Overview
Real Estate

REVOLUTION CO.,LTD.

REVOLUTION Co., Ltd. is a Tokyo-based diversified real estate and financial services company operating across four segments: real estate (sales, brokerage, and asset management primarily in major metropolitan areas including Tokyo and Ginza), investment (returns-oriented investments in domestic and international securities and financial instruments via SPCs), real estate credit (asset-backed lending secured by real estate), and crowdfunding (operating through WeCapital and affiliated entities including Yamawake Estate, Yamawake Lending, and Yamawake Art). The company has grown through acquisitions to build a vertically integrated real estate finance and alternative investment platform. Listed on the Tokyo Stock Exchange Standard Market, the group has expanded its subsidiary network significantly since 2023 through strategic M&A.

Market Cap
¥2.20B
US$14.0M
EV
¥10.4B
US$66.3M
Stock¥15▼-6.25%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
23.8
x
LTM EV/EBIT
29.8
x
LTM PER
NM
LTM PBR
2.8
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-97.5%pt
100123
Oct 24, 25 – Oct 23, 26StockTOPIX
1Jun 16, 26Q2 FY2026/10 earnings announced
2Sep 15, 26Q3 FY2026/10 earnings announced
3Sep 18, 26Special investigation committee set up; lawsuit vs ex-WeCapital CEO, improvement plan delayed
MC → EV Bridge
2.20BUS$14.0MMarket Cap11.2BUS$71.4M+ Debt2.53BUS$16.1M− Cash0.82BUS$5.22M− Inv. Sec.0.34BUS$2.17M+ NCI10.4BUS$66.3MEV
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Performance & Balance
Revenue 5Y (¥B)
1.09US$6.95M'21/102.03US$12.9M'22/102.40US$15.3M'23/105.57US$35.5M'24/1034.6US$220M'25/10
EBITDA 5Y (¥B)
0.24US$1.55M'21/10-0.04-US$0.22M'22/10-0.41-US$2.60M'23/100.35US$2.22M'24/10-4.06-US$25.9M'25/10
Net Income 5Y (¥B)
0.25US$1.62M'21/100.00US$0.02M'22/10-0.37-US$2.37M'23/100.30US$1.89M'24/10-17.2-US$110M'25/10
Capital Structure
94%
EquityD/E 14.51xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
0.63US$4.05M0.19US$1.19M'21/101.18US$7.55M1.40US$8.93M'22/100.81US$5.14M0.33US$2.14M'23/104.08US$26.0M3.62US$23.1M'24/103.39US$21.6M11.7US$74.6M'25/10
Shareholders
Top 10 hold 61.1%
1
FO1 LLC
28.46%
2
Ethan Williammarkets No. 11 Investment Limited Partnership
22.27%
3
Ruby Investment LLC
3.55%
4
Seiji NISHIMOTO
2.24%
5
Rakuten Securities, Inc.
1.21%
6
Malaga LLC
0.90%
7
Yusuke MATSUDA
0.77%
8
Masaki YOSHIDA
0.68%
9
JPMorgan Securities Japan Co., Ltd.
0.55%
10
Masanobu ISHIDA
0.51%
Management
6 officers
Yutaro SUNAGAWA
Representative Director, President
Apr 2016 Cosmos Initia Co., Ltd. Feb 2022 GA Investment Co., Ltd. Oct 2023 the Company, Deputy General Manager, Real Estate Investment Business Division Dec 2023 the Company, Director and Executive Vice President Nov 2024 REVOLUTION REALTY Co., Ltd., Representative Director, President Mar 2025 the Company, Representative Director, President (current)
1992-08-21
Shun MIYAMA
Director
Mar 1992 Seiyo Tatemono Co., Ltd., Representative Director (current) May 2023 FO1 LLC, Representative Member (current) Feb 2025 WeCapital Co., Ltd., Director (current) Jan 2026 the Company, Director (current)
1961-07-18
Toru SUZUKI
Director
Apr 1992 Tokyo District Public Prosecutors Office, Prosecutor Apr 1999 Tokyo District Public Prosecutors Office, Special Investigation Department, Prosecutor Apr 2002 Japan Fair Trade Commission, Secretariat and Investigation Bureau, Prosecutor Apr 2004 Nagoya District Public Prosecutors Office, Special Investigation Department, Prosecutor Aug 2009 Naha District Public Prosecutors Office, Deputy Chief Prosecutor Jul 2012 Yokohama District Public Prosecutors Office, Director of Special Criminal Affairs Department Apr 2016 Tokyo High Public Prosecutors Office, Public Security Department, Prosecutor Dec 2016 Notary Public Dec 2022 Registered as Attorney-at-Law (current) Oct 2025 the Company, Director (current)
1957-06-28
Haruyu NAKAJIMA
Director, Audit and Supervisory Committee Member
Dec 2006 Misuzu Audit Corporation Jul 2007 Shin Nihon Audit Corporation Oct 2016 Misou Partners Co., Ltd. May 2021 Prored Partners Co., Ltd. Dec 2024 Haruyu Nakajima CPA Office (current) Oct 2025 the Company, Director, Audit and Supervisory Committee Member (current)
1980-05-14
Shunichi YODA
Director, Audit and Supervisory Committee Member
Apr 2014 Small and Medium Enterprise Agency, Ministry of Economy, Trade and Industry, Financial Division, Business Environment Department Dec 2015 Anderson Mori & Tomotsune Oct 2017 Nomura Securities Co., Ltd., Corporate Information Department (seconded) Jun 2020 SAKURA Law Office, Partner Attorney (current) Jan 2021 Bullpath Capital Co., Ltd. Aug 2021 Seeno Co., Ltd., Corporate Auditor Mar 2023 Ashanti Co., Ltd., Director Jan 2024 the Company, Director, Audit and Supervisory Committee Member (current) Jan 2025 Ashanti Co., Ltd., Representative Director Jan 2025 Seeno Co., Ltd., Director Jan 2025 Lipot Co., Ltd., Director Jan 2025 MURA Co., Ltd., Director
1987-10-24
Hina IWASAKI
Director, Audit and Supervisory Committee Member
Apr 2017 UBS Securities Co., Ltd., Investment Banking Division Sep 2021 Sparty Inc. Jan 2022 Sparty Inc., Corporate Group Director Jan 2023 Familitech Co., Ltd., Executive Officer and CFO Jan 2024 the Company, Director, Audit and Supervisory Committee Member (current) Jul 2025 Familitech Co., Ltd., Director Oct 2025 Alcoiris Partners Co., Ltd., Representative Director (current)
1993-03-27
Large Shareholding Reports
Hirokatsu KONO
2026-02-03
74.15%→74.15%
Hirokatsu KONO
2026-02-02
79.50%→74.15%
Hirokatsu KONO
2026-01-27
79.50%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-06-15
Semi-Annual Securities Report
Period: Nov 2025 – Oct 2026
TDnet
2026-03-16
Q1 Earnings Flash
FY ending Oct 2026
EDINET
2026-02-03
Large Shareholding Report
EDINETAmended
2026-02-02
Change Report
EDINET
2026-01-29
Annual Securities Report
Period: Nov 2024 – Oct 2025
EDINET
2026-01-27
Large Shareholding Report
EDINETAmended
2025-12-22
Amended Securities Registration Statement
EDINETAmended
2025-12-15
Amended Securities Registration Statement
EDINETAmended
2025-11-27
Amended Securities Registration Statement
EDINETAmended
2025-11-27
Amended Semi-Annual Securities Report
Period: Nov 2024 – Oct 2025
EDINET
2025-11-19
Securities Registration Statement
TDnet
2025-09-16
Q3 Earnings Flash
FY ending Oct 2025
EDINET
2025-09-12
Semi-Annual Securities Report
Period: Nov 2024 – Oct 2025
TDnet
2025-03-14
Q1 Earnings Flash
FY ending Oct 2025
EDINET
2025-01-31
Annual Securities Report
Period: Nov 2023 – Oct 2024
EDINETAmended
2024-11-27
Amended Securities Registration Statement
EDINET
2024-11-21
Securities Registration Statement
EDINET
2024-11-21
Securities Registration Statement
EDINETAmended
2024-10-08
Amended Securities Registration Statement
EDINETAmended
2024-09-30
Amended Securities Registration Statement
EDINETAmended
2024-09-30
Amended Securities Registration Statement
EDINETAmended
2024-09-30
Amended Securities Registration Statement
EDINETAmended
2024-09-30
Amended Securities Registration Statement
EDINET
2024-08-30
Securities Registration Statement
EDINET
2024-08-30
Securities Registration Statement
EDINET
2024-08-30
Securities Registration Statement
EDINET
2024-08-30
Securities Registration Statement
EDINET
2024-06-28
Securities Registration Statement
EDINET
2024-06-13
Quarterly Securities Report
Period: Feb 2024 – Apr 2024
EDINET
2024-03-15
Quarterly Securities Report
Period: Nov 2023 – Jan 2024
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