Management Indices
Shareholders’ equity ratio
D/E ratio
Debt to EBITDA ratio*2
Dividend payout ratio*4,
Total return ratio*5
ROA*6
ROE*7
EPS*10
DPS*10
Consolidated financial data
| unit | 22/3 | 23/3 | 24/3 | 25/3 | 26/3 | |
|---|---|---|---|---|---|---|
| Operating revenue | billions of yen | 645.0 | 654.7 | 734.7 | 757.6 | 942.5 |
| Business profit(*1) | billions of yen | 92.7 | 105.1 | 113.6 | 125.1 | 147.3 |
| Profit attributable to owners of parent | billions of yen | 55.3 | 64.5 | 68.1 | 74.8 | 82.8 |
| Total assets | billions of yen | 2,040.5 | 2,110.6 | 2,251.4 | 2,686.5 | 2,811.9 |
| Shareholders’ equity | billions of yen | 618.7 | 653.3 | 690.9 | 750.0 | 801.3 |
| Shareholders’ equity ratio | % | 30.3 | 31.0 | 30.7 | 27.9 | 28.5 |
| D/E ratio | times | 1.7 | 1.7 | 1.7 | 2.1 | 2.0 |
| Interest-bearing debt | billions of yen | 1,022.7 | 1,121.5 | 1,192.7 | 1,545.3 | 1,599.3 |
| Interest expenses | billions of yen | 8.8 | 10.2 | 14.0 | 15.8 | 18.8 |
| Debt to EBITDA ratio(*2) | times | 9.4 | 9.4 | 9.1 | 11.0 | 10.1 |
| Unrealized profit(*3) | billions of yen | 247.0 | 252.5 | 266.7 | 323.8 | 317.2 |
| Dividend payout ratio(*4) | % | 31.7 | 32.9 | 35.7 | 39.2 | 41.4 |
| Total return ratio(*5) | % | 44.3 | 47.6 | 46.0 | 45.9 | 41.4 |
| ROA(*6) | % | 4.7 | 5.1 | 5.2 | 5.1 | 5.4 |
| ROE(*7) | % | 9.2 | 10.1 | 10.1 | 10.4 | 10.7 |
| NAV per share(*8,10) | Yen/share | 888 | 953 | 1,015 | 1,135 | 1,193 |
| EPS(*10) | Yen/share | 61.56 | 73.05 | 78.46 | 86.77 | 96.69 |
| DPS(*10) | Yen/share | 19.50 | 24.00 | 28.00 | 34.00 | 40.00 |
Stock Index
| unit | 22/3 | 23/3 | 24/3 | 25/3 | 26/3 | |
|---|---|---|---|---|---|---|
| PER | times | 10.2 | 8.5 | 11.6 | 10.3 | 11.5 |
| PBR | times | 0.9 | 0.8 | 1.1 | 1.0 | 1.2 |
| PNAV | times | 0.7 | 0.6 | 0.9 | 0.8 | 0.8 |
| Total shareholder return(*9) | % | 116.8 | 121.2 | 181.6 | 186.3 | 220.0 |
- *1Business profit= operating profit + share of profit (loss) of entities accounted for using equity method + amortization of intangible assets associated with corporate acquisitions + gain or loss on sale of equity interest in project companies (SPCs, etc. which are mainly engaged in holding/development of real estate.) in the Overseas segment.
“Gain or loss on sale of equity interest in project companies in the Overseas segment has been added to the definition of business profit from FY25/3. - *2EBITDA = profi t before income taxes + interest expenses + depreciation
- *3Unrealized profi t = fair value of real estate for rent at the end of the fiscal year – balance of real estate for rent at the end of the fiscal year
- *4Dividend payout ratio = dividend per share / EPS
- *5Total return ratio = (dividend per share + share buyback per share) / EPS
- *6ROA= business profit / average assets during the fiscal year
Before FY17/3: ROA = (operating income + non-operating income) /average assets during the fiscal year - *7ROE = profit attributable to owners of parent / shareholders’ equity (average over the fiscal year)
- *8NAV per share = (shareholders’ equity + unrealized gains (after deduction of tax)) / the number of shares issued at the end of period (excluding treasury shares), Unrealized gains (after deduction of tax) = Unrealized gains × (1-effective tax rate)
- *9Total shareholder return (TSR) = (stock price as of the end of the fiscal year + accumulated dividend per share from FY21/3 to FY25/3) / stock price as of the end of FY20/3
- *10The amounts have been adjusted retroactively (pre-split dividends divided by 5) to reflect the 5-for-1 stock split effective April 1, 2025.