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Tosei Corporation

8923.T

JPXReal EstateReal Estate - Diversified

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Latest quote

¥1,818

−¥11.00 · -0.60%

Aug 24, 3:30 PM JST

8923.T company overview

Regular session · JST · Market data may be delayed.

Company profile

Company website

Tosei Corporation, a Tokyo-headquartered real estate firm founded in Japan in 1950 (and known as Tosei Fudosan Co., Ltd. until its rebranding in October 2006), operates across diverse sectors. The company excels in revitalizing real estate by acquiring properties with diminished asset value and implementing improvements to boost their worth. Its development division constructs various property types, including office buildings, commercial facilities, residential complexes like condominiums and detached homes, and hotels. Tosei also maintains a substantial rental portfolio, leasing buildings, apartments, commercial spaces, and parking areas. Furthermore, its fund and consulting segment offers comprehensive asset management for real estate funds, corporate advisory services, property acquisition and disposition, alongside investment management and financial instrument activities. The property management arm provides services such as building oversight, security, renovations, and tenant leasing. Beyond these, Tosei engages in general real estate consultancy, brokerage, and the planning, operation, and management of hotels.

Industry
Real Estate - Diversified
Sector
Real Estate
Headquarters
JP
CEO
Seiichiro Yamaguchi
Listed since
Nov 22, 2006
Employees
875

Market position

Day range

Current ¥1,818

52-week range

Current ¥1,818

Open
¥1,826
Previous close
¥1,829
Volume
155.2K
0.6× average
Average volume
257.38K
Average daily volume
Market cap
176.36B JPY
Beta
0.08
Market reference 1
50-day average
¥1,734.5
+4.81% above average
200-day average
¥1,665.97
+9.13% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
302.67B JPY
P/E (TTM)
10.79×
P/B (TTM)
1.59×
P/S (TTM)
1.54×
EV / EBITDA
12.25×
Earnings yield
9.32%
Free cash flow yield
-2.86%
Dividend yield
2.75%

Profitability & efficiency

Gross margin
37.48%
Operating margin
22.65%
Net margin
14.25%
Return on equity
14.35%
Return on assets
4.80%
Return on invested capital
5.21%

Financial health

Debt / equity
1.59×
Current ratio
1.87×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends43%31%20%8%Gross margin, FY2021: 30.26%Gross margin, FY2022: 32.61%Gross margin, FY2023: 35.33%Gross margin, FY2024: 40.16%Gross margin, FY2025: 39.70%Operating margin, FY2021: 17.70%Operating margin, FY2022: 18.69%Operating margin, FY2023: 20.43%Operating margin, FY2024: 23.28%Operating margin, FY2025: 23.58%Net margin, FY2021: 10.89%Net margin, FY2022: 12.13%Net margin, FY2023: 13.23%Net margin, FY2024: 14.58%Net margin, FY2025: 15.58%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 30.26%. Gross margin FY2022 32.61%. Gross margin FY2023 35.33%. Gross margin FY2024 40.16%. Gross margin FY2025 39.70%. Operating margin FY2021 17.70%. Operating margin FY2022 18.69%. Operating margin FY2023 20.43%. Operating margin FY2024 23.28%. Operating margin FY2025 23.58%. Net margin FY2021 10.89%. Net margin FY2022 12.13%. Net margin FY2023 13.23%. Net margin FY2024 14.58%. Net margin FY2025 15.58%.

Income trends

Revenue

94.69B JPY+15.20%

Operating income

22.33B JPY+16.72%

Net income

14.75B JPY+23.11%
Income trends across reported periods103.49B JPY68.3B JPY33.11B JPY−2.08B JPYRevenue, FY2021: 61.73B JPYRevenue, FY2022: 70.95B JPYRevenue, FY2023: 79.45B JPYRevenue, FY2024: 82.19B JPYRevenue, FY2025: 94.69B JPYOperating income, FY2021: 10.92B JPYOperating income, FY2022: 13.26B JPYOperating income, FY2023: 16.23B JPYOperating income, FY2024: 19.13B JPYOperating income, FY2025: 22.33B JPYNet income, FY2021: 6.72B JPYNet income, FY2022: 8.61B JPYNet income, FY2023: 10.51B JPYNet income, FY2024: 11.99B JPYNet income, FY2025: 14.75B JPYFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 61.73B JPY. Revenue FY2022 70.95B JPY. Revenue FY2023 79.45B JPY. Revenue FY2024 82.19B JPY. Revenue FY2025 94.69B JPY. Operating income FY2021 10.92B JPY. Operating income FY2022 13.26B JPY. Operating income FY2023 16.23B JPY. Operating income FY2024 19.13B JPY. Operating income FY2025 22.33B JPY. Net income FY2021 6.72B JPY. Net income FY2022 8.61B JPY. Net income FY2023 10.51B JPY. Net income FY2024 11.99B JPY. Net income FY2025 14.75B JPY.
Metric (JPY)FY2025FY2024FY2023FY2022FY2021
Revenue94.69B JPY82.19B JPY79.45B JPY70.95B JPY61.73B JPY
Cost of goods sold57.1B JPY49.19B JPY51.38B JPY47.82B JPY43.05B JPY
Gross profit37.59B JPY33B JPY28.07B JPY23.14B JPY18.68B JPY
Operating expenses15.26B JPY13.87B JPY11.83B JPY9.87B JPY7.76B JPY
Interest income163.96M JPY110.88M JPY8.7M JPY908K JPY445K JPY
Interest expense2.4B JPY1.74B JPY1.35B JPY1.14B JPY912.56M JPY
Depreciation and amortization1.68B JPY1.6B JPY1.59B JPY1.59B JPY1.49B JPY
Operating income22.33B JPY19.13B JPY16.23B JPY13.26B JPY10.92B JPY
Net income14.75B JPY11.99B JPY10.51B JPY8.61B JPY6.72B JPY

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
82%
9 beats, 2 misses, 0 met estimates
Average EPS surprise
+56.88%
11 comparable reports
Latest EPS result
37.36
Estimate 34.74 · Beat by 7.54%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates113.0976.4439.793.15Q1 '25MissQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Jan 10, 2025: actual 7.74, estimate 17.8, surprise -56.52%, Miss. Q2 2025, reported Apr 7, 2025: actual 84.36, estimate 50.56, surprise +66.85%, Beat. Q3 2025, reported Jul 7, 2025: actual 41.76, estimate 27.3, surprise +52.97%, Beat. Q4 2025, reported Oct 6, 2025: actual 18.76, estimate 9.56, surprise +96.23%, Beat. Q1 2026, reported Jan 14, 2026: actual 7.31, estimate 3.7, surprise +97.57%, Beat. Q2 2026, reported Apr 6, 2026: actual 104.99, estimate 87.66, surprise +19.77%, Beat. Q3 2026, reported Jul 6, 2026: actual 37.36, estimate 34.74, surprise +7.54%, Beat. Q4 2026, reported Oct 5, 2026: actual —, estimate 20.56, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates64.48B46.03B27.57B9.12BQ1 '25MissQ2 '25BeatQ3 '25MissQ4 '25BeatQ1 '26MissQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Jan 10, 2025: actual 12.77B JPY, estimate 13.09B JPY, surprise -2.41%, Miss. Q2 2025, reported Apr 7, 2025: actual 46.07B JPY, estimate 32.7B JPY, surprise +40.87%, Beat. Q3 2025, reported Jul 7, 2025: actual 19.99B JPY, estimate 22.84B JPY, surprise -12.47%, Miss. Q4 2025, reported Oct 6, 2025: actual 17.9B JPY, estimate 15.09B JPY, surprise +18.67%, Beat. Q1 2026, reported Jan 14, 2026: actual 10.73B JPY, estimate 12.81B JPY, surprise -16.25%, Miss. Q2 2026, reported Apr 6, 2026: actual 60.5B JPY, estimate 49.5B JPY, surprise +22.22%, Beat. Q3 2026, reported Jul 6, 2026: actual 25.46B JPY, estimate 22.27B JPY, surprise +14.32%, Beat. Q4 2026, reported Oct 5, 2026: actual —, estimate 18.36B JPY, surprise —, Comparison unavailable.

Corporate actions

Annual dividends per share

Cash distributions grouped by calendar year; partial years are marked.

¥50.00

2025 complete year+163.2% since 2021

Corporate action history

DividendUpcoming

Ex-dividend Nov 30, 2026

¥55.00

Annual

Record Nov 30, 2026 · Payment Nov 30, 2026

Dividend

Ex-dividend Nov 27, 2025

¥100

Annual

Record Nov 30, 2025 · Payment Feb 27, 2026

Dividend

Ex-dividend Nov 28, 2024

¥79.00

Annual

Record Nov 30, 2024 · Payment Feb 27, 2025

Dividend

Ex-dividend Nov 29, 2023

¥66.00

Annual

Record Nov 30, 2023 · Payment Feb 28, 2024

Dividend

Ex-dividend Nov 29, 2022

¥51.00

Annual

Record Nov 30, 2022 · Payment Feb 27, 2023

Dividend

Ex-dividend Nov 29, 2021

¥38.00

Annual

Record Nov 30, 2021 · Payment Feb 28, 2022

ETFs holding 8923.T

Funds reporting this stock among their holdings, ordered by reported position size.

iShares Core TOPIX ETF logoiShares Core TOPIX ETF1475.T
Market value
308.19M
Weight
0.01%
AUM
2.89T JPY
Expense ratio
0.05%
Price / 1D
¥417.7—
iShares JPX-Nikkei 400 ETF logoiShares JPX-Nikkei 400 ETF1364.T
Market value
89.8M
Weight
0.02%
AUM
592.34B JPY
Expense ratio
0.05%
Price / 1D
¥3,761—
Vanguard Total International Stock ETF logoVanguard Total International Stock ETFVXUS
Market value
8.91M
Weight
0.00%
AUM
646.2B USD
Expense ratio
0.05%
Price / 1D
$87.71—
Vanguard FTSE Developed Markets ETF logoVanguard FTSE Developed Markets ETFVEA
Market value
6.28M
Weight
0.00%
AUM
315B USD
Expense ratio
0.03%
Price / 1D
$73.42—
Vanguard Global ex-U.S. Real Estate ETF logoVanguard Global ex-U.S. Real Estate ETFVNQI
Market value
2.4M
Weight
0.06%
AUM
3.9B USD
Expense ratio
0.12%
Price / 1D
$45.71—
Vanguard FTSE All-World ex-US Small-Cap ETF logoVanguard FTSE All-World ex-US Small-Cap ETFVSS
Market value
2.39M
Weight
0.02%
AUM
13.6B USD
Expense ratio
0.06%
Price / 1D
$160.06—
iShares MSCI EAFE Small-Cap ETF logoiShares MSCI EAFE Small-Cap ETFSCZ
Market value
2.33M
Weight
0.02%
AUM
13.28B USD
Expense ratio
0.40%
Price / 1D
$86.60—
iShares Core MSCI EAFE ETF logoiShares Core MSCI EAFE ETFIEFA
Market value
2.23M
Weight
0.00%
AUM
195.14B USD
Expense ratio
0.07%
Price / 1D
$100.85—

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