# URBANET CORPORATION CO.,LTD.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第29期(2025/07/01－2026/06/30) (S100Z37J)
> Page: https://vizora.meequs.com/en/company/urbanet
> Retrieved: 2026-09-30T20:26:22.217Z

## Company

Urbanet, founded in 1997, is a company in Hotels & Inns listed on TSE Standard. It has 98 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | URBANET CORPORATION CO., LTD. |
| Ticker | 3242 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3242.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区霞が関三丁目2番5号 |
| Representative (per filing) | 代表取締役社長 田中敦 |
| Founded | Jul 1997 |
| Share capital | ¥3.97B |
| Employees (consolidated) | 98 |
| Average salary (parent only) | ¥10.7M |
| Fiscal year end | June |
| Website | www.urbanet.jp (https://www.urbanet.jp/) |
| Corporate number | 2010001092018 |
| EDINET | E04069 |
| Industries (Vizora) | Hotels & Inns, Condominium Developers |

> Profile source: annual securities report (S100Z37J, filed 2026-09-24). As of filing

## Five-axis industry profile

Primary industry: Condominium Developers (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.3 | 21 |
| Profitability | 70 | 25 |
| Cash conversion | 10 | 25 |
| Efficiency | 38 | 25 |

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 99% of Urbanet's sales come from Real Estate Business, with Hotel Business making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +16.1% from the prior year, operating profit +19.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥39.4B |  |
| Operating income | ¥4.15B | Margin 10.5% |
| Net income | ¥2.13B | Margin 5.4% |
| Free cash flow | -¥12B |  |
| Largest business | Real Estate Business | of segment revenue 99.4% |
| Employees (consolidated) | 98 |  |
| EPS | ¥45.25 |  |
| Diluted EPS | ¥45.21 |  |
| Book value per share | ¥504.7 |  |
| Equity ratio | 24.7% |  |
| Shares outstanding | 37,574,100 |  |
| Treasury shares | 100 |  |
| Shareholders | 32,605 |  |
| Average salary (parent only) | ¥10.7M | Filing company only |
| Cash ratio | 14.7% | Cash ÷ revenue 29.4% |
| Vs. industry median margin | +2.4 pp | Condominium Developers |
| ROE | 11.6% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.0× its level five years ago
- FY2026, one segment accounts for 99% of positive segment profit
- FY2026, parent-company salary changed +35% over five years

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥20955404000 | ¥39394808000 | +88.0% |
| Operating income | ¥2321748000 | ¥4147538000 | +78.6% |
| Operating margin | 11.1% | 10.5% | -0.6 pp |
| Employees | 47 people | 98 people | +108.5% |
| Cash and equivalents | ¥7193312000 | ¥11587787000 | +61.1% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 不動産事業 → 不動産事業 | 99.4% |
| 不動産事業 → 事業再編・廃止 | 0.5% |
| ホテル事業 → ホテル事業 | 0.1% |
| 新設・再編 → ホテル事業 | 0.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 39,395 | 100.0% | S100Z37J |
| Cost of revenue | 31,547 | 80.1% | S100Z37J |
| Gross profit | 7,848 | 19.9% | S100Z37J |
| SG&A | 3,701 | 9.4% | S100Z37J |
| Operating income | 4,148 | 10.5% | S100Z37J |
| Ordinary income | 3,136 | 8.0% | S100Z37J |
| Pretax income | 3,130 | 7.9% | S100Z37J |
| Income tax | 1,000 | 2.5% | S100Z37J |
| Net income | 2,130 | 5.4% | S100Z37J |
| Net income attributable to owners | 2,130 | 5.4% | S100Z37J |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 9 |
| Operating income | 11 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 19.9% → Operating margin 10.5% → Net margin 5.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.1%; Core profit growth: +19.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.19×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 33,934 | 39,395 | 5,461 | +16.1% |
| Gross profit | 6,463 | 7,848 | 1,385 | +21.4% |
| Operating income | 3,481 | 4,148 | 666 | +19.1% |
| Net income attributable to owners | 1,851 | 2,130 | 279 | +15.1% |
| Operating cash flow | -7,279 | -9,691 | -2,411 | — |
| Free cash flow | -9,750 | -11,987 | -2,237 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 22,019 | 2,485 | 11.3% | 1,506 | 1,143 | 308 | S100MHND |
| FY ending Jun 2021 | 20,955 | 2,322 | 11.1% | 1,282 | -1,434 | -1,826 | S100P9H2 |
| FY ending Jun 2022 | 19,607 | 2,223 | 11.3% | 1,314 | 491 | 97 | S100RY70 |
| FY ending Jun 2023 | 20,265 | 2,430 | 12.0% | 1,447 | -2,836 | -2,864 | S100UFYF |
| FY ending Jun 2024 | 27,966 | 2,726 | 9.7% | 1,701 | 2,978 | 2,864 | S100WS9W |
| FY ending Jun 2025 | 33,934 | 3,481 | 10.3% | 1,851 | -7,279 | -9,750 | S100Z37J |
| FY ending Jun 2026 | 39,395 | 4,148 | 10.5% | 2,130 | -9,691 | -11,987 | S100Z37J |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥402M |
| Operating income per employee (consolidated) | ¥42.3M |
| Net income per employee (consolidated) | ¥21.7M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 49 | 48 | 73 | 90 | 98 |
| Average salary (parent company) | ¥7.9M | ¥8.8M | ¥8.1M | ¥10.7M | ¥10.7M |
| Average age (parent company) | 40.6 years | 40.8 years | 40.9 years | 41.6 years | 42.8 years |
| Average tenure (parent company) | 6.4 years | 6.8 years | 6.8 years | 6.5 years | 6.9 years |

Year over year: Employees (consolidated) +8.9% · Revenue (consolidated) +16.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real Estate Business | 39,157 | 99.4% | 5,909 | 15.1% |
| Hotel Business | 237 | 0.6% | 39 | 16.5% |

### 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 Business | 99.4% | 99.3% | -0.1 | 15.1% |
| Hotel Business | 0.6% | 0.7% | 0.1 | 16.5% |

Segment → industry: Hotel Business → Hotels & Inns / Real Estate Business → Condominium Developers

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -9,691 | -24.6% | S100Z37J |
| Capital expenditure | 2,296 | 5.8% | S100Z37J |
| Free cash flow | -11,987 | -30.4% | 算出 |
| Investing cash flow | -3,232 | -8.2% | S100Z37J |
| Financing cash flow | 13,112 | 33.3% | S100Z37J |
| Dividends paid | 839 | 2.1% | S100Z37J |
| Share buyback | 39 | 0.1% | S100Z37J |
| Change in cash | 189 | 0.5% | S100Z37J |
| Cash and equivalents | 11,588 | 29.4% | S100Z37J |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,485 | 9,131 | 8,510 | 11,399 | 11,588 | S100UFYF, S100WS9W, S100Z37J |
| Total assets | 38,091 | 44,238 | 46,973 | 62,323 | 79,051 | S100RY70, S100UFYF, S100WS9W, S100Z37J |
| Net assets | 14,393 | 15,193 | 15,064 | 17,348 | 19,496 | S100UFYF, S100WS9W, S100Z37J |
| Share capital | 2,694 | 2,694 | 2,956 | 3,519 | 3,967 | S100RY70, S100UFYF, S100WS9W, S100Z37J |
| Property, plant and equipment | 5,996 | 5,853 | 6,810 | 7,736 | 9,318 | S100RY70, S100UFYF, S100WS9W, S100Z37J |
| Intangible assets excluding goodwill | 3 | 3 | 7 | 14 | 298 | S100RY70, S100UFYF, S100WS9W, S100Z37J |
| Goodwill | — | — | — | — | 278 | S100Z37J |
| Current assets | 31,473 | 37,411 | 39,381 | 53,748 | 68,634 | S100RY70, S100UFYF, S100WS9W, S100Z37J |
| Current liabilities | 10,122 | 10,348 | 13,809 | 14,670 | 13,161 | S100RY70, S100UFYF, S100WS9W, S100Z37J |
| Short-term borrowings | 278 | 312 | 3,161 | 2,662 | 3,355 | S100RY70, S100UFYF, S100WS9W, S100Z37J |
| Long-term borrowings | 13,463 | 18,272 | 17,430 | 29,792 | 45,540 | S100RY70, S100UFYF, S100WS9W, S100Z37J |
| Total liabilities | 23,697 | 29,045 | 31,908 | 44,975 | 59,555 | S100RY70, S100UFYF, S100WS9W, S100Z37J |
| Non-controlling interests | 1,598 | 1,641 | — | — | — | S100RY70, S100UFYF |
| Equity attributable to owners of parent | 12,795 | 13,551 | 15,062 | 17,348 | 19,496 | S100RY70, S100UFYF, S100WS9W, S100Z37J |
| Retained earnings | 7,910 | 8,792 | 9,862 | 11,016 | 12,305 | S100RY70, S100UFYF, S100WS9W, S100Z37J |
| Treasury stock | -0 | -126 | -210 | -206 | -243 | S100RY70, S100UFYF, S100WS9W, S100Z37J |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100Z37J |
| Property, plant and equipment | 12% | S100Z37J |
| Intangibles and goodwill | 1% | S100Z37J |
| Other assets | 73% | S100Z37J |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 75% | S100Z37J |
| Equity | 25% | S100Z37J |
| Other liabilities | 0% | S100Z37J |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 38,091 | 44,238 | 46,973 | 62,323 | 79,051 |
| Equity | 14,393 | 15,193 | 15,064 | 17,348 | 19,496 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,485 | 9,131 | 8,510 | 11,399 | 11,588 |

## 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) | 23.7% | S100Z37J |
| Fixed assets ÷ total assets | 11.8% | S100Z37J |
| Goodwill ÷ parent equity | 1.4% | S100Z37J |

### 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) | 14.7% |
| Cash ÷ revenue | 29.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -233.7% |
| Cash vs. profit gap | -11,820 JPY mn (of net income -555.1%) |
| Shareholder returns / net income | 41.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 39.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.8% |
| 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 | 6.7% | 0.51× | 3.5% | 2.98× | 10.3% | S100RY70 |
| 2023 | 7.1% | 0.49× | 3.5% | 3.12× | 11.0% | S100UFYF |
| 2024 | 6.1% | 0.61× | 3.7% | 3.19× | 11.9% | S100WS9W |
| 2025 | 5.5% | 0.62× | 3.4% | 3.37× | 11.4% | S100Z37J |
| 2026 | 5.4% | 0.56× | 3.0% | 3.84× | 11.6% | S100Z37J |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社服部 | Major shareholder | 14.8% | 2026-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.8% | 2026-06-30 |
| 株式会社合田工務店 | Major shareholder | 1.6% | 2026-06-30 |
| 服部 弘信 | Major shareholder | 1.0% | 2026-06-30 |
| 服部 信治 | Major shareholder | 0.9% | 2026-06-30 |
| 奥田 周二 | Major shareholder | 0.9% | 2026-06-30 |
| マイルストーンキャピタルマネジメント株式会社 | Major shareholder | 0.8% | 2026-06-30 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 0.8% | 2026-06-30 |
| 株式会社明和 | Major shareholder | 0.8% | 2026-06-30 |
| 木村 義純 | Major shareholder | 0.5% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2025/07/01－2026/06/30) | S100Z37J | 2026-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z37J,, |
| 訂正有価証券報告書－第28期(2024/07/01－2025/06/30) | S100WS9W | 2025-10-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WS9W,, |
| 有価証券報告書－第27期(2023/07/01－2024/06/30) | S100UFYF | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFYF,, |
| 有価証券報告書－第26期(2022/07/01－2023/06/30) | S100RY70 | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RY70,, |
| 有価証券報告書－第25期(令和3年7月1日－令和4年6月30日) | S100P9H2 | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P9H2,, |
| 有価証券報告書－第24期(令和2年7月1日－令和3年6月30日) | S100MHND | 2021-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MHND,, |

## 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).