Overview
Real Estate

TSUKURUBA Inc.

tsukuruba operates 'cowcamo,' an IT-enabled marketplace platform specializing in used and renovated residential properties in Japan, offering property listing media, in-house agent brokerage services, and renovation services. The platform integrates the full value chain of used home transactions—from content-driven online media and native mobile apps to proprietary CRM and agent support systems—serving over 550,000 registered members. Revenue is primarily derived from buy-side and sell-side brokerage commissions, renovation referral fees, and sales of self-planned renovation properties, with no dependency on advertising income.

Market Cap
¥3.62B
US$23.1M
EV
¥5.30B
US$33.8M
Stock¥303▼-1.94%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
27.6
x
LTM EV/EBIT
31.4
x
LTM PER
28.5
x
LTM PBR
1.7
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-65.5%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
3.62BUS$23.1MMarket Cap3.38BUS$21.5M+ Debt1.69BUS$10.8M− Cash0.00BUS$0.00M− Inv. Sec.5.30BUS$33.8MEV
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Performance & Balance
Revenue 5Y (¥B)
2.77US$17.6M'22/74.15US$26.5M'23/75.48US$35.0M'24/78.10US$51.7M'25/711.3US$72.1M'26/7
EBITDA 5Y (¥B)
-0.74-US$4.70M'22/7-0.09-US$0.60M'23/70.18US$1.17M'24/70.30US$1.89M'25/70.19US$1.22M'26/7
Net Income 5Y (¥B)
-0.82-US$5.24M'22/7-0.17-US$1.05M'23/70.22US$1.37M'24/70.11US$0.68M'25/70.13US$0.81M'26/7
Capital Structure
39%
61%
EquityD/E 1.56xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
1.68US$10.7M0.84US$5.37M'22/71.77US$11.3M1.08US$6.89M'23/71.95US$12.4M2.12US$13.5M'24/71.90US$12.1M3.66US$23.3M'25/71.69US$10.8M3.38US$21.5M'26/7
Shareholders
Top 10 hold 70.6%
1
Koki MURAKAMI
19.14%
2
H Co., Ltd.
10.24%
3
One Grove Capital Co., Ltd.
7.91%
4
M LLC
7.76%
5
Japan Custody Bank, Ltd. (Securities Investment Trust Account)
7.24%
6
Masahiro NAKAMURA
7.02%
7
Makoto TAKEUCHI
4.41%
8
East Ventures Investment Limited Partnership
3.07%
9
Katsunori SAGO
2.19%
10
SBI SECURITIES Co., Ltd.
1.64%
Management
8 officers
Shuntaro NOMURA
Representative Director, CEO
Apr 2009 Joined Cosmos Initia Co., Ltd. Jul 2023 Joined the Company Aug 2023 Representative Director, Tsukuruba Box Co., Ltd. (current) Feb 2024 Executive Officer of the Company Aug 2024 Senior Executive Officer of the Company Feb 2025 Senior Executive Officer, CRO of the Company May 2025 Director, Senior Executive Officer, CRO of the Company Sep 2025 Representative Director, CEO of the Company (current)
1985-10-05
Kanji KITAHARA
Director, CSO
Dec 2011 Joined Corporate Directions, Inc. Sep 2012 Joined Deloitte Tohmatsu Consulting LLC Nov 2016 Joined the Company May 2018 Director, COO, and General Manager of Management Planning Office of the Company Feb 2020 Director, COO of the Company Jul 2023 Director, CSO of the Company (current)
1983-12-19
Makoto TAKEUCHI
Director
Apr 2001 Joined Fuji Soft ABC Inc. (now Fuji Soft Inc.) Mar 2007 Became independent as a freelancer Jan 2013 Director, Bizreach, Inc. Sep 2019 Director, Japan CTO Association (General Incorporated Association) Feb 2020 Director and CTO, Visional, Inc. Oct 2021 Outside Director of the Company Mar 2025 Director, Medley, Inc. (current) Mar 2025 Outside Director, Toggle Holdings, Inc. (current) May 2025 Director of the Company (current)
1978-07-05
Kenji KOBAYASHI
Outside Director
Apr 2005 Joined Corporate Directions, Inc. Apr 2009 Joined DeNA Co., Ltd. Jun 2011 Director, DeNA Co., Ltd. Jun 2015 Executive Officer, DeNA Co., Ltd. Jul 2017 Representative Director, Signifiant Inc. (current) Oct 2020 Outside Director, Raksul Inc. (current) Oct 2023 Outside Director (Audit and Supervisory Committee Member) of the Company Jul 2024 Outside Director (Audit and Supervisory Committee Member), gumi Inc. (current) Oct 2025 Outside Director of the Company (current)
1978-05-11
Yoshinori FUKUSHIMA
Outside Director
Nov 2012 Founded Gunosy Inc. and became its Representative Director Nov 2013 Representative Director, Chief Executive, Gunosy Inc. Dec 2018 Representative Director, CEO, LayerX Inc. (current) Oct 2019 Outside Director of the Company (current) Oct 2023 Part-time Director, progmat Inc. (current)
1988-02-15
Chieko NISHIURA
Outside Director, Full-time Audit and Supervisory Committee Member
Dec 2006 Joined EY ShinNihon LLC (formerly Shin Nihon LLC) Dec 2009 Registered as Certified Public Accountant Sep 2014 Opened Nishiura CPA Office (current) Jun 2016 Legal Advisor, S&N Partners Law Office (current) Jun 2023 Outside Auditor, NSD Co., Ltd. (current) Oct 2023 Outside Director (Audit and Supervisory Committee Member) of the Company (current) Nov 2023 Auditor, Tsukuruba Box Co., Ltd. (current)
1984-03-01
Chuji ISHIMOTO
Outside Director, Audit and Supervisory Committee Member
Aug 1997 Joined KPMG Peat Marwick Co., Ltd. (now KPMG Tax Corporation) Apr 2000 Registered as Certified Tax Accountant Oct 2002 Representative Partner, Mentor Capital Tax Office (now Mentor Capital Tax Corporation) (current) Oct 2002 Representative Director, Mentor Capital FAS Inc. (now Mentor Capital Holdings Inc.) (current) Jun 2016 Outside Director, United Inc. (current) Feb 2020 Outside Director (Audit and Supervisory Committee Member), Visional, Inc. (current) Oct 2021 Outside Director (Audit and Supervisory Committee Member), i-mobile Co., Ltd. (current) Oct 2023 Outside Director (Audit and Supervisory Committee Member) of the Company (current)
1973-10-09
Hayato KIMURA
Outside Director, Audit and Supervisory Committee Member
Dec 2012 Registered as Attorney-at-Law Jan 2013 Joined Atsumi & Sakai Foreign Law Joint Enterprise May 2014 Seconded to Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. Feb 2019 Seconded to Mitsubishi Jisho Investment Advisors, Inc. Aug 2022 Seconded to Smith, Gambrell & Russell, LLP Jan 2025 Senior Partner, Atsumi & Sakai Foreign Law Joint Enterprise (current) May 2025 Registered as Attorney in New York State Oct 2025 Outside Director (Audit and Supervisory Committee Member) of the Company (current)
1986-12-16
Large Shareholding Reports
M LLC
2026-09-24
7.54%→4.22%
Annual report (as of 2026-01-31): 7.76%
M LLC
2026-09-18
7.54%→4.22%
Annual report (as of 2026-01-31): 7.76%
Hiroki MURAKAMI
2026-05-08
19.18%→18.27%
Annual report (as of 2026-01-31): 19.14%
PKSHA Technology Inc. (Representative Director: Katsuya UENOYAMA)
2026-04-22
7.62%→10.35%
PKSHA Technology Capital LLC
2026-04-22
0.73%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Hiroki MURAKAMI
2026-04-03
19.10%→19.18%
Annual report (as of 2026-01-31): 19.14%
M LLC
2026-03-25
7.54%→4.22%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-01-31): 7.76%
PKSHA Technology Inc.
2026-03-24
7.62%
PKSHA Technology Inc. (Representative Director: Katsuya UENOYAMA)
2026-03-24
7.62%
M LLC
2026-03-19
7.54%→4.22%
Annual report (as of 2026-01-31): 7.76%
Makoto TAKEUCHI
2026-02-13
6.13%
Annual report (as of 2026-01-31): 4.41%
M LLC
2026-01-28
7.56%→7.54%
Annual report (as of 2026-01-31): 7.76%
Hiroki MURAKAMI
2026-01-23
19.10%→19.10%
Annual report (as of 2026-01-31): 19.14%
Hiroki MURAKAMI
2025-09-30
19.18%→19.10%
Annual report (as of 2026-01-31): 19.14%
Hiroki MURAKAMI
2025-09-26
19.18%→19.10%
Annual report (as of 2026-01-31): 19.14%
Disclosures
No disclosures
Primary Source Filings
EDINETAmended
2026-09-24
Change Report
EDINET
2026-09-18
Large Shareholding Report
TDnet
2026-09-14
Full-Year Earnings Flash
FY ending Jul 2026
TDnet
2026-06-15
Q3 Earnings Flash
FY ending Jul 2026
EDINET
2026-05-08
Large Shareholding Report
EDINET
2026-04-22
Large Shareholding Report
EDINETAmended
2026-04-22
Change Report
EDINET
2026-04-03
Large Shareholding Report
EDINETAmended
2026-03-25
Change Report
EDINETAmended
2026-03-24
Change Report
EDINET
2026-03-24
Large Shareholding Report
EDINET
2026-03-19
Large Shareholding Report
EDINET
2026-03-16
Securities Registration Statement
EDINET
2026-03-16
Semi-Annual Securities Report
Period: Aug 2025 – Jul 2026
EDINET
2026-02-13
Large Shareholding Report
EDINET
2026-01-28
Large Shareholding Report
EDINET
2026-01-23
Large Shareholding Report
TDnet
2025-12-12
Q1 Earnings Flash
FY ending Jul 2026
EDINET
2025-10-29
Annual Securities Report
Period: Aug 2024 – Jul 2025
EDINETAmended
2025-09-30
Change Report
EDINET
2025-09-26
Large Shareholding Report
TDnet
2025-06-13
Q3 Earnings Flash
FY ending Jul 2025
EDINET
2025-03-14
Semi-Annual Securities Report
Period: Aug 2024 – Jul 2025
TDnet
2024-12-13
Q1 Earnings Flash
FY ending Jul 2025
EDINET
2024-10-28
Annual Securities Report
Period: Aug 2023 – Jul 2024
EDINET
2024-06-14
Quarterly Securities Report
Period: Feb 2024 – Apr 2024
EDINET
2024-03-15
Quarterly Securities Report
Period: Nov 2023 – Jan 2024
EDINET
2023-12-14
Quarterly Securities Report
Period: Aug 2023 – Oct 2023
EDINET
2023-10-27
Annual Securities Report
Period: Aug 2022 – Jul 2023
EDINET
2023-06-13
Quarterly Securities Report
Period: Feb 2023 – Apr 2023
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