# Toubujyuhan Co.,Ltd.: business model and financials

> Latest period: FY ending May 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第43期(2025/06/01－2026/05/31) (S100YYGF)
> Page: https://vizora.meequs.com/en/company/toubu
> Retrieved: 2026-09-30T17:58:17.361Z

## Company

Toubujyuhan, founded in 1984, is a company in Non-life Insurance listed on TSE Standard. It has 125 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Toubujyuhan Co.,Ltd. |
| Ticker | 3297 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3297.T) |
| Listing | TSE Standard |
| Head office | 山口県下関市岬之町11番46号 |
| Representative (per filing) | 代表取締役社長 荻野 利浩 |
| Founded | Sep 1984 |
| Share capital | ¥302.9M |
| Employees (consolidated) | 125 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | May |
| Website | www.toubu.co.jp (https://www.toubu.co.jp/) |
| Corporate number | 2250001005979 |
| EDINET | E30598 |
| Industries (Vizora) | Non-life Insurance, Real Estate Development & Leasing, Real Estate Brokerage & Management, Nursing Care |

> Profile source: annual securities report (S100YYGF, filed 2026-08-25). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10 | 75 |
| Profitability | 28.5 | 86 |
| Cash conversion | 38.4 | 82 |
| Efficiency | 86.6 | 86 |

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 96% of Toubujyuhan's sales come from Real estate buying and selling, with Real estate leasing business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -5.4% from the prior year, operating profit +15.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥7.75B |  |
| Operating income | ¥587.9M | Margin 7.6% |
| Net income | ¥395.3M | Margin 5.1% |
| Free cash flow | -¥58M |  |
| Largest business | Real estate buying and selling | of segment revenue 95.6% |
| Employees (consolidated) | 125 |  |
| EPS | ¥145.85 |  |
| Book value per share | ¥1741.88 |  |
| Equity ratio | 75.6% |  |
| Shares outstanding | 2,712,400 |  |
| Treasury shares | 2,300 |  |
| Shareholders | 7,477 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 12.9% | Cash ÷ revenue 10.4% |
| Vs. industry median margin | -2.9 pp | Real Estate Development & Leasing |
| ROE | 8.7% | Derived from disclosed figures |
| ROA | 6.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 93% of positive segment profit

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7754089000 | ¥7745109000 | -0.1% |
| Operating income | ¥575498000 | ¥587923000 | +2.2% |
| Operating margin | 7.4% | 7.6% | +0.2 pp |
| Employees | 127 people | 125 people | -1.6% |
| Cash and equivalents | ¥1024456000 | ¥806825000 | -21.2% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 不動産売買事業 → 不動産売買事業 | 95.6% |
| 不動産売買事業 → 事業再編・廃止 | 0.2% |
| 不動産賃貸事業 → 不動産賃貸事業 | 2.5% |
| 不動産関連事業 → 不動産関連事業 | 0.4% |
| 不動産関連事業 → 事業再編・廃止 | 0.2% |
| その他 → その他 | 1.1% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 不動産賃貸事業 | 0.4% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Real estate buying and selling | 5 years | -0.1% | ¥7405200000 | 14.2% | 2 |
| Real estate leasing business | 5 years | +3.0% | ¥222985000 | 27.1% | 2 |
| Other | 5 years | -0.4% | ¥83323000 | -0.8% | 2 |
| Real estate related | 5 years | -6.4% | ¥33600000 | 46.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,745 | 100.0% | S100YYGF |
| Cost of revenue | 5,377 | 69.4% | S100YYGF |
| Gross profit | 2,368 | 30.6% | S100YYGF |
| SG&A | 1,780 | 23.0% | S100YYGF |
| Operating income | 588 | 7.6% | S100YYGF |
| Ordinary income | 589 | 7.6% | S100YYGF |
| Pretax income | 574 | 7.4% | S100YYGF |
| Income tax | 179 | 2.3% | S100YYGF |
| Net income | 395 | 5.1% | S100YYGF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 23 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 30.6% → Operating margin 7.6% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -5.4%; Core profit growth: +15.0%
Operating leverage (core profit growth ÷ revenue growth): -2.78×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,186 | 7,745 | -441 | -5.4% |
| Gross profit | 2,236 | 2,368 | 132 | +5.9% |
| Operating income | 511 | 588 | 77 | +15.0% |
| Operating cash flow | 1,051 | -25 | -1,076 | -102.3% |
| Free cash flow | 1,034 | -58 | -1,092 | -105.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 6,850 | 413 | 6.0% | 276 | -871 | -972 | S100MCVB |
| FY ending May 2021 | 7,754 | 575 | 7.4% | 392 | 1,473 | 1,287 | S100P3ZI |
| FY ending May 2022 | 7,483 | 566 | 7.6% | 388 | -60 | -132 | S100RS1G |
| FY ending May 2023 | 7,673 | 550 | 7.2% | 377 | 98 | 87 | S100ULCI |
| FY ending May 2024 | 7,264 | 312 | 4.3% | 213 | -389 | -491 | S100WKV4 |
| FY ending May 2025 | 8,186 | 511 | 6.2% | 343 | 1,051 | 1,034 | S100YYGF |
| FY ending May 2026 | 7,745 | 588 | 7.6% | 395 | -25 | -58 | S100YYGF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥62M |
| Operating income per employee (consolidated) | ¥4.7M |
| Net income per employee (consolidated) | ¥3.2M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 127 | 130 | 126 | 121 | 125 |
| Average salary (parent company) | ¥4.8M | ¥4.6M | ¥4.6M | ¥4.4M | ¥5.1M |
| Average age (parent company) | 40.3 years | 40.8 years | 41.3 years | 40.9 years | 41.6 years |
| Average tenure (parent company) | 7.2 years | 7.6 years | 8.1 years | 8.7 years | 8.9 years |

Year over year: Employees (consolidated) +3.3% · Revenue (consolidated) -5.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate buying and selling | 7,405 | 95.6% | 1,050 | 14.2% |
| Real estate leasing business | 223 | 2.9% | 60 | 27.1% |
| Real estate related | 34 | 0.4% | 16 | 46.5% |
| Other | 83 | 1.1% | -1 | -0.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Real estate buying and selling | 95.6% | 93.2% | -2.4 | 14.2% |
| Real estate leasing business | 2.9% | 5.4% | 2.5 | 27.1% |
| Real estate related | 0.4% | 1.4% | 1.0 | 46.5% |
| Other | 1.1% | — | — | -0.8% |

Loss-making segment (excluded from profit shares): Other -1 JPY mn

Segment → industry: Real estate related → Non-life Insurance / Real estate buying and selling → Real Estate Development & Leasing / Real estate leasing business → Real Estate Brokerage & Management / Real estate buying and selling → Real Estate Brokerage & Management / Other → Nursing Care

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -25 | -0.3% | S100YYGF |
| Capital expenditure | 33 | 0.4% | S100YYGF |
| Free cash flow | -58 | -0.7% | 算出 |
| Investing cash flow | -11 | -0.1% | S100YYGF |
| Financing cash flow | -184 | -2.4% | S100YYGF |
| Dividends paid | 108 | 1.4% | S100YYGF |
| Change in cash | -219 | -2.8% | S100YYGF |
| Cash and equivalents | 807 | 10.4% | S100YYGF |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 760 | 748 | 767 | 1,026 | 807 | S100ULCI, S100WKV4, S100YYGF |
| Total assets | 5,366 | 5,669 | 6,291 | 6,140 | 6,242 | S100RS1G, S100ULCI, S100WKV4, S100YYGF |
| Net assets | 3,765 | 4,074 | 4,191 | 4,428 | 4,721 | S100ULCI, S100WKV4, S100YYGF |
| Share capital | 303 | 303 | 303 | 303 | 303 | S100RS1G, S100ULCI, S100WKV4, S100YYGF |
| Property, plant and equipment | 654 | 613 | 679 | 723 | 647 | S100RS1G, S100ULCI, S100WKV4, S100YYGF |
| Intangible assets excluding goodwill | 28 | 16 | 12 | 8 | 5 | S100RS1G, S100ULCI, S100WKV4, S100YYGF |
| Investment securities | 26 | 28 | 34 | 33 | 42 | S100RS1G, S100ULCI, S100WKV4, S100YYGF |
| Current assets | 4,529 | 4,880 | 5,437 | 5,228 | 5,398 | S100RS1G, S100ULCI, S100WKV4, S100YYGF |
| Current liabilities | 1,080 | 801 | 1,172 | 938 | 1,031 | S100RS1G, S100ULCI, S100WKV4, S100YYGF |
| Short-term borrowings | 337 | 67 | 497 | 58 | 225 | S100RS1G, S100ULCI, S100WKV4, S100YYGF |
| Long-term borrowings | 405 | 669 | 797 | 568 | 338 | S100RS1G, S100ULCI, S100WKV4, S100YYGF |
| Total liabilities | 1,601 | 1,594 | 2,100 | 1,712 | 1,521 | S100RS1G, S100ULCI, S100WKV4, S100YYGF |
| Equity attributable to owners of parent | 3,760 | 4,067 | 4,180 | 4,417 | 4,704 | S100RS1G, S100ULCI, S100WKV4, S100YYGF |
| Retained earnings | 3,216 | 3,501 | 3,614 | 3,851 | 4,138 | S100RS1G, S100ULCI, S100WKV4, S100YYGF |
| Treasury stock | -18 | -1 | -1 | -1 | -1 | S100RS1G, S100ULCI, S100WKV4, S100YYGF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YYGF |
| Property, plant and equipment | 10% | S100YYGF |
| Intangibles and goodwill | 0% | S100YYGF |
| Investment securities | 1% | S100YYGF |
| Other assets | 76% | S100YYGF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100YYGF |
| Equity | 76% | S100YYGF |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,366 | 5,669 | 6,291 | 6,140 | 6,242 |
| Equity | 3,765 | 4,074 | 4,191 | 4,428 | 4,721 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 760 | 748 | 767 | 1,026 | 807 |

## 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) | 8.3% | S100YYGF |
| Fixed assets ÷ total assets | 10.4% | S100YYGF |
| Goodwill ÷ parent equity | — | —, S100YYGF |

### 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 | 10.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -4.2% |
| Cash vs. profit gap | -420 JPY mn (of net income -106.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 27.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 5.2% | 1.39× | 7.2% | 1.43× | 10.3% | S100RS1G |
| 2023 | 4.9% | 1.39× | 6.8% | 1.41× | 9.6% | S100ULCI |
| 2024 | 2.9% | 1.21× | 3.6% | 1.45× | 5.2% | S100WKV4 |
| 2025 | 4.2% | 1.32× | 5.5% | 1.45× | 8.0% | S100YYGF |
| 2026 | 5.1% | 1.25× | 6.4% | 1.36× | 8.7% | S100YYGF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 荻野利浩 | Major shareholder | 38.6% | 2026-05-31 |
| 株式会社Ｏ Ｔ Ｃ | Major shareholder | 5.1% | 2026-05-31 |
| 東武住販社員持株会 | Major shareholder | 1.8% | 2026-05-31 |
| 大阪中小企業投資育成株式会社 | Major shareholder | 1.7% | 2026-05-31 |
| 若杉精三郎 | Major shareholder | 1.4% | 2026-05-31 |
| 荻野しとみ | Major shareholder | 1.2% | 2026-05-31 |
| 株式会社西京銀行 | Major shareholder | 1.1% | 2026-05-31 |
| 顧 曄 | Major shareholder | 0.8% | 2026-05-31 |
| 張 亜南 | Major shareholder | 0.7% | 2026-05-31 |
| 米谷敏昭 | Major shareholder | 0.7% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第43期(2025/06/01－2026/05/31) | S100YYGF | 2026-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYGF,, |
| 有価証券報告書－第42期(2024/06/01－2025/05/31) | S100WKV4 | 2025-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WKV4,, |
| 訂正有価証券報告書－第41期(2023/06/01－2024/05/31) | S100ULCI | 2024-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ULCI,, |
| 有価証券報告書－第40期(2022/06/01－2023/05/31) | S100RS1G | 2023-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RS1G,, |
| 有価証券報告書－第39期(令和3年6月1日－令和4年5月31日) | S100P3ZI | 2022-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3ZI,, |
| 有価証券報告書－第38期(令和2年6月1日－令和3年5月31日) | S100MCVB | 2021-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCVB,, |

## 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).