TOKEN CORPORATION
1766・Prime Market・Construction
Business
Token Corporation was founded in 1976 and is headquartered in Nagoya, Aichi Prefecture, listed on the Prime Market of the Tokyo Stock Exchange and Nagoya Stock Exchange. Starting from proposals to landowners for “effective land utilization,” the company integrates construction contracting (construction business)—for apartments, rental condominiums, and rental stores—with post-completion sublease, brokerage, and management services (real estate leasing business). The group comprises 11 companies, including Naslac Corporation (construction materials manufacturing) and Token Building Management Co., Ltd. (real estate management), and operates a nationwide franchise network through its brokerage brand “Home Mate.” Its principal customers are landowners (property owners) and rental tenants, and its business model connects both parties through an end-to-end service spanning construction through management.
Business Model
In the construction business, the company undertakes design and construction based on building contracts with landowners, recognizing revenue as completed construction revenue. In the real estate leasing business, completed properties are entrusted under a sublease management outsourcing system (master lease system), accumulating rent income and management fee income from tenants. Stock-type revenue, in which rental income accumulates alongside the growing number of managed properties, forms a stable earnings base, while the construction business's order backlog (¥258,356 million on a non-consolidated basis) enhances the visibility of future sales, creating a structure with these characteristics.
Company Strengths
The occupancy rate for leased buildings at the end of FY2025 (ended April 2025) recorded 99.0%. The company has maintained a high occupancy rate through the renovation of its brokerage support systems, room-search campaigns, and the expansion of the Home Mate FC Network and the Nationwide Real Estate Company Information Network. Integrated operations spanning construction, management, and brokerage have simultaneously strengthened its proposal capability to owners and its ability to secure tenants.
At the end of FY2025 (ended April 2025), non-consolidated backlog to be carried forward stood at ¥229,138 million, and as of the end of January 2026, the non-consolidated order backlog remained at a high level of ¥258,356 million (up 16.1% year on year). Consolidated orders received in FY2025 (ended April 2025) continued to grow, reaching ¥173,439 million (up 11.1% year on year), suggesting a mid-term accumulation of completed construction revenue.
The full-scale completion of properties following the price revision implemented in FY2023 (ended April 2023), combined with improved productivity at the manufacturing plant of subsidiary NASLUCK Corporation due to a rising proportion of highly earthquake-resistant steel-frame properties, drove a sharp recovery in construction segment operating profit to ¥15,407 million in FY2025 (ended April 2025), up 185.5% year on year. Gross profit on completed construction contracts reached ¥47,265 million, up 40.7% year on year.
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive fiscal periods, rising from ¥311,586 million in FY2022 (ending April 2022) to ¥386,537 million in FY2026 (ending April 2026). Operating profit staged a sharp recovery from a trough of ¥9,738 million in FY2023 (ending April 2023), reaching ¥22,258 million in FY2025 (ending April 2025) and ¥22,373 million in FY2026 (ending April 2026), remaining at a high level on an essentially flat trajectory. The operating margin for FY2026 (ending April 2026) was 5.8% (down from 6.1% in the prior period). While external factors such as soaring construction material prices and labor costs squeezed the gross profit margin on completed construction contracts, growth in completed construction contract revenue (¥164,106 million, up 8.6% year on year) supported the absolute profit amount. For FY2027 (ending April 2027), operating profit is forecast to decline to ¥20,175 million (down 9.8% year on year) due to increased upfront investment.
Growth Strategy
Pursuing dual growth in construction and management through order backlog accumulation and expansion of the brokerage network
The target for non-consolidated new orders received in FY2027 (ending April 2027) is set at ¥258,000 million gross (up 17.9% year on year) and ¥237,500 million net (up 19.4% year on year). Non-consolidated order backlog at the end of FY2026 (ending April 2026) already stood at a high level of ¥271,083 million (up 18.3% year on year), which underpins the anticipated increase in completed construction revenue for the next fiscal year.
The company is advancing the optimization of store locations for directly-operated stores through openings, relocations, and consolidations near train stations and along major roads. In areas without directly-operated stores, it is expanding Home Mate FC stores and Home Mate Club (an online membership service) to complete a nationwide brokerage network. The high occupancy rate of 99.0% maintained demonstrates the effectiveness of these measures.
Amid continued elevated construction material prices, the company has consolidated its purchasing organization at headquarters to centralize cost management. Operating profit in the construction business for FY2026 (ending April 2026) increased 11.8% year on year. For FY2027 (ending April 2027), a completed construction profit margin of 29.2% is projected, with continued efforts toward cost containment.
To enable flexible proposals tailored to regional characteristics and the diverse needs of land owners and tenants, the company is expanding its lineup of products with high design value and added value. New orders in non-apartment segments such as store-front condominiums (up 52.2% year on year) and rental retail properties (up 73.3% year on year) are showing strong growth.
Last updated: July 17, 2026