Yoshicon Co.,Ltd.
5280・Standard Market・Real Estate
Business
Yoshicon Co., Ltd. is a comprehensive real estate developer headquartered in Shizuoka City, Shizuoka Prefecture, originating from a concrete products manufacturer founded in 1969. It currently operates four segments: Real Estate Development Business (development and sales of residential land, commercial, industrial, and logistics facilities), Residence Business (planning and sales of condominiums and detached houses), Leasing & Management Business (real estate leasing, management, and design/construction contracting), and Materials Business (fabless sales of concrete products, etc.). Its major customers span a wide range, including corporations, logistics operators, home buyers, and listed real estate investment trusts (REITs), and it positions itself as a "comprehensive community development company," leveraging its locally-rooted procurement strength and planning capabilities. In 2021, the company listed the Tokaido REIT, which it established, on the Tokyo Stock Exchange, marking its full-scale entry into the real estate securitization business.
Business Model
In the core Real Estate Development Business, the company handles everything from locally rooted land sourcing to residential land subdivision, attraction of commercial/industrial facilities, and logistics facility development, earning revenue through sales to corporations, REITs, and other buyers. The Leasing & Management Business complements this with stable recurring revenue from design and construction contracting, rental income, and management fee income. The Materials Business sells concrete products under a fabless model that keeps fixed costs down. Each segment works in coordination with the others, forming an integrated value chain of development → sales → management → securitization.
Company Strengths
In FY2026 (ending March 2026), the Real Estate Development Business achieved net sales of ¥19,465 million (up 27.5% year on year) and segment operating income of ¥3,471 million (up 10.1% year on year). The segment's operating margin reached approximately 17.8%, and it continues to maintain stable high profitability as the core business responsible for the majority of the group's overall profit.
At the end of FY2026 (ending March 2026), the capital adequacy ratio stood at 66.7% (up 4.8 percentage points year on year), significantly exceeding the management target of 50% or higher. Net assets reached ¥29,647 million (up 7.1% year on year), and net assets per share steadily increased to ¥4,197.93, placing the company's financial soundness at a high level within the industry.
In 2018, the company established Tokaido REIT Management Co., Ltd., and in 2021 listed Tokaido REIT Investment Corporation on the Tokyo Stock Exchange. It has built a structure that allows the securitization scheme of developing, acquiring, and supplying income-generating real estate to a listed REIT to be completed entirely within its own group, contributing to the diversification of sales channels and the stabilization of earnings in the Real Estate Development Business.
ENVALITH's Perspective
Performance Trend
Revenue bottomed out at ¥14,704 million in FY2023 (ending March 2023) and has continued on a recovery trend, reaching a record high of ¥29,123 million in FY2026 (ending March 2026). On the other hand, operating profit declined 16.6% from ¥4,679 million (a record high) in FY2025 (ending March 2025) to ¥3,904 million in FY2026 (ending March 2026), and net income for the period also fell 11.8% from ¥3,018 million to ¥2,661 million. The main cause was a rise in the cost of sales ratio (71.4% in the previous period to 77.2% in the current period), as a decrease in deliveries in the Residence Business combined with surging costs squeezed profits. In terms of the external environment, elevated resource and energy prices and rising overall prices are affecting construction costs. For FY2027 (ending March 2027), revenue is forecast at ¥30,000 million (up 3.0% year on year) and operating profit at ¥4,300 million (up 10.2% year on year), with progress in deliveries in the Real Estate Development Business being key to the recovery.
Growth Strategy
Accelerating growth through three pillars: real estate securitization, large-scale commercial/industrial development, and expansion of the Residence Business's sales territory
The company actively develops, acquires, and supplies income-generating real estate to listed real estate investment corporations. In FY2026 (ending March 2026), the Real Estate Development Business posted solid segment profit of ¥3,471 million (up 10.1% year on year), with the securitization route contributing to earnings.
The company actively secures development properties such as corporate attraction sites, large-scale commercial facility attraction sites, and subdivided residential land, while promoting the attraction of commercial, industrial, and logistics facilities and the planning and sale of mixed-use development housing estates. In FY2026 (ending March 2026), net sales to external customers reached ¥19,465 million (up 27.5% year on year), achieving substantial revenue growth.
The company is actively offering new condominiums for sale that respond to social changes such as the declining birthrate and aging population, while promoting the acquisition of business sites and in-house development from a medium- to long-term perspective. In FY2026 (ending March 2026), the Residence Business saw a significant decline in revenue due to a rebound from whole-building deliveries in the previous period, making the establishment of a stable supply system through territory expansion a key challenge.
The company is promoting the expansion of design and construction contracting orders through collaboration with the Real Estate Development Business, as well as strengthening its efforts in used condominium sales and the renovation business. In FY2026 (ending March 2026), driven by an increase in contracted construction revenue, the company achieved substantial growth in both revenue and profit, with net sales of ¥6,429 million (up 83.2% year on year) and segment profit of ¥1,161 million (up 44.2% year on year).
Last updated: July 19, 2026