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HEIWA REAL ESTATE

HEIWA REAL ESTATE CO.,LTD.

Company highlights

The largest segment by revenue is ビルディング事業, at 90.9% of the total.

Key figures

Period Apr 2025 to Mar 2026ConsolidatedJapanese GAAP

RevenueDisclosed ¥50.9B
Operating marginCalculated 29.7%
Net assets to total assetsCalculated 28.1%

Company profile

Securities code 8803 / EDINET code E03858 / Real Estate / Fiscal year end March 31

中央区日本橋兜町1番10号/Capital stock ¥21,492 million
Address, capital stock, fiscal year end and industry: the FSA’s EDINET code list.

Official website: https://www.heiwa-net.co.jp/
Official website: gBizINFO (Ministry of Economy, Trade and Industry).

Company details
土本 清幸 Representative
7 Consolidated subsidiaries

Tables scroll sideways

Disclosed data

Source: Annual Securities Report (Apr 2025 to Mar 2026) · filed 2026-06-24

Profitability ★★★★★position among all companies 29.7%
Growth (revenue, 4-year average) ★☆☆☆☆position among all companies -3.2%
Capital efficiency ★★★☆☆position among all companies 9.0%

Business activities and revenue composition

HEIWA REAL ESTATE

Revenue and profit by business segment

Period Apr 2025 to Mar 2026Source Annual securities reportsConsolidated・Disclosed

SalesProfit ビルディング事業ビルディング事業 Sales 90.9% 91% Profit 84.3% 84% Asset manag…Asset management Sales 9.1% 9% Profit 15.7% 16%
BusinessNet sales to external customers Operating income
This yearShareLast year This yearShareMarginLast year
ビルディング事業 ¥46.2 billion 90.9% ¥38.0 billion ¥14.7 billion 84.3% 31.7% ¥13.0 billion
Asset management ¥4.6 billion 9.1% ¥4.1 billion ¥2.7 billion 15.7% 59.3% ¥2.4 billion
Total of the businesses ¥50.9 billion100.0% ¥17.4 billion 100.0%

Revenue and profit

HEIWA REAL ESTATE

Period Apr 2025 to Mar 2026Source Annual securities reports

Net sales and operating revenue ¥50.9B 100% Cost of sales ¥29.5B 58% Selling, general and administrative expenses ¥6.2B 12% Operating income ¥15.1B 30%
Amounts by account
GroupAccountAmountConsolidated / Non-consolidated
Selling, general and administrative expenses Other ¥2.8 billion Consolidated
Salaries and allowances ¥1.8 billion Consolidated
Commission fees ¥1.0 billion Consolidated
Business tax ¥0.4 billion Parent only
Directors' compensations ¥0.3 billion Parent only
Provision for bonuses ¥0.2 billion Consolidated
Provision for dividend ¥0.2 billion Consolidated
Provision for directors' bonuses ¥0.1 billion Consolidated
Retirement benefit expenses ¥69.00 million Consolidated
Depreciation ¥68.00 million Parent only
Amortization of goodwill ¥42.00 million Consolidated
Profit by stage Gross profit (loss) ¥21.3 billion Consolidated
Operating income ¥15.1 billion Consolidated
Ordinary income ¥13.0 billion Consolidated
Net income ¥11.0 billion Consolidated

HEIWA REAL ESTATE

Selling, general and administrative expenses

Period Apr 2025 to Mar 2026Source Annual securities reports

Other ¥2.8 billion (43.5%)44%Salaries and allowances ¥1.8 billion (27.1%)27%Commission fees ¥1.0 billion (15.4%)15%Business tax ¥0.4 billion (6.6%)7%Directors' compensations ¥0.3 billion (3.9%)Provision for bonuses ¥0.2 billion (3.6%)¥6.5B
  • Other ¥2.8 billion
  • Salaries and allowances ¥1.8 billion
  • Commission fees ¥1.0 billion
  • Business tax ¥0.4 billion
  • Directors' compensations ¥0.3 billion
  • Provision for bonuses ¥0.2 billion

Performance, financial position and capital allocation

Finance
28.1% Net assets to total assets Industry median 33.5% FY ending 3/2026 · consolidated / calculated
2.4% Return on assets (ROA)
¥1,918.61 Net assets per share
¥-11.6 billion Free cash flow
¥451.8 billion Total assets
¥0.6 billion Goodwill (the part of the acquisition price above the net assets acquired)
Capital allocation
98.3% Cash conversion Industry median 36.4% FY ending 3/2026 · consolidated / calculated
1.8% Increase in working capital ★★★★☆ position among all companies FY ending 3/2026 · consolidated / calculated
356.7% Property, plant and equipment purchases relative to depreciation ★★★★★ position among all companies FY ending 3/2026 · consolidated / calculated
52.6% Return to shareholders ★★★★☆ position among all companies FY ending 3/2026 · consolidated / calculated
22.5% Extraordinary gains and losses relative to ordinary profit ★★★★★ position among all companies FY ending 3/2026 · consolidated / calculated
36.0% Investment securities to net assets ★★★★★ position among all companies FY ending 3/2026 · consolidated / calculated

Long-term changes in performance

Period 2013 to 2026Disclosed

Revenue ×1.54 from 2013 to 2026

HEIWA REAL ESTATE

Long-term revenue, profit and asset trends

Period 2013 to 2026Source Annual securities reportsDisclosed

Mark on the chart
58 39 19 0 2013 2015 2017 2019 2021 2023 2025 2026 Net sales and operating revenue Ordinary income 2014 Net sales year on year +31.2% 2015 Net sales year on year -20.6%, Ordinary income (loss) as a share of revenue +6.1 points 2017 Ordinary income (loss) as a share of revenue +2.1 points 2018 Net sales year on year -21.7%, Ordinary income (loss) as a share of revenue +5.5 points 2019 Net sales year on year +20.7%, Ordinary income (loss) as a share of revenue -4.3 points 2021 Net sales year on year -24.9%, Ordinary income (loss) as a share of revenue +7.8 points 2022 Net sales year on year +65.0%, Ordinary income (loss) as a share of revenue -9.2 points 2023 Net sales year on year -23.0% 2024 Ordinary income (loss) as a share of revenue +4.1 points 2026 Net sales year on year +20.9%, Ordinary income (loss) as a share of revenue -2.2 points 51Latest value 2026 51¥ billion 58Highest in the period shown 2022 58¥ billion 33Lowest in the period shown 2018 33¥ billion ¥ billion

HEIWA REAL ESTATE

Recent performance trends

Source Annual securities reports

58 39 19 0 4 years ago 3 years ago 2 years ago Last year This year Net sales and operating revenue Ordinary income ¥ billion

Year-on-year comparison

Period 2013 to 2026Disclosed

Item20222023202420252026
Net sales ¥57.8B ¥44.5B ¥44.4B ¥42.1B ¥50.9B
Year on year (%) +65.0%◆ -23.0%◆ -0.2% -5.3% +20.9%◆
Ordinary income (loss) ¥11.6B ¥9.6B ¥11.5B ¥11.7B ¥13.0B
Change from prior year +13.0% -16.6% +18.8% +1.6% +11.4%
Ordinary income (loss) as a share of Net sales 20.0% 21.7% 25.8% 27.7% 25.5%
Change (percentage points) -9.2 points◆ +1.7 points +4.1 points◆ +1.9 points -2.2 points◆

Fiscal periods marked for changes

Earlier fiscal periods (7)
  • 2014Net sales year on year +31.2%
  • 2015Net sales year on year -20.6%, Ordinary income (loss) as a share of revenue +6.1 points
  • 2017Ordinary income (loss) as a share of revenue +2.1 points
  • 2018Net sales year on year -21.7%, Ordinary income (loss) as a share of revenue +5.5 points
  • 2019Net sales year on year +20.7%, Ordinary income (loss) as a share of revenue -4.3 points
  • 2021Net sales year on year -24.9%, Ordinary income (loss) as a share of revenue +7.8 points
  • 2022Net sales year on year +65.0%, Ordinary income (loss) as a share of revenue -9.2 points
  • 2023Net sales year on year -23.0%
  • 2024Ordinary income (loss) as a share of revenue +4.1 points
  • 2026Net sales year on year +20.9%, Ordinary income (loss) as a share of revenue -2.2 points

HEIWA REAL ESTATE

Earnings and net assets per share over time

Unit yenSource Annual securities reports

166 110 55 0 4 years ago 3 years ago 2 years ago Last year This year Earnings per share yen 1,919 1,279 640 0 4 years ago 3 years ago 2 years ago Last year This year Net assets per share yen

HEIWA REAL ESTATE

Return on equity over time

Unit %Source Annual securities reports

9 6 3 0 4 years ago 3 years ago 2 years ago Last year This year Return on equity (ROE, %)
Consolidated indicators (14 items)
Item4 years ago3 years ago2 years agoLast yearThis year
Net sales ¥57.8 billion ¥44.5 billion ¥44.4 billion ¥42.1 billion ¥50.9 billion
Ordinary income (loss) ¥11.6 billion ¥9.6 billion ¥11.5 billion ¥11.7 billion ¥13.0 billion
Net income (loss) attributable to owners of parent ¥8.7 billion ¥9.1 billion ¥8.4 billion ¥9.6 billion ¥11.0 billion
Comprehensive income ¥6.6 billion ¥6.5 billion ¥10.3 billion ¥7.4 billion ¥16.6 billion
Net assets ¥119.3 billion ¥119.3 billion ¥125.6 billion ¥118.0 billion ¥126.8 billion
Total assets ¥376.2 billion ¥398.3 billion ¥406.0 billion ¥419.5 billion ¥451.8 billion
Net assets per share 1,634.87 yen 1,667.17 yen 1,755.33 yen 1,767.08 yen 1,918.61 yen
Basic earnings (loss) per share 118.37 yen 127.14 yen 118.06 yen 141.55 yen 165.63 yen
Equity-to-asset ratio 31.7% 30.0% 30.9% 28.1% 28.1%
Return on equity 7.3% 7.7% 6.9% 7.9% 9.0%
Net cash provided by (used in) operating activities ¥34.2 billion ¥24.0 billion ¥19.6 billion ¥16.0 billion ¥14.9 billion
Net cash provided by (used in) investing activities ¥-20.7 billion ¥-40.2 billion ¥-19.4 billion ¥-24.8 billion ¥-26.5 billion
Net cash provided by (used in) financing activities ¥-15.5 billion ¥14.0 billion ¥0.3 billion ¥7.7 billion ¥10.8 billion
Cash and cash equivalents ¥28.1 billion ¥25.8 billion ¥26.3 billion ¥25.2 billion ¥24.4 billion
Parent only indicators (14 items)
Item4 years ago3 years ago2 years agoLast yearThis year
Net sales ¥52.8 billion ¥39.3 billion ¥38.9 billion ¥35.3 billion ¥43.0 billion
Ordinary income (loss) ¥10.9 billion ¥9.2 billion ¥11.1 billion ¥10.7 billion ¥12.1 billion
Net income (loss) ¥8.5 billion ¥9.0 billion ¥8.5 billion ¥9.2 billion ¥10.6 billion
Capital stock ¥21.5 billion ¥21.5 billion ¥21.5 billion ¥21.5 billion ¥21.5 billion
Total number of issued shares (common stock) 38,859,996 shares 38,859,996 shares 38,859,996 shares 38,859,996 shares 71,019,992 shares
Net assets ¥113.6 billion ¥113.4 billion ¥119.8 billion ¥111.8 billion ¥120.2 billion
Total assets ¥365.8 billion ¥387.2 billion ¥394.2 billion ¥407.7 billion ¥435.9 billion
Net assets per share 1,556.69 yen 1,585.05 yen 1,673.88 yen 1,674.94 yen 1,819.93 yen
Dividend per share 95 yen 104 yen 166 yen 172 yen 98 yen
Interim dividend per share 41 yen 50 yen 58 yen 63 yen 36 yen
Basic earnings (loss) per share 115.98 yen 124.66 yen 119.23 yen 136.88 yen 159.71 yen
Equity-to-asset ratio 31.0% 29.3% 30.4% 27.4% 27.6%
Return on equity 7.5% 7.9% 7.3% 8.0% 9.2%
Payout ratio 41.0% 41.7% 69.6% 62.8% 61.4%

Dividend history

Source: reporting company’s key figures, annual securities reports · 14 years (2013 to 2026)Parent-onlyDisclosed

8 periods Consecutive increases (own definition) through FY ending 3/2025
12 periods Consecutive periods with dividends (site definition) through FY ending 3/2025
+3.6% Dividend growth (year on year)
+25.2% Dividend growth (5-year annual rate)
Fiscal yearAnnual dividend per share Of which interimPayout ratio (as reported, parent only) Flag
FY ending 3/2026 ¥98 ¥36 61.4% Stock split or share consolidation noted
FY ending 3/2025 ¥172 ¥63 62.8%
FY ending 3/2024 ¥166 ¥58 69.6%
FY ending 3/2023 ¥104 ¥50 41.7%
FY ending 3/2022 ¥95 ¥41 41.0%
FY ending 3/2021 ¥77 ¥32 41.1%
FY ending 3/2020 ¥56 ¥25 36.1%
FY ending 3/2019 ¥48 ¥20 31.9%
FY ending 3/2018 ¥37 ¥17 30.2%
FY ending 3/2017 ¥26 ¥13 23.2%
FY ending 3/2016 ¥26 ¥11 27.8%
FY ending 3/2015 ¥22 ¥11 40.0%
FY ending 3/2014 ¥22 ¥11 31.8%
FY ending 3/2013 ¥14 ¥2 3,235.3% Stock split or share consolidation noted

HEIWA REAL ESTATE

Dividends per share over time

Unit yenSource Annual securities reports

172 115 57 0 4 years ago 3 years ago 2 years ago Last year This year Dividend per share yen

Shareholder composition

As of 2026-03-31Disclosed

Share ownership by holder category

26,092 Shareholders
15.12% Foreign holders (total) Industry median 3.47%
27.51% Individuals and others Industry median 48.70%

HEIWA REAL ESTATE

Unit %Source Annual securities reports

  • Financial institutions16.66%
  • Securities firms4.75%
  • Other corporations35.92%
  • Foreign holders (institutions)15.10%
  • Foreign holders (individuals)0.02%
  • Individuals and others27.51%
  • Government and municipalities0.00%

Major shareholders

RankShareholderShareholding ratioShares held
1 大成建設株式会社 20.23% 13,500,000
2 日本マスタートラスト信託銀行株式会社(信託口) 8.07% 5,385,000
3 三菱地所株式会社 5.32% 3,552,000
4 株式会社日本カストディ銀行(信託口) 4.21% 2,811,000
5 野村 絢BUKIT TUNGGAL ROAD 4.06% 2,714,000
6 株式会社レノ 3.62% 2,420,000
7 モルガン・スタンレーMUFG証券株式会社 1.34% 894,000
8 株式会社りそな銀行 1.33% 891,000
9 STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) 1.32% 880,000
10 株式会社三井住友銀行 1.2% 804,000

Research and development expenses and capital expenditure

Source: R&D and capital expenditure sections, annual securities reports · 2 years (2021 to 2026)Disclosed

Not disclosed Research and development
¥20.6 billion Capital expenditure 40.5% of revenue (industry median 2.2%)
Fiscal year Capital expenditure
FY ending 3/2026 ¥20.6 billion
FY ending 3/2021 ¥30.9 billion

Revenue scale in the same industry

HEIWA REAL ESTATE

Source Annual securities reports of each company

Real Estate: 147 companies · revenue · largest first・each company’s latest fiscal year・Consolidated・Disclosed

Workforce information

Source: Annual Securities Report (Apr 2025 to Mar 2026)Parent-onlyDisclosed

107 Employees (parent only) Industry median 102
42.1 Average age Industry median 39.2
14.7 years Average length of service Industry median 6.3 years
¥12.25 million Average annual salary Industry median ¥7.07 million
People and organisation
191.9¥ million Sales per employee Industry median 122.0¥ million FY ending 3/2026 · consolidated / calculated
¥57.02 million Operating income per employee
16.7% Women in managerial positions
37.9% Share of female employees
50.0% Men taking childcare leave
Men 13.6 yrs
Women 16.5 yrs
Average length of service by gender
Men 62
Women 36
Employees by gender

Administrative filings and published information

Workplace information filings

Filed 2026-08-27Disclosed

ItemValue
Employees 110
Annual paid leave taken
Scope: 正社員
81.4%
Childcare leave taken, men
Scope: 正社員
100%

Greenhouse gas emissions

Reported to the government for fiscal 2023Disclosed

CategoryEmissions
特定事業所排出者25,569 t-CO2
Sites covered by the report2

Audit and disclosure information

Annual securities report, year ended 2026-03-31Disclosed

ItemValue
Audit firm 有限責任あずさ監査法人
Audit fees (this year, total) ¥48.00 million
Non-audit fees (this year, total) ¥1.00 million
Going concern note Cannot be determined
Accounting standard Japanese GAAP

See the book series →

Sources and methodology

Retrieved disclosed figures

Accounts and values from the annual securities report, by section

Major management indicators (5 years) (28 items)

ItemValueConsolidated / Non-consolidated
Comprehensive income ¥16.6 billion Consolidated
Net cash provided by (used in) operating activities ¥14.9 billion Consolidated
Net sales ¥50.9 billion Consolidated
Net cash provided by (used in) investing activities ¥-26.5 billion Consolidated
Cash and cash equivalents ¥24.4 billion Consolidated
Net assets ¥126.8 billion Consolidated
Ordinary income (loss) ¥13.0 billion Consolidated
Total assets ¥451.8 billion Consolidated
Return on equity 9.0% Consolidated
Equity-to-asset ratio 28.1% Consolidated
Net income (loss) attributable to owners of parent ¥11.0 billion Consolidated
Net cash provided by (used in) financing activities ¥10.8 billion Consolidated
Basic earnings (loss) per share 165.63 yen Consolidated
Net assets per share 1,918.61 yen Consolidated
Dividend per share 98 yen Parent only
Net sales ¥43.0 billion Parent only
Net income (loss) ¥10.6 billion Parent only
Total number of issued shares (common stock) 71,019,992 shares Parent only
Net assets ¥120.2 billion Parent only
Ordinary income (loss) ¥12.1 billion Parent only
Total assets ¥435.9 billion Parent only
Return on equity 9.2% Parent only
Equity-to-asset ratio 27.6% Parent only
Capital stock ¥21.5 billion Parent only
Payout ratio 61.4% Parent only
Interim dividend per share 36 yen Parent only
Basic earnings (loss) per share 159.71 yen Parent only
Net assets per share 1,819.93 yen Parent only

Employees (8 items)

ItemValueConsolidated / Non-consolidated
Number of employees 265 people Consolidated
Number of employees 265 people Consolidated
Average length of service (years) 14.7 years Parent only
Average annual salary ¥12.25 million Parent only
Average age (years) 42.1 years old Parent only
Number of employees 107 people Parent only
Number of employees 107 people Parent only
Number of employees 107 people Parent only

Shares (16 items)

ItemValueConsolidated / Non-consolidated
Number of shares held 33,854,000 shares Consolidated
Total number of shares held treasury shares etc 4,317,300 shares Consolidated
Number of issues whose number of shares decreased shares not listed investment shares held for purposes other than pure investment reporting company 1 issues Consolidated
Number of issues whose number of shares decreased shares other than those not listed investment shares held for purposes other than pure investment reporting company 5 issues Consolidated
Total sale amount for decreased shares shares not listed investment shares held for purposes other than pure investment reporting company ¥0.3 billion Consolidated
Total sale amount for decreased shares shares other than those not listed investment shares held for purposes other than pure investment reporting company ¥3.3 billion Consolidated
Number of shares 71,019,992 shares Consolidated
Shareholding ratio treasury shares etc 6.1% Consolidated
Shareholding ratio 50.7% Consolidated
Number of shares held in own name treasury shares etc 4,317,300 shares Consolidated
Number of voting rights 664,548 units Consolidated
Carrying amount on the balance sheet ¥0.1 billion Consolidated
Carrying amount on the balance sheet ¥19.7 billion Consolidated
Number of issues 5 issues Consolidated
Number of issues 24 issues Consolidated
Total shareholder return 162.0% Parent only

Other disclosed items (7 items)

ItemValueConsolidated / Non-consolidated
Net sales to external customers ¥50.9 billion Consolidated
Increase in property plant and equipment and intangible assets ¥20.6 billion Consolidated
Depreciation ¥5.8 billion Consolidated
Number of consolidated subsidiaries 7 companies Consolidated
Rate of male employees taking childcare leave (all employees) 50.0% Parent only
Total return on the share price index 221.1% Parent only
Ratio of female employees in managerial positions 16.7% Parent only

Property and facilities (1 items)

ItemValueConsolidated / Non-consolidated
Capital expenditures ¥20.6 billion Consolidated

Audit (5 items)

ItemValueConsolidated / Non-consolidated
Fees for audit and attestation services - reporting company ¥44.00 million Consolidated
Fees for audit and attestation services - total ¥48.00 million Consolidated
Fees for audit and attestation services - consolidated subsidiaries ¥4.00 million Consolidated
Fees for non-audit services - total ¥1.00 million Consolidated
Non audit fees consolidated subsidiaries ¥1.00 million Consolidated

Accounts unique to this company (12 items)

ItemValueConsolidated / Non-consolidated
Revenue ¥2.3 billion Consolidated
Revenue ¥3.2 billion Consolidated
Revenue ¥0.4 billion Consolidated
Revenue ¥0.2 billion Consolidated
Revenue ¥-1.1 billion Consolidated
Revenue ¥3.2 billion Consolidated
Revenue ¥0.5 billion Consolidated
Change in average annual salary from the previous year 11.1% Parent only
Revenue ¥2.3 billion Parent only
Revenue ¥0.4 billion Parent only
Revenue ¥0.2 billion Parent only
Revenue ¥83.00 million Parent only

Balance sheet (152 items)

ItemValueConsolidated / Non-consolidated
Other ¥9.2 billion Consolidated
Other ¥5.1 billion Consolidated
Other ¥1.8 billion Consolidated
Other ¥0.2 billion Consolidated
Valuation difference on available-for-sale securities ¥20.5 billion Consolidated
Goodwill ¥0.6 billion Consolidated
Goodwill ¥0.6 billion Consolidated
Real estate for sale in process ¥0.2 billion Consolidated
Leasehold right ¥30.4 billion Consolidated
Deferred tax liabilities for land revaluation ¥7.4 billion Consolidated
Retained earnings ¥57.7 billion Consolidated
Lease and guarantee deposits received ¥24.0 billion Consolidated
Trade accounts receivable ¥2.1 billion Consolidated
Operating accounts payable ¥1.9 billion Consolidated
Non-current liabilities ¥283.1 billion Consolidated
Non-current assets ¥358.2 billion Consolidated
Land ¥150.6 billion Consolidated
Revaluation reserve for land ¥16.0 billion Consolidated
Contract liabilities ¥0.2 billion Consolidated
Contract assets ¥0.6 billion Consolidated
Tools, furniture and fixtures ¥3.6 billion Consolidated
Tools, furniture and fixtures ¥1.3 billion Consolidated
Buildings and structures ¥181.9 billion Consolidated
Buildings and structures, net ¥86.1 billion Consolidated
Construction in progress ¥33.6 billion Consolidated
Provision for directors' bonuses ¥0.1 billion Consolidated
Investments and other assets ¥55.0 billion Consolidated
Investment securities ¥45.6 billion Consolidated
Securities ¥11.2 billion Consolidated
Property, plant and equipment ¥272.0 billion Consolidated
Income taxes payable ¥2.6 billion Consolidated
Accrued consumption taxes ¥0.1 billion Consolidated
Shareholders' equity ¥89.9 billion Consolidated
Provision for stocks payment-NCL ¥0.4 billion Consolidated
Machinery, equipment and vehicles ¥2.1 billion Consolidated
Machinery, equipment and vehicles, net ¥0.4 billion Consolidated
Current liabilities ¥42.0 billion Consolidated
Current assets ¥93.4 billion Consolidated
Accumulated depreciation ¥-2.3 billion Consolidated
Accumulated depreciation ¥-95.8 billion Consolidated
Accumulated depreciation ¥-1.7 billion Consolidated
Intangible assets ¥31.1 billion Consolidated
Cash and cash equivalents ¥24.4 billion Consolidated
Cash and deposits ¥19.9 billion Consolidated
Short-term loans payable ¥0.8 billion Consolidated
Bonds payable ¥22.9 billion Consolidated
Bond issuance cost ¥0.3 billion Consolidated
Net assets ¥126.8 billion Consolidated
Net assets ¥126.8 billion Consolidated
Total assets ¥451.8 billion Consolidated
Total assets ¥451.8 billion Consolidated
Deferred gains or losses on hedges ¥0.3 billion Consolidated
Deferred tax liabilities ¥10.0 billion Consolidated
Deferred tax assets ¥0.2 billion Consolidated
Deferred assets ¥0.3 billion Consolidated
Treasury stock ¥-9.0 billion Consolidated
Valuation and translation adjustments ¥36.8 billion Consolidated
Liabilities ¥325.1 billion Consolidated
Liabilities and net assets ¥451.8 billion Consolidated
Real estate for sale ¥55.8 billion Consolidated
Allowance for doubtful accounts ¥-0 Consolidated
Capital surplus ¥19.7 billion Consolidated
Capital stock ¥21.5 billion Consolidated
Asset retirement obligations ¥0.7 billion Consolidated
Asset retirement obligations ¥11.00 million Consolidated
Provision for bonuses ¥0.4 billion Consolidated
Net defined benefit liability ¥0.2 billion Consolidated
Long-term loans payable ¥206.7 billion Consolidated
Long term accounts payable other ¥7.8 billion Consolidated
Current portion of bonds payable ¥0.7 billion Consolidated
Current portion of long-term loans payable ¥30.3 billion Consolidated
Investments in other securities of subsidiaries and associates ¥2.0 billion Parent only
Valuation difference on available-for-sale securities ¥20.2 billion Parent only
Goodwill ¥0.6 billion Parent only
Software ¥0.1 billion Parent only
Derivatives ¥0.5 billion Parent only
Real estate for sale in process ¥0.2 billion Parent only
Suspense payments ¥12.00 million Parent only
Leasehold right ¥30.4 billion Parent only
Deferred tax liabilities for land revaluation ¥7.4 billion Parent only
Investments in capital ¥21.00 million Parent only
General reserve ¥10.1 billion Parent only
Retained earnings ¥51.6 billion Parent only
Legal retained earnings ¥1.5 billion Parent only
Advances received ¥3.5 billion Parent only
Prepaid expenses ¥31.00 million Parent only
Lease and guarantee deposits received ¥18.7 billion Parent only
Right of trademark ¥7.00 million Parent only
Trade accounts receivable ¥1.1 billion Parent only
Operating accounts payable ¥1.4 billion Parent only
Non-current liabilities ¥272.5 billion Parent only
Non-current assets ¥352.3 billion Parent only
Land ¥143.3 billion Parent only
Revaluation reserve for land ¥16.0 billion Parent only
Reserve for reduction entry2 ¥1.6 billion Parent only
Tools, furniture and fixtures ¥1.2 billion Parent only
Guarantee deposits ¥1.3 billion Parent only
Buildings, net ¥82.8 billion Parent only
Construction in progress ¥33.6 billion Parent only
Provision for directors' bonuses ¥0.1 billion Parent only
Investments and other assets ¥59.5 billion Parent only
Investment securities ¥44.7 billion Parent only
Right of using facilities ¥0 Parent only
Securities ¥11.2 billion Parent only
Property, plant and equipment ¥261.8 billion Parent only
Accounts receivable - other ¥1.5 billion Parent only
Accrued income ¥5.00 million Parent only
Income taxes payable ¥2.3 billion Parent only
Accrued expenses ¥0.2 billion Parent only
Accounts payable - other ¥0.5 billion Parent only
Shareholders' equity ¥83.8 billion Parent only
Provision for stocks payment-NCL ¥0.4 billion Parent only
Structures, net ¥0.4 billion Parent only
Machinery and equipment, net ¥0.4 billion Parent only
Current liabilities ¥43.1 billion Parent only
Current assets ¥83.3 billion Parent only
Intangible assets ¥31.1 billion Parent only
Cash and deposits ¥14.9 billion Parent only
Short-term loans payable ¥3.6 billion Parent only
Short-term loans receivable with resale agreement ¥0.8 billion Parent only
Bonds payable ¥22.9 billion Parent only
Bond issuance cost ¥0.3 billion Parent only
Advances paid ¥0.1 billion Parent only
Net assets ¥120.2 billion Parent only
Net assets ¥120.2 billion Parent only
Total assets ¥435.9 billion Parent only
Deferred gains or losses on hedges ¥0.3 billion Parent only
Deferred tax liabilities ¥8.0 billion Parent only
Deferred assets ¥0.3 billion Parent only
Retained earnings brought forward ¥38.3 billion Parent only
Treasury stock ¥-9.0 billion Parent only
Valuation and translation adjustments ¥36.5 billion Parent only
Liabilities ¥315.6 billion Parent only
Liabilities and net assets ¥435.9 billion Parent only
Real estate for sale ¥51.1 billion Parent only
Allowance for doubtful accounts ¥-0 Parent only
Capital surplus ¥19.7 billion Parent only
Legal capital surplus ¥19.7 billion Parent only
Capital stock ¥21.5 billion Parent only
Asset retirement obligations ¥0.6 billion Parent only
Asset retirement obligations ¥11.00 million Parent only
Provision for bonuses ¥0.2 billion Parent only
Vehicles, net ¥0 Parent only
Provision for retirement benefits ¥90.00 million Parent only
Long-term loans payable ¥206.7 billion Parent only
Long-term prepaid expenses ¥2.7 billion Parent only
Long term accounts payable other ¥7.8 billion Parent only
Shares of subsidiaries and associates ¥8.4 billion Parent only
Telephone subscription right ¥9.00 million Parent only
Deposits received ¥0.3 billion Parent only
Current portion of bonds payable ¥0.7 billion Parent only
Current portion of long-term loans payable ¥30.3 billion Parent only

Statement of income (96 items)

ItemValueConsolidated / Non-consolidated
Other ¥2.8 billion Consolidated
Other comprehensive income ¥5.5 billion Consolidated
Valuation difference on available for sale securities net of tax ¥5.3 billion Consolidated
Amortization of goodwill ¥42.00 million Consolidated
Dividends from surplus ¥-6.1 billion Consolidated
Comprehensive income ¥16.6 billion Consolidated
Interest income ¥79.00 million Consolidated
Guaranty money income ¥73.00 million Consolidated
Dividend income ¥0.6 billion Consolidated
Operating income ¥15.1 billion Consolidated
Operating income ¥15.1 billion Consolidated
Non-operating income ¥0.7 billion Consolidated
Non-operating expenses ¥2.9 billion Consolidated
Net cash provided by (used in) operating activities ¥14.9 billion Consolidated
Loss on tax purpose reduction entry of non-current assets ¥0.1 billion Consolidated
Gain on sales of non-current assets ¥40.00 million Consolidated
Loss on retirement of non-current assets ¥5.00 million Consolidated
Revaluation reserve for land ¥-78.00 million Consolidated
Revaluation reserve for land net of tax ¥0 Consolidated
Cost of sales ¥29.5 billion Consolidated
Gross profit (loss) ¥21.3 billion Consolidated
Net sales ¥50.9 billion Consolidated
Net sales ¥50.9 billion Consolidated
Net income ¥11.0 billion Consolidated
Net income ¥11.0 billion Consolidated
Net income (loss) ¥11.0 billion Consolidated
Net income (loss) ¥11.0 billion Consolidated
Provision for directors' bonuses ¥0.1 billion Consolidated
Gain on sales of investment securities ¥2.7 billion Consolidated
Net cash provided by (used in) investing activities ¥-26.5 billion Consolidated
Interest expenses ¥2.5 billion Consolidated
Commission fees ¥1.0 billion Consolidated
Provision for dividend ¥0.2 billion Consolidated
Income taxes - current ¥4.8 billion Consolidated
Income taxes ¥4.9 billion Consolidated
Income taxes - deferred ¥94.00 million Consolidated
Extraordinary income ¥3.2 billion Consolidated
Extraordinary loss ¥0.3 billion Consolidated
Net increase (decrease) in cash and cash equivalents ¥-0.8 billion Consolidated
Amortization of bond issuance cost ¥44.00 million Consolidated
Income (loss) before income taxes ¥15.9 billion Consolidated
Income (loss) before income taxes ¥15.9 billion Consolidated
Ordinary income ¥13.0 billion Consolidated
Salaries and allowances ¥1.8 billion Consolidated
Deferred gains or losses on hedges net of tax ¥0.3 billion Consolidated
Disposal of treasury stock ¥44.00 million Consolidated
Purchase of treasury stock ¥-1.8 billion Consolidated
Subsidy income ¥85.00 million Consolidated
Comprehensive income attributable to owners of parent ¥16.6 billion Consolidated
Net cash provided by (used in) financing activities ¥10.8 billion Consolidated
Selling, general and administrative expenses ¥6.2 billion Consolidated
Provision for bonuses ¥0.2 billion Consolidated
Retirement benefit expenses ¥69.00 million Consolidated
Miscellaneous income ¥26.00 million Consolidated
Other ¥0.3 billion Consolidated
Revenue from contracts with customers ¥26.0 billion Consolidated
Business tax ¥0.4 billion Parent only
Dividends from surplus ¥-6.1 billion Parent only
Interest and dividend income ¥1.8 billion Parent only
Guaranty money income ¥73.00 million Parent only
Operating income ¥13.1 billion Parent only
Non-operating income ¥1.8 billion Parent only
Non-operating expenses ¥2.8 billion Parent only
Loss on tax purpose reduction entry of non-current assets ¥0.1 billion Parent only
Gain on sales of non-current assets ¥40.00 million Parent only
Loss on retirement of non-current assets ¥4.00 million Parent only
Revaluation reserve for land ¥-78.00 million Parent only
Cost of sales ¥26.6 billion Parent only
Gross profit (loss) ¥16.5 billion Parent only
Net sales ¥43.0 billion Parent only
Net income (loss) ¥10.6 billion Parent only
Net income (loss) ¥10.6 billion Parent only
Directors' compensations ¥0.3 billion Parent only
Provision for directors' bonuses ¥0.1 billion Parent only
Gain on sales of investment securities ¥2.5 billion Parent only
Interest expenses ¥2.3 billion Parent only
Commission fees ¥0.4 billion Parent only
Provision for dividend ¥0.2 billion Parent only
Income taxes - current ¥4.1 billion Parent only
Income taxes ¥4.2 billion Parent only
Income taxes - deferred ¥87.00 million Parent only
Depreciation ¥68.00 million Parent only
Extraordinary income ¥3.1 billion Parent only
Extraordinary loss ¥0.3 billion Parent only
Interest on bonds ¥0.2 billion Parent only
Amortization of bond issuance cost ¥44.00 million Parent only
Income (loss) before income taxes ¥14.8 billion Parent only
Ordinary income ¥12.1 billion Parent only
Salaries and allowances ¥0.5 billion Parent only
Disposal of treasury stock ¥44.00 million Parent only
Purchase of treasury stock ¥-1.8 billion Parent only
Subsidy income ¥85.00 million Parent only
Selling, general and administrative expenses ¥3.4 billion Parent only
Provision for bonuses ¥0.1 billion Parent only
Miscellaneous income ¥23.00 million Parent only
Other ¥0.3 billion Parent only

Statement of changes in equity (4 items)

ItemValueConsolidated / Non-consolidated
Total changes during the period ¥8.8 billion Consolidated
Net changes in items other than shareholders' equity ¥5.6 billion Consolidated
Total changes during the period ¥8.4 billion Parent only
Net changes in items other than shareholders' equity ¥5.6 billion Parent only

Statement of cash flows (44 items)

ItemValueConsolidated / Non-consolidated
Other ¥0.6 billion Consolidated
Other ¥5.00 million Consolidated
Other ¥-1.00 million Consolidated
Amortization of goodwill ¥42.00 million Consolidated
Increase decrease in notes and accounts payable trade ¥0.5 billion Consolidated
Interest expenses paid ¥-2.5 billion Consolidated
Interest and dividends income received ¥0.7 billion Consolidated
Increase (decrease) in advances received ¥1.1 billion Consolidated
Decrease (increase) in prepaid expenses ¥-7.00 million Consolidated
Interest and dividend income ¥-0.7 billion Consolidated
Loss (gain) on sales of fixed assets ¥-40.00 million Consolidated
Loss on retirement of non-current assets ¥5.00 million Consolidated
Decrease increase in notes and accounts receivable trade ¥0.2 billion Consolidated
Net decrease (increase) in time deposits ¥-1.4 billion Consolidated
Subtotal ¥21.3 billion Consolidated
Proceeds from collection of guarantee deposits ¥0.2 billion Consolidated
Payments for guarantee deposits ¥-0.6 billion Consolidated
Purchase of investment securities ¥-2.2 billion Consolidated
Proceeds from sales and redemption of investment securities ¥3.8 billion Consolidated
Loss (gain) on sales of long-term investment securities ¥-2.7 billion Consolidated
Interest expenses ¥2.5 billion Consolidated
Purchase of short term investment securities ¥-7.0 billion Consolidated
Proceeds from sales and redemption of marketable securities ¥2.0 billion Consolidated
Purchase of property plant and equipment ¥-20.8 billion Consolidated
Proceeds from sales of property plant and equipment ¥46.00 million Consolidated
(Increase) decrease in accounts receivables other ¥-0.4 billion Consolidated
Decrease in consumption taxes payable ¥-19.00 million Consolidated
Decrease (increase) in inventories ¥-1.1 billion Consolidated
Income taxes paid ¥-4.7 billion Consolidated
Depreciation ¥5.8 billion Consolidated
Purchase of intangible assets ¥-65.00 million Consolidated
Redemption of bonds ¥-4.3 billion Consolidated
Amortization of bond issuance cost ¥44.00 million Consolidated
Regarding purchase of treasury stock ¥-1.8 billion Consolidated
Increase (decrease) in allowance for doubtful accounts ¥0 Consolidated
Increase (decrease) in provision for bonuses ¥52.00 million Consolidated
Increase (decrease) in net defined benefit liability ¥9.00 million Consolidated
Dividends ¥-6.0 billion Consolidated
Proceeds from long term loans payable ¥39.0 billion Consolidated
Repayment of long term loans payable ¥-19.1 billion Consolidated
Purchase of long-term prepaid expenses ¥-0.4 billion Consolidated
Payments for long term accounts payable other ¥-0.3 billion Consolidated
Increase decrease in lease and guarantee deposits received ¥0.7 billion Consolidated
Increase (decrease) in deposits ¥27.00 million Consolidated
Basic indicators
ItemValueConsolidated / Non-consolidatedSource
Net cash provided by (used in) operating activities ¥14.9 billion ConsolidatedDisclosed
Dividend per share 98 Parent onlyDisclosed
Number of employees 265 ConsolidatedDisclosed
Net assets ¥126.8 billion ConsolidatedDisclosed
Net sales ¥50.9 billion ConsolidatedDisclosed
Operating income ¥15.1 billion ConsolidatedDisclosed
Ordinary income ¥13.0 billion ConsolidatedDisclosed
Net income ¥11.0 billion ConsolidatedDisclosed
Total assets ¥451.8 billion ConsolidatedDisclosed
Operating margin 29.7%ConsolidatedCalculated
Net margin 21.7%ConsolidatedCalculated
Sales per employee 191905660 yenConsolidatedCalculated
Total asset turnover 0.11 timesConsolidatedCalculated
Net assets to total assets 28.1%ConsolidatedCalculated
How to read the figures, and caveats

Terms

  • Consolidated: the parent company together with the subsidiaries it consolidates
  • Parent-only: the single company that filed the annual securities report
  • Calculated: a disclosed figure put through the formula shown
  • Not disclosed: no such value in the filing (not treated as zero)
  • Not retrieved: a value this page could not extract, including values in the filing that could not be matched. The same item may appear in another table
  • Segment: a business division the company uses in its disclosures
  • Industry median: the middle value among companies in the same industry that disclose the item
  • ★: position when every company is lined up by value (not a judgement of the company)See the formulas
  • Source: document name, period covered, filing date and where it was obtained
  • Tables scroll sideways

Key figures

  • Operating margin 29.7% Operating income ÷ net sales  = ¥15.1 billion ÷ ¥50.9 billion
    Operating income ÷ net sales. The denominator is Net sales (Consolidated, Japanese GAAP).
  • Net margin 21.7% Net income ÷ net sales  = ¥11.0 billion ÷ ¥50.9 billion
    Net income ÷ net sales. The denominator is Net sales (Consolidated, Japanese GAAP).
  • Sales per employee 191,905,660 yen Sales or operating revenue ÷ employees  = ¥50.9 billion ÷ 265 people
    Sales or operating revenue ÷ employees. The denominator is Number of employees (Consolidated, Japanese GAAP).
  • Total asset turnover 0.11 times Sales or operating revenue ÷ total assets  = ¥50.9 billion ÷ ¥451.8 billion
    Sales or operating revenue ÷ total assets. The denominator is Total assets (Consolidated, Japanese GAAP).
  • Net assets to total assets 28.1% Net assets ÷ total assets  = ¥126.8 billion ÷ ¥451.8 billion
    Net assets ÷ total assets. The denominator is Total assets (Consolidated, Japanese GAAP).

Company details

  • Representative President and Representative Executive Officer, gBizINFO
  • Consolidated subsidiaries Annual Securities Report

Revenue and profit by business segment

  • Source: segment information, Annual Securities Report (Apr 2025 to Mar 2026) · Consolidated · Net sales to external customers · filed 2026-06-24
  • Share: against the total of Net sales to external customers disclosed by business (100%). Adjustments, corporate, eliminations and “other” left out as they are not businesses (so no match with company-wide Net sales to external customers). Margin: calculated against the Net sales to external customers on the same row“報告セグメント計” in the segment information of the annual securities report: ¥50.9 billion. Gap against this table’s total (the part not listed as a business, such as “other”) within 1%The account may differ from “Revenue” at the top of this page

Amounts by account

  • Totals and their component lines together; consolidated and parent-only figures mixed (right-hand column)

Selling, general and administrative expenses

  • Breakdown of selling, general and administrative expenses (costs of selling and running the company). Cost of sales not included
  • Each item: already inside the SG&A total (not added to it)

Finance

  • Net assets to total assets Net assets ÷ total assets
  • Return on assets (ROA) Net income ÷ total assets (consolidated)
  • Net assets per share Consolidated
  • Free cash flow Free cash flow: operating cash flow (cash generated by the business) plus investing cash flow (asset purchases, disposals and other investments), consolidated
  • Total assets Consolidated
  • Goodwill (the part of the acquisition price above the net assets acquired) 0% of net assets (consolidated)

Capital allocation

  • ★: position when all companies are sorted by value and cut into fifths (a position, not a rating). The five items with ★: only where both numerator and denominator are available on a consolidated basisSee the formulas
  • Cash conversion Net cash provided by (used in) operating activities ÷ operating income
  • Increase in working capital (increase in trade receivables + increase in inventories) ÷ net sales (or operating revenue)。Trade receivables down ¥0.2 billion + inventories up ¥1.1 billion, over net sales ¥50.9 billion
  • Property, plant and equipment purchases relative to depreciation Purchase of property, plant and equipment ÷ depreciation。Purchase of property, plant and equipment ¥20.8 billion, over depreciation ¥5.8 billion
  • Return to shareholders (dividends paid + purchase of treasury stock) ÷ net cash provided by operating activities。Dividends paid ¥6.0 billion + purchase of treasury stock ¥1.8 billion, over operating cash flow ¥14.9 billion
  • Extraordinary gains and losses relative to ordinary profit (extraordinary income − extraordinary loss) ÷ ordinary income。Extraordinary income ¥3.2 billion − extraordinary loss ¥0.3 billion, over ordinary income ¥13.0 billion
  • Investment securities to net assets Investment securities ÷ net assets。Investment securities ¥45.6 billion, over net assets ¥126.8 billion

Long-term changes in performance

  • Revenue Disclosed value for 2026 ÷ disclosed value for 2013

Year-on-year comparison

  • Year on year: calculated only where the item, reporting range and accounting standard match and the periods are consecutive
  • Comparison basis not confirmed: periods with a change of accounting standard or reporting range, a moved fiscal year end, or an unconfirmed period
  • ◆: a period where revenue moved 20% or more from the prior year, profit as a share of revenue moved 2.0 percentage points or more, or profit or loss changed sign. Item used named in the table and list. Not a ranking of companies

Earnings and net assets per share over time

  • Earnings per share = net profit ÷ shares; net assets per share = net assets ÷ shares. Disclosed values from the key financial indicators of the annual securities report. No share prices used

Return on equity over time

  • Return on equity (ROE): net profit as a proportion of equity. For Japanese companies, the disclosed value in the key financial indicators of the annual securities report (decimals converted to percentages)

Dividend history

  • Payout ratio: dividends as a proportion of net profit. Dividend amounts and payout ratios: the reporting company’s parent-only disclosed values (as written in the annual securities report, not recalculated from consolidated profit). Consecutive increases: years in a row, from the latest backwards, in which the annual dividend per share rose. Consecutive years with a dividend: years in a row with an annual dividend per share above zero. Both this site’s own count (not the criteria of any published index). A year with no disclosure not read as zero; counting stops there. Range limited to the years listed above. Flagged 2 years: a note about a stock split or share consolidation, or a period other than 12 months. No calculation across those years, as the dividend per share may rest on a different share base.

Share ownership by holder category

  • Source: ownership table, annual securities report. Percentages as disclosed, calculated on trading units (some companies do not total exactly 100%). Foreign holders (total): institutions and individuals combined. “Individuals and others”: a register category (not necessarily the share actually held by individuals). Industry median: the middle value among companies in Real Estate that disclose the item (industries with at least 5 companies only).

Major shareholders

  • Source: major shareholders table, annual securities report. Trust bank holdings as written (whose trust is not disclosed)

Research and development expenses and capital expenditure

  • Research and development: total in the R&D section of the annual securities report. Capital expenditure: this year’s actual spending in the capital expenditure overview (not a plan). Years: only those available in the annual securities reports on hand (one to four per company); no row for other years. Share of revenue: divided by consolidated revenue in the same annual securities report. Industry median: the middle value among companies in Real Estate that disclose the item (industries with at least 5 companies only).

Revenue scale in the same industry

  • Revenue (disclosed values) of companies in the same industry, using the same grouping as the industry pages. Only the top three and the two companies either side of this one. Bar length relative to the largest company (100). An order of size, not a ranking of quality

Workforce information

  • All four: the reporting company (parent-only), as disclosed in the employee section of the annual securities report. Employees across the consolidated group: 265 (a different scope, kept apart from the four above). Industry median: the middle value among companies in Real Estate that disclose the item (industries with at least 5 companies only).

People and organisation

  • Sales per employee Net sales (or operating revenue) ÷ employees
  • Operating income per employee Operating income ÷ employees
  • Women in managerial positions Reporting company (parent only)
  • Share of female employees gBizINFO, covering 正社員
  • Men taking childcare leave Reporting company (parent only)
  • Average length of service by gender gBizINFO, covering 正社員
  • Employees by gender gBizINFO

Workplace information filings

  • Source: processed from Shokuba-labo, the workplace information site of the Ministry of Health, Labour and Welfare. Items the company filed only Shokuba-labo

Greenhouse gas emissions

  • Source: processed from the Ministry of the Environment’s greenhouse gas calculation, reporting and disclosure system (EEGS). Companies required to report only Ministry of the Environment (EEGS)

Audit and disclosure information

  • Whether there is a going concern note (the accounting assumption that a company will continue operating), and audit information
  • Audit firm, audit fees, going concern note and accounting standard: facts written in the latest annual securities report and the audit report filed with it (not a judgement of the company). Going concern note: “note” when the note text is present, “not applicable” when the report states nothing to report, “cannot be determined” when neither appears. Note text not reproduced. Amended filings not shown (annual securities reports only)

Data sources and calculation methods

Primary source: the annual securities report of HEIWA REAL ESTATE CO.,LTD. on EDINET, the FSA’s disclosure system (free to read)
Corporate number: 1010001034920 / Accounting standard: Japanese GAAP

  • Amounts: machine transcription of EDINET XBRL (no manual re-keying). Long narrative notes are text and not in the account list. Identifiers: machine transcription of the EDINET code list (retrieved 2026-08-22)
  • ★: position of the value calculated from disclosed figures among the 4,240 companies on this site, on a five-step scale. Not a judgement of the company. No forecasts usedThe formulas and how they are counted
  • No rank: net assets as a share of total assets, cash conversion and revenue per employee (size alone does not show quality). Industry median shown for comparison. Cash conversion of 100%: operating cash flow equal to operating profit
  • Profit-and-loss chart: only where “sales − cost of sales − SG&A = operating income” holds between disclosed values. Cost breakdown: the six largest SG&A items
  • Trend charts: key financial indicators of the annual securities report. Amounts in billions of yen (dividend per share in yen). Long-run chart joins reports filed in different years (newer report for overlapping years). Some items stop part-way after a change of accounting standard. A stock split changes the weight of one share. Consolidated and parent-only in separate tables
  • Revenue scale in the same industry: bars of revenue (disclosed values) of companies in the same industry grouping as the industry pages, largest first. Only the top three and the two companies either side of this one. Each company’s latest fiscal year. An order of size, not a ranking of quality or an investment view
  • Share prices: not published (no data source allows redistribution). No share-price-based indicators (such as the price earnings ratio) and no extension of past growth into the future
  • Average age, average length of service and average annual salary: the reporting company alone (the parent). At a holding company, a small head-office staff. Payout ratio (basic facts): dividend per share ÷ consolidated earnings per share, calculated here (the payout ratio in the annual securities report is the reporting company’s figure, on a different basis). Representative and founding date: gBizINFO (Ministry of Economy, Trade and Industry), some companies only
  • “Retrieved disclosed figures”: every value readable as a number from the annual securities report. Company-wide values only (no segment or other breakdowns)
  • Segment table: machine transcription of the segment information in the annual securities report. Business names as labelled by the company in its XBRL. No table where segment sales differ from the disclosed total by more than 1%. Adjustments, corporate, eliminations and “other” left out of the table and the share denominator, as they are not businesses
  • Breakdowns of amounts, not diagrams of how the business works. Who pays whom, and for what, is not in the disclosed figures; no lines drawn from guesswork