# YUMEMITSUKETAI 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46期(2025/04/01－2026/03/31) (S100YE9G)
> Page: https://vizora.meequs.com/en/company/yumemitsuketai
> Retrieved: 2026-09-30T22:48:05.094Z

## Company

Yumemitsuketai is a company in Real Estate Development & Leasing listed on TSE Standard. It has 7 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YUMEMITSUKETAI Co.,Ltd. |
| Ticker | 2673 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2673.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田東松下町17番地 |
| Representative (per filing) | 代表取締役 佐々木 ベジ |
| Share capital | ¥534.2M |
| Employees (consolidated) | 7 |
| Average salary (parent only) | ¥3.8M |
| Fiscal year end | March |
| Corporate number | 8011101037559 |
| EDINET | E03360 |
| Industries (Vizora) | Real Estate Development & Leasing, Catalog & TV Shopping, Nursing Care |

> Profile source: annual securities report (S100YE9G, filed 2026-06-24). As of filing

## Key points (generated from figures)

- About 46% of Yumemitsuketai's sales come from Real estate business, with Mail-order retail business and Long term care service making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +39.3% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥349.9M |  |
| Operating income | ¥29.7M | Margin 8.5% |
| Net income | ¥154.9M | Margin 44.3% |
| Free cash flow | — |  |
| Largest business | Real estate business | of segment revenue 45.6% |
| Employees (consolidated) | 7 |  |
| EPS | ¥0.37 |  |
| Book value per share | ¥83.29 |  |
| Equity ratio | 79.3% |  |
| Shares outstanding | 10,458,000 |  |
| Treasury shares | 341,300 |  |
| Shareholders | 3,385 |  |
| Average salary (parent only) | ¥3.8M | Filing company only |
| Cash ratio | 0.6% | Cash ÷ revenue 6.6% |
| Vs. industry median margin | -2 pp | Real Estate Development & Leasing |
| ROE | 6.3% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 74% of positive segment profit
- FY2026, parent-company salary changed +44% over five years
- FY2026, segment profit share differs by 29 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥669098000 | ¥349856000 | -47.7% |
| Operating income | ¥21402000 | ¥29710000 | +38.8% |
| Operating margin | 3.2% | 8.5% | +5.3 pp |
| Employees | 9 people | 7 people | -22.2% |
| Cash and equivalents | ¥8683000 | ¥23204000 | +167.2% |

### 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 |
| --- | ---: |
| 通販小売事業 → 事業再編・廃止 | 69.3% |
| 不動産事業 → 事業再編・廃止 | 22.2% |
| 介護事業 → 事業再編・廃止 | 8.5% |
| 新設・再編 → 通販小売事業 | 37.4% |
| 新設・再編 → 不動産事業 | 45.6% |
| 新設・再編 → 介護事業 | 17.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Real estate business | 3 years | +62.4% | ¥159527000 | 40.5% | 2 |
| Mail-order retail business | 3 years | -8.1% | ¥130809000 | 17.0% | 2 |
| Long term care service | 3 years | +1.3% | ¥59519000 | -3.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 350 | 100.0% | S100YE9G |
| Cost of revenue | 149 | 42.7% | S100YE9G |
| Gross profit | 201 | 57.3% | S100YE9G |
| SG&A | 171 | 48.9% | S100YE9G |
| Operating income | 30 | 8.5% | S100YE9G |
| Ordinary income | 156 | 44.7% | S100YE9G |
| Pretax income | 157 | 44.8% | S100YE9G |
| Income tax | 2 | 0.5% | S100YE9G |
| Net income | 155 | 44.3% | S100YE9G |
| Net income attributable to owners | 155 | 44.3% | S100YE9G |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 43 |
| SG&A | 49 |
| Operating income | 8 |
| (Ref.) Net income | 44 |

### Margin funnel

Gross margin 57.3% → Operating margin 8.5% → Net margin 44.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 251 | 350 | 99 | +39.3% |
| Gross profit | 163 | 201 | 38 | +23.4% |
| Operating income | -13 | 30 | 43 | — |
| Net income attributable to owners | 90 | 155 | 64 | +71.2% |
| Operating cash flow | -59 | -9 | 51 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 517 | 5 | 0.9% | -39 | 1 | — | S100LRZ1 |
| FY ending Mar 2021 | 669 | 21 | 3.2% | 187 | 24 | 22 | S100OGCT |
| FY ending Mar 2022 | 553 | -5 | -0.9% | 81 | -20 | — | S100R2N8 |
| FY ending Mar 2023 | 263 | -36 | -13.6% | 22 | -66 | -69 | S100TRJ6 |
| FY ending Mar 2024 | 541 | 64 | 11.7% | 140 | 247 | — | S100W4PD |
| FY ending Mar 2025 | 251 | -13 | -5.3% | 90 | -59 | — | S100YE9G |
| FY ending Mar 2026 | 350 | 30 | 8.5% | 155 | -9 | — | S100YE9G |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50M |
| Operating income per employee (consolidated) | ¥4.2M |
| Net income per employee (consolidated) | ¥22.1M |

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) | 13 | 12 | 11 | 10 | 7 |
| Average salary (parent company) | ¥2.7M | ¥2.9M | ¥3.4M | ¥3.9M | ¥3.8M |
| Average age (parent company) | 47.3 years | 48.3 years | 50.2 years | 52.7 years | 53.7 years |
| Average tenure (parent company) | 18.6 years | 19.6 years | 20.2 years | 28.8 years | 29.8 years |

Year over year: Employees (consolidated) -30.0% · Revenue (consolidated) +39.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mail-order retail business | 131 | 37.4% | 22 | 17.0% |
| Real estate business | 160 | 45.6% | 65 | 40.5% |
| Long term care service | 60 | 17.0% | -2 | -3.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Mail-order retail business | 37.4% | 25.6% | -11.7 | 17.0% |
| Real estate business | 45.6% | 74.4% | 28.8 | 40.5% |
| Long term care service | 17.0% | — | — | -3.5% |

Loss-making segment (excluded from profit shares): Long term care service -2 JPY mn

Segment → industry: Real estate business → Real Estate Development & Leasing / Mail-order retail business → Catalog & TV Shopping / Long term care service → Nursing Care

## 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 | -9 | -2.4% | S100YE9G |
| Investing cash flow | 11 | 3.0% | S100YE9G |
| Financing cash flow | -12 | -3.4% | S100YE9G |
| Change in cash | -10 | -2.8% | S100YE9G |
| Cash and equivalents | 23 | 6.6% | S100YE9G |

## 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 | 174 | 49 | 35 | 33 | 23 | S100TRJ6, S100W4PD, S100YE9G |
| Total assets | 3,450 | 3,234 | 3,343 | 3,299 | 3,651 | S100R2N8, S100TRJ6, S100W4PD, S100YE9G |
| Net assets | 2,199 | 2,088 | 2,474 | 2,425 | 2,895 | S100TRJ6, S100W4PD, S100YE9G |
| Share capital | 534 | 534 | 534 | 534 | 534 | S100R2N8, S100TRJ6, S100W4PD, S100YE9G |
| Trade receivables | 35 | 13 | 12 | 11 | 14 | S100R2N8, S100TRJ6, S100W4PD, S100YE9G |
| Property, plant and equipment | 7 | 9 | 0 | 0 | 0 | S100R2N8, S100TRJ6, S100W4PD, S100YE9G |
| Intangible assets excluding goodwill | 2 | 0 | — | — | — | S100R2N8, S100TRJ6 |
| Investment securities | 2 | 2 | 2 | 2 | 2 | S100R2N8, S100TRJ6, S100W4PD, S100YE9G |
| Current assets | 1,157 | 1,006 | 784 | 773 | 696 | S100R2N8, S100TRJ6, S100W4PD, S100YE9G |
| Current liabilities | 788 | 714 | 472 | 509 | 461 | S100R2N8, S100TRJ6, S100W4PD, S100YE9G |
| Trade payables | 28 | 4 | 3 | 3 | 3 | S100R2N8, S100TRJ6, S100W4PD, S100YE9G |
| Short-term borrowings | 564 | 545 | 303 | 348 | 311 | S100R2N8, S100TRJ6, S100W4PD, S100YE9G |
| Long-term borrowings | 427 | 397 | 363 | 333 | 281 | S100R2N8, S100TRJ6, S100W4PD, S100YE9G |
| Total liabilities | 1,251 | 1,146 | 869 | 874 | 757 | S100R2N8, S100TRJ6, S100W4PD, S100YE9G |
| Non-controlling interests | 2 | 2 | — | 0 | 0 | S100R2N8, S100TRJ6, S100YE9G |
| Equity attributable to owners of parent | 2,105 | 2,143 | 2,285 | 2,375 | 2,530 | S100R2N8, S100TRJ6, S100W4PD, S100YE9G |
| Retained earnings | 1,422 | 1,460 | 1,600 | 1,691 | 1,847 | S100R2N8, S100TRJ6, S100W4PD, S100YE9G |
| Treasury stock | -118 | -118 | -118 | -118 | -118 | S100R2N8, S100TRJ6, S100W4PD, S100YE9G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 1% | S100YE9G |
| Receivables | 0% | S100YE9G |
| Investment securities | 0% | S100YE9G |
| Other assets | 99% | S100YE9G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100YE9G |
| Other liabilities | 21% | S100YE9G |
| Equity | 79% | S100YE9G |
| Other liabilities | 0% | S100YE9G |

### 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 | 3,450 | 3,234 | 3,343 | 3,299 | 3,651 |
| Equity | 2,199 | 2,088 | 2,474 | 2,425 | 2,895 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 174 | 49 | 35 | 33 | 23 |

## 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) | 0.0% | S100YE9G |
| Fixed assets ÷ total assets | 0.0% | S100YE9G |
| Goodwill ÷ parent equity | — | —, S100YE9G |

### 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) | 0.6% |
| Cash ÷ revenue | 6.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -28.7% |
| Cash vs. profit gap | -163 JPY mn (of net income -105.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| 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 | 14.7% | 0.16× | 2.4% | 1.64× | 3.9% | S100R2N8 |
| 2023 | 8.5% | 0.08× | 0.7% | 1.57× | 1.1% | S100TRJ6 |
| 2024 | 25.9% | 0.16× | 4.3% | 1.49× | 6.3% | S100W4PD |
| 2025 | 36.0% | 0.08× | 2.7% | 1.43× | 3.9% | S100YE9G |
| 2026 | 44.3% | 0.10× | 4.5% | 1.42× | 6.3% | S100YE9G |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 佐々木 ベジ | Major shareholder | 52.7% | 2026-03-31 |
| 伊藤 彰浩 | Major shareholder | 2.0% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 1.3% | 2026-03-31 |
| 稲田 幹弘 | Major shareholder | 1.1% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| BARCLAYS CAPITAL SECURITIES LIMITED(常任代理人 バークレイズ証券株式会社) | Major shareholder | 1.1% | 2026-03-31 |
| 西川 紘未 | Major shareholder | 0.8% | 2026-03-31 |
| UBS AG LONDON ASIA EQUITIES(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 0.7% | 2026-03-31 |
| J.P.MORGAN SECURITIES PLC(常任代理人 JPモルガン証券株式会社) | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第46期(2025/04/01－2026/03/31) | S100YE9G | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE9G,, |
| 有価証券報告書－第45期(2024/04/01－2025/03/31) | S100W4PD | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4PD,, |
| 有価証券報告書－第44期(2023/04/01－2024/03/31) | S100TRJ6 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRJ6,, |
| 有価証券報告書－第43期(2022/04/01－2023/03/31) | S100R2N8 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2N8,, |
| 有価証券報告書－第42期(令和3年4月1日－令和4年3月31日) | S100OGCT | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGCT,, |
| 有価証券報告書－第41期(令和2年4月1日－令和3年3月31日) | S100LRZ1 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRZ1,, |

## 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).