Worth reading
58In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
303
million yenWording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationFull fiscal year ended July 202611 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales109,953 million yen+14.5%
Operating profit3,821 million yen+2.1%
Ordinary income3,274 million yen-1.1%
Net income2,369 million yen-0.6%
Selling, general and administrative expenses12,945 million yen
Gross Profit Margin
Rate15.25%
Year-on-year change (points)Down 0.58 percentage points from 15.83% in the previous year
Operating profit margin
Rate3.48%
Year-on-year change (points)Down 0.42 percentage points from 3.90% in the previous year
Results for the three months of the current quarterFourth quarter of the fiscal year ended July 2026: revenue of ¥29,815 million, operating profit of ¥861 million, ordinary profit of ¥690 million, and net profit of ¥599 million
Full-year earnings forecast
Fiscal year ending July 2027
Net Sales
132,697 million yen
Operating profit
5,610 million yen
Ordinary income
4,740 million yen
Net income
3,114 million yen
Annual Dividend
13 yen
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Net Sales99.4%
Cost of sales99.9%
Gross profit96.9%
Selling, general and administrative expenses101.1%
Operating profit84.8%
Ordinary income82.5%
Profit before tax89.7%
Net income89.4%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The number of sales personnel fell short of plan. In the first year of the medium-term management plan, the profit target was not achieved. However, productivity per sales employee exceeded plan.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Losses on the sale of certain properties, stronger appraisal and checking procedures at the time of acquisition, higher unit prices for properties handled, and a shift in projects toward family-type properties, apartments, detached houses and other categories
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The latest business environment, changes in the composition by property type, a shift toward property types with relatively high profit margins, and higher unit prices per transaction. However, numerical assumptions for foreign exchange rates, raw material prices and other factors were Not disclosedNew initiatives
Strengthening appraisal and checking procedures at the time of acquisition, diversifying recruitment channels, developing a member portal and electronic contracting system, and expanding the types of properties handled to include detached houses, apartments and other categoriesKey KPIsA metric the company considers important as a management benchmark.
- Number of transactions7,442 EngagementsYear on year against the same period last yearIn line with the prior-year period
- Units under management10,531 unitsYear on year against the same period last yearUp 1,148 units from the end of the previous fiscal year
- Occupancy RateMore than 98%Year on year against the same period last yearMore than 98% for 12 consecutive years
- Number of real estate data records565 ten thousand items
- Sales staff484 peopleYear on year against the same period last yearUp 31 people from the end of the previous fiscal year
- Revenue per sales department employee224 million yenYear on year against the same period last yearUp from ¥209 million in the previous year
Unit price and quantity metricsThese figures show sales broken down by price and volume.
7,442 transactions. The shift toward properties with relatively high profit margins increased the average unit price per transaction.Medium-term management plan targets
Fiscal year ending July 2028: revenue of ¥165,407 million, ordinary profit of ¥5,711 million, and revised net profit of ¥3,507 million. The ordinary profit target of ¥5,711 million for the fiscal year ending July 2028 compares with the forecast of ¥4,740 million for the fiscal year ending July 2027.Market Size / Share
Japan's existing-home distribution ratio: 42.3%. Existing condominium transactions in the Tokyo metropolitan area in July 2026: 3,638 completed transactions, with an average completed transaction price of ¥2.783 million per tsubo. Existing-home distribution ratios were 82.4% in the United States, 74.3% in the United Kingdom and 74.5% in France.Number of stores and locations
Ikebukuro, Shibuya, Yokohama, Osaka, Fukuoka and Okinawa. The number of store openings and closures during the period was Not disclosedNumber of employees
1,017 people (trend graph at the end of the fiscal year ended July 2026). The company profile lists 890 full-time employees. Sales personnel numbered 484, up 31 from the end of the previous fiscal year. The plan is for 576 sales personnel at the end of the fiscal year ending July 2027.Annual Dividend
¥11.10 for the fiscal year ended July 2026 (year-end dividend: ¥11.10). Forecast of ¥13.00 for the fiscal year ending July 2027. The breakdown of the interim dividend was Not disclosed| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Full fiscal year ended July 2026 |
| Net Sales | 109,953 million yen (YoY +14.5%) |
| Operating profit | 3,821 million yen (YoY +2.1%) |
| Ordinary income | 3,274 million yen (YoY -1.1%) |
| Net income | 2,369 million yen (YoY -0.6%) |
| Gross Profit Margin | Rate 15.25% / Year-on-year change (points) Down 0.58 percentage points from 15.83% in the previous year |
| Operating profit margin | Rate 3.48% / Year-on-year change (points) Down 0.42 percentage points from 3.90% in the previous year |
| Selling, general and administrative expenses | 12,945 million yen |
| Results for the three months of the current quarter | Fourth quarter of the fiscal year ended July 2026: revenue of ¥29,815 million, operating profit of ¥861 million, ordinary profit of ¥690 million, and net profit of ¥599 million |
| Full-year earnings forecast | Fiscal year ending July 2027 Net Sales 132,697 million yen / Operating profit 5,610 million yen / Ordinary income 4,740 million yen / Net income 3,114 million yen / Annual Dividend 13 yen |
| Progress against full-year forecast | Net Sales 99.4% / Cost of sales 99.9% / Gross profit 96.9% / Selling, general and administrative expenses 101.1% / Operating profit 84.8% / Ordinary income 82.5% / Profit before tax 89.7% / Net income 89.4% |
| Self-assessment against the plan | The number of sales personnel fell short of plan. In the first year of the medium-term management plan, the profit target was not achieved. However, productivity per sales employee exceeded plan. |
| Breakdown of Factors Affecting the Change | Losses on the sale of certain properties, stronger appraisal and checking procedures at the time of acquisition, higher unit prices for properties handled, and a shift in projects toward family-type properties, apartments, detached houses and other categories |
| Key KPIs | Indicator name Number of transactions / Value 7,442 Engagements / Year on year against the same period last year In line with the prior-year period, Indicator name Units under management / Value 10,531 units / Year on year against the same period last year Up 1,148 units from the end of the previous fiscal year, Indicator name Occupancy Rate / Value More than 98% / Year on year against the same period last year More than 98% for 12 consecutive years, Indicator name Number of real estate data records / Value 565 ten thousand items / Year on year against the same period last year Not disclosed, Indicator name Sales staff / Value 484 people / Year on year against the same period last year Up 31 people from the end of the previous fiscal year, Indicator name Revenue per sales department employee / Value 224 million yen / Year on year against the same period last year Up from ¥209 million in the previous year |
| Unit price and quantity metrics | 7,442 transactions. The shift toward properties with relatively high profit margins increased the average unit price per transaction. |
| Number of stores and locations | Ikebukuro, Shibuya, Yokohama, Osaka, Fukuoka and Okinawa. The number of store openings and closures during the period was Not disclosed |
| Number of employees | 1,017 people (trend graph at the end of the fiscal year ended July 2026). The company profile lists 890 full-time employees. Sales personnel numbered 484, up 31 from the end of the previous fiscal year. The plan is for 576 sales personnel at the end of the fiscal year ending July 2027. |
| Assumptions Underlying the Business Outlook | The latest business environment, changes in the composition by property type, a shift toward property types with relatively high profit margins, and higher unit prices per transaction. However, numerical assumptions for foreign exchange rates, raw material prices and other factors were Not disclosed |
| Medium-term management plan targets | Fiscal year ending July 2028: revenue of ¥165,407 million, ordinary profit of ¥5,711 million, and revised net profit of ¥3,507 million. The ordinary profit target of ¥5,711 million for the fiscal year ending July 2028 compares with the forecast of ¥4,740 million for the fiscal year ending July 2027. |
| Annual Dividend | ¥11.10 for the fiscal year ended July 2026 (year-end dividend: ¥11.10). Forecast of ¥13.00 for the fiscal year ending July 2027. The breakdown of the interim dividend was Not disclosed |
| Market Size / Share | Japan's existing-home distribution ratio: 42.3%. Existing condominium transactions in the Tokyo metropolitan area in July 2026: 3,638 completed transactions, with an average completed transaction price of ¥2.783 million per tsubo. Existing-home distribution ratios were 82.4% in the United States, 74.3% in the United Kingdom and 74.5% in France. |
| New initiatives | Strengthening appraisal and checking procedures at the time of acquisition, diversifying recruitment channels, developing a member portal and electronic contracting system, and expanding the types of properties handled to include detached houses, apartments and other categories |
Items this document does not state (8)
Segment resultsRisk amount incorporated into the outlookFinancial targetsPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The shortfall in profit for the fiscal year ended July 2026 was attributable to losses on the sale of certain properties, including large central Tokyo properties that the company had not previously handled. The revision to the net profit target for the fiscal year ending July 2028 reflects an increase in the tax burden following the expiration of the deadline for applying the tax incentive for promoting wage increases.
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