# Yamaichi Real Estate Co., Ltd: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第37期(2025/04/01－2026/03/31) (S100YYQ5)
> Page: https://vizora.meequs.com/en/company/yueg
> Retrieved: 2026-09-30T21:01:50.961Z

## Company

Yamaichi Real Estate, founded in 1989, is a company in Homebuilders listed on TSE Standard. It has 184 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Yamaichi Real Estate Co., Ltd |
| Ticker | 2984 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2984.T) |
| Listing | TSE Standard |
| Head office | 和歌山県和歌山市中之島1518番地 中之島801ビル5階 |
| Representative (per filing) | 代表取締役社長 山田 茂 |
| Founded | Jun 1989 |
| Share capital | ¥1.47B |
| Employees (consolidated) | 184 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.yueg.co.jp (https://www.yueg.co.jp/) |
| Corporate number | 6170001003368 |
| EDINET | E35597 |
| Industries (Vizora) | Homebuilders, Real Estate Development & Leasing, Nursing Care, Condominium Developers |

> Profile source: annual securities report (S100YYQ5, filed 2026-08-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16.7 | 75 |
| Profitability | 55.2 | 86 |
| Cash conversion | 1.8 | 82 |
| Efficiency | 26.2 | 86 |
| Financial strength | 33.8 | 37 |

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 47% of Yamaichi Real Estate's sales come from Real estate development and sales, with Condominiums and Real estate development and leasing making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed -15.6% from the prior year, operating profit +10.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥17.6B |  |
| Operating income | ¥1.93B | Margin 10.9% |
| Net income | ¥564.6M | Margin 3.2% |
| Free cash flow | -¥10.3B |  |
| Largest business | Real estate development and sales | of segment revenue 47.0% |
| Employees (consolidated) | 184 |  |
| EPS | ¥76 |  |
| Diluted EPS | ¥75.91 |  |
| Book value per share | ¥1638.81 |  |
| Equity ratio | 22.5% |  |
| Shares outstanding | 8,672,012 |  |
| Shareholders | 2,918 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 6.2% | Net cash -¥26.3B · Cash ÷ revenue 22.1% |
| Vs. industry median margin | +5.5 pp | Homebuilders |
| ROE | 4.1% | Derived from disclosed figures |
| ROA | 1.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 64% of positive segment profit
- FY2026, segment profit share differs by -30 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15024559000 | ¥17638530000 | +17.4% |
| Operating income | ¥1891115000 | ¥1929047000 | +2.0% |
| Operating margin | 12.6% | 10.9% | -1.7 pp |
| Employees | 96 people | 184 people | +91.7% |
| Cash and equivalents | ¥3030478000 | ¥3895862000 | +28.6% |

### 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 |
| --- | ---: |
| 不動産開発・賃貸事業 → 不動産開発・賃貸事業 | 16.5% |
| 不動産開発・販売事業 → 不動産開発・販売事業 | 37.8% |
| マンション事業 → マンション事業 | 32.7% |
| マンション事業 → 事業再編・廃止 | 11.3% |
| その他 → その他 | 1.7% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 不動産開発・賃貸事業 | 2.0% |
| 新設・再編 → 不動産開発・販売事業 | 9.2% |

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 development and sales | 5 years | +7.9% | ¥8288941000 | 25.5% | 2 |
| Condominiums | 5 years | -2.7% | ¥5770527000 | 1.6% | 2 |
| Real estate development and leasing | 5 years | +5.7% | ¥3273561000 | 31.7% | 2 |
| Other | 5 years | +3.2% | ¥305499000 | 19.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,639 | 100.0% | S100YYQ5 |
| Cost of revenue | 12,180 | 69.1% | S100YYQ5 |
| Gross profit | 5,459 | 30.9% | S100YYQ5 |
| SG&A | 3,530 | 20.0% | S100YYQ5 |
| Operating income | 1,929 | 10.9% | S100YYQ5 |
| Ordinary income | 1,179 | 6.7% | S100YYQ5 |
| Pretax income | 1,113 | 6.3% | S100YYQ5 |
| Income tax | 539 | 3.1% | S100YYQ5 |
| Net income | 574 | 3.3% | S100YYQ5 |
| Net income attributable to owners | 565 | 3.2% | S100YYQ5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 20 |
| Operating income | 11 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 30.9% → Operating margin 10.9% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -15.6%; Core profit growth: +10.0%
Operating leverage (core profit growth ÷ revenue growth): -0.64×
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 | 20,910 | 17,639 | -3,271 | -15.6% |
| Gross profit | 5,185 | 5,459 | 274 | +5.3% |
| Operating income | 1,754 | 1,929 | 175 | +10.0% |
| Net income attributable to owners | 683 | 565 | -118 | -17.3% |
| Operating cash flow | -2,368 | -8,500 | -6,132 | — |
| Free cash flow | -3,284 | -10,339 | -7,055 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 15,025 | 1,891 | 12.6% | 804 | 781 | 1 | S100OLWO |
| FY ending Mar 2022 | 19,178 | 2,866 | 14.9% | 1,603 | 4,998 | 4,145 | S100R6FT |
| FY ending Mar 2023 | 18,626 | 2,509 | 13.5% | 1,307 | -1,031 | -2,893 | S100TY6U |
| FY ending Mar 2024 | 20,084 | 2,343 | 11.7% | 1,255 | 1,821 | 354 | S100W3O8 |
| FY ending Mar 2025 | 20,910 | 1,754 | 8.4% | 683 | -2,368 | -3,284 | S100YYQ5 |
| FY ending Mar 2026 | 17,639 | 1,929 | 10.9% | 565 | -8,500 | -10,339 | S100YYQ5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥95.9M |
| Operating income per employee (consolidated) | ¥10.5M |
| Net income per employee (consolidated) | ¥3.1M |

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) | 100 | 112 | 113 | 170 | 184 |
| Average salary (parent company) | ¥5.4M | ¥5.4M | ¥5.7M | ¥5.8M | ¥6M |
| Average age (parent company) | 41.3 years | 42.0 years | 41.8 years | 40.9 years | 42.3 years |
| Average tenure (parent company) | 6.3 years | 6.4 years | 6.8 years | 7.5 years | 6.8 years |

Year over year: Employees (consolidated) +8.2% · Revenue (consolidated) -15.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate development and leasing | 3,274 | 18.6% | 1,038 | 31.7% |
| Real estate development and sales | 8,289 | 47.0% | 2,115 | 25.5% |
| Condominiums | 5,771 | 32.7% | 93 | 1.6% |
| Other | 305 | 1.7% | 60 | 19.6% |

### 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 development and leasing | 18.6% | 31.4% | 12.8 | 31.7% |
| Real estate development and sales | 47.0% | 64.0% | 17.0 | 25.5% |
| Condominiums | 32.7% | 2.8% | -29.9 | 1.6% |
| Other | 1.7% | 1.8% | 0.1 | 19.6% |

Segment → industry: Real estate development and sales → Homebuilders / Real estate development and sales → Real Estate Development & Leasing / Real estate development and leasing → Real Estate Development & Leasing / Other → Nursing Care / Condominiums → 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 | -8,500 | -48.2% | S100YYQ5 |
| Capital expenditure | 1,839 | 10.4% | S100YYQ5 |
| Free cash flow | -10,339 | -58.6% | 算出 |
| Investing cash flow | -1,541 | -8.7% | S100YYQ5 |
| Financing cash flow | 9,757 | 55.3% | S100YYQ5 |
| Dividends paid | 256 | 1.5% | S100YYQ5 |
| Change in cash | -283 | -1.6% | S100YYQ5 |
| Cash and equivalents | 3,896 | 22.1% | S100YYQ5 |

## 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 | 3,892 | 3,667 | 5,729 | 4,179 | 3,896 | S100TY6U, S100W3O8, S100YYQ5 |
| Total assets | 37,891 | 41,333 | 49,113 | 50,696 | 62,427 | S100R6FT, S100TY6U, S100W3O8, S100YYQ5 |
| Net assets | 8,096 | 10,887 | 11,963 | 13,643 | 14,115 | S100TY6U, S100W3O8, S100YYQ5 |
| Share capital | 45 | 836 | 839 | 1,426 | 1,469 | S100R6FT, S100TY6U, S100W3O8, S100YYQ5 |
| Property, plant and equipment | 16,778 | 18,928 | 20,951 | 21,109 | 21,937 | S100R6FT, S100TY6U, S100W3O8, S100YYQ5 |
| Intangible assets excluding goodwill | 272 | 1,094 | 1,228 | 1,450 | 1,391 | S100R6FT, S100TY6U, S100W3O8, S100YYQ5 |
| Goodwill | 259 | 1,086 | 1,105 | 1,245 | 930 | S100R6FT, S100TY6U, S100W3O8, S100YYQ5 |
| Investment securities | 156 | 184 | 419 | 321 | 429 | S100R6FT, S100TY6U, S100W3O8, S100YYQ5 |
| Current assets | 19,586 | 19,902 | 25,514 | 26,862 | 37,703 | S100R6FT, S100TY6U, S100W3O8, S100YYQ5 |
| Current liabilities | 12,424 | 7,934 | 16,385 | 8,804 | 23,939 | S100R6FT, S100TY6U, S100W3O8, S100YYQ5 |
| Trade payables | 3,267 | 929 | 2,956 | 513 | — | S100R6FT, S100TY6U, S100W3O8 |
| Short-term borrowings | 3,349 | 1,238 | 5,250 | 1,469 | 9,660 | S100R6FT, S100TY6U, S100W3O8, S100YYQ5 |
| Long-term borrowings | 14,434 | 19,246 | 16,792 | 23,945 | 20,227 | S100R6FT, S100TY6U, S100W3O8, S100YYQ5 |
| Bonds | 540 | 410 | 650 | 750 | 270 | S100R6FT, S100TY6U, S100W3O8, S100YYQ5 |
| Interest-bearing debt | 18,323 | 20,894 | 22,693 | 26,164 | 30,158 | 算出 |
| Total liabilities | 29,795 | 30,445 | 37,151 | 37,053 | 48,312 | S100R6FT, S100TY6U, S100W3O8, S100YYQ5 |
| Non-controlling interests | — | — | — | 63 | 73 | S100YYQ5 |
| Equity attributable to owners of parent | 8,104 | 10,888 | 11,933 | 13,553 | 13,942 | S100R6FT, S100TY6U, S100W3O8, S100YYQ5 |
| Retained earnings | 8,059 | 9,260 | 10,300 | 10,746 | 11,049 | S100R6FT, S100TY6U, S100W3O8, S100YYQ5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YYQ5 |
| Property, plant and equipment | 35% | S100YYQ5 |
| Intangibles and goodwill | 4% | S100YYQ5 |
| Investment securities | 1% | S100YYQ5 |
| Other assets | 54% | S100YYQ5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 48% | 算出 |
| Other liabilities | 29% | S100YYQ5 |
| Equity | 23% | S100YYQ5 |
| Other liabilities | 0% | S100YYQ5 |

### 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 | 37,891 | 41,333 | 49,113 | 50,696 | 62,427 |
| Equity | 8,096 | 10,887 | 11,963 | 13,643 | 14,115 |
| Interest-bearing debt | 18,323 | 20,894 | 22,693 | 26,164 | 30,158 |
| Cash | 3,892 | 3,667 | 5,729 | 4,179 | 3,896 |

## 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) | 124.4% | S100YYQ5 |
| Fixed assets ÷ total assets | 35.1% | S100YYQ5 |
| Goodwill ÷ parent equity | 6.7% | S100YYQ5 |

Goodwill over 4 years: 259 → 930 JPY; total investing cash flow: -9,066 JPY. This does not imply causation.

### 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) | 6.2% |
| Cash ÷ revenue | 22.1% |
| Net cash (cash − interest-bearing debt) | -¥26.3B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -440.6% |
| Cash vs. profit gap | -9,064 JPY mn (of net income -1605.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 45.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 10.4% |
| 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 | 8.4% | 0.51× | 4.2% | 4.68× | 19.8% | S100R6FT |
| 2023 | 7.0% | 0.47× | 3.3% | 4.17× | 13.8% | S100TY6U |
| 2024 | 6.2% | 0.44× | 2.8% | 3.96× | 11.0% | S100W3O8 |
| 2025 | 3.3% | 0.42× | 1.4% | 3.92× | 5.4% | S100YYQ5 |
| 2026 | 3.2% | 0.31× | 1.0% | 4.11× | 4.1% | S100YYQ5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Ys' Assortment株式会社 | Major shareholder | 46.1% | 2026-03-31 |
| ウィル・アセット株式会社 | Major shareholder | 5.8% | 2026-03-31 |
| 山田 茂 | Major shareholder | 3.5% | 2026-03-31 |
| 堂村 眞由美 | Major shareholder | 3.1% | 2026-03-31 |
| 鈴木 孝 | Major shareholder | 1.5% | 2026-03-31 |
| 小川 由晃 | Major shareholder | 1.1% | 2026-03-31 |
| 田中 智弘 | Major shareholder | 1.1% | 2026-03-31 |
| 後和 信英 | Major shareholder | 0.7% | 2026-03-31 |
| 鳥毛 克義 | Major shareholder | 0.6% | 2026-03-31 |
| 大岩 徳成 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第37期(2025/04/01－2026/03/31) | S100YYQ5 | 2026-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYQ5,, |
| 有価証券報告書－第36期(2024/04/01－2025/03/31) | S100W3O8 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3O8,, |
| 有価証券報告書－第35期(2023/04/01－2024/03/31) | S100TY6U | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TY6U,, |
| 有価証券報告書－第34期(2022/04/01－2023/03/31) | S100R6FT | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6FT,, |
| 有価証券報告書－第33期(令和3年4月1日－令和4年3月31日) | S100OLWO | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLWO,, |

## 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).