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

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第36期(2025/05/01－2026/04/30) (S100YT4P)
> Page: https://vizora.meequs.com/en/company/yamachuu
> Retrieved: 2026-09-30T17:49:33.052Z

## Company

Yamachuu, founded in 1991, is a company in Real Estate Development & Leasing listed on Nagoya. It has 44 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAMACHUU Co., Ltd. |
| Ticker | 391A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/391A.T) |
| Listing | Nagoya |
| Head office | 愛知県海部郡大治町大字三本木字柳原112番地の3 |
| Representative (per filing) | 代表取締役 山﨑 恭裕 |
| Founded | Mar 1991 |
| Share capital | ¥297.2M |
| Employees (consolidated) | 44 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | April |
| Website | www.yamachuu.co.jp (https://www.yamachuu.co.jp/) |
| Corporate number | 4180001098211 |
| EDINET | E40748 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management, Hotels & Inns, Condominium Developers |

> Profile source: annual securities report (S100YT4P, filed 2026-07-30). As of filing

## Five-axis industry profile

Primary industry: Condominium Developers (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16.7 | 21 |
| Profitability | 86 | 25 |
| Cash conversion | 58 | 25 |
| Efficiency | 22 | 25 |
| Financial strength | 75 | 14 |

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 64% of Yamachuu's sales come from Development segment, with Hotel segment and Stock segment making up much of the rest.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +1.1% from the prior year, operating profit +24.3%.

## Company structure

- Segment revenue mix: Development segment 64.3%、Hotel segment 25.0%、Stock segment 10.7%
- Revenue → net income: ¥5499307000 → ¥547950000
- Net income → operating cash flow: ¥547950000 → ¥44339000（difference ¥-503611000）
- Main uses of operating cash flow: CapEx ¥500879000 / dividends ¥53925000 / buybacks —
- Change in cash: ¥355537000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥5.5B |  |
| Operating income | ¥857.8M | Margin 15.6% |
| Net income | ¥548M | Margin 10.0% |
| Free cash flow | -¥456.5M |  |
| Largest business | Development segment | of segment revenue 64.3% |
| Employees (consolidated) | 44 |  |
| EPS | ¥442.4 |  |
| Diluted EPS | ¥439.74 |  |
| Book value per share | ¥4007.06 |  |
| Equity ratio | 38.7% |  |
| Shares outstanding | 1,261,100 |  |
| Treasury shares | 7,500 |  |
| Shareholders | 683 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 16.3% | Net cash -¥3.87B · Cash ÷ revenue 39.5% |
| Vs. industry median margin | +7.5 pp | Condominium Developers |
| ROE | 11.6% | Derived from disclosed figures |
| ROA | 4.3% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -20 points

## What changed in 2 years

| Metric | FY ending Apr 2024 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5532623000 | ¥5499307000 | -0.6% |
| Operating income | ¥811695000 | ¥857811000 | +5.7% |
| Operating margin | 14.7% | 15.6% | +0.9 pp |
| Employees | 40 people | 44 people | +10.0% |
| Cash and equivalents | ¥1167624000 | ¥2174346000 | +86.2% |

### Change in segment revenue mix

Span: FY ending Apr 2024 → FY ending Apr 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 開発セグメント → 開発セグメント | 64.3% |
| 開発セグメント → 事業再編・廃止 | 6.0% |
| ストックセグメント → ストックセグメント | 10.4% |
| ホテルセグメント → ホテルセグメント | 19.3% |
| 新設・再編 → ストックセグメント | 0.4% |
| 新設・再編 → ホテルセグメント | 5.7% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Development segment | 2 years | -4.7% | ¥3535829000 | 10.7% | 2 |
| Hotel segment | 2 years | +13.4% | ¥1374326000 | 22.1% | 2 |
| Stock segment | 2 years | +1.4% | ¥589150000 | 29.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,499 | 100.0% | S100YT4P |
| Cost of revenue | 3,733 | 67.9% | S100YT4P |
| Gross profit | 1,766 | 32.1% | S100YT4P |
| SG&A | 908 | 16.5% | S100YT4P |
| Operating income | 858 | 15.6% | S100YT4P |
| Ordinary income | 721 | 13.1% | S100YT4P |
| Pretax income | 767 | 13.9% | S100YT4P |
| Income tax | 219 | 4.0% | S100YT4P |
| Net income | 548 | 10.0% | S100YT4P |
| Net income attributable to owners | 548 | 10.0% | S100YT4P |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 16 |
| Operating income | 16 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 32.1% → Operating margin 15.6% → Net margin 10.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.1%; Core profit growth: +24.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 21.76×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,439 | 5,499 | 61 | +1.1% |
| Gross profit | 1,526 | 1,766 | 240 | +15.7% |
| Operating income | 690 | 858 | 168 | +24.3% |
| Net income attributable to owners | 818 | 548 | -270 | -33.0% |
| Operating cash flow | 644 | 44 | -600 | -93.1% |
| Free cash flow | 490 | -457 | -947 | -193.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2024 | 5,533 | 812 | 14.7% | 478 | 856 | -1,972 | S100WFWF |
| FY ending Apr 2025 | 5,439 | 690 | 12.7% | 818 | 644 | 490 | S100YT4P |
| FY ending Apr 2026 | 5,499 | 858 | 15.6% | 548 | 44 | -457 | S100YT4P |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥125M |
| Operating income per employee (consolidated) | ¥19.5M |
| Net income per employee (consolidated) | ¥12.5M |

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

| History | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 40 | 42 | 44 |
| Average salary (parent company) | — | ¥5.7M | ¥6.1M |
| Average age (parent company) | — | 36.0 years | 35.5 years |
| Average tenure (parent company) | — | 6.6 years | 7.3 years |

Year over year: Employees (consolidated) +4.8% · Revenue (consolidated) +1.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Development segment | 3,536 | 64.3% | 378 | 10.7% |
| Stock segment | 589 | 10.7% | 175 | 29.8% |
| Hotel segment | 1,374 | 25.0% | 304 | 22.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Development segment | 64.3% | 44.1% | -20.2 | 10.7% |
| Stock segment | 10.7% | 20.5% | 9.7 | 29.8% |
| Hotel segment | 25.0% | 35.5% | 10.5 | 22.1% |

Segment → industry: Stock segment → Real Estate Development & Leasing / Stock segment → Real Estate Brokerage & Management / Hotel segment → Hotels & Inns / Development segment → Condominium Developers

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 44 | 0.8% | S100YT4P |
| Capital expenditure | 501 | 9.1% | S100YT4P |
| Free cash flow | -457 | -8.3% | 算出 |
| Investing cash flow | -371 | -6.8% | S100YT4P |
| Financing cash flow | 683 | 12.4% | S100YT4P |
| Dividends paid | 54 | 1.0% | S100YT4P |
| Change in cash | 356 | 6.5% | S100YT4P |
| Cash and equivalents | 2,174 | 39.5% | S100YT4P |

## 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 Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,168 | 1,819 | 2,174 | S100YT4P |
| Total assets | 14,460 | 12,236 | 13,316 | S100WFWF, S100YT4P |
| Net assets | 3,476 | 4,269 | 5,158 | S100YT4P |
| Share capital | 99 | 99 | 297 | S100WFWF, S100YT4P |
| Property, plant and equipment | 7,551 | 5,402 | 5,770 | S100WFWF, S100YT4P |
| Intangible assets excluding goodwill | 57 | 39 | 20 | S100WFWF, S100YT4P |
| Goodwill | 35 | 17 | — | S100WFWF, S100YT4P |
| Investment securities | — | — | 7 | S100YT4P |
| Current assets | 6,124 | 5,988 | 6,702 | S100WFWF, S100YT4P |
| Current liabilities | 2,605 | 2,637 | 2,571 | S100WFWF, S100YT4P |
| Short-term borrowings | 853 | 690 | 1,181 | S100WFWF, S100YT4P |
| Long-term borrowings | 7,284 | 4,406 | 4,752 | S100WFWF, S100YT4P |
| Bonds | 362 | 206 | 110 | S100WFWF, S100YT4P |
| Interest-bearing debt | 8,499 | 5,302 | 6,043 | 算出 |
| Total liabilities | 10,984 | 7,967 | 8,159 | S100WFWF, S100YT4P |
| Equity attributable to owners of parent | 3,476 | 4,269 | 5,160 | S100WFWF, S100YT4P |
| Retained earnings | 3,331 | 4,124 | 4,618 | S100WFWF, S100YT4P |
| Treasury stock | -9 | -9 | -9 | S100WFWF, S100YT4P |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YT4P |
| Property, plant and equipment | 44% | S100YT4P |
| Intangibles and goodwill | 0% | S100YT4P |
| Investment securities | 0% | S100YT4P |
| Other assets | 40% | S100YT4P |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 45% | 算出 |
| Other liabilities | 16% | S100YT4P |
| Equity | 39% | S100YT4P |
| Other liabilities | 0% | S100YT4P |

### Balance sheet history

| Metric | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 14,460 | 12,236 | 13,316 |
| Equity | 3,476 | 4,269 | 5,158 |
| Interest-bearing debt | 8,499 | 5,302 | 6,043 |
| Cash | 1,168 | 1,819 | 2,174 |

## 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) | 104.9% | S100YT4P |
| Fixed assets ÷ total assets | 43.3% | S100YT4P |
| Goodwill ÷ parent equity | — | —, S100YT4P |

### 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) | 16.3% |
| Cash ÷ revenue | 39.5% |
| Net cash (cash − interest-bearing debt) | -¥3.87B |
| Net debt ÷ operating cash flow | 87.26× |
| Cash conversion (operating CF ÷ operating income) | 5.2% |
| Cash vs. profit gap | -504 JPY mn (of net income -91.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 9.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 9.1% |
| Investing CF relative to operating CF | 837.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 8.6% | 0.38× | 3.3% | 4.16× | 13.8% | S100WFWF |
| 2025 | 15.0% | 0.41× | 6.1% | 3.45× | 21.1% | S100YT4P |
| 2026 | 10.0% | 0.43× | 4.3% | 2.71× | 11.6% | S100YT4P |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山﨑 恭裕 | Major shareholder | 70.0% | 2026-04-30 |
| 山﨑 忠七 | Major shareholder | 2.3% | 2026-04-30 |
| 山﨑 當子 | Major shareholder | 2.3% | 2026-04-30 |
| 山﨑 正揮 | Major shareholder | 2.3% | 2026-04-30 |
| 細江 盛方 | Major shareholder | 1.2% | 2026-04-30 |
| 山忠従業員持株会 | Major shareholder | 0.9% | 2026-04-30 |
| 横江 直人 | Major shareholder | 0.7% | 2026-04-30 |
| 福島 和幸 | Major shareholder | 0.7% | 2026-04-30 |
| 奥田 慶太 | Major shareholder | 0.6% | 2026-04-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.6% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2025/05/01－2026/04/30) | S100YT4P | 2026-07-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YT4P,, |
| 有価証券報告書－第35期(2024/05/01－2025/04/30) | S100WFWF | 2025-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WFWF,, |

## 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).