Overview
Real Estate

JINUSHI Co.,Ltd.

Jinushi Co., Ltd. specializes in the proprietary 'JINUSHI Business' model, which involves acquiring land-only assets and entering into long-term fixed-term land lease agreements (20–50 years) with tenants, eliminating the need for building investment and generating stable, long-term rental income. The company develops these land-based real estate financial products (底地) and sells them primarily to Jinushi Private REIT and other institutional investors, while also managing assets through its asset management subsidiary. Additionally, the company operates real estate rental businesses including long-term leasing, sublease arrangements for commercial facilities and logistics properties, and a retail investor-facing real estate product called 'Jinushi Club.'

Market Cap
¥56.4B
US$360M
EV
¥170B
US$1.09B
Stock¥2,724▲+0.11%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
18.1
x
LTM EV/EBIT
18.7
x
LTM PER
8.4
x
LTM PBR
1.1
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-30.3%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
56.4BUS$360MMarket Cap142BUS$904M+ Debt26.7BUS$170M− Cash3.54BUS$22.6M− Inv. Sec.2.42BUS$15.5M+ NCI170BUS$1.09BEV
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Performance & Balance
Revenue 5Y (¥B)
56.2US$358M'21/1249.9US$318M'22/1231.6US$202M'23/1257.1US$364M'24/1276.3US$487M'25/12
EBITDA 5Y (¥B)
5.57US$35.5M'21/126.53US$41.7M'22/126.36US$40.6M'23/128.89US$56.7M'24/128.91US$56.8M'25/12
Net Income 5Y (¥B)
3.12US$19.9M'21/123.64US$23.2M'22/124.71US$30.0M'23/126.09US$38.8M'24/127.37US$47.0M'25/12
Capital Structure
26%
74%
EquityD/E 2.79xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
17.8US$114M49.8US$318M'21/1223.5US$150M37.2US$237M'22/1223.4US$149M62.8US$400M'23/1226.9US$172M62.9US$401M'24/1231.1US$198M84.6US$539M'25/12
Shareholders
Top 10 hold 45.2%
1
Tetsuya MATSUOKA
13.46%
2
Custody Bank of Japan, Ltd. (Investment Trust Account)
8.01%
3
The Master Trust Bank of Japan, Ltd. (Other Trust Account)
5.13%
4
Matsuoka G.K.
4.26%
5
The Master Trust Bank of Japan, Ltd. (Investment Trust Account)
4.22%
6
Custody Bank of Japan, Ltd. (Trust Account E)
3.49%
7
Hirofumi NISHIRA
1.86%
8
GOLDMAN SACHS INTERNATIONAL (Standing Proxy: Goldman Sachs Japan Co., Ltd.)
1.64%
9
NORTHERN TRUST CO.(AVFC)RE IEDU UCITS CLIENTS NON LENDING 15 PCT TREATY ACCOUNT (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
1.59%
10
BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC; Standing Proxy: MUFG Bank, Ltd.)
1.57%
Management
7 officers
Hirofumi NISHIRA
Representative Director, President
Apr 1998 Joined Kanematsu Urban Development Co., Ltd. Oct 2000 Joined the Company Jun 2005 Director, Development & Sales Division General Manager, the Company Oct 2005 Director, Development & Sales Headquarters General Manager, the Company Jul 2007 Managing Director, Tokyo Sales Headquarters General Manager, the Company Jan 2012 Managing Director, Investment & Asset Management Headquarters General Manager, the Company Apr 2016 Representative Director, President, Jinushi Asset Management Co., Ltd. Mar 2022 Representative Director, President and COO, the Company Mar 2023 Representative Director, President, the Company (current) Representative Director, President, JINUSHI USA INC.
1974-08-17
Tetsuya MATSUOKA
Director
Apr 1986 Joined Kanematsu Urban Development Co., Ltd. Apr 2000 Established the Company, Representative Director, President May 2018 Representative Director, President, JINUSHI USA INC. Mar 2022 Representative Director, Chairman and CEO, the Company Mar 2023 Director, the Company (current)
1961-07-10
Yuya KITAGAWA
Director
Apr 2002 Joined Sumitomo Mitsui Banking Corporation Jan 2018 Joined Nomura Securities Co., Ltd. Jan 2019 Joined the Company Jan 2019 Deputy General Manager, Finance Management Department, Jinushi Asset Management Co., Ltd. Feb 2021 General Manager, Finance Headquarters, the Company Apr 2023 General Manager, Finance Headquarters and Accounting Headquarters, the Company (current) Apr 2023 Audit & Supervisory Board Member (part-time), Jinushi Asset Management Co., Ltd. Mar 2025 Director, the Company (current)
1978-04-17
Hiroyuki NISHIMURA
Director (Full-time Audit and Supervisory Committee Member)
Apr 1983 Joined Fuji Bank, Ltd. (now Mizuho Bank, Ltd.) Oct 2008 Joined Korea Exchange Bank (now KEB Hana Bank), Osaka Branch, Compliance Officer Apr 2013 Regional Compliance Officer for Japan, KEB Hana Bank Jun 2020 Director (Full-time Audit and Supervisory Committee Member), the Company (current)
1958-08-11
Fumi OZASA
Director (Audit and Supervisory Committee Member)
Apr 1999 Joined Recruit Co., Ltd. Jun 2006 Joined Google K.K. (now Google LLC) Jun 2009 Representative Director, President, Ninth Slash One Co., Ltd. Mar 2011 Chief Operating Officer (COO), Eventregist Co., Ltd. Jan 2012 Director and Chief Operating Officer (COO), Eventregist Co., Ltd. Jul 2018 Representative Partner, Colorful G.K. (current) Mar 2021 Outside Director (Audit and Supervisory Committee Member), Metaps Inc. Jul 2023 Outside Director, Metaps Inc. Feb 2024 Director, Community Marketing Promotion Association (general incorporated association); Part-time Lecturer, Nippon Institute of Technology Mar 2024 Director (Audit and Supervisory Committee Member), the Company (current) Jun 2024 Outside Director, Fukui Computer Holdings, Inc. (current); Outside Director, Nulab Inc. (current) Nov 2024 Outside Director, Demae-can Co., Ltd. Apr 2025 Associate Professor, Graduate School of Technology Management, Nippon Institute of Technology (current)
1977-01-28
Tomonori ISHIWATARI
Director (Audit and Supervisory Committee Member)
Apr 1998 Joined Kawamura Real Estate Appraisal Office Apr 2000 Joined Ota Showa & Co. Certified Public Accountants (now EY ShinNihon LLC) Apr 2003 Registered as Certified Public Accountant Jun 2007 Registered as Real Estate Appraiser Jul 2014 Joined First Brothers Co., Ltd. Jun 2017 Joined Tokyo Kyodo Accounting Office (current) Sep 2017 Supervisory Officer, Xymax REIT Investment Corporation (now Central REIT Investment Corporation) (current) Jun 2021 Auditor, Japan Real Estate Counselors Association (NPO) (current) Mar 2024 Director (Audit and Supervisory Committee Member), the Company (current)
1975-02-08
Masahiro TERADA
Director (Audit and Supervisory Committee Member)
Apr 1996 Registered as Attorney-at-law (Second Tokyo Bar Association) May 1998 In-house Attorney, Daiwa Securities Co., Ltd. (now Daiwa Securities Group Inc.) May 2000 In-house Attorney, Morgan Stanley Securities Co., Ltd. (now Morgan Stanley MUFG Securities Co., Ltd.) Jan 2005 Partner, City-Yuwa Partners Oct 2012 Supervisory Officer, Ichigo Real Estate Investment Trust Inc. (now Ichigo Office REIT Investment Corporation) Aug 2016 Outside Audit & Supervisory Board Member, Nissen Holdings Co., Ltd. Feb 2022 Outside Director, SBI Shinsei Bank, Limited (current) Jan 2023 Partner, Miura & Partners (current)
1968-05-07
Large Shareholding Reports
Nippon Value Investors Co., Ltd.
2026-10-02
5.24%
Nomura Asset Management Co., Ltd.
2026-04-06
3.42%→3.36%
Nomura Asset Management Co., Ltd.
2026-01-08
3.42%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-02
Large Shareholding Report
TDnet
2026-08-13
Q2 Earnings Flash
FY ending Dec 2026
EDINET
2026-08-13
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-05-08
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-04-06
Large Shareholding Report
EDINET
2026-03-23
Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2026-01-08
Large Shareholding Report
TDnet
2025-11-06
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-08-14
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-05-08
Q1 Earnings Flash
FY ending Dec 2025
EDINETAmended
2025-03-27
Amended Annual Securities Report
Period: Apr 2019 – Mar 2020
EDINETAmended
2025-03-27
Amended Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINETAmended
2025-03-27
Amended Annual Securities Report
Period: Apr 2020 – Dec 2020
EDINETAmended
2025-03-27
Amended Annual Securities Report
Period: Jan 2021 – Dec 2021
EDINET
2025-03-27
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINETAmended
2025-03-27
Amended Annual Securities Report
Period: Jan 2022 – Dec 2022
EDINETAmended
2024-08-13
Amended Securities Registration Statement
EDINET
2024-08-13
Semi-Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINETAmended
2024-08-09
Amended Securities Registration Statement
EDINETAmended
2024-07-23
Amended Securities Registration Statement
EDINETAmended
2024-07-23
Amended Securities Registration Statement
EDINET
2024-07-11
Securities Registration Statement
EDINET
2024-07-11
Securities Registration Statement
EDINET
2024-05-13
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-03-25
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINETAmended
2024-02-13
Amended Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-05-15
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
EDINETAmended
2023-03-28
Amended Annual Securities Report
Period: Apr 2020 – Dec 2020
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