TSUKURUBA Inc.
2978・Growth Market・Real Estate
Business
Tsukuruba, Inc. operates under the vision of "Freeing how homes are owned, freeing how they can be transformed, as many times as needed," running "cowcamo," a used and renovated home distribution platform that combines IT and design. It operates as a single-segment company. Its main business domain is the secondhand condominium market in the greater Tokyo metropolitan area (estimated at ¥8 trillion), where it provides an integrated offering of property information media, brokerage services through its own agents, renovation services, and development and sale of proprietary planned products. Membership has reached 550,000 users, with individual users considering home purchases as its primary customers. Founded in 2011, the company listed on the Tokyo Stock Exchange Mothers market (now the Growth Market) in 2019.
Business Model
The main revenue sources consist of three pillars: brokerage commissions received from both sellers and buyers upon the sale and purchase of used/renovated homes, ancillary referral fees for renovation and other services, and revenue from the sale of proprietary planned products (renovated properties). The company does not receive advertising placement fees. Since proprietary planned products involve integrated handling of procurement, renovation, and sales, per-transaction profitability is higher than brokerage commissions, and gross profit from proprietary planned products in FY2025 (ending July 2025) expanded rapidly to ¥646 million (up 112% year on year).
Company Strengths
The membership of "cowcamo" has reached 550,000, and the company holds a proprietary customer base built up through customer acquisition centered on digital marketing. A self-reinforcing growth cycle is functioning—membership accumulation → data accumulation → increased property supply → further membership growth—which effectively serves as a barrier to entry against competitors.
The company integrates property planning and development, information distribution, brokerage, and renovation construction (in-house capability through consolidation of subsidiary Cowcamo Koumuten) as a unified operation. Its proprietary customer management and business support system integrates and optimizes the series of operations, and the advanced integration of web service development capability, brokerage operations, and construction networks functions as a barrier against similar service rollouts by competitors.
Gross profit from proprietary planned products grew 112% year on year, from ¥304 million in FY2024 (ended July 2024) to ¥646 million in FY2025 (ended July 2025). Gross profit from brokerage and ancillary services also expanded to ¥2,896 million (up 16.1% year on year), with the number of transactions at 1,054 and revenue per transaction at ¥2.7 million, both renewing record highs.
ENVALITH's Perspective
Performance Trend
Revenue expanded for five consecutive fiscal periods, growing from ¥1,624 million in FY2021 to ¥8,099 million in FY2025, and continued to grow strongly in the nine months ended Q3 FY2026 (ending July 2026), reaching ¥7,902 million (up 36.6% year on year). Profitability, however, has deteriorated: the cumulative nine-month operating loss was ¥39 million (versus operating profit of ¥149 million in the same period of the prior year), the ordinary loss was ¥147 million, and quarterly net loss attributable to owners of the parent was ¥84 million. In addition to the cost-of-sales ratio rising from 55.5% to 64.6% year on year, an increase in SG&A expenses accompanying stronger marketing efforts weighed on profits. As an external factor, market conditions remain firm, with the per-square-meter transaction price of pre-owned condominiums in the greater Tokyo metropolitan area rising year on year for 72 consecutive months; however, the expansion of interest-bearing debt associated with inventory buildup and rising interest rates have pushed up financial expenses (interest paid of ¥60 million, up 95% year on year). The full-year forecast of ¥11,500 million in revenue and ¥130 million in operating profit has been maintained, but this represents a downward revision from the previous forecast, and a recovery in profitability in the fourth quarter is essential to achieving it.
Growth Strategy
Sustainable growth driven by expansion of proprietary planned products, internalization of construction capabilities, and enhanced marketing
Proprietary planned products, which involve an integrated process of property acquisition, renovation, and sale, command higher transaction unit prices and gross margins than brokerage, and their contribution to gross profit is expanding rapidly. Real estate for sale balance has reached ¥3,295 million, reflecting ongoing inventory buildup.
In February 2026, the company made Cowcamo Koumuten Co., Ltd. a consolidated subsidiary, internalizing renovation construction functions. This establishes a one-stop service framework covering everything from property search to purchase and construction, aiming to enhance customer experience and strengthen cost management.
The company is focusing on strengthening cowcamo's marketing activities and improving sales productivity to drive business scale expansion. Cumulative sales for the third quarter maintained high growth at up 36.6% year on year, but an operating loss occurred due to increased SG&A expenses from upfront investment.
The company reinforced its capital base through the disposal of treasury shares (207,000 shares) in February 2026 and the issuance of new shares (320,400 shares) in April 2026. This secures the funds necessary for business expansion while addressing the increase in interest-bearing debt associated with inventory buildup.
Last updated: July 17, 2026