FIRSTLOGIC,INC.
6037・Standard Market・Services
Real Estate Investment Portal Site Business (Rakumachi)
A single-segment company operating "Rakumachi," one of Japan's largest portal sites specializing in investment real estate
| Period | Current | Previous | Change |
|---|---|---|---|
| Operating revenue (cumulative Q3, current fiscal year) | ¥2,695 million | ¥2,355 million (same period prior year) | ↑ |
| Operating profit (cumulative Q3, current fiscal year) | ¥1,472 million | ¥1,130 million (same period prior year) | ↑ |
| Operating profit margin (cumulative Q3, current fiscal year) | 54.6% | 48.0% (same period prior year) | ↑ |
| Ordinary profit (cumulative Q3, current fiscal year) | ¥1,651 million | ¥1,285 million (same period prior year) | ↑ |
| Quarterly net profit (cumulative Q3, current fiscal year) | ¥1,098 million | ¥861 million (same period prior year) | ↑ |
| Quarterly net profit per share | ¥55.76 | ¥40.92 (same period prior year) | ↑ |
| Total assets | ¥6,022 million | ¥6,122 million (end of prior fiscal year) | ↓ |
| Net assets | ¥5,400 million | ¥5,304 million (end of prior fiscal year) | ↑ |
| Equity ratio | 89.7% | 86.6% (end of prior fiscal year) | ↑ |
| Full-year operating revenue forecast | ¥3,500 million (+10.8% year on year) | ¥3,159 million (prior fiscal year actual) | ↑ |
| Full-year operating profit forecast | ¥1,800 million (+16.5% year on year) | ¥1,545 million (prior fiscal year actual) | ↑ |
Business Details
Under the vision of "creating a fair real estate investment market," the company operates "Rakumachi," a portal site that matches individual real estate investors with real estate companies and renovation companies. Revenue sources include the Property Listing Service, Proposal Service, Advertising Service, appraisal services, and Rakumachi Premium (paid membership). Customers are mainly real estate companies and others, to whom the company provides access/reach to members (real estate investors). The company maintains high profitability through debt-free, self-funded management.
Recent Overview
Cumulative Q3 operating revenue grew +14.5% and operating profit grew +30.2%, continuing high growth; full-year forecast left unchanged
For the cumulative nine months of FY2026 (ending March 2026) [August 2025–April 2026], operating revenue was ¥2,695 million (+14.5% year on year) and operating profit was ¥1,472 million (+30.2% year on year), continuing the trend of increased revenue and profit. Operating expenses were nearly flat (¥1,224 million in the same period prior year vs. ¥1,223 million in the current period), so the increase in revenue flowed directly to profit, improving the operating profit margin to 54.6%. Valuation gains on investment securities expanded, increasing valuation difference on available-for-sale securities from ¥31 million to ¥200 million. The company conducted treasury stock repurchases (750,000 shares, ¥944 million cumulative for the current fiscal year) and retired 1,400,000 shares. As a subsequent event, on May 25, 2026, the company resolved to conduct an additional treasury stock repurchase (up to 600,000 shares, ¥500 million). The full-year earnings forecast (operating revenue of ¥3,500 million, operating profit of ¥1,800 million) remains unchanged.
Key Products
Growth Drivers
- Expansion of stable subscription revenue through growth in the number of Rakumachi Premium (paid membership) registrants
- Increased usage of the Property Listing Service and Advertising Service
- Growth in membership through continued distribution of high-quality videos on investment, politics, and economics via the "Rakumachi Channel"
- Enhancement of service usage value through quality improvements to the "Rakumachi Official App for Real Estate Investment"
- Expansion of the number of listing companies and listed properties through strengthened sales activities targeting real estate companies
- Tailwind from the expansion of the internet advertising market
- AI-driven sales enhancement measures, such as the release of ChatGPT-powered features for real estate companies
- Improved brand awareness and member acquisition through the Rakumachi official YouTube channel and the Real Estate Investment Consultation Office
Risks
- Risk of a decline in the number of listed properties and members due to a contraction of the real estate investment market or tightened regulations
- Risk of loss of market share due to the rise of competing portal sites
- Risk of service disruption due to system failures, cyberattacks, etc. (maintaining a stable server and communications environment is essential)
- Reduced appetite for real estate investment due to macroeconomic risks such as unstable international conditions, exchange rate fluctuations, and rising energy prices
- Risk related to securing and developing personnel, stemming from the company's small organizational size (securing excellent talent is explicitly identified as a management challenge)
- Risk of fluctuations in the market value of investment securities (¥4,341 million), which account for 72% of total assets
Last updated: May 25, 2026