Overview
Real Estate

STARTS CORPORATION INC.

Starts Corporation is a diversified real estate group headquartered in Tokyo, operating across eight core segments: construction, rental/sales brokerage, property management, condominium development, publishing, hotel & leisure, elderly care & childcare, and financial/consulting services. The company operates 113 'Pitatto House' real estate brokerage outlets across Japan and manages a broad portfolio including rental apartments, office buildings, senior care facilities, and hotels under the 'Emion' brand. With overseas operations spanning 18 cities across Asia, North America, Latin America, and Europe/Middle East, Starts Corporation offers a fully integrated real estate value chain from land utilization consulting and construction to property management and asset management.

Market Cap
¥216B
US$1.38B
EV
¥188B
US$1.20B
Stock¥4,560▲+0.00%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
4.4
x
LTM EV/EBIT
5.1
x
LTM PER
8.4
x
LTM PBR
1.1
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-25.6%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
216BUS$1.38BMarket Cap72.3BUS$461M+ Debt86.9BUS$554M− Cash18.6BUS$119M− Inv. Sec.5.18BUS$33.0M+ NCI188BUS$1.20BEV
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Performance & Balance
Revenue 5Y (¥B)
197US$1.25B'22/3234US$1.49B'23/3233US$1.49B'24/3233US$1.49B'25/3252US$1.61B'26/3
EBITDA 5Y (¥B)
29.3US$187M'22/333.6US$214M'23/336.6US$233M'24/339.4US$251M'25/343.4US$276M'26/3
Net Income 5Y (¥B)
16.8US$107M'22/320.2US$129M'23/322.1US$141M'24/324.3US$155M'25/325.3US$161M'26/3
Capital Structure
73%
27%
EquityD/E 0.38xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
87.2US$556M74.8US$477M'22/398.8US$630M65.6US$419M'23/3110US$701M73.4US$468M'24/3113US$721M69.6US$444M'25/3103US$657M67.7US$432M'26/3
Shareholders
Top 10 hold 51.8%
1
The Master Trust Bank of Japan, Ltd.
10.50%
2
Hoshu Co., Ltd.
10.46%
3
Hisaji MURAISHI
9.01%
4
STARTS CORPORATION INC. Employee Stock Ownership Association
5.26%
5
Custody Bank of Japan, Ltd.
4.77%
6
Resona Bank, Limited
4.42%
7
NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
2.35%
8
STATE STREET BANK AND TRUST COMPANY 505044 (Standing Proxy: Mizuho Bank, Ltd.)
1.76%
9
Nomura Trust and Banking Co., Ltd. (Trust Account for STARTS CORPORATION INC. Employee Stock Ownership Association)
1.68%
10
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
1.63%
Management
15 officers
Hisaji MURAISHI
Chairman of the Board and Director
Apr 1963 Joined Daiwa Bank, Ltd. Mar 1969 Founded Chikuma Fudosan Sep 1972 Appointed Representative Director, President of the Company Apr 1987 Appointed Director of Hoshu Co., Ltd. (formerly Yugen Kaisha Hoshu) (current) May 2000 Appointed Representative Director, Chairman and Group CEO of the Company Sep 2019 Appointed Representative Director, Chairman of the Company Jul 2024 Appointed Director, Chairman of the Board of the Company (current)
1944-09-30
Kazuo ISOZAKI
Representative Director, Vice Chairman
Apr 1986 Joined the Company May 2003 Appointed Executive Officer of the Company, in charge of the Kanagawa Block of the SHINX Business Division Apr 2006 Appointed General Manager, Human Resources Department of the Company Jun 2006 Appointed Director (in charge of Human Resources) of the Company Apr 2013 Appointed Representative Director, President of Starts Facility Service Co., Ltd. Apr 2015 Appointed Senior Managing Director of the Company (in charge of International Business Division) Apr 2016 Appointed Representative Director, President of the Company Apr 2023 Appointed Representative Director, President of Starts Care Service Co., Ltd. Apr 2024 Appointed Representative Director, President of Starts Facility Service Co., Ltd. (current) Jul 2024 Appointed Representative Director, Vice Chairman of the Company (current)
1963-06-26
Toyotaka MURAISHI
Representative Director, President
Apr 2004 Joined INAX Corporation Oct 2007 Joined the Company Jan 2011 Appointed Director of Hoshu Co., Ltd. (formerly Yugen Kaisha Hoshu) (current) Jun 2011 Appointed Executive Officer of the Company (in charge of Group General Sales Promotion Department) Jun 2013 Appointed Director of the Company (in charge of Group General Sales Promotion Department) Apr 2015 Appointed Managing Director of the Company (in charge of Human Resources Department) Apr 2016 Appointed Senior Managing Director of the Company (in charge of Human Resources Department) Jul 2017 Appointed Representative Director, President of Starts Corporate Service Co., Ltd. Jun 2022 Appointed Representative Director, Executive Vice President of the Company Jul 2024 Appointed Representative Director, President of the Company (current)
1980-06-13
Taroo SAITO
Representative Director, Senior Managing Director
Apr 1988 Joined the Company Oct 2005 Appointed Director of Starts CAM Co., Ltd. Jun 2012 Appointed Senior Managing Director of Starts Pitat House Co., Ltd. Apr 2013 Appointed Senior Managing Director of Starts Amenity Co., Ltd. Jun 2013 Appointed Director of the Company Jun 2013 Appointed Representative Director, President of Starts Amenity Co., Ltd. Apr 2016 Appointed Managing Director of the Company Apr 2019 Appointed Senior Managing Director of the Company Jun 2020 Appointed Representative Director, President of Starts Pitat House Co., Ltd. Jul 2024 Appointed Representative Director, Senior Managing Director of the Company (current)
1964-04-08
Hideyuki NAOI
Representative Director, Senior Managing Director
Apr 1984 Joined the Company Jun 2002 Appointed Director of the Company Oct 2005 Appointed Director and Representative Director, President of Starts Pitat House Co., Ltd. Oct 2008 Appointed Senior Managing Director of Starts CAM Co., Ltd. Jun 2010 Appointed Director of the Company Jun 2013 Appointed Representative Director, President of Starts CAM Co., Ltd. Apr 2015 Appointed Managing Director of the Company Jun 2022 Appointed Senior Managing Director of the Company Jul 2024 Appointed Representative Director, Senior Managing Director of the Company (current)
1962-02-20
Manabu NAKAMATSU
Managing Director
Apr 1984 Joined the Company Jul 2008 Appointed Managing Director of Starts CAM Co., Ltd. Jun 2010 Appointed Director of the Company May 2012 Appointed Senior Managing Director of Starts Amenity Co., Ltd. Apr 2013 Appointed Director of the Company (in charge of Human Resources Department) Apr 2015 Appointed Managing Director of the Company (current) Appointed Representative Director, President of Starts Pitat House Co., Ltd. Jun 2020 Appointed Representative Director, President of Starts Amenity Co., Ltd.
1961-03-02
Tamotsu NAOI
Managing Director
Apr 1984 Joined the Company Apr 2001 Appointed Executive Officer of the Company (in charge of Group Public Relations and General Affairs) Jun 2004 Appointed Director of the Company (in charge of Group Public Relations and General Affairs) Jun 2011 Appointed Executive Officer of the Company (in charge of Operations and Compliance) Jun 2012 Appointed Director of the Company (in charge of Risk Management Department) Jul 2021 Appointed Managing Director of the Company (in charge of Risk Management Department) (current)
1960-12-11
Takahiro HASEGAWA
Managing Director, General Affairs and Public Relations
Apr 1991 Joined the Company Jun 2011 Appointed Executive Officer of the Company (in charge of General Affairs and Public Relations) Jun 2014 Appointed Director of the Company (in charge of General Affairs and Public Relations) Jul 2024 Appointed Managing Director of the Company (in charge of General Affairs and Public Relations) (current)
1967-09-28
Hisayuki MURAMATSU
Director, Accounting
Apr 1989 Joined the Company Mar 1995 Appointed Audit & Supervisory Board Member of Starts Publishing Corp. (current) Nov 2001 Appointed Audit & Supervisory Board Member of Starts Asset Management Co., Ltd. (current) May 2011 Appointed Executive Officer of the Company (in charge of Finance) Apr 2016 Appointed Managing Executive Officer of the Company (in charge of Accounting) Jun 2018 Appointed Director of the Company (in charge of Accounting) (current) Jul 2021 Appointed Director of Starts Securities Co., Ltd. (current)
1966-12-19
Motoji ISHIDA
Director, Finance
Apr 1994 Joined Yoshitomi Pharmaceutical Industries, Ltd. (now Mitsubishi Tanabe Pharma Corporation) Mar 2005 Joined the Company Jun 2009 Appointed Audit & Supervisory Board Member of Starts CAM Co., Ltd. (current) Apr 2016 Appointed Executive Officer of the Company (in charge of Finance) Jun 2016 Appointed Audit & Supervisory Board Member of Starts Pitat House Co., Ltd. (current) Jul 2021 Appointed Audit & Supervisory Board Member of Starts Securities Co., Ltd. (current) Jun 2024 Appointed Director of the Company (in charge of Finance) (current)
1971-06-03
Naoko TAKAHASHI
Director
Sep 2000 Won gold medal in women's marathon at the Sydney Olympic Games Oct 2000 Received the People's Honour Award Jun 2013 Appointed Director of the Japan Association of Athletics Federations Nov 2018 Appointed Chairperson of Para Sports Promotion Network (current) Mar 2021 Appointed Director of the Tokyo 2020 Organising Committee of the Olympic and Paralympic Games Jun 2021 Appointed Managing Director of the Japan Association of Athletics Federations Jun 2022 Appointed Outside Director of the Company (current) Jun 2023 Appointed Outside Director of Suzuki Motor Corporation (current) Jun 2023 Appointed Director of the Japan Para Sports Association (current)
1972-05-06
Yoshio YAMAMOTO
Director
Mar 1981 Joined Yonex Co., Ltd. Aug 1998 Appointed General Manager, Planning and Promotion Department, Sales Division of Yonex Co., Ltd. Jun 2003 Appointed Director, General Manager, Planning and Promotion Department, Sales Division of Yonex Co., Ltd. Oct 2009 Appointed Director, General Manager, Golf Business Division, Sales Division of Yonex Co., Ltd. Jun 2013 Appointed Executive Officer (General Manager, Domestic Golf Sales) of Yonex Co., Ltd. Jun 2022 Appointed Outside Director of the Company (current)
1958-03-01
Kazuhiko TAKARAGAKI
Full-time Audit & Supervisory Board Member
Apr 1979 Joined the Company Jul 1990 Appointed General Manager, Construction Business Department of the Company Dec 1994 Appointed General Manager, Purchasing Department of the Company Apr 1996 Appointed General Manager, General Construction Works Department of the Company Jul 1999 Appointed General Manager, Construction General Affairs Department of the Company Apr 2006 Appointed General Manager, General Affairs Department of Starts CAM Co., Ltd. May 2007 Appointed Audit & Supervisory Board Member of S-Cre Resource Co., Ltd. Jun 2019 Appointed Audit & Supervisory Board Member of the Company (current)
1955-05-04
Yutaka MAEHARA
Audit & Supervisory Board Member
Apr 1968 Joined Fuji Fire and Marine Insurance Co., Ltd. Apr 1994 Appointed General Manager, Akabane Branch of Fuji Fire and Marine Insurance Co., Ltd. Apr 2001 Appointed Promoter, Compliance Promotion Office, Legal Department of Fuji Fire and Marine Insurance Co., Ltd. Mar 2005 Resigned from Fuji Fire and Marine Insurance Co., Ltd. Apr 2006 Appointed Audit & Supervisory Board Member of Pitat House Network Co., Ltd. Jun 2006 Appointed Outside Audit & Supervisory Board Member of the Company (current)
1944-05-19
Shigenobu AIHARA
Audit & Supervisory Board Member
Apr 1972 Joined Sumitomo Bank, Ltd. Jun 1999 Appointed Executive Officer, General Manager, Human Resources Department of Sumitomo Bank, Ltd. Apr 2001 Appointed Executive Officer, General Manager, Corporate Coordination Division of Sumitomo Mitsui Banking Corporation Jun 2003 Appointed Managing Executive Officer, General Manager, First Head Office Sales Division of Sumitomo Mitsui Banking Corporation Jun 2005 Appointed Managing Director and Managing Executive Officer of Sumitomo Mitsui Banking Corporation Apr 2006 Appointed Director and Senior Managing Executive Officer of Sumitomo Mitsui Banking Corporation; Senior Managing Executive Officer of Sumitomo Mitsui Financial Group, Inc. Apr 2007 Appointed Director, Deputy President and Executive Officer of Sumitomo Mitsui Banking Corporation Apr 2010 Appointed Representative Director, Chairman of Nikko Cordial Securities Inc. Apr 2011 Appointed Representative Director, Chairman of SMBC Nikko Securities Inc. Apr 2015 Appointed Adviser of SMBC Nikko Securities Inc. Jun 2015 Appointed Outside Director of Hashimoto Sogyo Holdings Co., Ltd. (current) Mar 2016 Appointed Outside Director of Mitsui Ocean Development & Engineering Co., Ltd. Jun 2016 Appointed Outside Director of Sanyo Chemical Industries, Ltd. Jun 2016 Appointed Outside Director of Nichicon Corporation Jun 2016 Appointed Outside Director of Daihen Corporation Jun 2019 Appointed Outside Audit & Supervisory Board Member of the Company (current)
1949-10-01
Large Shareholding Reports
Fidelity Management & Research Company LLC
2026-07-23
2.60%→2.74%
Fidelity Management & Research Company LLC
2026-06-09
2.60%
FMR LLC
2026-06-09
—
Toyosu Co., Ltd.
2026-05-12
10.12%→9.57%
Annual report (as of 2026-03-31): 10.46%
FMR LLC
2025-11-10
5.01%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-07
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-07-23
Large Shareholding Report
EDINET
2026-06-25
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINETAmended
2026-06-09
Change Report
EDINET
2026-06-09
Large Shareholding Report
TDnet
2026-06-04
株主総会招集通知
EDINET
2026-05-12
Large Shareholding Report
TDnet
2026-02-09
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Sep 2025
EDINET
2025-11-10
Large Shareholding Report
TDnet
2025-08-08
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-26
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-13
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-14
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-09
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-26
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-09
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-10
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-29
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-10
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-10
Quarterly Securities Report
EDINET
2022-06-29
Annual Securities Report
EDINET
2022-02-09
Quarterly Securities Report
EDINET
2021-11-09
Quarterly Securities Report
EDINET
2021-08-06
Quarterly Securities Report
EDINET
2021-06-29
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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