# Yoshicon Co.,Ltd: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第58期(2025/04/01－2026/03/31) (S100YJO9)
> Page: https://vizora.meequs.com/en/company/yoshicon
> Retrieved: 2026-09-30T21:01:33.866Z

## Company

Yoshicon, founded in 1954, is a company in Cement & Concrete listed on TSE Standard. It has 58 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Yoshicon Co.,Ltd. |
| Ticker | 5280 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5280.T) |
| Listing | TSE Standard |
| Head office | 静岡県静岡市葵区常磐町一丁目4番地の12 |
| Representative (per filing) | 代表取締役社長 吉田尚洋 |
| Founded | Jul 1954 |
| Share capital | ¥100M |
| Employees (consolidated) | 58 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.yoshicon.co.jp (https://www.yoshicon.co.jp/) |
| Corporate number | 1080001010527 |
| EDINET | E01202 |
| Industries (Vizora) | Cement & Concrete, Real Estate Development & Leasing, Real Estate Brokerage & Management, Condominium Developers |

> Profile source: annual securities report (S100YJO9, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.7 | 75 |
| Profitability | 64.5 | 86 |
| Cash conversion | 26.2 | 82 |
| Efficiency | 51.7 | 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 67% of Yoshicon's sales come from Real estate development, with Leasing and management and others and Residence making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +6.0% from the prior year, operating profit -16.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥29.1B |  |
| Operating income | ¥3.9B | Margin 13.4% |
| Net income | ¥2.66B | Margin 9.1% |
| Free cash flow | -¥2.49B |  |
| Largest business | Real estate development | of segment revenue 66.8% |
| Employees (consolidated) | 58 |  |
| EPS | ¥326.78 |  |
| Book value per share | ¥3868.83 |  |
| Equity ratio | 66.7% |  |
| Shares outstanding | 8,030,248 |  |
| Treasury shares | 1,036,400 |  |
| Shareholders | 2,976 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 5.3% | Cash ÷ revenue 8.1% |
| Vs. industry median margin | +2.9 pp | Real Estate Development & Leasing |
| ROE | 9.4% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 70% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21081553000 | ¥29123494000 | +38.1% |
| Operating income | ¥1658197000 | ¥3903619000 | +135.4% |
| Operating margin | 7.9% | 13.4% | +5.5 pp |
| Employees | 100 people | 58 people | -42.0% |
| Cash and equivalents | ¥1339247000 | ¥2349525000 | +75.4% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| レジデンス事業 → レジデンス事業 | 8.6% |
| レジデンス事業 → 事業再編・廃止 | 9.2% |
| 不動産開発事業 → 不動産開発事業 | 56.5% |
| 賃貸・管理等事業 → 賃貸・管理等事業 | 13.7% |
| マテリアル事業 → マテリアル事業 | 2.4% |
| マテリアル事業 → 事業再編・廃止 | 4.1% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 5.4% |
| 新設・再編 → 不動産開発事業 | 10.3% |
| 新設・再編 → 賃貸・管理等事業 | 8.3% |

Segment revenue source references: 10 (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 development | 5 years | +10.3% | ¥19464661000 | 17.8% | 2 |
| Leasing and management and others | 5 years | +17.3% | ¥6428898000 | 18.1% | 2 |
| Residence | 5 years | -7.8% | ¥2497613000 | 10.7% | 2 |
| Material | 5 years | -12.7% | ¥693608000 | 1.4% | 2 |
| Other | 5 years | -49.3% | ¥38713000 | 49.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,123 | 100.0% | S100YJO9 |
| Cost of revenue | 22,485 | 77.2% | S100YJO9 |
| Gross profit | 6,638 | 22.8% | S100YJO9 |
| SG&A | 2,735 | 9.4% | S100YJO9 |
| Operating income | 3,904 | 13.4% | S100YJO9 |
| Ordinary income | 4,167 | 14.3% | S100YJO9 |
| Pretax income | 4,169 | 14.3% | S100YJO9 |
| Income tax | 1,461 | 5.0% | S100YJO9 |
| Net income | 2,709 | 9.3% | S100YJO9 |
| Net income attributable to owners | 2,661 | 9.1% | S100YJO9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 9 |
| Operating income | 14 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 22.8% → Operating margin 13.4% → Net margin 9.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +6.0%; Core profit growth: -16.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.76×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 27,475 | 29,123 | 1,649 | +6.0% |
| Gross profit | 7,863 | 6,638 | -1,225 | -15.6% |
| Operating income | 4,679 | 3,904 | -775 | -16.6% |
| Net income attributable to owners | 3,018 | 2,661 | -356 | -11.8% |
| Operating cash flow | 2,797 | -2,463 | -5,260 | -188.1% |
| Free cash flow | 2,443 | -2,491 | -4,934 | -202.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 17,501 | 728 | 4.2% | 1,040 | -3,106 | -3,251 | S100LRQE |
| FY ending Mar 2021 | 21,082 | 1,658 | 7.9% | 1,460 | 2,745 | 1,520 | S100OEHH |
| FY ending Mar 2022 | 20,068 | 2,374 | 11.8% | 1,644 | 5,435 | 5,358 | S100RB4M |
| FY ending Mar 2023 | 14,704 | 1,415 | 9.6% | 1,166 | -6,080 | -6,125 | S100TTYJ |
| FY ending Mar 2024 | 23,914 | 3,044 | 12.7% | 2,102 | -2,016 | -2,170 | S100W78E |
| FY ending Mar 2025 | 27,475 | 4,679 | 17.0% | 3,018 | 2,797 | 2,443 | S100YJO9 |
| FY ending Mar 2026 | 29,123 | 3,904 | 13.4% | 2,661 | -2,463 | -2,491 | S100YJO9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥502.1M |
| Operating income per employee (consolidated) | ¥67.3M |
| Net income per employee (consolidated) | ¥45.9M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 91 | 64 | 54 | 57 | 58 |
| Average salary (parent company) | ¥5.5M | ¥6M | ¥6M | ¥6.5M | ¥6.6M |
| Average age (parent company) | 39.7 years | 38.1 years | 36.1 years | 35.7 years | 34.9 years |
| Average tenure (parent company) | 10.0 years | 10.1 years | 10.1 years | 9.0 years | 9.1 years |

Year over year: Employees (consolidated) +1.8% · Revenue (consolidated) +6.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Residence | 2,498 | 8.6% | 267 | 10.7% |
| Real estate development | 19,465 | 66.8% | 3,471 | 17.8% |
| Leasing and management and others | 6,429 | 22.1% | 1,161 | 18.1% |
| Material | 694 | 2.4% | 10 | 1.4% |
| Other | 39 | 0.1% | 19 | 49.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Residence | 8.6% | 5.4% | -3.2 | 10.7% |
| Real estate development | 66.8% | 70.4% | 3.6 | 17.8% |
| Leasing and management and others | 22.1% | 23.6% | 1.5 | 18.1% |
| Material | 2.4% | 0.2% | -2.2 | 1.4% |
| Other | 0.1% | 0.4% | 0.3 | 49.8% |

Segment → industry: Material → Cement & Concrete / Leasing and management and others → Real Estate Development & Leasing / Real estate development → Real Estate Development & Leasing / Leasing and management and others → Real Estate Brokerage & Management / Residence → Condominium Developers

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -2,463 | -8.5% | S100YJO9 |
| Capital expenditure | 28 | 0.1% | S100YJO9 |
| Free cash flow | -2,491 | -8.6% | 算出 |
| Investing cash flow | -416 | -1.4% | S100YJO9 |
| Financing cash flow | 1,914 | 6.6% | S100YJO9 |
| Dividends paid | 526 | 1.8% | S100YJO9 |
| Share buyback | 301 | 1.0% | S100YJO9 |
| Change in cash | -965 | -3.3% | S100YJO9 |
| Cash and equivalents | 2,350 | 8.1% | S100YJO9 |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,054 | 2,157 | 1,536 | 3,315 | 2,350 | S100TTYJ, S100W78E, S100YJO9 |
| Total assets | 32,217 | 35,871 | 38,102 | 44,312 | 44,030 | S100RB4M, S100TTYJ, S100W78E, S100YJO9 |
| Net assets | 22,703 | 23,498 | 25,451 | 27,685 | 29,648 | S100TTYJ, S100W78E, S100YJO9 |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100RB4M, S100TTYJ, S100W78E, S100YJO9 |
| Property, plant and equipment | 2,221 | 1,807 | 1,828 | 1,831 | 1,748 | S100RB4M, S100TTYJ, S100W78E, S100YJO9 |
| Intangible assets excluding goodwill | 55 | 34 | 33 | 30 | 28 | S100RB4M, S100TTYJ, S100W78E, S100YJO9 |
| Investment securities | 4,448 | 3,566 | 3,045 | 2,986 | 3,426 | S100RB4M, S100TTYJ, S100W78E, S100YJO9 |
| Current assets | 25,038 | 30,096 | 32,497 | 38,676 | 37,815 | S100RB4M, S100TTYJ, S100W78E, S100YJO9 |
| Current liabilities | 6,054 | 9,562 | 11,835 | 15,159 | 13,210 | S100RB4M, S100TTYJ, S100W78E, S100YJO9 |
| Trade payables | 1,033 | 1,352 | 1,123 | 4,678 | 813 | S100RB4M, S100TTYJ, S100W78E, S100YJO9 |
| Short-term borrowings | 2,000 | 5,510 | 7,129 | 7,323 | 10,112 | S100RB4M, S100TTYJ, S100W78E, S100YJO9 |
| Long-term borrowings | 2,843 | 2,189 | 104 | 515 | 467 | S100RB4M, S100TTYJ, S100W78E, S100YJO9 |
| Total liabilities | 9,514 | 12,372 | 12,651 | 16,628 | 14,382 | S100RB4M, S100TTYJ, S100W78E, S100YJO9 |
| Non-controlling interests | 145 | 176 | 213 | 245 | 288 | S100RB4M, S100TTYJ, S100W78E, S100YJO9 |
| Equity attributable to owners of parent | 22,320 | 23,041 | 24,788 | 27,315 | 29,348 | S100RB4M, S100TTYJ, S100W78E, S100YJO9 |
| Retained earnings | 19,327 | 20,149 | 21,896 | 24,523 | 26,657 | S100RB4M, S100TTYJ, S100W78E, S100YJO9 |
| Treasury stock | -694 | -795 | -795 | -997 | -1,207 | S100RB4M, S100TTYJ, S100W78E, S100YJO9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YJO9 |
| Property, plant and equipment | 4% | S100YJO9 |
| Intangibles and goodwill | 0% | S100YJO9 |
| Investment securities | 8% | S100YJO9 |
| Other assets | 83% | S100YJO9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YJO9 |
| Other liabilities | 31% | S100YJO9 |
| Equity | 67% | S100YJO9 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 32,217 | 35,871 | 38,102 | 44,312 | 44,030 |
| Equity | 22,703 | 23,498 | 25,451 | 27,685 | 29,648 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,054 | 2,157 | 1,536 | 3,315 | 2,350 |

## 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) | 6.0% | S100YJO9 |
| Fixed assets ÷ total assets | 4.0% | S100YJO9 |
| Goodwill ÷ parent equity | — | —, S100YJO9 |

### 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) | 5.3% |
| Cash ÷ revenue | 8.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -63.1% |
| Cash vs. profit gap | -5,124 JPY mn (of net income -192.6%) |
| Shareholder returns / net income | 31.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| 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 | 8.2% | 0.62× | 5.1% | 1.44× | 7.4% | S100RB4M |
| 2023 | 7.9% | 0.43× | 3.4% | 1.50× | 5.1% | S100TTYJ |
| 2024 | 8.8% | 0.65× | 5.7% | 1.55× | 8.8% | S100W78E |
| 2025 | 11.0% | 0.67× | 7.3% | 1.58× | 11.6% | S100YJO9 |
| 2026 | 9.1% | 0.66× | 6.0% | 1.56× | 9.4% | S100YJO9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ワイズ株式会社 | Major shareholder | 35.8% | 2026-03-31 |
| 太平洋セメント株式会社 | Major shareholder | 4.6% | 2026-03-31 |
| ヨシコン取引先持株会 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社静岡銀行 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社商工組合中央金庫 | Major shareholder | 3.1% | 2026-03-31 |
| 内藤 征吾 | Major shareholder | 2.7% | 2026-03-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ（常任代理人インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.1% | 2026-03-31 |
| 吉田 立志 | Major shareholder | 1.5% | 2026-03-31 |
| 吉田 尚洋 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第58期(2025/04/01－2026/03/31) | S100YJO9 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJO9,, |
| 有価証券報告書－第57期(2024/04/01－2025/03/31) | S100W78E | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W78E,, |
| 有価証券報告書－第56期(2023/04/01－2024/03/31) | S100TTYJ | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTYJ,, |
| 有価証券報告書－第55期(2022/04/01－2023/03/31) | S100RB4M | 2023-07-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RB4M,, |
| 有価証券報告書－第54期(令和3年4月1日－令和4年3月31日) | S100OEHH | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEHH,, |
| 有価証券報告書－第53期(令和2年4月1日－令和3年3月31日) | S100LRQE | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRQE,, |

## 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).