# TSUKURUBA Inc.: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2024/08/01－2025/07/31) (S100WXFC)
> Page: https://vizora.meequs.com/en/company/tsukuruba
> Retrieved: 2026-09-30T21:35:13.419Z

## Company

Tsukuruba, founded in 2011, is a company in Real Estate Brokerage & Management listed on TSE Growth. It has 235 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TSUKURUBA Inc. |
| Ticker | 2978 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2978.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区恵比寿四丁目3番14号 恵比寿SSビル |
| Representative (per filing) | 代表取締役CEO 野村 駿太郎 |
| Founded | Aug 2011 |
| Share capital | ¥14.7M |
| Employees (consolidated) | 235 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | July |
| Website | tsukuruba.com (https://tsukuruba.com/) |
| Corporate number | 3011001070524 |
| EDINET | E35028 |
| Industries (Vizora) | Real Estate Brokerage & Management |

> Profile source: annual securities report (S100WXFC, filed 2025-10-29). As of filing

## Five-axis industry profile

Primary industry: Real Estate Brokerage & Management (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 13.5 | 26 |
| Cash conversion | 1.9 | 26 |
| Efficiency | 71.2 | 26 |
| Financial strength | 25 | 6 |

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)

- Tsukuruba brought in ¥8.1B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +47.7% from the prior year, operating profit +76.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥8.1B |  |
| Operating income | ¥274.5M | Margin 3.4% |
| Net income | ¥106.6M | Margin 1.3% |
| Free cash flow | -¥1.5B |  |
| Employees (consolidated) | 235 |  |
| EPS | ¥-4.34 |  |
| Diluted EPS | ¥9.33 |  |
| Book value per share | ¥77.97 |  |
| Equity ratio | 29.1% |  |
| Treasury shares | 335,700 |  |
| Shareholders | 1,856 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 29.7% | Net cash -¥555.7M · Cash ÷ revenue 22.5% |
| Vs. industry median margin | -5.6 pp | Real Estate Brokerage & Management |
| ROE | 6.2% | Derived from disclosed figures |
| ROA | 2.1% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 30% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1718876000 | ¥8099031000 | — |
| Operating income | ¥-150504000 | ¥274513000 | — |
| Operating margin | -8.8% | 3.4% | +12.1 pp |
| Employees | 135 people | 235 people | — |
| Cash and equivalents | ¥1519889000 | ¥1821511000 | — |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| cowcamo（カウカモ）事業 → 事業再編・廃止 | 63.9% |
| シェアードワークプレイス事業 → 事業再編・廃止 | 18.1% |
| 不動産企画デザイン事業 → 事業再編・廃止 | 18.1% |

Segment revenue source references: 3 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,099 | 100.0% | S100WXFC |
| Cost of revenue | 4,556 | 56.2% | S100WXFC |
| Gross profit | 3,543 | 43.8% | S100WXFC |
| SG&A | 3,269 | 40.4% | S100WXFC |
| Operating income | 275 | 3.4% | S100WXFC |
| Ordinary income | 200 | 2.5% | S100WXFC |
| Pretax income | 161 | 2.0% | S100WXFC |
| Income tax | 54 | 0.7% | S100WXFC |
| Net income | 107 | 1.3% | S100WXFC |
| Net income attributable to owners | 107 | 1.3% | S100WXFC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 40 |
| Operating income | 4 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 43.8% → Operating margin 3.4% → Net margin 1.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +47.7%; Core profit growth: +76.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.61×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,483 | 8,099 | 2,616 | +47.7% |
| Gross profit | 2,824 | 3,543 | 719 | +25.5% |
| Operating income | 155 | 275 | 119 | +76.8% |
| Net income attributable to owners | 216 | 107 | -109 | -50.6% |
| Operating cash flow | -901 | -1,478 | -577 | — |
| Free cash flow | -939 | -1,500 | -561 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 1,515 | 19 | 1.3% | 11 | 400 | 267 | S100JZME |
| FY ending Jul 2020 | 1,719 | -151 | -8.8% | -432 | -79 | -404 | S100MO3Y |
| FY ending Jul 2021 | 1,624 | -359 | -22.1% | -482 | -438 | -580 | S100PCRE |
| FY ending Jul 2022 | 2,766 | -774 | -28.0% | -822 | -1,025 | -1,111 | S100S328 |
| FY ending Jul 2023 | 4,153 | -132 | -3.2% | -166 | -85 | -94 | S100S328 |
| FY ending Jul 2024 | 5,483 | 155 | 2.8% | 216 | -901 | -939 | S100WXFC |
| FY ending Jul 2025 | 8,099 | 275 | 3.4% | 107 | -1,478 | -1,500 | S100WXFC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.5M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥453.8K |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 164 | 193 | 182 | 197 | 235 |
| Average salary (parent company) | ¥5.5M | ¥5.7M | ¥6.3M | ¥5.9M | ¥6.1M |
| Average age (parent company) | 32.0 years | 32.8 years | 33.5 years | 32.5 years | 32.1 years |
| Average tenure (parent company) | 2.3 years | 2.6 years | 2.9 years | 2.4 years | 2.5 years |

Year over year: Employees (consolidated) +19.3% · Revenue (consolidated) +47.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,478 | -18.2% | S100WXFC |
| Capital expenditure | 22 | 0.3% | S100WXFC |
| Free cash flow | -1,500 | -18.5% | 算出 |
| Investing cash flow | -76 | -0.9% | S100WXFC |
| Financing cash flow | 1,504 | 18.6% | S100WXFC |
| Dividends paid | 7 | 0.1% | S100WXFC |
| Change in cash | -50 | -0.6% | S100WXFC |
| Cash and equivalents | 1,822 | 22.5% | S100WXFC |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,197 | 1,608 | 1,726 | 1,872 | 1,822 | S100S328, S100WXFC |
| Total assets | 3,038 | 2,879 | 3,064 | 4,222 | 6,141 | S100PCRE, S100S328, S100WXFC |
| Net assets | 880 | 910 | 1,513 | 1,800 | 1,932 | S100S328, S100WXFC |
| Share capital | 31 | 14 | 32 | 60 | 15 | S100PCRE, S100S328, S100WXFC |
| Property, plant and equipment | 284 | 199 | 172 | 75 | 89 | S100PCRE, S100S328, S100WXFC |
| Investment securities | 3 | 23 | 35 | 32 | 29 | S100PCRE, S100S328, S100WXFC |
| Current assets | 2,647 | 2,561 | 2,729 | 3,967 | 5,802 | S100PCRE, S100S328, S100WXFC |
| Current liabilities | 430 | 538 | 803 | 1,707 | 3,500 | S100PCRE, S100S328, S100WXFC |
| Short-term borrowings | — | — | 73 | 928 | 1,667 | S100S328, S100WXFC |
| Long-term borrowings | 747 | 440 | 576 | 541 | 609 | S100PCRE, S100S328, S100WXFC |
| Bonds | 260 | 271 | 163 | 173 | 101 | S100PCRE, S100S328, S100WXFC |
| Interest-bearing debt | — | — | 812 | 1,642 | 2,377 | 算出 |
| Total liabilities | 2,158 | 1,969 | 1,552 | 2,421 | 4,210 | S100PCRE, S100S328, S100WXFC |
| Equity attributable to owners of parent | 836 | 822 | 1,391 | 1,666 | 1,790 | S100PCRE, S100S328, S100WXFC |
| Retained earnings | -482 | -822 | -166 | 57 | 157 | S100PCRE, S100S328, S100WXFC |
| Treasury stock | -62 | -62 | -63 | -63 | -63 | S100PCRE, S100S328, S100WXFC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100WXFC |
| Property, plant and equipment | 1% | S100WXFC |
| Investment securities | 1% | S100WXFC |
| Other assets | 68% | S100WXFC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 39% | 算出 |
| Other liabilities | 30% | S100WXFC |
| Equity | 31% | S100WXFC |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,038 | 2,879 | 3,064 | 4,222 | 6,141 |
| Equity | 880 | 910 | 1,513 | 1,800 | 1,932 |
| Interest-bearing debt | — | — | 812 | 1,642 | 2,377 |
| Cash | 2,197 | 1,608 | 1,726 | 1,872 | 1,822 |

## 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) | 1.1% | S100WXFC |
| Fixed assets ÷ total assets | 1.5% | S100WXFC |
| Goodwill ÷ parent equity | — | —, S100WXFC |

### 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) | 29.7% |
| Cash ÷ revenue | 22.5% |
| Net cash (cash − interest-bearing debt) | -¥555.7M |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -538.3% |
| Cash vs. profit gap | -1,584 JPY mn (of net income -1485.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 6.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| 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 | — | —× | -15.9% | —× | — | S100PCRE |
| 2022 | — | —× | -27.8% | —× | — | S100S328 |
| 2023 | — | —× | -5.6% | —× | — | S100S328 |
| 2024 | 3.9% | 1.30× | 5.1% | 2.53× | 12.9% | S100WXFC |
| 2025 | 1.3% | 1.56× | 2.1% | 3.00× | 6.2% | S100WXFC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 村上 浩輝 | Major shareholder | 19.2% | 2025-07-31 |
| 株式会社エイチ | Major shareholder | 10.3% | 2025-07-31 |
| 株式会社ワングローブキャピタル | Major shareholder | 7.9% | 2025-07-31 |
| 合同会社エム | Major shareholder | 7.8% | 2025-07-31 |
| 株式会社日本カストディ銀行（証券投資信託口） | Major shareholder | 7.6% | 2025-07-31 |
| 中村 真広 | Major shareholder | 7.1% | 2025-07-31 |
| 竹内 真 | Major shareholder | 4.2% | 2025-07-31 |
| イーストベンチャーズ投資事業有限責任組合 | Major shareholder | 3.1% | 2025-07-31 |
| 佐護 勝紀 | Major shareholder | 2.2% | 2025-07-31 |
| 株式会社SBI証券 | Major shareholder | 1.7% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2024/08/01－2025/07/31) | S100WXFC | 2025-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WXFC,, |
| 有価証券報告書－第13期(2023/08/01－2024/07/31) | S100UL2J | 2024-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UL2J,, |
| 有価証券報告書－第12期(2022/08/01－2023/07/31) | S100S328 | 2023-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S328,, |
| 有価証券報告書－第11期(令和3年8月1日－令和4年7月31日) | S100PCRE | 2022-10-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PCRE,, |
| 有価証券報告書－第10期(令和2年8月1日－令和3年7月31日) | S100MO3Y | 2021-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MO3Y,, |
| 有価証券報告書－第9期(令和1年8月1日－令和2年7月31日) | S100JZME | 2020-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JZME,, |

## 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).