Tama Home Co., Ltd.
1419・Prime Market・Construction
Business
Tama Home Co., Ltd. was founded in 1998 as a custom home builder operating under the management policy of "serving society by providing better products at lower prices." The company operates 182 independent roadside stores and 55 comprehensive housing exhibition venues across all 47 prefectures in Japan, with a total of 237 sales locations. Targeting first-time home buyers as its primary customer base, the company's operations comprise five segments: the Housing business (custom homes and remodeling) as its core, the Real Estate business (detached house sales, sublease, and office sectional ownership sales), the Financial business (insurance agency and bridge loans), the Energy business (mega solar), and Other businesses (advertising, interior design, ground guarantees, etc.). Consolidated net sales for FY2025 (ended May 2025) were ¥200,817 million.
Business Model
In the housing business, the company designs and manages the construction of custom-built homes under construction contracts, accounting for approximately 73% of net sales. The real estate business, comprising detached-house sales, sublease operations, and sales of sectional ownership office units, accounts for approximately 24%. The financial business provides insurance agency services and bridge loans for home purchasers, while the energy business secures stable earnings through full electricity sales under the FIT (Feed-in Tariff) scheme. Group-wide earnings fluctuate in line with the number of housing units delivered, reflecting a high degree of dependence on the housing business.
Company Strengths
The company operates 182 independent roadside stores and 55 comprehensive housing exhibition sites across all 47 prefectures nationwide, with sales locations reaching 237. The roadside-type independent stores integrate model houses, offices, and showrooms into a single facility, establishing a system that enables everything from customer visits to specification decisions to be completed on-site, achieving both broad coverage and high-quality customer touchpoints.
The company received the Special Excellence Award and Energy-Efficient Housing Special Excellent Company Award at the "House of the Year in Energy 2024" (marking a level of 10 consecutive years of recognition as of 2024). It offers a diverse product lineup including "Egao no Ie" (Smile House), which achieves a UA value of 0.23 W/(m²·K) meeting the HEAT20 G3 standard, as well as ZEH-compliant, long-life quality housing-compliant, and thermal insulation performance grade 5-compliant products, demonstrating its responsiveness to tightening regulations and subsidy programs.
In the sublease segment of the real estate business, owned properties located within Tokyo's 23 wards maintained an occupancy rate exceeding 99% throughout the year. Amid a background of increasing office demand driven by the return-to-office trend, the high occupancy rate has contributed to a year-on-year increase in rental income, serving as a stable revenue source that partially mitigates the volatility risk of the housing business.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥256,065 million in FY2023 (ended May 2023) and has declined for three consecutive periods, falling to ¥197,740 million in FY2026 (ending May 2026), down 1.5% year on year. Operating profit fell approximately 71% from ¥13,264 million in FY2023 (ended May 2023) to ¥3,842 million in FY2026 (ending May 2026). Net income attributable to owners of parent also declined 17.9% year on year to ¥1,213 million, the lowest level in the past five fiscal periods. Rising prices, persistently high construction costs, and growing concern over mortgage interest rate trends (external factors) have made consumer sentiment cautious, and new housing starts have continued to trend weak. The housing business has fallen into an operating loss, while the real estate business has posted a substantial profit increase, offsetting the decline.
Growth Strategy
In the first year of the new medium-term plan 'Tama Step 2031', the company aims to achieve a substantial increase in profit through a recovery in the custom-built housing business and expansion of the real estate business
Aims to improve customer acquisition and contract conversion rates by expanding the lineup of high-quality, appropriately priced products and strengthening proposal capabilities. In FY2026 (ending May 2026), orders reached 7,195 units on improved contract conversion rates, but units delivered remained at 5,176, resulting in an operating loss for the Housing Business. Recovery in units delivered is essential to achieving the substantial profit increase targeted for FY2027 (ending May 2027).
Promoting the strengthening of land acquisition and sales systems based on market needs. In FY2026 (ending May 2026), units delivered rose to 1,444 (up 7.1% year on year), and Real Estate Business operating profit grew to ¥3,581 million (up 48.1% year on year), expanding steadily. The company is also working to optimize completed inventory and improve capital efficiency through improved turnover rates.
Promoting the strengthening of large-scale renovation proposals starting from warranty-extension construction work. Enhanced outreach to owners more than 10 years after handover has been effective, and orders for warranty-extension construction remain solid. The company is also working to expand orders for housing equipment work such as eco-cute water heater replacement, and Reform Business order value in FY2026 (ending May 2026) was ¥12,004 million, nearly flat year on year.
In FY2026 (ending May 2026), the company executed ¥11,580 million in repayments of long-term borrowings, substantially reducing fixed liabilities (from ¥13,189 million to ¥6,784 million). Meanwhile, cash balances declined to ¥21,176 million, and as a subsequent event, the company executed a ¥5,000 million short-term borrowing from Sumitomo Mitsui Banking Corporation. Maintaining the projected dividend of ¥130 for FY2027 (ending May 2027) is premised on achieving net income of ¥4,000 million.
Last updated: July 17, 2026