents | 39,604 | 41.8% | S100XMC1 |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 33,561 | 31,767 | 39,198 | 34,874 | 39,604 | S100SYHG, S100VJOX, S100XMC1 |
| Total assets | 195,011 | 210,956 | 245,330 | 276,815 | 307,427 | S100QA6R, S100SYHG, S100VJOX, S100XMC1 |
| Net assets | 65,959 | 72,291 | 82,319 | 90,867 | 102,836 | S100SYHG, S100VJOX, S100XMC1 |
| Share capital | 6,625 | 6,625 | 6,625 | 6,625 | 6,625 | S100QA6R, S100SYHG, S100VJOX, S100XMC1 |
| Property, plant and equipment | 23,860 | 22,963 | 33,018 | 32,094 | 32,961 | S100QA6R, S100SYHG, S100VJOX, S100XMC1 |
| Goodwill | 1,402 | 1,402 | 1,402 | 1,402 | 1,402 | S100QA6R, S100SYHG, S100VJOX, S100XMC1 |
| Current assets | 122,958 | 137,132 | 162,831 | 190,330 | 220,252 | S100QA6R, S100SYHG, S100VJOX, S100XMC1 |
| Interest-bearing debt | 114,955 | 124,848 | 146,588 | 165,901 | 182,640 | S100QA6R, S100SYHG, S100VJOX, S100XMC1 |
| Total liabilities | 129,052 | 138,665 | 163,010 | 185,949 | 204,591 | S100QA6R, S100SYHG, S100VJOX, S100XMC1 |
| Equity attributable to owners of parent | 65,959 | 72,291 | 82,047 | 90,500 | 102,805 | S100QA6R, S100SYHG, S100VJOX, S100XMC1 |
| Retained earnings | 53,250 | 60,030 | 68,140 | 76,914 | 87,876 | S100QA6R, S100SYHG, S100VJOX, S100XMC1 |
| Treasury stock | -912 | -1,534 | -335 | -244 | -218 | S100QA6R, S100SYHG, S100VJOX, S100XMC1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100XMC1 |
| Property, plant and equipment | 11% | S100XMC1 |
| Intangibles and goodwill | 0% | — |
| Other assets | 76% | S100XMC1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 59% | S100XMC1 |
| Other liabilities | 7% | S100XMC1 |
| Equity | 34% | S100XMC1 |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 195,011 | 210,956 | 245,330 | 276,815 | 307,427 |
| Equity | 65,959 | 72,291 | 82,319 | 90,867 | 102,836 |
| Interest-bearing debt | 114,955 | 124,848 | 146,588 | 165,901 | 182,640 |
| Cash | 33,561 | 31,767 | 39,198 | 34,874 | 39,604 |

## 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) | 34.8% | S100XMC1 |
| Fixed assets ÷ total assets | 10.7% | S100XMC1 |
| Goodwill ÷ parent equity | 1.4% | S100XMC1 |

Goodwill over 4 years: 1,402 → 1,402 JPY; total investing cash flow: -49,735 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) | 12.9% |
| Cash ÷ revenue | 41.8% |
| Net cash (cash − interest-bearing debt) | -¥143B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -7.8% |
| Cash vs. profit gap | -16,491 JPY mn (of net income -111.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 25.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 10.9% | 0.32× | 3.4% | 2.96× | 10.2% | S100QA6R |
| 2022 | 12.1% | 0.35× | 4.2% | 2.94× | 12.5% | S100SYHG |
| 2023 | 13.2% | 0.35× | 4.6% | 2.96× | 13.6% | S100VJOX |
| 2024 | 14.6% | 0.31× | 4.6% | 3.03× | 13.9% | S100XMC1 |
| 2025 | 15.6% | 0.32× | 5.1% | 3.02× | 15.3% | S100XMC1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 名古屋鉄道株式会社 | Major shareholder | 15.5% | 2025-11-30 |
| 有限会社ゼウスキャピタル | Major shareholder | 12.4% | 2025-11-30 |
| 山口 誠一郎 | Major shareholder | 11.1% | 2025-11-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.4% | 2025-11-30 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人：株式会社みずほ銀行決済営業部） | Major shareholder | 3.8% | 2025-11-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.5% | 2025-11-30 |
| きらぼしキャピタル東京Sparkle投資事業有限責任組合 | Major shareholder | 2.1% | 2025-11-30 |
| SMBC日興証券株式会社 | Major shareholder | 1.6% | 2025-11-30 |
| HOST-PLUS PTY LIMITED-HOSTPLUS POOLED SUPERANNUATION TRUST HOSKING PARTNERS LLP（常任代理人：シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.5% | 2025-11-30 |
| CACEIS BANK, LUXEMBOURG BRANCH / AIF CLIENTS ASSETS（常任代理人：香港上海銀行東京支店） | Major shareholder | 1.5% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2024/12/01－2025/11/30) | S100XMC1 | 2026-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XMC1,, |
| 訂正有価証券報告書－第75期(2023/12/01－2024/11/30) | S100VJOX | 2025-04-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJOX,, |
| 有価証券報告書－第74期(2022/12/01－2023/11/30) | S100SYHG | 2024-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SYHG,, |
| 有価証券報告書－第73期(2021/12/01－2022/11/30) | S100QA6R | 2023-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QA6R,, |
| 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) | S100NKFG | 2022-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NKFG,, |
| 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) | S100KV3S | 2021-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KV3S,, |

## 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).