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Overview

Construction

TOKEN CORPORATION

Token Corporation is a vertically integrated real estate company specializing in the planning, design, and construction of rental residential properties (apartments, condominiums, and senior housing) for landowners seeking to maximize the value of their land assets. The company operates an end-to-end business model encompassing construction contracting, building materials manufacturing and supply (through subsidiary Nasluck Co., Ltd.), rental brokerage under the 'HomeMate' brand, and comprehensive property management including a master lease/sublease system. Supporting businesses include real estate lending, insurance agency services, advertising, and resort/golf course operations.

Market Cap

US$949M

¥152B

US$255M

¥40.7B

StockUS$85.47(¥13,650)▲+0.74%

US$1 = ¥159.70 (2026-11-12)

LTM EV/EBITDA

1.7

LTM EV/EBIT

1.9

LTM PER

10.0

LTM PBR

1.3

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-22.1%pt

Nov 13, 25 – Nov 13, 26StockTOPIX

MC → EV Bridge

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Performance & Balance

Revenue 5Y (US$)

EBITDA 5Y (US$)

Net Income 5Y (US$)

Capital Structure

100%

EquityD/E 0.00xDebt

Liquidity vs Debt 5Y (US$)▲ Net Cash

CashInv. Sec.Debt

Business Segments

2026/04 · US$ (¥B)

Leasing

Revenue

US$1.38B(¥221B)

Segment profit

US$89.2M(¥14.2B)6.4%

Construction

Revenue

US$1.03B(¥164B)

Segment profit

US$108M(¥17.2B)10.5%

Other

Revenue

US$18.5M(¥2.96B)

Segment profit

US$0.28M(¥0.05B)1.5%

Adjustments

Revenue

-US$9.89M(¥-1.58B)

Segment profit

-US$57.2M(¥-9.13B)

No segment changes in the last 5 years

Shareholders

Top 10 hold 66.4%

as of 2026-04-30 · Source: Annual Securities Report

Tomei Shoji Co., Ltd.

20.30%

Minoru SODA

9.40%

UH Partners 2 Investment Limited Liability Partnership

9.00%

UH Partners 3 Investment Limited Liability Partnership

8.40%

Kotsushin KK Investment Limited Liability Partnership

7.70%

The Master Trust Bank of Japan, Ltd. (Trust Account)

4.50%

Yoshitake SODA

3.60%

HIKARI TSUSHIN,INC.

1.60%

State Street Bank and Trust Company 505001 (Standing Proxy: Mizuho Bank, Ltd., Settlement Operations Department, General Manager Takashi HIOKI)

1.00%

FIRST INTERNATIONAL BANK OF ISRAEL CLIENTS - GLOBAL (Standing Proxy: Citibank, N.A., Tokyo Branch, Custody Operations Department, General Manager Jun ISHIKAWA)

0.90%

Management

7 officers

Yoshitake SODA

Representative Director, President and CEO; Head of Sales Division and Head of Construction Division

Jan 2000 Joined the Company Mar 2005 Branch Manager, Kariya Branch Sep 2005 Manager, Sales Strategy Office, Sales Management Bureau May 2006 Head of Sales Division Jan 2009 General Manager, Brokerage Management Bureau Jul 2009 Managing Director, General Manager, Brokerage Management Bureau May 2010 Managing Director, Head of Sales Division and General Manager, Brokerage Management Bureau Feb 2014 Representative Director, Token Building Management Co., Ltd. (current) May 2016 Managing Director, Head of Sales Division and Manager, New Business Strategy Office Dec 2017 Senior Managing Director, Head of Sales Division and Manager, New Business Strategy Office May 2019 Senior Managing Director, Head of Sales Division and Head of Construction Division; Representative Director, Tozu Agency Co., Ltd. (current); Representative Director, Token Lease Fund Co., Ltd. (current); Representative Director, Tozu Travel Co., Ltd. (current); Representative Director, Token Tado Country Co., Ltd. (current); Representative Director, Token Resort Japan Co., Ltd. (current); Representative Director, Nasrac Co., Ltd. (current) Aug 2019 Representative Director, Tozu Estate Co., Ltd. (current) Nov 2021 Director, Executive Vice President, Head of Sales Division and Head of Construction Division (current) Dec 2023 Representative Director, President and CEO (current)

1977-12-03

Takanori SUMINO

Director, Officer in Charge of Sales

Aug 2000 Joined the Company Aug 2010 Head of Western Chugoku Business Block Nov 2019 General Manager, Sales Management Bureau (now General Manager, Sales Development Department) May 2020 Head of Central Japan Business Block Dec 2021 Executive Officer, General Manager, Sales Management Bureau (now General Manager, Sales Development Department) Jul 2022 Director, Officer in Charge of Sales (current)

1967-05-10

Kazuhide UKITA

Director

Apr 2006 Joined the Company May 2023 Financial Analysis Officer, Sales Division Jul 2024 General Manager, Finance Strategy Department, Corporate Division Jan 2025 General Manager, Corporate Finance Department (current) Apr 2025 General Manager, Finance Department, Token Lease Fund Co., Ltd. (current) Jul 2025 Director (current)

1982-05-24

Hiroshi SAKAKIBARA

Director

Apr 2010 Joined Hakuhodo Inc. Apr 2018 Founded Studies Inc., Representative Director (current) Jul 2025 Director (current)

1986-04-16

Yukihiro SARASHINA

Full-time Audit & Supervisory Board Member

Aug 1995 Joined the Company May 2010 Section Manager, Business Inspection Office Oct 2015 Section Manager, Legal Affairs Section Jul 2023 Audit & Supervisory Board Member (current)

1963-02-01

Masahiro SANYA

Audit & Supervisory Board Member

Feb 1977 Opened Sanya Tax Accountant Office Dec 1991 Audit & Supervisory Board Member (current)

1949-04-08

Akemi KITAMURA

Audit & Supervisory Board Member

Apr 1985 Registered as Attorney-at-Law (Nagoya (currently Aichi) Bar Association) Apr 1987 Opened Kitamura Law Office Jul 2012 Audit & Supervisory Board Member (current)

1948-08-19

Large Shareholding Reports

Koutsushin Co., Ltd.

2026-09-28

7.83%→7.83%

Koutsushin Co., Ltd.

2026-07-08

7.74%→7.83%

Tomei Shoji Co., Ltd.

2026-05-25

16.76%→16.76%

Annual report (as of 2026-04-30): 20.30%

Koutsushin Co., Ltd.

2026-04-30

7.60%→7.74%

Koutsushin Co., Ltd.

2026-03-11

7.38%→7.60%

Tomei Shoji Co., Ltd.

2026-02-26

17.39%

Annual report (as of 2026-04-30): 20.30%

Tomei Shoji Co., Ltd.

2026-02-17

34.14%→16.76%

Annual report (as of 2026-04-30): 20.30%

Tomei Shoji Co., Ltd.

2026-02-05

34.14%→34.14%

Annual report (as of 2026-04-30): 20.30%

Tomei Shoji Co., Ltd.

2026-01-26

34.14%→34.14%

Annual report (as of 2026-04-30): 20.30%

UH Partners 2 Co., Ltd.

2025-09-26

7.44%→7.44%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-09-28

Large Shareholding Report

TOKEN CORPORATION

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