ENVALITH
プロパティデータバンク株式会社 logo

Property Data Bank,Inc.

4389・Growth Market・Information & Communication

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プロパティデータバンク株式会社 logo
Property Data Bank,Inc.4389

Business

Since its founding in October 2000, Property Data Bank has operated as a real estate DX specialist company centered on "@property," a public cloud service supporting the operation and management of real estate and facilities. It provides an integrated offering of four functions—basic asset information, property management, building management, and portfolio analysis—to a wide range of customers including REITs and real estate funds, general business corporations, and public utilities. Together with its three consolidated subsidiaries (Property Data Technos, Property Data Science, and Reevo), the company is expanding its business domain toward "PDB-Platform," which covers the entire real estate WHOLE LIFE cycle, from document management DX and data science to contract development.

Business Model

The core Cloud Service operates on a monthly usage-based fee (stock-type) tied to the number of registered building data entries, forming a stable revenue base that accounts for 52.6% of net sales in FY2026 (ending March 2026). Solution Services (initial consulting and customized development) represent flow-type revenue accounting for 33.1% of company-wide sales, driving new customer acquisition and fueling the expansion of cloud sales. The mutual complementarity of these two elements has enabled a high operating margin of 29.9% in FY2026 (ending March 2026).

Company Strengths

Since its founding in 2000, the company has accumulated technology, services, and client operations expertise as a pioneer in real estate cloud services. It has established a de facto standard position in the REIT and fund market, and its long-accumulated customer base and operational know-how constitute a unique competitive advantage that is difficult for competitors to replicate in a short period of time.

The cloud service operates on a multi-tenant, monthly usage-based billing model, with cloud service revenue for FY2026 (ending March 2026) reaching ¥1,959 million (up 9.0% year on year). Recurring revenue accounts for the majority of total company revenue, contributing to high earnings stability, and the operating margin for FY2026 (ending March 2026) reached 29.9%. Excluding a temporary decline in FY2024 (ending March 2024), the margin has remained at a high level since FY2022 (ending March 2022).

Centered on "@property," the company offers document management DX solution "@knowledge," store management DX solution "@commerce," facility maintenance DX solution "@cmms," and workplace operations DX solution "@iwms." Through an end-to-end IaaS/PaaS/SaaS platform, it has built a framework to provide one-stop support for clients' real estate operations, creating a structure with expanding cross-sell opportunities.

ENVALITH's Perspective

In FY2026 (ending March 2026), the company achieved revenue of ¥3,721 million (up 12.1% year on year) and operating profit of ¥1,112 million (up 18.8% year on year), marking double-digit growth for the second consecutive year. However, against the final-year targets of the mid-term management plan (FY2027, ending March 2027) of ¥7,500 million in revenue and ¥1,700 million in operating profit, the FY2027 forecast stands at only ¥4,200 million in revenue and ¥1,340 million in operating profit, making it all but certain that the plan will not be achieved. Attention is focused on how target levels will be reset with the transition to the new mid-term plan (FY2027 through FY2029, ending March 2029).

In FY2026 (ending March 2026), the company acquired approximately ¥1,194 million of treasury stock, swelling the treasury stock balance to nearly ¥1,200 million. As a result, net assets declined to ¥3,306 million (from ¥3,849 million in the previous period), and the equity ratio fell to 71.4% (from 79.6% in the previous period). At the same time, the company newly raised ¥500 million in long-term borrowings, increasing financial leverage. Shareholder returns remain proactive, with a dividend payout ratio of 52.7% and a DOE of 10.0%, but balancing this with capacity for growth investment will be a key focus going forward.

In terms of market environment, digitalization in the real estate sector remains relatively behind other industries, and DX demand continues to be robust. On the other hand, operating cash flow in FY2026 (ending March 2026) declined sharply to ¥712 million from ¥1,277 million in the previous period. The main cause was a sharp increase in corporate tax payments to ¥499 million (from ¥74 million in the previous period), reflecting the fading of the prior period's tax refund effect. An increase in trade receivables (¥276 million) also contributed to deteriorating capital efficiency, warranting continued monitoring from the perspective of earnings quality.

Growth Strategy

Promoting the new medium-term management plan (FY2027 (ending March 2027) to FY2029 (ending March 2029)) through the expansion of the PDB-Platform and diversification of the customer base

Pursuing both the acquisition of large-scale @property projects and the accumulation of small and medium-sized projects in parallel. Cloud service revenue in FY2026 (ending March 2026) expanded steadily to ¥1,959 million (up 9.0% year on year). The new medium-term plan also positions cloud-centered revenue expansion as its top-priority initiative.

Achieved new service revenue of ¥306 million in FY2026 (ending March 2026) (up 46.3% year on year), with revenue recognized from multiple customers. Inquiries are increasing for @cmms, which supports BIM integration, and @iwms, which handles workplace management. Expansion into the manufacturing and retail industries is also progressing.

Under the new medium-term plan (FY2027 (ending March 2027) to FY2029 (ending March 2029)), the company will strengthen existing services and roll out new services in light of advances in AI technology, growing demand for data utilization, and diversifying infrastructure. The groundwork for realizing real estate WHOLE LIFE was largely completed during the previous plan period.

In FY2026 (ending March 2026), the company implemented a year-end dividend of ¥32 per share (payout ratio of 52.7%, DOE of 10.0%). Combined with approximately ¥1,194 million in share buybacks, total shareholder returns amounted to approximately ¥1,335 million. A dividend of ¥32 per share is also planned for FY2027 (ending March 2027), maintaining the stable return policy.

Last updated: July 19, 2026